TCRAP_Public/141111.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, November 11, 2014, Vol. 17, No. 223


                            Headlines


A U S T R A L I A

ATTRACTIVE PTY: First Creditors' Meeting Set For Nov. 17
BRISCONNECTIONS: Sale of AirportLink M7 Halted
GENWORTH FINANCIAL: S&P Lowers Ratings to 'BB+'; Outlook Negative
HEATHFELD PTY: First Creditors' Meeting Set For Nov. 13
INTEMPO 83: In Administration; First Meeting Set For Nov. 17

SAS TELECOM: Decmil Acquires Firm for About AU$1 Million
VAN EYK: Lonsec Buys iRate Business
* AUSTRALIA: Big Names Dominate Frozen Funds Hitlist


I N D I A

ANIL AND COMPANY: CRISIL Assigns B+ Rating to INR72MM Loan
BAWANA INFRA: CRISIL Lowers Rating on INR485MM Term Loan to 'D'
BHATIA COKE: ICRA Cuts Rating on INR189cr LT Fund Based Loan to D
BIRTHPLACE HEALTHCARE: CRISIL Reaffirms B Rating on INR140MM Loan
CMC COMMUTATORS: ICRA Cuts Rating on INR7.85cr LT Loan to B+

DOLPHIN OFFSHORE: CRISIL Rates INR100MM Fixed Deposit at FB+
FRYSTAL PET: CRISIL Assigns B+ Rating to INR29.6MM Bank Loan
HOTEL TIPTOP: CRISIL Reaffirms 'B' Rating on INR690MM Bank Loan
INDO VACUUM: ICRA Cuts Rating on INR4.65cr LT Loan to 'B+'
J.K. CERAMICS: CARE Reaffirms B+ Rating on INR47.12cr Bank Loan

JOGMA LAMINATES: ICRA Assigns B+ Rating to INR8cr Cash Credit
JUHI ALLOYS: CARE Reaffirms 'B+' Rating on INR35cr LT Bank Loan
KAMAL WATCH: ICRA Withdraws B+ Rating on INR6.79cr FB Loan
LAKSHMI COTTON: CRISIL Assigns B Rating to INR50MM Cash Credit
MAHARAJA COTSPIN: CRISIL Reaffirms B+ Rating on INR425M Bank Loan

MANJUSHREE TEA: ICRA Assigns B- Rating to INR7.75cr Untied Loan
MARE FOOD: CRISIL Reaffirms B Rating on INR35MM Bill Discounting
MD FROZEN: ICRA Revises Rating on INR70cr Loan to 'B+'
PARKER VRC: ICRA Reaffirms 'B' Rating on INR60cr Term Loan
PHYTO CHEM: ICRA Suspends B Rating on INR7cr LT Fund Based Limit

PRECISION ENG'G: CRISIL Reaffirms 'D' Rating on INR71MM Term Loan
SANCHETI ELECTRONICS: CRISIL Cuts Rating on INR100MM Loan to D
SHIV SHAKTI: CARE Reaffirms B+ Rating on INR25cr LT Bank Loan
SM RICE: CRISIL Reaffirms B+ Rating on INR290MM Cash Credit
TAPI PRESTRESSED: ICRA Assigns 'C' Rating to INR35CR Cash Credit

THOMAS HOTELS: ICRA Assigns B Rating to INR15.65cr Term Loan
TURTLE ON THE BEACH: ICRA Assigns B Rating to INR8cr Term Loan
UTTAM CHAND: CRISIL Assigns B+ Rating to INR80MM Cash Credit
V. KANNAN: CRISIL Reaffirms 'B' Rating on INR90MM LT Loan
VIRAAT FASHION: CARE Reaffirms B+ Rating on INR5.36cr Bank Loan

VISHWAS COTTON: CRISIL Reaffirms B Rating on INR50MM Cash Credit


I N D O N E S I A

BERAU COAL: S&P Lowers CCR to 'CCC+' on Growing Refinancing Risk
SRI REJEKI: Moody's Affirms B1 Corporate Family Rating


N E W  Z E A L A N D

BLUE CHIP: Former Boss' Bankruptcy Case Delayed


S O U T H  K O R E A

ZALMAN TECH: Files For Bankruptcy


X X X X X X X X

* BOND PRICING: For the Week Nov. 3 to Nov. 7, 2014


                            - - - - -


=================
A U S T R A L I A
=================


ATTRACTIVE PTY: First Creditors' Meeting Set For Nov. 17
--------------------------------------------------------
Darrin Paine and Thomas Dawson of Insol Group were appointed as
administrators of Attractive Pty Limited on Nov. 6, 2014.

A first meeting of the creditors of the Company will be held at
Insol Group, Level 10, 32 Martin Place, in Sydney, on Nov. 17,
2014, at 11:30 a.m.


BRISCONNECTIONS: Sale of AirportLink M7 Halted
----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the sale of
BrisConnections AirportLink M7 has been stopped.  The report says
the hedge fund lenders and banks of the company have told receiver
PPB Advisory to stop the toll road auction.

Dissolve.com.au relates that the move reportedly comes following
Macquarie Group's intention to own around 30% of the toll road.
Its move is said to be enough to block the sale and all deals, the
report notes.

According to the report, Macquarie had not agreed the sale telling
fellow lenders to just wait for improved number of traffic before
having an auction. Thus, Transurban, the owner of 5 of six other
toll roads of Brisbane, can use its capital for other expansion
projects. The lending group reportedly conducted a sell-side
interview with some investment banks in October, the report notes.

                     About BrisConnections Group

BrisConnections Group is the company behind the AUD4.8 billion
Airport Link tunnel.  AirportlinkM7 is the toll road linking
Brisbane's CBD to the northern suburbs and the Brisbane Domestic
and International Airport.

David McEvoy, Christopher Hill and Michael Owen of PPB Advisory
were appointed as Receivers and Managers to the BrisConnections
Group, the owner and operator of the AirportlinkM7 toll road on
Feb. 19, 2013.  This follows the appointment of partners of
McGrathNicol as Voluntary Administrators by the Board of
BrisConnections Group.

Yahoo!7, citing a release to the ASX, reported that
BrisConnections went into administration citing low traffic levels
and debts worth more than the tunnel.

BrisConnections entered negotiations to restructure its debt, but
the board was told lenders were not prepared to support the
proposals, according to Yahoo!7.


GENWORTH FINANCIAL: S&P Lowers Ratings to 'BB+'; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term counterparty credit and senior unsecured debt ratings on
Genworth Financial Inc. to 'BB+' from 'BBB-'.  S&P also lowered
its financial strength ratings on Genworth Life Insurance Co.,
Genworth Life and Annuity Insurance Co., and Genworth Life
Insurance Co. of New York to 'BBB+' from 'A-'.  The outlook is
negative.

Along with ratings actions on a number of other subsidiaries of
the Genworth group, S&P lowered its financial strength ratings on
Genworth Financial Mortgage Insurance Pty Ltd., the active
Australian lenders' mortgage insurance (LMI) business, to 'A+'
from 'AA-', with the ratings being capped at three notches above
the group credit profile.  The outlook is negative.  S&P affirmed
its 'A-' rating on Australian LMI run-off subsidiary Genworth
Financial Mortgage Indemnity Ltd. with a stable outlook.

The downgrade of the core U.S. life insurance companies to 'BBB+'
from 'A-' reflects S&P's less-favorable assessment of the
organization's inherent capital and earnings volatility and
overall risk position after third-quarter earnings volatility.

The rating actions on the active Australian mortgage insurance
business is driven by the developments in the U.S. life insurance
operations.  The active Australian mortgage insurance business
currently has a stand-alone credit profile of 'aa-'.  The ratings
on this business are capped at three notches above the group
credit profile under S&P's group ratings methodology, and
accordingly moved in step with the rating action on Genworth Life.
The Australian mortgage insurance business continues to have a
very strong capital and earnings profile, in S&P's view, though
there is potential for further capital management initiatives in
addition to the targeted dividend payout ratio, and S&P sees a
greater demand from parent Genworth Financial for dividend
payments.  Ratings on Genworth Indemnity (the Australian LMI run-
off subsidiary) are affirmed at its stand-alone credit profile
level of 'a-' as an insulated subsidiary.

The outlook on the active Australian LMI business is negative, in
line with the outlook on the Genworth group's core life insurance
companies.  The outlook on the Australian run-off LMI business is
stable.

The negative outlook on the core life insurance companies, which
indicates at least a one-third chance of a downgrade, reflects the
need to rebuild capital strength, the risk of further reserve
strengthening, and execution risk in the turnaround of the U.S.
life insurance division.  Moreover, the negative outlook captures
S&P's ongoing reassessment of management's operational
effectiveness and ability to execute strategy, and the importance
and effectiveness of Genworth's enterprise risk management
program.


HEATHFELD PTY: First Creditors' Meeting Set For Nov. 13
-------------------------------------------------------
David Ashley Norman Hurt and Kimberley Andrew Strickland of WA
Insolvency Solutions were appointed as administrators of Heathfeld
Pty Ltd on Nov. 3, 2014.

A first meeting of the creditors of the Company will be held at
WA Insolvency Solutions, Level 10, 111 St George's Terrace
Perth, in Western Australia, on Nov. 13, 2014, at 10:30 a.m.


INTEMPO 83: In Administration; First Meeting Set For Nov. 17
------------------------------------------------------------
Blair Pleash and David Ingram of Hall Chadwick were appointed
administrators of Intempo 83 Pty Ltd on Nov. 5, 2014.

A first meeting of the creditors of the Company will be held at
the offices of Hall Chadwick, Level 10, 575 Bourke Street, in
Melbourne, on Nov. 17, 2014, at 11:00 a.m.


SAS TELECOM: Decmil Acquires Firm for About AU$1 Million
--------------------------------------------------------
The Australian reports that design and construction firm Decmil
Group has picked up the pieces of failed WA telecommunications
services provider SAS Telecom, in a deal worth about AU$1 million.

Decmil Group said Balcatta-based SAS Telecom was put into
administration in August following a contractual dispute, and
Decmil will acquire the business' remaining work under a deal to
settle next month, according to The Australian.

Decmil Group said in a statement the acquisition provides it with
a platform into the telecommunication installation market and the
provision of related managed services, adding there are synergies
within the Group's existing construction, engineering and
accommodation services divisions, the report notes.

For the year ended June 30 2014, SAS earned revenue of circa AU$14
million, and had an EBITDA of circa AU$1 million, the report
relays.

The transaction will be effected as an asset acquisition with a
completion date of December 1 2014.

The report relays that Scott Criddle, chief executive and managing
director of Decmil Group said: "Strategically, the acquisition of
SAS provides Decmil with direct access into the telecommunication
infrastructure sector.

"We continue to seek ways to diversify our business beyond
construction for the resources industry, and this acquisition will
allow us to grow the range of operational services provided by
Decmil," the report quoted Mr. Criddle as saying

"As communications move towards greater levels of connectivity and
higher volumes of data transfer, there is a commensurate need for
data infrastructure, which is the market SAS is in," Mr. Criddle
added.


VAN EYK: Lonsec Buys iRate Business
-----------------------------------
Kate Cowling at Money Management reports that Lonsec has confirmed
its purchase of van Eyk's iRate business after weeks of
speculation.

According to the report, the research house said it had exchanged
contracts on November 6 to pick up buy both the technology tool
and its client base for an undisclosed amount.

It said the handover, from liquidators Moore Stephens, should be
completed within the next three weeks, the report notes.

Money Management relates that Lonsec said the deal adds to its
existing plans to enhance its data offering and save it "at least
18 months of development time and testing".

"We were recruited to bring to market a series of integrated
platforms that would allow advisors, fund managers, superannuation
funds and other key financial services entities, access to our
vast array of data and research, in a market leading environment,"
the report quotes Lonsec Fiscal Holdings' general manager of
technology, Alex Watson, as saying.  "The acquisition of iRate
will be a key plank in the process."

Lonsec first hinted it was interested in buying the tool in
October, shortly after van Eyk's adminstrator recommended
liquidation for the business, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 17, 2014, SmartCompany said that an Australian investment
research, advice and funds management company founded
in 1989 has collapsed.  van Eyk Research called in voluntary
administrator Trent Hancock of Moore Stephens Sydney
Corporate Recovery Group on September 15.  According to the
report, van Eyk Research has four business arms -- investment
research through van Eyk Research, consulting through van Eyk
Consulting, financial advisory through van Eyk Advice and funds
management through van Eyk Blueprint Series -- and the
administrators said in a statement it entered administration
because of the "recent and sudden closure of the Blueprint Series
of managed funds".

van Eyk Research was put into liquidation in October 2014.


* AUSTRALIA: Big Names Dominate Frozen Funds Hitlist
----------------------------------------------------
Adele Ferguson at The Sydney Morning Herald reports that in the
past eight years more than 170 financial products representing
AUD38 billion of investor money have been frozen, failed or were
fraudulent.

SMH says the hit list, which has been sent to politicians and key
industry players, comes as David Murray finishes his report on the
Financial System Inquiry.

Almost a third of the list includes collapsed funds such as
agribusinesses Timbercorp and Great Southern and the scandal-
ridden Astarra funds, LM Capital funds, Opes Prime and Storm
Financial, according to SMH.

SMH relates that the remaining 70 per cent of products on the list
are predominantly so-called zombie funds which were frozen during
the global financial crisis due to a lack of liquidity. These
funds include Commonwealth Bank of Australia's seven Colonial
First State mortgage funds, which were suspended in November 2008
with AUD3.2 billion in funds under management.

The report says most of the 61,000 client account balances have
been repaid but during the period of suspension, when unit holders
did not receive income payments. CBA, like many other
institutions, continued to charge their customers management fees
and the financial planners continued to receive a trailing
commission.

The fact that this list of 171 products is dominated by the big
financial institutions highlights the dangers of the vertically
integrated model, SMH notes. It is a model that is being
scrutinised by Mr. Murray in his report, which is set to be handed
to Treasurer Joe Hockey later this month. How far it will go is
subject to intense debate.

Against this backdrop the Association of Independently Owned
Financial Professionals (AIOFP), a group of planners who aren't
owned by the big institutions, compiled and distributed the list
to the country's decision makers, SMH reports. Its executive
director Peter Johnston argues product failure is the main reason
people lose money -- not the financial planners, the report
relays.

"Advisers don't build, approve, rate or administer financial
products."

Using the analogy of a pharmaceutical company producing a bad
product, he argues the regulator goes after the source of the
problem: the manufacturer rather than the distributor, SMH states.

"In our industry everyone runs for legal cover, blames the
advisers for not being educated and the product manufacturer
avoids accountability . . . if product manufacturers continue to
make flawed products, consumers losses will continue."

SMH notes that the lobbying comes as a crisis in confidence grips
the financial planning industry, following expos‚s of scandals
inside two of the biggest institutions, Commonwealth Bank of
Australia and Macquarie. Both have set up compensation schemes for
more than 500,000 customers who may have received shoddy financial
advice over the past decade or more.

According to SMH, the scandals laid bare some major issues in the
industry, including the minimal standards of education and
professionalism, which require less training and education than a
hairdresser.

SMH says moves are afoot to lift the standards of planners and
introduce a national register which will include the names of
advisers, work history, educational qualifications, membership of
a professional body, any sanctions or bans and who holds the
licence.

This is a good start, but more needs to be done, particularly
given plans to wind back some financial planning reforms by the
Abbott government, SMH states.

AIOFP's list of failed and impaired products that have caused
varying degrees of pain to consumers, widens the spotlight to
include the role of the other gatekeepers in the financial
services eco-system -- a system that is riddled with conflicts,
add SMG.


=========
I N D I A
=========


ANIL AND COMPANY: CRISIL Assigns B+ Rating to INR72MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long term bank facilities of Anil and Company (AC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Packing Credit          22.5       CRISIL A4 (Assigned)
   Letter of Credit         4.5       CRISIL A4 (Assigned)
   Bank Guarantee           1.0       CRISIL A4 (Assigned)
   Foreign Bill Purchase   72.0       CRISIL B+/Stable (Assigned)

The rating reflects AC's below-average financial risk profile
marked by modest networth and high external indebtedness and its
large working capital requirements. These rating weaknesses are
partially offset by the extensive experience of the partner in the
trading business.

Outlook: Stable

CRISIL believes that AC will maintain its business risk profile
over the medium term backed by the partner's extensive industry
experience. The outlook may be revised to 'Positive' if the firm
reports significant increase in its revenues and profitability or
receives any significant equity infusion, resulting in improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of lower than expected accruals, or
lengthening of its working capital cycle, leading to deterioration
in financial risk profile.

AC is a partnership firm formed in May 1974 by the Shah family,
based out of Mumbai. It is engaged in trading of various food
items such as herbs & seasonings, oil seeds, spices whole &
ground, various pickles and general merchandise. AC is also
engaged in manufacturing, processing and exporting of various
spices like chilly, coriander and turmeric.


BAWANA INFRA: CRISIL Lowers Rating on INR485MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Bawana
Infra Development Pvt Ltd (BIDPL) to 'CRISIL D' from 'CRISIL
BB/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Rupee Term Loan         485        CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

The rating downgrade reflects delays by BIDPL in servicing its
term loan obligations, because of its stretched liquidity. The
company's liquidity is stretched because of delays in receipt of
annuity charges from its customer.

BIDPL has limited ability to scale up operations because of fixed
revenue streams, and has a limited track record of operations.
Also, the company is exposed to risks related to high customer
concentration in its revenue profile and to risks related to
timely receipt of payments from its customer. However, the company
faces low operations and maintenance risk associated with its
upgrade-operate-maintain-transfer (UOMT) project, driven by the
established position of its parent, Abhyudaya Housing and
Construction Pvt Ltd (AHCPL; rated 'CRISIL BB+/Stable/CRISIL
A4+'), in the construction segment.

BIDPL is a special purpose vehicle formed in 2011 by AHCPL and
Jyoti Buildtech Pvt Ltd to undertake a project for the upgrade and
maintenance of the Bawana Industrial Area in Delhi.


BHATIA COKE: ICRA Cuts Rating on INR189cr LT Fund Based Loan to D
-----------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR240.00
Crore long term fund based and non-fund based bank lines of Bhatia
Coke & Energy Limited (BCEL) to [ICRA]D from [ICRA]BB.  Also, ICRA
has downgraded the short term rating assigned to INR60.00 Crore
short term non-fund based bank lines of BCEL to [ICRA]D from
[ICRA]A4+.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund Based     189.00      [ICRA]D (Downgraded)

   Long Term Non Fund
   Based                     51.00      [ICRA]D (Downgraded)

   Short Term Non Fund
   Based                     60.00      [ICRA]D (Downgraded)

The rating downgrade takes into account instances of delays in
debt servicing on account of cash flow mismatches driven by
decline in capacity utilization and accruals during Q2-FY2015,
which in-turn has been driven by lower order inflows. While easing
of liquidity profile in FY2014 subsequent to equity infusion and
shoring up of working capital with long term debt had facilitated
improved capacity utilization of 77% against 68% in FY2013;
however recent slowdown in order inflow for BCEL has driven
considerable decline in capacity utilization, thereby driving cash
flow mismatches in back drop of sizeable repayment burden.

Going forward, BCEL's ability to consistently achieve satisfactory
utilization of its capacities, and prudently manage working
capital cycle and exposure to volatility in raw material prices
and foreign exchange rate would determine its cash accruals and
thus debt servicing ability.

Bhatia Coke and Energy Limited is promoted by Bhatia Group of
Indore, and is engaged in business of coke manufacturing and power
production using waste heat recovery mechanism. BCEL was
incorporated in June 2008; however, it didn't undertake any
operations till business transfer agreement was signed with
erstwhile flagship company of Bhatia Group i.e. Bhatia
International Limited, which has been renamed to Asian Natural
Resources (India) Limited (ANRIL). As a part of Bhatia Group's
restructuring plans, coke manufacturing unit having capacity of
1,68,000 MTPA and 10MW power plant based on waste heat recovered
from coke oven plant were transferred to BCEL. The effective date
of transfer of business to BCEL was October 2009; however, actual
transfer happened in February 2011 after appraisal and approval of
bankers. During the interim period, ANRIL undertook business on
behalf of BCEL and transferred to it profit of about INR21 crore
earned from this business division during the period October 2009
to February 2011.

Subsequently in 2012-13, BCEL completed brown-field capacity
expansion program at its unit in Gummidipoondi, Tamil Nadu,
whereby coke manufacturing capacity has been doubled to 3,40,000
MTPA and power generation capacity has been increased to about
22.5 MW.

In 2013-14, BCEL has reported Operating Income (OI) of INR366.3
crore and Profit after Tax (PAT) of INR17.9 crore against OI of
INR259.8 crore and PAT of INR2.2 crore reported in 2012-13.


BIRTHPLACE HEALTHCARE: CRISIL Reaffirms B Rating on INR140MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Birthplace
Healthcare Private Limited (BHPL) continues to reflect BHPL's
stretched liquidity with its cash accruals expected to tightly
match its term debt repayment obligations, its limited track
record and modest scale of operations, and high degree of
geographic concentration in its revenue profile. These rating
weaknesses are partially offset by the benefits that BHPL derives
from its team of experienced doctors, and the healthy demand
prospects for the healthcare industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          140       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BHPL will continue to benefit over the medium
term from its team of experienced doctors. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in the company's revenues and profitability margins,
or there is an improvement in its liquidity on the back of fund
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' if there is a steep decline in the company's
profitability margins, or if there is a significant deterioration
in its capital structure caused most likely by a stretch in its
working capital cycle.

BHPL was promoted in 2011 by Mr. Tarun Siripurapu and his family
members. The company provides healthcare in the obstetrics and
gynaecology segment, through its 25 bed hospital -- The
Birthplace. The hospital is located in Hyderabad, and commenced
commercial operations in 2013.


CMC COMMUTATORS: ICRA Cuts Rating on INR7.85cr LT Loan to B+
------------------------------------------------------------
ICRA has downgraded the long-term rating outstanding on the
INR7.85 crore long term fund based facilities of CMC Commutators
Private Limited from [ICRA]BB- to [ICRA]B+. ICRA has reaffirmed
the short-term rating at [ICRA]A4 on the INR2.15 crore non-fund
based facilities of the company.


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund        7.85         [ICRA]B+ Downgraded
   based Limits

   Short term non-       2.15         [ICRA]A4 reaffirmed
   fund based Limits

The rating revision factors in the decline in CCPL's revenues and
the deterioration in the working capital intensity of the company
during FY14 owing to stretched Debtors and Inventory days
resulting in stretched cash flows. The ratings continue to be
constrained by the company's small scale of operations, intense
competitive pressure due to low entry barriers and high customer
concentration risk. The rating also factors in the exposure of
CCPL to demand fluctuation in end-user sectors given that demand
is constrained by limited usage of new commutators.

However, the rating draws comfort from the strong experience of
the promoters and the successful track record of the company in
the electrical equipment industry as well as a financial profile
marked by comfortable gearing and moderate coverage indictors.

Incorporated in the year 1977 by Mr. Ramesh Gudi and his family
members, CMC Commutator Private Limited is engaged in the
production of industrial products for varied purposes. Based in
Belgaum, the company is a manufacturer of commutators for DC &
Traction motors, slip ring motors, crane duty motors, etc. The
company is ISO 9001:2000 certified.

Recent Result
The company reported an operating income of INR10.20 Cr
(provisional financials) and net profit of INR0.46 Cr for the
financial year 2013-2014 as opposed to an operating income of
INR12.78 Cr (audited financials) and net profit of INR0.44 Cr for
the financial year 2012-2013.


DOLPHIN OFFSHORE: CRISIL Rates INR100MM Fixed Deposit at FB+
------------------------------------------------------------
CRISIL has assigned its 'FB+/Stable' rating to the fixed deposit
programme of Dolphin Offshore Enterprises (India) Ltd (DOEIL; part
of the Dolphin group). Further CRISIL has also withdrawn its
ratings on the NCD programme of DOEIL at the company's request, in
line with CRISIL's policy on withdrawal of bank loan ratings.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        850       CRISIL A4+ (Reaffirmed)

   Cash Credit           678       CRISIL BB+/Stable (Reaffirmed)

   Letter of Credit      109.6     CRISIL A4+ (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility  1,626.9     CRISIL BB+/Stable (Reaffirmed)

   Working Capital
   Term Loan             135.5     CRISIL BB+/Stable (Reaffirmed)

   Fixed Deposit
   Programme             100        FB+/Stable (Assigned)

   Non Convertible     1,000       CRISIL BB+/Stable (Withdrawal)
   Debentures

CRISIL's ratings on the bank facilities of DOEIL continue to
reflect the support from Dolphin Offshore Enterprises (Mauritius)
Pvt Ltd (DOEMPL) and healthy and stable cash accruals from its
vessel chartering business. The ratings also factor in the
benefits that the group derives from its promoters' extensive
experience in the offshore services and vessel chartering
industry, and its established relationship with customers. These
rating strengths are partially offset by weakening of the Dolphin
group's business risk profile in the offshore
services/engineering, procurement, and construction (EPC) segment
because of low revenue visibility, pressure on profitability, and
working-capital-intensive operations. Also, the group's operations
are exposed to risks related to high revenue dependence in its
vessel-chartering business and its operating margins exposed to
vulnerability in charter rates.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DOEIL and its wholly owned subsidiaries
Dolphin Offshore Shipping Ltd (DOSL) and DOEMPL, together referred
to as the Dolphin group. This is because the companies have
significant financial and operational linkages.
Outlook: Stable

CRISIL believes that the Dolphin group will continue to benefit
over the medium term from the healthy and stable cash accruals
expected from its vessel chartering business. The outlook may be
revised to 'Positive' if the Dolphin group registers a sustainable
increase in its revenues and profitability in the offshore-
services segment while improving its working capital cycle,
resulting in significant improvement in its liquidity. Conversely,
the outlook may be revised to 'Negative' if the group's financial
risk profile weakens, most likely because of large debt-funded
capital expenditure, further lengthening of its working capital
cycle, or lower-than expected cash accruals or there is lower than
expected support from DOEMPL to DOEIL (its Indian parent)
resulting in further deterioration of the liquidity profile at the
parent level.

DOEIL, incorporated in 1979, is the flagship company of the
Dolphin group; it provides the complete range of offshore support
services to oil and gas exploration companies. The services
provided include diving and underwater engineering, marine
operations and management (vessel management), fabrication and
installation, ship repair, geo-technical services, and EPC
activities. The company is listed on Bombay Stock Exchange and
National Stock Exchange.

DOEIL has two wholly-owned subsidiaries, DOSL and DOEMPL, which
are engaged in chartering of vessels and tugs to oil and gas
exploration companies. As on February 2013, DOSL owned three
offshore support vessels and six harbour tugs, while DOEMPL owned
one specialised DP accommodation barge and two offshore support
vessels. For 2013-14, 65 per cent of the group's revenues were
generated from offshore services and EPC contracts, while the
remaining was generated from chartering of vessels.

The Dolphin group reported a profit after tax (PAT) of INR609.3
million on net sales of INR3.60 billion for 2013-14, against a PAT
of INR471.1 million on net sales of INR4.16 billion for 2012-13.


FRYSTAL PET: CRISIL Assigns B+ Rating to INR29.6MM Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Frystal Pet Pvt. Ltd.  The rating reflects company's
weak financial risk profile marked by high gearing and average
debt protection metrics; and its small scale of operations in
highly fragmented industry.   These rating weaknesses are
partially offset by FPPL's promoter's extensive experience in the
industry.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan              25.4        CRISIL B+/Stable
   Proposed Term Loan     20          CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     29.6        CRISIL B+/Stable
   Cash Credit            33          CRISIL B+/Stable
   Proposed Cash Credit   12          CRISIL B+/Stable
   Limit

Outlook: Stable

CRISIL believes that FPPL will maintain its business risk profile
backed by promoters' experience in the industry. The outlook may
be revised to 'Positive' in case scale of operations of company
increases significantly, leading to improvement in the financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of increase in working capital requirement leads to
further deterioration in financial risk profile.

FPPL was incorporated in 2010 and is into the manufacturing of
plastic pet preforms. The company is started by Mr. Rakesh Kumar
Singhal and and his son Mr. Nishit Singhal.


HOTEL TIPTOP: CRISIL Reaffirms 'B' Rating on INR690MM Bank Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Hotel TipTop
International Pvt Ltd continues to reflect the company's exposure
to offtake risk and the susceptibility of its performance to
cyclicality in the hotel industry and to competition, especially
in Pune (Maharashtra). These rating weakness are partially offset
by the experience of the company's promoters in the hospitality
industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term      690       CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan               560       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HTTIPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if HTTIPL generates substantial cash
accruals, resulting in lower dependence on promoters' fund to meet
fixed debt obligations. Conversely, the outlook may be revised to
'Negative' if HTTIPL's project does not commence operations by the
end of 2014-15 (refers to financial year,
April 1 to March 31), or if the company is unable to scale up
operations, resulting in inadequate cash accruals to meet its
fixed debt obligations, leading to increased promoter support.

HTTIPL was incorporated in 1999 as Tiptop Enterprises Pvt Lt.
HTTIPL is constructing a three-star hotel named Tip Top
International at Wakad in Pune along the Mumbai-Pune Expressway.


INDO VACUUM: ICRA Cuts Rating on INR4.65cr LT Loan to 'B+'
----------------------------------------------------------
ICRA has downgraded the long-term rating outstanding on the
INR4.65 crore long term fund based facilities of Indo Vacuum
Technologies Private Limited from [ICRA]BB- to [ICRA]B+. ICRA has
reaffirmed the short-term rating at [ICRA]A4 on the INR0.85 crore
non-fund based facilities of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term fund        4.65        [ICRA]B+ Downgraded
   based Limits

   Short term non-       0.85        [ICRA]A4 reaffirmed
   fund based Limits

The rating revision factors in the decline in IVTPL's revenues and
the deterioration in the working capital intensity of the company
during FY14 owing to stretched inventory days resulting in
stretched cash flows position. The ratings continue to be
constrained by the company's small scale of operations. The rating
also factors in the exposure of IVTPL to fluctuation in foreign
exchange rates given that a large portion of the raw materials is
imported and the company neither have a proper hedging policy in
place nor the bargaining power to pass on adverse movement in
prices to the customers.

However, the ratings draw comfort from the long experience of the
promoters and the successful track record of the company in the
vacuum pump industry with well established trade links.

Incorporated in 2001 by Mr. Ramesh Gudi and his family members,
Indo Vacuum Technologies Pvt. Ltd is engaged in manufacturing of a
range of vacuum pumps. The company was set up in Belgaum in 2001
with the technological support of M/s. Woosung Vacuum Co Ltd,
based out of South Korea. The company recently shifted to a new
manufacturing facility in Belgaum, Karnataka.

Recent Result
The company reported an operating income of INR6.90 Cr
(provisional financials) and net profit of INR0.50 Cr for the
financial year 2013-2014 as opposed to an operating income of
INR8.00 Cr (audited financials) and net loss of INR0.17 Cr for the
financial year 2012-2013.


J.K. CERAMICS: CARE Reaffirms B+ Rating on INR47.12cr Bank Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
J.K. Ceramics Private Limited.


                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     47.12      CARE B+ Reaffirmed

Rating Rationale

The rating of J.K. Ceramics Private Limited (JKCPL) continues to
remain constrained on account its small scale of operation in a
highly fragmented and competitive guar gum industry with low
profitability and moderately leveraged capital structure. The
rating is further continued to remain constrained on account of
susceptibility of its profitability to fluctuation in agro-based
raw material prices and foreign exchange rate fluctuation and
seasonality associated with the availability of agro commodities.
The rating, however, favourably takes into account the vast
experience of the promoters in the agro processing industry and
its proximity to guar producing region of Rajasthan.

Improvement in the overall scale of operations and profitability
margins in light of volatile raw material prices along with
improvement in capital structure is the key rating sensitivity.

Bikaner (Rajasthan) based JKCPL, incorporated in 1984, is promoted
by Mr Shreeram Agarwal along with his two sons, Mr Dinesh Kumar
Goyal and Mr Satish Kumar Agarwal. JKCPL was originally
incorporated in the name of Ramkali Oil Industries Private Limited
(ROIPL) and was renamed to JKCPL in 1996. Initially, the company
was into the business of manufacturing of glazed titles which was
discontinued in 1999. Thereafter, from 1999 onwards, it entered
into the business of processing of guar refined dall, churi korma,
edible oil and oil cake of mustard and groundnut. Besides, the
company also does trading of chana dall, groundnut refined oil and
mustard seeds.

In FY12 (refers to period from April 1 to March 31), the company
entered into manufacturing of industrial guar gum powder by
setting up a Strategic Business Unit (SBU), Jugal Hydrocoloids
(JHD), within the company. The plant has installed capacity of
50 Tonnes Per Day (TPD) for guar gum dall, 32 TPD for guar gum
powder and 5000 Quintals Per Annum (QPA) for oil unit as on
March 31, 2014.

The promoter family of JKCPL has also promoted, Jugal Kishore
Vanaspati Products Private Limited (JKVP; incorporated in 1987,
rated: CARE B+ in March, 2014) which is engaged in the business of
manufacturing of refined groundnut oil and oil cakes and
sells groundnut oil under the brand name of Chandi Sikka.

Key Updates
Decline in Total Operating Income (TOI)
Guar gum powder finds application in a large number of industries
like textile (as a thickening agent), food, personal care, paper
(wet-end additive and surface sizer), explosives, pesticides
(binding and sticking agent), oil drilling (helps in enhancement
of oil recovery) and pharmaceutical (thickener and stabilizer).
Further, during FY13, the guar gum powder attracted the attention
of both domestic and international players because of its new
found usage among shale gas explorers who used it for a process
called fracking. Due to this reason and higher speculation in the
said commodity amidst possibility of shortage in guar crop
production, the demand for guar gum grew manifold in FY13
resulting in significant increase in the prices of guar.
However, FY14 onwards, the prices have declined sharply as
witnessed through significant downfall in the TOI of JKCPL during
FY14 which is reduced by 42% as compared to FY13 mainly on account
of lower sales realisation of guar gum powder. It is major
revenue generation source for the company contributing 89% of TOI
during FY14 (~88% during FY13). However, the demand of the guar
gum powder continued to remain healthy as reflected by increase in
the sales volume of guar gum powder which is increased from
1199.40 Metric Tonnes Per Annum (MTPA) in FY13 to 2162.50 MTPA in
FY14 (i.e. 1.80 times of sales volume of FY13). Further, Gross
Cash Accruals have increased by 14.82% in FY14 over FY13.


JOGMA LAMINATES: ICRA Assigns B+ Rating to INR8cr Cash Credit
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR8.00
crore cash credit fund based facilities and to the INR5.22 crore
term loan fund facilities of Jogma Laminates Industry Private
Limited.  ICRA has also assigned a long term rating of [ICRA]B+ to
the INR6.78 crore proposed fund based facilities of JLIPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits-    8.00         [ICRA]B+
   Cash Credit

   Fund based limits-    5.22         [ICRA]B+
   Term Loans

   Proposed Fund         6.78         [ICRA]B+
   based limits

The assigned rating is constrained by Jogma Laminates Industry
Private Limited (JLIPL)'s modest scale of operation in a
fragmented industry characterized by low entry barriers and
intense competition from both organized as well as unorganized
players. The rating also takes into account the company's high
reliance on short term borrowings to meet its large and
incremental working capital requirements leading to high
utilisation of bank limits. Further, the company's operations
remain highly working capital intensive attributable to high
inventory requirements in the business to maintain an assorted
range. The rating also factors in the company's adverse capital
structure and depressed level of coverage indicators. Further, the
company's ongoing debt funded capex is likely to impinge on its
debt servicing capabilities in the near term. However, comfort is
drawn from the fact that there is significant amount of interest
free loans from promoters in the total debt. The rating also
factors in the vulnerability of profitability to the cyclicality
inherent in the real estate industry and fluctuation in raw
material prices.

The rating, however, favourably considers the extensive experience
of the promoters in the laminates business, moderate recognition
of in-house brands and its well diversified geographical presence
in domestic market. The rating also takes note of the location
advantage in terms of the proximity to raw material availability
and access to key markets.

Incorporated in 2009, JLIPL is jointly promoted by Mr. Jagdish
Patel, Mr. Vijay Patel, Mr. Dinesh Patel, and Mr. Manoj Patel. The
company is engaged in manufacturing high pressure industrial and
decorative laminates sheets. The manufacturing unit is located at
Butibore an industrial suburb in Nagpur, Maharashtra and has a
production capacity of 15, 00,000 sheets per annum.

Recent Results:
The company recorded a net profit of INR0.45 crore on an operating
income of INR26.84 crore for the year ending March 31, 2014.


JUHI ALLOYS: CARE Reaffirms 'B+' Rating on INR35cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Juhi Alloys Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       35       CARE B+

Rating Rationale

The rating is constrained by the elevated financial risk profile
characterized by low profitability margins, high working
capital intensive operations and volatility in sales in the recent
years. The highly fragmented nature of the industry and
inherent cyclical nature of the steel industry further impacts the
company's financials. The rating also takes into account
the significant exposure of Juhi Alloys Limited (JAL) to group
companies.

However, the rating derives strength from the experienced
promoters and established track record in the steel industry
and established operations with regionally known brand name
'Rimjhim".

The ability of the company to consistently scale up the operations
with improvement in the profitability margins and
effective working capital management remain the key rating
sensitivities.

Incorporated on July 12, 1990, Juhi Alloys Ltd (JAL) is a part of
Kanpur based Rimjhim group of companies managed by
Shri Yogesh Agarwal & family relatives. JAL is engaged in
manufacturing and sale of variety of Thermo mechanically
Treated (TMT) Bars, SS Flats and Rounds products along with
dealing in trading of billets, ingots etc. The products of the
company find application mainly in construction activities. The
company markets its products through mix of direct sales
to builders and sales through traders.

The manufacturing facilities of the company are located in the
Hamirpur district of Uttar Pradesh (UP) with an installed
capacity of 90,000 (three shift of 30,000) MTPA as on March 31,
2014. Presently, the company operates in two shifts.

During FY14 (refers to the period April 1 to March 31), total
operating revenues of the company increased to INR144.80
crore against INR133.23 crore in FY13. PAT increased to INR0.65
crore in FY14 from INR0.54 crore in FY13.


KAMAL WATCH: ICRA Withdraws B+ Rating on INR6.79cr FB Loan
----------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B+ assigned to
the INR6.79 crore fund based limits and INR3.06 crore unallocated
limits and short term rating of [ICRA]A4 assigned to the INR0.15
crore non-fund based facilities of Kamal Watch Company Pvt. Ltd.
at the request of the company as the company has fully redeemed
the instruments. There is no amount outstanding against the rated
instrument.


LAKSHMI COTTON: CRISIL Assigns B Rating to INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Lakshmi Cotton Traders (LCT).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              50         CRISIL B/Stable

The rating reflects LCT's moderate scale of operations in the
intensely competitive and highly fragmented cotton trading
industry, and its below-average financial risk profile, marked by
high total outside liabilities to tangible net worth (TOLTNW)
ratio and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of LCT's
promoters' in the cotton trading industry.

Outlook: Stable

CRISIL believes that LCT will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
trading industry. The outlook may be revised to 'Positive' if the
firm reports a significant improvement in financial risk profile
on account of higher-than-expected profitability or significant
equity infusion. Conversely, the outlook may be revised to
'Negative' if LCT generates lower-than-expected cash accruals or
undertakes a large debt-funded capital expenditure programme,
resulting in further weakening of financial risk profile.

Set up in 1992, LCT is engaged in trading of raw cotton and cotton
lint. Based out of Guntur, the firm is promoted by Mr. S.
Koteswara Rao and his family.

For 2013-14 (refers to financial year, April 1 to March 31), LCT
reported a profit after tax (PAT) of INR0.9 million on net sales
of INR573.4 million, against a PAT of INR0.5 million on net sales
of INR344.0 million for 2012-13.


MAHARAJA COTSPIN: CRISIL Reaffirms B+ Rating on INR425M Bank Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maharaja Cotspin Ltd
(MCL) continue to reflect MCL's modest scale of operations in an
intensely competitive industry, susceptibility to volatility in
raw material prices, and below-average financial risk profile
marked by high gearing and modest net worth. These rating
weaknesses are partially offset by the extensive experience of
MCL's promoters in the textile industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          6        CRISIL A4 (Reaffirmed)
   Cash Credit           100        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       80        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    425        CRISIL B+/Stable (Reaffirmed)
   Term Loan             144        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MCL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
substantial and sustained improvement in revenue while maintaining
its profitability margins and working capital cycle, or if there
is substantial improvement in its financial risk profile on the
back of equity infusion by its promoters. Conversely, the outlook
may be revised to 'Negative' if MCL's revenue and operating margin
decline, or if its working capital requirements increase, or if
the company undertakes a large debt-funded capital expenditure
(capex) programme, weakening its financial risk profile.

Update
MCL's revenue registered a 28 per cent year-on-year growth to
around INR974 million in 2013-14 (refers to financial year,
April 1 to March 31), partly because of increase in trading volume
over the previous year; trading accounted for around INR100
million of the company's revenue in 2013-14. MCL expanded capacity
to 24,720 spindles from 12,960 spindles; the new capacity was
commissioned in April 2014. With increase in capacity, addition of
clients, and increased demand from existing clients, CRISIL
believes that MCL's revenue will grow by 20 to 25 per cent over
the medium term.

The company's operating margin declined to 12.0 per cent in 2012-
13 from 13.0 per cent in 2011-12, and is estimated to have
declined to 10.2 per cent in 2013-14 on account of its limited
ability to pass on increases in raw material prices to customers.
With commencement of export sales, which fetch better margins, the
operating margin is expected to remain around 10 per cent over the
medium term.

Because of large debt-funded capex in 2013-14, MCL's financial
risk profile remains weak. As on March 31, 2014, its gearing is
estimated at 4.16 times; the gearing is expected to remain high
over the medium term. MCL's interest coverage ratio remained
average, at 2.0 times, while its net cash accruals to total debt
ratio was at 0.16 times, for 2013-14.

MCL's net cash accruals are expected to remain around INR65
million for 2014-15 and will be adequate to meet term loan
obligations of INR16 million during the year. Absence of major
capex plan for the near term supports the company's liquidity.
However, because of large working capital requirements, its bank
limits were utilised extensively, at an average of 87.6 per cent
through the 12 months through September 2014. Its current ratio
remains weak, at 0.75 times, as on March 31, 2014.

MCL, incorporated in 2010, is promoted by the Ludhiana (Punjab)-
based Makkar family. The company manufactures polyester yarn and
acrylic yarn.


MANJUSHREE TEA: ICRA Assigns B- Rating to INR7.75cr Untied Loan
---------------------------------------------------------------
ICRA has assigned an [ICRA]B- rating to the INR3.65 crore term
loan, INR3.40 crore cash credit and INR7.75 crore untied limit of
Manjushree Tea & India Private Limited. ICRA has also assigned an
[ICRA]A4 rating to the INR0.20 crore non-fund based bank facility
of MTIPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-     3.65        [ICRA]B- assigned
   Term Loan

   Fund Based Limit-     3.40        [ICRA]B- assigned
   Cash Credit

   Fund Based Limit-     7.75        [ICRA]B- assigned
   Untied

   Non Fund Based        0.20        [ICRA]A4 assigned
   Limit-Bank
   Guarantee

The assigned ratings take into account MTIPL's small scale of
current operations, significant decline in operating income
witnessed during the last two financial years primarily due to low
demand for inferior quality of rice manufactured by MTIPL and agro
climatic risks which can affect the availability of paddy in
adverse weather conditions. ICRA has also taken note of MTIPL's
exposure to project related risks including risks associated with
stabilization of the upcoming rice milling plant as per the
expected operating parameters. The ratings, however, derive
comfort from the experience of the promoters in the rice milling
business and locational advantages of the upcoming milling unit of
the company, which is expected to limit competition and provide an
easy access to key raw materials.

MTIPL, incorporated in 1994, is engaged in the milling of non-
basmati rice (parboiled rice) at its manufacturing facility in
Alipurduar, West Bengal, having an installed capacity of 6000
metric tonne per annum (MTPA). The company is also engaged in
rubber plantation and tea plantation activities, though the scale
of the same remains small. Currently, the company is in the
process of setting up another rice milling unit, adjacent to the
existing unit, having an installed capacity of 18,000 mtpa. The
company is promoted by the Berlia family based out of Siliguri,
West Bengal. MTIPL has a group company, viz. Gaurav Tree & Agro
Products Private Limited (rated at [ICRA]B), also engaged in
milling of non-basmati rice (raw and parboiled rice).

Recent Results
The company reported profit before tax of INR0.31 crore
(provisional) on an operating income of INR1.82 crore
(provisional) during -2013-14, as compared to a net profit of
INR0.21 crore on an operating income of INR4.94 crore during 2012-
13.


MARE FOOD: CRISIL Reaffirms B Rating on INR35MM Bill Discounting
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Mare Food Products India
Pvt Ltd (MFPIPL) continues to reflect MFPIPL's small scale of
operations in the highly fragmented seafood processing and export
industry, and its weak financial risk profile, marked by a small
net worth and high gearing. These rating weaknesses are partially
offset by the benefits that MFPIPL derives from its promoters'
extensive industry experience.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Discounting        35        CRISIL B/Stable (Reaffirmed)
   Packing Credit          15        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       3        CRISIL B/Stable (Reaffirmed)
   Term Loan                4        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MFPIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
seafood processing and export industry. The outlook may be revised
to 'Positive' if MFPIPL generates healthy accruals while improving
its capital structure, resulting in an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if MFPIPL's credit risk profile weakens, on account of
a stretch in its working capital cycle, substantially low
accruals, or any debt-funded capital expenditure.

Update
MFPIPL, on a provisional basis, has reported an operating income
of INR121 million for 2013-14 (refers to financial year, April 1
to March 31). Its operating income is expected to grow at a
moderate rate over the medium term because of stable demand from
its customers. MFPIPL's operating margin declined to an estimated
5.6 per cent in 2013-14 from 10 per cent in 2012-13 primarily
because of increase in costs and MFPIPL's limited ability to pass
on the same to its customers. CRISIL believes that MFPIPL's
business risk profile to remain constrained by fragmented nature
of industry and its small scale of operation.

MFPIPL's financial risk profile is weak marked by its small net
worth of INR16.5 million and high gearing of around 3.0 times as
on March 31, 2014. The capital structure of the company is
expected to remain weak over the medium term due to limited
accretion to reserves. The company has modest debt protection
metrics, as reflected in its net cash accruals to total debt and
interest coverage ratios of 0.30 times and 2.47 times,
respectively, during 2013-14. CRISIL believes that MFPIPL's
financial risk profile will remain constrained over the medium
term because of weak cash accruals.

MFPIPL has moderate liquidity, with expected cash accruals of
around INR3 million, which will remain adequate to cover its debt
obligations of around INR1.9 million over the medium term.
However, the company's operation is moderately working capital
intensive, as reflected from the gross current assets of more than
200 days as on March 31, 2014. Consequently, MFPIPL's bank limits
are fully utilised, constraining its liquidity profile.

Incorporated on May 6, 2010, MFPIPL processes and exports seafood.
The company primarily deals in cuttlefish and squid, which it
exports mainly to European countries, and also to Korea, Japan,
Thailand, and other southeast Asian countries.


MD FROZEN: ICRA Revises Rating on INR70cr Loan to 'B+'
------------------------------------------------------
ICRA has upgraded the long-term rating on the INR70.0 crore
(enhanced from INR35.0 crore), fund based and non fund based
limits of MD Frozen Food Exports (MDF) to [ICRA]B+ from [ICRA]B.

                         Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Fund-Based and non      70.0        [ICRA]B+; (Revised)
   fund based Limits

For arriving at the rating, ICRA has combined the business and
financial risk profiles of MDF and MD Frozen Food Exports Private
Limited (MDPL) considering the strong operational and financial
linkages among the group firms, given their common set of
promoters and management and their presence in similar business
segments.

The rating revision favourably factors in the strong growth in
group's sales in 2013-14 backed by growing volumes and
realizations and the completion of the group's new slaughter house
along with expansion in processing facilities. This is expected to
boost the revenue growth and enable the group to achieve improved
profitability owing to integrated nature of operations. Further,
the rating continues to derive comfort from the extensive
experience of the promoters in the meat export business; its
established relationships with overseas clients and the favourable
location of its processing and rendering unit, ensuring easy
availability of raw materials.

The rating is however constrained on account of MDF's high working
capital requirements and modest operating margins. The
profitability was impacted in 2013-14 by rising raw material costs
as well as disruption in production owing to regulatory changes.
The working capital intensity, despite an improvement relative to
the previous year, remained high owing to high stock levels and
processing time. This has rendered the group largely dependent on
working capital borrowings in the absence of significant reserve
accretion or equity infusion. The rating continues to be
constrained by intense competition in the meat export industry;
vulnerability to fluctuations in foreign exchange rates;
volatility in raw material prices; susceptibility to changes in
regulations and exposure to event risks such as disease out-break.
Going forward, the firm's ability to scale up production in the
newly constructed facility, while managing its working capital
cycle and improving margins and coverage ratios would be the key
rating sensitivity factors.

Recent Results
The firm, on a provisional basis, reported an operating income of
INR145.6 crore and a net profit of INR7.29 crore in 2013-14, as
against an operating income of INR136.6 crore and net profit of
INR4.97 crore in the previous year.

ICRA has also consolidated the financials of MDF and MDPL to take
a consolidated view of the group. Based on ICRA's consolidation,
the group reported an operating income of INR252.8 crore and a net
profit of INR8.31 crore in 2013-14, as against an operating income
of INR154.4 crore and net profit of INR5.58 crore in the previous
year.


PARKER VRC: ICRA Reaffirms 'B' Rating on INR60cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
proposed Rs 60.0 crore term loan facility of Parker VRC
Infrastructure Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            60.0         [ICRA]B; (Reaffirmed)

The rating reaffirmation takes into account the limited physical
progress made by PRK in its "White Lily" project (about 15% of the
project cost has been incurred till date), low sales velocity (45%
bookings at present, as compared to 37% in the previous year) and
various approval related risks. Further, with the company
launching a new project namely "White Lily Residency", execution
and funding risks have increased. The rating is also constrained
by the geographical concentration of the group's operations, with
all its projects located in Sonepat, Haryana.

The rating, however, derives comfort from the promoters' track
record of delivering a housing project, "Parker Suites", in the
past, and limited reliance on bank debt for funding the White Lily
project. The rating continues to be supported by the fact that the
company has been able to sell around 45% of the total area as of
March 31, 2014 and has recently received the environmental
clearance for "White Lily" project which could expedite the
process of receiving other mandatory approvals.

Going forward, the ability of the company to improve its pace of
construction, increase bookings, and receive pending approvals
would be the key rating sensitivities.

Incorporated in May 2012, PRK is a 50-50 joint venture between the
Parker Group (Parker Estate Pvt. Ltd.) and VRC Group (VRC
Construction India Private Limited). Parker VRC is developing a
residential project "White Lily" spread over an area of 9.3 acres
and situated at NH-1, Sonepat in Haryana. In September, 2013, the
company launched another residential project in Sonepat "White
Lily Residency" which is a 75-25 joint venture with Jai Krishna
Artec.


PHYTO CHEM: ICRA Suspends B Rating on INR7cr LT Fund Based Limit
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
INR7.00 crore long term fund based limits and INR0.25 crore long
term non-fund based limits Phyto Chem (India) Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


PRECISION ENG'G: CRISIL Reaffirms 'D' Rating on INR71MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Precision Engineering
Components Pvt Ltd continue to reflect the instances of delay by
PEPL in servicing its debt. The delays have been caused by the
company's weak liquidity, led by delayed commencement of
commercial operations at its newly set up facility and lower-than-
expected ramp up from the same.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           5         CRISIL D (Reaffirmed)
   Cash Credit             10         CRISIL D (Reaffirmed)
   Term Loan               71         CRISIL D (Reaffirmed)

The ratings also factor in the company's vulnerability to start-up
phase of operation, a below-average financial risk profile marked
by its modest net worth and high gearing. However, PEPL benefits
from its promoter's extensive experience in the machined
components industry through its group entities.

Promoted by Mr. Ravi Bhojwani, PEPL manufactures fabricated and
machined components at its newly set up workshop in Bhopal (Madhya
Pradesh). It has capacity to undertake machining projects of about
20 tonnes.


SANCHETI ELECTRONICS: CRISIL Cuts Rating on INR100MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sancheti Electronics Ltd (SEL) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              100        CRISIL D (Downgraded
                                       from 'CRISIL B+/Stable')

   Letter of Credit          50        CRISIL D (Downgraded
                                       from 'CRISIL A4')

   Proposed Long Term        10        CRISIL D (Downgraded
   Bank Loan Facility                  from 'CRISIL B+/Stable')

The rating downgrade reflects SEL's overdrawn cash credit limits
for more than 30 consecutive days; the limits have been overdrawn
because of the company's weak liquidity.

SEL remains vulnerable to cyclical downturns, given its small
scale of operations. Furthermore, its operations are working
capital intensive, and it has an average financial risk profile,
marked by a modest total outside liabilities to tangible net worth
ratio and subdued debt protection metrics. However, the company
benefits from the extensive experience of its promoters in the
electronics industry.

SEL was incorporated in July 2000, promoted by the Kolkata-based
Mr. Binod Kumar Sancheti and his brother Mr. Ashok Kumar Sancheti.
The company supplies cable television (TV) equipment such as set-
top boxes, hybrid fibre coaxial equipment, optic fibre cables, and
digital head ends to cable TV operators and multi-system
operators. Mr. Binod Sancheti is the managing director and
oversees the company's overall operations. Mr. Ashok Sancheti and
Mr. Surendra Sancheti (son of Mr. Binod Sancheti; joined the
company in 2001) are the directors of the company.


SHIV SHAKTI: CARE Reaffirms B+ Rating on INR25cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shiv Shakti Ginning And Pressing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      25        CARE B+ Reaffirmed

Rating Rationale

The rating of Shiv Shakti Ginning and Pressing Private Limited
continues to remain constrained on account of high leverage, thin
profitability and modest debt protection indicators. The rating is
further constrained by the susceptibility of its operating margins
to the volatile cotton prices, its presence in a highly fragmented
and working capital intensive cotton ginning industry and sales
concentration risk.

The rating, however, continues to derive strength from the vast
experience of the promoters in the cotton ginning business and
SSGPL's favourable location in the cotton-growing belt of Gujarat.
The ability of SSGPL to significantly increase its scale of
operations and improve its profitability by moving up the cotton
value chain along with an improvement in its capital structure
would be the key rating sensitivities.

SSGPL was incorporated in 2007, and the commercial production
started in December 2008. It has a composite cotton ginning and
pressing unit at Anjar in the Kutch district of Gujarat. SSGPL is
promoted by Mr Nilesh V. Thacker and had an installed production
capacity of 97,440 cotton bales per annum as on March 31, 2014.
SSGPL also trades agricultural commodities such as cotton, cotton
seeds, ground nut oil, sugar and palmoline oil.

As per the audited results for FY14, SSGPL reported a total
operating income of INR313.26 crore (FY13: INR262.08 crore)
with a PAT of INR0.56 crore (FY13: INR0.26 crore).


SM RICE: CRISIL Reaffirms B+ Rating on INR290MM Cash Credit
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of SM Rice Land
Pvt Ltd continues to reflect the company's weak financial risk
profile, marked by a small net worth and weak debt protection
metrics, high dependence on monsoon, and exposure to risks
relating to adverse changes in government policies. These rating
weaknesses are partially offset by SMRL's long track record in,
and benefits expected from the healthy growth prospects for, the
basmati rice industry.

                      Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit         290         CRISIL B+/Stable (Reaffirmed)
   Term Loan            28.7       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SMRL will continue to benefit over the medium
term from the extensive experience of its promoters in the rice
industry. The outlook may be revised to 'Positive' if the
company's scale of operations and profitability significantly
improve, leading to considerable cash accruals, along with capital
infusion, resulting in an improved capital structure. Conversely,
the outlook may be revised to 'Negative' if SMRL's financial risk
profile deteriorates, most likely because of a significant
increase in inventory, leading to large incremental bank
borrowings, or debt-funded capital expenditure.

Update
SMRL's revenue registered a marginal year-on-year decline of
around 7.3 per cent to around INR491 million in 2013-14 (refers to
financial year, April 1 to March 31). Over the past few years, the
company has been largely relying on purchasing unsorted rice from
other rice mills and exporting it after processing/sorting because
of which its revenue has not witnessed any major growth. However,
its revenue is expected to grow over the medium term on account of
higher trading undertaken in the first half of 2014-15. On account
of its low-value-added nature of operations, SMRL's operating
profitability has remained low, in the range of 3.5 to 3.8 per
cent. The operating profitability is expected to remain stable
over the medium term.

Its operations are highly working capital intensive as reflected
in its gross current assets (GCA) estimated at 119 days as on
March 31, 2014; the GCAs have been at similar levels in the past.
These GCAs consist of inventory of around 94 days. As a result,
the company's average bank limit utilisation was around 85 per
cent during the 12 months through September 2014.

The company's net worth remained small at around INR26.6 million
as on March 31, 2014, limiting its financial flexibility to meet
any exigency. The company has contracted substantial debt for
funding its working capital requirements; this, along with its
small net worth, is estimated to have resulted in high gearing of
around 3.78 times as on March 31, 2014, and weak debt protection
metrics.

Set up in 1982 as a partnership firm by Mr. Sunil Mittal and his
family and friends, SMRL was reconstituted as a private limited
company in 2010. The company processes and sells basmati rice,
mainly parboiled rice. It also procures unsorted rice from other
mills, and sorts the same for sale in the export markets.


TAPI PRESTRESSED: ICRA Assigns 'C' Rating to INR35CR Cash Credit
----------------------------------------------------------------
ICRA has assigned [ICRA]C rating to INR35.00 crore long term fund
based facilities of Tapi Prestressed Products Limited. ICRA has
also assigned [ICRA]A4 rating to the INR71.00 crore short term
non-fund based facilities of TPPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, Fund       35.00        [ICRA]C Assigned
   Based- Cash Credit

   Short Term, Non-      71.00         [ICRA]A4 Assigned
   Fund Based-
   BG, LC

The assigned ratings take into consideration long standing
experience of the promoters in the civil construction industry,
approved Class-I(A) contractor status registered with various
government and semi-government undertakings, municipal
corporations and water supply boards and backward integration of
the company into manufacturing of prestressed concrete pipes. The
ratings are however constrained by the stretched liquidity profile
on back of long pending receivables alongwith sizeable money stuck
as security deposit and retention money given non-moving orders
and decline in revenues due to limited fresh order inflows
providing muted revenue visibility.

Further the ratings also factor in the weak interest and debt
coverage indicators and large contingent liabilities of the
company in form of performance guarantees, any major write-off of
which can erode net worth substantially. ICRA also takes note of
the substantial amount of non-moving large orders being stuck due
to regulatory issues and significant amount of geographic
concentration of the company with ~65% of the current order book
accounting for projects in Maharashtra. Also, the tender based
nature of business with company catering to Government entities
only exposes it to inherent price based competition in a highly
competitive industry along with execution and recovery issues
related to such projects.

TPPL is a public company promoted by the the Kotecha Group and was
incorporated in the year 1986. The company is involved in
undertaking various turnkey projects involving water supply,
irrigation, roads and other such civil constructions. The company
is registered as a Class-I(A) contractor with various government
and semi-government undertakings, Municipal Corporations and Water
Supply Boards. The company has a track record of 35 years in
construction and has executed several projects in the states of
Maharashtra, Gujarat, Madhya Pradesh, Orissa, Tamilnadu, Andhra
Pradesh and Karnataka with ~65% of the current order book
accounting for projects in Maharashtra.

The company is also engaged in manufacturing of prestressed
concrete pipes and has a manufacturing plant located in Bhusawal
with an installed capacity of manufacturing 50,000 pipes annually.
The diameter of the prestressed pipes rages from 300 mm to 1900 mm
and pressure ranges from 4 kg/cm2 to 30 kg/cm2.


THOMAS HOTELS: ICRA Assigns B Rating to INR15.65cr Term Loan
------------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B to the INR15.65
crore1 term loan facilities of Thomas Hotels & Resorts India
Private Limited.

                             Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Term loan facilities     15.65        [ICRA]B assigned

The assigned rating takes into account the financial profile of
the company characterized by net losses incurred in the past three
years owing to weak Average Room Rate (ARR) and moderate scale
resulting in lower absorption of fixed costs. The rating action
also considers highly leveraged capital structure on the back of
thin accruals and high debt levels, utilized for funding capital
expenditure incurred towards acquisition and renovation of
properties, and weak coverage indicators. The rating also factors
in increasing competition with the entrance of international
hospitality chains in the Indian luxury and business segments and
cyclical nature of the industry which is vulnerable to general
economic slowdown and exogenous shocks.

The assigned rating derives comfort from significance experience
of the promoters in the hospitality industry, location advantage
enjoyed by the flagship brand of the company Estuary Island,
located in Poovar, Kerala, an international tourist destination,
and third party contract with JHM Interstate Hotels India Private
Limited (JHMIH) for management and marketing of the properties of
the company. The contract with JHMIH ensures international
hospitality standards along with access to a global distribution
system. Going forward, ability of the company to improve its
accruals would be critical for meeting the debt servicing
obligations and improving the liquidity profile of the Company.

Incorporated in 2004 by Mr. Shaji K Thomas, Thomas Hotels and
Resorts India Private Limited operated four properties (both owned
and leased) in three different locations Poovar, Kovalam, and
Thiruvananthapuram. Estuary Island, located at Poovar, is the
flagship brand of the company contributing for majority of the
revenues (~55% in 2013-14). THRIPL has management agreement with
JHM Interstate India Private Limited for duration of 15 years
(till year 2027) during which all the properties of the company
will be managed by JHM Interstate India under the existing brands
(of the company).

THRIPL has a subsidiary -- Sukhshanthi Ayurveda Resorts Private
Limited (SARPL), which owns the land / properties and receives
rental income from Thomas Hotels and Resorts India Private
Limited. The company is part of Thomas Group which also operates a
44 room 5-start hotel -- Turtle on the beach, located in Kovalam,
Kerala.

Recent Results (Standalone, Unaudited)
According to unaudited results, the Company had reported net loss
of INR1.6 crore on an operating income of INR12.3 crore during
2013-14, as against net loss of INR1.6 crore on an operating
income of INR9.3 crore during 2012-13.


TURTLE ON THE BEACH: ICRA Assigns B Rating to INR8cr Term Loan
--------------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B to INR8.00 crore
term loan facilities of Turtle on the Beach.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loan             8.00         [ICRA]B assigned

The assigned rating considers high geographical concentration on a
single property, and net losses incurred by the firm in the past
five years owing to high fixed overheads as against moderate scale
of operations. The rating also considers financial profile of the
firm characterized by highly leveraged capital structure on the
back of thin accruals and high debt levels, utilized for funding
capital expenditure development of the property (being in the
initial stages of operations), and weak coverage indicators. The
rating also factors in high competition with the entrance of
international hospitality chains in the Indian luxury and business
segments and cyclical nature of the industry which is vulnerable
to general economic slowdown and exogenous shocks. The rating
derives comfort from the background of the promoters and the
support from the group which has presence in luxury and budget
segments and third party contract with JHM Interstate Hotels India
Private Limited (JHMIH) for management and marketing of the
property of the firm. The contract with JHMIH ensures
international hospitality standards along with access to a global
distribution system. Going forward, ability of the firm to improve
its accruals from operations would be critical for meeting the
debt servicing obligations and improving the liquidity profile of
the firm.

Turtle on the Beach is a partnership firm established in the year
2009 by Mr. Shaji Thomas and his wife in Thiruvananthapuram,
Kerala. The hotel is situated in the tourist destination of
Kovalam, Kerala. The Firm is part of the Thomas group which has
seven properties (both owned and leased) in three different
locations namely, Poovar, Koavalam, and Thiruvananthapuram. The 5-
star hotel opened in December 2009 is a 44 room boutique property
with two restaurants, one banquet hall, one board room, and
ayurvedic spa facilities.

Recent Results
According to unaudited results, the Firm has reported net loss of
INR1.0 crore on an operating income of INR9.4 crore during 2013-
14, as against net loss of INR1.9 crore on an operating income of
INR8.1 crore during 2012-13.


UTTAM CHAND: CRISIL Assigns B+ Rating to INR80MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Uttam Chand Rakesh Kumar.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              80         CRISIL B+/Stable

The rating reflects UCRK's moderate financial risk profile
constrained by low interest coverage ratio and the susceptibility
of its operating margin to volatility in commodity prices and
foreign exchange (forex) rate. These rating weaknesses are
partially offset by its promoters' extensive experience in the
trading industry and efficient working capital management leading
to comfortable total outside liabilities to tangible net worth
(TOLTNW) ratio.

Outlook: Stable

CRISIL believes that UCRK will continue to benefit from its
promoter's extensive experience in the industry, over the medium
term. The outlook may be revised to 'Positive' if UCRK reports
high operating margin, resulting in significant improvement in its
debt protection indicators and cash accruals. Conversely, the
outlook may be revised to 'Negative' if UCRK's financial risk
profile deteriorates, on account of low profitability or revenue
or stretch in working capital cycle, or the company undertakes any
large, debt funded capital expenditure programme.

UCRK, set up in 2008, trades in dry fruits such as almonds and
pistachios. The day-to-day operations of the company are managed
by Mr. Rakesh Bhatia and his son, Mr. Akshay Bhatia. UCRK's
registered office is in Delhi.

UCRK is expected to report a book profit and net sales of INR3.6
million and INR3070 million, respectively, for 2013-14 (refers to
financial year, April 1 to March 31); the firm reported a book
profit of INR1.6 million on net sales of INR2435 million for 2012-
13.


V. KANNAN: CRISIL Reaffirms 'B' Rating on INR90MM LT Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of V. Kannan (VK) continue
to reflect the concentration in VK's revenue profile and the
firm's susceptibility to cash flow mismatches. These rating
weaknesses are partially offset by VK's above average financial
risk profile, extensive entrepreneurial experience of VK's
proprietor and their established regional presence in Puducherry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           5        CRISIL A4 (Reaffirmed)
   Long Term Loan          90        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VK will continue to benefit over the medium
term from its proprietor's entrepreneurial experience. The outlook
may be revised to 'Positive' if the firm registers higher-than-
expected revenue leading to increased cash accruals, resulting in
improvement in its credit risk profile. Conversely, the outlook
may be revised to 'Negative' if VK undertakes a larger-than-
expected debt-funded capital expenditure (capex) programme, or if
the promoter withdraw significant capital from the firm, leading
to weakening in its credit risk profile.

Update
VK's revenue is estimated at INR37.1 million for 2013-14 (refers
to financial year, April 1 to March 31), in line with CRISIL's
expectations. The firm's operating margin was estimated at 51.53
per cent and, consequently, the cash accruals remained moderate
estimated at INR9.4 million in 2013-14. VK's business risk
profile, however, continues to remain constrained owing to the
geographic concentration and modest revenue. CRISIL believes that
VK's revenue will remain stable over the medium term, backed by
the proprietor's established regional presence.

VK's financial risk profile is above average, marked by moderate
net worth of INR171.9 million estimated as on March 31, 2014. The
firm's capital structure has remained moderate, marked by gearing
of 1.01 times estimated as on March 31, 14. VK's interest coverage
ratio has also remained moderate estimated at 1.78 times in 2013-
14. CRISIL believes that VK's financial risk profile will remain
above average over the medium term, marked by a moderate capital
structure and the absence of significant debt-funded capex.

VK's liquidity is stretched as reflected from its tightly matched
cash accruals against term debt obligations over the medium term.
However the liquidity is supported by unsecured loans of INR90
million estimated as on March 31, 2014, from the group entity
managed by the same promoter. CRISIL believes that VK will
continue to benefit from the proprietor's need-based funding
support over the medium term.

VK was set up late 1980's as a proprietorship entity by Mr. V
Kannan in Puducherry. The firm operates two commercial real estate
properties.


VIRAAT FASHION: CARE Reaffirms B+ Rating on INR5.36cr Bank Loan
---------------------------------------------------------------
CARE reaffirms rating and assigns short-term rating to the bank
facilities of Viraat Fashion.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.36       CARE B+ Reaffirmed

   Long-term/Short-term Bank     4.00       CARE B+/CARE A4
   Facilities                               Reaffirmed/Assigned

Rating Rationale

The ratings assigned to the bank facilities of Viraat Fashion (VF)
continue to remain constrained on account of its short
track record of operations with modest scale in the highly
fragmented and competitive textile industry, susceptibility to
volatile raw material prices and foreign exchange fluctuation
risk. The ratings are also constrained on account of its weak
financial risk profile marked by operating losses, leveraged
capital structure, weak debt coverage indicators and stressed
liquidity situation.

The above-mentioned constraints far offset the benefits derived
from the vast experience of the promoters in the textile
industry.

The ability of VF to increase the scale of operations along with
improvement in profitability and capital structure along
with better working capital management are the key rating
sensitivities.

VF was established in the year 2012 by five partners, led by Mr
Dipesh Shah, who have more than two decades of
experience through its various group entities, namely, Vishal
Fashion Private Limited and Sidhant Tradecomm Private
Limited engaged in the textile business. In December 2013, VF set-
up plant for manufacturing of linen fabric for suiting,
shirting and furnishing with an installed capacity of 1,080,000
meters per annum (MPA) at Khadodra, Surat (Gujarat). VF
has commenced commercial operations from December 2013.
As per the audited results for FY14, VF reported a net loss of
INR0.98 crore on a total operating income (TOI) of INR4.79
crore. As per the provisional results for 6MFY15, VF registered a
turnover of INR13.50 crore.


VISHWAS COTTON: CRISIL Reaffirms B Rating on INR50MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vishwas Cotton
Ind (VCI) continues to reflect VCI's modest scale of operations
and weak financial risk profile, marked by average gearing and
modest debt protection metrics, and working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of VCI's promoters in the cotton industry and
the proximity of the firm's unit to the cotton growing belt in
Gujarat.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           50         CRISIL B/Stable (Reaffirmed)
   Term Loan             18         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VCI will continue to benefit over the medium
term from its promoter's extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if there is a
significant improvement in the firm's scale of operation backed by
improved profitability leading to larger-than-expected cash
accruals, thus strengthening the liquidity. Conversely, the
outlook may be revised to 'Negative' if VCI's scale of operations
declines sharply, or its financial risk profile deteriorates, most
likely driven by increased working capital requirements or debt-
funded capital expenditure (capex).

Update
VCI registered net sales of about INR227.1 million in 2013-14
(refers to financial year, April 1 to March 31), largely in line
with CRISIL's expectations. The firm has completed  the project of
setting up of a ginning unit and production has already been
started from December-2013 onwards. Hence, 2014-15, would be the
first full year of operation for the firm. The company is expected
to register sales of more than INR350 million in 2013-14. Its
operating margin is expected to remain low over the medium term
and CRISIL expects VCI's operating margin to remain around 2 per
cent over the medium term. The firm's financial risk profile
remains weak, marked by average gearing and below-average debt
protection metrics. Its gearing was at 2 times as on March 31,
2014. Moreover, the firm is also exposed to large working capital
requirement. CRISIL expects VCI's gross current asset to remain at
70 to 80 days over the medium term. Moreover, the firm gets
limited trade credit from its suppliers of raw material leading to
high dependence on bank borrowings. Due to this, VCI's gearing is
expected to remain at around 2 times, over the medium term. CRISIL
expects VCI's interest coverage ratio to remain below 2 times over
the medium term on account of its low profitability. VCI has weak
liquidity marked by high bank limit utilisation, however its
accruals are expected to remain adequate against repayment
obligations of about INR3 million for 2014-15.

Set up in 2013, VCI is promoted by the Rajkot (Gujarat)-based
Detroja and Visodiya families. The firm is in the cotton ginning
and pressing business.

For 2013-14, VCI reported a book profit of INR0.08 million on net
sales of INR277.1 million.



=================
I N D O N E S I A
=================


BERAU COAL: S&P Lowers CCR to 'CCC+' on Growing Refinancing Risk
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Indonesia-based coal mining company PT Berau Coal
Energy Tbk. (Berau Energy) to 'CCC+' from 'B'.  At the same time,
S&P lowered its long-term ASEAN regional scale rating on the
company to 'axCCC+' from 'axB+'.  S&P also lowered its long-term
issue rating on the company's senior notes to 'CCC+' from 'B'.
S&P placed all the ratings on CreditWatch with negative
implications.

"We lowered the rating because we believe Berau Energy will face
growing refinancing risk over the next few weeks," said Standard &
Poor's credit analyst Xavier Jean.

The company has yet to publicly articulate a detailed strategy and
time frame to refinance US$450 million in senior secured notes
maturing in July 2015.  In addition, a further slide in coal
prices over the past few weeks will likely translate into
materially more negative free operating cash flows than S&P
earlier anticipated.

Berau Energy faces growing refinancing risk, in S&P's view,
because creditor sentiment has weakened following the lack of
communication on the company's refinancing strategy.  S&P believes
the further decline in coal prices by about 7% since the beginning
of Oct. 2014 and the prospect of large negative free operating
cash flows over the next two years at least will compound an
already cautious market sentiment and could make refinancing
through the debt capital markets or bank loan markets increasingly
difficult and costly.  If Berau Energy does not refinance its debt
over the next few weeks, S&P believes the likelihood of a
distressed exchange or a debt restructuring will increase.

On Nov. 4, 2014, Berau Energy's controlling holding company Asia
Resources Minerals Plc. (ARMS) confirmed that Mr. Samin Tan has
reduced his stake in ARMS to about 23.8% from about 47.5%
previously.  S&P believes it is too early to assess the impact the
ownership change could have on Berau Energy's operating and
financial strategies or on its corporate governance.  But the
change of ownership, coinciding with an important refinancing
milestone, could further delay the execution of the company's
funding plan.

"We believe Berau Energy's capital structure is becoming
increasingly unsustainable because of persistently poor coal
prices," said Mr. Jean.

"We had expected a further decline in average selling prices to
US$52-US$54 per ton in 2015 (from our forecast of about US$56 in
2014).  But the recent price declines and continuing weak buyer
sentiment could lead to realized prices falling below US$50 per
ton in 2015.  A pricing upside in 2016 also appears elusive at
this stage because major Indonesian coal miners are still
expanding production and reducing costs.  Declining oil prices
since July 2014 also offer a relief to the sector, in our view.
Those factors combined will likely prevent coal prices from
bottoming out in the next three months at least.  Although Berau
Energy implemented aggressive cost reductions, they are unlikely
to mitigate the recent price weakness.  In these conditions, we
believe the company's debt-to-EBITDA ratio could stay well above
10x in 2015 and 2016, and its ratio of funds from operations to
debt could remain negative in both years," S&P noted.

Berau Energy's sizable cash balance, which S&P forecasts at about
US$260 million-US$280 million as of year-end 2014, provides some
buffer.  Nevertheless, S&P estimates the recent price fall could
increase the company's negative free operating cash flows to more
than US$80 million in each of 2015 and 2016, which will deplete
its cash balance more rapidly than S&P earlier anticipated.  S&P
estimates that a US$1 decline in Berau Energy's gross profit per
ton translates into an additional US$10 million in cash outflow a
year.  Without refinancing, the cash balance will be insufficient
to repay the US$450 million of notes in July 2015.  As a result,
S&P is revising its liquidity assessment on Berau Energy to "weak"
from "less than adequate," as S&P's criteria define the terms.

"The CreditWatch placement with negative implication reflects a
one-in-two likelihood of a further downgrade over the next three
months and the growing likelihood of a debt restructuring or a
distressed exchange if the company fails to refinance its maturing
notes," said Mr. Jean.

S&P could lower the rating by more than one notch if Berau Energy
fails to refinance the notes within the next three months, or
restructures the debt in a manner that S&P considers to be a
distressed exchange.

S&P could affirm the ratings and resolve the CreditWatch if Berau
Energy refinances the notes over the next three months and
stabilizes its liquidity situation by reducing its negative free
operating cash flows.

A completion of the refinancing in itself may not result in an
upgrade in the near term, given S&P's expectations of still-weak
operating performance for at least the next 12 months.  An upgrade
would require an improvement in realized prices of at least US$10
per ton and an increase in gross profit per ton of at least US$7.
S&P views those conditions as unlikely over the next 12 months
given the oversupplied coal markets.


SRI REJEKI: Moody's Affirms B1 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating (CFR) of PT Sri Rejeki Isman Tbk and the B1 rating on the
$300 million senior unsecured notes due 2019 issued by Golden
Legacy Pte. Ltd and guaranteed by PT Sri Rejeki Isman Tbk
(together "Sritex"). The rating outlook is stable.

The new $100 million notes due 2019 are being issued pursuant to
the indenture governing the existing $200 million notes and will
be subject to the same terms and conditions provided therein.
Proceeds from the issuance will be used for planned capacity
expansion and general corporate purposes.

Ratings Rationale

"The affirmation of the B1 CFR balances the strong sales and
earnings performance demonstrated by Sritex in 2014 against the
increase in debt levels necessary to fund its aggressive capital
spending plans and working capital requirements" says Brian
Grieser, a Vice President -- Senior Analyst at Moody's.

Sritex has invested around $115 million in capital equipment,
primarily to grow its spinning and garment capacity, since the
start of 2013 and plans to increase spending to around $105
million in 2015. Despite a heavy reliance on debt to fund this
spending, Sritex has roughly doubled its EBITDA since 2012, while
maintaining EBITDA margins between 17%-20%, thus keeping leverage
at manageable levels.

"The issuance of the new $100 million add on notes will raise pro
forma leverage to roughly 4.1x versus 3.1x at September 30, 2014."
adds Grieser, who is the lead analyst for Sritex. "The increase in
leverage is well within the acceptable parameters for the B1
rating and consistent with Moody's expectation that Sritex would
need to raise funds to meet its growth plans".

The B1 rating continues to reflect Sritex relatively small scale
in the highly competitive global textile industry, its geographic
concentration of assets in Indonesia's central Java region, high
working capital requirements as the company pursues its growth
plan, a significant amount of related party transactions and an
exposure to foreign currencies. These factors are partially
mitigated by Sritex's low cost, highly integrated manufacturing
processes, the long term growth prospects for the Indonesian
textile sector and an improved liquidity profile, which will
benefit from committed revolving lines of credit and meaningful
cash balances upon completion of the notes issuance.

The stable ratings outlook anticipates solid top-line growth
across each product line and stable, mid-teen EBITDA margins over
the next 12-24 months. However, Moody's also expect negative free
cash flow, driven by capital spending and working capital
investments, to consume the notes proceeds over the next twelve
months.

The ratings could be upgraded if, by executing its expansion
plans, Sritex demonstrates a sustained improvement in
profitability and a stable financial profile. In particular, its
debt/EBITDA should remain below 3.5x and EBITA/interest expense
should exceed 3.5x. In addition, the company would also need to
generate consistent free cash flows for us to consider upgrading
its ratings.

The ratings could be pressured downwards if: (1) rising wages and
other input costs reduce Sritex's cost competitiveness, such that
the company records EBITDA margins below 10% on a sustained basis,
or (2) Sritex expands its business through debt-funded
acquisitions or capital expenditures such that debt/EBITDA exceeds
4.5x on a sustained basis or liquidity deteriorates and Sritex is
unable to fund growth initiatives with external funds, including
available working capital facilities.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.

Sritex, located in Central Java, Indonesia, is a vertically
integrated manufacturer of textiles and textile products. Its
operations are spread between 22 factories, consisting of 9
spinning plants, 3 weaving plants, 3 finishing plants and 8
garment plants. Net revenues generated by its four divisions were
roughly IDR6.4 trillion (USD530 million) for the twelve months
ending September 2014.



====================
N E W  Z E A L A N D
====================


BLUE CHIP: Former Boss' Bankruptcy Case Delayed
-----------------------------------------------
Hamish Fletcher at the New Zealand Herald reports that former Blue
Chip boss Mark Bryers is likely to stay bankrupt until at least
March next year with his High Court hearing delayed while the
parties argue about evidence.

Mr. Bryers was declared bankrupt in October 2009, owing creditors
-- by his own estimate -- NZ$173 million, the report discloses.

According to the report, Mr. Bryers has lived across the Tasman
since before his bankruptcy and the Herald this year revealed he
was using the name Mark Ryan to run a business in Australia.

People are normally automatically discharged from bankruptcy after
three years but in Bryers' case the Official Assignee (OA)
objected to his release, the NZ Herald relates.

The report says the Blue Chip co-founder applied to be discharged,
which means he is due to go through a public examination in the
High Court at Auckland.

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, also went into liquidation in
June 2011.


====================
S O U T H  K O R E A
====================


ZALMAN TECH: Files For Bankruptcy
---------------------------------
Global Insolvency reports that Zalman Tech, a legendary maker of
cooling solutions and other devices, has filed for bankruptcy.

The report says the company had to file for insolvency protection
in South Korea because its parent company Moneual took loans it
could not eventually repay by using fabricated export data. The
destiny of Zalman is unclear, the report relates.

Zalman was established in 1999 and initially focused purely on
coolers for microprocessors and graphics cards. The company
quickly expanded its range of products in the early 2000s to
include PC cases, power supply units, keyboards & mice, audio
products, liquid cooling systems, car DVRs and even stereo-3D
displays.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week Nov. 3 to Nov. 7, 2014
---------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------

ANTARES ENERGY LTD   10.00   10/30/23     AUD       1.99
CRATER GOLD MINING   10.00   08/18/17     AUD      20.00
KBL MINING LTD       10.00   08/05/16     AUD       0.29
MIDWEST VANADIUM P   11.50   02/15/18     USD      11.00
MIDWEST VANADIUM P   11.50   02/15/18     USD      10.00
STOKES LTD           10.00   06/30/17     AUD       0.40
TREASURY CORP OF V    0.50   11/12/30     AUD      57.31


CHINA
-----

CHANGCHUN CITY DEV    6.08   03/09/16     CNY      71.10
CHANGCHUN CITY DEV    6.08   03/09/16     CNY      71.07
CHANGZHOU INVESTME    5.80   07/01/16     CNY      70.30
CHANGZHOU INVESTME    5.80   07/01/16     CNY      71.07
CHANGZHOU SMALL &     6.18   11/29/14     CNY      60.07
CHINA GOVERNMENT B    1.64   12/15/33     CNY      69.63
CHINA NATIONAL ERZ    5.65   09/26/17     CNY      61.63
DANYANG INVESTMENT    6.30   06/03/16     CNY      71.29
GUANGXI XINFAZHAN     5.75   11/30/14     CNY      40.01
JIANGSU LIANYUN DE    7.85   07/22/15     CNY      71.53
KUNSHAN ENTREPRENE    4.70   03/30/16     CNY      70.25
KUNSHAN ENTREPRENE    4.70   03/30/16     CNY      70.04
NANJING PUBLIC HOL    5.85   08/08/17     CNY      65.52
NINGDE CITY STATE-    6.25   10/21/17     CNY      61.51
QINGZHOU HONGYUAN     6.50   05/22/19     CNY      51.43
QINGZHOU HONGYUAN     6.50   05/22/19     CNY      52.33
WUXI COMMUNICATION    5.58   07/08/16     CNY      51.03
WUXI COMMUNICATION    5.58   07/08/16     CNY      50.65
YANGZHOU URBAN CON    5.94   07/23/16     CNY      70.90
YANGZHOU URBAN CON    5.94   07/23/16     CNY      71.31
ZHENJIANG CITY CON    5.85   03/30/15     CNY      70.46
ZHENJIANG CITY CON    5.85   03/30/15     CNY      70.39
ZHUCHENG ECONOMIC     7.50   08/25/18     CNY      50.26
ZIBO CITY PROPERTY    5.45   04/27/19     CNY      60.89
ZOUCHENG CITY ASSE    7.02   01/12/18     CNY      72.32


INDONESIA
---------

BERAU COAL ENERGY     7.25   03/13/17     USD      56.00
BERAU COAL ENERGY     7.25   03/13/17     USD      54.23
DAVOMAS INTERNATIO   11.00   12/08/14     USD      19.50
DAVOMAS INTERNATIO   11.00   12/08/14     USD      19.50
PERUSAHAAN PENERBI    6.10   02/15/37     IDR      70.50

INDIA
-----

3I INFOTECH LTD       5.00   04/26/17     USD      34.63
CORE EDUCATION & T    7.00   05/07/15     USD       9.63
COROMANDEL INTERNA    9.00   07/23/16     INR      15.26
GTL INFRASTRUCTURE    3.03   11/09/17     USD      30.00
INCLINE REALTY PVT   10.85   04/21/17     INR      14.80
INCLINE REALTY PVT   10.85   08/21/17     INR      17.88
INDIA GOVERNMENT B    0.23   01/25/35     INR      21.75
JCT LTD               2.50   04/08/11     USD      18.50
MASCON GLOBAL LTD     2.00   12/28/12     USD       4.37
PRAKASH INDUSTRIES    5.25   04/30/15     USD      71.50
PYRAMID SAIMIRA TH    1.75   07/04/12     USD       1.00
REI AGRO LTD          5.50   11/13/14     USD      55.88
REI AGRO LTD          5.50   11/13/14     USD      55.88
SHIV-VANI OIL & GA    5.00   08/17/15     USD      26.38


JAPAN
-----

AVANSTRATE INC        3.02   11/05/15     JPY      42.63
AVANSTRATE INC        5.00   11/05/17     JPY      32.13
ELPIDA MEMORY INC     0.50   10/26/15     JPY      17.00
ELPIDA MEMORY INC     0.70   08/01/16     JPY      17.00
ELPIDA MEMORY INC     2.10   11/29/12     JPY      17.00
ELPIDA MEMORY INC     2.03   03/22/12     JPY      17.00
ELPIDA MEMORY INC     2.29   12/07/12     JPY      17.00
JAPAN EXPRESSWAY H    0.50   03/18/39     JPY      74.83


KOREA
-----

DONGBU METAL CO LT    5.75   04/16/17     KRW      81.00
EXPORT-IMPORT BANK    0.50   12/22/17     BRL      68.78
EXPORT-IMPORT BANK    0.50   10/23/17     TRY      75.20
EXPORT-IMPORT BANK    0.50   11/21/17     BRL      70.24
EXPORT-IMPORT BANK    0.50   12/22/17     TRY      73.77
KIBO ABS SPECIALTY   10.00   08/22/17     KRW      30.67
SINBO SECURITIZATI    5.00   06/29/16     KRW      30.78
SINBO SECURITIZATI    5.00   07/26/16     KRW      30.56
SINBO SECURITIZATI    5.00   07/26/16     KRW      30.56
SINBO SECURITIZATI    5.00   08/31/16     KRW      30.31
SINBO SECURITIZATI    5.00   08/31/16     KRW      30.32
SINBO SECURITIZATI    5.00   10/05/16     KRW      30.11
SINBO SECURITIZATI    5.00   10/05/16     KRW      30.11
SINBO SECURITIZATI    5.00   05/27/16     KRW      59.92
SINBO SECURITIZATI    5.00   05/27/16     KRW      59.92
TONGYANG CEMENT &     7.50   04/20/14     KRW      70.00
TONGYANG CEMENT &     7.50   07/20/14     KRW      70.00
TONGYANG CEMENT &     7.50   09/10/14     KRW      70.00
TONGYANG CEMENT &     7.30   04/12/15     KRW      70.00
TONGYANG CEMENT &     7.30   06/26/15     KRW      70.00
WOONGJIN ENERGY CO    2.00   12/19/16     KRW      58.05

BANDAR MALAYSIA SD    0.35   02/20/24     MYR      68.28
BIMB HOLDINGS BHD     1.50   12/12/23     MYR      73.12
BRIGHT FOCUS BHD      2.50   01/24/30     MYR      63.73
BRIGHT FOCUS BHD      2.50   01/22/31     MYR      70.75
LAND & GENERAL BHD    1.00   09/24/18     MYR       0.43
SENAI-DESARU EXPRE    1.35   06/30/28     MYR      61.51
SENAI-DESARU EXPRE    1.35   12/29/28     MYR      60.50
SENAI-DESARU EXPRE    1.10   06/30/22     MYR      73.71
SENAI-DESARU EXPRE    1.15   12/30/22     MYR      72.56
SENAI-DESARU EXPRE    1.15   06/30/23     MYR      71.17
SENAI-DESARU EXPRE    1.15   12/29/23     MYR      69.81
SENAI-DESARU EXPRE    1.15   06/28/24     MYR      68.50
SENAI-DESARU EXPRE    1.15   12/31/24     MYR      67.22
SENAI-DESARU EXPRE    1.15   06/30/25     MYR      66.08
SENAI-DESARU EXPRE    1.35   12/31/25     MYR      66.62
SENAI-DESARU EXPRE    1.35   06/30/26     MYR      65.59
SENAI-DESARU EXPRE    1.35   12/31/26     MYR      64.56
SENAI-DESARU EXPRE    1.35   06/30/27     MYR      63.55
SENAI-DESARU EXPRE    1.35   12/31/27     MYR      62.53
SENAI-DESARU EXPRE    1.35   06/29/29     MYR      59.49
SENAI-DESARU EXPRE    1.35   12/31/29     MYR      58.47
SENAI-DESARU EXPRE    1.35   06/28/30     MYR      57.49
SENAI-DESARU EXPRE    1.35   12/31/30     MYR      56.49
SENAI-DESARU EXPRE    1.35   06/30/31     MYR      55.54
UNIMECH GROUP BHD     5.00   09/18/18     MYR       1.41

NEW ZEALAND
-----------

KIWI INCOME PROPER    8.95   12/20/14     NZD       1.04


PHILIPPINES
-----------

BAYAN TELECOMMUNIC   13.50   07/15/06     USD      22.75
BAYAN TELECOMMUNIC   13.50   07/15/06     USD      22.75


SINGAPORE
---------

BAKRIE TELECOM PTE   11.50   05/07/15     USD      12.00
BAKRIE TELECOM PTE   11.50   05/07/15     USD       9.00
BERAU CAPITAL RESO   12.50   07/08/15     USD      62.15
BERAU CAPITAL RESO   12.50   07/08/15     USD      84.75
BLD INVESTMENTS PT    8.63   03/23/15     USD      18.75
BUMI CAPITAL PTE L   12.00   11/10/16     USD      37.00
BUMI CAPITAL PTE L   12.00   11/10/16     USD      33.38
BUMI INVESTMENT PT   10.75   10/06/17     USD      33.25
BUMI INVESTMENT PT   10.75   10/06/17     USD      32.80
ENERCOAL RESOURCES    6.00   04/07/18     USD      35.35
INDO INFRASTRUCTUR    2.00   07/30/10     USD       1.88


THAILAND
--------

G STEEL PCL           3.00   10/04/15     USD       2.72
MDX PCL               4.75   09/17/03     USD      25.00


VIETNAM
-------

BANK FOR INVESTMEN   10.33   05/19/16     VND       1.00
DEBT AND ASSET TRA    1.00   10/10/25     USD      54.65



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.

Copyright 2014.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



                 *** End of Transmission ***