TCRAP_Public/141202.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, December 2, 2014, Vol. 17, No. 238


                            Headlines


A U S T R A L I A

PIE FACE: AT Concept Sues US Pie Face Unit Over Unpaid Bills
PIE FACE: Macquarie Capital Taps Ferrier Hodgson as Receivers
SUMO VISUAL: Likely to Have Been Insolvent Since July


C H I N A

CHINA SOUTH: Stable Project Pipeline Brings Rating Closer to BB-
GCL-POLY ENERGY: To Sell Solar Factories to Two Buyers
LOGAN PROPERTY: Fitch Assigns BB-(EXP) Rating to Prop. USD Notes
MAOYE INTERNATIONAL: Moody's Cuts Corporate Family Rating to Ba2


I N D I A

AGGARWAL FOODS: ICRA Reaffirms B+ Rating on INR13cr FB Loan
ASHARFI GRAMODYOG: CRISIL Rates INR4MM Cash Credit at 'B'
ASHUTOSH FOODS: ICRA Reaffirms B Rating on INR29cr FB Loan
AUM REALITY: ICRA Assigns B+ Rating to INR8cr FB Demand Loan
BAAB CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR50MM Cash Loan

BASANT CITY: ICRA Assigns 'B' Rating to INR10cr Term Loan
CALCO POLY: CRISIL Ups Rating on INR35MM Cash Credit to 'B+'
GHANSHYAM GINN: ICRA Reaffirms 'B' Rating on INR15cr Cash Credit
GLOBAL ENVIRO: ICRA Assigns B+ Rating to INR3.99cr FB Loan
GRAMIN VIKAS: CRISIL Assigns B Rating to INR10MM Bank Loan

KDJ HOSPITAL: ICRA Suspends 'D' Rating on INR60cr Term Loan
LANTECH PHARMACEUTICALS: CRISIL Ups Rating on INR150MM Loan to B-
LEXO CERAMIC: ICRA Reaffirms B+ Rating on INR2.60cr Term Loans
M.R.R. INFRATECH: CRISIL Assigns 'B' Rating to INR700MM Bank Loan
MASSIMO ENTERPRISE: ICRA Puts B+ Rating on INR9.75cr Term Loan

MEHTA GOLD: CRISIL Assigns 'B+' Rating to INR120MM Cash Credit
NAMRATA DEVELOPERS: CRISIL Reaffirms B Rating on INR140MM Loan
NANAK HI-TECH: CRISIL Reaffirms D Rating on INR77.4MM Term Loan
RADHESHYAM INDUSTRIES: CRISIL Reaffirms B+ Rating on INR120M Loan
RENUKA OIL: CRISIL Reaffirms B- Rating on INR65MM Term Loan

SATYAM GREEN: CRISIL Assigns B Rating to INR60MM Term Loan
SAYONA CERAMIC: CRISIL Reaffirms B Rating on INR39.3MM Term Loan
SHYAM GRAMODYOG: CRISIL Assigns B Rating to INR10MM Bank Loan
SOMANIL CHEMICALS: CRISIL Reaffirms B Rating on INR45MM Cash Loan
SREE SUBHALAKSHMI: CRISIL Puts B+ Rating on INR44MM Term Loan

SRI SRINIVASA: ICRA Upgrades Rating on INR98.95cr Loan to B-
SUPERSONIC TURNERS: CRISIL Cuts Rating on INR138.6MM Loan to D
TAURUS POWERTRONICS: CRISIL Rates INR40MM Cash Credit at 'B+'
ULTRA POWER: ICRA Reaffirms C+ Rating on INR16.62cr LT Loan
VAISHNODEVI OIL: CRISIL Reaffirms B+ Rating on INR85MM Cash Loan

VARDHMAN CABLES: CRISIL Reaffirms B+ Rating on INR20MM Cash Loan
YAMIR PACKAGING: CRISIL Reaffirms B- Rating on INR80MM Cash Loan
ZODIAC INFRA: CRISIL Reaffirms B- Rating on INR66MM Cash Credit
* INDIA: Rajan Seeks More Power for India's Banks Over Defaulters


I N D O N E S I A

BAKRIE TELECOM: Fitch Withdraws 'Restricted Default' IDR


M A L A Y S I A

MALAYSIA AIRLINES: Trade Unions Get Ultimatum


N E W  Z E A L A N D

OUTGRO FERTILISER: Directors Under Investigation
TE RIMU: Still Owes NZ$1.28 Million to Creditors


X X X X X X X X

* BOND PRICING: For the Week Nov. 24 to Nov. 28, 2014


                            - - - - -


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


PIE FACE: AT Concept Sues US Pie Face Unit Over Unpaid Bills
------------------------------------------------------------
Eloise Keating at SmartCompany reports that the US arm of Pie Face
could be in for a costly legal battle, with a New York-based
building company initiating legal action against the company,
which it alleges wrongfully terminated a contract and failed to
pay bills of up to US$360,000 (AUD425,129).

SmartCompany, citing News Corp., relates that building company AT
Concept has launched a claim against the Pie Face store near
Hell's Kitchen as well as parent company Pie Face Holdings in the
Supreme Court of the State of New York.

SmartCompany relates that in its claim, AT Concept said it was
engaged by Pie Face Holdings to construct the store in 2013 for an
agreed price of US$303,560, with the bills for the project later
climbing to US$360,000 due to new demands from Pie Face
management.

But AT Concept alleges Pie Face breached its contract by failing
to pay for the completed work and later terminating the contract,
the report says.

"At the time the plaintiff's contract was wrongfully terminated,
it had completed work in the amount of US$313,831.35, no part of
which had been paid, except the amount of US$194,069.08, thereby
leaving a balance due and owing of US$119,762.27," the AT Concept
claim stated, SmartCompany relays.

The report says the building firm is hoping to recover this amount
through the court action, as well as legal costs and fees.

News Corp said Pie Face has denied the claims, SmartCompany adds.

                          About Pie Face

Pie Face offers premium handmade sweet and savoury pies, pastries,
cakes, muffins, coffee and other lunch options.
The Company launched in Sydney in 2003 and had 89 stores across
Australia, the United States and New Zealand.

Jirsch Sutherland partners Sule Arnautovic and Rod Sutherland were
appointed as Joint Administrators of Pie Face Holdings Pty Ltd,
Pie Face Franchising Pty Ltd and Pie Face Pty Ltd on
Nov. 21, 2014.


PIE FACE: Macquarie Capital Taps Ferrier Hodgson as Receivers
-------------------------------------------------------------
Eloise Keating at SmartCompany reports that Macquarie Capital, one
of Pie Face's secured creditors, late in November appointed
Ferrier Hodgson partners Steve Sherman and Peter Gothard as
receivers to a number of key Pie Face assets.

A spokesperson for Ferrier Hodgson told SmartCompany, Sherman and
Gothard have been appointed as receivers for "cash at bank as well
as shares held in Pie Face Inc, as well as director loan accounts"
in Pie Face Holdings.

However, the spokesperson said Ferrier Hodgson will not have any
involvement in determining if a Deed of Company Arrangement will
be presented to Pie Face creditors.

"This is a matter for the voluntary administrators and creditors
generally," the spokesperson told SmartCompany.

According to SmartCompany, Fairfax said Ferrier Hodgson has been
appointed as receivers to control the agreement between Pie Face
and high-profile US casino developer Steve Wynn, who made a
AUD15 million investment in Pie Face's US operations in 2012.

                          About Pie Face

Pie Face offers premium handmade sweet and savoury pies, pastries,
cakes, muffins, coffee and other lunch options.
The Company launched in Sydney in 2003 and had 89 stores across
Australia, the United States and New Zealand.

Jirsch Sutherland partners Sule Arnautovic and Rod Sutherland were
appointed as Joint Administrators of Pie Face Holdings Pty Ltd,
Pie Face Franchising Pty Ltd and Pie Face Pty Ltd on
Nov. 21, 2014.


SUMO VISUAL: Likely to Have Been Insolvent Since July
-----------------------------------------------------
Nic White at ProPrint reports that administrators for Sumo Visual
said the collapsed retail printer was 'likely to have been
insolvent since July', and amassed debts of AUD2.5 million in that
time alone.

ProPrint relates that administrators Craig Crosbie and
David McEvoy at PPB Advisory also believed 30 unnamed creditors
were given unfair preferential payments totalling AUD800,000 in
the year leading up to the collapse.

The administrators said company was propped up by AUD3 million in
payments from its private equity investors between May and
September this year, ProPrint relays.

According to ProPrint, the administrators do not expect any return
for the mass of 341 trade creditors that are looking for some of
their money back.

In a detailed 39-page investigative report to creditors obtained
by ProPrint, administrators say Sumo accumulated debts of more
than AUD7.5 million since July 1 last year -- the month after
founder Matt Huber was replaced as chief executive following a
heart attack.

Senior Sumo managers told ProPrint it was from this point on that
things started to go badly for the company, as executives
appointed by major private equity shareholder Harbert Management
Corporation managed to derail the company in less than 18 months.

The administrators have given up on finding a buyer for the
business or its assets, and recommend the creditors resolve to
liquidate the company, ProPrint says.

They did manage to sell in-house developed software Sumo Tools for
an undisclosed sum, this is likely the AUD800,000 MIS system
senior managers say was ill-conceived and contributed to Sumo's
downfall, according to ProPrint.

The production kit will be auctioned by Dominion Group on December
4 at Sumo's Port Melbourne facility, ProPrint adds.

Sumo Visual Group is one of Australia's biggest retail signage
printers.



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C H I N A
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CHINA SOUTH: Stable Project Pipeline Brings Rating Closer to BB-
----------------------------------------------------------------
Fitch says China-based trade centre developer China South City
Holdings Limited's (CSC; B+/Positive) scale has reached a level
that brings its profile closer to 'BB-' peers'.  However, its
rating is still restrained by high project concentration risk.
The Positive Outlook reflects CSC's healthy pipeline of sellable
resources in various locations that would enable the company to
sustain its scale and diversify over time.

CSC's performance has met some of the benchmarks the agency laid
out for positive action.  Its contracted sales reached CNY12bn in
the 12 months ended Sept. 2014 (financial year ended March 31,
2014: CNY8.2bn), while leverage of 31% in 1HFY15 has remained
below 35%.  However, CSC's Zhengzhou project accounted for 41% of
the company's total contracted sales in 1HFY15 (FY14: 30%).  Fitch
expects CSC's concentration risk to reduce in 2HFY15 with growing
sales contribution from newer projects in Harbin and Hefei, and
the launch of sales for its Chongqing project in the next 12
month.

CSC's EBITDA margin fell to 34% in 1HFY15 (FY14: 36%), largely due
to recognition of newer projects that have lower average selling
prices and seasonal factors.  Fitch expects average selling prices
for contracted sales to increase steadily, albeit at a slower pace
than before, and growing economies of scale to support an increase
in the EBITDA margin to closer to 40%, the level at which the
agency would consider positive rating action.

CSC would be upgraded if it can sustain its scale and reduce its
concentration risk while at the same time preserving its credit
metrics.  However, the weak sentiment in China's property market
and slowing economic growth could hinder CSC's efforts to achieve
its sales and diversification targets.  In such a scenario, the
rating Outlook would be revised to Stable.


GCL-POLY ENERGY: To Sell Solar Factories to Two Buyers
------------------------------------------------------
Wayne Ma at The Wall Street Journal reports that GCL-Poly Energy
Holdings Ltd., one of China's largest solar-equipment makers is
selling its core business to two buyers -- one of which is
controlled by its chairman -- for CNY8 billion (US$1.3 billion) as
it tries to get out from under heavy debt.

The Journal says the proposed sale by GCL-Poly Energy illustrates
how China's solar industry is being reshaped after some of its
largest and oldest companies stumbled by growing too quickly.

According to the Journal, GCL-Poly said it was selling seven
solar-wafer factories and two solar-ingot factories. Those
facilities booked revenue of HK$10.86 billion (US$1.4 billion) in
the first half of 2014, representing 63% of GCL-Poly's total
revenue for the period, the Journal discloses citing company
statements.  Solar cells -- a key component for solar panels --
are made from solar wafers, which are made from solar ingots, the
report notes.

The Journal relates that GCL-Poly said the first buyer is a fund
controlled by GCL-Poly Chairman Zhu Gongshan, while the second
buyer, Shanghai Miaochang Investment Management Center L.P., may
sell at least 30% of the acquired assets to Mr. Zhu.

Both buyers have connections to Shanghai Chaori Solar Energy
Science & Technology Co., another struggling Chinese solar company
that was the first in China to default on domestic corporate bonds
earlier this year, the Journal relates.
Mr. Zhu's fund is part of a group of nine investors that bailed
out Chaori by buying a more than 30% stake in the company, GCL-
Poly's statements show, according to the Journal. Meanwhile, a
general partner of the second buyer has guaranteed up to 788
million yuan of Chaori's defaulted bonds, the report relays.

The Journal adds that GCL-Poly said Mr. Zhu's fund plans to inject
the assets from GCL-Poly into Chaori, while the second buyer's
assets may ultimately be injected into Chaori as well. GCL-Poly
already has been supplying solar components to Chaori since July.

The Journal says the Chinese government has revived its solar
industry after a two-year slump by announcing ambitious targets to
add as much as 14 gigawatts of solar capacity by the end of this
year. That target helped companies such as GCL-Poly, which swung
to a profit in the first half of 2014 from a net loss in the year-
earlier period.

Still, GCL-Poly has been mired in debt after it said it invested
heavily over the past 2-1/2 years through borrowing. As of June,
GCL-Poly had cash and cash equivalents of about HK$10 billion and
debt of about HK$44.26 billion, the Journal discloses. The company
said on November 30 that HK$16.03 billion in debt will be
transferred off its books as part of the sale. Proceeds from the
sale, which total HK$9.87 billion, will help the company pay down
the remaining debt of HK$27.7 billion, it said, the Journal
relays.

GCL-Poly produces solar polysilicon and manufactures solar wafer.


LOGAN PROPERTY: Fitch Assigns BB-(EXP) Rating to Prop. USD Notes
----------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB-(EXP)' to
China-based homebuilder Logan Property Holdings Company's (BB-
/Stable) proposed notes denominated in US dollars.

Logan plans to use the note proceeds to refinance existing onshore
borrowings.  The final rating is contingent upon the receipt of
final documents conforming to information already received.

The notes are rated at the same level as Logan's senior unsecured
debt rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company.

KEY RATING DRIVERS

Established Market Position: Logan's ratings reflect its
established business position with contracted sales of CNY13.2bn
in 2013 (1H14: CNY5.54bn), and strong execution ability in large-
scale mass-market residential developments in key cities where it
operates.  About 66% of Logan's existing land bank is located in
Huizhou, Nanning and Shantou, where Logan has been ranked among
the top five developers by sales value in the past three years.
Logan will continue to use its strong track record in these
locations to expand over the medium term.

Large Land Bank Gives Flexibility: Logan's large land bank of 12.8
million square metres (sqm) that it purchased at an average cost
of below CNY1,200/sqm is sufficient for five to six years' worth
of sales.  This large low-cost land reserve, gives the company
operational flexibility in terms of land purchases over the medium
term.  The leeway is especially important at a time when land
prices are rising rapidly.

Stable Margins: As land costs increase over time, Fitch expects
the company's overall EBITDA margin to be sustained at above 25%
(1H 2014: 24%) as lower margins from its fast-churn projects would
be balanced by stronger profit margins from projects with low land
cost.  Logan also reaps some savings by using its in-house
construction arm.

Balance Sheet Supports Moderate Expansion: Logan's net
debt/adjusted inventory is healthy at 30% as at 1H14 (end-Dec
2013: 33%).  Logan's leverage may increase to beyond 40% at end-
2014 following its acquisition of seven new land parcels in
January-October 2014.  Fitch expects it to drop below 40% over the
medium term, assuming Logan slows down its pace of acquisition in
2015 and maintains healthy sales performance.

Manageable Single Project Exposure: Although plots in Huizhou make
up about 40% of Logan's land bank, sales from its main project,
Logan City (Huizhou), will be spread out over several years and
likely remain below 25% of Logan's total annual sales.  In
addition, the low land cost of CNY220/ sqm for Logan City
(Huizhou), compared with the average selling price (ASP) of
CNY6,300/ sqm, provides a comfortable buffer against price
corrections and potential competition from nearby projects.

High Exposure in Guangdong: Logan's rating is constrained by its
concentration in Guangdong province, which accounts for more than
70% of its sales and land bank.  This increases its susceptibility
to changes in the local economy and policies.  Its exposure to
smaller cities may leave it vulnerable to higher price volatility;
however this is partially mitigated by the company's strong profit
buffer due to the low cost of its land and products that target
first-home buyers and upgraders.  Due to its proximity to Shenzhen
and to a lesser extent Guangzhou, Logan City (Huizhou) also
targets end-users from these first-tier cities in Guangdong
province.

Large Projects May Lengthen Cash Cycle: Logan's strategy is to
secure large parcels of land outside the city centre to tap demand
from urbanization in China.  The success of these projects hinges
on the continuation of the urbanization trend and demands a longer
cash cycle.  Low land costs for these projects, Logan's healthy
leverage, and cash flow from the company's fast-churn projects
will mitigate some of this risk.

RATING SENSITIVITIES

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

   -- EBITDA margin sustained below 25%
   -- Net debt/adjusted inventory sustained above 40%
   -- Contracted sales / total debt sustained below 1.0x
   -- Sustained decline in contracted sales from current levels

Positive: No positive rating action is expected unless Logan is
able to substantially increase its scale and diversify outside
Guangdong province without compromising its financial metrics.


MAOYE INTERNATIONAL: Moody's Cuts Corporate Family Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 Maoye
International Holdings Ltd.'s corporate family rating.

At the same time, Moody's has downgraded Maoye's senior unsecured
bond rating to Ba3 from Ba2.

The ratings outlook is stable.

Ratings Rationale

"The downgrade reflects Moody's expectation that Maoye's financial
leverage will remain elevated over the next 1-2 years, given its
already high level of debt at end-June 2014 and uncertainty over
its ability to reduce debt through using the proceeds from its
property sales," says Lina Choi, a Moody's Vice President and
Senior Analyst.

According to Maoye, it made some progress in monetizing its
property inventory in 3Q 2014, and expects to generate sizeable
levels of operating cash flow and earnings in its property
development business over the next several years.

"However, Moody's believes that significant uncertainty exists as
to the timing and the scale of such activities, particularly given
the challenging character of property-market fundamentals and the
expectation that this situation should persist into 2015," says
Choi.

In addition, Maoye's investments to establish new department
stores and the size of construction costs for its property
business should constrain its ability to reduce debt.

In this regard, Moody's expects adjusted debt/EBITDA to stay at
5.0-5.5x over the next 12-18 months. Although this level is lower
than the 6.3x for the 12-month period ended June 2014, it is still
weak for the parameters of the Ba1 CFR category.

At the same time, Moody's says that Maoye's Ba2 corporate family
rating acknowledges its leading market position in Shenzhen, its
successful low-cost expansion strategy, and its use of a
competitive business model which involves the use of self-owned
properties for its department stores in prime locations in lower-
tier cities.

The rating also reflects its reasonably good liquidity profile, as
well as the low business and inventory risks stemming from the
concessionaire model for its department stores.

Moody's continues to apply a one-notch downward adjustment to
Maoye's bond rating because of the subordination risk arising from
priority debt.

Moody's estimates that such debt will continue to account for more
than 15% of the company's total assets over the next two years,
unless a significant reduction occurs in onshore debt.

The stable outlook reflects Moody's expectation that Maoye's
overall financial profile will remain in line with the Ba2
corporate family rating over the next 12-18 months, given
incremental earnings and cash flow from its property business, as
well as stable cash flow generation at its department store
business.

Upgrade pressure could emerge over time if Maoye: (1) successfully
executes its business plan; (2) improves operating cash flows and
generates positive free cash flow; and (3) improves its credit
metrics, such that adjusted debt/EBITDA falls below 4.5x and
RCF/net debt exceeds 20%.

On the other hand, downgrade pressure could arise if Maoye: (1)
shows weak liquidity as a result of fast expansion, or an
inability to sell its development properties; (2) invests in
additional new projects that further delay deleveraging of its
debt levels; or (3) suffers a material deterioration in the sales
and cash flows of its existing stores, or takes longer than
expected to break even at its new stores.

Credit metrics indicating downgrade pressure include adjusted
debt/EBITDA exceeding 5.5x-6.0x and retained cash flow
(RCF)/adjusted net debt falling below 14%-16%.

The principal methodology used in this rating was Global Retail
Industry published in June 2011.

Maoye International Holdings Ltd. is one of the leading department
store operators in China. Listed on the Hong Kong Exchange in
2008, the company is headquartered in Shenzhen, and has expanded
to China's second- and third-tier cities, targeting the mid- to
high-end retail market.



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AGGARWAL FOODS: ICRA Reaffirms B+ Rating on INR13cr FB Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR13.00 crore fund based facilities of Aggarwal Foods.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based limits     13.00       [ICRA]B+ (reaffirmed)

The rating reaffirmation factors in AF's weak financial profile
reflected by low sales during FY14 and high gearing level. The
sales were low as the company undertook job work activity and
processed less paddy for its own sales. The rating continues to be
constrained by high intensity of competition in the industry and
agro climatic risks, which can affect the availability of paddy in
adverse weather conditions. The rating, however favorably takes
into account long standing experience of promoters in rice
industry and proximity of the mill to major rice growing area
which results in easy availability of paddy.

Aggarwal Foods (AF) is a proprietorship firm, was set up in 1997
by Mr. Suresh Kumar. Aggarwal Foods is engaged in processing and
export of basmati rice to countries in the Middle East. It has a
plant at Karnal (Haryana) which has a milling capacity of 6 tonnes
per hour and a sortex machinery with a capacity of 4 ton/hr.

Recent Results
During the financial year 2013-14, the firm reported profit after
tax (PAT) of INR0.91 crore on an operating income of INR20.36
crore as against PAT of INR0.91 crore on an operating income of
INR30.22 crore in FY13.


ASHARFI GRAMODYOG: CRISIL Rates INR4MM Cash Credit at 'B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Asharfi Gramodyog Sansthan (AGS).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit/Overdraft     4         CRISIL B/Stable
   facility

The rating reflects the society's below-average financial risk
profile marked by low networth. The rating also reflects the small
scale of, and not-for-profit nature of operations. These rating
weaknesses are partially offset by the society's track record of
developed relations with government authorities for free-meal
assignments.

Outlook: Stable

CRISIL believes that AGS's business risk profile will remain
constrained on account of its small scale of operations. The
outlook may be revised to 'Positive' in case the firm registers
significant improvement in its scale of operations,
diversification of revenue profile and/or timely collection of
receivables leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case the
firm registers a decline in its sales or profitability or if its
working capital requirements are larger than expected, leading to
pressure on its financial risk profile.

AGS is organized as a not-for-profit society and is managed by its
president Mr. Hari Kishan and secretary Mr. Asarfi Lal. The
society is located at Charra in Aligarh district of Uttar Pradesh
and provides free meals under the mid-day meal scheme and other
government mandated schemes.

AGS reported a net surplus of INR0.14 million on an operating
income of INR16.9 million for 2013-14, against a net surplus of
INR0.13 million on an operating income of INR17.7 million for
2012-13.


ASHUTOSH FOODS: ICRA Reaffirms B Rating on INR29cr FB Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B for the
INR29.00 crore fund based facilities of Ashutosh Foods.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based facilities     29.00       [ICRA]B (reaffirmed)

The rating is constrained by AF's weak financial profile,
reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators. The rating also takes
into account high intensity of competition in the industry and
agro climatic risks, which can affect the availability of paddy in
adverse weather conditions. The ratings further take note of the
risks inherent in proprietorship firm such as limited ability to
raise funds; funds withdrawal and dissolution. The rating however,
favorably takes into account long standing experience of
promoters, expected benefits arising out of established client
relationships of its group companies in rice industry and
proximity of the mill to major rice growing area which results in
easy availability of paddy.

Ashutosh Foods (AF) was established in the year 2000. The firm is
primarily engaged in the milling of basmati/non basmati paddy and
is based out of Nisiing (Karnal).

Recent Results
During the financial year 2013-14, the firm reported a profit
after tax (PAT) of INR0.17 crore on an operating income of
INR134.70 crore as against PAT of INR0.09 crore on an operating
income of INR81.48 crore in 2012-13.


AUM REALITY: ICRA Assigns B+ Rating to INR8cr FB Demand Loan
------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to INR8.00
crore fund based limits of Aum Reality.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based-           8.00         [ICRA]B+ assigned
   Demand Loan

The rating assigned to Aum Reality (AR) is constrained by the
project's exposure to moderate execution risk given 69% of the
estimated construction cost has been incurred. The rating is
further constrained by the project's exposure to sales risk and
risk pertaining to collections with respect to the sold area since
only 17% of the sales value for the sold area has been collected
upfront by way of advances from customers. Besides, ICRA notes
that a limited cushion is available between the scheduled date of
completion and repayment of term loan. Thus, any delay realization
of sales and receipt of payments could lead to refinancing risks.
Further, intense competition from upcoming projects in the area
can adversely impact the marketability and profitability of the
project. The rating also takes into account the risks associated
with the legal status of AR as a partnership firm.

The rating, however, takes into account the long experience of the
promoters in Surat real estate market favourably and the project's
limited exposure to regulatory risk as necessary approvals are in
place.The rating also draws comfort from the favourable location
of the project in proximity to public amenities and Hazira
industrial belt.

Established as a partnership firm in February 2013, M/s Aum
Reality commenced the development of its first project viz. Veer
Exotica in April 2013. The project is a residential project
housing 96 two BHK flats with a saleable area of 1335 sq.ft and
and 14 shops with a saleable area of 643sq.ft.The project is
located in the Pal-Adajan area of Surat and the management is
targeting the service class population employed in companies
located in Hajira industrial belt as prospective buyers. The
project is scheduled to be complete by June 2015.


BAAB CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR50MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Baab Constructions (India) Pvt Ltd (BCIPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               4.2        CRISIL B+/Stable
   Bank Guarantee         30          CRISIL A4
   Cash Credit            50          CRISIL B+/Stable

The ratings reflect BCIPL's working capital intensive and small
scale of operations, and its susceptibility to intense competition
from large players. These rating weaknesses are partially offset
by its promoters' extensive experience in the civil construction
industry.

Outlook: Stable

CRISIL believes that BCIPL will benefit from its promoters'
extensive experience in the civil construction industry over the
medium term. The outlook may be revised to 'Positive', if BCIPL
significantly increases its scale of operations while it sustains
its operating profitability, and shortens its working capital
cycle, leading to an improvement in its liquidity. Conversely, the
outlook may be revised to 'Negative', if the company's revenue and
operating profitability decline or its working capital cycle
elongates, leading to deterioration in its financial profile,
especially liquidity.

BCIPL was established in 2004 by Mr. Abdul Basheer and family in
Ponda (Goa). The company undertakes civil construction activity
mainly for Public Works Department of Goa and Goa Industrial
Development Corporation.

BCIPL reported a profit after tax (PAT) of INR6.6 million on an
operating income of INR115 million for 2013-14 (refers to
financial year, April 1 to March 31), against a PAT of INR5.6
million on an operating income of INR89.2 million for 2012-13.


BASANT CITY: ICRA Assigns 'B' Rating to INR10cr Term Loan
---------------------------------------------------------
ICRA has assigned [ICRA]B rating to the INR10.00 crore proposed
term loan facilities of Basant City Centre Malls Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             10.00        [ICRA]B/assigned

The rating takes comfort from the favorable location of the
company's upcoming real estate project - Basant Hiralkh - in Court
Circle on Traveller's Bunglow Road, which is one of the prominent
localities of Hubli (Karnataka). The rating also considers the
past track record of the promoters in the development of software
parks, hotels and hospitals. The rating is however constrained due
to the regulatory risk faced by the project as the project only
has initial approvals for B+G+3 floors, although the plan is to
develop B+G+8 floors. Moreover the execution risk is also high as
the project implementation is in nascent stages and only the
excavation work has been completed till now. The rating also
considers the high funding risk as the debt has not been tied up
yet and dependence on customer advances is also significant; with
the project yet to be commercially launched, there is limited
visibility on the timeliness and adequacy of future cash flows
from sale of properties.

Going forward, receipt of all the requisite approvals and the
ability of the company to achieve adequate sales levels and
collect advances would be the key sensitivities for any further
rating action.

Basant City Centre Mall Private Limited (BCMPL) is a private
limited company promoted by Mr. Basantkumar Patil and his
associates to carry on the business of construction and
development of residential and commercial properties. The company
was incorporated on in 2006 with its registered office at
Bangalore. The firm is being managed by Mr. Patil who has
developed several other projects including software parks, hotels
and a hospital in Bangalore. He also runs three hotels in
Bangalore and Hubli and a charitable trust in Bijapur. He has
served as the president of Karnatka Film Producers Association for
the period 2001-05.

The company is currently developing a residential cum commercial
project, "Basant Hiralkh" at Court Circle, Traveller's Bunglow
Road, Hubli. The project has residential and commercial structures
consisting of two towers of eight floors each. The project is
being executed in JDA mode whereby the company has 100% share in
residential area and 43% share in commercial area. The total
project cost is INR120 crore which is to be funded through bank
loans to the tune of INR50 crore, INR20 crore through promoter
contribution and balance INR50 crore through customer advances.

Recent Results
This is the first project being executed by the company and it has
not booked any revenues till date.


CALCO POLY: CRISIL Ups Rating on INR35MM Cash Credit to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Calco Poly Technik Pvt Ltd (CPTPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' and assigned the company's short-term rating at
'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              35         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Letter of Credit         20         CRISIL A4 (Reaffirmed)

   Standby Line of Credit    6         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Term Loan                37.2       CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects CPTPL's improved business risk
profile; the company's net sales increased to around INR209
million in 2013-14 (refers to financial year, April 1 to March 31)
from INR30 million in 2012-13, as it was the first full year of
operations. Its operating margin significantly improved to 9.9 per
cent in 2013-14 from 1.2 per cent in the previous year. The
overall improvement in both sales as well as operating margin has
been on account of stabilisation of sales, and an increase in the
customer base. Consequently, the cash accruals for 2013-14 were
higher at INR10 million, which were adequate to meet its debt
obligations of INR7 million for the year.

CPTPL's overall financial risk profile remains weak, with gearing
at 3.96 times as on March 31, 2014. The gearing is likely to
improve over the medium term on account of the absence of any
large debt-funded capital expenditure programme and an increase in
the net cash accruals.

The rating continues to reflect CPTPL's below-average financial
risk profile, marked by high gearing and average debt protection
metrics, and large working capital requirements. These rating
weaknesses are partially offset by its promoters' extensive
experience in the polymers industry.

Outlook: Stable

CRISIL believes that CPTPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves, driven most likely by sizeable net cash
accruals or a significant increase in the scale of operations.
Conversely, the outlook may be revised to 'Negative' if there is a
significant deterioration in the company's liquidity or further
weakening of the capital structure, or a decline in its
profitability.

CPTPL was incorporated in 2010 as Calco Technologies Pvt Ltd and
was renamed to the current one in 2011. It manufactures
engineering thermoplastic for automobile, consumer durables,
industrial goods, electrical, and electronics industries at its
factory in Kundli (Haryana). Mr. Vijay Gupta, the key promoter and
director of the company, looks after financial activities, while
Mr. Varun Gupta, another key promoter and director, looks after
the day-to-day operations.


GHANSHYAM GINN: ICRA Reaffirms 'B' Rating on INR15cr Cash Credit
----------------------------------------------------------------
The rating of [ICRA]B has been reaffirmed to the INR15.00 crore
fund based cash credit facility and the INR0.70 crore (reduced
from INR1.46 crore) term loan facility of Ghanshyam Ginn Mill
Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          15.00        [ICRA]B reaffirmed
   Term Loan             0.70        [ICRA]B reaffirmed

The rating continues to be constrained by the firm's weak
financial profile as reflected by adverse capital structure along
with weak debt coverage indicators and stretched liquidity
position. The rating also takes into account the low value
additive nature of operations and intense competition on account
of fragmented industry structure leading to thin profit margins.
The rating is further constrained by vulnerability of
profitability to adverse fluctuations in raw material prices which
are subject to seasonal availability of raw cotton and government
regulations on MSP and export quota. Further, GGMI being a
partnership firm, any significant withdrawals from the capital
account would affect its net worth adversely.

The rating, however, positively considers the long experience of
the partners in the cotton ginning and pressing industry and the
advantage, firm enjoys by virtue of its location in cotton
producing region giving it easy access to raw cotton with the
positive demand outlook for cotton and cottonseed.

Ghanshyam Ginn Mill Industries (GGMI) was incorporated in 2011 and
is promoted by Mr. Hirenbhai Sakariya and other family members.
The firm is engaged in cotton ginning, pressing and cotton seed
crushing to produce cotton bales, cotton seed oil and cake.
Initially the firm has installed 24 ginning machines and 20
crushing machines with an installed capacity of 250 cotton bales
per day and crushing 100 MT of cotton seed per day.

Recent Results
For the year ended 31st March, 2014, GGMI reported an operating
income of INR73.12 crore and profit after tax of INR0.16 crore.


GLOBAL ENVIRO: ICRA Assigns B+ Rating to INR3.99cr FB Loan
----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR3.99 crore
fund based limits and short term rating of [ICRA]A4 to INR5.00
crore non-fund based limits of Global Enviro Air Systems Private
Limited. ICRA has also assigned [ICRA]B+/A4 to INR0.01 crore
unallocated limits of GEASPL.

                           Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Fund Based Limits         3.99      [ICRA]B+ assigned
   Non Fund Based Limits     5.00      [ICRA]A4 assigned
   Unallocated Limits        0.01      [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by GEASPL's small scale of
operations in the pollution control equipment installation;
limited bargaining power with the customers who are mostly large
corporate resulting in pressure on margins; and moderate operating
margins traditionally at 8%-10% and low net margins at 2%-4%
levels owing to high depreciation and interest expenses. The
ratings also factor in decrease in revenues in the past 2 years
owing to sluggish demand for capital equipment with deferment of
new manufacturing units due to weak economic demand outlook and
weak liquidity position as reflected in near full utilization of
CC limits in the past 12 months owing to high working capital
intensity of 37% for FY2014. The working capital intensity is high
due to high inventory levels and high receivables on account of
blockage of funds towards retention money and high credit period
offered to customers in the range of 45-60 days. The ratings
however positively factor in management experience of more than 15
years in the area of pollution control equipment design and
manufacturing; reputed client base and healthy order book position
with order book/OI of 1.43 times resulting in revenue visibility
in near term.

Going forward, the company's ability to manage working capital
requirements will remain key rating sensitivities from credit
perspective.

Global Enviro Air Systems Private Ltd is the flagship company of
the Global group which began operations in 1999 and it undertakes
manufacturing and installation of pollution control equipment
which includes Clean Rooms, HVAC (Heating, Ventilation and Air
Conditioning) systems, Bag Filters, Centrifugal Blowers, Axle Flow
Blowers, Dust Extraction Systems, Fume Extraction Systems etc.

Recent Results
The company reported an operating income and net profit of
INR18.67 crore and INR0.39 crore respectively in FY2014 as against
an operating income and net profit of INR17.60 crore and INR0.45
crore respectively in FY2013.


GRAMIN VIKAS: CRISIL Assigns B Rating to INR10MM Bank Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Gramin Vikas Sewa Sansthan (GVSS).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Long Term       10          CRISIL B/Stable
   Bank Loan Facility

The rating reflects the society's below-average financial risk
profile marked by low networth. The rating also reflects the small
scale of, and not-for-profit nature of operations. These rating
weaknesses are partially offset by the society's track record of
developed relations with government authorities for free-meal
assignments.

Outlook: Stable

CRISIL believes that GVSS's business risk profile will remain
constrained on account of its small scale of operations. The
outlook may be revised to 'Positive' in case the firm registers
significant improvement in its scale of operations,
diversification of revenue profile and/or timely collection of
receivables leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case the
firm registers a decline in its sales or profitability or if its
working capital requirements are larger than expected, leading to
pressure on its financial risk profile.

GVSS is organized as a not-for-profit society and is managed by
its president Mr. Vinod Kumar and secretary Mr. Dinesh Kumar. The
society is located at Charra town-ship of district Aligarh of
Uttar Pradesh. The society provides free meals under mid-day meal
scheme and various other government mandated schemes.

GVSS reported a net surplus of INR0.15 million on an operating
income of INR19.0 million for 2013-14, against a net surplus of
INR0.05 million on an operating income of INR12.5 million for
2012-13.


KDJ HOSPITAL: ICRA Suspends 'D' Rating on INR60cr Term Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]D rating for the INR60.00 crores bank
facilities of KDJ Hospital Limited (erstwhile KDJ Hotels & Resorts
Limited). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        60.00       [ICRA]D (Suspended)
   Based-Term Loans

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.

KDJ Hospital Limited (KDJ) is a part of the KDJ Group (erstwhile
Prescon Group) which is promoted by the three partners -- Mr.
Surendra Kedia, Mr. Vinod Deora and Mr. Dinesh Jalan. Mr. Deora,
who is one of the promoters' of the Group, is engaged in the
textile business while the other two promoters -- Mr. Jalan and
Mr. Kedia are involved in the real estate and construction
business.

The company, KDJ Hospital Limited was initially incorporated as
KDJ Hotels & Resorts Limited; with the promoters earlier planning
to construct a 93 room 4-star hotel at Jodhpur on Pali National
Highway about 17 km from Jodhpur city with a capex of INR50.75
crore and COD of December 2013. Due to the increase in demand for
quality healthcare service providers and stiff competitive
scenario for hospitality business, the promoters had decided to
convert the under construction 4 star property into a 144 bed
multi-specialty hospital.

The Hospital would be positioned as a high end private hospital
which would cater to the nearby district areas of Pali district,
Barmer and Jaisalmer districts. The proposed hospital aims to
cater to a catchment area of 100 km and the thrust areas will be
Cardiac care, Orthopedics, Trauma, Oncology, gynaecology, Critical
care, Neurology and Obstetrics. o ensure smooth day to day
operations as well as to oversee the design and project
management, the company has awarded the management contract to
Hosmac India Private Limited (Hosmac India); which has significant
experience in the field of design and project management for
hospitals in India.


LANTECH PHARMACEUTICALS: CRISIL Ups Rating on INR150MM Loan to B-
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Lantech
Pharmaceuticals Ltd (LPL) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           2.5        CRISIL A4 (Upgraded from
                                       'CRISIL D')

   Cash Credit             40          CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

   Letter of Credit        25          CRISIL A4 (Upgraded from
                                       'CRISIL D')

   Long Term Loan         150          CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

The rating upgrade reflects LPL's timely debt servicing, backed by
improvement in its liquidity driven by improving net cash
accruals, and support from the promoters in the form of unsecured
loans. The company's cash accruals over the near to medium term
are expected to be adequate to meet term debt repayment
obligations.

The ratings also reflect LPL's modest scale of operations in the
highly competitive domestic pharmaceuticals industry, working-
capital-intensive operations as reflected in high gross current
asset days, and weak financial risk profile, marked by high
gearing, small net worth, and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of LPL's promoters.

Outlook: Stable

CRISIL believes that LPL will benefit over the medium term from
the extensive industry experience of the promoters and their
funding support. The outlook may be revised to 'Positive' if the
company significantly improves its scale of operations and cash
accruals leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if its cash
accruals are considerably lower than expectation, or the company
undertakes any substantial debt-funded capital expenditure
programme, or there is an elongation in its working capital cycle,
constraining its liquidity.

Incorporated in April 2008, LPL is managed by Mr. B Ramchandra
Reddy, Mr. V Prakash Reddy, Mr. D Venkat Reddy, and Mr. P Lakshmi
Prasanna. The company started its operations in 2009-10 (refers to
financial year, April 1 to March 31) and manufactures bulk drugs,
such as telmisartan and glycerotril clopdogrel, and various
chemical intermediates. Its manufacturing facility is in
Srikakulam (Andhra Pradesh) with installed capacity of around 1200
tonnes per annum. In addition, the company undertakes job work for
Mylan Laboratories Limited (CRISIL AA-/Stable/CRISIL A1+), Ranbaxy
Laboratories Limited (CRISIL A1+), Aurbindo Pharma Limited and
Laurus Labs Private Limited.


LEXO CERAMIC: ICRA Reaffirms B+ Rating on INR2.60cr Term Loans
--------------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B+ to the
INR2.50 crore cash credit fund based facility and the INR2.60
crore (reduced from INR3.69 crore) term loan fund based facilities
of Lexo Ceramic.  ICRA has also re-affirmed the short term rating
of [ICRA]A4 to the INR2.00 crore (enhanced from INR0.80 crore)
non-fund based facilities of Lexo.  ICRA has also assigned
[ICRA]B+ and [ICRA]A4 to the INR0.40 crore unallocated limits of
Lexo.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund based limits-     2.50        [ICRA]B+ reaffirmed
   Cash Credit

   Fund based limits-     2.60        [ICRA]B+ reaffirmed
   Term loans

   Non Fund based         2.00        [ICRA]A4 reaffirmed
   Limits- Bank
   Guarantee

   Unallocated limits     0.40        [ICRA]B+/[ICRA]A4 assigned

The combined fund based, non fund based and unallocated limit
utilization should not exceed INR7.50 crore at any point of usage.

The ratings reaffirmation continue to remain constrained by Lexo
Ceramic's (Lexo) small scale of operation in a highly competitive
business environment with the presence of both organized as well
as unorganized players. The ratings also take into account the
firm's dependence on the performance of the real estate industry,
which is the main consuming sector of ceramic wall tiles industry
and its vulnerability to increasing gas and power prices, which is
the major source of fuel. ICRA notes that despite steady operating
margins, high remuneration and interest on capital has dented its
net profit margin in FY14. ICRA also notes that Lexo being a
partnership firm, any substantial withdrawal from the capital
account would adversely impact the networth and thereby the
capital structure. Nevertheless, the capital structure is
comfortable at present.

The ratings, however, favourably consider the long experience of
the partners in the ceramic wall tile manufacture industry and the
location advantage enjoyed by the firm giving it easy access to
raw material. The ratings also consider the firm's presence in the
digital wall tile-printing segment, which is likely to give a
competitive edge over traditional wall tile printing players.

M/s Lexo Ceramic is a partnership firm established in August 2008.
The firm is engaged in the business of manufacturing ceramic wall
tiles. The firm has fifteen partners while it is actively managed
by three partners namely Mr. Jignesh Jalariya, Mr. Haresh Jalariya
and Mr. Lalit Detroja. The firm has its manufacturing unit in
Morbi, Gujarat and started commercial production in February 2010.
Currently, the plant has an installed capacity of 6000 boxes per
day and it operates in two shifts of 12 hours each.

Recent Results:
Lexo has reported a profit of INR0.3 crore on an operating income
of INR21.3 crore for the year ending 31st March 2014.


M.R.R. INFRATECH: CRISIL Assigns 'B' Rating to INR700MM Bank Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of M.R.R. Infratech Global Pvt. Ltd. (MRR).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       700        CRISIL B/Stable
   Bank Loan Facility

The rating reflects MRR's exposure to project implementation and
demand risks and to risks related to cyclicality in the real
estate industry. These rating weaknesses are partially offset by
the extensive experience of MRR's promoters in the real estate
business and the advantageous location of the company's project.

Outlook: Stable

CRISIL believes that MRR will continue to benefit from the
extensive experience of its promoters' in the real estate industry
over the medium term. The outlook may be revised to 'Positive' if
MRR generates more-than-expected cash flows, aided by earlier-
than-expected completion of its ongoing project and healthy
occupancy rates, improving the company's financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
time and cost overruns in the project, or lower-than-expected
occupancy resulting in deterioration of financial risk profile.

Set up in 2013, MRR is implementing a commercial real estate
project in L.B.nagar, in Hyderabad. MRR is promoted by Mr.
Ramreddy Mallareddy.


MASSIMO ENTERPRISE: ICRA Puts B+ Rating on INR9.75cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the fund-based
limits of Massimo Enterprise aggregating to INR9.75 Cr.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-     9.75       [ICRA]B+ assigned
   Term Loan

The rating assigned is constrained by the execution risks
associated with the project as well as high market risk on account
of large unsold inventory. The rating also factors in the risk of
high cash flow mismatches because the project funding structure
incorporates advances from customer for funding the construction
of the project. The rating also takes into consideration the
vulnerability of the profitability to fluctuations in construction
material & labour costs and cyclicality inherent in the real
estate sector and the geographical concentration risk of the
promoters, with all their projects being located in the same area.
ICRA also notes that being a partnership firm, any substantial
withdrawal from the capital account would impact the capital
structure of the firm.

The rating, however, favorably factors in the long standing
experience of the firm's partners in real estate business,
moderate funding risk and the favorable demand potential for
commercial real estate projects in Surat.

Massimo Enterprise (ME) was established in 2012 as a partnership
firm based in Surat (Gujarat). The firm is engaged in construction
of a commercial project viz. 'Massimo...A Business Bench' at
Althan-Bhimrad in Surat. The firm is a part of the 'White Wings
Group' which is engaged in many real estate development projects
in Surat. The partners have almost a decade of experience in the
real estate business through the White Wings group.


MEHTA GOLD: CRISIL Assigns 'B+' Rating to INR120MM Cash Credit
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Mehta Gold (MG) and has assigned its 'CRISIL
B+/Stable' rating to the bank facilities. CRISIL had, on June 30,
2014, suspended the rating as MG had not provided necessary
information required to maintain a valid rating. MG has now shared
the requisite information, enabling CRISIL to assign a rating to
the bank facilities.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           120         CRISIL B+/Stable (Assigned;
                                     Suspension revoked)

   Proposed Long Term     70         CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension revoked)

The rating reflects MG's weak financial risk profile, marked by a
high total outside liabilities to tangible net worth ratio and low
interest coverage ratio, and the firm's exposure to intense
competition in the jewellery business. These rating weaknesses are
partially offset by the extensive experience of MG's promoter in
the gold jewellery manufacturing and trading business.

Outlook: Stable

CRISIL believes that MG will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves substantially, marked by better debt protection
metrics most likely led by increased operating profitability, or
if its capital structure improves significantly most likely
because of large equity infusion. Conversely, the outlook may be
revised to 'Negative' if MG's capital structure and liquidity
weaken, most likely because of stretching of receivables or debt-
funded capital expenditure.

MG is a proprietorship firm set up in 2003 by Mr. Dilip Mehta, a
first-generation entrepreneur. The firm manufactures gold
ornaments and jewellery, and sells them in the wholesale market.
MG operates only in the domestic market and sells to retailers
based in South India and Maharashtra.

MG reported a profit after tax (PAT) of INR1.2 million on net
sales of INR377 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR1.1 million on net sales
of INR301 million for 2012-13.


NAMRATA DEVELOPERS: CRISIL Reaffirms B Rating on INR140MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facility of Namrata Developers Pvt
Ltd (NDPL) continue to reflect NDPL's high project risk, given
that its project is in the nascent stage and has not yet been
launched. The rating also factors in the company's exposure to
intense competition and to risks and cyclicality inherent in
Indian real estate industry. These rating weaknesses are partially
offset by the promoters' extensive experience in the real estate
sector, their funding support and established brand presence in
Pune and surrounding areas.

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

Outlook: Stable

CRISIL believes that NDPL will benefit over the medium term from
the promoters' extensive industry experience, and their funding
support. The outlook may be revised to 'Positive' if the company
improves its cash inflows with timely project completion, and
enhanced customer bookings. Conversely, the outlook may be revised
to 'Negative' if NDPL's liquidity is constrained by project time
or cost overruns, or significantly low customer advances,
resulting in lower cash inflows, or if the company simultaneously
undertakes large debt funded projects.

NDPL is a part of the Pune-based Namrata group. The company is a
real estate developer, and has recently completed the Sakar a
project in Talagaon Maharashtra. NDPL will commence its Namrata
Weekender project in Kamshet (Maharashtra).


NANAK HI-TECH: CRISIL Reaffirms D Rating on INR77.4MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nanak Hi-Tech
Pvt Ltd (NHT) continues to reflect delays by NHT in servicing its
debt. The delays have been caused by the company's weak liquidity,
with insufficient cash accruals to meet its term loan obligations.
The rating also reflects NHT's limited track record of operations.
These rating weaknesses are partially offset by the promoters'
experience in the steel industry.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              70         CRISIL D (Reaffirmed)
   Term Loan                77.4       CRISIL D (Reaffirmed)

Update
NHT's operating income marginally decreased to INR367.1 million in
2013-14 (refers to financial year, April 1 to March 31) from
INR379.7 million in 2012-13 on account of sluggish demand in the
steel sector. Operating margin, however, improved to 5.1 per cent
in 2013-14 from -3.0 per cent in the year before due to better
realization.

NHT has a weak financial risk profile on account small net worth
and weak capital structure. The company has weak liquidity marked
by working-capital-intensive operations as reflected in its gross
current assets of 202 days as on March 31, 2014, and highly
utilized bank limits. Further, company's net cash accruals
generated have been inadequate to meet term debt repayments,
thereby precipitating in to delay in debt servicing. CRISIL,
therefore, believes that NHT's liquidity will remain weak over the
near term on account of low net cash accruals generated by the
business which are expected to be tightly matched with term debt
repayments.

NHT reported net profit of INR0.5 million on operating income of
INR367.1 million for 2013-14 as against net loss of INR30.6
million on operating income of INR379.7 million for 2012-13.

NHT was incorporated in 2008; the company is promoted by Jharkhand
based businessmen Mr. Gunwant Singh Saluja and his son Mr.
Harindar Singh Saluja. The company is engaged in trading of Mild
Steel bars and sheets and the entire sales are made in the local
markets (Jharkhand).


RADHESHYAM INDUSTRIES: CRISIL Reaffirms B+ Rating on INR120M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of
Radheshyam Industries (RI) continues to reflect RI's modest scale
of operations in a highly fragmented industry. The rating also
factors in the firm's exposure to intense competition and
susceptibility to changes in government policies. These rating
weaknesses are partially offset by the extensive experience of
RI's partners in the cotton industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          120        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RI will continue to benefit over the medium
term from its partner's extensive industry experience. The outlook
may be revised to 'Positive' if the firm generates substantial
accruals on the back of significant increase in its scale of
operations, or reports sustained improvement in its operating
profitability. Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile weakens, most
likely driven by an increase in working capital requirements, or
large debt-funded capital expenditure, or sizeable capital
withdrawals by its partners.

RI was set up in 2008 as a partnership firm by Mr. Barkatali
Bhimjibhai, Mr. Amarshibhai Aambabhai, Mr. Samsudinbhai
Sadrudinbhai, Mr. Akbarali Bhimjibhai, Mr. Yogeshbhai Dirubhai,
Mr. Nagjibhai Aambabhai, Mr. Firojali Pyarlibhai, and Mr.
Alkeshbhai Sirajbhai. The firm has a cotton ginning and pressing
unit in Amreli (Gujarat).

On a provisional basis, RI reported a profit after tax (PAT) of
INR1.3 million on net sales of INR981.8 million for 2013-14
(refers to financial year, April 1 to March 31); it reported a PAT
of INR1 million on net sales of INR1171.4 million in 2012-13.


RENUKA OIL: CRISIL Reaffirms B- Rating on INR65MM Term Loan
-----------------------------------------------------------
CRISIL's ratings continue to reflect Renuka Oil Industries'
(ROI's) modest scale of operations, and below-average financial
risk profile. These rating weaknesses are partially offset by the
extensive industry experience of ROI's partners.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         2.5       CRISIL A4 (Reaffirmed)
   Cash Credit           20         CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term    35         CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan             65         CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ROI will benefit over the medium term from
its partners' extensive industry experience. The outlook may be
revised to 'Positive' if the firm improves its profitability and
scale of operations, while it maintains its capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes any large debt-funded capital expenditure programme or
reports delay in rental receipts, or significant pressure on its
profitability, thus weakening its liquidity.

Update
ROI revenue increased to around INR128 million in 2013-14 (refers
to financial year, April 1 to March 31) from INR84 million in
2012-13 backed by better industry scenario. The operating margin
has also improved to 16 per cent in 2013-14 from 12 per cent in
2012-13 primarily because of rental income of about INR20 million
from Food Corporation of India (FCI).  The revenue is likely to
remain stagnant in 2014-15 following an accident at the company's
premises leading to closure of operations for four months. ROI's
rental income from the warehouse segment is estimated to be just
sufficient to meet its term debt repayments. ROI's gearing has
improved to 2 times as on March 31, 2014 from around 2.61 times in
the previous year backed by capital infusion of around INR3.6
million. The bank limits are highly utilised at an average 98 per
cent for the 12 months ended March 2014. The cash credit limits
are expected to be enhanced to around INR35 million in the near
term which is expected to buffer the liquidity position.

Renuka Oil, a partnership firm set up in 2005, extracts cotton
seed oil, manufactures cotton seed oil cake, and processes cotton
bales. The firm has a manufacturing facility in Khamgaon
(Maharashtra). Renuka Oil has also set up a warehouse in Badnera
(Maharashtra) from which it receives rental income. Mr.
Sundersingh Juneja and Ms. Harbanskaur Juneja are the firm's
partners.

For 2013-14, Renuka Oil registered, on a provisional basis, a
profit after tax (PAT) of INR12 million on revenue of INR128
million; the company registered a PAT of INR0.7 million on revenue
of INR95 million for 2012-13.


SATYAM GREEN: CRISIL Assigns B Rating to INR60MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Satyam Green Energy (SGE).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan               60           CRISIL B/Stable

The rating reflects SGE's exposure to project-related risks
associated with the new solar power plant and expected weak
financial risk profile and liquidity on account of expected low
cash accruals vis-a-vis repayment obligations. These rating
weaknesses are partially offset by funding support from the firm's
promoter and his entrepreneurial experience.

Outlook: Stable

CRISIL believes that SGE will continue to benefit from
entrepreneurial experience of its promoter and his committed
funding support over the medium term. The outlook may be revised
to 'Positive' in case of timely completion of the solar power
project and better-than-expected ramp up in operations leading to
higher cash accruals or sizable infusion of fresh funds by the
promoter. Conversely, the outlook may be revised to 'Negative' in
case of time or cost overrun in the project or lower than expected
ramp up in operations leading to deterioration in financial risk
profile and liquidity.

SGE, (a proprietoriship firm) was promoted by Mr Sanjay Joshi for
setting up a solar power project in Solapur (Maharashtra). The
1.1-megawatt project is expected to be completed by December 2014
and is expected to begin operations by January 2015.


SAYONA CERAMIC: CRISIL Reaffirms B Rating on INR39.3MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Sayona Ceramic
(Sayona) continue to reflect Sayona's modest scale of operations
in a highly competitive industry, its large working capital
requirements, and the susceptibility of its operating margin to
raw material price volatility and low bargaining power. These
rating weaknesses are partially offset by the benefits that Sayona
derives from its promoters' extensive experience in the ceramic
industry, and the advantageous location of its facility in Morbi
(Gujarat), marked by easy access to raw materials and skilled
labour, which is expected to result in healthy operating
efficiencies.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.6       CRISIL A4 (Reaffirmed)
   Cash Credit            30         CRISIL B/Stable (Reaffirmed)
   Term Loan              39.3       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sayona will continue to benefit over the
medium term from its favourable location and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the firm achieves significant revenue growth or
profitability resulting in large cash accruals. Conversely, the
outlook may be revised to 'Negative' if Sayona achieves low
revenue and profitability, or if its working capital requirements
are larger than expectations, weakening its financial risk
profile.

Sayona, established in December 2010 and based in Morbi, has set
up a facility to manufacture ceramic-glazed wall tiles. The
project commenced commercial production in October 2011.

Sayona incurred a net loss of INR1.3 million on net sales of
INR92.6 million for 2013-14 (refers to financial year, April 1 to
March 31), against profit after tax of INR2.7 million on net sales
of INR119.5 million for 2012-13.


SHYAM GRAMODYOG: CRISIL Assigns B Rating to INR10MM Bank Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Shyam Gramodyog Sansthan (SGS).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Long Term       10          CRISIL B/Stable
   Bank Loan Facility

The rating reflects the society's below-average financial risk
profile marked by low networth. The rating also reflects the small
scale of, and not-for-profit nature of operations. These rating
weaknesses are partially offset by the society's track record of
developed relations with government authorities for free-meal
assignments.

Outlook: Stable

CRISIL believes that SGS's business risk profile will remain
constrained on account of its small scale of operations. The
outlook may be revised to 'Positive' in case the firm registers
significant improvement in its scale of operations,
diversification of revenue profile and/or timely collection of
receivables leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case the
firm registers a decline in its sales or profitability or if its
working capital requirements are larger than expected, leading to
pressure on its financial risk profile.

SGS is organized as a not-for-profit society and is located at
Charra in Aligarh district of Uttar Pradesh. The society provides
free meals under the mid-day meal scheme and other government
mandated schemes.

SGS reported a net surplus of INR0.19 million on an operating
income of INR21.4 million for 2013-14, against a net surplus of
INR0.09 million on an operating income of INR19.4 million for
2012-13.


SOMANIL CHEMICALS: CRISIL Reaffirms B Rating on INR45MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Somanil
Chemicals Ltd (SCL) continues to reflect SCL's below-average
financial risk profile marked by high gearing and weak debt
protection metrics. The rating also factors in the company's
susceptibility to intense competition and its large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of SCL's management in the pesticides
business.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        40        CRISIL B/Stable (Reaffirmed)
   Term Loan                4.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SCL reports significant
revenue and better profitability margins, while improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SCL's working capital cycle deteriorates, or if the
company undertakes any large debt-funded capital expenditure
programme.

SCL, incorporated in 1999, manufactures pesticide formulations,
including insecticides, herbicides, and fungicides, which have
varied applications in the agriculture industry. The company also
trades in small quantities of pesticides in the domestic market.
It is managed by Mr. Satnaryan Mittal and his relatives, Mr.
Munesh Gupta and Mr. Jai Prakash Garg.


SREE SUBHALAKSHMI: CRISIL Puts B+ Rating on INR44MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sree Subhalakshmi Spinning Mills (SSSM).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                44         CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility        7.9       CRISIL B+/Stable

   Bank Guarantee            3.1       CRISIL A4

   Cash Credit              25         CRISIL B+/Stable

The ratings reflect SSSM's modest scale of operations in the
intensely competitive spinning industry, and its below-average
financial risk profile marked by modest net worth. These rating
weaknesses are partially offset by the extensive experience of
SSSM's promoters in the textile industry.

Outlook: Stable

CRISIL believes SSSM will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the firm significantly increases its
scale of operations and profitability, or improves its working
capital management, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the firm
records a decline in its accruals or undertakes a large debt-
funded capital expenditure programme, weakening its financial risk
profile.

Established in 2004 as a partnership firm and based in Tirupur
(Tamil Nadu), SSSM manufactures cotton yarn. Its operations are
managed by Mr. Manickam.

SSSM reported a net profit of INR0.31 million on sales of
INR151.93 million for 2013-14 (refers to financial year, April 1
to March 31), against a net profit of INR0.11 million on sales of
INR120.37 million for 2012-13.


SRI SRINIVASA: ICRA Upgrades Rating on INR98.95cr Loan to B-
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR104.25
crore bank facilities of Sri Srinivasa Spintex (India) Limited to
[ICRA] B- from [ICRA]D assigned earlier.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     98.95      [ICRA]B- (revised from
                                    [ICRA]D)

   Non Fund based         2.47      [ICRA]B- (revised from
   Limits                           [ICRA]D)

   Unallocated limits     2.83      [ICRA]B- (revised from
                                    [ICRA]D)

The rating revision factors in the regularization in the payments
of debt obligations in the recent past following completion of the
ongoing capex. The company has been undertaking continuous capex
since its inception in 2008 and there were frequent delays in the
past on account of cash flow mismatches arising due to deployment
of internal accruals for capacity expansion and non timely
infusion of funds by the promoters. SSSIL has completed the last
capex of INR21 crore towards the open ended spinning division. The
unit however commenced operations after significant delays in
October 2014. The debt repayment pertaining to this capex started
before the commencement of operations which has been serviced
through unsecured loans from the promoters. After stabilization of
the spinning divisions of SSSIL (FY14 being the first full year of
operations), and scaling up of the open ended spinning division,
the internal cash generation is expected to be adequate to service
the debt obligations going forward. The coverage indicators
however are expected to remain weak given the weak capital
structure and moderate profitability margin which is expected to
be under pressure owing to the current adverse environment for
spinners with declining demand of yarn in the export market and
tumbling yarn prices. Further rating remains constrained on
account of limited experience of promoters in spinning industry,
moderate spindle capacity restricting economies of scale for
SSSIL, commoditized nature of the product and highly fragmented
industry that provides low pricing power to the company. The
ratings however takes comfort from the location advantage of
SSSIL's spinning mill resulting in ease of raw material
availability and cost savings in logistics along with the interest
and power subsidy eligibility of SSSIL for all its spinning
divisions.

SSSIL, incorporated in July 2006, is primarily engaged in
producing cotton yarn of medium counts viz. 32s, 40s, etc. Based
at Tadepalligudem in West Godavari district of Andhra Pradesh,
SSSIL started commercial production of yarn in August 2008 with
4,000 spindles which was increased gradually to 18,000 spindles in
January 2009 to 42,840 spindles in January 2011 and 55,440
spindles in June 2012. Recently the company has also commenced
operations of Open Ended spinning division with 1380 rotors in
October 2014.

Recent Results
SSSIL has, for the year ended March 31, 2014, reported an
operating income of INR143.36 crore and a profit before tax of
INR2.74 crore as against INR120.79 crore and INR2.77 crore
respectively for FY13


SUPERSONIC TURNERS: CRISIL Cuts Rating on INR138.6MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Supersonic Turners Pvt Ltd (STPL) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             138.6       CRISIL D (Downgraded from
                                       'CRISIL BB-/Stable')

   Letter of Credit         30         CRISIL D (Downgraded from
                                       'CRISIL A4+')

   Term Loan                25         CRISIL D (Downgraded from
                                       'CRISIL BB-/Stable')

The rating downgrade reflects delays in servicing of debt by STPL
and the irregularity in the company's cash credit account lasting
for around 30 days as on October 29, 2014, driven by its weak
liquidity. STPL's liquidity is stretched on account of its large
working capital requirements, marked by large inventory of about
286 days (Rs.244.2 million) and debtors of about 90 days (Rs.90.3
million) as on March 31, 2014; the inventory has increased from
162 days (Rs.204.0 million) as on March 31, 2013. STPL's liquidity
was also affected by decline in its revenue over the 12 months
ended March 31, 2014, resulting in lower cash accruals. CRISIL
believes that STPL's liquidity will remain stretched over the
medium term because of its large working capital requirements and
low cash accruals.

STPL is exposed to risks related to large working capital
requirements, small scale of operations, and high customer
concentration in revenue. However, the company benefits from its
promoters' extensive experience in the bearing rings industry.

STPL manufactures finished turned rings and roller bearings. The
company manufactures bearing rings with diameter of 30 millimetres
(mm) to 62 mm. About 70 per cent of the company's rings are used
in the manufacture of bearings for two-wheelers. STPL makes around
60 per cent and 25 per cent of its sales to SKF India and FAG
Bearings India Ltd, respectively.


TAURUS POWERTRONICS: CRISIL Rates INR40MM Cash Credit at 'B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Taurus Powertronics Pvt Ltd (TPPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       20         CRISIL B+/Stable
   Bank Loan Facility

   Proposed Bank            20         CRISIL A4
   Guarantee

   Bank Guarantee           40         CRISIL A4

   Cash Credit              40         CRISIL B+/Stable

The rating reflects modest scale and working capital intensive
operations and below average financial risk profile marked by
small networth and high external indebtedness. These rating
weaknesses are partially offset by extensive industry experience
of promoters and established relationships with customers.

For arriving at the ratings, CRISIL has consolidated the business
and financial profiles of TPPL and Taurus Powertronics Systems
(TPS) on account of common promoters, same line of business and
financial fungibility.

Outlook: Stable

CRISIL expects TPPL will continue to benefit from the promoters
extensive experience in the industry. The outlook may be revised
to 'Positive' in case TPPL registers significant increase in its
scale of operation and its working capital management leading to
improvement in external indebtedness. Conversely, the outlook may
be revised to 'Negative' if TPPL's financial risk profile
deteriorates on account of lower-than-expected cash accruals; or
larger-than-expected debt for working capital requirements or if
the company undertakes a large debt-funded capex.

Mr. Makaram Narasimhan Ravinarayan, a first generation
entrepreneur, started Taurus Powertronics Systems in 1991, as a
partnership firm alongwith his wife. In 2007, the promoters setup
TPPL, with a view to transfer entire business of TPS to the
company. However, due to delays in getting TPPL registered as a
vendor with its customers, the promoters continued to operate both
entities. From 2014-15 onwards, only TPPL is undertaking new
contracts, and TPS is defunct.

The company is engaged in manufacturing of test and measurement
instruments for power sector. The company is based out of
Bangalore and has branch offices in Delhi, Kolkata and Mumbai.


ULTRA POWER: ICRA Reaffirms C+ Rating on INR16.62cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]C+ assigned to
the INR16.62 crore (Revised from 19.50) fund based limits and
INR10.88 crore (Revised from 8.00) unallocated limits of Ultra
Power Projects Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits         16.62        [ICRA]C+ Reaffirmed

   Long Term-
   Unallocated          10.88        [ICRA]C+ Reaffirmed

The reaffirmation of the ratings continue to take into account the
absence of firm fuel supply arrangements for UPPPL's 7.5 MW
Industrial Waste based power plant located in Telangana and the
consequent volatility in PLF (Plant Load Factor) levels as
reflected in the reduction in power generation due to shut down of
operations for four months in FY14. The rating also factors in the
fixed power tariff as per the twenty-year Power Purchase Agreement
(PPA) with Transmission Corporation of Telangana Limited
(TSTRANSCO) limiting the company's ability to pass through any
increase in raw material prices. Further, UPPPL is exposed to
counter party risk given that it sells its entire power output to
TSTRANSCO. The rating is further constrained by the weak financial
profile of the company as reflected in accumulated losses
resulting into poor coverage indicators with OPBIDTA/Interest and
Finance charges at 0.92 times and NCA/Total debt at -0.13% as on
31st March 2014. The rating however draws comfort from the
presence of a long term PPA with assured off take of power
generated since commencement of its commercial operations in
October, 2010.

UPPPL operates an Industrial Waste based power plant with an
installed capacity of 7.5 MW located in Yacharam, Ranga Reddy
District in Telangana. The power generated from this plant which
began its commercial operations in October 2010 is sold to
TSTRANSCO under a twenty-year PPA. UPPPL is a part of the "Ultra"
group of companies which have interests in manufacture and supply
of defence equipment for the Indian Navy under their group company
Ultra Dimensions Private Limited. The group also undertakes pipe
fabrication works, annual contracts for ship maintenance for the
Navy.

Recent Results
As per audited financials for FY 2014, UPPPL reported an operating
income of INR12.99 crore with a net loss of INR4.38 crore as
against INR14.46 crore of operating income with net loss of
INR6.42 crore in FY13.


VAISHNODEVI OIL: CRISIL Reaffirms B+ Rating on INR85MM Cash Loan
----------------------------------------------------------------
CRISIL rating on the long-term bank facility of Vaishnodevi Oil
Seeds Processing Industries (VOSPI) continues to reflect VOSPI's
below-average financial risk profile marked by high gearing and
weak debt protection metrics.

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

   Proposed Long Term    15         CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

The rating also reflects the firm's modest scale of operations,
and its vulnerability to volatility in raw material prices and to
changes in government policies. These rating weaknesses are
partially offset by the extensive experience of VOSPI's promoters
in the edible oil industry and the firm's proximity to raw
material sources.

Outlook: Stable

CRISIL believes that VOSPI will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm increases its
revenue and improves its profitability significantly, while
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in VOSPI's
financial risk profile, particularly its liquidity, most likely
because of a stretch in its working capital cycle, low accruals,
or large debt-funded capital expenditure (capex).

Update
In 2013-14 (refers to financial year, April 1 to March 31),
VOSPI's revenue declined by around 14 per cent year-on-year to
INR487 million on account of reduced revenue from trading and a 15
per cent fall in mustard seed prices in the last quarter of 2013-
14. The firm's operating margin, however, improved to around 3.0
per cent in 2013-14 from 2.2 per cent in 2013-14 because of
decline in revenue from the trading segment. VOSPI generated
revenue of around INR290 million till August 2014 in 2014-15 and
is likely to generate revenue of around INR600 million for the
full year.

VOSPI's financial risk profile remains weak, marked by high
gearing, small net worth, and average debt protection indicators.
The firm's gearing was 2.37 times and net worth was around INR35
million as on March 31, 2014. Its net cash accruals to total debt
and interest coverage ratios were 0.05 times and 1.7 times,
respectively, for 2013-14 on account of low operating margin.

VOSPI is likely to generate cash accruals of around INR430 million
against nil term debt obligations in 2014-15. The firm has
moderate working capital requirements, as reflected in its gross
current assets of 88 days, on account of moderate receivables and
inventory of around 35 days and 47 days, respectively, as on March
31, 2014. The firm's working capital requirements are largely
funded through short-term debt and funds from the promoters by way
of capital infusion and unsecured loans. VOSPI utilised its bank
lines moderately, at an average of 84 per cent, over the 12 months
through June 2014. The firm has no capex plans.

VOSPI, set up in 2006, is promoted by Mr. Praful Kumar Thakkar and
his brother Mr. Deepak Kumar Thakkar. The firm manufactures
unrefined mustard oil, and also sells its by-product, mustard de-
oiled cakes. Its seed crushing unit is in Banaskantha (Gujarat)
and has installed capacity of 250 tonnes per day.

VOSPI, on a provisional basis, reported a profit after tax (PAT)
of INR2.9 million on net sales of INR487 million for 2013-14; it
had reported a PAT of INR2.7 million on net sales of INR562
million for 2012-13.


VARDHMAN CABLES: CRISIL Reaffirms B+ Rating on INR20MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vardhman Cables and
Conductors (VCC) continue to reflect the firm's weak financial
risk profile, marked by small net worth, high gearing, and weak
debt protection metrics, and its modest scale of operations with
exposure to supplier concentration risks. These rating weaknesses
are partially offset by the extensive experience of VCC's
promoters in the cables and conductors industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          70       CRISIL A4 (Reaffirmed)

   Bill Discounting       210       CRISIL A4 (Reaffirmed)
   under Letter of
   Credit

   Cash Credit             20       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        90       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that VCC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports
significant improvement in its financial risk profile, most likely
because of larger-than-expected cash accruals along with efficient
working capital management. Conversely, the outlook may be revised
to 'Negative' if VCC's financial risk profile weakens further,
most likely because of lower-than-anticipated cash accruals, or
larger-than-expected working capital requirements or debt-funded
capital expenditure.

VCC, set up in 1993, manufactures cables and conductors. Under the
conductor segment, the firm manufactures steel reinforced
aluminium conductors and aluminium conductors of various
measurements; its manufacturing unit is in Kolhapur district
(Maharashtra).


YAMIR PACKAGING: CRISIL Reaffirms B- Rating on INR80MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Yamir
Packaging Pvt Ltd (YPPL) continues to reflect YPPL's weak
financial risk profile marked by high gearing, weak debt
protection metrics, and small net worth. The rating also factors
in the company's small scale of operations in a fragmented
industry. These rating weaknesses are partially offset by the
extensive industry experience of YPPL's promoters.

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

   Proposed Long Term      2.5      CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

   Rupee Term Loan        77.5      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that YPPL will continue to benefit over the medium
term from its established relationship with reputable customers.
CRISIL, however, also believes that YPPL's financial risk profile
will remain weak, marked by high gearing and weak debt protection
metrics, over the same period.. The outlook may be revised to
'Positive' if YPPL registers better-than-expected sales and
operating margin, leading to higher cash accruals and hence, to
significant improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' if YPPL's liquidity is
further constrained by increase in its working capital
requirement, or by lower-than-expected sales due to continued
demand pressure.

Update
YPPL's net sales for 2013-14 (refers to financial year, April 1 to
March 31), at INR605.3 million, were largely in line with CRISIL's
expectations.. However, due to higher raw material costs and
company's inability to pass on the same to its customers resulted
in lower than expected profitability and is expected to remain
around 10 per cent over the medium term.

YPPL's working capital requirement is in line with previous years,
with debtor and inventory days at 80 and 45 days respectively
during 2013-14. The company was able to get higher credit from its
supplier, which led to increase in its creditor days to 121 days
during 2013-14 from 68 days in the past and hence partially
supporting its incremental working capital requirements.
Its bank limits are utilised moderately with average utilisation
of bank lines at 90 per cent for the 12 months ended March 2014
owing to moderate working capital requirements.

YPPL's gearing remained high, around 3 times, as on March 31,
2014, due to the company's debt-funded capital expenditure and
working capital requirements. Over the medium term, the gearing is
expected to reduce to 1.5 to 1.6 times due to repayment of term
loans. The company has stretched liquidity reflected in accruals
expected to remain tightly matched against its repayment
obligations of INR46 million for 2014-15.

YPPL reported a net profit of INR6.9 million on net sales of
around INR605 million for 2013-14, against a net profit of INR7.9
million on net sales of INR548 million for 2012-13.

Incorporated in 2000, YPPL manufactures cartons that are used in
the food, pharmaceutical, and consumer goods industries; its
facility is in Bharuch (Gujarat).


ZODIAC INFRA: CRISIL Reaffirms B- Rating on INR66MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Zodiac
Infrastructures Pvt Ltd (ZIPL) continues to reflect ZIPL's
exposure to risks inherent in the iron ore trading industry and to
geographical and customer concentration risks, and its weak
financial risk profile. These rating weaknesses are partially
offset by the experience of ZIPL's promoters in iron ore trading.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           66        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ZIPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company registers significant
increase in its revenue and profitability, leading to substantial
accruals, and consequently, to better liquidity. Conversely, the
outlook may be revised to 'Negative' if ZIPL registers low revenue
and profitability, or if its working capital cycle lengthens,
resulting in weakening of its financial risk profile.

Update
ZIPL reported turnover of INR85.8 million for 2013-14 (refers to
financial year, April 1 to March 31), against INR71.6 million for
2012-13. The turnover increased mainly because of higher volumes.
The company reported operating loss of INR 8.4 million for 2013-
14, the loss being incurred due to increase in purchase price of
iron ore fines, which the company could not pass on to customers.

ZIPL's operations are highly working capital intensive, marked by
gross current assets (GCAs) of 745 days, driven by large
receivables of 221 days and inventory of 193 days, as on
March 31, 2014. ZIPL funds part of its working capital
requirements through credit from suppliers; it had creditors of
315 days as on March 31, 2014. Its bank lines were utilised at an
average of 90 to 95 per cent over the 12 months through September
2014.

ZIPL's financial risk profile is marked by weak capital structure
and weak debt protection metrics, driven by accumulated losses
that have eroded its net worth completely. The company's
outstanding debt of INR67 million entirely comprises short-term
bank borrowings.

For 2013-14, ZIPL reported a net loss of INR8.4 million on net
sales of INR85.8 million; the company had reported a profit after
tax of INR0.5 million on net sales of INR71.6 million for 2012-13.

ZIPL was originally set up as a partnership firm in 2005 that was
reconstituted as a private limited company in 2008. The company
trades in iron ore fines. It also operates a jewellery store in
Bhubaneswar and deals in gold and diamond-studded jewellery
manufactured by Gitanjali Gems Ltd. ZIPL is promoted by Mr. Miza
Riaz Beg and his family.


* INDIA: Rajan Seeks More Power for India's Banks Over Defaulters
-----------------------------------------------------------------
Sandrine Rastello and Anoop Agrawal at Bloomberg News report that
Reserve Bank of India Governor Raghuram Rajan said banks should
have more power to recoup money from defaulters to rebalance a
system that's skewed in favor of large companies.

Bloomberg relates that Mr. Rajan said the Indian credit system is
unhealthy and rests on an uneven sharing of risks and profits that
overprotects big borrowers and forces state-controlled banks to
absorb losses in downturns without profiting in good times.

"The sanctity of the debt contract has been continuously eroded in
India in recent years, not by small borrower but by the large
borrower," Bloomberg quotes Mr. Rajan as saying at the Institute
of Rural Management Anand, in India's western state of Gujarat.
"This has to change if we are to get banks to finance the enormous
infrastructure needs and industrial growth that this country aims
to attain."

Bloomberg says Mr. Rajan has proposed penalties and incentives to
get lenders to move faster in containing soured debt in an effort
to bolster the financial system at a time of slower economic
growth. In his remarks, he took a swipe at the whole system, which
deprives banks of money they could recover and prompts them to
charge a premium for business loans, Bloomberg relays.

"When the large promoter defaults willfully or does not cooperate
in repayment to the public sector bank, he robs each one of us
taxpayers, even while making it costlier to fund the new
investment our economy needs," Mr. Rajan, as cited by Bloomberg,
said.

Kingfisher Airlines Ltd., whose valuation peaked at INR39 billion
($631 million) in 2007, topped a list of 406 defaulters facing
legal action from banks, published in May by the All India Bank
Employees' Association, Bloomberg discloses. Other large companies
have restructured loans in the past two years, including Lanco
Infratech Ltd. and Hotel Leelaventure Ltd., which are both valued
at more than INR10 billion, according to Bloomberg.

Bloomberg relates that restructured loans at Indian lenders will
rise by INR1 trillion from end-September to a record INR4.7
trillion by March 2015, according to India Ratings & Research
Pvt., Fitch Ratings's local unit. That would take stressed assets,
including soured loans, to a 15-year high of 14 percent of
advances from 9.8 percent a year earlier, Bloomberg says.

According to Bloomberg, Mr. Rajan said the central bank is looking
into allowing lenders more flexibility for debt restructuring. The
process gives borrowers a moratorium on payments, longer
maturities and lower interest rates, while allowing banks to
prevent an increase in non-performing assets, the report adds.



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


BAKRIE TELECOM: Fitch Withdraws 'Restricted Default' IDR
--------------------------------------------------------
Fitch Ratings has withdrawn its ratings on Indonesia-based PT
Bakrie Telecom (BTEL) because the company has chosen to stop
participating in the rating process.  BTEL is currently going
through a restructuring process and without further participation;
Fitch will no longer have sufficient information to maintain the
ratings.  Accordingly, the agency will no longer provide ratings
or analytical coverage for BTEL.

Before withdrawal, BTEL's ratings were:

   -- Long-term Foreign-Currency Issuer Default Rating (IDR) at
      'Restricted Default' (RD).

   -- Long-term Local-Currency Issuer Default Rating (IDR) 'RD'

   -- USD380m May 2015 bond rating of 'C'/ 'RR5'.

Fitch believes that the company is currently in the process of
restructuring its USD380m bond and obligations to trade creditors.
Fitch understands that the company has stopped paying most of its
trade creditors and an Indonesian court has asked the company to
restructure its commitments to creditors by Dec. 9, 2014.  BTEL
has stopped servicing its USD380m notes due May 2015 and some of
the bond holders have sued the company in a New York court.

Fitch also understands that BTEL has divested its spectrum holding
- its most important asset - to PT Smartfren Telecom Tbk
(CCC(idn)) for a consideration of one billion Smartfren's shares
(or 5.6% of Smartfren's diluted equity).  BTEL is now operating as
a mobile virtual network operator (MVNO) and is leasing spectrum
from Smartfren to provide services to its remaining customers.
The Indonesian government has already passed a decree ordering the
transaction.


===============
M A L A Y S I A
===============


MALAYSIA AIRLINES: Trade Unions Get Ultimatum
---------------------------------------------
Yvonne Tan and Izwan Idris at The Star Online report that the
proposed law governing Malaysia Airlines Bhd, the new company that
will take over Malaysian Airlines System Bhd, spells out clearly
the terms that ensure unions and associations come to the
negotiating table within a stipulated timeframe or risk losing out
in any decision-making.

According to the bill tabled in Parliament on November 26, any
decision made during a meeting between MAB, the trade unions and
associations present at the meeting shall be valid and binding,
The Star relates.

MAB is "not a successor employer", the bill, as cited by The Star,
stated.

According to the Star, the bill said trade unions and associations
are to be duly represented in a meeting, which is the way all
matters are to be discussed or negotiated.

"If after half-an-hour from the time appointed for a meeting, not
all of the trade unions and association are duly represented, the
meeting shall be adjourned to the subsequent week on the same day
and time and at the same venue without any further notice," it
said. If the day is a public holiday, the adjourned meeting shall
be reconvened on the next working day, according to the bill cited
by The Star.

"When the adjourned meeting is reconvened on the new day, the non-
attendance by any trade union or association shall not prevent the
meeting from proceeding and any decisions made here will be valid
and binding," it said.

The Star notes that dealing with the unions had been one of the
key challenges that Khazanah Nasional Bhd, the controlling
shareholder of MAS, faced.

"It is estimated that the new company will require a workforce of
about 14,000," Khazanah said in its recovery plan for the airline
on Aug 29, The Star relays.

The national carrier currently employs about 20,000 people, the
report notes.

According to the report, the national carrier's biggest in-house
union, the Malaysia Airlines System Employees Union, was reported
to be in favour of an alternative restructuring plan that it
claimed would help save jobs.

Other unions claiming to represent MAS workers include the
Malaysia Airlines Employees Union Peninsular Malaysia, National
Union of Flight Attendants Malaysia and the Malaysia Airlines
Pilot Association, the report notes.

The Star says MAB is the new company established under the
Malaysian Airline System Bhd (Administration) Act 2014 to take
over the role of the national airline and to operate it as a
commercial enterprise.

The report says the bill gives the new company the powers and
immunity to renegotiate terms and contracts with its unions,
suppliers, partners and contractors.

This is "critical to ensure the continuity, profitability and
sustainability" of the national carrier, the Bill, as cited by The
Star, said.

The legislation will provide an "effective, efficient and seamless
means" to transfer "the business, property, rights, liabilities
and affairs" of MAS to the new company, The Star says.

The bill, once passed, will apply for a period of five years, or
until the listing of MAS on Bursa Malaysia, the report adds.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
September 1 2014, The Associated Press said Malaysia Airlines
will cut 6,000 workers as part of a $1.9 billion overhaul
announced on August 29 to revive its damaged brand after being
hit by double passenger jet disasters.

In March, Malaysia Airlines Flight 370 veered far off course while
en route from Kuala Lumpur to Beijing, and went missing with 239
people on board, said the report.  In July, 298 people were killed
when Flight 17 was blasted out of the sky as it flew over an area
of eastern Ukraine controlled by pro-Russian separatists.

These tragedies have scarred the airline's brand, once associated
with high-quality service, AP added.

Headquartered in Selangor, Malaysia, state-owned Malaysia
Airlines -- http://www.malaysiaairlines.com/-- engages in the
business of air transportation and the provision of related
services.

Last year, Malaysia Airlines reported a net loss of MYR1.17
billion ($359 million), its third consecutive year of
net losses, according to The Wall Street Journal.

In a filing to the stock exchange, Malaysian Airline System Bhd
(MAS) said its third-quarter net loss widened to MYR576.1 million
($170.39 million) from MYR375.4 million in the same period a year
earlier, Reuters disclosed. This is the worst quarterly loss for
the airline since October-December 2011.



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


OUTGRO FERTILISER: Directors Under Investigation
------------------------------------------------
Jono Galuszka at Manawatu Standard reports that the directors of a
group of Dannevirke companies involved in a fertiliser business
that went into receivership with just NZ$86 on hand, and which
still owes millions of dollars to creditors, may have breached
directors' duties in their time in charge of the business.

Six companies related to fertiliser business Outgro were placed
into receivership in May 2013 with NZ$3.5 million of debts, the
report discloses.

At the time it had NZ$8.7 million in assets, including NZ$4.3
million worth of vehicles and a NZ$1.15 million helicopter.
However, it had just NZ$86 in the bank, the Manawatu Standard
relates.

According to Manawatu Standard, the latest receivers' report
showed not too much has changed in a year of receivership.
Manawatu Standard says ANZ Bank was owed NZ$2.6 million and
unsecured creditors are owed NZ$533,000 -- the same amounts from a
year ago. No more money has been recovered, as all the companies'
assets had been sold in June.

Manawatu Standard relates that receivers David Ruscoe and Richard
Simpson, of Grant Thornton, indicated more money could be
available in their report from six months ago, writing that they
were investigating the directors of the companies for a "possible
breach of directors' duties".

In their latest report, they said they were still investigating
claims against the companies for a possible breach of directors'
duties, Manawatu Standard relays.

Outgro is still trading, with Jim McMillan -- who is listed as one
of the directors of the companies in receivership -- previously
telling the Manawatu Standard he planned to buy the business back
from the receivers.

Manawatu Standard notes the business was founded by Mr. McMillan
who, according to Outgro's website, grew up in Pongaroa.

Outgro started in Dannevirke, before expanding to have offices in
Invercargill and Hamilton.  But failure to meet its loan repayment
obligations saw the business' related companies put into the hands
of receivers, Manawatu Standard reports.

Outgro Fertiliser Ltd is a New Zealand-based fertiliser company.


TE RIMU: Still Owes NZ$1.28 Million to Creditors
------------------------------------------------
Jono Galuszka at Manawatu Standard reports that creditors have
been left more than NZ$1 million out of pocket after a Wairarapa
farm run by a Dannevirke farmer went under because of a lack of
investment from its owners.

Te Rimu Station Ltd, directed by Shaun Currie, was put into
receivership and liquidation last year owing NZ$7 million.

Among the creditors were the Bank of New Zealand and Rabobank, the
report says.

According to Manawatu Standard, receivers said the business needed
urgent investment from shareholders, but was not given it.
That saw the Bank of New Zealand call in receivers to try to get
its money back, the report relates.

The receivership ended this year, with the banks still NZ$1.28
million out of pocket, Manawatu Standard discloses.

Manawatu Standard, citing the Receivers' final liquidation report,
recently released, relates that the Official Assignee said they
had investigated and searched databases associated with the
company.  However, they were unable to find more money for
creditors.



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


* BOND PRICING: For the Week Nov. 24 to Nov. 28, 2014
-----------------------------------------------------

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


  AUSTRALIA
  ---------

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


CHINA
-----

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


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
-----

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


MALAYSIA
--------

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


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

KIWI INCOME PROPER    8.95   12/20/14       NZD      1.03


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

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


SINGAPORE
---------

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

THAILAND
--------

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


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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