TCRAP_Public/141125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, November 25, 2014, Vol. 17, No. 233


                            Headlines


A U S T R A L I A

ELLA GIRL: First Creditors' Meeting Slated For Dec. 1
LM INVESTMENT: Peter Drake on Verge of Bankruptcy
MIRABELA NICKEL: Creditors to Sell Shares as Lonestar Cuts Stake
MONNIG PTY: In Administration; First Creditors' Meeting on Dec. 2
PIE FACE: Placed in Administration

SMB AND DALE: First Creditors' Meeting Set For December 1


C H I N A

HONGHUA GROUP: Moody's Changes B1 CFR Rating Outlook to Negative


H O N G  K O N G

CHINA PRECISION: Incurs $6.79M Net Loss in Quarter Ended Sept. 30
NETWORK CN: Incurs $273,000 Net Loss in Third Quarter


I N D I A

AISHWARYA TECHNOLOGIES: CARE Ups INR7.11cr Loan Rating to B-
AMAR JYOTI: CRISIL Assigns B- Rating to INR104MM Term Loan
ASIAN SOCIETY: CRISIL Ups Rating on INR180MM Term Loan to 'B'
BDS HOSPITALITY: CRISIL Reaffirms B Rating on INR80MM Term Loan
BHAVANI ERECTORS: CARE Assigns B+ Rating to INR10cr LT Bank Loan

GOODEARTH MARITIME: ICRA Reaffirms D Rating on INR379cr Loan
GSM PLUS: CRISIL Assigns 'B' Rating to INR62.3MM Bank Loan
KHANDELWAL STEEL: CRISIL Assigns B+ Rating to INR80MM Cash Credit
LOGAN CERAMIC: CRISIL Assigns B+ Rating to INR72.5MM Term Loan
MAHALAXMI TMT: CARE Reaffirms B Rating on INR722.78cr Bank Loan

MEGACORP INT'L: CRISIL Lowers Rating on INR150MM Cash Loan to D
MOHTA PLYWOOD: ICRA Reaffirms B Rating on INR0.5cr LT Bank Loan
NASHIK FORGE: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
PATRON INDUSTRIES: ICRA Reaffirms B+/A4 Rating on INR12cr Loan
RANGOLI PARTICLE: CRISIL Assigns B+ Rating to INR50MM Term Loan

SANDEEP LOGISTICS: CRISIL Assigns D Rating to INR105MM Bank Loan
SAR SENAPATI: CARE Lowers Rating on INR186.47cr LT Bank Loan to D
SHIRAJ TIMBER: CRISIL Reaffirms B- Rating on INR155MM Cash Loan
SOHRAB SPINNING: CRISIL Ups Rating on INR130MM Cash Credit to B
SONEX TV: CRISIL Reaffirms 'B' Rating on INR85MM Cash Credit

SPICEJET LTD: Admits Fleet Thinning Down
SRI SARVARAYA: CRISIL Cuts Rating on INR972.3MM LT Loan to 'D'
SUPER INFRATECH: CRISIL Reaffirms B Rating on INR49MM Loan
UKS FRUIT: CRISIL Assigns B+ Rating to INR90MM Cash Credit


I N D O N E S I A

BUMI RESOURCES: Sells 50% Stake in Unit to Cut US$130MM Debt


N E W  Z E A L A N D

CALLAGHANS BAKERY: Worker Lose Jobs Following Liquidation
CHRISTCHURCH YARNS: Winning Customers Back Under New Owners


S O U T H  K O R E A

SK HYNIX: S&P Revises Outlook to Positive & Affirms 'BB+' CCR


X X X X X X X X

* BOND PRICING: For the Week Nov. 17 to Nov. 21, 2014


                            - - - - -


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


ELLA GIRL: First Creditors' Meeting Slated For Dec. 1
-----------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Ella Girl Holdings Pty Ltd on Nov. 19, 2014.

A first meeting of the creditors of the Company will be held at
Suite 5, Level 5, 66 Hunter Street, in Sydney, New South Wales, on
Dec. 1, 2014, at 11:30 a.m.


LM INVESTMENT: Peter Drake on Verge of Bankruptcy
-------------------------------------------------
Jenny Rogers at The Gold Coast Bulletin reports that former high-
flying Gold Coast businessman Peter Drake is on the verge of
bankruptcy but plans to 'vigorously defend' legal action against
him.

The Bulletin relates that the founder of the failed LM Investment
Management group on November 23 lost a Queensland Supreme Court
action brought against him over AUD22 million in unpaid loans.

According to the report, KordaMentha trustees for an LMIM fund now
plan to issue bankruptcy proceedings against Mr Drake in the next
few days.

KordaMentha had launched action against Mr Drake over
AUD22 million in loans he received from the LM Managed Performance
Fund, the Bulletin says.

A spokesman said Mr Drake had been refusing to repay the loans,
the report notes.

The Bulletin says Mr. Drake described the ASIC allegations as
"flimsy at best and in some instances, totally misleading and
incorrect".

                        About LM Investment

New Zealand Herald reported that voluntary administrators have
been appointed to LM Investment Management, a beleaguered
Australian firm that controlled a frozen mortage fund which
New Zealanders had more than NZ$100 million tied up in.  LM
directors on March 19, 2013, appointed John Park and Ginette
Muller of FTI Consulting as voluntary administrators, blaming the
move on liquidity problems caused by a smear campaign.

LM is the responsible entity of these registered managed
investment schemes:

-- LM Cash Performance Fund;
-- LM First Mortgage Income Fund;
-- LM Currency Protected Australian Income Fund;
-- LM Institutional Currency Protected Australian Income Fund;
-- LM Australian Income;
-- LM Australian Structured Products Fund; and
-- The Australian Retirement Living Fund.

LM also operates the unregistered LM Managed Performance Fund.

The Supreme Court of Queensland in April appointed KordaMentha and
its affiliate firm Calibre Capital as joint trustees of the AUD350
million Gold Coast-based LM Managed Performance Fund (LMPF).

Ms. Muller and Mr. Park were appointed liquidatorz of LM
Investment Management Limited on Aug. 1, 2014.


MIRABELA NICKEL: Creditors to Sell Shares as Lonestar Cuts Stake
----------------------------------------------------------------
David Yong at Bloomberg News reports that more creditors of
Mirabela Nickel Ltd., the Australian producer of the silvery-white
metal that missed coupon payments on notes last year, are selling
company shares they obtained in a debt-to-equity swap.

Bloomberg relates that the miner said in a Nov. 21 filing five
undisclosed investors have asked Mirabela's trustee to sell their
holdings totaling 3.617 million shares on Nov. 28, the second so-
called cash-out window following a debt restructuring.

Mirabela shares closed up 6.7 percent at AUD0.032 in Sydney,
Bloomberg's Nov 24 report discloses.  That's still down from
AUD0.04 on June 30 when Mirabela resumed trading after a halt put
in place October 2013. The Perth-based producer missed coupon
payments on AUD395 million of April 2018 notes that month,
according to the report.

Under its restructuring agreement, Mirabela used 98.2 percent of
its share capital and issued $115 million of new convertible bonds
to repay creditors, turning debtholders including Legg Mason Inc.,
Guggenheim Capital LLC and Lonestar Capital Management LLC into
equity owners, Bloomberg relays citing company filings.

Funds managed by Lonestar Capital ceased to be a substantial owner
in the company on Nov. 8 after selling almost 16 million shares in
the market from AUD0.05 and AUD0.072 each, the company's filing
shows.

Mirabela Nickel Limited -- http://www.mirabela.com.au/-- is an
Australia-based mineral resource company engaged in mining,
production and sale of nickel concentrate. The Company's principal
asset is the 100%-owned Santa Rita nickel sulphide mine in Bahia,
Brazil. The Santa Rita mine is located approximately 360
kilometers south-west of Salvador and approximately six kilometres
from the town of Ipiau. The Company also has a portfolio of
prospective nickel targets in Brazil, including an underground
mineral resource at Santa Rita.

Martin Madden, Clifford Rocke, and David Winterbottom of
KordaMentha have been appointed as Joint and Several Voluntary
Administrators by resolution of the Board of Directors on
Feb. 25, 2014. The appointment of Joint and Several Voluntary
Administrators is an important and necessary mechanic in
progressing the Proposed Recapitalisation.


MONNIG PTY: In Administration; First Creditors' Meeting on Dec. 2
-----------------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Monnig Pty Ltd on Nov. 20, 2014.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, Queensland, on Dec. 2, 2014, at 10:00 a.m.


PIE FACE: Placed in Administration
----------------------------------
Sue Mitchell at The Sydney Morning Herald reports that dozens of
high profile bankers, fund managers and investors have been left
eating humble pie after the collapse of Pie Face, one of the first
Australian fast-food chains to expand overseas.

According to the report, the Pie Face Group's founder and major
shareholder, former Citigroup banker Wayne Homschek, has appointed
accounting and advisory firm Jirsch Sutherland as administrators
and is attempting to restructure and refinance the company, which
owns more than 70 stores selling pies, sausage rolls and coffee.

SMH relates that Mr. Homschek told Business Day on November 22
that parts of the company were still profitable and he was still
considering an initial public offer next year.

However, Pie Face was struggling to service leases on three
factories after shifting production to a single site near Rosehill
Gardens racecourse in Sydney this year to cut costs and improve
efficiency, SMH relays.

According to SMH, Jirsch Sutherland partner Rod Sutherland said a
number of company-owned stores were also losing money and Pie
Face's international partner in America "has caused some grief as
well.

"But it's really the company owned stores that need
restructuring," the report quotes Mr. Sutherland as saying.

SMH says high profile investors who piled into the company in
recent years ahead of an anticipated AUD150 million IPO and much-
touted global expansion now believe they may for tapped for more
capital.

Pie Face and its advisers Macquarie Capital and Commonwealth Bank
raised AUD35 million over the last five years in pre-IPO-style
funding, including a AUD15 million investment in 2012 from US
casino developer Steve Wynn, the report states. The cash gave
Mr. Wynn a 43% stake in Pie Face's US operations and first rights
in other global deals. He planned to open 16 stores in Manhattan,
the report relays.

Other investors included retail entrepreneur Brett Blundy, who
owns Bras N Things and soon-to-be-floated Lovisa, Optimal Fund
Management founder Warwick Johnson, Rothschild Australia chairman
Trevor Rowe, former Rothschild banker Robert Crossman, Will
Vicars' Caledonesia Investments, Pacific Equity Partners' Paul
McCullagh, former Macquarie Capital director Wayne Kent, former
Austereo executive Brian Bickmore and Fat Prophets' Angus Geddes,
SMH discloses.

According to SMH, Mr. Homschek said investors were supportive of
the restructuring, which is aimed at underpinning the growth of
Pie Face's 44-odd franchised stores in Australia and its wholesale
business.

"We're potentially going to refinance Macquarie Capital and are
looking at bringing in new senior lenders," the report quotes Mr.
Homschek as saying.

Pie Face was funded in Sydney in 2003 by US-born Mr Homschek and
his wife, interior designer Betty Fong, who spotted a gap in the
market for a newer, healthier version of the iconic Aussie pie. At
its peak, Pie Face and its partners operated more about 80 stores
in Australia, the US and New Zealand. However, industry sources
said the company tried to grow too fast.


SMB AND DALE: First Creditors' Meeting Set For December 1
---------------------------------------------------------
Domenic Calabretta at Mackay Goodwin was appointed as
administrator of SMB and Dale Shepherd Trailers Pty Ltd on Nov.
19, 2014.

A first meeting of the creditors of the Company will be held at
Suite 5, Level 5, 66 Hunter Street, in Sydney, on Dec. 1, 2014, at
11:00 a.m.



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C H I N A
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HONGHUA GROUP: Moody's Changes B1 CFR Rating Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has changed the outlook of Honghua Group
Limited's B1 corporate family and senior unsecured debt ratings to
negative from stable.

Moody's has also affirmed both ratings.

Ratings Rationale

"The negative outlook reflects Moody's concern that the lower-
than-expected oil price would have an impact on the company's
order book of its land rigs business. This would in turn reduce
the visibility of its revenue in the next 12--18 months," says
Chenyi Lu, a Moody's Vice President and Senior Analyst.

On 19 November, Honghua announced that it expects a significant
year-over-year decrease in its net profits for the year ending
December 2014.

Moody's had expected the company to enjoy meaningful revenue
growth in 2015, however, it is now uncertain if it can be
achieved.

As such, its debt leverage -- measured by adjusted debt/EBITDA --
could deteriorate to 5.5x-6x over the next 12-18 months from 4.2x
in 1H 2014. And such a level will likely be weak for its B1
rating.

At the same time, Moody's expects increased execution risk for the
company's projects in Latin America. This will also exert pressure
on its revenue and working capital position.

"The negative outlook also considers Moody's concern that falling
oil prices and a deterioration in profit could pose challenges to
its ability to obtain bank financing," says Lu.

Moody's notes the company's cash coverage on debt maturing in the
12-month period ended 30 June 2015 is well below 1x. The low oil
price and uncertainty regarding new orders could increase its
refinancing risk.

Honghua's B1 corporate family rating reflects its strong market
position in its land drilling rigs and equipment business as well
as its diversified geographic coverage.

On the other hand, Honghua's rating is constrained by its exposure
to the volatile oil price, weak cash flow and liquidity, as well
as execution and financial risks associated with its expansion
into the offshore drilling rig business.

The ratings outlook could return to stable if the company can (1)
recover its lost revenue and maintain a healthy flow of backlog to
the extent that it can achieve adjusted debt/EBITDA of around 5x;
and (2) demonstrate an ability to refinance its short-term debt
and fund its capital expenditure.

The principal methodology used in this rating was Global Oilfield
Services Rating Methodology published in December 2009.

Honghua Group Limited is listed on the Stock Exchange of Hong Kong
in 2008. It is a wholly-owned and major subsidiary Sichuan Honghua
Pertroleum Equipment Co., Ltd. (formerly known as Chuanyou
Guanghan Honghua Co. Ltd), which was founded in 1997 to
manufacture land drilling rigs and equipment. Honghua manufactures
land drilling rigs and equipment, offshore drilling platforms, and
equipment packages. It also engages in oil and gas engineering
services.



================
H O N G  K O N G
================


CHINA PRECISION: Incurs $6.79M Net Loss in Quarter Ended Sept. 30
-----------------------------------------------------------------
China Precision Steel, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $6.79 million on $5.74 million of sales revenues for
the three months ended Sept. 30, 2014, compared to a net loss of
$9.57 million on $11.76 million of sales revenues for the same
period last year.

As of Sept. 30, 2014, the Company had $71.52 million in total
assets, $63.50 million in total liabilities, all current, and
$8.02 million total stockholders' equity.

"Economic slowdown, tightened credit, pollution and steel
overcapacity in China have led to shutting down of a number of
steel mills and processors, some of them being our former
competitors for certain product offerings.  This creates an
opportunity for our products as replacements as we have been
receiving inquiries and orders.  Going forward, we also intend to
focus on our competitive strength in the ultra thin and high
carbon products with the aim to maximize margin rather than sales
volume.  However, the Company continued to suffer a significant
loss in the period ended September 30, 2014.  We also expect the
slowdown of the Chinese economy and overcapacity in the Chinese
steel industry to continue to have negative consequences on the
business operations of our customers and suppliers and adversely
impact their ability to meet their financial obligations to us,
There can be no assurance that the Company will be able to
generate sufficient positive cash flow from operations to address
all of its cash flow needs, and to continue as a going concern."

A full-text copy of the Form 10-Q is available for free at:

                       http://is.gd/frKth4

                   About China Precision Steel

China Precision Steel -- http://chinaprecisionsteelinc.com-- is a
niche precision steel processing company principally engaged in
the production and sale of high precision cold-rolled steel
products and provides value added services such as heat treatment
and cutting medium and high carbon hot-rolled steel strips. China
Precision Steel's high precision, ultra-thin, high strength (7.5
mm to 0.05 mm) cold-rolled steel products are mainly used in the
production of automotive components, food packaging materials, saw
blades, steel roofing and textile needles.  The Company sells to
manufacturers in the People's Republic of China as well as
overseas markets such as Nigeria, Ethiopia, Thailand and
Indonesia.  China Precision Steel was incorporated in 2002 and is
headquartered in Sheung Wan, Hong Kong.

China Precision reported a net loss of $37.51 million on $47.19
million of sales revenues for the year ended June 30, 2014,
compared to a net loss of $68.93 million on $36.52 million of
sales revenues in 2013.

MSPC Certified Public Accountants and Advisors, A Professional
Corporation, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014.  The independent auditors noted that the Company
suffered very significant losses for the years ended June 30,
2014, and 2013, respectively.  Additionally, the Company defaulted
on interest and principal repayments of bank borrowings that raise
substantial doubt about its ability to continue as a going
concern.


NETWORK CN: Incurs $273,000 Net Loss in Third Quarter
-----------------------------------------------------
Network CN Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $272,811 on $204,234 of advertising services revenues for the
three months ended Sept. 30, 2014, compared to a net loss of
$898,156 on $151,119 of advertising services revenues for the same
period a year ago.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $2.39 million on $667,752 of advertising services
revenues compared to a net loss of $2.67 million on $708,074 of
advertising services revenues for the same period during the prior
year.

As of Sept. 30, 2014, the Company had $329,078 in total assets,
$9.54 million in total liabilities and a $9.21 million total
stockholders' deficit.

A full-text copy of the Form Q3 10-Q is available for free at:

                        http://is.gd/PRqYw3

The Company also reported a net loss of $568,965 on $219,516 of
advertising services revenues for the three months ended June 30,
2014, compared with a net loss of $749,294 on $150,318 of
advertising services for revenues the same period a year ago.

For the six months ended June 30, 2014, the Company reported a net
loss of $2.11 million on $463,518 of advertising services revenues
compared to a net loss of $1.77 million on $556,955 of advertising
services revenues for the same period during the prior year.

A full-text copy of the Q2 Form 10-Q is available for free at:

                        http://is.gd/zQH7np

                           *     *    *

Network CN Inc. was unable to timely file its quarterly report for
the quarter ended Sept. 30, 2014, because of delays in the
completion of its financial statements and related portions of the
Form 10-Q, according to a Form 12b-25 filed with the U.S.
Securities and Exchange Commission.

                         About Network CN

Causeway Bay, Hong Kong-based Network CN Inc. provides out-of-home
advertising in China, primarily serving the needs of branded
corporate customers.

Network CN recorded a net loss of $3.89 million on $891,366 of
advertising revenues for the year ended Dec. 31, 2013, as compared
with a net loss of $1.21 million on $1.83 million of advertising
revenues in 2012.

Union Power Hong Kong CPA, Limited, in Hong Kong SAR, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company has incurred net losses of
$3,883,493, $1,210,629 and $2,102,548 for the years ended
December 31, 2013, 2012 and 2011 respectively.  Additionally, the
Company used net cash in operating activities of $680,424,
$582,753 and $388,278 for the years ended December 31, 2013, 2012
and 2011 respectively.  As of December 31, 2013 and 2012, the
Company recorded stockholders' deficit of $7,656,871 and
$4,032,289 respectively.  These factors raise substantial doubt
about the Company's ability to continue as a going concern.



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AISHWARYA TECHNOLOGIES: CARE Ups INR7.11cr Loan Rating to B-
-------------------------------------------------------------
CARE revises and reaffirms rating assigned to bank facilities of
Aishwarya Technologies & Telecom Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.11       CARE B- Revised from
                                            CARE C

   Short term Bank Facilities    4.50       CARE A4 Reaffirmed

   Long/Short-term Bank          6.00       CARE B-/CARE A4
   Facilities                               Revised from
                                            CARE C/Reaffirmed
                                            at CARE A4

Rating Rationale

The revision in the ratings takes into account the improvement in
total operating revenue, improvement in PBILDT margins and
considerable increase in order book size. However, the ratings
continue to be constrained by elongated operating cycle days
primarily due to delayed realisations from the telecom clients.
The ratings also factor in satisfactory experience of the
promoters, long-standing experience in the industry, in-house
research & development facility and exclusive distributorship with
suppliers. The ability of the company to diversify the order book,
successfully execute projects in timely manner and efficiently
recover the long-standing receivables are the key rating
sensitivities.

Aishwarya Technologies & Telecom Limited (ATTL) was promoted by Mr
G Rama Manohar Reddy and Mrs G Amulya Reddy as a partnership firm
named Advanced Electronics & Communications System. ATTL was
formed by taking over the business of the said partnership firm
and was incorporated as Aishwarya Telecom Private Limited in 1995.
Subsequently, it was converted into a Public Limited Company in
2005, and the name of the company was changed to Aishwarya Telecom
Limited which later during the last year was again changed to
Aishwarya Technologies & Telecom Limited. ATTL is a ISO 9001:2008
certified company, which manufactures testing & measuring
equipments like fiber, data and copper cable fault locators for
telephone service providers, defense sector, cable TV operators
and railways. The company has its manufacturing facilities
situated at Hyderabad and it supplies a wide range of telecom &
fiber optic products to Bharat Sanchar Nigam Limited, Tata Tele
Services, Bharati Airtel, Mahanagar Telephone Nigam Limited,
railways & defense sectors in India.

For FY14, ATTL reported a total operating income of INR26.95 crore
(FY13 - INR24.93 crore), PBILDT of INR3.15 crore (FY13-INR2.57
crore) and net loss of INR0.25 crore (FY13 net profit of INR1.22
crore).


AMAR JYOTI: CRISIL Assigns B- Rating to INR104MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Amar Jyoti Industries Pvt Ltd (AJIPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              40         CRISIL B-/Stable
   Term Loan               104         CRISIL B-/Stable

The rating reflects AJIPL's high exposure to risks associated with
the implementation of its ongoing project, and its below-average
financial risk profile, marked by high project gearing. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the rice industry and their funding
support.

Outlook: Stable

CRISIL believes that AJIPL 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' in case of timely completion of the company's project
within the budgeted cost along with better-than-expected cash
accruals during its initial phase of operations. Conversely, the
outlook may be revised to 'Negative' in case of any delays in
receipt of subsidy from the Government of Bihar or in commencement
of operations, , adversely impacting its debt servicing ability.

AJIPL, incorporated in 2013 and promoted by Mr. Amar Nath Pandey
and Mrs. Vinita Joy, is setting up an 8-tonne-per-hour par-boiled
rice milling unit in Muzaffarpur (Bihar). The company plans to
start commercial operations in April 2015.


ASIAN SOCIETY: CRISIL Ups Rating on INR180MM Term Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Asian Society of Film and Television (ASFT) to 'CRISIL B/Stable'
from 'CRISIL D'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                180        CRISIL B/Stable (Upgraded
                                       from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by ASFT over
the four months through September 2014, supported by sustained
improvement in the society's liquidity; the same was driven by
improved fee income. ASFT's fee income has grown considerably over
the past year, backed by increasing intake of students in the
existing and new institutes. Furthermore, improvement in operating
profitability has resulted in sizeable cash accruals for the
society. CRISIL believes that ASFT will sustain its growth and
operating profitability over the medium term, thereby generating
adequate cash accruals for meeting its scheduled debt obligations.

The rating reflects ASFT's susceptibility to regulatory
restrictions in the education sector that hampers revenue growth;
the rating also factors in the society's moderate capital
structure and debt protection indicators. These rating weaknesses
are partially offset by low competition for the niche courses that
ASFT offers, and the healthy demand prospects for the education
sector in India.

Outlook: Stable

CRISIL believes that ASFT will continue to benefit over the medium
term from its promoter's extensive industry experience and its
niche course offerings. The outlook may be revised to 'Positive'
if the society significantly increases its revenue backed by
improvement in intake levels, while maintaining its profitability,
and improves its capital structure. Conversely, the outlook may be
revised to 'Negative' if ASFT's financial risk profile
deteriorates due to a decline in its revenue and profitability.
The outlook may also be revised to 'Negative' if the society
undertakes a substantially large debt-funded capital expenditure
programme, or if its liquidity weakens significantly on account of
a delay in collection of fees.

Set up in 2003 by Mr. Sandeep Marwah, ASFT operates three
institutes: Asian School of Media Studies (ASMS), Asian Business
School (ABS), and Asian School of Communication (ASC). ASMS offers
degree and diploma courses in filmmaking; ABS provides bachelor
and master degree courses in management; and ASC offers courses in
mass communication. ASMS and ASC are affiliated to Punjab
Technical University and University of Central Lancashire, UK,
respectively; courses offered by ABS are approved by the All India
Council for Technical Education.

ASMS's campus is located in Film City in Noida (Uttar Pradesh),
while campuses of ABS and ASC are situated on separate premises
within Noida.

For 2013-14 (refers to financial year, April 1 to March 31), ASFT
reported a net surplus of INR12.3 million on a net fee income of
INR139 million, against a net surplus of INR12.1 million on a net
fee income of INR96 million for 2012-13.


BDS HOSPITALITY: CRISIL Reaffirms B Rating on INR80MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of BDS Hospitality
Pvt Ltd continues to reflect BHPL's weak financial risk profile
marked by a high gearing, weak liquidity and small net worth. The
rating also reflects the high customer concentration in BHPL's
revenue profile, and the company's limited scope for revenue
growth.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             80        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the construction
industry.

Outlook: Stable

CRISIL believes that BHPL will continue to benefit over the medium
term from its promoters' extensive business experience and the
assured rental income from its property leased to IVY Health &
Life Sciences Pvt Ltd (IVY). The outlook may be revised to
'Positive' if BHPL achieves significantly high revenue and
accruals from its existing property or through addition of new
properties, along with moderation in its debt levels. The outlook
may be revised to 'Negative' if BHPL's liquidity deteriorates
owing to discontinuation of the assured rental income from its
property leased to IVY.

BHPL, incorporated in 2011, is currently setting up a multi-
specialty hospital at Amritsar (Punjab). The hospital is scheduled
to commence operations in January 2015. The company is promoted by
Mr. Amarjit Singh Sabharwal and his brother, Mr. Tejinder Singh
Sabharwal. BHPL has entered into an agreement with IVY. IVY will
manage the entire operations of the hospital and BHPL will receive
monthly rental income from IVY.


BHAVANI ERECTORS: CARE Assigns B+ Rating to INR10cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of Bhavani Erectors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      10        CARE B+ Assigned
   Short-term Bank Facilities     21        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bhavani Erectors
Private Limited (BEPL) take into account the client concentration
risk with higher dependence on two clients, working capital-
intensive nature of operations, stressed liquidity position and
rudimentary management information systems (MIS). The ratings,
however, favourably take into account the established track record
of the company and healthy order book position.

Going forward, the ability of the company to diversify its client
base, effectively manage the working capital and timely
realization of receivables from clients will be the key rating
sensitivities.

Bhavani Erectors Private Limited (BEPL) was established as sole
proprietorship under the name of Bhavani Erectors during 1985 by
Mr S.M. Pillai, a first-generation entrepreneur. Later in 2001, it
was converted into a private limited company and renamed as
Bhavani Erectors Private Limited. BEPL is based out of
arunagappally (Kerala) and is involved in fabrication, erection,
testing and commissioning of power plants. The company acts as a
sub-contractor to its clients, which mainly include Bharat Heavy
Electricals Limited (BHEL) and Bridge and Roof company India
Limited (B&R, rated 'CARE AA-/A1+'). The company also carries out
maintenance activity of the power plants.

For the year ended March 2014, BEPL has registered a PAT of INR9
crore on a total operating income of INR232 crore. For the six
months ended September 2014, BEPL has registered a PAT of INR4
crore on a total operating income of INR119 crore.


GOODEARTH MARITIME: ICRA Reaffirms D Rating on INR379cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D outstanding on
INR302.1 crore (revised from INR462.4 crore) term loan facilities
and INR379.0 crore unallocated facilities of Goodearth Maritime
Limited. ICRA has also reaffirmed [ICRA]D rating on INR221.9 crore
short term unallocated facilities of the Company. The rating
reaffirmation considers the continued delays in debt servicing by
the company, although ICRA takes note of the reduction in debt
levels during the last two years, supported by sale of vessels and
divestment of investments.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loans               302.1       [ICRA]D reaffirmed
   Unallocated              379.0       [ICRA]D reaffirmed
   Short term unallocated   221.9       [ICRA]D reaffirmed

Goodearth Maritime Limited is part of the Chennai-based Archean
Group, promoted by Mr. P.B. Anandam and family. GML commenced its
operations in FY 2002 by chartering ships and later acquired ships
at the trough of the cycle in calendar year (CY) 2003. However due
to sustained weakness in charter rates in dry bulk segment in the
last few years, coupled with interest burden on high debt levels,
the company has been selling its vessels to reduce debt levels and
at present it has no operational vessels. GML also owns a jetty in
Jakhau, Gujarat from where the salt produced by Jakhau Salt
Company Private Limited (JSCPL), a group company, is loaded onto
barges for transshipment. GML also has a wholly-owned subsidiary
GML, Jersey -- which was incorporated as a special purpose vehicle
(SPV) for coal mining operations in Indonesia. Besides and GML
also has a wholly owned subsidiary -- Drillco Exploration FZE
(Drillco). Besides dry-bulk shipping, the Archean Group is present
in export of granite stones, iron ore fines and industrial salts.


GSM PLUS: CRISIL Assigns 'B' Rating to INR62.3MM Bank Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of GSM Plus India (GSM's).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               7.7         CRISIL B/Stable
   Packing Credit         50           CRISIL A4
   Proposed Long Term
   Bank Loan Facility     62.3         CRISIL B/Stable

The rating reflects GSM's susceptibility of its operating
profitability to raw material prices and forex rates and its large
working capital requirements. These rating weaknesses are
partially offset by extensive industry experience of the promoters
and established relations with the customers.

Outlook: Stable

CRISIL believes that GSM will continue to benefit over the medium
term from the extensive experience of the promoters and
established relations with its customers. The outlook may be
revised to 'Positive' in case the firm significantly improves its
scale of operations and profitability on a sustained basis,
leading to sizeable cash accruals. Conversely, the outlook may be
revised to 'Negative' if the firm registers less-than-expected
revenue or if its profitability declines or it undertakes any
large, debt-funded capital expenditure programme, or sizeable
working capital requirements leading to weakening in its financial
risk profile.

Established in 2009, GSM Plus India (GSM) is engaged in
manufacturing and export of terry towels and towelling materials.
There are three directors on board including Mr. G. Boominathan
and Ms. G. Savriti. The firm has its manufacturing facility
located at Madurai (Tamil Nadu).

In 2013-14 (refers to financial year April 1 to March 31), GSM has
reported a book profit of INR1.2 million on net sales of INR180.5
million as against a book profit of INR0.7 million on net sales of
INR170.0 million for 2012-13.


KHANDELWAL STEEL: CRISIL Assigns B+ Rating to INR80MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Khandelwal Steel Industries (KSI).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan                33          CRISIL B+/Stable
   Cash Credit              80          CRISIL B+/Stable
   Letter Of Guarantee      10          CRISIL A4

The rating reflects KSI's modest scale of operations in a highly
steel competitive industry and weak financial risk profile marked
by high gearing and average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the steel industry.

Outlook: Stable

CRISIL believes that KSI will benefit over the medium term from
its promoters' industry experience. The outlook may be revised to
'Positive' if the firm stabilises its newly added capacity in a
timely manner leading to larger-than-expected cash accruals and,
subsequently, to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if KSI's
operating margin is lower than expected or if there is significant
stretch in its working capital requirement, thereby deteriorating
its financial risk profile significantly.

Set up in 2001, KSI is promoted by Kalol (Gujarat)-based Mr.
Shayamlal Gupta. The firm manufactures mild-steel (MS) products
such as MS angles, MS round bars, MS flats, and MS squares.

For 2013-14 (refers to financial year, April 1 to March 31), KSI
reported book profit of INR8 million on net sales of INR905.3
million against book profit of INR4.7 million on net sales of
INR544.6 million for 2012-13.


LOGAN CERAMIC: CRISIL Assigns B+ Rating to INR72.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank facilities of Logan Ceramic (Logan).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan               72.5         CRISIL B+/Stable
   Proposed Cash Credit
   Limit                   27.5         CRISIL B+/Stable
   Bank Guarantee          17           CRISIL A4
   Cash Credit             12.5         CRISIL B+/Stable

The rating reflects the risk related to timely completion of
project coupled with stabilization of operation in an intensely
competitive industry along with working capital intensive nature
of operations. These rating weaknesses are partially offset by the
established track record of the promoters in the ceramic industry
along with strategic location of plant ensuring availability of
raw material and labour.

Outlook: Stable

CRISIL believes that Logan will maintain its business risk profile
backed by its partners' experience in the ceramic industry. The
outlook may be revised to 'Positive' if the company stabilises its
operations earlier than expected leading to healthy accruals and
its overall financial risk profile. Conversely, the outlook may be
revised to 'Negative', if Logan achieves lower than expected
accruals or the company undertakes more than anticipated debt
funded expansion plan or its working capital management
deteriorates, thereby deteriorating its financial profile
significantly.

Logan Ceramic is a partnership firm established in 2007 and is
engaged in the business of manufacturing and trading of tiles and
ceramic body powder used in manufacturing these tiles. The firm is
promoted by Morbi, Gujarat based Gopalbhai Rankja, Alpesh Parecha
and 10 other partners. Currently the firm is setting up a plant
for manufacturing of ceramic floor tiles with production capacity
of 40500 metric tonnes per annum which is expected to go
operational by April 2015.


MAHALAXMI TMT: CARE Reaffirms B Rating on INR722.78cr Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mahalaxmi TMT Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank facilities    722.78      CARE B Reaffirmed
   Short-term Bank Facilities   166.39      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Mahalaxmi TMT Pvt
Ltd (MTPL) continue to be constrained by weak liquidity, high
overall gearing, continuous debt-funded capex plans, delays in
receipt of VAT refund, susceptibility to volatile raw material
prices and fluctuations in foreign exchange rate along with its
presence in the highly competitive and inherently cyclical steel
industry.

The ratings, however, draw strength from the experienced promoter
group and various incentives offered by the Government of
Maharashtra due to its 'Mega Project' status.

The ratings also factor in improvement in operating efficiency
leading to profit at PBILDT level in FY14 (refers to the period
from April 1 to March 31) as compared with loss in FY13. Timely
completion and stabilization of ongoing capex within envisaged
cost parameters and improvement in profitability and capital
structure apart from efficient working capital management are the
key rating sensitivities.

MTPL is a part of Bhilwara (Rajasthan) based Sangam group and is
engaged in manufacturing billets and bars. The integrated steel
manufacturing facilities of MTPL is located at Wardha, Maharashtra
with installed capacity of 3,36,000 metric tonne per annum (MTPA)
for billets, 5,00,000 MTPA for bars and 87,500 MTPA for sponge
iron. Sangam group's flagship company, Sangam India Ltd is one of
the leading manufacturers of synthetic and blended dyed/grey spun
yarn and fabric in India. MTPL was a dormant company till FY10 and
it commenced operation of billets and bars in April 2010 and
January 2012 respectively.

MTPL approached the bankers for restructuring its debt in
October 2012 due to stressed liquidity which bankers approved in
February 2013 with a cut-off date (COD) of November 1, 2012.

During FY14, MTPL incurred a net loss of INR35 crore on a total
operating income of INR1,326 crore as compared to a net loss of
INR85 crore on a total operating income of INR983 crore during
FY13.


MEGACORP INT'L: CRISIL Lowers Rating on INR150MM Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of V3
Megacorp International Pvt Ltd (V3) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          110        CRISIL D (Downgraded from
                                      'CRISIL A4')

   Bill Discounting under    5.6      CRISIL D (Downgraded from
   Letter of Credit                   'CRISIL A4')

   Cash Credit             150        CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Letter of Credit         80        CRISIL D (Downgraded from
                                      'CRISIL A4')

   Long Term Loan           15        CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The rating downgrade reflects instances of V3's working capital
limits being overdrawn for more than 30 days because of weak
liquidity.

V3 also has a below-average financial risk profile, marked by high
gearing, and working-capital-intensive operations. Moreover, the
company is exposed to risks related to a slowdown in capital
investments in the Indian economy. However, V3 benefits from its
promoter's extensive experience in the steel fabrication segment.

V3, incorporated in 2006, is promoted by Mr. Vighnaprabodhan
Thanneermalai. The company operates in the steel fabrication
business. V3 fabricates structural components for the power,
cement, and sugar industries, and for industrial plants.


MOHTA PLYWOOD: ICRA Reaffirms B Rating on INR0.5cr LT Bank Loan
---------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the INR0.50
Crore fund based bank facilities of Mohta Plywood Industries
Private Limited. ICRA has also reaffirmed its short term rating of
[ICRA] A4 on an enhanced amount of INR19.00 crore (enhanced from
INR12.00 Crore) fund based facilities and INR4.00 crore (enhanced
from INR2.00 crore) non fund based facilities of MPIPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits           0.5         [ICRA]B; reaffirmed

   Short Term Fund
   Based Limits          19.0         [ICRA]A4; reaffirmed

   Short Term Non
   Fund Based Limits      4.0         [ICRA]A4; reaffirmed

The rating continues to factor in the company's weak financial
risk profile, its small scale of operations and the high working
capital intensity of the business. The ratings continue to be
constrained by the low value additive nature of the company's
operations which limits its profitability. The company has a
leveraged capital structure as reflected in its gearing of 3.6
times as on March 31, 2013. Increased debt coupled with weak
profitability has kept the company's debt coverage indicators at
modest levels. Given that the company's revenues are entirely
comprised of exports, its profitability is vulnerable to
volatility in foreign exchange rates. However, the ratings derive
comfort from the promoter's extensive experience in the garment
exports business and presence of other group companies in similar
line of business. Going forward, MPPL's ability to scale up its
operations while improving its margins, along with optimally
managing its working capital cycle, will be the key rating
sensitivities.

MPIPL was incorporated in 1986 by Mr. N.P. Mohta and was initially
involved in manufacturing and trading of plywood. In 1989 the
company was taken over by Mr. Devender Singh. Later in 2005-06 the
company diversified its operations and started dealing in
manufacturing of garments and trading of fabric. The manufacturing
facility for plywood is located in industrial area, Sahibabad
(Uttar Pradesh), whereas the manufacturing facility for the
garments is in Noida (Uttar Pradesh).


NASHIK FORGE: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4 ' ratings to
the bank facilities of Nashik Forge Pvt. Ltd (NFPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                25         CRISIL B/Stable
   Bank Guarantee           25         CRISIL A4
   Cash Credit              50         CRISIL B/Stable

The ratings reflect NFPL's below-average financial risk profile,
marked by a modest net worth, high gearing and weak debt
protection metrics. The ratings also factor in the company's
modest scale of operations in the intensely competitive automotive
(auto) components industry. These rating weaknesses are partially
offset by the extensive industry experience of NFPI's promoters
and their funding support.

Outlook: Stable

CRISIL believes that NFPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company reports
significantly better-than-expected cash accruals or receives
substantial fresh equity infusion, leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' in the event of sustained pressure on NFPL's scale
of operations and/or profitability or larger-than-expected working
capital requirements, or if it undertakes a substantial capital
expenditure programme leading to further deterioration in its
financial risk profile.

Established in 2005, NFPL manufactures auto parts such as bells,
hooks, shafts, and yolks at its manufacturing unit in Nashik
(Maharashtra). The company is promoted by Mr. Mukesh Bheda and his
family members.


PATRON INDUSTRIES: ICRA Reaffirms B+/A4 Rating on INR12cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ and the
short-term rating of [ICRA]A4 for the long-term and short-term
fund based, non-fund based and unallocated bank facilities of
Patron Industries Private Ltd. aggregating to INR20.0 crore.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term/Short-term:     12.00       [ICRA]B+/[ICRA]A4
   Fund-based limits                     reaffirmed

   Long-term/Short-term:
   Unallocated                0.50       [ICRA]B+/[ICRA]A4
                                         Reaffirmed

   Short-term: Non-fund-      7.50       [ICRA]A4 reaffirmed
   based limits

The reaffirmed ratings are constrained by the weak financial
profile of the company as characterized by the low profitability,
highly leveraged capital structure and weak debt coverage
indicators which has further deteriorated in FY 2014. The ratings
are also constrained by the moderate working capital intensity of
operations as a result of higher debtor days and the stretched
liquidity profile of the company as evidenced from the high
utilization of working capital limits. The ratings continue to
remain constrained by the low capacity utilisation in the copper
wire manufacturing business, the vulnerability of the
profitability to any adverse fluctuations in the prices of raw
materials/traded goods as well as the exposure to currency
fluctuations. Further, ICRA notes that the outstanding debtors for
more than six month period as on March 31, 2014 remains
significantly high in relation to the net worth (92% of the net-
worth as on March 31, 2014) and the ability of the company to
recover the same remains extremely crucial from the credit
perspective.

The ratings, however, favourably takes into account the experience
of the promoters and established track record of the company in
the trading of PVC resin, its established customer base, the
diverse revenue streams of the company and the healthy growth in
operating revenues over the previous fiscal.

Patron Industries Private Limited (PIPL) was founded by Mr.
Pradeep Rohra in the year 1991 in Mumbai as a consignment agent of
DCW Ltd. for PVC resin. In 2005-06, the promoter also set up a
company viz. MEPCAB FZCO in Dubai (MEPCAB) to trade in cables in
the Middle East market. Subsequently, MEPCAB FZCO set up its own
cable manufacturing facility at the Jebel Ali Free Zone in Dubai
in 2008. PIPL also set up its own copper wire drawing facility of
capacity of 1725 metric tonnes per annum (MTPA) in Silvassa in
2008 to act as a feeder factory for MEPCAB's unit in Dubai. At
present, PIPL has two distinct lines of business: i)
Trading/distribution of PVC resin from DCW Ltd, and ii)
manufacture and export of copper wire for exclusive supply to its
own group concern viz. MEPCAB in Dubai.

RANGOLI PARTICLE: CRISIL Assigns B+ Rating to INR50MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Rangoli Particle Boards Pvt Ltd (RPBPL).

                       Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               50          CRISIL B+/Stable
   Cash Credit             50          CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      25          CRISIL B+/Stable

The rating reflects RPBPL's modest scale of operations in the
highly fragmented pre-laminated (prelam) boards industry and the
company's working-capital-intensive operations. These rating
weaknesses are partially offset by the long-standing industry
experience of RPBPL's promoters.

Outlook: Stable

CRISIL believes that RPBPL will maintain a stable credit risk
profile on the back of the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
significantly increases its scale of operations, while maintaining
its profitability, and shortens its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if RPBPL
records lower than expected sales or profitability, or in case of
a further stretch in its working capital cycle. The outlook may
also be revised to 'Negative' if it undertakes considerably large
debt-funded capital expenditure, leading to significant
deterioration in its financial risk profile, particularly
liquidity.

RPBPL was incorporated in 2012 by Mr. Bhupendra Limbani at
Kolhapur (Maharashtra). It manufactures and trades in prelam
boards used in interior designing and furniture; it started
commercial production in June 2013. It also occasionally trades in
particle boards.

For 2013-14 (refers to financial year, April 1 to March 31), RPBPL
reported a net profit of INR1.2 million on net sales of INR85.1
million, as against a net profit of INR0.1 million on net sales of
INR25.6 million for 2012-13.


SANDEEP LOGISTICS: CRISIL Assigns D Rating to INR105MM Bank Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Sandeep Logistics (SAL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan                90          CRISIL D
   Cash Credit               5          CRISIL D
   Proposed Long Term
   Bank Loan Facility      105          CRISIL D

The rating reflects delay in meeting the term debt obligation with
stretched liquidity profile. The other weaknesses include small
scale of operation with weak financial risk profile. These
weaknesses are partially offset by the experience of the
proprietorship in the logistics business.

Setup in 2006, Sandeep Logistics (SAL) is a proprietorship firm
owned and managed by Mr. Sandeep Singh. SAL is engaged in road
transportation business with a fleet size of ~60 carrier vehicles
with its corporate office at Gurgaon, Haryana.


SAR SENAPATI: CARE Lowers Rating on INR186.47cr LT Bank Loan to D
-----------------------------------------------------------------
CARE revises rating assigned to bank facilities of Sar Senapati
Santaji Ghorpade Sugar Factory Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    186.47      CARE D Revised from
                                            CARE BB

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Sar Senapati Santaji Ghorpade Sugar Factory Limited
(SGSFL), factors in instances of delays in interest servicing on
term loans.

Sar Senapati Santaji Ghorpade Sugar Factory Limited (SGSFL) was
incorporated in February 2011 to undertake sugar and sugar-related
production at village Manglur, taluka Tuljapur, Osmababad,
Maharashtra. SGSFL is in the process of setting up a green-field
fully-integrated cane processing plant comprising sugar plant with
crushing capacity of 3,500 tonnes of cane crushed per day (TCD),
30 kilo liters per day (KLPD) distillery and bagasse-fired
cogeneration unit of 22 mega-watt (MW) with a total project cost
of INR259 crore funded through a debt-equity mix of 2.57:1. SGSFL
is promoted by Mr Hasan Mushrif, Chief Promoter, his son Mr Sajid
Hasan Musrif, Director, and Mr Ashok Jadhav, Technical Director.


SHIRAJ TIMBER: CRISIL Reaffirms B- Rating on INR155MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shiraj Timber Traders
(STT) continue to reflect STT's weak financial risk profile,
marked by a modest net worth and subdued debt protection metrics,
working-capital-intensive operations, and modest scale of
operations in a fragmented industry. These rating weaknesses are
partially offset by the extensive experience of STT's promoters in
the timber trading business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            155       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       145       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that STT will continue to benefit over the medium
term from its promoters' extensive experience in the timber
trading business. The outlook may be revised to 'Positive' in case
the firm significantly increases its revenue, while it maintains
its profitability and capital structure. Conversely, the outlook
may be revised to 'Negative' in case STT registers steep decline
in its revenue, or deterioration in its financial risk profile
because of lengthening of its operating cycle or deterioration in
its capital structure.

Update
For 2013-14 (refers to financial year, April 1 to March 31), STT
registered revenue of about INR493.0 million. The revenue was
lower than CRISIL's expectations, mainly on account of weak
demand, and the cautious approach taken by the management to sell
to select customers. However, the firm was able to maintain steady
profitability of around 9.0 per cent during the year. CRISIL
believes that STT will sustain its profitability at similar levels
over the near to medium term.

STT's working capital requirements remain moderate, on account of
high receivables and inventory levels. The firm had high gross
current asset days of 358 as on March 31, 2014. Due to its modest
accruals, STT depends upon outside funds for meeting its working
capital requirements. Hence, it had a high total outside
liabilities to total net worth ratio of 3.47 times as on
March 31, 2014. High dependence on outside funds along with modest
margins led to a weak interest coverage ratio of 1.15 times in
2013-14. Moreover, the firm has weak liquidity, marked by high
bank limit utilisation. CRISIL believes that STT will continue to
depend on outside funds for meeting its incremental working
capital requirements, given the low cash accruals generated by the
firm.

STT reported a profit after tax (PAT) of INR3.8 million on net
sales of INR493.2 million for 2013-14, against a PAT of INR3.2
million on net sales of INR431.6 million for 2012-13.

STT, set up in 1985, trades in timber. The firm mainly imports
teakwood and hardwood from countries across West Africa and South
America. STT was set up as a partnership firm by Mr. Shirajul-
Haque Mohammad and his brothers Mr. Maroof Mohammad and Mr. Salim
Mohammad. STT's administrative office is at Mumbai (Maharashtra).


SOHRAB SPINNING: CRISIL Ups Rating on INR130MM Cash Credit to B
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sohrab Spinning Mills Ltd (SSML) to 'CRISIL B/Stable' from 'CRISIL
B-/Stable' and reaffirmed the company's short-term rating at
'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              130       CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Letter of Credit           5       CRISIL A4(Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        65       CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Long Term
   Bank Loan Term Loan      120       CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The rating upgrade reflects SSML's improved business risk profile.
The company's operating revenue increased by 15 per cent to over
INR1.04 billion in 2013-14 (refers to financial year, April 1 to
March 31) from INR90 million in 2012-13. The increase was driven
by the ramp up of the company's operations and higher offtake from
the existing customers. CRISIL believes that SSML will maintain
its improved business risk profile over the medium term.

The rating upgrade also factors in SSIL's comfortable financial
risk profile. The company's gearing was moderate at 1.76 times as
on March 31, 2014, and is likely to remain at similar levels over
the medium term on account of the absence of any major debt-funded
capital expenditure (capex) programmes and moderate accretion to
reserves. Its debt protection metrics were also comfortable with
net cash accruals to total debt and interest coverage ratios at 12
per cent and 2.2 times, respectively, for 2013-14. CRISIL believes
that SSML will maintain its comfortable financial risk profile
supported by expected improvement in the cash accruals over the
medium term.

The ratings continue to reflect SSML's modest scale of operations
and susceptibility of operating margin to volatility in input
prices because of commodity nature of products. These rating
weaknesses are partially offset by the company's moderate
financial risk profile, marked by a moderate capital structure and
average debt protection metrics, and the extensive industry
experience of its promoters.
Outlook: Stable

CRISIL believes that SSML will continue to benefit over the medium
term from the promoters' extensive experience and the company's
established position in the industry. The outlook may be revised
to 'Positive' if the company records a significant increase in its
revenue and profitability, leading to sustained and significant
improvement in its cash accruals and capital structure.
Conversely, the outlook may be revised to 'Negative' if SSML's
operating margin declines significantly or its working capital
cycle increases; or if the group undertakes a large, debt-funded
capex programme, thereby weakening its financial risk profile,
especially liquidity.

Set up in 1989 by Mr. Amjad Ali, SSML manufactures industrial yarn
that finds application mainly in the tyre industry, which accounts
for around 70 per cent of the company's revenue. It also
manufactures hosiery yarn, which accounts for the rest of the
company's revenue. SSML has a manufacturing facility in Malerkotla
(Punjab) with capacity of 9500 tonnes per annum.


SONEX TV: CRISIL Reaffirms 'B' Rating on INR85MM Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Sonex TV
Appliances Pvt Ltd (STAPL) continue to reflect STAPL's below-
average financial risk profile marked by weak capital structure
and interest coverage ratio; and the company's modest scale of
operations in the competitive consumer electronics industry. These
rating weaknesses are partially offset by the extensive experience
of STAPL's promoters in the consumer electronics distributorship
business in West Bengal.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        30         CRISIL A4 (Reaffirmed)
   Cash Credit           85         CRISIL B/Stable (Reaffirmed)
   Letter of Credit      35         CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that STAPL will continue to benefit over the
medium term from its promoters' extensive business experience. The
outlook may be revised to 'Positive' in case of increase in the
company's scale of operations and profitability, along with
improvement in its capital structure, resulting in significant
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of an increase in STAPL's
working capital cycle, or significant decline in its
profitability, or large debt-funded capital expenditure, resulting
in weakening of its financial risk profile.

Update
STAPL's turnover increased to INR584 million in 2013-14 (refers to
financial year, April 1 to March 31) from INR441 million in 2012-
13. This is because of increased demand for consumer electronics,
as well as new distributorship contacts acquired by the company.
STAPL's operating margin remained stable between 2.6 and 3.0 per
cent over the three years through March 2014.

STAPL's operations are moderately working capital intensive,
marked by gross current assets of 124 days as on March 31, 2014,
along with receivables, inventory and creditors of 37 days, 60
days and 20 days respectively. The company's financial risk
profile remains below average, marked by a net worth of INR28.8
million and gearing of 2.31 times, respectively, as on March 31,
2014. STAPL's total debt of INR111 million comprises majorly
short-term working capital bank borrowings. Low operating margin
has led to subdued debt protection metrics, with interest coverage
and net cash accruals to total debt ratios of 1.14 times and 0.02
times, respectively, for 2013-14.

STAPL registered a profit after tax and net sales of INR1 million
and INR584 million, respectively, for 2013-14 (Rs.0.6 million and
INR441 million, respectively, for 2012-13).
STAPL was established as a partnership firm in 1992 in Kolkata;
the firm was reconstituted as a private limited company, in 2000.
STAPL distributes various consumer electronics in West Bengal. Its
promoters Mr. Arun Poddar and Mr. Chandra Lal Chowdhury manage its
day-to-day operations.


SPICEJET LTD: Admits Fleet Thinning Down
----------------------------------------
The Times of India reports that the SpiceJet claimed to have 26
Boeing 737s operational in its fleet on November 18 -- down from a
summer high of 35.  But in just five days, or by November 23, the
airline admits that its Boeing fleet has depleted by two more and
is down to 24.

According to the report, COO Sanjiv Kapoor had said that the
airline's daily flights were down from 345 in the summer to 300.
But with two more planes not flying now, the cancellations have
grown.  TOI relates that while the LCC claims 50-odd flight
reductions, industry sources said its actual fleet flying and
number of daily flights being operated on them may be much lower -
- causing hardship to flyers who booked in advance.

"We are revamping the fleet to come out stronger and shed
unfavourable contracts and unwanted aircraft. We are doing this as
part of turnaround process . . . (Our) schedule reduction is about
50," Mr. Kapoor told TOI on November 23, while claiming that the
airline's Boeing 737s fleet will grow to about 30 by year-end.

TOI says aviation authorities are closely watching the crisis
deepen at SpiceJet which needs immediate infusion of funds to
survive. "We have summoned both the airline management and
promoter group. They keep telling us that SpiceJet will soon be
recapitalized. But nothing seems to be happening in reality on
that front. We do not want to have another Kingfisher as we have
seen what pain it entails for the stakeholders," said a senior
official, the report relays.

So will the aviation ministry and Directorate General of Civil
Aviation (DGCA) just keep watching as SpiceJet reduces its fleet
and flights? "We monitor the aircraft of financially weak airlines
more stringently to ensure that safety is not compromised by lack
of funds. We will take the next step if there is any chance of a
cash crunch affecting maintenance or safety," the report quoted a
senior DGCA official as saying.

In its last months, Kingfisher (which closed in October 2012) had
also drastically reduced its fleet and flights, TOI recalls.
SpiceJet's Kapoor, however, said that his airline is very
different from Kingfisher and will not meet the same fate, the
report notes.

But to survive, SpiceJet promoters need to find an investor and
fast, says TOI.  According to the report, Centre for Asia Pacific
Aviation said SpiceJet LCC needs $250 million, about INR1,500
crore, funding to stabilize operations with about INR1,000 crores
immediately required. "SpiceJet's turnaround is dependent on solid
recapitalization."

Their Q2 FY 15 performance is positive compared to Q2 FY 14 but
not significant enough to draw investor or market attention.
However, positive changes in the front end are visible and
encouraging," CAPA, as cited by TOI, said.

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2014, The Times of India said SpiceJet has posted its
highest ever annual loss of INR1,003.2 crore in the financial year
2013-14 up five times from INR191 crore in the previous fiscal.


SRI SARVARAYA: CRISIL Cuts Rating on INR972.3MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sri Sarvaraya Sugars Ltd (SSSL) to 'CRISIL D' from 'CRISIL
BB+/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              904       CRISIL D (Downgraded from
                                      'CRISIL BB+/Stable')

   Long Term Loan           972.3     CRISIL D (Downgraded from
                                      'CRISIL BB+/Stable')

   Proposed Long Term
   Bank Loan Facility        39.9     CRISIL D (Downgraded from
                                      'CRISIL BB+/Stable')

   Working Capital
   Demand Loan               50.0     CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

The rating downgrade reflects instances of delay by SSSL in
servicing its debt; the delays have been caused by the weakening
in the company's liquidity. SSSL is undertaking a capital
expenditure (capex) of around INR1.3 billion; 80 per cent of the
cost is expected to be funded by debt. In the absence of a
financial closure, SSSL has been using its entire operating cash
flows to fund its capex over the last six months. This led to a
cash flow mismatch, which resulted in delays in servicing its term
debt obligations.

SSSL's is exposed to risks related to the regulated nature of the
sugar industry, and the company's operations are also susceptible
to availability of sugarcane. However, the company benefits from
its promoters' extensive experience in the sugar industry, and its
diversified revenue streams.

SSSL was set up in 1956 by Mr. S B P B K Satyanarayana Rao. The
company operates an integrated sugar plant, and is a franchisee
bottler for Coca-Cola India Ltd. The company's crushing unit is
located in Chelluru district in Andhra Pradesh.


SUPER INFRATECH: CRISIL Reaffirms B Rating on INR49MM Loan
----------------------------------------------------------
CRISIL ratings continue to reflect Super Infratech Private Limited
(SIPL)'s modest scale of operations, susceptibility to bad weather
conditions, and large working capital requirements because of high
security deposits and stretched receivables. These rating
weaknesses are partially offset by the promoters' extensive
experience in the civil construction industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         87.4       CRISIL A4 (Reaffirmed)
   Bill Discounting       49         CRISIL B/Stable (Reaffirmed)
   Cash Credit            19         CRISIL B/Stable (Reaffirmed)
   Term Loan               4.6       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SIPL will continue to benefit over the medium
term from its promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' in
case of higher-than-expected scale of operations and profitability
leading to material improvement in the company's liquidity.
Conversely, the outlook may be revised to 'Negative' if SIPL's
working capital cycle lengthens or debt protection metrics
deteriorate because of large debt-funded capital expenditure.

SIPL was established in 2001 by Mr. Sujit Bordolai and his wife.
It is engaged in civil construction (development and maintenance
of roads) for state and central governments.

For 2012-13, SIPL registered a profit after tax (PAT) of INR2.5
million on revenue of INR67.7 million, against a PAT of INR4.9
million on revenue of INR143.8 million for 2011-12.


UKS FRUIT: CRISIL Assigns B+ Rating to INR90MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of UKS Fruit Mundy (UKS).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              90         CRISIL B+/Stable
   Proposed Cash Credit     10         CRISIL B+/Stable
   Limit

The rating reflects the firm's modest scale of operations in the
intensely competitive and fragmented fruit trading segment, and
its below-average financial risk profile, marked by a modest net
worth and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive industry experience of UKS's
promoters.

Outlook: Stable

CRISIL believes that UKS will benefit from the extensive
experience of its promoters and their established relationships
with customers over the medium term. The outlook may be revised to
'Positive' if there is a sustained increase in its scale of
operations and profitability, resulting in an improved financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if there is a considerable decline in revenue or profitability or
in case of deterioration in working capital management, resulting
in stretched liquidity. The outlook may also be revised to
'Negative' if the firm undertakes any large debt-funded capital
expenditure, deteriorating its financial risk profile.

Set up in 1965, UKS trades in fruits such as apples, oranges,
grapes, and pomegranates. The firm is based in Coimbatore (Tamil
Nadu) and is promoted by Mr. SK Mohamed Jaffer.

UKS reported a profit after tax (PAT) of INR2.2 million on net
sales of INR465.8 million in 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR1.3 million on net sales
of INR456.6 million for 2012-13.



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


BUMI RESOURCES: Sells 50% Stake in Unit to Cut US$130MM Debt
------------------------------------------------------------
Grace D. Amianti at The Jakarta Post reports that PT Bumi
Resources, announced on November 21 that it had sold 50 percent of
its shares in subsidiary PT Fajar Bumi Sakti (FBS) to reduce its
US$130 million debt.

The company, part of the Bakrie Group, had signed a Conditional
Sale and Purchase Agreement (CSPA) with Jainson Holding Hong Kong
Limited to divest its stake in FBS, Bumi corporate secretary
Dileep Srivastava said in a press statement, The Jakarta Post
relays.

Bumi controlled FBS, a thermal coal company, through its special
purpose entities, Bumi Resources Investment and Leap Forward
Resources Limited.

According to its website, FBS was established in 1978 with mining
and general trading as its main scope of activities. The company
has a mining concession in Loa Ulung, Tenggarong in East
Kalimantan, which covers a 988 hectare area with proven reserves
of about 14 million tons, the report relays.

In 2006 and 2007, FBS acquired two other concessions covering
4,008 hectares and 4,995 hectares, respectively, in two villages
in Tabang, East Kalimantan. The estimated reserves in the Tabang
area are approximately 100 million tons.

According to the report, Mr. Srivastava said the conditional
agreement stipulated six months to complete the transaction, which
would involve final due diligence and obtaining legal approval.

After completing the transaction, the proceeds from the shares
sale were expected to further reduce the company's debt by $130
billion to the respective secured lender, Mr. Srivastava, as cited
by The Jakarta Post, said. "This follows the company's previous
debt restructuring and the recently concluded rights issue," he
said.

Mr. Srivastava added that the action was an integral part of the
company's announced objective to strengthen its financials by
decreasing debts and returning interest costs to sustainable
levels amid weak sentiment and falling coal prices, The Jakarta
Post reports.

PT Bumi Resources Tbk (JAK:BUMI) -- http://www.bumiresources.com/
-- is an Indonesia-based company engaged in exploration and
exploitation of coal deposits, including coal mining, and oil
exploration activities.  It has four core business segments: coal
mining, which comprises exploration and exploitation of coal
deposits, including mining and selling coal; services, which
represent marketing and management services; oil and gas, which
covers the exploration of oil and gas, and gold, which covers the
exploration of gold.  The Company and its subsidiaries are
operating in Indonesia, the United Kingdom, Japan and Australia.
On July 17, 2008, the Company acquired the Australia-based Herald
Resources Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 12, 2014, Standard & Poor's Ratings Services said that it had
lowered its long-term issue rating on the US$700 million senior
secured notes due 2017 that Indonesia-based coal mining company PT
Bumi Resources Tbk. (Bumi Resources) guarantees.  Bumi Investment
Pte.  Ltd. issued the notes.  S&P removed the rating from
CreditWatch, where it was placed with negative implications on
Aug. 13, 2014.

S&P also affirmed its 'SD' long-term corporate credit rating and
ASEAN regional scale rating on Bumi Resources.  At the same time,
S&P kept its 'CCC-' issue rating on the US$300 million senior
secured notes due 2016 that another Bumi Resources' subsidiary
Bumi Capital Pte. Ltd. issued on CreditWatch with negative
implications. Bumi Resources guarantees these notes too.



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


CALLAGHANS BAKERY: Worker Lose Jobs Following Liquidation
---------------------------------------------------------
Jamie Small and Petrice Tarrant at Waikato Times report that more
than 450 jobs have been cut in the Waikato this year, with staff
at a Tokoroa bakery the latest victims after it went into
liquidation.

Callaghans Bakery had been going for three decades, but closed its
doors for the final time on November 7, after voluntarily shutting
the business down, the report says.

According to Waikato Times, BDO Tauranga joint liquidator Paul
Clark said owners Mike and Viv Callaghan had sought professional
advice in the weeks before the liquidation.

Mr. Clark said the bakery's main function was making pies, slices,
pizzas and other products for retail bakeries and caterers. But
business had dropped off after numerous clients decided to bake
their own, the report relates.

At its peak, Callaghans Bakery was supplying products to 150-160
bakeries, but that had dropped off to 140 in the lead-up to the
liquidation, according to Waikato Times.

It will be the end of an era for Tokoroa, which has been home to
the business since 1983. When its doors first opened, it provided
work for eight employees, rising to 20 before it closed.

The liquidators will now sell the company's assets and collect all
amounts owed by customers, the report notes. Mike and Viv
Callaghan are two of the company's largest creditors.

Mr. Clark said BDO Tauranga had experienced a small upsurge in
liquidation appointments in recent months, but overall it was down
on recent years, Waikato Times adds.


CHRISTCHURCH YARNS: Winning Customers Back Under New Owners
-----------------------------------------------------------
Radio New Zealand News reports that a Christchurch carpet factory
is winning customers back as it gets into full swing again under
new owners.

Christchurch Yarns -- a wool processing plant and the only one of
its kind in the Southern hemisphere -- went into receivership in
April this year with the loss of 55 jobs, according to Radio New
Zealand News.

However, it has been rescued by NZ Yarn, set up by Elders Primary
Wool and farmer-owned Primary Wool Co-operative to buy the plant
so that it could continue to process New Zealand grown wool, the
report notes.

The change of ownership was finalized last week.  Elders Primary
Wool has a majority shareholding of about 58 percent, the report
relates.  The remaining 42 percent is held by independent
investors and growers, the report notes.

Elders Primary Wool chairman Stu Chapman is a director of NZ Yarn.

Mr. Chapman said since the sale went unconditional, the company
had been getting very strong support from carpet-making customers
placing orders again, the report discloses.

"I think the receivership issue has really scared some of these
customers and the fact that, ultimately, it could put their whole
wool carpet business in jeopardy, so we've had some very strong
positive commitment from customers to bring a lot their yarn back
to New Zealand Yarn," the report quoted Mr. Chapman as saying.

"Given the fact it was in receivership and there was perhaps no
definite result whether it was going to stay or not, a lot of
these customers looked for alternative yarn spinning through Asia
and they certainly realized the quality isn't the same and New
Zealand Yarn will produce a far superior product - so it's been
very positive," Mr. Chapman added.



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


SK HYNIX: S&P Revises Outlook to Positive & Affirms 'BB+' CCR
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Korea-
based memory semiconductor manufacturer SK Hynix Inc. (Hynix) to
positive from stable.  S&P also affirmed its 'BB+' long-term
corporate credit rating on Hynix.

"Our revision of the outlook to positive reflects our expectation
that Hynix will continue strong operating performance in the next
12 months, in line with its good market position, a more stable
competitive landscape, and steady growth in demand for memory
chips," said Hong Kong-based credit analyst JunHong Park.  "The
positive outlook also reflects our view that Hynix is likely to
maintain low use of debt with good free cash flows to buffer high
volatility in the global dynamic random access memory (DRAM)
market."

S&P thinks market consolidation and rising barriers to entry are
likely to moderately reduce competition and volatility in prices
in the global memory semiconductor industry.  Also, Hynix benefits
from ongoing growth in demand for memory chips as a result of
rising consumption of smartphones and tablet PCs.  Accordingly,
S&P expects Hynix to sustain good profitability and moderate
revenue growth in the next few quarters.  However, S&P believes
the global DRAM market will continue to feature relatively high
business risk compared with other segments of the global
technology industry, given volatile demand, very high capital
intensity, and rapid technological advancements able to quickly
alter market conditions.  S&P, based on these factors, continue to
assess Hynix's business risk profile as "fair."

"We expect Hynix to maintain solid financial ratios, with debt to
EBITDA after Standard & Poor's adjustments of about 0.2x-0.5x in
the next 12 months, under our base-case scenario, despite rising
capital expenditures and our assumption that the company may start
paying modest dividends in 2015.  Hynix's total debts decreased
substantially to Korean won (KRW) 4.1 trillion as of the end of
Sept. 2014 from KRW6.5 trillion as of the end of Dec. 2012 because
of strong free cash generation since 2013.  Still, we continue to
expect credit measures for Hynix to vary widely over business and
technology cycles because of high cyclicality in the memory chip
sector.  Reflecting these factors, we have revised our assessment
of Hynix's financial risk profile to "intermediate" from
"significant"," S&P said.

"We apply our negative comparable rating analysis to Hynix,
resulting in a stand-alone credit profile (SACP) of 'bb' that
reflects some weakness in the company's business risk profile
relative to those of similarly rated peers in the technology
hardware sector, mainly because of higher, albeit declining,
industry volatility.  We also see some uncertainties in the
company's financial policies on capital expenditures, dividends,
and share buybacks.  We see some potential for the company to make
more aggressive capital investments than we currently expect to
strengthen its market position.  Aggressive investments may
significantly alter the company's capital structure, given the
high capital intensity of the memory chip market.  Moreover, we
believe Hynix is likely to take more shareholder-friendly actions,
such as dividend payments and share buybacks, in the next one to
two years," S&P noted.

"We continue to rate Hynix a notch higher than its SACP because we
view the company as a moderately strategic subsidiary of SK
Telecom Co. Ltd. (SKT; A-/Positive/--).  We believe SKT would
provide Hynix with a moderate degree of extraordinary financial
support if the subsidiary were to face financial distress.
Following SKT's acquisition of a majority stake in Hynix in
February 2012, the two companies have built close ties through
sharing of core resources such as the group's brand name, senior
management, and human resources functions.  Also, we view Hynix as
important to the group's strategy to grow through overseas
expansion.  However, SKT owns just 20% of Hynix, and the direct
business relationship between the two companies is very limited,"
S&P said.

The positive outlook on Hynix reflects S&P's view that there is a
more than one-third likelihood S&P will raise the rating if the
company continues to generate strong free cash flows and maintain
low use of debt to buffer industry volatility over the next one to
two years.

S&P may raise the rating on Hynix if the following conditions
occur:

   -- Hynix demonstrates more stable operating and financial
      performance through business cycles;

   -- It maintains a substantial financial buffer to weather
      industry volatility, such as by increasing its cash
      holdings, while maintaining adjusted debt to EBITDA of well
      below 1.5x on a sustained basis; and

   -- It sustains prudent financial policies without aggressive
      capital expenditures, acquisitions, dividends, or share
      buybacks.

S&P could revise the outlook back to stable if an unexpectedly
severe downturn in the global memory semiconductor industry or a
deteriorating competitive position significantly weakens
profitability and operating cash flows, resulting in adjusted debt
to EBITDA approaching to 1.5x.  Also, the ratings could come under
downward pressure if the company's growth strategy and financial
policy become significantly more aggressive than S&P factors into
the current rating or if weakening ties between Hynix and SKT
cause S&P to reassess its view of Hynix's strategic importance to
its parent.



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


* BOND PRICING: For the Week Nov. 17 to Nov. 21, 2014
-----------------------------------------------------

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


  AUSTRALIA
  ---------

ANTARES ENERGY LTD   10.00   10/30/23       AUD      2.01
CRATER GOLD MINING   10.00   08/18/17       AUD     23.50
KBL MINING LTD       10.00   08/05/16       AUD      0.22
MIDWEST VANADIUM P   11.50   02/15/18       USD     11.00
MIDWEST VANADIUM P   11.50   02/15/18       USD     10.00
STOKES LTD           10.00   06/30/17       AUD      0.38
TREASURY CORP OF V    0.50   11/12/30       AUD     57.72


CHINA
-----

CHANGCHUN CITY DEV    6.08   03/09/16       CNY     71.00
CHANGCHUN CITY DEV    6.08   03/09/16       CNY     70.85
CHANGZHOU INVESTME    5.80   07/01/16       CNY     70.31
CHANGZHOU INVESTME    5.80   07/01/16       CNY     70.84
CHANGZHOU SMALL &     6.18   11/29/14       CNY     60.03
CHINA GOVERNMENT B    1.64   12/15/33       CNY     69.06
CHINA NATIONAL ERZ    5.65   09/26/17       CNY     61.87
DANYANG INVESTMENT    6.30   06/03/16       CNY     71.06
GUANGXI XINFAZHAN     5.75   11/30/14       CNY     40.00
HEILONGJIANG HECHE    7.78   11/17/16       CNY     72.29
HEILONGJIANG HECHE    7.78   11/17/16       CNY     72.00
JIANGSU LIANYUN DE    7.85   07/22/15       CNY     71.39
KUNSHAN ENTREPRENE    4.70   03/30/16       CNY     70.06
KUNSHAN ENTREPRENE    4.70   03/30/16       CNY     69.53
NANJING PUBLIC HOL    5.85   08/08/17       CNY     65.34
NANTONG STATE-OWNE    6.72   11/13/16       CNY     72.02
NANTONG STATE-OWNE    6.72   11/13/16       CNY     71.60
NINGDE CITY STATE-    6.25   10/21/17       CNY     61.55
QINGZHOU HONGYUAN     6.50   05/22/19       CNY     51.32
QINGZHOU HONGYUAN     6.50   05/22/19       CNY     51.81
WUXI COMMUNICATION    5.58   07/08/16       CNY     50.50
WUXI COMMUNICATION    5.58   07/08/16       CNY     50.49
YANGZHOU URBAN CON    5.94   07/23/16       CNY     70.80
YANGZHOU URBAN CON    5.94   07/23/16       CNY     71.08
YIYANG CITY CONSTR    8.20   11/19/16       CNY     73.00
ZHENJIANG CITY CON    5.85   03/30/15       CNY     70.20
ZHENJIANG CITY CON    5.85   03/30/15       CNY     70.25
ZHUCHENG ECONOMIC     7.50   08/25/18       CNY     50.01
ZIBO CITY PROPERTY    5.45   04/27/19       CNY     60.05
ZOUCHENG CITY ASSE    7.02   01/12/18       CNY     72.29


INDONESIA
---------

BERAU COAL ENERGY     7.25   03/13/17       USD     57.20
BERAU COAL ENERGY     7.25   03/13/17       USD     56.33
DAVOMAS INTERNATIO   11.00   12/08/14       USD     19.50
DAVOMAS INTERNATIO   11.00   12/08/14       USD     19.50
PERUSAHAAN PENERBI    6.75   04/15/43       IDR     74.80
PERUSAHAAN PENERBI    6.10   02/15/37       IDR     70.50


INDIA
-----

3I INFOTECH LTD       5.00   04/26/17       USD     33.38
CORE EDUCATION & T    7.00   05/07/15       USD      9.50
COROMANDEL INTERNA    9.00   07/23/16       INR     15.42
GTL INFRASTRUCTURE    3.03   11/09/17       USD     30.17
INCLINE REALTY PVT   10.85   04/21/17       INR     14.45
INCLINE REALTY PVT   10.85   08/21/17       INR     17.54
INDIA GOVERNMENT B    0.23   01/25/35       INR     21.52
JCT LTD               2.50   04/08/11       USD     18.13
MASCON GLOBAL LTD     2.00   12/28/12       USD      4.32
PRAKASH INDUSTRIES    5.25   04/30/15       USD     70.38
PYRAMID SAIMIRA TH    1.75   07/04/12       USD      1.00
REI AGRO LTD          5.50   11/13/14       USD     55.88
REI AGRO LTD          5.50   11/13/14       USD     55.88
SHIV-VANI OIL & GA    5.00   08/17/15       USD     26.38


JAPAN
-----

AVANSTRATE INC        3.02   11/05/15       JPY     41.88
AVANSTRATE INC        5.00   11/05/17       JPY     32.63
ELPIDA MEMORY INC     0.50   10/26/15       JPY     16.63
ELPIDA MEMORY INC     0.70   08/01/16       JPY     17.00
ELPIDA MEMORY INC     2.03   03/22/12       JPY     17.00
ELPIDA MEMORY INC     2.10   11/29/12       JPY     17.00
ELPIDA MEMORY INC     2.29   12/07/12       JPY     17.00


KOREA
-----

2014 KODIT CREATIV    5.00   12/25/17       KRW     30.32
2014 KODIT CREATIV    5.00   12/25/17       KRW     30.32
DONGBU METAL CO LT    5.20   09/12/19       KRW     62.96
EXPORT-IMPORT BANK    0.50   12/22/17       BRL     70.35
EXPORT-IMPORT BANK    0.50   11/21/17       BRL     70.63
HYUNDAI MERCHANT M    7.05   12/27/42       KRW     41.24
KIBO ABS SPECIALTY   10.00   09/04/16       KRW     32.10
KIBO ABS SPECIALTY   10.00   08/22/17       KRW     29.75
KIBO ABS SPECIALTY   10.00   02/19/17       KRW     31.24
KIBO ABS SPECIALTY    5.00   01/31/17       KRW     30.07
KIBO GREEN HI-TECH   10.00   01/25/15       KRW     72.19
KIBO GREEN HI-TECH   10.00   12/21/15       KRW     33.06
KIBO GREEN HI-TECH   10.00   03/20/15       KRW     51.44
LSMTRON DONGBANGSE    4.53   11/22/17       KRW     30.04
POSCO ENERGY CORP     4.66   08/29/43       KRW     74.87
POSCO ENERGY CORP     4.72   08/29/43       KRW     74.30
POSCO ENERGY CORP     4.72   08/29/43       KRW     74.15
SINBO SECURITIZATI    5.00   02/11/18       KRW     30.05
SINBO SECURITIZATI    9.00   07/27/15       KRW     33.65
SINBO SECURITIZATI    5.00   01/19/16       KRW     29.42
SINBO SECURITIZATI    5.00   02/11/18       KRW     30.05
SINBO SECURITIZATI    8.00   03/07/15       KRW     49.21
SINBO SECURITIZATI    5.00   03/14/16       KRW     29.19
SINBO SECURITIZATI    5.00   09/13/15       KRW     30.88
SINBO SECURITIZATI    5.00   09/13/15       KRW     23.25
SINBO SECURITIZATI    8.00   02/02/15       KRW     50.86
SINBO SECURITIZATI    5.00   02/02/16       KRW     29.63
SINBO SECURITIZATI    8.00   02/02/16       KRW     34.59
SINBO SECURITIZATI    5.00   10/05/16       KRW     30.12
SINBO SECURITIZATI    5.00   10/05/16       KRW     30.12
SINBO SECURITIZATI    5.00   09/28/15       KRW     31.33
SINBO SECURITIZATI    5.00   12/07/15       KRW     32.31
SINBO SECURITIZATI   10.00   12/27/15       KRW     35.83
SINBO SECURITIZATI   10.00   12/27/14       KRW     64.04
SINBO SECURITIZATI    5.00   07/19/15       KRW     33.60
SINBO SECURITIZATI    5.00   07/26/16       KRW     30.44
SINBO SECURITIZATI    5.00   07/26/16       KRW     30.44
SINBO SECURITIZATI    5.00   08/31/16       KRW     30.43
SINBO SECURITIZATI    5.00   08/31/16       KRW     30.26
SINBO SECURITIZATI    4.60   06/29/15       KRW     30.94
SINBO SECURITIZATI    4.60   06/29/15       KRW     30.95
SINBO SECURITIZATI    5.00   01/29/17       KRW     28.93
SINBO SECURITIZATI    5.00   05/27/16       KRW     30.87
SINBO SECURITIZATI    5.00   05/27/16       KRW     31.51
SINBO SECURITIZATI    5.00   02/21/17       KRW     29.52
SINBO SECURITIZATI    5.00   08/16/16       KRW     30.61
SINBO SECURITIZATI    5.00   08/16/17       KRW     30.34
SINBO SECURITIZATI    5.00   08/16/17       KRW     30.34
SINBO SECURITIZATI    5.00   12/13/16       KRW     29.87
SINBO SECURITIZATI    5.00   02/21/17       KRW     28.68
SINBO SECURITIZATI    5.00   06/29/16       KRW     31.14
SINBO SECURITIZATI    5.00   08/24/15       KRW     31.49
SINBO SECURITIZATI    5.00   10/01/17       KRW     29.96
SINBO SECURITIZATI    5.00   03/13/17       KRW     29.42
SINBO SECURITIZATI    5.00   03/13/17       KRW     29.42
SINBO SECURITIZATI    5.00   06/07/17       KRW     27.22
SINBO SECURITIZATI    5.00   06/07/17       KRW     27.22
SINBO SECURITIZATI    5.00   07/08/17       KRW     30.49
SINBO SECURITIZATI    5.00   07/08/17       KRW     30.49
SINBO SECURITIZATI    5.00   12/25/16       KRW     30.27
SINBO SECURITIZATI    5.00   10/01/17       KRW     29.96
SINBO SECURITIZATI    5.00   10/01/17       KRW     29.96
SINBO SECURITIZATI    5.00   01/15/18       KRW     30.30
SINBO SECURITIZATI    5.00   01/15/18       KRW     30.30
SK TELECOM CO LTD     4.21   06/07/73       KRW     72.16
STX OFFSHORE & SHI    3.00   09/06/15       KRW     72.97
STX OFFSHORE & SHI    6.90   04/09/15       KRW     72.58
TONGYANG CEMENT &     7.50   04/20/14       KRW     70.00
TONGYANG CEMENT &     7.30   06/26/15       KRW     70.00
TONGYANG CEMENT &     7.50   09/10/14       KRW     70.00
TONGYANG CEMENT &     7.30   04/12/15       KRW     70.00
TONGYANG CEMENT &     7.50   07/20/14       KRW     70.00
U-BEST SECURITIZAT    5.50   11/16/17       KRW     30.39
WOONGJIN ENERGY CO    2.00   12/19/16       KRW     64.42


MALAYSIA
--------

BANDAR MALAYSIA SD    0.35   02/20/24       MYR     67.73
BIMB HOLDINGS BHD     1.50   12/12/23       MYR     66.32
BRIGHT FOCUS BHD      2.50   01/22/31       MYR     60.34
BRIGHT FOCUS BHD      2.50   01/24/30       MYR     63.85
LAND & GENERAL BHD    1.00   09/24/18       MYR      0.41
SENAI-DESARU EXPRE    0.50   12/31/38       MYR     61.79
SENAI-DESARU EXPRE    0.50   12/30/39       MYR     63.11
SENAI-DESARU EXPRE    0.50   12/31/40       MYR     64.30
SENAI-DESARU EXPRE    0.50   12/29/45       MYR     69.17
SENAI-DESARU EXPRE    0.50   12/30/44       MYR     68.36
SENAI-DESARU EXPRE    0.50   12/31/46       MYR     69.95
SENAI-DESARU EXPRE    0.50   12/31/41       MYR     65.47
SENAI-DESARU EXPRE    0.50   12/31/42       MYR     66.51
SENAI-DESARU EXPRE    0.50   12/31/43       MYR     67.43
SENAI-DESARU EXPRE    0.50   12/31/47       MYR     70.67
SENAI-DESARU EXPRE    1.10   12/31/21       MYR     70.68
SENAI-DESARU EXPRE    1.10   12/31/20       MYR     74.44
SENAI-DESARU EXPRE    1.10   06/30/21       MYR     72.55
SENAI-DESARU EXPRE    1.15   12/30/22       MYR     67.65
SENAI-DESARU EXPRE    1.35   12/31/25       MYR     61.17
SENAI-DESARU EXPRE    1.35   06/30/27       MYR     58.10
SENAI-DESARU EXPRE    1.35   12/31/29       MYR     52.80
SENAI-DESARU EXPRE    1.35   06/28/30       MYR     51.63
SENAI-DESARU EXPRE    1.35   12/31/30       MYR     50.44
SENAI-DESARU EXPRE    1.35   06/30/31       MYR     49.28
SENAI-DESARU EXPRE    1.10   06/30/22       MYR     68.98
SENAI-DESARU EXPRE    1.15   06/30/23       MYR     66.12
SENAI-DESARU EXPRE    1.15   12/29/23       MYR     64.64
SENAI-DESARU EXPRE    1.15   06/28/24       MYR     63.29
SENAI-DESARU EXPRE    1.15   12/31/24       MYR     61.95
SENAI-DESARU EXPRE    1.15   06/30/25       MYR     60.74
SENAI-DESARU EXPRE    1.35   06/30/26       MYR     60.13
SENAI-DESARU EXPRE    1.35   12/31/26       MYR     59.11
SENAI-DESARU EXPRE    1.35   12/31/27       MYR     57.10
SENAI-DESARU EXPRE    1.35   06/29/29       MYR     53.91
SENAI-DESARU EXPRE    0.65   06/30/20       MYR     74.27
SENAI-DESARU EXPRE    1.35   06/30/28       MYR     56.05
SENAI-DESARU EXPRE    1.35   12/29/28       MYR     55.01
UNIMECH GROUP BHD     5.00   09/18/18       MYR      1.36


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

KIWI INCOME PROPER    8.95   12/20/14       NZD      1.03


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

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


SINGAPORE
---------

BAKRIE TELECOM PTE   11.50   05/07/15       USD     12.00
BAKRIE TELECOM PTE   11.50   05/07/15       USD      9.00
BERAU CAPITAL RESO   12.50   07/08/15       USD     59.50
BERAU CAPITAL RESO   12.50   07/08/15       USD     84.75
BLD INVESTMENTS PT    8.63   03/23/15       USD     16.38
BUMI CAPITAL PTE L   12.00   11/10/16       USD     30.00
BUMI CAPITAL PTE L   12.00   11/10/16       USD     28.05
BUMI INVESTMENT PT   10.75   10/06/17       USD     27.00
BUMI INVESTMENT PT   10.75   10/06/17       USD     28.23
ENERCOAL RESOURCES    6.00   04/07/18       USD     29.00
INDO INFRASTRUCTUR    2.00   07/30/10       USD      1.88

THAILAND
--------

G STEEL PCL           3.00   10/04/15       USD      2.71
MDX PCL               4.75   09/17/03       USD     25.00


VIETNAM
-------

DEBT AND ASSET TRA    1.00   10/10/25       USD     54.88



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***