/raid1/www/Hosts/bankrupt/TCRAP_Public/141114.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

          Friday, November 14, 2014, Vol. 17, No. 226


                            Headlines


A U S T R A L I A

AUSMULCH PTY: In Administration; First Meeting Set For Nov 20
BRYAN BYRT: In Receivership; Up for Sale
CODESTYLE PTY: First Creditors' Meeting Set For November 19
DANCE FITNESS: First Creditors' Meeting Set For November 20
PETTIT COMM: First Creditors' Meeting Slated For November 20

ROMTECK PTY: Receivers Seek Expressions of Interest
SAPPHIRE XIII 2014-1: Fitch Rates AUD2.10MM Class F Notes 'Bsf'
SOUTH EAST: Breached Franchising Rules, Federal Court Says


C H I N A

LDK SOLAR: Hires Sidley Austin as Attorneys
LDK SOLAR: Hires Young Conaway as Co-counsel
LDK SOLAR: Incurs $1.6 Billion Net Loss in 2013
LDK SOLAR: Can Employ Epiq as Claims & Noticing Agent
LDK SOLAR: Obtains Provisional Ch. 15 Relief

LDK SOLAR: Combined Plan, Disclosures Hearing Set for Nov. 21


I N D I A

BARBIL MINING: CRISIL Lowers Rating on INR90MM Cash Loan to 'B'
COMET GRANITO: CARE Assigns B Rating to INR23.10cr LT Bank Loan
ENTRACK OVERSEAS: CRISIL Reaffirms B+ Rating on INR550M Bank Loan
HISAR MOTORS: CRISIL Assigns B+ Rating to INR75MM Cash Credit
INDIABULLS REAL: Fitch Assigns 'B+' Rating to USD175MM Sr. Notes

JOSAN INDUSTRIES: CRISIL Reaffirms B+ Rating on INR85MM Cash Loan
JSW STEEL: Fitch Assigns BB+ Rating to USD500MM Sr. Unsec. Notes
K. VENKATA: CRISIL Ups Rating on INR90MM Cash Credit to 'B-'
KAMAL AGRO: CRISIL Reaffirms 'B' Rating on INR90MM Cash Credit
MADHAV GINNING: CRISIL Assigns B Rating to INR30MM Cash Credit

MARUTI COTTON: CRISIL Ups Rating on INR50MM Cash Credit to 'B'
MASCONS ENGINEERING: CRISIL Rates INR50MM Term Loan at 'B'
MAXIMO CERAMIC: CRISIL Assigns B+ Rating to INR49.2MM Term Loan
MAXOP ENGINEERING: CRISIL Ups Rating on INR525MM Loan to 'B+'
MOSARAM SHIVRAMDAS: CRISIL Reaffirms INR60MM Cash Loan B+ Rating

NAGREEKA BRIJ: CRISIL Reaffirms B Rating on INR93MM LT Loan
PARAS RAM: CARE Assigns 'C' Rating to INR9.34cr LT Bank Loan
PRIME CARGO: CRISIL Assigns B+ Rating to INR60MM Cash Credit
PRIME CARGO MOVERS: CRISIL Puts B+ Rating on INR70MM Cash Credit
RADHA CASTING: CARE Reaffirms D Rating on INR6.35cr LT Bank Loan

SAI BALAJI: CRISIL Assigns B+ Rating to INR50MM Overdraft Loan
SAPPHIRE PAPERS: CRISIL Reaffirms B+ Rating on INR88.5MM LT Loan
SCC BUILDERS: CRISIL Reaffirms B- Rating on INR535MM Term Loan
SHRI BHOLANATH: CRISIL Lowers Rating on INR38MM Cash Credit to D
STEELTECH INDIA: CRISIL Cuts Rating on INR98MM Cash Credit to D

UNIVERSAL CONSTRUCTION: CARE Reaffirms INR39.04cr Loan B+ Rating
VENKATA RAJESH: CRISIL Assigns B Rating to INR120MM Cash Credit
VIL INTERNATIONAL: CRISIL Reaffirms C Rating on INR35MM Cash Loan
VINOD ENTERPRISES: CRISIL Reaffirms B Rating on INR60MM Cash Loan


N E W  Z E A L A N D

BRIDGECORP LTD: Fiji Officially Restarts Momi Bay Resort
ROSS ASSET: Liquidators Seek to Claw Back NZ$2.3 Million
WANAKA ALE: Owes Nearly NZ$360,000 to Creditors


S I N G A P O R E

FIRST SHIP: S&P Affirms then Withdraws 'CCC+' Corp. Credit Rating


S O U T H  K O R E A

KUMHO ASIANA: Park Siblings' Row Over Control Continues


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AUSMULCH PTY: In Administration; First Meeting Set For Nov 20
-------------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Ausmulch Pty Ltd on Nov. 10, 2014.

A first meeting of the creditors of the Company will be held at
Port Macquarie Library, Corner of Gordon and Grant Streets, in
Port Macquarie, New South Wales, on Nov. 20, 2014, at 11:15 a.m.


BRYAN BYRT: In Receivership; Up for Sale
----------------------------------------
Liam Walsh at The Courier-Mail reports that high-profile Brisbane
car dealer, the Bryan Byrt Automotive Group, has gone into
receivership, possibly coming unstuck by rapid expansion.

Its most recent financial accounts flagged a problem with
insufficient working capital after an investing in new franchises,
the report says.

A slowdown in Ford sales is also a possible culprit in the
business's struggles, according to The Courier-Mail.

The Courier-Mail says the business, started 42 years ago and
selling cars from Ford to Volkswagen, is still trading and up for
sale.  Staff were still updating the Facebook page on
November 12, the report notes.

Administrators BDO were appointed on November 6 and receivers
Deloitte a day later, with creditors believed to be owed more than
AUD50 million, the report discloses.

Up for sale are Bryan Byrt Auto and Denmac Ford which, ironically,
the principals of the Bryan Byrt group bought out in 2011, the
report notes.

"We're looking to trade the business as usual," the report quotes
Deloitte's Richard Hughes as saying.

The Courier-Mail relates that Mr. Hughes said some customers had
suffered delays but no car sales had been pulled because of the
administration.

Latest accounts show Bryan Burt Auto posted profits of $1.19
million in 2013, slightly down on a year before as revenues also
dimmed.  But the accounts also warned the group had expanded with
new franchises in fiscal 2012 and subsequently had a lack of
working capital, The Courier-Mail notes.

"The expansion resulted in the cash flow of this company being
severely impacted as the start-up business required significant
investment and incurred start-up trading losses," it said, notes
the report.

The Courier-Mail says a decline in sales of Ford, a major brand
for the group, could also be associated with the administration.


CODESTYLE PTY: First Creditors' Meeting Set For November 19
-----------------------------------------------------------
Liam Bellamy and Kim Strickland of WA Insolvency Solutions were
appointed as administrators of Codestyle Pty Ltd, formerly trading
as "Codestyle Carriers" and "Codestyle Storage" on
Nov. 7, 2014.

A first meeting of the creditors of the Company will be held at
WA Insolvency Solutions, Level 10, 111 St Georges Terrace, in
Perth, on Nov. 19, 2014, at 10:30 a.m.


DANCE FITNESS: First Creditors' Meeting Set For November 20
-----------------------------------------------------------
Ahmad Zeidan of A2Z Insolvency Solutions was appointed as
administrator of Dance Fitness International Pty Limited on
Nov. 10, 2014.

A first meeting of the creditors of the Company will be held at
A2Z Insolvency Solutions, Suite 103, Level 1, 84 Pitt Street, in
Sydney, on Nov. 20, 2014, at 12:30 p.m.


PETTIT COMM: First Creditors' Meeting Slated For November 20
------------------------------------------------------------
Shelley Brooks and Mathew Muldoon of SellersMuldoonBenton were
appointed as administrators of Pettit Communications Pty Ltd and
Pettit Hire Pty Ltd on Nov. 10, 2014.

A first meeting of creditors for each of the Companies will be
held at SellersMuldoonBenton, Level 3, 85 Macquarie Street, in
Hobart, on Nov. 20, 2014, at 10:00 a.m. and 11:00 a.m.,
respectively.


ROMTECK PTY: Receivers Seek Expressions of Interest
---------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Romteck Pty Ltd
receivers PPB Advisory is seeking expressions of interest for the
sale of the business and assets.  The report says the main
features of the business include manufacture, maintenance and
tracking of alarm signalling device as well as fuel management
systems.

According to the report, the buyer of the company will be able to
own plant, stock and equipment placed at the leasehold premises of
the company in Osborne Park, Western Australia.

The sale will also include intellectual property rights to the
fuel management system and fire monitoring system of the company.
Finally, the new owner will enjoy the chance for tendered foreign
and local contracts, Dissolve.com.au adds.


SAPPHIRE XIII 2014-1: Fitch Rates AUD2.10MM Class F Notes 'Bsf'
---------------------------------------------------------------
Fitch Ratings has assigned final ratings to Sapphire XIII Series
2014-1 Trust's residential mortgage-backed floating-rate notes.
The issuance consists of notes backed by Australian non-conforming
residential loans originated by Bluestone Group Pty Limited
(Bluestone).  The ratings are:

AUD138.60m Class A1 notes: 'AAAsf'; Outlook Stable
AUD40.35m Class A2 notes: 'AAAsf'; Outlook Stable
AUD7.55m Class B notes: 'AAsf'; Outlook Stable
AUD7.35m Class C notes: 'Asf'; Outlook Stable
AUD4.80m Class D notes: 'BBBsf'; Outlook Stable
AUD2.70m Class E notes: 'BBsf'; Outlook Stable
AUD2.10m Class F notes: 'Bsf'; Outlook Stable
AUD2.75m Class G notes: 'Not Rated'
AUD3.15m Class H notes: 'Not Rated'

The notes were issued by Permanent Custodians Limited in its
capacity as trustee of Sapphire XIII Series 2014-1 Trust.

At the cut-off date, the total collateral pool consisted of non-
conforming loans, of which 95% of the loans were originated
between 2002 and 2007; the weighted average (WA) seasoning is 95
months.  Low-documentation loans make up 67.2% of the portfolio.
At the cut-off-date, the WA loan-to-value ratio (LVR) was 65.1%
and the WA indexed LVR was 55.4%.  Credit-impaired loans comprise
50.5% of the portfolio.  The pool is geographically diversified
across Australia in proportion with the general population.

KEY RATING DRIVERS

Bluestone Mortgages Limited is a specialist non-conforming
originator and servicer.  Bluestone Servicing Pty Limited is a
wholly owned subsidiary of Bluestone.  Bluestone has originated
more than AUD5.0bn of loans and completed 17 residential mortgage
securitisations in both Australia and New Zealand.

The transaction is a combination of two previous Sapphire
transactions and assets from the Bluestone Mortgages Warehouse
Trust.  Three of the 1,117 loans in the portfolio are properties-
in-possession with a Bluestone-calculated expected loss of about
AUD27,000 as at the pool cut-off date.  Fitch's calculated
expected loss for these same properties is about AUD926,000.
Loans that were 30+ days in arrears were 10.9% of the pool, with
90+ day arrears at 4.6% of the pool.

The transaction benefits from a strong flow of excess income,
which is available to cover losses.  Bluestone's non-conforming
borrowers pay significantly higher interest rates than borrowers
of conforming loans; the weighted average interest rate is 7.8%.

RATING SENSITIVITIES

Unexpected decreases in the value of residential property,
increases in the frequency of foreclosures, and loss severity on
defaulted mortgages could produce loss levels higher than Fitch's
base case, which could result in negative rating action on the
notes.  Fitch has evaluated the sensitivity of the ratings
assigned to Sapphire XIII Series 2014-1 Trust to increased
defaults and decreased recovery rates over the life of the
transaction.

Its analysis found that collectively the Class A2, B, and C notes'
ratings were impacted under Fitch's severe default (30% increase)
scenarios.

The analysis of the recovery scenarios found that collectively the
Class A2, B, C and D notes' ratings were impacted under Fitch's
moderate recovery (15% decrease) scenarios.  The severe scenario
(30% decrease) saw all notes except the Class A1 notes' ratings
being impacted.  The transaction shows greater sensitivity to a
combination of both increased defaults and decreased recovery
rates.


SOUTH EAST: Breached Franchising Rules, Federal Court Says
----------------------------------------------------------
SmartCompany reports that the Federal Court has ruled a collapsed
Melbourne cleaning franchise engaged in unconscionable conduct and
breached the Franchising Code of Conduct, ordering the company's
former director to compensate two franchisees and pay a fine of
AUD30,000.

SmartCompany relates that the Australian Consumer and Competition
Commission initiated legal action against South East Melbourne
Cleaning Pty Ltd, previously known as Coverall Cleaning Concepts
South Melbourne, in July, alleging the business acted
unconscionably in dealings with two franchisees.

But within months the company had collapsed, with Ivan Glavas --
ivan.glavas@worrells.net.au -- of Worrells Solvency and Forensic
Accountants appointed liquidator on September 11, the report says.

Mr. Glavas declined to comment on the court proceedings when
contacted by SmartCompany but did confirm the liquidation process
is still underway.

In a verdict handed down this week, the Federal Court found South
East Melbourne Cleaning engaged in misleading conduct, made false
or misleading representations and contravened the Franchising Code
of Conduct when it signed up two separate cleaning franchises,
SmartCompany says.

SmartCompany notes that while the court is yet to determine the
level of pecuniary penalties it will impose on the company, it
ordered the company's former director Brett Jones pay a fine of
AUD30,000 for his involvement in the contraventions.  Mr. Jones
has also been ordered to compensate the franchisees to the tune of
AUD23,000 and pay a contribution to the ACCC's legal costs,
SmartCompany relates.

According to the report, Mr. Jones has been disqualified from
managing a corporation for two years, and along with the company's
former sales manager, Astrid Haley, has agreed not to be directly
or indirectly involved in the management or marketing of a
franchise business for a period of two years.

SmartCompany says the court heard the cleaning company provided
the franchisees with a "Coverall Australasia Franchise Plan" which
indicated how much money each could expect to make on a monthly
basis, despite not having a reasonable basis to make the
representation.

The court also heard the company failed to pay the two franchisees
for cleaning services they had provided, in breach of the
company's franchise agreement, the report adds.

Melissa Monks -- melissa.monks@au.kwm.com -- special counsel at
King & Wood Mallesons, told SmartCompany it is relatively rare to
see business-to-business unconscionable conduct cases, but this
case and the proceedings the ACCC has launched against Coles
"demonstrate the regulator's appetite to test the law here".

"Although the courts accept that commercial dealings involved hard
bargaining and can be relatively robust, there is a point at which
this can cross over into unconscionable conduct and a breach of
the law as we've seen here," the report quotes Ms. Monks as
saying.

Rohan Harris -- rharris@rk.com.au -- principal at Russell Kennedy
Lawyers, told SmartCompany the case also highlights the fact that
company directors or senior officers "can't hide behind the
corporate veil" when it comes to unconscionable behaviour.

"The corporate entity itself is in liquidation but that doesn't
mean the directors or seniors officers can escape liability," Mr.
Harris told SmartCompany.

According to SmartCompany, Ms. Monks said franchisors must take
extra care in their commercial dealings, especially in relation to
payments outside of what has been contractually agreed to.

Mr. Harris agrees, saying it is incumbent on directors and senior
officials, particularly in the consumer space or regulated
industry such as franchising, to understand their obligations and
to ensure they have the proper systems in place, the report
relates.



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C H I N A
=========


LDK SOLAR: Hires Sidley Austin as Attorneys
-------------------------------------------
LDK Solar Systems, Inc. and its debtor-affiliates seek
authorization from the U.S. Bankruptcy Court for the District of
Delaware to employ Sidley Austin LLP as attorneys, nunc pro tunc
to the Oct. 21, 2014 petition date.

The Debtors require Sidley Austin to:

   (a) provide legal advice with respect to the Debtors' powers
       and duties as debtors in possession in the continued
       operation of their business;

   (b) take all necessary action on behalf of the Debtors to
       protect and preserve the Debtors' estates, including
       prosecuting actions on behalf of the Debtors, negotiating
       any and all litigation in which the Debtors are involved
       and objecting to claims filed against the Debtors'
       estates;

   (c) prepare on behalf of the Debtors all necessary motions,
       answers, orders, reports and other legal papers in
       connection with the administration of the Debtors'
       estates;

   (d) advise the Debtors concerning, and prepare responses to,
       applications, motions, other pleadings, notices and other
       papers that may be filed by other parties in these Chapter
       11 Cases;

   (e) attend meetings and negotiate with representatives of
       creditors and other parties in interest, attend court
       hearings and advise the Debtors on the conduct of their
       Chapter 11 Cases;

   (f) perform any and all other legal services for the Debtors
       in connection with these Chapter 11 Cases and with
       implementation of the Debtors' plan of reorganization;

   (g) advise and assist the Debtors regarding all aspects of the
       plan confirmation process, including, but not limited to,
       negotiating and drafting a plan of reorganization and
       accompanying disclosure statement, securing the approval
       of a disclosure statement, soliciting votes in support of
       plan confirmation and securing confirmation of the plan;

   (h) provide legal advice and perform legal services with
       respect to matters relating to corporate governance, the
       interpretation, application or amendment of the Debtors'
       organizational documents, material contracts, and matters
       involving the fiduciary duties of the Debtors and their
       officers, directors and managers;

   (i) provide legal advice and legal services with respect to
       litigation, tax and other general non-bankruptcy legal
       issues for the Debtors to the extent requested by the
       Debtors; and

   (j) render such other services as may be in the best interests
       of the Debtors in connection with any of the foregoing and
       all other necessary or appropriate legal services in
       connection with these Chapter 11 Cases, as agreed upon by
       Sidley and the Debtors.

Sidley Austin will be paid at these hourly rates:

       Larry J. Nyhan                  $1,150
       Jessica C.K. Boelter            $825
       Matthew G. Martinez             $700
       Geoffrey M. King                $665
       Matthew E. Linder               $495
       Attorneys                       $465-$1,285
       Paraprofessionals               $250-$450

Sidley Austin will also be reimbursed for reasonable out-of-pocket
expenses incurred.

During the one-year period before the Petition Date, Sidley Austin
did not receive any payments from any of the Debtors.  Rather,
during the one-year period before the Petition Date, Sidley Austin
received payment on account of its fees and expenses from LDK
Parent, including approximately US$850,000 on account of legal
services rendered and costs and expenses incurred by Sidley Austin
in contemplation of or in connection with the filing of these
Chapter 11 Cases.

The Debtors also noted that having been engaged by LDK Parent for
an extensive period of time prior to the Petition Date, Sidley has
developed a detailed understanding of the Debtors' financial
affairs and their role within the Group's complex global
restructuring. As a result, the Debtors could not replace Sidley
without incurring severe costs in terms of the time and money that
would be required to select and educate replacement counsel at
this late stage in their prepackaged chapter 11 reorganization.

Sidley will make a reasonable effort to comply with the United
States Trustee's requests for information and additional
disclosures as set forth in the Guidelines for Reviewing
Applications for Compensation and Reimbursement of Expenses Filed
under 11 U.S.C. Sec. 330 by Attorneys in Larger Chapter 11 Cases
Effective as of November 1, 2013, both in connection with this
Application and any fee applications to be filed by Sidley in the
Chapter 11 Cases.

Jessica C.K. Boelter, a partner at Sidley Austin, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

The Court for the District of Delaware will hold a hearing on the
application on Nov. 21, 2014, at 2:00 p.m.  Objections, if any,
are due Nov. 14, 2014, at 4:00 p.m.

Sidley Austin can be reached at:

       Jessica C.K. Boelter, Esq.
       SIDLEY AUSTIN LLP
       One South Dearborn
       Chicago, IL 60603
       Tel: +1 (312) 853-7030
       E-mail: jboelter@sidley.com

                        About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar CO., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22 disclosed that on
October 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.  The lead case is In re  LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois.  The U.S. Debtors'
Delaware   counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
September 17, 2014 from the holders of LDK Solar's 10% Senior
Notes due 2014, as guarantors of the Senior Notes, and required
such holders of the Senior Notes to return their ballots by
October 15, 2014.  Holders of the Senior Notes voted
overwhelmingly in favor of accepting the Prepackaged Plan.

Contemporaneously with the filing of the Chapter 11 Cases, on
October 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands, as previously
announced by LDK Solar, as a foreign main proceeding under Chapter
15 of the United States Bankruptcy Code.  The Chapter 15 case is
In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-12387).


LDK SOLAR: Hires Young Conaway as Co-counsel
--------------------------------------------
LDK Solar Systems, Inc. and its debtor-affiliates seek
authorization from the U.S. Bankruptcy Court for the District of
Delaware to employ Young Conaway Stargatt & Taylor, LLP as co-
counsel for the Debtors, nunc pro tunc to the Oct. 21, 2014
petition date.

The Debtors require Young Conaway to:

   (a) provide legal advice and services regarding local rules,
       practices, and procedures and providing substantive and
       strategic advice on how to accomplish the Debtors' goals
       in  connection with the prosecution of these Chapter 11
       Cases, bearing in mind that the Court relies on co-counsel
       such as Young Conaway to be involved in all aspects of
       each bankruptcy proceeding;

   (b) assist with the preparation of drafts of the petition
       packages and the various pleadings seeking "first day"
       relief filed with the Court on the Petition Date as
       co-counsel to the Debtors;

   (c) review, comment, and prepare drafts of all other documents
       to be filed with the Court as co-counsel to the Debtors;

   (d) appear in Court and at any meeting with the U.S. Trustee
       and any meeting of creditors at any given time on behalf
       of the Debtors as their co-counsel;

   (e) perform various services in connection with the
       administration of these Chapter 11 Cases, including,
       without limitation, (i) preparing agendas, certificates of
       no objection, certifications of counsel, notices of fee
       applications and hearings, and hearing binders of
       documents and pleadings, (ii) monitoring the docket for
       filings and coordinating with Sidley Austin LLP on pending
       matters that need responses, (iii) preparing and
       maintaining critical dates memoranda to monitor pending
       applications, motions, hearing dates, and other matters
       and the deadlines associated with the same, and (iv)
       handling inquiries and calls from creditors and counsel to
       interested parties regarding pending matters and the
       general status of these Chapter 11 Cases and coordinating
       with Sidley Austin LLP on any necessary responses; and

   (f) perform all other services assigned by the Debtors, in
       consultation with Sidley Austin LLP, to Young Conaway as
       co-counsel to the Debtors, and to the extent the Firm
       determines that such services fall outside of the scope of
       services historically or generally performed by Young
       Conaway as co-counsel in a bankruptcy proceeding, Young
       Conaway will file a supplemental declaration pursuant to
       Bankruptcy Rule 2014.

Young Conaway will be paid at these hourly rates:

       Robert S. Brady             $765
       Edmon L. Morton             $625
       Maris J. Kandestin          $430
       Ian J. Bambrick             $320
       Michelle Smith, paralegal   $200

Young Conaway will also be reimbursed for reasonable out-of-pocket
expenses incurred.

In accordance with the Engagement Agreement, Young Conaway
received a retainer in the amount of $50,000 (the "Initial
Retainer") on Feb. 24, 2014 in connection with the planning and
preparation of initial documents and its proposed postpetition
representation of the Debtors.  Additionally, on Sept. 3, 2014,
Young Conaway received an additional Retainer payment of $300,000
(the "Subsequent Retainer," and together with the Initial
Retainer, the "Retainer").  A part of the Retainer has been
applied to outstanding balances existing as of the Petition Date
and $262,572.42 remains, $25,000 of which is held on behalf of LDK
Solar Systems, Inc. as security for payment of chapter 11 expenses
and the remainder is held on behalf of LDK Parent as security for
payment of chapter 15 expenses.  The remainder will constitute a
general retainer as security for postpetition services and
expenses.

Robert S. Brady, a partner at Young Conaway, assured the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code and does not represent
any interest adverse to the Debtors and their estates.

The Court for the District of Delaware will hold a hearing on the
application on Nov. 21, 2014, at 2:00 p.m.  Objections, if any,
are due Nov. 14, 2014, at 4:00 p.m.

Young Conaway can be reached at:

       Robert S. Brady, Esq.
       YOUNG CONAWAY STARGATT & TAYLOR, LLP
       Rodney Square
       1000 North King Street
       Wilmington, DE 19801
       Tel: (302) 571-6690
       Fax: (302) 576-3283
       E-mail: rbrady@ycst.com

                        About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar CO., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22 disclosed that on
October 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.  The lead case is In re  LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois.  The U.S. Debtors'
Delaware   counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
September 17, 2014 from the holders of LDK Solar's 10% Senior
Notes due 2014, as guarantors of the Senior Notes, and required
such holders of the Senior Notes to return their ballots by
October 15, 2014.  Holders of the Senior Notes voted
overwhelmingly in favor of accepting the Prepackaged Plan.

Contemporaneously with the filing of the Chapter 11 Cases, on
October 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands, as previously
announced by LDK Solar, as a foreign main proceeding under Chapter
15 of the United States Bankruptcy Code.  The Chapter 15 case is
In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-12387).


LDK SOLAR: Incurs $1.6 Billion Net Loss in 2013
-----------------------------------------------
LDK Solar Co., Ltd., filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F disclosing a net loss of
$1.64 billion on $598.24 million of total net sales for the year
ended Dec. 31, 2013, compared to a net loss of $1.05 billion on
$862.88 million of total net sales during the prior year.

As of Dec. 31, 2013, LDK Solar had $3.04 billion in total assets,
$5.14 billion in total liabilities and a $2.10 billion in total
deficit.

KPMG, in Hong Kong, China, issued a "going concern" qualification
in its report on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent accounting firm noted
that the Company has suffered recurring losses from operations,
has a net capital deficit, and has been placed into provisional
liquidation that raise substantial doubt about its ability to
continue as a going concern.

A full-text copy of the Form 20-F is available for free at:

                        http://is.gd/yhKEHp

                        About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint
Provisional Liquidators are Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22.

In September 2014, LDK SOalr, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.  The lead case is In re  LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).

On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands.  The
Chapter 15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case
No. 14-12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois.  The U.S. Debtors'
Delaware   counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
September 17, 2014 from the holders of LDK Solar's 10% Senior
Notes due 2014, as guarantors of the Senior Notes, and required
such holders of the Senior Notes to return their ballots by
October 15, 2014.  Holders of the Senior Notes voted
overwhelmingly in favor of accepting the Prepackaged Plan.


LDK SOLAR: Can Employ Epiq as Claims & Noticing Agent
-----------------------------------------------------
Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District
of Delaware authorized LDK Solar Systems, Inc., et al., to employ
Epiq Bankruptcy Solutions, LLC, as claims and noticing agent.

                        About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar CO., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22 disclosed that on
October 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.  The lead case is In re  LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois.  The U.S. Debtors'
Delaware   counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
September 17, 2014 from the holders of LDK Solar's 10% Senior
Notes due 2014, as guarantors of the Senior Notes, and required
such holders of the Senior Notes to return their ballots by
October 15, 2014.  Holders of the Senior Notes voted
overwhelmingly in favor of accepting the Prepackaged Plan.

Contemporaneously with the filing of the Chapter 11 Cases, on
October 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands, as previously
announced by LDK Solar, as a foreign main proceeding under Chapter
15 of the United States Bankruptcy Code.  The Chapter 15 case is
In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-12387).


LDK SOLAR: Obtains Provisional Ch. 15 Relief
--------------------------------------------
Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District
of Delaware issued an order granting LDK Solar Co., Ltd.,
provisional relief under Chapter 15 of the Bankruptcy Code.

Judge Walsh ruled that the order issued by the Cayman Islands
court is enforced on an interim basis and the commencement or
continuation of any actions against LDK Parent or its assets is
stayed.  Until the U.S. Court issues an order recognizing the
Cayman proceeding as a foreign main proceeding, all entities,
other than the foreign representatives, are enjoined from, among
other things, securing or executing against any asset or property
of LDK Parent or taking any action in the United States of any
judicial, quasi-judicial, administrative or monetary judgment,
assessment or order or arbitration award against the liquidators,
LDK Parent or its property within the territorial jurisdiction of
the United States.

                        About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar CO., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22 disclosed that on
October 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.  The lead case is In re  LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois.  The U.S. Debtors'
Delaware   counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
September 17, 2014 from the holders of LDK Solar's 10% Senior
Notes due 2014, as guarantors of the Senior Notes, and required
such holders of the Senior Notes to return their ballots by
October 15, 2014.  Holders of the Senior Notes voted
overwhelmingly in favor of accepting the Prepackaged Plan.

Contemporaneously with the filing of the Chapter 11 Cases, on
October 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands, as previously
announced by LDK Solar, as a foreign main proceeding under Chapter
15 of the United States Bankruptcy Code.  The Chapter 15 case is
In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-12387).


LDK SOLAR: Combined Plan, Disclosures Hearing Set for Nov. 21
-------------------------------------------------------------
Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District
of Delaware will convene a hearing on Nov. 21, 2014, at 2:00 p.m.
(ET) to consider the adequacy of the disclosure statement and the
confirmation of the plan filed by LDK Solar Systems, Inc., and its
debtor affiliates.

At its core, the Plan provides for the release of Senior Notes
Guarantee Claims against the Debtors in exchange for consideration
to be provided by LDK Solar CO., Ltd., pursuant to the terms of a
scheme of arrangement between (among others) LDK Parent and the
holders of Senior Notes under section 86 of the Companies Law.

Jane Sullivan, executive vice president and director of
restructuring services with Epiq Bankruptcy Solutions, LLC, told
the Court 97.94% of Class C (Senior Notes Guarantee Claims)
holding RMB1,475,910,000 voted to accept the Plan, while 2.06% of
the holders of Senior Notes Guarantee Claims holding RMB4,000,000
voted to reject the Plan.  The only class of claims entitled to
vote on the Plan was Class C.

Objections to the confirmation of the Plan and the approval of the
Disclosure Statement are due on or before Nov. 14.  The Debtors,
or any other party supporting confirmation of the Plan and
approval of the Disclosure Statement, must file a response to any
objections no later than Nov. 18.

Judge Walsh held that if the Plan is confirmed on or before
Dec. 31, the Debtors will be excused from the requirement to file
their schedules of assets and liabilities and statements of
financial affairs.  The U.S. Trustee will not be required to
schedule a meeting of creditors pursuant to Section 341(a) of the
Bankruptcy Code unless a Plan is not confirmed by Dec. 31.

A full-text copy of the Disclosure Statement dated Sept. 17, 2014,
is available at http://bankrupt.com/misc/LDKSYSTEMSds0917.pdf

                        About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar CO., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22 disclosed that on
October 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.  The lead case is In re  LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois.  The U.S. Debtors'
Delaware   counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
September 17, 2014 from the holders of LDK Solar's 10% Senior
Notes due 2014, as guarantors of the Senior Notes, and required
such holders of the Senior Notes to return their ballots by
October 15, 2014.  Holders of the Senior Notes voted
overwhelmingly in favor of accepting the Prepackaged Plan.

Contemporaneously with the filing of the Chapter 11 Cases, on
October 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands, as previously
announced by LDK Solar, as a foreign main proceeding under Chapter
15 of the United States Bankruptcy Code.  The Chapter 15 case is
In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-12387).



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


BARBIL MINING: CRISIL Lowers Rating on INR90MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Barbil Mining and Industries Pvt Ltd (Barbil) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit           90          CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects the weakening of Barbil's business
and financial risk profiles. The company's business risk profile
has weakened, as reflected in the decline in its scale of
operations over the past three years as it stopped trading in iron
ore during this period. Furthermore, its scale of operations is
expected to stagnate over the medium term on account of low
offtake of its manganese ore. The weakening of the company's
financial risk profile, mainly liquidity, is driven by its
increasing exposure to group companies and stretch in its working
capital cycle. The company's weak liquidity is reflected in high
utilisation of its cash credit facility, at an average of 99 per
cent over the nine months through September 2014. CRISIL expects
Barbil's financial risk profile to remain weak over the medium
term, driven by its working-capital-intensive operations.

The rating reflects Barbil's small scale of operations and large
working capital requirements. The rating also factors in the
company's susceptibility to cyclicality in demand from end-user
industries and to fluctuations in price of manganese ore. These
rating weaknesses are partially offset by Barbil's healthy
operating profitability and its promoters' extensive industry
experience.

Outlook: Stable

CRISIL believes that Barbil will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
increase in the company's scale of operations and improvement in
its working capital management, leading to a better business risk
profile and liquidity. Conversely, the outlook may be revised to
'Negative' if Barbil's working capital management deteriorates, or
if it undertakes any significant debt-funded capital expenditure
programme or increases its financial support to group entities,
leading to further weakening of its financial risk profile,
especially its liquidity.

Promoted by Mr. Muralidhar Agarwal, Barbil was incorporated in
2008. It is engaged in manganese ore mining. The company owns two
manganese ore mines, in Ramabhadrapuram (Andhra Pradesh) and
Balaghat (Maharashtra).

Barbil reported a profit after tax (PAT) of INR1.3 million on net
sales of INR59.2 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR2.3 million on net sales
of INR63.3 million for 2012-13.


COMET GRANITO: CARE Assigns B Rating to INR23.10cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Comet
Granito Pvt. Ltd.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     23.10      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Comet Granito Pvt
Ltd (CGPL) is primarily constrained due to its thin profitability,
high leverage and weak debt coverage indicators. The rating is
further constrained due to susceptibility of its profitability to
volatility in prices of key raw material and fuel as well as its
presence in the highly competitive ceramic industry which has high
dependence on the cyclical real estate industry. The rating also
takes into account implementation risk associated with its ongoing
project which is at a nascent stage and financial closure is yet
to be achieved.

The aforementioned constraints far outweigh the benefits derived
from the experience of the promoters in the tiles manufacturing
business and advantage of being located at ceramic tile cluster of
Gujarat.

The ability of CGPL to increase its scale of operations with
improvement in profitability and liquidity profile alongwith
timely completion of the project within the cost parameters are
the key rating sensitivities.

Incorporated in September 2006, CGPL is based out of Morbi,
Gujarat, promoted by the Bhalodiya family. CGPL is engaged in
manufacturing of ceramic tiles, wall tiles and glazed vitrified
tiles. CGPL has an installed capacity of manufacturing 83,500
Metric Tonnes Per Annum (MTPA) of tiles. CGPL markets its products
under the brand "Comet".

As per audited results for FY14 (refers to the period April 01 to
March 31), CGPL earned a PAT of INR0.69 crore (FY13: net loss of
INR0.36 crore) on a total operating income of INR77.50 crore
(FY13: INR66.40 crore). Furthermore, as per un-audited results for
H1FY15, CGPL has registered a total operating income of INR47.06
crore with a PBT of INR1.86 crore.


ENTRACK OVERSEAS: CRISIL Reaffirms B+ Rating on INR550M Bank Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Entrack Overseas Pvt Ltd (EOPL) while
reaffirming its rating on the company's short-term bank facilities
at 'CRISIL A4'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Export Packing Credit     250      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        550      CRISIL B+/Stable (Assigned)

The ratings reflect EOPL's below-average financial risk profile
marked by a highly leveraged capital structure and subdued debt
protection metrics. The ratings also reflect the company's
susceptibility to volatility in raw material prices and to
regulatory changes. These rating weaknesses are partially offset
by the extensive entrepreneurial experience of EOPL's promoters.

Outlook: Stable

CRISIL believes that EOPL will continue to benefit over the medium
term from its promoters' experience in the agricultural commodity
trading business. The outlook may be revised to 'Positive' if the
company improves its financial risk profile, most likely through
significant equity infusion or substantial cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on EOPL's business volumes or profitability, or any large
debt funded capital expenditure or lengthening in its working
capital cycle, weakening its liquidity.

EOPL was incorporated in 2012 and exports agricultural commodities
to Asian, European and Middle Eastern nations. The company is
promoted by Ms. Sudha S Nayak and Mr. U Aditya Nayak. The company
is based is Mangalore (Karnataka).


HISAR MOTORS: CRISIL Assigns B+ Rating to INR75MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Hisar Motors Pvt Ltd.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan                  10        CRISIL B+/Stable
   Standby Line of Credit      5        CRISIL B+/Stable
   Cash Credit                75        CRISIL B+/Stable
   Channel Financing          30        CRISIL B+/Stable

The rating reflects HMPL's below-average financial risk profile
marked by a modest net worth, high gearing, and weak debt
protection metrics. The rating also factors in the company's
modest scale of operations with geographic concentration in
revenue. These rating weaknesses are partially offset by the
experience of HMPL's promoters in the automotive dealership
industry and the company's established association with Hyundai
Motor India Ltd (HMIL; rated 'CRISIL A1+').
Outlook: Stable

CRISIL believes that HMPL will benefit over the medium term from
its promoters' extensive industry experience and its association
with HMIL. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accruals or capital infusion, along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of further pressure on the
company's financial risk profile, particularly its liquidity,
emanating from low cash accruals or large working capital
requirements or any unanticipated debt-funded capital expenditure.

HMPL, incorporated in 2010, is an authorised dealer of HMIL's
entire range of passenger vehicles and spare parts in Hisar
(Haryana). HMPL has one showroom and two service centres across
its area of operations. It is promoted by Mr. Saket Garg and his
family.


INDIABULLS REAL: Fitch Assigns 'B+' Rating to USD175MM Sr. Notes
----------------------------------------------------------------
Fitch Ratings has assigned India-based Indiabulls Real Estate
Limited's (IBREL; B+/Stable) USD175m 10.25% senior notes due on
Nov. 12, 2019, a final rating of 'B+' and Recovery Rating of
'RR4'.  The final rating follows the receipt of documents
conforming to information already received, and is in line with
the expected rating assigned on Oct. 29, 2014.

The senior notes were issued by Jersey-based Century Limited, a
wholly owned subsidiary of IBREL, and they will be unconditionally
and irrevocably guaranteed by IBREL and its key subsidiaries.  The
notes will rank pari passu with IBREL's and the other guarantors'
existing and future senior unsecured indebtedness.  The notes are
therefore rated at the same level as IBREL's rating of 'B+'.

Fitch has taken a consolidated view of IBREL because of the
strategic and operational linkages among its operating
subsidiaries.  Only IBREL's key subsidiaries have extended
guarantees to the proposed notes.  If the operations of any non-
guarantor restricted subsidiaries improve to account for 5% or
more of IBREL's consolidated EBITDA, they will be required to
extend guarantees to the notes in the future.  In addition, Fitch
expects that, if required, IBREL would be able to access cash or
assets of the non-guarantor restricted subsidiaries, which have
minimal debt.  There are also cross-default provisions covering
debt of over USD15m for the non-guarantor restricted subsidiaries.

The proceeds of the notes will be used to repay prior financing
obtained to fund IBREL's London property purchase.

KEY RATING DRIVERS

Diversified Projects: IBREL has projects across India, with
significant presence in the key metropolitan areas of Mumbai,
Delhi (NCR) and Chennai.  The residential projects also cover
various categories from middle-income to luxury.  The diversity
mitigates risks arising from volatility in a particular category
or location.

Diversified, Low-Cost Land Bank: IBREL has a land bank of about 7
million square metres, which is sufficient to support project
development over the next six to seven years based on current
plans.  The diversity and low cost of IBREL's land holdings are
likely to support its project growth and its sound profitability.
IBREL's EBITDA margin in the year ended March 31, 2014, (FY14) was
31.2%.

High Debt Levels: IBREL's debt has increased during FY15 following
a largely debt-funded acquisition of property in London for
INR16.2bn.  Fitch expects the company's debt levels to peak in
FY15 and remain high during the next two years.  Fitch expects the
leverage, as measured by the net debt/ adjusted inventory, to
remain around 40%-50% as the company is likely to replenish its
land bank.  The agency expects the company's contracted sales to
gross debt to weaken to around 0.6x in FY15 (FY14: 1x) due to the
high debt, although this is likely to improve to 1x over the next
two years.

Strong Long-Term Growth: Fitch expects the Indian real estate
market to expand strongly in the medium to long term, supported by
increasing demand that is driven by improving economic growth,
limited supply in the key cities and rising income levels.  The
youthful Indian population and increasing urbanisation are also
likely to support demand.  Demand is also likely to increase due
to the government's aim to provide housing for all by 2020 and its
plans to develop about 100 cities/ townships.

Cyclical Sector: The real estate business is inherently cyclical
and is highly sensitive to macroeconomic conditions.  Thus any
weakening of macroeconomic factors may impact demand.  These risks
are mitigated over the near to medium term by expectations of
improving GDP growth in India.

Regulatory Risks: The real estate business in India is largely
regulated by the local authorities with some approvals from the
state or central government required in some instances.  Any delay
in approvals or change in regulations may impact the development
of IBREL's projects.

London Property Introduces FX Risk: IBREL's US dollar notes will
expose the company to foreign exchange risks because the majority
of its earnings are currently in the Indian rupee and it will
start to develop the London property only after FY17.  This is
partly mitigated by current lease rentals at the London property,
which are sufficient to meet part of the interest cost on debt
that IBREL took to finance the acquisition.  The foray into London
also exposes IBREL to risks associated with development of the
site, such as obtaining planning permission and fluctuations in
material costs.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- Fall in EBITDA margin to below 25%
   -- Net debt/ adjusted inventory exceeding 50%
   -- Contracted sales/ gross debt of below 1x.

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Successful development of properties in London
   -- Diversification of projects with no single project
      accounting for more than 10% of total sales


JOSAN INDUSTRIES: CRISIL Reaffirms B+ Rating on INR85MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Josan
Industries (JI; part of the Josan group) continue to reflect the
Josan group's weak financial risk profile, marked by high gearing
and weak debt protection metrics, its modest scale of operations,
and its large working capital requirements. The rating also
factors in the susceptibility of the group's operating margin to
changes in regulations related to paddy and rice prices. These
rating weaknesses are partially offset by the integrated nature of
the Josan group's operations, and its promoters' extensive
industry experience and financial support.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              85      CRISIL B+/Stable (Reaffirmed)
   Warehouse Financing      50      CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of JI and Josan Rice Mills, together
referred to as the Josan group. This is because the two firms have
common promoters and management, are in the same line of business,
and derive considerable operational and business synergies from
each other.

Outlook: Stable

CRISIL believes that the Josan group will continue to benefit over
the medium term from its promoters' extensive industry experience
and financial support. CRISIL, however, also believes that the
group's financial risk profile will remain weak over this period,
because of its weak capital structure and low operating
profitability. The outlook may be revised to 'Positive' if the
Josan group's financial risk profile improves, most likely driven
by improvement in its operating margin and infusion of funds by
its promoters. Conversely, the outlook may be revised to
'Negative' if the Josan group's working capital requirements are
larger than expected, or if its profitability is lower than
anticipated, leading to further weakening of its financial risk
profile.

The Josan group is promoted by the Josan family of Jalalabad
(Punjab). The group processes rice and deals in basmati varieties
such as 1121. In the non-basmati segment, it processes the PR 11
variety.

JRM, established in 1988, is engaged in processing paddy. The
firm's facility is based in Jalalabad with an installed milling
capacity of 4 tonnes per hour (tph). JRM's operations are managed
by Mr. Hukam Chand and his nephew Mr. Jashan Preet Josan.

JI, established in 1995, is engaged in the same line of business.
The firm's facility is also based in Jalalabad with an installed
milling capacity of 3 tph. JI's operations are managed by three
brothers of Mr. Hukam Chand: Mr. Harbhagwan Josan, Mr. Raj Kumar
Josan, and Mr. Surinder Kumar Josan.


JSW STEEL: Fitch Assigns BB+ Rating to USD500MM Sr. Unsec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned JSW Steel Limited's (BB+/Stable)
USD500m 4.75% senior unsecured notes due 2019 a final rating of
'BB+'.  The final rating follows the receipt of documents
conforming to information already received, and is in line with
the expected rating assigned on Oct. 31, 2014.

Proceeds of the notes will be used to prepay the company's rupee
debt obligations.  The notes will rank pari passu with the JSW
Steel's existing and future senior unsecured indebtedness.

KEY RATING DRIVERS

Robust Profitability: JSW Steel benefits from its low cost base
due to its low conversion costs (costs to convert raw materials to
finished products).  The company's efficient operations are
reflected in its strong profitability, with EBITDA margin of 17.9%
in the financial year ended March 31, 2014, (FY14), 17% in FY13
and 19.9% in 1HFY15.  Fitch expects JSW Steel's profitability to
remain strong over the medium term because it will continue
initiatives to reduce costs, with a focus on the Dolvi unit that
was acquired when JSW ISPAT Limited merged with JSW Steel in June
2013.

The increasing share of value-added products in JSW Steel's
revenue (33% in 2QFY15; as against 23% in 2QFY14) enhances its
profitability.  The company benefits from its association with JFE
Steel Corporation (15% shareholder in JSW Steel), which provides
access to technology to produce high value-added products.  Fitch
expects JSW Steel's profitability to improve as value-added
products' share of revenue increases.

Strong Market Position: JSW Steel is the second-largest steel
producer in India, with plants located in southern and western
India, which drive its dominant market share in those regions.  In
addition JSW Steel's steel exports (26% of 2QFY15 volumes) provide
some diversity of end markets.

Financial Profile to Improve: Fitch expects JSW Steel's financial
profile to improve over the near to medium term, supported by
higher production volumes following expanded capacity and better
profitability.  The agency expects the JSW Steel's FFO-adjusted
net leverage to fall to 3.5x by FY16.

JSW Steel's current financial profile is aggressive with FFO-
adjusted net leverage of 4x in FY14 (FY13: 3.3x) and FFO interest
cover of 3.6x (FY13: 3.9x).  This is mainly driven by high debt
levels following its merger with JSW ISPAT and capex for expanding
capacity to 18 million tonnes per annum (mtpa) (FY14: 14.3mtpa)
and improving its product profile.  The large capex has resulted
in negative free cash flows (FCF) over the last five years.

Absence of Vertical Linkages: JSW Steel has minimal vertical
integration for its key raw materials - iron ore and coking coal.
This results in higher costs of purchasing these raw materials for
JSW Steel compared with some of its steel peers.  However, Fitch
notes that the company's low conversion costs have mitigated this
to a large extent.  JSW Steel has also diversified its raw
material sourcing to minimize the impact on operations from supply
disruptions.  This followed the challenges in sourcing iron ore
during the last two years when iron ore mining was suspended in
various states in India.

Sound Long-Term Industry Fundamentals: Fitch expects steel demand
in India to increase in the next 12 months as investment in India
picks up.  Steel prices slid and squeezed the margins of steel
producers over 2012-2013, when slower economic growth hurt demand
from the key automobile, construction and engineering sectors.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- FFO net leverage exceeding 3.5x on a sustained basis
   -- Weakening profitability resulting in EBITDA/ tonne of below
      USD120 (FY14: USD126)
   -- Free cash flows remaining negative over the cycle.

Positive: Fitch does not expect any positive rating action on JSW
Steel over the medium term given JSW Steel's financial profile and
lack of vertical integration.


K. VENKATA: CRISIL Ups Rating on INR90MM Cash Credit to 'B-'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
K. Venkata Raju Engineers & Contractors to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           250        CRISIL A4 (Upgraded from
                                        'CRISIL D')

   Cash Credit               90        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

The rating upgrade reflects timely servicing and pre-payment of
debt by KVRECPL, backed by its moderate cash accruals from
operations and funding support from promoters. CRISIL believes
that KVRECPL's liquidity will remain adequate over the medium
term, marked by moderate cash accruals, which are expected to
remain adequate to service its debt over the same period.

The ratings reflect KVRECPL's modest scale of operations in the
intensely competitive civil construction segment and its working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of KVRECPL's
promoters in the civil construction industry.

Outlook: Stable

CRISIL believes that KVRECPL will continue to benefit over the
medium term from its sizeable order book and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company reports substantial and sustained
improvement in its revenue and profitability margins, or there is
a sustained improvement in its working capital management.
Conversely, the outlook may be revised to 'Negative' if KVRECPL
reports a steep decline in its profitability margins, or there is
a significant deterioration in its liquidity because of large
working capital requirements.

Set up in June 2002 as a partnership firm by Mr. T Kishan Kumar,
Mr. Murali Mohan, Mr. N V V Satyanarayana, Mr. T Poorna Chandra
Rao, and Ms. Sridevi in Vijayawada (Andhra Pradesh), KVRECPL
reconstituted as a private limited company in August 2014. The
company undertakes civil construction projects, including
construction of bridges, road over bridges, and flyovers. The
company is implementing infrastructure projects in five states in
India.


KAMAL AGRO: CRISIL Reaffirms 'B' Rating on INR90MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kamal Agro
Industries continues to reflect KAI's below-average financial risk
profile, marked by high gearing and a small net worth, and the
susceptibility of the firm's business and profitability to changes
in government policies and to fluctuation in cotton prices. These
rating weaknesses are partially offset by the extensive industry
experience of KAI's promoters and the quick ramp up in sales
achieved by the firm.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           90         CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    22.5       CRISIL B/Stable (Reaffirmed)

   Term Loan             27.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KAI will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
ginning industry. Continued funding support from the promoters
will remain a key sensitivity factor over this period. The outlook
may be revised to 'Positive' if the firm improves its
profitability significantly, leading to substantial cash accruals,
or if its promoters infuse significant fresh capital, resulting in
an improvement in its capital structure and liquidity. Conversely,
the outlook may be revised to 'Negative' in case of further
deterioration in KAI's financial risk profile, particularly its
liquidity, most likely because of a decline in its sales or
profitability, or because of large working capital requirements.

KAI was established by Mr. Ram Bilas, Mr. Binod Kumar, and Mr.
Rajesh Kumar in 2011. The firm set up a cotton ginning and
pressing unit and a cotton oil extraction unit at Adampur in Hisar
(Haryana) in 2011-12 (refers to financial year, April 1 to
March 31), which commenced commercial operations from October
2011. It set up a guar processing unit in Hisar in 2012-13; the
unit became operational in November 2012.

KAI, on provisional basis, reported a book profit of INR3.3
million on sales of INR2022 million for 2013-14, against a book
profit of INR2.4 million on sales of INR1705 million for 2012-13.


MADHAV GINNING: CRISIL Assigns B Rating to INR30MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Madhav Ginning.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              30          CRISIL B/Stable
   Long Term Loan           30          CRISIL B/Stable

The rating reflects MG's exposure to risks related to
implementation of its ongoing project and to stabilisation of
operations after commencement. The rating also factors the
susceptibility of the firm's profitability to volatility in cotton
prices and to intense competition. These rating weaknesses are
partially offset by the extensive experience of MG's promoters in
the cotton ginning industry, leading to established relationships
with customers and suppliers, and the advantageous location of its
plant.

Outlook: Stable

CRISIL believes MG will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of early stabilisation of the
firm's operations, leading to sizeable cash accruals. Conversely,
the outlook may be revised to 'Negative' if MG's cash accruals are
very low, or if its financial risk profile weakens, most likely
because of a stretch in its working capital cycle, or large debt-
funded capital expenditure, or disruption in its operations due to
any regulatory changes.

Incorporated in 2013, MG is promoted by the Jetpur, Junagadh
(Gujarat)-based Bariya family. The firm is setting up a unit for
cotton ginning and pressing; commercial operations are expected to
start from January 2015.


MARUTI COTTON: CRISIL Ups Rating on INR50MM Cash Credit to 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Maruti Cotton Industries (MCI) to 'CRISIL B/Stable' from 'CRISIL
B-/Stable'.

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

   Proposed Long Term      1.8       CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan               8.2       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that MCI's financial
risk profile will continue to improve over the medium term, with a
higher net worth and better debt protection metrics. With healthy
demand during 2014-15 (refers to financial year, April 1 to March
31), the firm is likely to achieve sales of INR370 million during
the year. Improvement in scale has led to an increase in accruals,
resulting in better debt protection metrics. CRISIL believes that
the metrics will be moderate, with net cash accruals to total debt
ratio of around 0.07 times and interest coverage ratio of around
1.8 times, over the medium term. The higher accruals have also
resulted in an increase in MCI's net worth. With further increase
in revenue, the net worth is expected to improve to around INR23.2
million over the medium term, from INR20.3 million as on March 31,
2014.

The rating continues to reflect MCI's small scale of operations in
the intensely competitive cotton industry, and the susceptibility
of its profitability to volatility in raw material prices. These
rating weaknesses are partially offset by the firm's favourable
location close to the cotton-growing belt of Gujarat.

Outlook: Stable

CRISIL believes that MCI will continue to benefit over the medium
term from its proximity to a cotton-growing belt. The outlook may
be revised to 'Positive' if the firm scales up its operations and
generates substantial cash accruals, or in case of substantial
equity infusion by its promoters, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is a significant decline in MCI's cash
accruals or deterioration in its working capital management, or if
it undertakes a large debt-funded capital expenditure programme,
weakening its financial risk profile, particularly its liquidity.

MCI, a partnership firm, started commercial production in January
2012. The firm is engaged in ginning and pressing of raw cotton
(kapas). There are 11 partners in the firm with Mr. Savjibhai
Savsani (holding 15 per cent stake) and Mr. Mukeshbhai Ghodsara (5
per cent) actively handling its operations.

MCI reported a net profit of INR1.7 million on net sales of
INR327.9 million for 2013-14, against a net loss of INR3.2 million
on net sales of INR151.90 million for 2012-13.


MASCONS ENGINEERING: CRISIL Rates INR50MM Term Loan at 'B'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Mascons Engineering & Contracting Company Private
Limited.

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan                50           CRISIL B/Stable


The rating reflects Mascons' exposure to risks related to
completion and saleability of its ongoing project and its
susceptibility to risks inherent in the real estate industry.
These rating weaknesses are partially offset by the experience of
Mascons' promoters in the civil construction and residential real
estate development business and their proven project execution
capabilities.

Outlook: Stable

CRISIL believes that Mascons will continue to benefit over the
medium term from its promoters' business experience. The outlook
may be revised to 'Positive' if the company completes its ongoing
project earlier than expected or if the sales realisations from
the project are substantial, leading to a significant increase in
its cash flows. Conversely, the outlook may be revised to
'Negative' if there are any delays in the execution of the project
or in the receipt of advances from customers, or if Mascons
undertakes a further large debt-funded project, impacting its
financial risk profile.

Mascons, based in Chennai, undertakes civil construction and real
estate development. Its operations are managed by its managing
director, Mr. Said Mohammed.

Mascons reported a profit after tax (PAT) of INR1 million on total
revenue of INR42 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR0.9 million on total
revenue of INR40.7 million for 2011-12.


MAXIMO CERAMIC: CRISIL Assigns B+ Rating to INR49.2MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Maximo Ceramic (Maximo).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            49.2        CRISIL B+/Stable
   Cash Credit          30          CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     0.8       CRISIL B+/Stable

The rating reflects Maximo's modest scale of operations in the
highly competitive ceramics industry and its working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive experience of the firm's promoters in the
ceramics industry and the proximity of its manufacturing
facilities to raw material and labour resources.

Outlook: Stable

CRISIL believes that Maximo will benefit over the medium term from
its promoters' industry experience. The outlook may be revised to
'Positive' if the firm improves its scale of operations while
maintaining its profitability, leading to larger-than-expected
cash accruals, or if it improves its working capital cycle.
Conversely, the outlook maybe revised to 'Negative' if the firm's
accruals are lower than expectations due to reduced order flow or
profitability or if its financial risk profile deteriorates, most
likely because of a stretch in its working capital cycle or
substantial debt-funded capital expenditure.

Maximo, set up in 2011, is promoted by Morbi (Gujarat)-based
Kasundra and Agarwal families. The firm manufactures digital
ceramic wall tiles and its production facilities located at Morbi.

For 2013-14 (refers to financial year, April 1 to March 31),
Maximo booked profit of INR0.3 million on net sales of INR102.1
million against booked loss of INR4.1 million on net sales of
INR0.75 million for 2012-13.


MAXOP ENGINEERING: CRISIL Ups Rating on INR525MM Loan to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Maxop Engineering Company Pvt Ltd (Maxop) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', while assigning the short-term rating at
'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee            4         CRISIL A4 (Assigned)

   Post Shipment Credit    525         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Proposed Term Loan       90         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Proposed Working        106.2       CRISIL B+/Stable (Upgraded
   Capital Facility                    from 'CRISIL B/Stable')

   Term Loan               242         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects improvement Maxop's business risk
profile and its comfortable financial risk profile. The company's
revenue improved by 56 per cent to INR1.5 billion in 2013-14
(refers to financial year, April 1 to March 31) from INR993
million in 2012-13 on the back of large orders from existing
export customers and increasing presence in the domestic market.
Moreover, the company's margins remained healthy at around 15.6
per cent in 2013-14 and are expected to remain at similar levels
over the medium term.

The rating upgrade also factors in Maxop's comfortable financial
risk profile marked by healthy net worth and debt protection
metrics, though constrained on account of high gearing. Due to
healthy profitability, the interest coverage and net cash accruals
to total debt (NCATD) ratios were comfortable at around 3 times
and 16 per cent, respectively, for 2013-14. Maxop's financial risk
profile is further supported by its healthy net worth of INR385
million as on March 31, 2014, higher from INR318 million a year
ago on account of healthy accretion to reserves. Despite the
improvement in net worth, the gearing has been weak at 2.33 times
as on March 31, 2014 due to large debt-funded capital expenditure
(capex) and increasing working capital requirements. The gearing
is expected to remain high due to planned debt-funded capex over
the medium term.

The ratings reflect Maxop's working capital intensive operations
and customer concentration in its revenue profile. These rating
weaknesses are partially offset by the extensive industry
experience of Maxop's promoters, and its established client base.

Outlook: Stable

CRISIL believes that Maxop will continue to benefit over the
medium term from its promoters' established industry track record.
The outlook may be revised to 'Positive' if Maxop's working
capital borrowings reduce, resulting in an improvement in its
financial risk profile, particularly gearing. Conversely, the
outlook may be revised to 'Negative' if the company undertakes any
large debt-funded capex programme, its working capital
requirements increase significantly, or it generates significantly
less cash accruals, thereby increasing its debt and further
weakening its gearing.

Incorporated in 2003, Maxop has a state-of-the-art die casting
unit in Manesar (Haryana). It manufactures aluminium-based dye
cast, machined, and assembled products, which are used mainly in
automobiles (mainly passenger cars) and consumer durables. The
company export majority of its products to customers in the US and
France. Maxop is an ISO TS: 16949-2002 certified company.


MOSARAM SHIVRAMDAS: CRISIL Reaffirms INR60MM Cash Loan B+ Rating
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Mosaram
Shivramdas continues to reflect MS's modest scale of operations in
a fragmented industry, with large working capital requirements,
and average financial risk profile, marked by a high total outside
liabilities to tangible net worth ratio and small net worth.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
MS derives from the extensive experience of its promoters in the
fertilizer trading business and its established relationship with
suppliers.

Outlook: Stable

CRISIL believes that MS will continue to benefit over the medium
term from the extensive experience of its promoters and its
established relationship with its suppliers. The outlook may be
revised to 'Positive' if the firm registers significant revenue
growth while maintaining its profitability, or if its financial
risk profile improves significantly most likely through equity
infusion. Conversely, the outlook may be revised to 'Negative' if
MS registers a significant decline in its operating profitability,
or if it undertakes a larger-than-expected debt-funded capital
expenditure programme, thereby adversely affecting its financial
risk profile.

Update
For 2013-14 (refers to financial year, April 1 to March 31), MS
registered sales of around INR520 million as against sales of
around INR539 million (provisional) in the preceding year. The
firm's operating profitability improved to around 2.4 per cent as
on March 31, 2014, as compared with 1.6 per cent a year ago on
account of higher price realization from fertilizer sale.

The operations of MS continued to remain working capital
intensive, marked by large inventory holdings and moderate
receivables. The inventory and receivable holding as on March 31,
2014, stood at 164 days and 22 days, respectively.The working
capital requirements are partially funded by support from the
creditors,with a credit period of 141 days as on March 31, 2014.

MS's financial risk profile remains below average with modest net
worth and moderate gearing and debt protection metrics.Gearing was
around 2.6 times as on March 31, 2014, mainly because of sizeable
bank borrowings to fund working capital requirements. The firm's
net worth at INR29 million remains small because of low accretions
to reserves.MS's debt protection metrics also remained below
average with interest coverage and net cash accruals to total debt
ratios around 1.4 times and 0.06 times, respectively, for 2013-14.

MS is a partnership firm promoted by Mr. Sanjay Agarwal and his
son, Mr. Naman Agarwal.It trades in fertilizers and pesticides.
The firm is also an authorized dealer for Bharat Petroleum
Corporation Ltd. MS currently owns a petrol pump in Maholi (Uttar
Pradesh).


NAGREEKA BRIJ: CRISIL Reaffirms B Rating on INR93MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nagreeka Brij
Hotels Vadodara Pvt Ltd (NBHV) continue to reflect exposure to
risks relating to the small scale and initial stage of its
operations; also, it reflects NBHV's expected weak liquidity,
because of low cash accruals against sizeable maturing term debt.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Long Term Loan         93         CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      7         CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's weak financial risk
profile, marked by a modest net worth, high gearing, and subdued
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of NBHV's promoters in the
hospitality industry and their funding support.

For arriving at the ratings, CRISIL has treated the non-interest-
bearing unsecured loan of INR70 million infused in NBHV in 2013-14
(refers to financial year, April 1 to March 31) as neither debt
nor equity. This is because the capital was infused by the
promoters and is expected to remain in the business over the
medium term.

Outlook: Stable

CRISIL believes that NBHV will continue to benefit over the medium
term from the extensive industry experience of its promoters and
their funding support. The outlook may be revised to 'Positive' if
the financial risk profile, especially liquidity, improves, most
likely because of large cash accruals and timely funding support
from promoters. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens on account of low cash accruals, inadequate funding
support from promoters, or any large debt-funded capital
expenditure.

Incorporated in 2012, NBHV owns and operates a four-star, 42-room
boutique hotel in Vadodara (Gujarat). The company is an equal
joint venture between the Delhi-based Clarks group and the
Kolkata-based Nagreeka group. The hotel operates under the brand
name: 1589 Generation X Hotel - Member of Clarks Collection. The
hotel began operations in November 2013.


PARAS RAM: CARE Assigns 'C' Rating to INR9.34cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank facilities
of Paras Ram Textiles Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.34       CARE C Assigned
   Short term Bank Facilities    0.01       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Paras Ram Textiles
Private Limited (PRT) are constrained by PRT's stressed liquidity
due to high working capital intensity of operations. The ratings
also factor in the relatively small scale of operations with low
net worth base, weak financial risk profile marked by low
profitability margins, leveraged capital structure and high degree
of competition due to the fragmented nature of the industry.

The ratings, however, favourably take into account experience of
the promoters and location advantage of the manufacturing
facility.

The ability of the company to efficiently manage working capital
requirements, increase in the scale of operations while
improving profitability margin would be the key rating
sensitivities.

Paras Ram Textiles Private Limited (PRT) incorporated in February
1995 is currently being managed by Mr Ved Prakash Batra, Mr Ramesh
Batra, Mr Narender Batra and Mr Vijay Batra. The business
operations were being managed through a proprietorship firm under
the name of "Paras Ram Textiles Mills" since 1974 and the business
was subsequently taken over by PRT in 1995. The company is engaged
in the manufacturing of fabrics which mainly includes knitted
cloth and acrylic cloth as well as other textile products like
blankets, ladies suits, T-shirts and shawls from its manufacturing
facility situated in Ludhiana, Punjab. The main raw materials like
polyester yarn, cotton yarn and wool yarn are procured directly
from manufacturers located in different states. The company sells
its products in the domestic market mainly to wholesalers and
traders.

For FY14 (refers to the period April 01 to March 31), PRT reported
a total income of INR34.94 crore with PBILDT and PAT of INR2.87
crore and INR0.21 crore respectively. Furthermore, the company has
achieved total income of INR21.50 crore till September 30, 2014.


PRIME CARGO: CRISIL Assigns B+ Rating to INR60MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Prime Cargo Movers (PCM; a part of the Prime
group).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit              60           CRISIL B+/Stable

The rating reflects the group's constrained financial risk profile
marked by average gearing and stretched liquidity driven by modest
cash accruals against scheduled debt repayments. The rating also
factors in the group's modest scale and working-capital-intensive
operations in a competition logistics industry. These rating
weaknesses are partially offset by the extensive experience of the
Prime group's promoters in the logistics sector, their funding
support, and the group's established relationship with key
customers.

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of PCM and Prime Cargo Movers &
Logistics Pvt Ltd (PCMLPL)'together referred to as the Prime
group'on account of the common management, same line of business,
and shared resources. CRISIL has also treated unsecured loans from
the promoters amounting to INR34 million extended to the group as
on March 31, 2014, as neither debt nor equity as they are expected
to remain in the business over the medium term.

Outlook: Stable

CRISIL believes that the Prime group will continue to benefit over
the medium term from the extensive industry experience of its
promoters and its reputed clientele. The outlook may be revised to
'Positive' in case of significant increase in its scale of
operation and profitability leading to sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the group's financial risk profile, particularly
liquidity, due to lower cash accruals, stretch in working capital
management, or large unanticipated debt-funded capital
expenditure.

The Prime group primarily provides logistics and transportation
services to fast moving consumable goods (FMCG) players such as
Hindustan Unilever Ltd (HUL) and Colgate-Palmolive (India) Ltd.
The promoters commenced its business as carry and forward agent
for HUL in 1988 in other firm and subsequently PCM and PCMLPL were
set up in 2003 and 2013, respectively, to provide transportation
services to its clients.


PRIME CARGO MOVERS: CRISIL Puts B+ Rating on INR70MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Prime Cargo Movers & Logistics Pvt Ltd (PCMLPL; a
part of the Prime group).

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit            70          CRISIL B+/Stable

The rating reflects the group's constrained financial risk profile
marked by average gearing and stretched liquidity driven by modest
cash accruals against scheduled debt repayments. The rating also
factors in the group's modest scale and working-capital-intensive
operations in a competition logistics industry. These rating
weaknesses are partially offset by the extensive experience of the
Prime group's promoters in the logistics sector, their funding
support, and the group's established relationship with key
customers.

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of PCMLPL and Prime Cargo Movers
(PCM)'together referred to as the Prime group'on account of the
common management, same line of business, and shared resources.
CRISIL has also treated unsecured loans from the promoters
amounting to INR34 million extended to the group as on March 31,
2014, as neither debt nor equity as they are expected to remain in
the business over the medium term.

Outlook: Stable

CRISIL believes that the Prime group will continue to benefit over
the medium term from the extensive industry experience of its
promoters and its reputed clientele. The outlook may be revised to
'Positive' in case of significant increase in its scale of
operation and profitability leading to sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the group's financial risk profile, particularly
liquidity, due to lower cash accruals, stretch in working capital
management, or large unanticipated debt-funded capital
expenditure.

The Prime group primarily provides logistics and transportation
services to fast moving consumable goods (FMCG) players such as
Hindustan Unilever Ltd (HUL) and Colgate-Palmolive (India) Ltd.
The promoters commenced its business as carry and forward agent
for HUL in 1988 in other firm and subsequently PCM and PCMLPL were
set up in 2003 and 2013, respectively, to provide transportation
services to its clients.


RADHA CASTING: CARE Reaffirms D Rating on INR6.35cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms assigned to the bank facilities of Radha Casting &
Metalik Pvt Ltd.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.35       CARE D Reaffirmed

Rating Rationale

The rating continues to factor in, the on-going delays in debt
servicing on account of the stretched liquidity position of the
company.

Radha Casting & Metalik Pvt Ltd, incorporated in June 2006, was
promoted by brothers Mr Dhananjay Kumar and Mr Pawanjay Kumar of
Jharkhand. The company had initially set up a pig iron plant
(installed capacity 15,000 metric tonnes per annum: MTPA) at
Ramgarh, Jharkhand and commenced commercial operation in the year
2008. But, later on, in May 2011, the company was forced to shut
down its pig iron plant due to iron ore scarcity owing to iron ore
mining related issues leading to rising raw material cost and weak
demand. Since, February 2012, the company had started
manufacturing Mild Steel (MS) Ingots with an installed capacity of
15, 000 MTPA at its existing plant. Furthermore, the company was
in the process of expanding its ingot facility at its existing
plant and has recently completed its project at an aggregate cost
of INR1.75 crore, being financed entirely out of internal
accruals. The project is likely to start commercial operations
from January, 2015.

During FY14 [refers to the period April 1 to March 31], the
company reported a total operating income of INR35.66 crore
(FY13: INR34.84 crore) and a PAT of INR0.18 crore (FY13: INR0.15
crore).


SAI BALAJI: CRISIL Assigns B+ Rating to INR50MM Overdraft Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sai Balaji Constructions (SBC).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term
   Bank Loan Facility       2          CRISIL B+/Stable
   Bank Guarantee          30          CRISIL A4
   Overdraft Facility      50          CRISIL B+/Stable

The ratings reflect SBC's stretched liquidity, with fully utilised
bank lines, modest cash accruals, and large working capital
requirements. The ratings also factor in the firm's small scale of
operations in the intensely competitive civil construction
industry, and exposure to risks relating to tender-driven
businesses and geographical concentration in revenue. These rating
weaknesses are partially offset by the extensive experience of
SBC's promoters and its moderate capital structure.

Outlook: Stable

CRISIL believes that SBC will benefit over the medium term from
its partners' extensive experience in the civil construction
industry. The outlook may be revised to 'Positive', in case of
significant improvement in the firm's liquidity, driven by
substantial cash accruals, efficient working capital management,
or sizeable funding support from the partners. Conversely, the
outlook may be revised to 'Negative' if SBC's financial risk
profile, especially liquidity, weakens further due to low cash
accruals, stretch in working capital cycle, or any large
expenditure or withdrawal of capital.

Sai Balaji Constructions (SBC), established in 2002, is a
partnership firm set up by Mr. M Satish Reddy and his mother, Ms.
M Hymavathamma. The firm undertakes civil construction contracts
for construction of roads, footpaths, and laying of drainage pipes
for government and private entities in Andhra Pradesh. The firm
has its registered office in Nellore (Andhra Pradesh).


SAPPHIRE PAPERS: CRISIL Reaffirms B+ Rating on INR88.5MM LT Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sapphire Papers Mill
Pvt Ltd continue to reflect SPMPL's modest scale of operations in
the fragmented paper-manufacturing industry, the high working
capital intensity of its operations, and the vulnerability of its
profitability to adverse movements in the price of waste paper.
These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters and its established
regional market position in the paper-manufacturing business.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee      11         CRISIL A4 (Reaffirmed)
   Cash Credit         52.5       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan      88.5       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   7.4       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SPMPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant and
sustained increase in the company's revenue and profitability
while it improves its working capital management, resulting in
better liquidity. Conversely, the outlook may be revised to
'Negative' if SPMPL undertakes a large debt-funded capital
expenditure programme, or if its working capital cycle is
stretched, leading to deterioration in its financial risk profile,
particularly its liquidity.

Incorporated in 2004 and based in Siliguri (West Bengal), SPMPL
manufactures writing and printing paper by recycling wastepaper.
The company is currently managed by Mr. Sanjay Golecha and Mr.
Sashi Jain.


SCC BUILDERS: CRISIL Reaffirms B- Rating on INR535MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of SCC Builders
Pvt Ltd continues to reflect SCC's weak financial risk profile
marked by high gearing and weak debt protection metrics.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long Term       15      CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan               535      CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Demand Loan             250      CRISIL B-/Stable (Reaffirmed)

The rating also reflects the geographical concentration in SCC's
operations and the company's exposure to risks related to
implementation of its projects. These rating weaknesses are
partially offset by the benefits that the company derives from its
promoters' experience in the real estate industry.

Outlook: Stable

CRISIL believes that SCC will continue to benefit over the medium
term from its promoters' experience in the residential real estate
industry. The outlook may be revised to 'Positive' if the
company's financial risk profile improves with successful
completion of its projects and timely collection of customer
advances. Conversely, the outlook may be revised to 'Negative' in
case of substantial debt-funded expansion, or time or cost overrun
in projects, or delays in receiving customer advances, resulting
in deterioration of financial risk profile.

SCC was promoted in 2005-06 (refers to financial year, April 1 to
March 31) by Mr. Vinod Goswami and Mr. Vipul Geri. The company is
engaged in the construction and development business and is active
in the National Capital Region (NCR), mainly Ghaziabad (Uttar
Pradesh).


SHRI BHOLANATH: CRISIL Lowers Rating on INR38MM Cash Credit to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shri Bholanath Food Products Pvt Ltd to 'CRISIL D' from 'CRISIL
B/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              38         CRISIL D (Downgraded from
                                       'CRISIL B/Stable')

   Term Loan                22.7       CRISIL D (Downgraded from
                                       'CRISIL B/Stable')

The rating downgrade reflects instances of delay by Shri Bholanath
in servicing its debt, owing to weakening in its liquidity. The
liquidity has weakened on account of a stretch in its receivables
cycle resulting in a cash-flow mismatch.

Shri Bholanath has a below-average financial risk profile, marked
by its small net-worth, high gearing, and average debt protection
metrics. The company has modest scale of operations in the
intensely competitive flour milling industry, has large working
capital requirements, and its profitability margins are
susceptible to volatility in wheat prices and changes in
government regulations. However, the company benefits from its
promoter's extensive experience in the wheat flour industry.

Incorporated in 2008, Shri Bholanath processes wheat into wheat
flour (atta), refined wheat flour (maida), cattle feed (cokar),
and wheat semolina (suji). The company is managed by Mr. Ashish
Mundada, and is based in Medhak district in Andhra Pradesh.


STEELTECH INDIA: CRISIL Cuts Rating on INR98MM Cash Credit to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Steeltech India (STI) to 'CRISIL D' from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           98         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility      2        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The rating downgrade reflects STI's overdrawn cash credit facility
for more than 30 days on account of its weak liquidity.

STI has a weak financial risk profile, marked by weak debt
protection metrics and small net worth, and is exposed to risks
related to its small scale of operations and large working capital
requirements. However, the firm benefits from its proprietor's
extensive experience in the iron and steel trading industry.

STI was set up as a proprietorship firm by Mr. Jagjit Singh in
2010. The firm trades in iron and steel products in Ludhiana
(Punjab). It trades in a variety of iron and steel products such
as rounds, alloys, angles, and channels.


UNIVERSAL CONSTRUCTION: CARE Reaffirms INR39.04cr Loan B+ Rating
----------------------------------------------------------------
CARE reaffirms ratings to the bank facilities of Universal
Construction Machinery and Equipments Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term/Short term
   Bank Facilities               39.04      CARE B+ Reaffirmed

   Short term bank facilities    13.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Universal
Construction Machinery and Equipments Limited continue to
remain constrained by the working capital intensive nature of
operations, high contingent liabilities on account of corporate
guarantee extended to a group company and towards income tax
demand notices and dependence on the cyclical real estate and
construction industries. The ratings are further constrained due
to the weak financial risk profile marked by moderately high
solvency ratios along with weak debt coverage indicators and
continued tight liquidity position.

The ratings, however, continue to take into consideration the
promoter's significant experience, established presence in
the construction equipment industry, higher profitability margins
due to direct export sales taking over share of exports
through dealership with TATA International Ltd (TIL).

The ability of the company to scale up operations along with an
improvement in the capital structure, liquidity position and
profitability levels withstanding the volatile raw material prices
remain the key rating sensitivities.

Universal Construction Machinery & Equipments Limited (UCMEL) was
founded by Mr Rohidas More in the year 1975. UCMEL manufactures a
wide range of construction equipments and has manufacturing units
near Pune and Rudrapur (Uttaranchal). The range of products
manufactured by the company includes concrete mixer, batching
plant, transit mixer, hanging platform, passenger/material lift
for construction site, power bar bending & cutting machine, etc.
Mr Rohidas More along with his two sons Mr Ranjeet Moray & Mr
Abhijit More looks after the operations of the company.

During FY14, UCMEL achieved a total operating income of INR127.62
crore with a PBILDT & PAT of INR12.18 crore and INR0.28 crore
respectively as against a total operating income of INR133.60
crore and PBILDT & PAT loss of INR4.02 crore and INR4.24 crore in
FY13.


VENKATA RAJESH: CRISIL Assigns B Rating to INR120MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Venkata Rajesh Poultries Pvt Ltd (VRPPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             120         CRISIL B/Stable
   Long Term Loan          110         CRISIL B/Stable

The rating reflects VRPPL's modest scale and working capital
intensive nature of operations and inherent risks associated with
the poultry industry. The rating also factors VRPPL's weak
financial profile marked by small net worth, high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the benefits that VRPPL derives from its promoter's
extensive experience in the poultry industry.

Outlook: Stable

CRISIL believes that VRPPL will benefit from the promoter's
extensive industry experience. The outlook may be revised to
'Positive' if the scale of operations and profitability improves
resulting in higher cash accruals or if there is any significant
equity infusion by the promoters resulting in improvement in the
capital structure and financial risk profile. Conversely the
outlook may be revised to 'Negative' if there is a decline in the
revenues and operating profitability or if the company undertakes
any significant debt funded capital expenditure plan leading to
deterioration of its financial risk profile.

Established in 2005, VRPPL is engaged in the production of
commercial eggs. The company is promoted by Mr.Purna Rajesh and
his family and is based out of Guntur (Andhra Pradesh).

During 2013-14 (refers to financial year, April 1 to March 31),
VRPPL reported a profit after tax (PAT) of INR2.1 million on net
sales of INR329.4 million against a PAT of INR1.2 million on net
sales of INR285.1 million for 2012-13.


VIL INTERNATIONAL: CRISIL Reaffirms C Rating on INR35MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of VIL International Pvt
Ltd (VIL) continue to reflect the company's below-average
financial risk profile, marked by a small net worth and weak debt
protection metrics, and weak liquidity on account of stretched
receivables. The ratings also reflect the company's exposure to
risks relating to volatility in raw material prices and to intense
competition in the timber industry. These rating weaknesses are
partially offset by the extensive industry experience of VIL's
promoters.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              35         CRISIL C (Reaffirmed)
   Letter of Credit         90         CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        7.5       CRISIL C (Reaffirmed)

Update
During 2013-14 (refers to financial year, April 1 to March 31),
the company's revenue declined by 20 per cent because of slowdown
in demand. The year also witnessed a decline in margins owing to
higher import costs due to adverse foreign exchange movement,
which could not be completely passed on to the customers. During
the first six months of 2014-15, the company booked revenue of
INR125 million. CRISIL believes that VIL's scale of operations
will remain constrained over the medium term while its operating
profitability will remain moderate.

The financial risk profile remains constrained by a small net
worth of INR29 million as on March 31, 2014. The company's small
scale of operations and limited profitability continue to
constrain its capital structure. Also, VIL's working capital cycle
has seen a continued stretch, leading to a high total outside
liabilities to tangible net worth ratio of 6.50 times as on March
31, 2014. Moreover, the interest coverage ratio remained weak at
1.07 times during 2013-14. CRISIL believes, with limited
profitability, the company's financial risk profile will remain
constrained over the medium term.

VIL's liquidity continues to be stretched because of a stretched
receivable cycle. As on March 31, 2014, its debtors stood at 198
days. The continued stretch in receivables can be seen in the high
bank limit utilisation of 108 per cent over the 12 months through
September 2014. However, the company is expected to generate
sufficient cash accruals for meeting its repayment obligations of
INR1.8 million during 2014-15. The liquidity is expected to remain
weak on account of working-capital-intensive operations.

VIL, based in Chennai, trades in timber and medium-density fibre
boards. It was set up by Mr. Venkat Immanni and Mr. Satya Rao in
2001.


VINOD ENTERPRISES: CRISIL Reaffirms B Rating on INR60MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vinod Enterprises (VE)
continue to reflect the firm's small scale of operations and weak
financial risk profile, marked by high gearing and weak debt
protection metrics. The ratings also factor in the firm's exposure
to risks related to the tender-based nature of its business,
susceptibility to volatility in raw material prices, and large
working capital requirements. These rating weaknesses are
partially offset by the benefits VE derives from the strong growth
prospects for, and government assistance to, the agriculture
industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        22.5       CRISIL A4 (Reaffirmed)
   Cash Credit           60         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VE will benefit over the medium term from the
healthy growth prospects for the agriculture industry. The outlook
may be revised to 'Positive' if the firm registers substantial
improvement in its scale of operations and profitability, leading
to significant cash accruals. Conversely, the outlook may be
revised to 'Negative' if VE's revenue and profitability are
adversely affected by any changes in government policy or a sharp
increase in food grain prices, or in case of a significant stretch
in the firm's receivables.

Update
In 2013-14 (refers to financial year, April 1 to March 31), VE's
revenue is estimated to have been flattish at INR303.9 million as
against revenue of INR296.6 million in 2012-13, broadly in line
with CRISIL's expectation. Also, operating margin remained low at
around 4.1 per cent, largely in line with CRISIL's expectation, in
2013-14. Moreover, the firm's operations remained working capital
intensive, as reflected in high gross current assets of 198 days
as on March 31, 2014, mainly driven by high receivables of around
119 days and moderate inventory of around 61 days. The performance
is expected to remain flattish over the medium term too amid
intense competition and because of a single contract.

VE's financial risk profile and liquidity remain constrained by a
high total outside liabilities to tangible net worth ratio
estimated at around 4.67 times as on March 31, 2014, weak debt
protection metrics, and fully utilised bank lines coupled with
small cash accruals of INR1.2 million for 2013-14. The same remain
partly supported by high funding support from the promoter, with
infusion of fresh capital of INR6.5 million in 2013-14 and
unsecured loans of INR29.1 million as on March 31, 2014. The
interest coverage and net cash accruals to total debt ratios are
estimated at 1.23 times and 2.0 per cent, respectively, for 2013-
14.

VE, a proprietorship concern, was set up in 2010 by Mr. Vinod
Dongre and trades in food grains. It is also engaged in tender-
based business to supply nutritional food grains and spices to The
Maharashtra State Co-op. Marketing Federation Ltd. It has an
annual tender, which was awarded to VE in August 2014, to supply
the nutritional food grains and spices to all the Anganwadis in
Wardha (Maharashtra).



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


BRIDGECORP LTD: Fiji Officially Restarts Momi Bay Resort
--------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that a failed
Fiji resort development that jailed fraudster Rod Petricevic and
other Bridgecorp directors poured NZ$106 million has been
officially restarted by the island's nation's prime minister.

Fiji leader Frank Bainimarama officially launched the Momi Bay
redevelopment project on November 13, saying the venture was
"effectively killed off by mismanagement".

The half-finished Momi Bay resort was the largest property project
Bridgecorp had put money towards and in 2006 was to have been the
biggest resort development in Fiji and the South Pacific, the
Herald recalls.

The project was running behind schedule and had run into trouble
well before Bridgecorp collapsed in July 2007, owing $459 million
to 14,500 investors, the report notes.

Five Bridgecorp directors were later found guilty of misleading
investors, with Petricevic and CFO Rob Roest also being convicted
for fraud.

In 2009, the Fijian military regime seized Momi Bay against the
wishes of Bridgecorp receivers in an effort to stem the losses of
the Fiji National Provident Fund (FNPF), which had a $60 million
exposure to Momi.

The NZ Herald notes that Bainimarama announced in 2012 that the
FNPF will invest around $150 million (NZ$103 million) to complete
the first stage of the development.

Fletcher Building is a construction partner for the project, the
Fiji PM said on November 13.

The resort, which the politician said will generate 400 jobs
during construction and another 500 when open, will be operated by
global hospitality chain, Marriott, the report adds.

Based in New Zealand, Bridgecorp Ltd. was a property development
and finance company.  The company was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 14,500 investors, which liquidators estimate to
approximate NZ$500 million.  Bridgecorp's nine Australian
companies were also placed into voluntary administration, owing
about 100 investors about AUD24 million (NZ$27 million).


ROSS ASSET: Liquidators Seek to Claw Back NZ$2.3 Million
--------------------------------------------------------
Hamish McNicol at Stuff.co.nz reports that the liquidator of Ross
Asset Management has made its first application to claw back
NZ$2.3 million from an investor who received payments in the three
years before the company's collapse.

But the claim will face "significant contest on factual issues"
and "contentious litigation", after a High Court judgment ruled in
favour of the investor in its first battle with the liquidator,
Stuff.co.nz says.

In November, David Ross, 64, was jailed for 10 years and 10 months
for operating a fraudulent scheme in which private investors lost
about NZ$115 million.  His company, Ross Asset Management (RAM),
fleeced at least 700 investors through portfolios in which they
thought they had more than NZ$380 million.

As things stand now, about NZ$3 million is left for the hundreds
of investors swindled by Mr. Ross, the man responsible for
New Zealand's single-biggest fraud, Stuff.co.nz states.

But liquidator PwC has long signalled it was preparing to claw
back up to NZ$25 million from investors who withdrew money from
the Ponzi scheme before it collapsed, according to Stuff.co.nz.

If test claims against three investors who withdrew NZ$3.8 million
in fictitious profits were successful, it would use the precedent
to chase about two dozen investors who made withdrawals in the two
years before the scheme's collapse, the report notes.

According to Stuff.co.nz, a High Court judgment delivered by
Justice Alan McKenzie on November 11 dismissed the liquidator's
first claim to NZ$2.3 million of this money by way of an
originating application.

Instead, the application will likely require discovery and other
interlocutory steps after the investor's lawyer Justin Toebes
argued the case would involve "contentious litigation" and
contested evidence, the report notes.

The name of the investor has been granted interim suppression,
according to the report.

Stuff.co.nz notes that the liquidators have filed proceedings
relating to 11 payments made to the investor from Ram between
March 2009 and August 2012, totalling NZ$2.3 million.

The claims to recover those payments have been made under three
separate legal bases, but were sought by way of originating
application, the report states.

Stuff.co.nz adds that the investor, however, opposed the
application.

                         About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).


WANAKA ALE: Owes Nearly NZ$360,000 to Creditors
-----------------------------------------------
Mark Price at Otago Daily Times reports that the demise of Wanaka
Ale House Ltd, formerly trading at 155 Ardmore St, has left
creditors nearly NZ$360,000 out of pocket.

In their first report, liquidators Paul Jenkins --
gus@insolvency.co.nz -- and Iain Nellies -- iain@insolvency.co.nz
-- of Insolvency Management Ltd, of Dunedin, said the restaurant
and bar owned by Stephen John Laing traded from leased premises
until being placed in receivership in March 2013, on the
application of the Bank of New Zealand, Otago Daily relates.

The receivers traded the company until June 2013 when the business
and its assets were sold, Otago Daily says.

Otago Daily adds that the liquidator's report said Mr. Laing was
recently adjudged bankrupt.

There are seven known secured creditors, including the
Invercargill Licensing Trust, one known preferential creditor,
Inland Revenue, and 50 known unsecured creditors.

Creditors have until today, November 14 to make a claim.

According to Otago Daily, the liquidators consider it unlikely a
dividend will be payable to creditors "However, this will not be
confirmed until a full examination of the company records has been
undertaken," the report said.

The liquidation is expected to be completed by March next year,
Otago Daily notes. The statement of financial position shows the
company has no assets, Otago Daily notes.

Otago Daily relates that as preferential creditor, Inland Revenue
is owed NZ$99,451 but it is also among the list of unsecured
creditors owed a total of NZ$258,897.79.

The amount owed to secured creditors had yet to be determined, the
report adds.



=================
S I N G A P O R E
=================


FIRST SHIP: S&P Affirms then Withdraws 'CCC+' Corp. Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' long-term
corporate credit rating on Singapore-based First Ship Lease Trust
(FSL) with a negative outlook.  S&P also affirmed the 'axCCC+'
long-term ASEAN regional scale rating on the company.  S&P then
withdrew the ratings at FSL's request.

The rating prior to its withdrawal reflected Standard & Poor's
opinion on FSL's exposure to the volatility in the shipping
industry, its weakened financial capacity, and uncertainty about
the company's compliance with covenants.  S&P believes that the
outlook for the company is still heavily dependent on bank
support, despite its recently stabilized performance.  FSL's
predictable cash flow generation from the long-term lease
contracts somewhat mitigates the weakness, in S&P's view.



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


KUMHO ASIANA: Park Siblings' Row Over Control Continues
-------------------------------------------------------
Lee Hyo-sik at The Korea Times reports that Kumho Asiana Group
Chairman Park Sam-koo is widely expected to take back control of
Kumho Industrial, the group's holding company that has been placed
under a creditor-led workout program for the past five years,
early next year.

However, his younger brother Park Chan-koo, chairman of Kumho
Petrochemical Group, has demanded that the older Park be
disallowed from buying shares from stakeholders, the report says.

The two have been engaged in a series of legal battles, blaming
each other for the group's fall from grace, according to The Korea
Times.

The Korea Times notes that Kumho Asiana Group suffered a severe
liquidity crisis in 2009 and, the following year, the younger
brother rebelled to take control of the group's petrochemical
units and established Kumho Petrochemical Group.

Kumho Industrial, along with its sister firm Kumho Tire, have been
under corporate restructuring programs since 2010, but are about
to graduate from the scheme on the back of the firm's improving
financial health, the report says.

The report relates that the state-run Korea Development Bank (KDB)
and other creditors have said that they will dispose of their
stakes in Kumho Industrial early next year and the older Park is
widely expected to purchase the 57.6 percent stake held by them.

"Creditors have given a green light to the builder to graduate
from their workout program," the report quotes a spokesman for
Kumho Asiana Group as saying. "They have begun moving to dispose
of their stakes in Kumho Industrial. They will first hold an open
bid to discover how much the company is valued. They will then
negotiate with us over the stake sale early next year."

The spokesman said the group will definitely buy the shares, but
nothing has been decided yet about how the funds will be raised,
the report relays.

"When our chairman holds managerial control of Kumho Industrial,
we will be in a better position to counter the smear campaign
orchestrated by Kumho Petrochemical Group. Currently, it is
difficult for us to just ignore its offenses because we need to be
concerned about our public image," the spokesman, as cited by The
Korea Times, said.

However, Kumho Petrochemical Group opposes the planned stake sale,
insisting that Kumho Industrial, along with its affiliate Kumho
Tire and Kumho Asiana Airlines, should be sold to a third party,
The Korea Times states. The group is the second-largest
shareholder of the nation's second-largest flagship carrier,
holding a 12.61 percent stake.

"We hold no stake in Kumho Industrial. But we strongly believe
that for the sake of employees, Kumho Industrial shouldn't be
controlled by Park Sam-koo," the report quotes a group spokesman
as saying. "Nothing has improved for the company or for employees
over the past five years while under his management. If Kumho
Asiana Group wants to move forward, it should be acquired by a
larger business group."

He added that Park Sam-koo should be held responsible for
mismanaging group units, the report relates. "Asiana Airlines has
remained in terrible shape under Park Sam-koo's management. As the
second-largest shareholder, we want the carrier to be sold to a
third party. As far as I know, there are many interested business
groups seeking to own the national carrier."

Kumho Asiana Group fell into crisis in 2009 after it had borrowed
an excessive amount of money to acquire Daewoo E&C and Korea
Express, The Korea Times notes.

The group had to dispose of the builder and the ground-based
logistics firm to help ease its financial hardship, and asked its
creditors to extend more credit. But creditors subjected Kumho
Industrial and other group units to a stringent workout program in
return for a debt to equity swap, the report says.

The Troubled Company Reporter-Asia Pacific on Aug. 6, 2009, citing
The Korea Herald, reported that Kumho Asiana Group has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July 2009 decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  The creditors
decided on Dec. 30, 2009, to put two other ailing units -- Kumho
Industrial Co. and Kumho Tire Co. -- under a debt rescheduling
program.  Meanwhile, the group's other two units -- Korea Kumho
Petrochemical Co. and Asiana Airlines Inc. -- will have to improve
their financial health through rigorous self- restructuring
efforts as earlier agreed with creditors.  Kumho
Asiana unveiled a restructuring plan on Jan. 5, 2011, that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.



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

* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------


AUSTRALIA

360 CAPITAL OFFI          TOF            88.94        -33.19
AAT CORP LTD              AAT            32.50        -13.46
AAT CORP LTD              AAT            32.50        -13.46
ATLANTIC LTD              ATI            64.03       -517.87
AUSTRALIAN ZI-PP        AZCCA            14.89        -65.04
AUSTRALIAN ZIRC           AZC            14.89        -65.04
BESRA GOLD -CDI           BEZ            67.38        -22.27
BIRON APPAREL LT          BIC            19.71         -2.22
BLUESTONE GLOBAL          BUE            46.32         -2.40
CLARITY OSS LTD           CYO            13.99        -15.57
KASBAH RESOURCES          KAS            18.24         -0.85
KASBAH RESOUR-NS         KASN            18.24         -0.85
LEGEND MINING             LEG            20.24         -0.66
MACQUARIE ATLAS           MQA         1,643.30     -1,018.14
MIRABELA NICKEL           MBN           158.54       -375.82
NATURAL FUEL LTD          NFL            19.38       -121.51
QUICKFLIX LTD             QFX            12.12         -4.38
QUICKFLIX LTD-N          QFXN            12.12         -4.38
RIVERCITY MOTORW          RCY           386.88       -809.13
SAVCOR GRP LTD            SAV            25.90        -10.32
STERLING PLANTAT          SBI            55.20        -11.32
STONE RESOURCES           SHK            21.01         -5.58
STRAITS RESOURCE          SRQ           185.04        -65.47
TZ LTD                    TZL            12.45        -10.10
VDM GROUP LTD             VMG            17.70         -2.10


CHINA

ANHUI GUOTONG-A            600444        75.69         -6.25
BAIOO                        2100        88.34         -3.21
CHANG JIANG-A                 520        85.63       -803.28
HUNAN TIANYI-A                908        56.58         -1.61
JIANGXI CHANG-A            600228       110.07         -9.15
LUOYANG GLASS-A            600876       203.45         -2.05
LUOYANG GLASS-H              1108       203.45         -2.05
NANNING CHEMIC-A           600301       344.15         -9.59
SHAANXI QINLIN-A           600217       349.25        -14.52
SHANG BROAD-A              600608        35.87         -0.22
SHANGHAI CHAOR-A             2506       577.79       -465.36
TIANGE                       1980       139.51        -13.82
WUHAN BOILER-B             200770       203.68       -218.32


HONG KONG

BEIJINGWEST INDU             2339        28.39        -57.06
BIRMINGHAM INTER             2309        59.86        -21.91
C FOOD&BEV GP                8272        50.10         -4.36
CHINA E-LEARNING             8055        13.33         -4.07
CHINA HEALTHCARE              673        27.19        -12.96
CHINA OCEAN SHIP              651       315.16        -76.51
CNC HOLDINGS                 8356        42.92        -52.59
CROWN INTERNATIO              727        64.61         -5.12
EFORCE HLDGS LTD              943        55.72        -17.55
GR PROPERTIES LT              108        17.83        -52.36
GRANDE HLDG                   186       205.00       -295.25
HARMONIC STR                   33        32.93         -2.03
MASCOTTE HLDGS                136        18.90        -12.88
MEGA EXPO HOLDIN             1360        17.00         -0.53
PALADIN LTD                   495       148.01        -14.35
PROVIEW INTL HLD              334       314.87       -294.85
SINO DISTILLERY                39        72.30         -7.54
SINO RESOURCES G              223        30.65        -17.93
SURFACE MOUNT                 SMT        41.44         -9.21
TITAN PETROCHEMI             1192       422.49     -1,073.54


INDONESIA

APAC CITRA CENT          MYTX           172.86        -12.52
ARPENI PRATAMA           APOL           182.55       -333.91
ASIA PACIFIC             POLY           330.86       -853.09
BAKRIE & BROTHER         BNBR           956.98       -156.77
BAKRIE TELECOM           BTEL           748.76       -111.71
BERLIAN LAJU TAN         BLTA         1,074.01     -1,177.97
BERLIAN LAJU TAN         BLTA         1,074.01     -1,177.97
BUMI RESOURCES           BUMI         6,764.90       -242.51
ICTSI JASA PRIMA         KARW            54.93         -6.88
JAKARTA KYOEI ST         JKSW            23.75        -35.86
MATAHARI DEPT            LPPF           282.58        -74.21
ONIX CAPITAL TBK         OCAP            11.39         -1.66
PRIMARINDO ASIA          BIMA            11.89        -16.86
RENUKA COALINDO          SQMI            17.04         -0.33
SUMALINDO LESTAR         SULI            77.74        -33.80
UNITEX TBK               UNTX            18.83        -18.53


INDIA

ABHISHEK CORPORA         ABSC            53.66        -25.51
AGRO DUTCH INDUS          ADF            85.09        -22.81
ALPS INDUS LTD           ALPI           201.29        -41.70
AMIT SPINNING            AMSP            12.85         -7.68
ARTSON ENGR               ART            11.64        -10.64
ASHAPURA MINECHE         ASMN           162.39        -16.64
ASHIMA LTD               ASHM            63.23        -48.94
ATV PROJECTS              ATV            48.47        -43.93
BELLARY STEELS           BSAL           451.68       -108.50
BENZO PETRO INTL          BPI            26.77         -1.05
BHAGHEERATHA ENG         BGEL            22.65        -28.20
BINANI INDUS LTD          BZL         1,163.38        -38.79
BLUE BIRD INDIA          BIRD           122.02        -59.13
CELEBRITY FASHIO         CFLI            24.96         -8.26
CHESLIND TEXTILE          CTX            20.51         -0.03
CLASSIC DIAMONDS          CLD            66.26         -6.84
COMPUTERSKILL             CPS            14.90         -7.56
DCM FINANCIAL SE        DCMFS            18.46         -9.46
DFL INFRASTRUCTU         DLFI            42.74         -6.49
DIGJAM LTD               DGJM            99.41        -22.59
DISH TV INDIA            DITV           462.53        -52.19
DISH TV INDI-SLB       DITV/S           462.53        -52.19
DUNCANS INDUS             DAI           122.76       -227.05
ENSO SECUTRACK           ENSO            15.57         -0.46
EURO CERAMICS            EUCL           110.62         -6.83
EURO MULTIVISION         EURO            36.94         -9.95
FERT & CHEM TRAV          FCT           314.24        -76.26
GANESH BENZOPLST          GBP            44.05        -15.48
GANGOTRI TEXTILE         GNTX            54.67        -14.22
GOKAK TEXTILES L         GTEX            46.36         -0.29
GOLDEN TOBACCO            GTO            97.40        -18.24
GSL INDIA LTD             GSL            29.86        -42.42
GSL NOVA PETROCH         GSLN            16.53         -1.31
GUJARAT STATE FI          GSF            15.26       -304.68
GUPTA SYNTHETICS        GUSYN            44.18         -6.34
HARYANA STEEL            HYSA            10.83         -5.91
HEALTHFORE TECHN         HTEC            14.74        -46.64
HINDUSTAN ORGAN           HOC            57.24        -51.76
HINDUSTAN PHOTO          HPHT            49.58     -1,832.65
HIRAN ORGOCHEM             HO            14.56         -4.59
HMT LTD                   HMT           106.62       -454.42
ICDS                     ICDS            13.30         -6.17
INDAGE RESTAURAN          IRL            15.11         -2.35
INDOSOLAR LTD            ISLR           193.78         -6.91
INTEGRAT FINANCE          IFC            49.83        -51.32
JCT ELECTRONICS          JCTE            80.08        -76.70
JENSON & NIC LTD           JN            16.49        -71.70
JET AIRWAYS IND         JETIN         2,856.84       -697.07
JET AIRWAYS -SLB      JETIN/S         2,856.84       -697.07
JOG ENGINEERING           VMJ            45.90         -5.28
KALYANPUR CEMENT         KCEM            23.39        -42.66
KERALA AYURVEDA          KERL            13.97         -1.69
KIDUJA INDIA              KDJ            11.16         -3.43
KINGFISHER AIR           KAIR           515.93     -2,371.26
KINGFISHER A-SLB       KAIR/S           515.93     -2,371.26
KITPLY INDS LTD           KIT            14.77        -58.78
KLG SYSTEL LTD           KLGS            40.64        -27.37
KM SUGAR MILLS           KMSM            19.14         -0.47
KSL AND INDUSTRI        KSLRI           269.42        -14.19
LML LTD                   LML            43.95        -78.18
MADHUCON PROJECT        MDHPJ         1,226.74        -21.90
MADRAS FERTILIZE          MDF           289.78        -34.43
MAHA RASHTRA APE         MHAC            14.49        -12.96
MALWA COTTON             MCSM            44.14        -24.79
MAWANA SUGAR             MWNS           142.07        -32.88
MILTON PLASTICS          MILT            17.67        -51.22
MODERN DAIRIES            MRD            38.61         -3.81
MOSER BAER INDIA          MBI           727.13       -165.63
MOSER BAER -SLB         MBI/S           727.13       -165.63
MTZ POLYFILMS LT          TBE            31.94         -2.57
MURLI INDUSTRIES         MRLI           262.39        -38.30
MYSORE PAPER             MSPM            87.99         -8.12
NATL STAND INDI          NTSD            22.09         -0.73
NAVCOM INDUS LTD          NOP            10.19         -3.53
NICCO CORP LTD           NICC            71.84         -4.91
NICCO UCO ALLIAN         NICU            23.25        -83.90
NK INDUS LTD              NKI           141.35         -7.71
NRC LTD                  NTRY            63.70        -53.01
NUCHEM LTD                NUC            24.72         -1.60
PANCHMAHAL STEEL          PMS            51.02         -0.33
PARAMOUNT COMM           PRMC           124.96         -0.52
PARASRAMPUR SYN           PPS            99.06       -307.14
PAREKH PLATINUM          PKPL            61.08        -88.85
PIONEER DISTILLE          PND            53.74         -5.62
PREMIER INDS LTD         PRMI            11.61         -6.09
PRIYADARSHINI SP         PYSM            20.80         -2.28
QUADRANT TELEVEN         QDTV           127.72       -153.54
QUINTEGRA SOLUTI          QSL            16.76        -17.45
RAMSARUP INDUSTR         RAMI           433.89        -89.28
RATHI ISPAT LTD          RTIS            44.56         -3.93
RELIANCE MED-SLB        RMW/S           276.99        -88.49
RENOWNED AUTO PR          RAP            14.12         -1.25
RMG ALLOY STEEL           RMG            66.61        -12.99
ROYAL CUSHION            RCVP            14.70        -75.18
SAAG RR INFRA LT         SAAG            12.54         -4.93
SADHANA NITRO             SNC            16.74         -0.58
SANATHNAGAR ENTE         SNEL            49.23         -6.78
SANCIA GLOBAL IN         SGIL            53.12        -30.47
SBEC SUGAR LTD          SBECS            92.44         -5.61
SERVALAK PAP LTD         SLPL            61.57         -7.63
SHAH ALLOYS LTD            SA           168.13        -81.60
SHALIMAR WIRES           SWRI            21.39        -24.28
SHAMKEN COTSYN            SHC            23.13         -6.17
SHAMKEN MULTIFAB          SHM            60.55        -13.26
SHAMKEN SPINNERS          SSP            42.18        -16.76
SHREE GANESH FOR         SGFO            44.50         -2.89
SHREE KRISHNA            SHKP            14.62         -0.92
SHREE RAMA MULTI         SRMT            38.90         -4.49
SHREE RENUKA SUG         SHRS         2,162.34        -82.52
SHREE RENUKA-SLB       SHRS/S         2,162.34        -82.52
SIDDHARTHA TUBES          SDT            44.95        -15.37
SIMBHAOLI SUGAR          SBSM           268.76        -54.47
SPICEJET LTD             SJET           489.96       -170.22
SQL STAR INTL             SQL            10.58         -3.28
STATE TRADING CO          STC           556.35       -392.74
STELCO STRIPS            STLS            14.90         -5.27
STI INDIA LTD            STIB            21.69         -2.13
STL GLOBAL LTD           SHGL            30.73         -5.62
STORE ONE RETAIL         SORI            15.48        -59.09
SUPER FORGINGS            SFS            14.62         -7.00
SURYA PHARMA             SUPH           370.28         -9.97
SUZLON ENERG-SLB       SUEL/S         5,061.62        -53.02
SUZLON ENERGY            SUEL         5,061.62        -53.02
TAMILNADU JAI            TNJB            17.07         -1.00
TATA METALIKS             TML           122.76         -3.30
TATA TELESERVICE         TTLS         1,311.30       -138.25
TATA TELE-SLB          TTLS/S         1,311.30       -138.25
TODAYS WRITING           TWPL            18.58        -25.67
TRIUMPH INTL             OXIF            58.46        -14.18
TRIVENI GLASS            TRSG            19.71        -10.45
TUTICORIN ALKALI         TACF            19.86        -19.58
UDAIPUR CEMENT W          UCW            11.38        -10.53
UNIFLEX CABLES           UFCZ            47.46         -7.49
UNIWORTH LTD               WW           149.50       -151.14
UNIWORTH TEXTILE          FBW            22.54        -35.03
USHA INDIA LTD           USHA            12.06        -54.51
VANASTHALI TEXT           VTI            14.59         -5.80
VENUS SUGAR LTD            VS            11.06         -1.08
WANBURY LTD              WANB           141.86         -3.91
WEBSOL ENERGY SY         WESL           105.10        -23.79


JAPAN

GOYO FOODS INDUS             2230        11.93         -1.86
LCA HOLDINGS COR             4798        19.37         -7.17
OPTROM INC                   7824        17.71         -2.66
PIXELA CORP                  6731        15.08         -1.63


KOREA

HYUNDAI CEMENT               6390       454.92       -262.92
SHINIL ENG CO               14350       199.04         -2.53
STX CORPORATION             11810     1,275.13       -484.08
STX ENGINE CO LT            77970     1,170.67        -62.72
TEC & CO                     8900       139.98        -16.61
TONGYANG INC                 1520     1,068.15       -452.52
TONGYANG INC-2PF             1527     1,068.15       -452.52
TONGYANG INC-3RD             1529     1,068.15       -452.52
TONGYANG INC-PFD             1525     1,068.15       -452.52
VERITAS INVESTME            19660        16.04         -0.09


MALAYSIA

DING HE MINING            705            75.97        -26.38
HAISAN RESOURCES          HRB            39.97        -11.83
HIGH-5 CONGLOMER         HIGH            34.30        -46.85
ML GLOBAL BHD             MLG            17.74         -3.63
PERWAJA HOLDINGS         PERH           632.62         -7.46
PETROL ONE RESOU         PORB            51.39         -4.00


PHILIPPINES

CYBER BAY CORP           CYBR            13.72        -23.36
DFNN INC                 DFNN            13.15         -2.31
FILSYN CORP A             FYN            23.11        -11.69
FILSYN CORP. B           FYNB            23.11        -11.69
GOTESCO LAND-A             GO            21.76        -19.21
GOTESCO LAND-B            GOB            21.76        -19.21
LIBERTY TELECOMS          LIB            91.11        -40.80
METRO GLOBAL HOL           FC            40.90        -15.77
PICOP RESOURCES           PCP           105.66        -23.33
STENIEL MFG               STN            21.07        -11.96
UNIWIDE HOLDINGS           UW            50.36        -57.19


SINGAPORE

ADVANCE SCT LTD          ASCT            19.68        -22.46
CHINA GREAT LAND          CGL            16.52        -19.01
HL GLOBAL ENTERP         HLGE            83.11         -4.63
OCEANUS GROUP LT        OCNUS            85.03         -5.53
QT VASCULAR LTD          QTVC            10.21        -25.76
SCIGEN LTD-CUFS           SIE            46.71        -55.42
SINGAPORE EDEVEL          SGE            20.68         -9.36
TERRATECH GROUP          TEGP            13.55         -5.24
TT INTERNATIONAL          TTI           399.33        -11.36
UNITED FIBER SYS          UFS            51.61        -76.05


THAILAND

ABICO HLDGS-F         ABICO/F            15.28         -4.40
ABICO HOLDINGS          ABICO            15.28         -4.40
ABICO HOLD-NVDR       ABICO-R            15.28         -4.40
ASCON CONSTR-NVD      ASCON-R            59.78         -3.37
ASCON CONSTRUCT         ASCON            59.78         -3.37
ASCON CONSTRU-FO      ASCON/F            59.78         -3.37
BANGKOK RUBBER            BRC            77.91       -114.37
BANGKOK RUBBER-F        BRC/F            77.91       -114.37
BANGKOK RUB-NVDR        BRC-R            77.91       -114.37
BIG CAMERA COP-F        BIG/F            19.86        -13.03
BIG CAMERA CORP           BIG            19.86        -13.03
BIG CAMERA -NVDR        BIG-R            19.86        -13.03
CIRCUIT ELEC PCL       CIRKIT            16.79        -96.30
CIRCUIT ELEC-FRN     CIRKIT/F            16.79        -96.30
CIRCUIT ELE-NVDR     CIRKIT-R            16.79        -96.30
ITV PCL-NVDR            ITV-R            36.02       -121.94
K-TECH CONSTRUCT        KTECH            38.87        -46.47
K-TECH CONSTRUCT      KTECH/F            38.87        -46.47
K-TECH CONTRU-R       KTECH-R            38.87        -46.47
KUANG PEI SAN          POMPUI            17.70        -12.74
KUANG PEI SAN-F      POMPUI/F            17.70        -12.74
KUANG PEI-NVDR       POMPUI-R            17.70        -12.74
PATKOL PCL              PATKL            52.89        -30.64
PATKOL PCL-FORGN      PATKL/F            52.89        -30.64
PATKOL PCL-NVDR       PATKL-R            52.89        -30.64
PICNIC CORP-NVDR      PICNI-R           101.18       -175.61
PICNIC CORPORATI        PICNI           101.18       -175.61
PICNIC CORPORATI      PICNI/F           101.18       -175.61
SHUN THAI RUBBER        STHAI            19.89         -0.59
SHUN THAI RUBB-F      STHAI/F            19.89         -0.59
SHUN THAI RUBB-N      STHAI-R            19.89         -0.59
TONGKAH HARBOU-F        THL/F            62.30         -1.84
TONGKAH HARBOUR           THL            62.30         -1.84
TONGKAH HAR-NVDR        THL-R            62.30         -1.84
TRANG SEAFOOD             TRS            15.18         -6.61
TRANG SEAFOOD-F         TRS/F            15.18         -6.61
TRANG SFD-NVDR          TRS-R            15.18         -6.61
TT&T PCL                 TTNT           589.80       -223.22
TT&T PCL-NVDR          TTNT-R           589.80       -223.22
TT&T PUBLIC CO-F       TTNT/F           589.80       -223.22
WORLD CORP -NVDR      WORLD-R            15.72        -10.10
WORLD CORP PCL          WORLD            15.72        -10.10
WORLD CORP PLC-F      WORLD/F            15.72        -10.10


TAIWAN

BEHAVIOR TECH CO        2341S            34.54         -2.57
BEHAVIOR TECH-EC        2341O            34.54         -2.57
HELIX TECH-EC           2479T            23.39        -24.12
HELIX TECH-EC IS        2479U            23.39        -24.12
HELIX TECHNOL-EC        2479S            23.39        -24.12
POWERCHIP SEM-EC        5346S         1,761.34       -296.10
TAIWAN KOL-E CRT        1606U           507.21       -147.14
TAIWAN KOLIN-EN         1606V           507.21       -147.14
TAIWAN KOLIN-ENT        1606W           507.21       -147.14




                             *********

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.



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