TCRAP_Public/141128.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, November 28, 2014, Vol. 17, No. 236


                            Headlines


A U S T R A L I A

AUSDRILL LIMITED: Moody's Affirms Ba3 CFR, Outlook Now Negative
CG SERVICES: First Creditors' Meeting Set For December 5
MARION ENERGY: Meeting of Creditors Scheduled for Dec. 4
MILLS-TUI AUSTRALIA: Selling IP in Liquidation Sale
PERPETUAL TRUSTEE: Moody's Rates on AUD10.8MM Cl. F Notes '(P)B1'


C H I N A

LDK SOLAR: US Trustee Unable to Appoint Creditors' Committee
RENHE COMMERCIAL: Moody's Affirms Caa3 Corporate Family Rating


I N D I A

AIR INDIA: Only 9 of 370 Daily Flights Profitable, Minister Says
AIR SYSTEMS: CRISIL Assigns 'B' Rating to INR41.5MM Cash Credit
ALLURI SITARAMA: CRISIL Cuts Rating on INR210MM Bank Loan to B+
ARIDO CERAMIC: ICRA Reaffirms 'B' Rating on INR7cr Term Loan
AUTO CZARS: CRISIL Upgrades Rating on INR35MM Cash Credit to B-

AYUSH HOSPITAL: CRISIL Suspends D Rating on INR94.5MM Term Loan
B B M ENTERPRISE: CRISIL Suspends B+ Rating on INR50M Cash Credit
BINOD SINGH: CRISIL Suspends B+ Rating on INR45MM Overdraft Loan
EVERGREEN VENEERS: ICRA Reaffirms B+ Rating on INR5cr FB Loan
GRACE SPINNING: CRISIL Assigns B+ Rating to INR62.5MM Cash Credit

GVK BAGODARA: CRISIL Cuts Rating on INR8.91BB Term Loan to 'D'
HARRY MILK: CRISIL Suspends B+ Rating on INR115MM Cash Credit
HOPEWELL TABLEWARE: CRISIL Puts B- Rating on INR330MM Term Loan
INDIAN OVERSEAS: Moody's Downgrades BFSR to E+
INNOTECH EDUCATIONAL: CARE Assigns B+ Rating to INR19cr Bank Loan

KALOL STEEL: ICRA Reaffirms 'B+' Rating on INR4cr Cash Credit
LAKSHMIVEL MILLS: CRISIL Suspends D Rating on INR245.8MM Loan
LEZORA VITRIFIED: CRISIL Assigns B Rating to INR330MM Bank Loan
LOTUS BULLIONS: CARE Reaffirms B+ Rating on INR9cr LT Bank Loan
M PALANIKUMAR: CRISIL Suspends B Rating on INR40MM Cash Credit

MAHALAXMI WIRE: ICRA Reaffirms B+ Rating on INR6cr Cash Credit
MARIA EXPORTS: CRISIL Suspends B Rating on INR7.2MM Term Loan
MONOPOLY YARNS: ICRA Reaffirms B Rating on INR8.85cr Term Loan
PALLAVA RED: ICRA Suspends C+ Rating on INR1.30cr Fund Based Loan
PARAGON CABLE: CRISIL Suspends B+ Rating on INR71.4MM Term Loan

POLYBLENDS INDIA: CRISIL Suspends B Rating on INR60MM Cash Credit
RAGHU RAMA: ICRA Reaffirms B Rating on INR13.96cr Fund Based Loan
S KADIRVEL: CRISIL Suspends B Rating on INR55MM Overdraft Loan
S.V. MILK: CRISIL Suspends 'B' Rating on INR150MM Cash Credit
SANJAY LUMBERS: CRISIL Suspends B Rating on INR15MM Cash Credit

SATHYA GRANITES: CRISIL Suspends B- Rating on INR150MM Cash Loan
SHREE GANESH: ICRA Assigns D Rating to INR7.50cr Cash Credit
SHREE HAREKRISHNA: CRISIL Assigns B Rating to INR60M Cash Credit
SRI MAHANANDEESWARA: CRISIL Suspends D Rating on INR50MM LT Loan
STANZEN ENGINEERING: CRISIL Suspends B Rating on INR80M Term Loan

SUPREME POLYTUBES: CRISIL Suspends B Rating on INR50MM Cash Loan
SWATI CAST: CRISIL Suspends 'D' Rating on INR80MM Packing Credit
TRIPATHI HOSPITAL: CRISIL Reaffirms B Rating on INR100MM Loan
V BIZ: CRISIL Suspends 'D' Rating on INR350MM Gold Loan
VIRTUAAL RETAIL: CRISIL Reaffirms B- Rating on INR150MM Cash Loan

WILD PLANET: CRISIL Suspends B- Rating on INR73.2MM Term Loan


J A P A N

MT GOX: Kraken Selected to Aid Missing Bitcoin Investigation


N E W  Z E A L A N D

ENERGY MAD: Loss Narrows to NZ$1.24MM in 6 Months Ended Sept. 30
MOWBRAY COLLECTABLES: Posts NZ$709K Interim Operating Loss


S O U T H  K O R E A

* SOUTH KOREA: KDI Discourages Support For Insolvent Companies


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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AUSDRILL LIMITED: Moody's Affirms Ba3 CFR, Outlook Now Negative
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the Ba3
corporate family rating (CFR) of Ausdrill Limited to negative from
stable. At the same time, Moody's has changed the outlook on the
B1 senior unsecured rating of Ausdrill Finance Pty Ltd to negative
from stable. All ratings have been affirmed.

Ratings Rationale

The change in the outlook to negative follows the company's
announcement that Resolute Mining Limited (unrated) has decided to
defer mining of the Stage 2 cutback at the Syama mine in Mali.
Ausdrill stated that the impact of the deferral will be a
reduction of about USD3.5 million in revenues per month over the
next 8 months.

"As a result of Ausdrill's announcement, earnings and cashflow
will be lower than Moody's previous expectation, and reduces the
headroom within the rating", says Saranga Ranasinghe, a Moody's
Analyst.

"The deferral of this mining work, while initself is not
significant, comes at a time when Ausdrill is facing tough
conditions in the gold and iron ore sector with prices hovering at
very low levels compared to recent years, Ranasinghe says, adding
"As a result mining companies continue to defer projects and
reduce the cost base, adding pressure to the already weak industry
environment for mining services companies".

Ausdrill's announcement is the second earnings downgrade in two
months, reflecting the very volatile conditions the mining
services companies are operating under."

Moody's expects the ratio of debt-to-EBITDA to range between 2.6x
to 3.0x for the fiscal year ending 30 June 2015 (FY2015), compared
to the 3.25x rating threshold for this metric and the 2.4x-2.8x
range Moody's were expecting for Ausdrill prior to the
announcement.

Moody's does not foresee any material improvement in Ausdrill's
revenue and margins over the medium term however, the negative
outlook reflects Moody's view that there could be risk to the
downside with further contract deferrals and/or cancellations.

While Ausdrill's mining operations focus on the production phase
(rather than exploration), which reduces the risk of contract
cancellation to some extent, the push within the mining industry
toward lower material movement and general mining activities will
continue to impact the volume of work undertaken relative to
contracted volumes.

The reduced mining activities have also led to overcapacity issues
in the mining services sector, with increased competition and
lower margins.

The company's focus on debt reduction, combined with normalizing
mining activities, should mitigate some of the earnings pressure
in the coming year. However, Moody's does not expect its credit
metrics to improve materially.

Moody's expects Ausdrill to maintain sufficient liquidity over the
next 12 months, supported by its cash balances, undrawn credit
facilities and reduced capital expenditure.

Downward rating pressure could emerge if operating conditions
deteriorate beyond Moody's expectations or if the company is
unable to reduce its debt, as indicated by debt-to-EBITDA above
3.25x.

In addition, negative rating actions could occur if the company is
unable to comply with the covenants in its syndicated facilities.

On the other hand, the outlook could revert to stable if Ausdrill
secures new contracts and increases revenue and earnings, such
that gross adjusted debt-to-EBITDA remains comfortably below 3.25x
on a consistent basis.

Ausdrill Limited was established in 1987 as a drill and blast
company in the Australian mining services sector. It has since
expanded into a vertically integrated provider of mining services
to the resources industry in Australia and Africa, with in-house
capabilities in manufacturing, logistics and supply.

The principal methodology used in this rating was Global Business
& Consumer Service Industry Rating Methodology published in
October 2010.


CG SERVICES: First Creditors' Meeting Set For December 5
--------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of CG Services Pty Ltd, trading as eKLIPT Lighting
Australia, on Nov. 25, 2014.

A first meeting of the creditors of the Company will be held at
Level 10, 239 George Street, in Brisbane, Queensland, on Dec. 5,
2014, at 11:00 a.m.


MARION ENERGY: Meeting of Creditors Scheduled for Dec. 4
--------------------------------------------------------
The U.S. Trustee will convene a meeting of creditors in the
Chapter 11 case of Marion Energy Inc., on Dec. 4, 2014, at
2:00 p.m.  The meeting will be held at 405 South Main Street,
Suite 250, Salt Lake City, Utah.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

The Court also established March 4, 2015, as the deadline for any
individual or entity to file proofs of claim against the Debtor.
For governmental units, the Court set an April 29, 2015, deadline.

The Debtor's counsel can be reached at:

         J. Thomas Beckett, Esq.
         PARSONS BEHLE & LATIMER
         201 South Main Street, Suite 1800
         P.O. Box 45898
         Salt Lake City, UT 84145-0898
         Tel: (801) 532-1234

                       About Marion Energy

Marion Energy Inc. is a Texas corporation engaged in exploration
and production of natural gas in the State of Utah.  Marion's core
operation is a producing gas field located in Carbon and Emery
Counties, Utah (the "Clear Creek Field").  The company also holds
smaller, currently unproductive acreage positions in the Helper
and Roan Cliffs area near Helper, Utah (the "Helper Field").

Its parent is Australia-based Marion Energy Limited (ASX:MAE).
Marion Energy Limited -- http://www.marionenergy.com.au/--is
principally engaged in investment in oil and gas projects and the
identification and assessment of new opportunities in the oil and
gas industry in Texas, Utah and Oklahoma in the United States of
America.

Marion Energy Inc. sought Chapter 11 bankruptcy protection (Bankr.
D. Utah Case No. 14-31632) in Salt Lake City, Utah on Oct. 31,
2014.  The Debtor estimated assets and debt of $100 million to
$500 million.  The Debtor has tapped Parsons Behle & Latimer as
attorneys.


MILLS-TUI AUSTRALIA: Selling IP in Liquidation Sale
---------------------------------------------------
Cara Waters at SmartCompany reports that Mills-Tui Australia is
selling off its intellectual property in a liquidation sale this
week after collapsing in September.

SmartCompany says Tracy Knight and Bill Fletcher of Bentleys were
appointed as liquidators following the collapse which put an
estimated 80 people out of work.

According to the report, the liquidation sale includes
intellectual property for the manufacture and assembly of a range
of specialized vehicles and products.

A Mills-Tui worker, who declined to be named, told the Courier
Mail staff had suspected the company was in trouble in the lead-up
to the liquidation announcement, SmartCompany relays.

Mills-Tui Australia designed and manufactured heavy and
specialised vehicles, with the Queensland Fire and Rescue Service
and the Queensland Ambulance Service among its customers.


PERPETUAL TRUSTEE: Moody's Rates on AUD10.8MM Cl. F Notes '(P)B1'
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes to be issued by Perpetual Trustee Company Limited in its
capacity as trustee of the FP Turbo Series 2014-1 Trust.

Issuer: FP Turbo Series 2014-1 Trust

AUD 145.0 million Class A Notes, Assigned (P)Aaa (sf);

AUD 12.0 million Class B Notes, Assigned (P)Aa2 (sf);

AUD 8.2 million Class C Notes, Assigned (P)A2 (sf);

AUD 7.6 million Class D Notes, Assigned (P)Baa2 (sf);

AUD 6.4 million Class E Notes, Assigned (P) Ba1 (sf);

AUD 10.8 million Class F Notes, Assigned (P)B1 (sf).

The AUD 10.0 million Seller Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to Class
A, B, C, D, E and F Notes by the legal final maturity.

The transaction is an Australian prime ABS. It is a cash
securitization of operating, novated and finance leases extended
to Australian corporates, small and medium-sized businesses and
their employees. The leases are secured by passenger cars
commercial vehicles and equipment. The collateral pool composition
is static and no pre-funding or substitution of receivables will
take place during the life of the transaction.

This is the third Australian ABS transaction issued by
FleetPartners since 2010.

Ratings Rationale

As of September 2014, the provisional portfolio consists of
non-delinquent vehicle and equipment lease contracts with a
weighted average seasoning of 2 years. The securitised portfolio
comprise lease installment cash flows and residual value cash
flows. The present value of the outstanding lease receivables
balance is approx. AUD196.0 million and the nominal value of
estimated RV cash flows amounts to approx. AUD81.7 million. The RV
portion of the lease cash flows were set at closing of the lease
contracts based on estimates of car values at lease contract
maturity. Due to the right of the lessees to return the vehicle at
contract maturity in order to cover the final lease balance
outstanding under an operating lease, the notes are
exposed to both default and market or residual value risk of the
related vehicles.

According to Moody's, the transaction benefits from credit
strengths such as experience of the originator, diversification of
vehicle manufacturer and lease term dates and strong historical
performance of the lease portfolio. However, Moody's notes that
the transaction features some credit weaknesses such as high
lessee concentration and RV risk.

Moody's analysis focused, amongst other factors, on (i) an
evaluation of the underlying portfolio of leases obligors (ii) an
evaluation of the underlying RV exposure; (iii) back-up
maintenance and servicer solutions; (iv) the credit enhancement
provided by subordination; (v) the liquidity support available in
the transaction by way of principal to pay interest and the
liquidity reserve fund.

Moody's applies a two-stage approach to modelling transactions
with RV risk. In the first step, Moody's models the expected loss
on the notes due to defaults. In the second step, additional
losses resulting from RV risk are modelled based on the RV
haircuts applied at contract
maturity.

For the assessment of lessee default risk Moody's has determined
the lessee default distribution of the portfolio using CDOROM,
which simulates lessee defaults based on asset correlations and
default probabilities assumptions. Moody's assumed a mean lessee
default rate of 2.7%. For cash flow modeling Moody's assumed a
recovery rate following lessee default of 45%. To account for RV
risk in the portfolio Moody's assumes a Aaa haircut of 45%, a Aa2
haircut of 35%, a A2 haircut of 30%, a Baa2 haircut of 25%, a Ba1
haircut of 20% and a B1 haircut of 11% on RV cash flows

The Notes will be repaid on a sequential basis in the initial
stages, until the subordination percentage increases from the
initial 27.5% to 55.0% for the Class A Notes at which point all
classes of notes will be repaid on a pro-rata basis. When the
outstanding balance of the notes falls below 20% of the initial
note balance at closing the notes will once again be repaid on a
sequential basis. There are other portfolio performance triggers
which must be met for the notes to be paid pro-rata. This
principal paydown structure is comparable to other recent ABS
transactions in the Australian market.

Methodology Underlying the Rating Action:

The principal methodology used in this rating is " Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009. Given the transaction's exposure to residual value
cash flows, it has been supplemented by the approach described in
"Moody's Approach to Rating EMEA Auto Lease ABS Exposed to
Residual Value Risk" published in February 2014.

Factors That Would Lead to an Upgrade or Downgrade of the Rating:

Factors that could lead to an upgrade or downgrade of the note
ratings include (1) an improvement or deterioration in the credit
quality and performance of the collateral pool, and (2) higher or
lower than expected recoveries on defaulted loans. The Australian
economy and the market for used vehicles are primary drivers of
performance.

Other reasons for worse performance than Moody's expects include
poor servicing, error on the part of transaction parties, a
deterioration in credit quality of transaction counterparties,
lack of transactional governance and fraud.

Moody's Parameter Sensitivities:

If the default rate rises to 3.4% (from Moody's assumption of
2.7%) and recovery rates are reduced to 35% (from Moody's
assumption of 45%) then the model-indicated rating for the Class A
Notes and drop 2 notches to Aa2.



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LDK SOLAR: US Trustee Unable to Appoint Creditors' Committee
------------------------------------------------------------
The U.S. Trustee for Region 3 announced that a committee of
unsecured creditors in LDK Solar Systems, Inc.'s Chapter 11 case
has not yet been appointed as of Nov. 20.

The Justice Department's bankruptcy watchdog said it did not
receive any response from unsecured creditors eligible to serve on
the committee.

                         About LDK Solar

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

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

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

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

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).
On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands. The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-
12387).

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

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


RENHE COMMERCIAL: Moody's Affirms Caa3 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed the Caa3 corporate family
and senior unsecured ratings of Renhe Commercial Holdings Company
Limited.

The outlook for the ratings is negative.

Ratings Rationale

The rating action follows Renhe's announcement on 24 November 2014
that it is implementing a tender offer and consent solicitation
for:

* US$300 million of 11.75% senior unsecured notes due May 2015
("2015 Notes"), and

* US$600 million of 13.00% senior unsecured notes due September
2016 ("2016 Notes")

The total consideration for the early tender, which will be
expired on 8 December 2014, is US$930 per US$1,000 principal
amount of the 2015 Notes and US$820 of the 2016 Notes.

If the bond holders accept the offer after 8 December 2014 -- but
before the final tender offer date of 30 December 2014 -- the
total consideration will decrease to US$880.10 for the 2015 Notes
and US$770.1 for the 2016 Notes.

The tender offer also includes amendments and waivers on covenants
and events of default.

"If successful, the transaction will constitute a distressed debt
exchange, which is a default event under Moody's definition.
However, Moody's would point out that such an event had already
been factored into Renhe's Caa3 ratings," says Fiona Kwok, a
Moody's Analyst.

"The Caa3 ratings also consider the significant liquidity stress
that Renhe faces, given the high degree of uncertainty regarding
the success of the transaction," adds Kwok, who is also the lead
analyst for Renhe.

Renhe plans to fund the tender offer with a proposed rights issue
of HKD3.3 billion (US$423 million) and credit facilities of a
maximum of US$376 million. Both the commencement of rights issue
and drawdown of credit facilities are subjected to the
satisfaction of conditions stated in the tender offer. In
addition, the credit facilities can only be used for financing the
tender considerations and will mature on 23 August 2016.

The completion of the tender offer is conditional upon (1) the
receipt of the consent of over 50% of bond holders on the proposed
amendments and their waivers of the bond indenture; and (2) the
completion of the rights issue.

Renhe's significant level of liquidity stress also arises from (1)
the small size of the company's unrestricted cash holding, which
totals RMB1.3 billion versus a sizable level of short-term debt at
end-June 2014; and (2) uncertainty over whether the company can
generate sufficient cash flows from operations and asset disposals
to meet its other debt obligations.

The negative outlook reflects uncertainty over whether the tender
offer and consent solicitation will successfully complete and the
expectation that after the transaction, the company's liquidity
position is expected to remain significantly stressed.

Renhe's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk.

Moody's compared these attributes against other issuers both
within and outside Renhe Commercial Holdings Company Limited's
core industry and believes its ratings are comparable to those of
other issuers with similar credit risk.

Renhe Commercial Holdings Company Limited specializes in the
development and commercial operation of underground shopping
centers in China that can also function as civilian air defense
shelters. The projects are built below city commercial centers and
transportation hubs, and are free of land-use premium fees.
However, Renhe does not own any of the assets. As of June 2014,
the company operated and managed 22 malls in 12 Chinese cities.
The company was listed on the Hong Kong Stock Exchange in October
2008. Mrs. Xiuli Hawken is the largest shareholder, with a 48.49%
stake. Mr. Dai Yongge, Mrs. Hawken's brother, is the chairman and
CEO.



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AIR INDIA: Only 9 of 370 Daily Flights Profitable, Minister Says
----------------------------------------------------------------
The Times of India reports that Air India makes money on only nine
of the 370 daily flights it operates. The government on November
25 told Parliament that only three international -- none on the
Europe and US routes -- and six domestic AI flights -- no metro
route are profitable.

AI's profitable international flights are between Cochin-
Kozhikode-Jeddah; Kozhikode-Sharjah and Kolkata-Yangon. The
profitable domestic ones are between Delhi-Leh; Delhi-Kolkata;
Leh-Jammu; Delhi-Srinagar; Srinagar-Leh and Delhi-Hyderabad-
Vijayawada, TOI discloses.

The report relates that with almost 97.5% of its flights not
profitable, AI's financials are in the doldrums.  According to the
report, Minister of state for aviation Mahesh Sharma told
Parliament that AI suffered a loss of INR7559.7 crore in 2011-12;
INR5490.2 crore in 2012-13 and INR5,388.8 crore in 2013-14
(provisional).  The minister disclosed that AI's loan balance on
October 31, 2014 was INR52237 crore, with INR23,358 crore being
aircraft loan and the remaining INR28,879 crore was working
capital loan, TOI relays.

With such financials, the airline saw 50 pilots resigning this
year, the report notes. "AI has an acute shortage of cabin crew
for both domestic and international routes," the minister said for
the airline that operates to 34 international destinations in 24
countries and to 64 domestic destinations, according to TOI.

TOI relate that the minister said AI was closing loss-making
routes. For instance, Air India was operating a daily flight on
the Amritsar-Delhi-Toronto route till May, 2012. "AI had been
incurring losses on its operations to Toronto and incurred a cash
deficit of about INR164 crore for FY 2011-12 and INR20 crores for
the period April-May, 2012. In view of the losses suffered by Air
India, the services to Toronto have been discontinued," the report
quotes the minister as saying.

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India Lt got a
breather in the form of INR1,000-crore equity infusion from the
government on March 26.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.


AIR SYSTEMS: CRISIL Assigns 'B' Rating to INR41.5MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Air Systems Ltd (ASL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Working
   Capital Facility          11         CRISIL B/Stable

   Letter of Credit          30         CRISIL A4

   Cash Credit               41.5       CRISIL B/Stable

   Letter Of Guarantee       17.5       CRISIL A4

The ratings reflect the company's small scale of operations and
its below-average financial risk profile, marked by a small net
worth. These rating weaknesses are partially offset by the
extensive experience of ASL's promoters in the air pollution
control equipment industry.

Outlook: Stable

CRISIL believes that ASL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its financial risk profile, supported by increased cash
accruals, or in case of a significant capital infusion by its
promoters, along with an improvement in the working capital
management. Conversely, the outlook may be revised to 'Negative'
if ASL's liquidity deteriorates most likely because of reduced
cash accruals or considerably large working capital requirements
or debt-funded capital expenditure.

Set up in 1980 in Chennai, ASL manufactures parts for air
pollution control equipment. The company's operations are managed
by Mr. D K Agarwal and his son Mr. Nitin Agarwal.

ASL reported a profit after tax (PAT) of INR1.51 million on a
total revenue of INR122.75 million for 2013-14 (refers to
financial year, April 1 to March 31), vis-a-vis a PAT of INR1.31
million on an operating income of INR84.98 million for 2011-12.


ALLURI SITARAMA: CRISIL Cuts Rating on INR210MM Bank Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Alluri Sitarama Raju Educational Society (ASRES) to 'CRISIL
B+/Stable' from 'CRISIL BB/Stable'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term      210       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

The rating downgrade reflects the deterioration in ASRES's credit
risk profile, with its operating surplus margins expected to
remain much below their historical levels over the medium term.
The society registered a steep decline in its operating surplus
margin to 1.6 per cent in 2013-14 (refers to financial year, April
1 to March 31) from 15.7 per cent in 2012-13 because of a
significant increase in its operational expenses. CRISIL believes
that ASRES has limited flexibility to increase the fees charged by
its medical college and hospital; this, coupled with the continued
increase in its operational expenses could constrain any
substantial improvement in its surplus margin, over the medium
term. Though the society would register healthy growth in its
revenue with an increase in student enrolments in 2014-15, its
operating surplus margin is likely to remain below 8.0 per cent
for the year.

The ratings reflect ASRES's stretched liquidity with its cash
surplus expected to tightly meet its term debt obligations, and
its below-average financial risk profile marked by its negative
net worth and average debt protection metrics. The ratings of the
society are also constrained on account of geographic
concentration in its revenue profile, and its exposure to risks
related to the regulated nature of the education sector. These
rating weaknesses are partially offset by the society's
established regional position in the medical education segment,
and healthy revenue from its multi-specialty hospital.

Outlook: Stable

CRISIL believes that ASRES will continue to benefit over the
medium term from its established regional position in the medical
education segment. The outlook may be revised to 'Positive' if the
society registers a substantial and sustained increase in its
scale of operations and operating surplus margins, or it receives
sizeable donations thereby strengthening its liquidity.
Conversely, the outlook may be revised to 'Negative' if ASRES
registers a decline in its operating surplus margins, or there is
a significant increase in its debt levels on account of any large
debt-funded capital expenditure.

ASRES was established in 1998 as a not-for-profit society by Mr. G
Ganga Raju, Mr. G V K Ranga Raju, and Mr. G Rama Raju. The society
has two divisions -- a multi-speciality hospital with capacity of
1075 beds, and an educational institution which offers
undergraduate and postgraduate courses in medicine, nursing, and
para-medicine.

The educational institute accounts for around 55 per cent of the
society's revenue, and the hospital division for the rest. The
medical college and general hospital are recognised by the Medical
Council of India. The institute is located in Eluru (Andhra
Pradesh).


ARIDO CERAMIC: ICRA Reaffirms 'B' Rating on INR7cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating to [ICRA]B for INR3.00
crore fund based cash credit facility and INR7.00 crore term loan
facility of Arido Ceramic. ICRA has also reaffirmed an [ICRA]A4
rating to INR1.15 crore short term non fund based facilities of
AC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit     3.00        [ICRA]B; Reaffirmed
   Term Loan             7.00        [ICRA]B; Reaffirmed
   Bank Guarantee        1.15        [ICRA]A4; Reaffirmed

The ratings continues to remain constrained by AC's limited
operational track record entailing weak financial profile as
reflected by net losses, stretched capital structure and weak debt
protection metrics. While reaffirming the ratings, ICRA considers
the vulnerability of profitability and cash flows to increasing
prices of gas and power and cyclicality inherent in the real
estate industry, which is the main consumer sector. The ratings
are further constrained by the restricted pricing flexibility in
the business due to fragmented nature of the industry and intense
competition among the players. Further, Arido Ceramic is a
partnership firm and any substantial withdrawal from capital
account would impact the net worth and thereby the capital
structure of the firm.

The ratings however, favorably consider the timely commissioning
of the tile manufacturing operations supported by moderate
capacity utilization level in FY14 and H1 FY15. The ratings also
favorably take into account the location advantage enjoyed by the
firm, giving it easy access to raw material and presence in
digitally printed segment which is expected to result in better
realizations.

Arido Ceramic (AC) was incorporated in May 2013 as a partnership
firm and is engaged in manufacturing of digitally printed ceramic
glazed wall tiles. The manufacturing unit of the firm is located
in Morbi, Gujarat, with an installed capacity of 30,000 MTPA. The
commercial production has started from February 2014.The firm is
promoted and managed by Mr. Rajesh Suvariya along with other
family members and relatives.

Recent Results
For the year ended 31st March, 2014, the firm reported an
operating income of INR1.42 crore and has incurred net losses of
INR0.92 crore as per audited results.


AUTO CZARS: CRISIL Upgrades Rating on INR35MM Cash Credit to B-
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Auto
Czars (Auto) to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL
D'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           30         CRISIL A4 (Upgraded from
                                       'CRISIL D')

   Cash Credit              35         CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

   Proposed Long Term        5         CRISIL B-/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL D')

The rating upgrade reflects regularisation by Auto of its
overdrawn fund-based limits. The firm's cash credit account has
not been overdrawn for more than 10 days in the past six months
owing to improvement in Auto's liquidity, backed by increase in
operating income and profitability margins. The firm reported
year-on-year growth of 24 per cent in operating income to INR335.1
million in 2013-14 (refers to financial year, April 1 to March
31).

The ratings reflect Auto's average financial risk profile marked
by its average capital structure and modest debt protection
metrics, small scale of operations, and high geographical and
supplier concentration. These rating weaknesses are partially
offset by Auto's established relationship with its principal,
Maruti Suzuki India Ltd (MSIL), and the extensive experience of
its promoters in the automotive spare parts segment.

Outlook: Stable

CRISIL believes that Auto will continue to benefit over the medium
term from its established position in the automobile dealership
market for MSIL in West Delhi and the extensive industry
experience of its partners. The outlook may be revised to
'Positive' if the firm's volumes and operating margin improve
substantially or if it strengthens its capital structure and debt
protection metrics supported by significant equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' if
Auto's market share reduces, thereby significantly impacting its
revenue and profitability, or if the firm undertakes any large
debt-funded capital expenditure programme, or its working capital
requirements increase leading to further stretch in liquidity.

Delhi-based Auto is a partnership firm set up in 2008 by Mr. Amit
Jain and Mr. Vishnu Bhargava. The firm is an approved stockist of
MSIL's spare parts. The firm caters to the demands of various
Maruti-authorised service centres in West Delhi, retailers, and
local workshops. Auto also operates nine retail outlets in and
around West Delhi to cater to the demands of walk-in customers.


AYUSH HOSPITAL: CRISIL Suspends D Rating on INR94.5MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ayush Hospital & Trauma Care Pvt Ltd (AHTC).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               94.5        CRISIL D

The suspension of ratings is on account of non-cooperation by AHTC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AHTC is yet to
provide adequate information to enable CRISIL to assess AHTC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

AHTC was started in 2005 by Dr. Ashok Acharya. The hospital is
located in Bhubaneswar (Odisha) and started operations in October
2007. AHTC has a capacity of 120 beds and offers specialised
tertiary medical care with a wide range of departments, including
trauma care, neurology and neurosurgery, nephrology and urology,
gastroenterology, spine surgery, and cardiac orthopaedics and
joint replacement.


B B M ENTERPRISE: CRISIL Suspends B+ Rating on INR50M Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
B B M Enterprise Pvt Ltd (BBM).

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

The suspension of ratings is on account of non-cooperation by BBM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BBM is yet to
provide adequate information to enable CRISIL to assess BBM's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Based in Kolkata (West Bengal), BBM is a distributor of USL's
Indian made foreign liquor (IMFL) brands. The company was set up
by Mr. Dinesh Khanna in 1983 as a proprietorship and was converted
into a private limited company in 2011.


BINOD SINGH: CRISIL Suspends B+ Rating on INR45MM Overdraft Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Binod Singh Roadways Pvt Ltd (BSRPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Letter Of Guarantee      4          CRISIL A4
   Overdraft Facility      45          CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       1          CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
BSRPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BSRPL is yet to
provide adequate information to enable CRISIL to assess BSRPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

BSRPL was set up as a proprietorship firm in 1985 by Mr. Binod
Kumar; it was reconstituted as a private limited company under its
current name in 2005. The company is promoted by Mr. Binod Kumar
Singh and his wife, Mrs. Manju Singh. It has been involved in
logistics (transport), especially of finished steel products from
Tata Steel Ltd. BSRPL is based in Jamshedpur (Jharkhand).


EVERGREEN VENEERS: ICRA Reaffirms B+ Rating on INR5cr FB Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of ICRA] B+ assigned to
INR5.00 crore fund based bank limits of Evergreen Veneers Private
Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4 assigned to its INR23.05 crore non-fund based bank
limits.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Limits         5.00        [ICRA]B+
   Non-Fund Based Limits    23.05        [ICRA]A4

The ratings continue to be constrained by the moderate financial
profile of the company characterized by low profitability and
moderate coverage indicators, owing to highly competitive nature
of the plywood industry that has resulted in thin margins. The
ratings are also constrained by high working capital requirements
in the business, driven mainly by increased turnover, although
this has been partially offset by availing letters of credit (LCs)
for 180 days for its imports. Vulnerability of profitability
margins to raw material and exchange rate price fluctuations and
exposure of the products of the company to competition from
upcoming substitutes like Medium Density Fiber also constrain the
ratings assigned to the company.

The ratings however continue to draw comfort from the established
presence of EVPL for almost two decades in the plywood industry,
experience of promoters in the business and satisfactory demand
outlook for plywood from sectors such as real estate and
infrastructure. This coupled with the established relations with
timber suppliers and plywood dealers has resulted in significant
volume and revenue growth over the last few years.

Company Profile: Evergreen Veneers Private Limited (EVPL) is a
private limited company incorporated in 1992. It is involved in
manufacturing of plywood, face veneer, core veneer, and trading of
timber. The promoters Mr. Vijay Gupta and Mr. Ashok Kumar Aggarwal
have extensive industry experience. The company imports primarily
Gurjan variety of timber from Singapore, Myanmar, Indonesia and
other countries and sells veneers and plywood in various regions
in India and in Nepal.

Recent Results: For FY2014, the company reported an operating
income of INR92.55 crore and an operating profit of INR1.91 crore
as against INR74.38 crore and INR1.80 crore respectively for
FY2013.


GRACE SPINNING: CRISIL Assigns B+ Rating to INR62.5MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Grace Spinning Mills (GSM).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               20.7       CRISIL B+/Stable
   Cash Credit             62.5       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      41.8       CRISIL B+/Stable

The rating reflects GSM's small scale of operations, short track
record in the highly fragmented and competitive spinning industry,
and a below-average financial risk profile, driven by large debt
and small net worth. These rating weaknesses are partially offset
by the rapid increase in the firm's scale of operations and the
extensive experience of promoters in the textile industry.

Outlook: Stable

CRISIL believes that GSM will continue to benefit from its
promoters' extensive experience in textile industry. The outlook
may be revised to 'Positive' if the firm improves its financial
risk profile and capital structure with sizeable revenue and
operating profitability and consequently large cash accruals. The
outlook may be revised to 'Negative' if GSM's financial risk
profile deteriorates with a decline in its revenue and operating
profitability, or increase in its borrowings to meet its working
capital requirements and capital expenditure.

Incorporated in 2011, GSM is a proprietorship firm, owned by Mr.
Mohnik Kalra. The firm manufactures acrylic and polyester yarn in
Ludhiana.

GSM reported a net profit of INR2.0 million on net sales of
INR222.7 million for 2013-14 (refers to financial year, April 1 to
March 31), as against a net profit of INR1.6 million on net sales
of INR127.7 million for 2012-13.


GVK BAGODARA: CRISIL Cuts Rating on INR8.91BB Term Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of GVK Bagodara Vasad Expressway Pvt Ltd (GVKBVEPL) to 'CRISIL D'
from 'CRISIL BBB-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan          8,917.7      CRISIL D (Downgraded from
                                   'CRISIL BBB-/Stable')

The ratings downgrade reflects delays by GVKBVEPL in meeting its
interest obligations. Although the interest during construction is
funded in the total project cost, these delays in interest
servicing are on account of delayed equity infusion by the
sponsor, GVK Transportation Private Ltd (GVKTPL).

GVKBVEPL, incorporated in February 2011, is a special purpose
vehicle (SPV) and a subsidiary of GVKTPL. The SPV is involved in
six-laning and strengthening of the existing three-lane section of
the 101.9-kilometer Bagodara-Wataman-Tarapur-Vasad Road on State
Highway-8 in Gujarat. The project has been awarded by Gujarat
State Road Development Corporation Ltd  (GSRDC) on a build,
operate, and transfer basis for a concession period of 27 years
(including 2.5 years of construction period) from November 2011.


HARRY MILK: CRISIL Suspends B+ Rating on INR115MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Harry Milk Foods Pvt Ltd (Harry Milk).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             115         CRISIL B+/Stable
   Term Loan                16.8       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
Harry Milk with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Harry
Milk is yet to provide adequate information to enable CRISIL to
assess Harry Milk's ability to service its debt. The suspension
reflects CRISIL's inability to maintain a valid rating in the
absence of adequate information. CRISIL considers information
availability risk as a key credit factor in its rating process and
non-sharing of information as a first signal of possible credit
distress, as outlined in its criteria 'Information Availability
Risk in Credit Ratings'.

Harry Milk was set up in 2007 by Mr. Sandeep Nagar and his family.
It was formed after reconstitution of the partnership firm, Nagar
Milk Products. Harry Milk manufactures pasteurised milk.


HOPEWELL TABLEWARE: CRISIL Puts B- Rating on INR330MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Hopewell Tableware Pvt Ltd (HTPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             330        CRISIL B-/Stable
   Cash Credit           128        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      2        CRISIL B-/Stable

The rating reflects HTPL's below-average financial risk profile
marked by high gearing and average debt protection metrics, and
high working-capital-requirements. These rating weaknesses are
partially offset by the promoters' extensive experience in
tableware industry and their funding support.
Outlook: Stable

CRISIL believes that HTPL will continue to benefit over the medium
term from the extensive industry experience of its promoter in the
tableware industry and their funding support. The outlook may be
revised to 'Positive' in case the company generates healthy cash
accruals while improving its capital structure and managing its
working capital requirements prudently. Conversely, the outlook
may be revised to 'Negative' in case HTPL generates lower-than-
expected cash accruals or if its working capital management
deteriorates or if the company undertakes considerably large debt-
funded capital expenditure programme.

HTPL, incorporated in 2010, manufactures tableware made from opal
glass and melamine. The company has its manufacturing unit in
Govindgarh (Rajasthan) and is promoted by Mr. Swapan Guha.


INDIAN OVERSEAS: Moody's Downgrades BFSR to E+
----------------------------------------------
Moody's Investors Service has affirmed Indian Overseas Bank's
(IOB) senior unsecured and local currency deposit ratings at Baa3,
reflecting the high likelihood of support that senior creditors of
IOB can expect to receive from the Government of India (Baa3
stable).

At the same time, however, Moody's has lowered IOB's bank
financial strength rating (BFSR) to E+ from D-, which is
equivalent to a baseline credit assessment (BCA)of b2, two notches
lower than the previous BCA.

The outlook for all the above ratings is stable.

Ratings Rationale

The lowering of the standalone BCA captures IOB's weakening asset
quality and capital profile, whereas Moody's decision to maintain
the long term rating at Baa3 reflects the high likelihood of
government support for the bank's depositors and senior creditors.


For the quarter ended 30 September 2014, IOB reported an increase
in non-performing loans (NPL) to 7.35% of gross loans from 5.84%
in the previous quarter, and an increase in standard restructured
loans to 7.85% of gross loans from 7.23% in the previous quarter.

In addition, impaired loans -- calculated as gross NPLs +
restructured loans as a percentage of gross loans -- increased to
15.20%, which is high for the Indian banks that Moody's rates.

New NPLs at 30 September 2014 were due to a problematic corporate
accounts in the iron, steel, textiles, and infrastructure sectors.

IOB's reserves and capital provide a narrow buffer against
potential losses. At 30 September 2014, its loan loss reserves
fell to 31.7% of gross NPLs from 35.8% in the preceding quarter.
IOB's Tier 1 reported capital ratio also fell, declining
moderately to 7.3% from 7.4% in the preceding quarter.

Due to lower operating revenues and higher provisioning expenses,
IOB reported a loss for the quarter ended 30 September 2014.
Moody's expects the bank's returns to remain weak, with falling
net interest margins and elevated provisioning expenses.

On the basis of assumed government support, Moody's expects some
improvement in IOB's capital ratios through a capital infusion
before the end of the 2015 fiscal year (ending 31 March 2015).

The bank has also contained loan growth, which in turn should help
preserve capital.

Moody's has affirmed IOB's senior unsecured debt and deposit
ratings at Baa3, based on Moody's assessment of a high probability
of government support for the bank in times of need.

Moody's assessment of government support is based on the
government's 73.8% stake and continued capital infusions in IOB,
the bank's large branch presence across India, and the negative
systemic risk implications that would follow a default of a major
public sector bank.

What could change the rating up:

* A sustained recovery in asset quality, with NPLs and
restructured loans each below 5% of gross loans, without a
significant decrease in coverage ratios.

* An increase in capital, lifting the Tier 1 ratio above 8%, and
which is subsequently sustained for over a year through internal
capital generation.

What could change the rating down:

* A deterioration in the bank's asset quality, such that its gross
NPL ratio exceeds 7.5% and/or impaired loans (gross NPLs +
restructured loans) as a percentage of total loans approaches 20%
for a prolonged period of time.

* A worsening of the bank's Tier 1 capital ratio to under 7% at
the fiscal year-end, or a material fall in the combination of
profits, loan loss reserves and core capital relative to impaired
assets.

* Any indications that government support has diminished or that
additional capital requirements could arise beyond the
government's budgeted amount would pressure its deposit and senior
unsecured debt ratings.

* Any downward changes in the sovereign ceilings could also affect
the bank's deposit and senior unsecured debt ratings.

List Of The Entities' Ratings

Indian Overseas Bank

- Bank Financial Strength Rating lowered from D- to E+

- Baseline Credit Assessment and adjusted Baseline Credit
Assessment lowered from ba3 to b2

- Long-term bank deposit (Foreign) affirmed at Baa3

- Long-term bank deposit (Domestic) affirmed at Baa3

- Senior unsecured MTN (Foreign) affirmed at (P)Baa3

- Subordinated MTN (Foreign) downgraded from (P)Ba3 to (P)B2

- Junior subordinated MTN (Foreign) downgraded from (P)B1 to (P)B3

- Short term bank deposits (Foreign) affirmed at P-3

- Other short-term (Foreign) affirmed at (P)P-3

Indian Overseas Bank, Hong Kong branch

- Senior unsecured (Foreign) affirmed at Baa3

- Senior unsecured MTN (Foreign) affirmed at (P)Baa3

- Subordinated MTN (Foreign) downgraded from (P)Ba3 to (P)B2

- Junior subordinated MTN (Foreign) downgraded from (P)B1 to (P)B3

- Other short-term (Foreign) affirmed at (P)P-3

All ratings changed from a negative to stable outlook.


INNOTECH EDUCATIONAL: CARE Assigns B+ Rating to INR19cr Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Innotech
Educational Society.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facility        19        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Innotech Educational
Society (IES) is primarily constrained by its nascent stage of
operations coupled with implementation risk associated with
remaining two phases of the project with debt yet to be tied up,
high competition from established and upcoming educational
institutes and stringent regulatory framework for education sector
in India.

The rating, however, draws comfort by the presence of experienced
members on the advisory board of the society, moderate enrolment
rate in the first year of operations, satisfactory infrastructure
and tie-up with reputed International Institute and National
University.

Going forward, the ability of IES to successfully implement the
remaining two phases of the project, establish a brand name for
itself amidst intense competition and ensure adequate student
intake would be the key rating sensitivities.

IES was established in March 2010, under the Societies
Registration Act, 1860, for establishing and operating educational
institutes for imparting education in engineering discipline in
Araria, Bihar. The Phase I of its three-phased project has been
completed, and from the academic year 2014-2015, the society has
started an Engineering college under the name "Moti Babu Institute
of Technology (MBIT)" with 300 seats in 5 streams of engineering,
ie, Electronics & Communication, Computer, Mechanical, Civil and
Information systems engineering & Technology. Currently, there are
19 qualified faculty members in IES with student faculty ratio of
approximately 12:1. The institute is approved by All India Council
for Technical Education (AICTE) and affiliated to Aryabhatta
Technology University, Bihar.


KALOL STEEL: ICRA Reaffirms 'B+' Rating on INR4cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed an [ICRA]B+ rating to the INR0.56 crore term
loan and INR4.00 crore working capital facilities of Kalol Steel &
Alloys Private Limited. ICRA has also reaffirmed an [ICRA]A4
rating to INR1.50 crore Letter of Credit and INR0.50 crore Bank
Guarantee facilities of KSAPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limits     4.00       [ICRA]B+ reaffirmed
   Term Loan              0.56       [ICRA]B+ reaffirmed
   ILC/FLC                1.50       [ICRA]A4 reaffirmed
   Bank Guarantee         0.50       [ICRA]A4 reaffirmed

The ratings are constrained by KSAPL's stretched financial
position characterized by modest scale of operations, low profit
margins and highly leveraged capital structure on account of high
unsecured loans. The ratings also take into account the highly
competitive and fragmented nature of the industry with competition
from both unorganized and established players and vulnerability of
operating profitability to fluctuations in cost of key raw
material i.e. steel prices given the company's limited ability
pass on the same to its customers.

The ratings however favorably consider KSAPL's experienced
management with long track record in iron and steel business. The
rating also favorable considers the operational support from group
concern engaged in similar line of business.

Incorporated in 2010 as a private limited company, Kalol Steel &
Alloys Private Limited was promoted by Mr. Satyapal Singhal, Mr
Varun Singhal, Mr Pankaj Singhal and Mr. Narinder Bansal and is
engaged in the manufacturing of Mild Steel Ingots through
Induction furnace route. The company has an installed capacity of
12500 TPA of ingot manufacturing at its manufacturing unit in
Kalol and has registered office in Bhavnagar.

Recent Results
For the year FY 2014, the company reported an operating income of
INR45.76 Cr. (against INR46.62 Cr in FY 2013) and profit after tax
of INR0.07 Cr (against INR0.26 Cr in FY2013).


LAKSHMIVEL MILLS: CRISIL Suspends D Rating on INR245.8MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Lakshmivel Mills Pvt Ltd (LMPL; part of the Lakshmivel group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          55.4        CRISIL D
   Bill Discounting        40          CRISIL D
   Cash Credit             80          CRISIL D
   Long Term Loan         245.8        CRISIL D

The suspension of ratings is on account of non-cooperation by LMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, LMPL is yet to
provide adequate information to enable CRISIL to assess LMPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

The Lakshmivel group was set up in 1991 by Mr. G Sakthivel and his
wife, Mrs. S Punithavathi. The group's operations cover the entire
value chain of the textiles business. LMPL was set up in 2006; it
manufactures cotton yarn, primarily for Gugan and CIBI. CIBI, the
group's flagship entity, manufactures knitted garments. Sri Hari
Process, a proprietary concern, undertakes activities such as
washing, compacting, embroidery, printing, and other processes in
the textile value chain. Gugan was set up in 1999; it manufactures
fabric.


LEZORA VITRIFIED: CRISIL Assigns B Rating to INR330MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
long-term bank facilities of Lezora Vitrified Pvt Ltd (LVPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term      330        CRISIL B/Stable
   Bank Loan Facility

   Proposed Short Term
   Bank Loan Facility       20        CRISIL A4

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

Outlook: Stable

CRISIL believes that LVPL will benefit over the medium term from
its promoters' industry experience. The outlook may be revised to
'Positive' if the company stabilises its operations in time,
leading to healthy cash accruals and improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the company's operating margin is significantly low, or it
undertakes any large debt-funded capital expenditure programme, or
its working capital management deteriorates, resulting in weak
financial risk profile.

Established in 2014, LVPL is promoted by Mr. Vindobhai Bhorania,
Mr. Anil Bavarva, Mr. Shaileshbhai Shirvi and Mr. Rajnikant
Chikani. The firm, based in Morbi (Gujarat), is setting up a plant
to manufacture glazed vitrified tiles of various sizes at its
production facilities in Morbi. It is expected to commence
commercial operations in April 2015.


LOTUS BULLIONS: CARE Reaffirms B+ Rating on INR9cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Lotus Bullions Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9         CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the long-term bank facilities of Lotus
Bullions Private Limited (LBP) continues to remain constrained
by fluctuating scale of operations, low profitability margins and
weak debt service coverage indicators. The rating is further
constrained by foreign currency fluctuation risk and its presence
in a highly fragmented and competitive industry. The rating also
takes cognizance of improvement in average collection period.

The rating, however, continues to take comfort from the
experienced promoters, moderate capital structure and positive
demand outlook in near term.

Going forward, the ability of LBP to improve its profitability
margins while maintaining its scale of operations shall be the
key rating sensitivities.

LBP was initially incorporated in January 2003 as Kanhai Diamonds
Manufacturing Private Limited and the name was changed to the
present one in March 2005. LBP is engaged in the wholesale trading
of gold jewellery, diamond jewellery and cut & polished diamond.
LBP has its offices located at Chandni Chowk and Karol Bagh,
Delhi.

Before July 2012, the company was engaged in exports of all these
products; the same was discontinued due to low demand and high
realization period expected by the customers. In FY14, the company
again started exports of these products to United Arab Emirates
(UAE). The customer profile comprises retail jewellers mainly in
Delhi-NCR and UAE.

The company procures bullions and gold jewellery from wholesalers
and manufacturers in Delhi-NCR, while diamond jewellery and cut &
polished diamond are procured from the Surat region. In FY14, 89%
of the total sales are generated from domestic market and
remaining from exports.

For FY14 (refer to period April 1 to March 31) LBP achieved a
total operating income of INR218.35 crore with a PAT of INR0.34
crore. LBP has reported a total operating income of INR93 crore in
6MFY15 (refer to period April 1 to September 30).


M PALANIKUMAR: CRISIL Suspends B Rating on INR40MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
M Palanikumar (MP).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           8         CRISIL A4
   Cash Credit             40         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       2         CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by MP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MP is yet to
provide adequate information to enable CRISIL to assess MP's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Set up in 1995, MP undertakes civil contracts for the highway
department, public works department and municipality of Madurai
district (Tamil Nadu). The daily operations of the firm are
managed by Mr. M Palanikumar.


MAHALAXMI WIRE: ICRA Reaffirms B+ Rating on INR6cr Cash Credit
--------------------------------------------------------------
The long term rating of [ICRA]B+ has been reaffirmed for INR6.00
crore fund based facilities of Mahalaxmi Wire Drawings Private
Limited. The short term rating of [ICRA]A4 has also been
reaffirmed for INR2.00 crore non-fund based facility (sub-limit of
cash credit facility) of MWDPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           6.00       [ICRA]B+ reaffirmed
   Foreign/Inland LC    (2.00)      [ICRA]A4 reaffirmed

The rating reaffirmation takes into account MWDPL's modest scale
of operations; its thin profit margins due to low value additive
nature of operations coupled with intense competition on account
of the fragmented industry structure; the company's high gearing
levels, weak coverage indicators and the vulnerability of its
profitability to adverse fluctuations in the raw material prices.
The rating, however, continues to favourably consider the
longstanding experience of the promoters in the copper wires
business; the company's established customer base; and stable
demand outlook for copper wires driven by increased demand from
pumps, cables, transformers and other industrial applications.

Incorporated in 2010, Mahalaxmi Wire Drawings Private Limited
(MWDPL) is engaged in manufacturing copper wires and rods. The
manufacturing unit of the company is located at Kathwada GIDC,
Ahmedabad. The company was founded by Mr. Mansingh Rajput, who
started the business under a partnership firm M/S Mahalaxmi
Enterprise which was subsequently merged in to MWDPL w.e.f. 1st
April 2012. The company's product profile consists of copper
bunching wires, copper solid wires, copper winding wires, copper
rods and copper ingots. The company is ISO 9001:2008 certified.

Recent Result
In FY14, MWDPL reported an operating income of INR38.87 crore and
profit after tax of INR0.13 crore as against an operating income
of INR35.31 crore and profit after tax of INR0.08 crore during
FY13.


MARIA EXPORTS: CRISIL Suspends B Rating on INR7.2MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Maria Exports International (MEI).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Foreign Discounting      30         CRISIL A4
   Bill Purchase
   Letter of Credit         15         CRISIL A4
   Packing Credit            7.5       CRISIL A4
   Proposed Long Term
   Bank Loan Facility        0.3       CRISIL B/Stable
   Term Loan                 7.2       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by MEI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MEI is yet to
provide adequate information to enable CRISIL to assess MEI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

MEI was set up in 1995 by Mr. Sheezan Akhthar in Kanpur (Uttar
Pradesh). The firm manufactures and exports leather goods such as
horse saddles and shoe uppers.


MONOPOLY YARNS: ICRA Reaffirms B Rating on INR8.85cr Term Loan
--------------------------------------------------------------
The long term rating for the INR11.85 crore (earlier INR11.39
crore) fund based facility of Monopoly Yarns Pvt. Ltd. has been
reaffirmed at [ICRA]B. The short term rating for the INR0.50 crore
non fund based facility and INR5.25 crore interchangeable limits
of MYPL has been reaffirmed at [ICRA]A4.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Term Loans               8.85        [ICRA]B reaffirmed

   Long term Fund           3.00        [ICRA]B reaffirmed
   Based Limits (CC)

   Short term Non Fund      0.50        [ICRA]A4 reaffirmed
   Based Limits (BG)

   Short term Non Fund     (4.50)       [ICRA]A4 assigned
   Based Limits (Buyers
   credit)

   Short term Non Fund     (0.75)       [ICRA]A4 reaffirmed
   Based Limits (Import/
   Inland LC)

The ratings reaffirmation reflects Monopoly Yarns Pvt. Ltd.'s
(MYPL) weak financial profile characterized by flat growth in
revenues, continuing net losses and tight liquidity position,
given the delays in scaling up of operations. Further continued
net losses in the past have led to erosion of net worth, while
debt levels have been high on account of the debt funded expansion
undertaken by the company. The rating also takes into
consideration the susceptibility of profit margins to volatility
in the prices of polyester chips and a concentrated supplier base
resulting in weak bargaining power.

The ratings also favourably consider the promoters' long
experience in the yarn processing and manufacturing business and
the fiscal as well as locational benefits received by the company.

Monopoly Yarns Pvt. Ltd. (formerly Advin Tradefin Pvt. Ltd),
incorporated in 1995 is part of the Shri Damodar Group, engaged in
processing and manufacturing polyester filament yarn and 20D mono
polyester filament yarn. MYPL has a group concern, Shri Damodar
Yarn Manufacturing Pvt. Ltd. (Rated [ICRA]BBB-(Stable)/[ICRA]A3),
is engaged in the business of manufacturing and processing of
yarn. MYPL has a registered office in Mumbai and manufacturing
unit at Silvassa, Gujarat.

Recent Results:
In FY14, the company reported a net loss of INR1.40 crore on an
operating income of INR13.88 crore. As per the six month unaudited
results of FY15, the company has reported a sale of INR8.73 crore.


PALLAVA RED: ICRA Suspends C+ Rating on INR1.30cr Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]C+ outstanding on
the INR1.30 crore long-term fund based limits of Pallava Red
Granite Private Limited. ICRA has also suspended the short-term
rating of [ICRA]A4 outstanding on the INR8.60 crore short-term
non-fund based limits of the company. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


PARAGON CABLE: CRISIL Suspends B+ Rating on INR71.4MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Paragon Cable Industries Pvt Ltd (Paragon).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             38.5        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      11.1        CRISIL B+/Stable
   Rupee Term Loan         71.4        CRISIL B+/Stable
   Standby Line of Credit   3.5        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
Paragon with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Paragon is yet
to provide adequate information to enable CRISIL to assess
Paragon's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key credit factor in its rating process and non-sharing
of information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Paragon, incorporated in 2006, was acquired by the Aggarwal family
in 2007. The company, based in Baddi (Himachal Pradesh),
manufactures plastic bottles that are used mainly in the
pharmaceuticals industry. The Aggarwal family entered the plastic
industry through Paragon. The company manufactures bottles of
various capacities, ranging from 30 millilitres (ml) to 300 ml.
Currently, Paragon has manufacturing capacity of 0.9 million
bottles per day, which is being utilised at about 70 per cent. The
Aggarwal family also operates in the ceramic industry through its
firm, Raj Kamal Marbles. Paragon owns a showroom for ceramic tiles
in Ludhiana (Punjab). There are few other entities managed by the
Aggarwal family, but the total turnover from the same is small.


POLYBLENDS INDIA: CRISIL Suspends B Rating on INR60MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Polyblends India Pvt Ltd (PIPL).

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

The suspension of ratings is on account of non-cooperation by PIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PIPL is yet to
provide adequate information to enable CRISIL to assess PIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Set up by Mr. Vijay Jain in 1993 as a proprietorship firm and
reconstituted as a private limited company in 1996, PIPL processes
plastic granules used to manufacture a large variety of plastic
products in the automobile and electronic industries. The company
has an ISO 9001:2000-certified unit in Manesar (Haryana).


RAGHU RAMA: ICRA Reaffirms B Rating on INR13.96cr Fund Based Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
INR13.96 crore (revised from 15.20) fund based limits and INR2.04
crore (revised from 0.80) unallocated limits of Raghu Rama Rice
Industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based Limits     13.96       [ICRA]B reaffirmed
   Unallocated Limits     2.04       [ICRA]B reaffirmed

The reaffirmation of rating factors in the intensely competitive
nature of rice industry with presence of several small-scale
players which increases pressure on the operating margins; weak
financial profile of the firm characterized by low profitability,
moderate gearing levels and modest coverage indicators; and risks
inherent to a partnership firm. This apart, the rating is also
constrained by the susceptibility of profitability & revenues to
agro-climatic risks which impact the availability of paddy in
adverse weather conditions. The rating, however, takes comfort
from the long track record of the promoters in the rice mill
business; presence of rice mill in major rice growing area results
in easy availability of paddy and favorable demand prospects for
rice with India being the second largest producer and consumer of
rice internationally.

Going forward, the ability of the firm to improve its
profitability and efficiently managing its working capital
requirements remain the key rating sensitivity.

Founded in the year 2012 as a partnership firm, Raghu Rama Rice
Industry (RRRI) is engaged in the milling of paddy and produces
raw & boiled rice. The firm started its operations from June 2013.
The firm has a milling unit in Jagannadhagiri village of East
Godavari district of Andhra Pradesh with an installed capacity of
8 tons per hour.

Recent Results
For FY2014, the firm reported profit after tax of INR0.07 crore on
operating income of INR49.88 crore.


S KADIRVEL: CRISIL Suspends B Rating on INR55MM Overdraft Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S Kadirvel (SK).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL A4
   Overdraft Facility       55        CRISIL B/Stable
   Working Capital
   Demand Loan              40        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by SK
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SK is yet to
provide adequate information to enable CRISIL to assess SK's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Established in 1980, SK is a proprietorship firm engaged in civil
construction. Its day-to-day operations are managed by its
proprietor, Mr. Kadirvel.


S.V. MILK: CRISIL Suspends 'B' Rating on INR150MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S.V. Milk and Milk Products Private Limited (SVM; part of SV
Group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              150       CRISIL B/Stable
   Standby Line of Credit    20       CRISIL B/Stable
   Term Loan                 40       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by SVM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SVM is yet to
provide adequate information to enable CRISIL to assess SVM's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SVM and Poornima Dairy Products (PDP).
This is because these entities, together referred as SV Group,
have a common management, and significant operational linkages and
fungible cash flows between them.

SVM was established in 2001 as a proprietorship firm named Sri
Venkateshwara Dairy Farm by Mr. Pemmasani Munishekar Naidu; it was
reconstituted as a private limited company in 2007. SVM is engaged
in processing of milk and milk products. The company's day-to-day
operations are managed by Mr. Pemmasani Munishekar Naidu's son,
Mr. Pemmasani Sravan Kumar.

PDP is in the business of milk trading and has a chilling centre.
The firm is promoted by Mr. Pemmasani Munishekar Naidu's wife,
Mrs. Pemmasani Parvathy.


SANJAY LUMBERS: CRISIL Suspends B Rating on INR15MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sanjay Lumbers Pvt Ltd (SLPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------      -------
   Cash Credit              15        CRISIL B/Stable
   Letter of Credit         45        CRISIL A4
   Proposed Short Term
   Bank Loan Facility       40        CRISIL A4

The suspension of ratings is on account of non-cooperation by SLPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SLPL is yet to
provide adequate information to enable CRISIL to assess SLPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Set up in 2010 as a private limited company by Mr. Sanjay Goyal
and his brother, Mr. Saurabh Goyal, SLPL trades timber logs,
mainly teakwood from Myanmar, Central and Latin America through
intermediaries in Singapore and Malaysia. The company is promoted
by the Goyal family and has its head office in Nangloi (Delhi). It
has one branch office in Gujarat.


SATHYA GRANITES: CRISIL Suspends B- Rating on INR150MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sathya Granites (Sathya).


                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             150         CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
Sathya with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Sathya is yet to
provide adequate information to enable CRISIL to assess Sathya's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Sathya was established in 1991 by Mr. P K Pounraj. The firm
processes waste mineral dump to produce crushed iron ores and
fines. The iron ore fines are mainly exported, and the crushed
ores are sold in the domestic market.


SHREE GANESH: ICRA Assigns D Rating to INR7.50cr Cash Credit
------------------------------------------------------------
ICRA has assigned [ICRA]D rating to the INR7.50 crore cash credit
facilities, INR6.00 crore term loans of Shree Ganesh Stampings
Private Limited. ICRA has also assigned short term rating of
[ICRA]D to the INR2.00 crore non fund based facility of SGSPL.

                             Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   Long term, fund based       7.50        [ICRA]D Assigned
   limits - Cash Credit

   Long term, fund based       6.00        [ICRA]D Assigned
   limits - Term Loans

   Short term, non fund        2.00        [ICRA]D Assigned
   based limits - LC

The assigned ratings take into account irregularities in debt
servicing by SGSPL on account of stretched liquidity position
arising due to sizable investments in the group company. Further,
working capital position of the company was stretched as there
were delays in off-take of goods from customers and the same
resulted in overutilization of the working capital facilities.
ICRA also notes that cyclical nature of the power sector, high
customer concentration and vulnerability of margins to
fluctuations in raw material prices as well as forex rates would
continue to be constraining factors for the company.

Shree Ganesh Stampings Private Limited (SGSPL) was incorporated in
2010 by Mr. Anil Sali. The company is engaged in manufacturing of
electrical laminations (stampings) for electric motors,
transformer motors, switchgears and automobile components. The
company is part of the Ujwal Group which was established in 1994.
SGSPL was incorporated as it would specialize in manufacturing
stampings above 250 tonnes with the help of advanced high speed
presses. The company has an installed capacity of 12,000 MT and
began commercial production in FY2012. The company's manufacturing
unit is located in Ahmednagar. The company manufactures stampings
for Crompton Greaves Ltd. and Cummins India Ltd as end users.

Recent Results
SPPPL reported a profit after tax (PAT) of INR2.0 crore in FY14 on
an operating income of INR23.2 crore. The company has reported
operating profit before depreciation, interest, amortization and
tax (OPBDITA) of INR6.9 crore in the same period.


SHREE HAREKRISHNA: CRISIL Assigns B Rating to INR60M Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shree Harekrishna Cotton Industries ' Jamnagar
(SHKCI).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Long Term
   Bank Loan Facility       25          CRISIL B/Stable
   Cash Credit              60          CRISIL B/Stable
   Cash Term Loan           15          CRISIL B/Stable

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

Outlook: Stable

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

Set up in 2014, SHKCI is a partnership firm promoted by the
Vasjaliya and Varsani families. The firm is setting up a unit for
cotton ginning and pressing; commercial operations are expected to
start from end of November 2014.


SRI MAHANANDEESWARA: CRISIL Suspends D Rating on INR50MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Mahanandeeswara Educational Society (SMES; part of Keshava
Reddy group).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Long Term Loan           50           CRISIL D

The suspension of ratings is on account of non-cooperation by SMES
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMES is yet to
provide adequate information to enable CRISIL to assess SMES's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

SMES was established by Mr. N Keshava Reddy and his family
members. The society, registered under the Societies Registration
Act, 1860, runs three schools in Kurnool district in Andhra
Pradesh (AP). The schools are affiliated to AP State Board. The
schools offer education in the English medium from the first to
the tenth standard. SMES is part of the Keshava Reddy group of
educational institutions, which offer primary and secondary
education in AP.


STANZEN ENGINEERING: CRISIL Suspends B Rating on INR80M Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Stanzen
Engineering Private Limited (SEPL's).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           2         CRISIL A4
   Cash Credit             20         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       4         CRISIL B/Stable
   Term Loan               80         CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
SEPL's with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SEPL's is yet to
provide adequate information to enable CRISIL to assess
SEPL'sability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key credit factor in its rating process and non-sharing
of information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Established in 1980 as Bleach Lackier, a partnership firm of Mr.
SR Uday and Ms. Sujata S. Kulkarni, and later on reconstituted and
renamed in 2010 as Stanzen Engineering Private Limited. SEPL
manufactures products such as clutch pedal, brake pedal, air
suspension springs, steam adaptors, and other auto components used
in passenger cars. The company also undertakes jobwork of stamping
wherein the company embosses logos on auto components. SEPL's
clientele include Toyotetsu India Private Limited, Stanzen
Toyotetsu India Private Limited and Faurecia Emissions Control
Technologies India Private Limited. SEPL's manufacturing
facilities are located in Bengaluru (Karnataka).


SUPREME POLYTUBES: CRISIL Suspends B Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Supreme
Polytubes Ltd (SPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              50         CRISIL B/Stable
   Letter of Credit         40         CRISIL A4

The suspension of ratings is on account of non-cooperation by SPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SPL is yet to
provide adequate information to enable CRISIL to assess SPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2002 by Mr. Sanjeev Kumar Goyal, SPL manufactures
PVC pipes and trades in PVC resins. Its manufacturing unit at
Dhuri, Punjab, has capacity to manufacture about 25 tonnes of pipe
per day of 3 shifts.


SWATI CAST: CRISIL Suspends 'D' Rating on INR80MM Packing Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Swati Cast and Forge Pvt Ltd (SCF).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Purchase           2.5       CRISIL D
   Cash Credit             30        CRISIL D
   Foreign Bill Purchase   80        CRISIL D
   Inland/Import Letter
   of Credit               42.5      CRISIL D
   Packing Credit          80        CRISIL D
   Proposed Long Term
   Bank Loan Facility       7.8      CRISIL D
   Term Loan               49.7      CRISIL D

The suspension of ratings is on account of non-cooperation by SCF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCF is yet to
provide adequate information to enable CRISIL to assess SCF's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

SCF, incorporated in March 2011, commenced production in December
2011. The company is promoted by Mr. Bal Krishan Garg. SCF
currently has production capacity of 1500 tonnes per month. It
manufactures scaffoldings, couplers, flanges, and automotive
(auto) components. Almost all of the scaffolding, flanges, and
couplers are exported, while the auto components are sold in the
domestic market. SCF exports to countries such as Saudi Arabia,
Germany, France, and Egypt.


TRIPATHI HOSPITAL: CRISIL Reaffirms B Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tripathi Hospital
Private Limited (THPL) continue to reflect THPL's small scale of
operations and risks related to implementation of its ongoing
multi-specialty hospital project. The rating also factors in risks
attached to successful stabilisation of operations and hence,
achievement of revenues and cash accruals. These rating weaknesses
are partially offset by the benefits that the company derives from
the extensive industry experience of the promoters.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility     100        CRISIL B/Stable (Reaffirmed)

   Term Loan               90        CRISIL B/Stable (Reaffirmed)

   Term Loan              100        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL expects THPL to maintain its stable business risk profile
over the medium term, backed by its promoter's extensive industry
experience and established market position. The outlook may be
revised to 'Positive' if the company significantly expands its
scale of operations aided by timely implementation and
stabilisation of the proposed hospital along with an improvement
in operating profitability, resulting in higher than expected cash
accruals and hence, improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's scale of operations remain stagnant and financial and
liquidity risk profile deteriorate due to time and cost overruns
in the proposed project or larger than expected debt funded
capital expenditure.

Incorporated in November 2001, Tripathi Hospital Pvt Ltd (THPL) is
engaged in the business of providing medical services in the
fields of Orthopedics and Gynecology/Obstetrics. The hospital
first established as a partnership firm in 2000 was later
converted into a private company in 2001. The husband and wife duo
of Mr. B.K. Tripathi and Mrs. Nidhi Tripathi actively manage the
hospital. The company is in the process of setting up a 100 bedded
hospital in Noida.


V BIZ: CRISIL Suspends 'D' Rating on INR350MM Gold Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of V Biz
It India Private Limited (V Biz).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Gold Loan                350        CRISIL D

The suspension of ratings is on account of non-cooperation by V
Biz with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, V Biz is yet to
provide adequate information to enable CRISIL to assess V Biz's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

V Biz was set up as a proprietorship concern in 2004; this concern
was reconstituted as a partnership firm (V Biz IT) in 2008, and
then as a private limited company with the current name in 2010.
The company manufactures gold jewellery such as bangles, coins,
necklaces, and rings. It is based in Delhi and is owned and
managed by Mr. Kushagra Jindal, who was engaged in his family's
jewellery business prior to setting up V Biz.


VIRTUAAL RETAIL: CRISIL Reaffirms B- Rating on INR150MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Virtuaal Retail Pvt Ltd
(VRPL) continue to reflect VRPL's weak financial risk profile,
marked by a small net worth and high gearing, weak liquidity,
moderate debt protection metrics, and large working capital
requirements.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         16        CRISIL A4 (Reaffirmed)
   Cash Credit           150        CRISIL B-/Stable (Reaffirmed)
   Proposed Cash
    Credit Limit          12        CRISIL B-/Stable (Reaffirmed)
   Term Loan              32        CRISIL B-/Stable (Reaffirmed)

The ratings also reflect the vulnerability of the company's
operating margin to volatility in product prices, and small scale
of operations, with geographical concentration in its revenue
profile. These rating weaknesses are partially offset by VRPL's
healthy revenue growth, diversified product portfolio, and its
promoters' extensive experience in the retail business.

Outlook: Stable

CRISIL believes that VRPL will continue to benefit over the medium
term from its promoter's extensive experience in the retail
industry. The outlook may be revised to 'Positive' if VRPL
generate higher cash accruals or the promoters infuse large
equity, leading to better financial risk profile, particularly
liquidity. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile, particularly liquidity,
deteriorates on account of large working capital requirements or
debt-funded capital expenditure, or further unrelated investment
in real estate.

Promoted by Mr. Vikram Agarwal in 2011, VRPL was formed to take
over the existing business of Virtuaal Jewels and Virtuaal
Apparels. Virtuaal Jewels operated retail showrooms of Tanishq
(jewellery), Titan (watches), and Titan Eye Plus, while Virtuaal
Apparels was a retailer of brands such as Reebok, Adidas, Puma,
Lee, Benetton, GAS, and Wrangler, and cellphones from Samsung.
VRPL has 17 showrooms across northern India; however, Dehradun
(Uttarakhand) accounts for about 70 per cent of the company's
revenue.


WILD PLANET: CRISIL Suspends B- Rating on INR73.2MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Wild Planet (WP).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Term Loan      73.2        CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by WP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, WP is yet to
provide adequate information to enable CRISIL to assess WP's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

WP, incorporated in 2009, is currently developing a resort in
Tamil Nadu. The day-to-day operations of the firm are managed by
Mr. V Mahesh.



=========
J A P A N
=========


MT GOX: Kraken Selected to Aid Missing Bitcoin Investigation
------------------------------------------------------------
Kraken, a San Francisco-based bitcoin exchange, disclosed that it
has been selected to support the investigation of missing bitcoin
and the distribution of remaining assets to the creditors.  This
decision comes after an extensive evaluation process where
multiple companies were considered and thoroughly vetted.  Kraken
was chosen for reasons including its proven track record of stable
exchange operation and reliable customer support, and possesses
the skill and expertise required to properly carry out an
investigation of the lost bitcoin and the distribution of assets
to creditors.

Duties that Kraken may be asked to carry out include the
following:

   -- Aid in the investigation of possible lost or stolen Bitcoin

   -- Aid in the creation of a system to file and investigate
claims

   -- Help to distribute Bitcoin and/or fiat assets to creditors
Exchange Bitcoin to fiat currency when needed

   -- Provided the trustee decides to distribute bitcoin,
creditors may be asked to create a Kraken account, if they do not
already have one, to establish a secure, efficient and cost-
effective platform for the distribution of bitcoin.

Claimants wishing to open a Kraken account and possibly avoid any
delays caused by the large increase in new sign-ups and/or
verifications are encouraged to sign up now at
https://www.kraken.com/signup

"The outcome of the MtGox bankruptcy proceedings will deeply
affect the Bitcoin community as a whole," said Kraken CEO Jesse
Powell.  "We've decided to volunteer our resources and expertise
in an attempt to minimize damage to creditors, restore faith in
the Bitcoin community, and demonstrate trusted leadership in the
industry," Mr. Powell said.

Updates will be accessible at https://www.kraken.com/mt-gox-
updates as they become available.

                          About Kraken

Based in San Francisco, Kraken -- http://www.kraken.com-- is a
bitcoin exchange for euro trading, offers advanced trading tools,
a sophisticated user interface, robust technical security and full
regulatory compliance to traders and institutions.

                          About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014. It
filed for bankruptcy protection in the U.S. to prevent customers
from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on
Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy
and Insolvency Act, that the bankruptcy proceedings commenced with
respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox
-- be recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are:

     MILLER THOMSON LLP
     Scotia Plaza
     40 King Street West, Suite 5800
     PO Box 1011
     Toronto, ON Canada M5H 3S1
     Tel: 416-595-8615/8577
     Fax: 416-595-8695
     Attn: Jeffrey Carhart/ Margaret Sims

The company said it has estimated assets of $10 million to
$50 million and debts of $50 million to $100 million.



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


ENERGY MAD: Loss Narrows to NZ$1.24MM in 6 Months Ended Sept. 30
----------------------------------------------------------------
Allan Wood at The Press reports that Energy Mad Limited has
announced a narrower NZ$1.24 million half year loss as a promising
US sales deal disappointed. The result for the six months to
September 30 compared to a loss of NZ$2.49 million a year earlier,
the Press says.

Its shares have generally trended down since its listing in
October 2011 after reporting a series of losses, according to the
Press.

Energy Mad said operating revenues of NZ$4 million for the six
months were unchanged from a year earlier, notes the report.

The Press discloses that the Australian revenue of NZ$2.0 million
for the six months to September 30 was also comparable. The
New Zealand direct to consumer revenue grew to NZ$1.7 million,
from NZ$1.4 million.  United States revenue grew to NZ$180,000
from NZ$130,000, The Press relays.

The Press relates that the company said it had a small negative
equity position of NZ$200,000. It was progressing capital raising
options to remedy this and to progress its growth opportunities.

As a result of its recent re-organisation, the company had a
leaner organisational structure to focus on its direct to consumer
Ecobulb light-emitting diode (LED) sales model utilising
outsourced sales forces, the Press adds.

Energy Mad Limited -- http://www.energymad.com/nz/index.html--
designs, manufactures and sells energy efficient lighting under
the Ecobulb(R) and Ecospiral(R) (in North America) brands.


MOWBRAY COLLECTABLES: Posts NZ$709K Interim Operating Loss
----------------------------------------------------------
The Dominion Post reports that disappointing trading at stamp
dealer and auction house Mowbray Collectables Ltd has resulted in
a NZ$709,000 interim operating loss.

And this, along with a NZ$1.28 million write-down of goodwill, has
the company in discussion with bankers to ensure it stays solvent,
the report relates.

According to the report, the Otaki-based listed company had said
it would release its interim result for the six months to
September 30 on November 27. But it advised the market its
operations had made a loss of about NZ$709,000 over that period.

The Dominion Post relates that Chairman Murray Radford said the
result had been driven by disappointing trading at Mowbray
Bethunes, a rare book department, and Peter Webb Galleries in
Auckland.

"The interim result includes a number of one-offs due to
restructuring undertaken at Webb's to address the considerable
under-performance versus forecasts presented during the
valuation/sales process in 2013, a loss on the disposal of the
investment in Sotheby's Australia but benefits from a receipt from
the Webb's landlord to exit the Manukau Road lease early."

Mr. Radford said the under-performance has led to a full review
and a NZ$1.28 million write-down of goodwill, the report relates.

"Due to both the operating losses and the goodwill impairments the
company is in discussion with its bankers as to a possible
refinancing and restructuring of current debt levels to ensure
continued solvency.

"A more detailed commentary will be provided in the interim result
release."

The company's outgoing chief executive John Mowbray apologised to
shareholders in August for not growing the company significantly
in the 14 years since it listed.

But he also told the annual meeting that he was excited about its
prospects, after it completed the acquisition of Auckland-based
Peter Webb Galleries, the report adds.

Mowbray Collectables Ltd -- http://www.mowbraycollectables.co.nz/
-- is a New Zealand-based stamp dealer and auction house.



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


* SOUTH KOREA: KDI Discourages Support For Insolvent Companies
--------------------------------------------------------------
The Korea Herald reports that the state-run Korea Development
Institute on November 18 called for a decrease in the financial
support for insolvent companies as it could delay their
restructuring and hamper their economic dynamism.

The report relates that the KDI said in its report that increasing
support for so-called "zombie companies" -- insolvent companies
relying on external financial support -- would have a negative
impact on the economy as a whole. The existence of the companies
would keep labor costs and interest rates high, thus having a
negative effect on employment and shrinking investment in normal
companies, the report says.

"South Korea's zombie companies accounted for 15.6 percent of
total firms in 2013, up from 13 percent in 2010 as banks kept
extending the maturity of the loans for insolvent companies," the
report quotes Jung Dae-hee, a researcher at KDI's macroeconomics
division, as saying.

According to the report, think tanks said the presence of such
insolvent enterprises was particularly significant in the local
shipbuilding and construction industries, areas that have been
reluctant to undergo restructuring despite a prolonged slowdown.

For instance, in the shipbuilding industry, the number of
insolvent firms rose to 26.2 percent in 2013 from 7.1 percent in
2010 while those in the construction sector increased to 41.1
percent in 2013 from 26.3 percent in 2010, The Korea Herald
discloses.

"Restructuring appears to be quite urgent in the two sectors,
which already have reached their limits in terms of growth,"
Mr. Jung, as cited by The Korea Herald, said.

The Korea Herald says the KDI cited the case of Japan, which
continued to support faltering companies.

In the early 1990s following its property bubble burst, Japanese
commercial banks kept providing funds to insolvent companies by
rolling their debt over, at the expense of cutting down on loans
for normal companies, the report relays.

The move eventually ended up having a negative impact on the
economy as a whole, The Korea Herald notes.

According to The Korea Herald, the number of zombie companies in
Japan rose to account for 14 percent of the total companies in the
late 1990s, up from 4 to 6 percent in the early 1990s.

"This delayed the restructuring of Japanese companies and led to a
decline in employment and investment in normal companies," the KDI
report said, The Korea Herald relays.



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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***