TCRAP_Public/141205.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, December 5, 2014, Vol. 17, No. 241


                            Headlines


A U S T R A L I A

ATLAS IRON: Moody's Affirms B3 Corporate Family Rating
NEW POINT: First Creditors' Meeting Slated For December 8
PIE FACE: In Talks With Woolworths Over Frozen Pie Sale
PIE FACE: Creditors To Meet again on December 30
PROPERTY TRADE: First Creditors' Meeting Set For December 11

PRIME BUILDING: First Creditors' Meeting Set For December 10


C H I N A

CHINA AOYUAN: Moody's Says Stake Sale No Impact on B2 CFR
MODERN LAND: Moody's Confirms B2 CFR & Sr. Unsecured Debt Ratings
PING AN: Insurance's Share Sale Plan Won't Affect Unit's Rating


I N D I A

ALUMAYER INDIA: CRISIL Suspends B+ Rating on IN60MM Cash Credit
BALAJI REALTY: CRISIL Reaffirms B+ Rating on INR200MM Term Loan
BANGALORE METALLURGICALS: CRISIL Suspends 'B' INR60MM Loan Rating
BHAGWATI LIFESTYLE: CRISIL Suspends D Rating on INR350M Cash Loan
CLASSIC WEARS: CARE Revises Rating on INR10.72cr Bank Loan to B+

DORA INFRASTRUCTURES: CRISIL Assigns 'B' Rating to INR50MM Loan
GARG ENTERPRISES: CRISIL Suspends B+ Rating on INR13MM Cash Loan
H R BUILDERS: ICRA Reaffirms B+ Rating on INR8cr Overdraft
HARSHA STONE: CRISIL Suspends B- Rating on INR20.5MM Term Loan
HINDALCO INDUSTRIES: Prepares For INR63,000cr Debt Restructuring

JOTINDRA STEEL: ICRA Reaffirms 'B-' Rating on INR24cr LT Loan
JR SEAMLESS: CARE Reaffirms B+ Rating on INR24.52cr LT Loan
KESHAVA REDDY: ICRA Suspends D Rating on INR3.5cr Overdraft Loan
LAKSHMI COT-GIN: ICRA Reaffirms B+ Rating on INR22cr Cash Credit
MANEESH IMPEX: CRISIL Suspends B Rating on INR40MM Term Loan

MONICA GARMENTS: ICRA Reaffirms B Rating on INR.81cr Term Loan
PANACEA HOSPITALS: CRISIL Suspends D Rating on INR45MM Term Loan
PARSVNATH ESTATE: CARE Revises Rating on INR210cr LT Loan to 'B'
PRATAP CIVIL: CRISIL Suspends D Rating on INR60MM Cash Credit
S.T ENTERPRISES: CRISIL Suspends B Rating on INR140MM Cash Loan

SHAKUNTALA WIRE: CRISIL Suspends B+ Rating on INR60MM Cash Credit
SHANTI PULSES: CRISIL Suspends B+ Rating on INR30MM Cash Credit
SHREE SHYAM: ICRA Reaffirms B Rating on INR7cr Cash Credit
SHRI LAXMINARAYAN: CARE Assigns B+ Rating to INR8.48cr LT Loan
SHUBHLAXMI INDUSTRIES: ICRA Suspends B+ Rating on INR9.5cr Loan

SRI KANAKADURGA: ICRA Suspends D Rating on INR10cr Term Loan
SRI MAHANANDEESWARA: ICRA Suspends D Rating on INR23.3cr Loan
SRI SARASWATHI: ICRA Suspends 'D' Rating on INR6.6cr Term Loan
SRI SRINIVASA: ICRA Assigns B- Rating to INR20cr Bank Loan
SRI SURYA: ICRA Suspends D Rating on INR8.85cr Term Loan

SRI VENKATESWARA: ICRA Suspends D Rating on INR16.75cr Term Loan
SUNDARAM MULTI: CARE Assigns 'D' Rating on INR78.75cr Bank Loan
SURYA SYNTHETICS: ICRA Reaffirms B+ Rating on INR12cr FB Loan
TRIVENI SILK: ICRA Reaffirms B+ Rating on INR10.50cr FB Loan
WEST FACE: CRISIL Suspends D Rating on INR250MM LT Loan

WORLD WIDE: CRISIL Suspends D Rating on INR30MM Cash Credit


I N D O N E S I A

ADARO INDONESIA: Moody's Withdraws Ba1 Corporate Family Rating


N E W  Z E A L A N D

HUDSON HOSPITALITY: Cost Overrun Sparks Liquidation, Says Report


P H I L I P P I N E S

* PHILIPPINES: Small Banks' Bad Loans Declined in Q2


S I N G A P O R E

OUE HOSPITALITY: Crowne Plaza Deal Unlikely to Affect Ba1 Rating
PRECISION CAPITAL: Moody's Lowers Corporate Family Rating to B1


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ATLAS IRON: Moody's Affirms B3 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service has affirmed Atlas Iron Limited's
(Atlas) B3 corporate family and senior secured ratings and changed
the outlook on the ratings to negative from stable.

Ratings Rationale

"The change in outlook reflects our expectation that iron ore
fundamentals will remain weak into 2016. Given the further
deterioration in the iron ore price, we see negative pressure
building on Atlas' cashflow generating ability and a depletion in
its previously solid liquidity position", says Saranga Ranasinghe
- Moody's Analyst.

Moody's see a material risk that the current weakness in the price
will continue over the next few months, thereby reducing the
cushion within Atlas' current rating. While Atlas had AUD 204
million of cash on hand at 30 September 2014, the current price
level is exerting significant pressure on Atlas' ability to
produce positive returns. Moody's expect the company to utilize
its cash on hand to fund its operations, thereby depleting its
previously solid liquidity position.

"Moody's acknowledges the cost rationalization initiatives taken
by Atlas as well as the benefit from the lower AUD compared to the
USD", Ranasinghe says, adding "however, the weakness in the
operating environment means that it is more challenging for Atlas
to maintain a credit profile that is consistent with its B3
rating".

With the current weakness in the iron ore price and its impact on
cash flow and earnings, Moody's expect financial leverage as
measured by Debt/EBITDA to increase in FY15. If the weakness in
iron ore prices continue, Moody's expect Atlas to exceed the
tolerance level set for the B3 rating, including Debt/ EBITDA
exceeding 7.0x in fiscal year ending 30 June 2015 (FY15).

The rating and/or outlook could face further negative pressure if
fundamentals for iron ore continue to deteriorate and beyond our
expectations. The rating and/or outlook could also face negative
pressure if the liquidity buffer diminishes at a pace that is not
consistent with our expectations hindering the company's ability
to cover debt service obligations. The rating could also be
downgraded if there is an inability to maintain debt-to EBITDA
below 7.0x on a consistent basis.

The rating outlook could revert to stable if there is a marked and
sustained improvement in iron ore prices leading to an improvement
in margins. Specifically, Moody's would look to leverage improving
to around 3.5x -- 4.x on an ongoing basis.

Atlas Iron Limited (Atlas), headquartered in Perth, Australia, is
an iron ore producer and developer focused on the North Pilbara
region of Western Australia. In FY14, Atlas shipped 10.9Mt of iron
ore and generated revenues of around $1.1 billion.

The principal methodology used in this rating was Global Mining
Industry published in August 2014.


NEW POINT: First Creditors' Meeting Slated For December 8
---------------------------------------------------------
Raymond Anthony Sutcliffe -- raysutcliffe@csso.com.au -- of City
Side Serviced Offices was appointed as administrator of New Point
Australia Pty Ltd on Dec. 1, 2014.

A first meeting of the creditors of the Company will be held at
The Boardroom, City Side Serviced Offices, 200 Alexandra Parade,
in Fitzroy, Victoria, on Dec. 8, 2014, at 10:00 a.m.


PIE FACE: In Talks With Woolworths Over Frozen Pie Sale
-------------------------------------------------------
Sue Mitchell at The Age reports that Pie Face is in talks with
Woolworths to sell its smiley-face pies from the freezer aisle in
an attempt to boost sales and reduce production costs.

The Age relates that trials have been under way in 15 Woolworths
stores and Pie Face and Woolworths are expected to decide early
next year whether to extend the rollout of frozen take-home pie
packs.

The potential supply agreement with Woolworths is one of several
strategies under consideration as the 11-year old company -- which
has attracted more than AUD35 million in funding from
high-profile investors -- fights to survive, according to The Age.

The Age notes that Pie Face founder and major shareholder, former
Citigroup banker Wayne Homschek, appointed accounting and advisory
firm Jirsch Sutherland as administrator late last month and is
attempting to restructure and refinance the company, which owes
creditors more than AUD20 million.

After closing 17 company-owned stores and two franchised stores
last week, Pie Face administrators and management are now in talks
with landlords to reduce lease costs on remaining stores, The Age
relates.

Pie Face is also looking at ways to cut costs and boost production
in its Rosehill factory and reduce the cost of goods for
franchisees, some of whom have complained that costs are too high,
the report says.

New Pie Face chief executive Kevin Waite was confident a supply
deal with Woolworths would not cannibalise sales for franchisees,
The Age 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.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2014, SmartCompany said 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.


PIE FACE: Creditors To Meet again on December 30
------------------------------------------------
Sue Mitchell at The Age reports that franchisees, creditors and
investors at Pie Face's first creditors meeting on December 3 were
told that weekly outgoings across the group were still exceeding
sales by about AUD150,000, based on the latest data.

Creditors will meet again on December 30, by which time the
creditors should have a clearer picture of Pie Face's assets and
liabilities, the report says.

The Age notes that Pie Face founder and major shareholder, former
Citigroup banker Wayne Homschek, appointed accounting and advisory
firm Jirsch Sutherland as administrator late last month and is
attempting to restructure and refinance the company, which owes
creditors more than AUD20 million.

Macquarie Capital, the only secured creditor, is owed AUD4.2
million, convertible note holders AUD7.5 million and the tax
office AUD7 million, The Age discloses.

But these debts are dwarfed by intercompany loans of AUD33
million, the status of which is unknown, the report says. The
loans are owed by the operating company, Pie Face Pty Ltd, to the
holding company, and were presumably taken out to prop up the
business, The Age states.

According to The Age, Jirsch Sutherland is looking for a buyer for
the entire business and is also looking for financiers to take
over the Macquarie Capital debt, which is secured over assets
including shares in Pie Face Holdings Pty Ltd, AUD3.5 million cash
at bank and shares that Pie Face holds in Pie Face Inc, the US
business.

The Age relates that new Pie Face chief executive Kevin Waite said
he was certain the company would survive and no more store
closures were planned.

"I wouldn't be here if I didn't believe this company had a
future," the report quotes Mr. Waite as saying. "We have a tough
month to go through with the administration process but there is
every reason to believe our franchisees and this brand have a
future."

                          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.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2014, SmartCompany said 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.


PROPERTY TRADE: First Creditors' Meeting Set For December 11
------------------------------------------------------------
Blair Pleash & David Ingram of Hall Chadwick Chartered Accountants
were appointed as administrators of Property Trade Group 1 Pty
Limited on Dec. 1, 2014.

A first meeting of the creditors of the Company will be held at
the Offices of Hall Chadwick Chartered Accountants, Level 40, 2
Park Street, in Sydney, on Dec. 11, 2014, at 10:00 a.m.


PRIME BUILDING: First Creditors' Meeting Set For December 10
------------------------------------------------------------
Daniel Johannes Bredenkamp and Bryan Kevin Hughes of Pitcher
Partners were appointed as administrators of Prime Building
Supplies Pty Ltd on Dec. 1, 2014.

A first meeting of the creditors of the Company will be held at
the offices of Pitcher Partners, Level 1, 914 Hay Street, in
Perth, on Dec. 10, 2014, at 2:00 p.m.



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


CHINA AOYUAN: Moody's Says Stake Sale No Impact on B2 CFR
---------------------------------------------------------
Moody's Investors Service says that China Aoyuan Property Group
Limited's (B2 stable) announcement that it will be selling to
Huaxia Life Insurance Co. Ltd (unrated) a 46% stake in its wholly-
owned subsidiary, Guangzhou Aoyu Real Estate Development Company
Limited, for a total consideration of RMB1 billion, will boost its
liquidity and is credit positive.

The transaction is expected to close before by end of 2014.

The transaction has no immediate impact on China Aoyuan's B2
corporate family rating and B3 senior unsecured rating as the
company intends to use the sale proceeds to fund investments and
general working capital.

Guangzhou Aoyu currently owns an investment property, Guangzhou
Aoyuan Plaza, which is located in Guangzhou and has total GFA of
approximately 80,000 sqm. China Aoyuan will continue to hold 54%
of Guangzhou Aoyu.

"The disposal will increase China Aoyuan's liquidity to fund
investments, which is credit positive for the company," says
Gerwin Ho, a Moody's Vice President and Senior Analyst.

"Moreover the transaction demonstrates the company's ability to
diversify its funding channel via investment property stake sale,"
adds Ho, who is also Moody's Lead Analyst for China Aoyuan.

China Aoyuan also reported that it achieved RMB10.7 billion in
contracted sales in the first 11 months of 2014. This represents
33% year-on-year growth and is in line with Moody's expectations.

Supported by its contracted sales growth, Moody's forecasts
revenue to grow by around 20% year-on-year in both 2014 and 2015,
thus revenue to gross debt to improve to 65%-70% over the next 12-
18 months from 53.7% for the 12 months ended-June 2014.

In addition, Moody's expects China Aoyuan's liquidity position to
remain solid. China Aoyuan's cash holdings of around RMB6.29
billion at end-June 2014 and operating cash flow will be
sufficient to cover its short-term debt of RMB2.99 billion and
committed land payments over the next 12 months.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

China Aoyuan Property Group Limited was founded in 1998 by Mr. Guo
Zi Wen and his brother Mr. Guo Zi Ning. It was listed on the Hong
Kong Stock Exchange in 2007 and has operations in six provinces,
includng Guangdong, Jiangxi, Liaoning, Hunan, Jiangsu, Guangxi,
and Chongqing.


MODERN LAND: Moody's Confirms B2 CFR & Sr. Unsecured Debt Ratings
-----------------------------------------------------------------
Moody's Investors Service has confirmed Modern Land (China) Co
Ltd's B2 corporate family and senior unsecured debt ratings.

The ratings outlook is stable.

This action concludes the rating review for possible downgrade
initiated on 2 September 2014.

Ratings Rationale

"We have confirmed Modern Land's ratings as the company has no
material change in its business strategy and operations since the
changes in the senior management team in September 2014," says
Kaven Tsang, a Moody's Vice President and Senior Analyst.

The company has confirmed that it will not change its business
strategy and will continue to focus on its core markets of Beijing
and Shanxi Province, and to enter Hunan, Hubei, and Jiangxi
Provinces.

The change in management has not impacted its operations. This is
demonstrated by its contracted sales of RMB5.9 billion in the
first 10 months of 2014, representing a 78% year-on-year
improvement.

Such sales momentum will enable the company to achieve its full-
year target of RMB7 billion.

"Moreover, the change in management does not seem to have affected
the company's access to debt financing," says Tsang.

Moody's notes that the company's bank debt level at end Q3 2014
remained largely unchanged from 1H 2014 suggesting that access to
bank financing remains normal.

Moody's forecast of Modern Land's credit metrics remains
unchanged. Its EBITDA/interest will fall to 2.5x over the next 12-
18 months from 5.2x for the twelve-month period ended June 2014,
because of its increased debt leverage and decreased profit
margin.

Its debt leverage -- measured by revenue to debt -- will decline
to around 0.8x--1.0x from 1.1x in 1H 2014. These credit metrics
will continue to position the company in the mid-B level when
compared with its rated Chinese property peers.

Modern Land's B2 corporate family rating reflects the company's
successful track record of marketing its concept of comfortable
and eco-friendly homes -- a niche market -- to generate stable
sales. The rating also reflects the high profitability associated
with Modern Land's niche products.

On the other hand, the rating also considers Modern Land's small
scale and its exposure to market volatility as it needs to access
more capital as it grows quickly.

Modern Land has a strong liquidity position. Its cash holdings
(including restricted cash), which totaled RMB2.5 billion as of
end-June 2014 and its operating cash flow will adequately cover
its maturing debt of RMB905 million and committed land payments
over the next 12 months.

The stable outlook reflects Moody's expectation that the company
will maintain adequate liquidity and will grow sales as planned,
and that it will adjust its speed of expansion -- in accordance
with market conditions -- to avoid a material deterioration in its
credit profile.

Upward rating pressure could emerge over the medium term if Modern
Land establishes a track record of: (1) growing its scale and
establishing its brand in new locations outside Beijing over the
next 1-2 years; (2) maintaining a reasonable cash balance of
around 10%-12% of total assets; and (3) demonstrating strong
financial discipline in land acquisitions.

On the other hand, downward rating pressure could emerge if: (1)
Modern Land's liquidity position and ability to generate operating
cash flows prove to be weaker than Moody's expectations, owing to
declining contracted sales, aggressive land acquisitions, or the
emergence of more severe regulatory controls on China's property
sector; (2) prices decline, and revenue recognition is slower than
expected, or if profit margins fall, negatively affecting interest
coverage and financial flexibility; or (3) the company engages in
material debt-funded acquisitions.

In such a situation, its balance sheet cash -- including
restricted and unrestricted cash -- could fall below 10% of total
assets or 50% of short-term debt, and/or its EBITDA/interest
coverage could weaken to below 1.5x on a sustained basis.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Listed on the Hong Kong Stock Exchange in July 2013, Modern Land
(China) Co Limited was founded in Beijing in 2000 by the company's
chairman, Mr Zhang Lei. It specializes in developing "comfort
living" housing units and is one of the few early pioneers of
green and eco-friendly projects in China.

As of end-June 2014, the company had a total land bank of 3.6
million square meters in gross floor area in China, excluding
investment properties and properties held for own use. Its
properties are located in Beijing, Jiujiang, Nanchang, Taiyuan,
Changsha, Xiantao, and Wuhan.


PING AN: Insurance's Share Sale Plan Won't Affect Unit's Rating
---------------------------------------------------------------
Fitch Ratings says Ping An Insurance (Group) Company's (PAIG)
plans to raise HKD36.8bn (CNY29.2bn) in capital will have no
impact on the ratings of its subsidiary Ping An Bank (PAB;
BB+/Stable/Viability Rating: b), in which the group holds a 59%
stake.

The plan, approved by the China Securities Regulatory Commission
in early November and announced on 30 November 2014, will see the
insurer sell 594m new H-shares in a private placement to no more
than 10 investors.

Fitch believes the proposed capital raising will be partly used to
help fund PAB's aggressive growth.  The bank said in July it plans
to raise CNY10bn by issuing common shares and CNY20bn by issuing
preferred shares, with PAIG buying up around half of the issuance.
PAB's proposed capital raising is awaiting regulatory approval.

PAB requires additional capital because its fundamentals remain
among the weakest of China's mid-tier banks, despite improvements
in profitability in 2014 and a CNY14.8bn capital injection from
PAIG in 2013.  Its Tier 1 capital ratio was 8.8% at the end of
3Q14, substantially below the industry average of 10.5%.

In Fitch's view, the bank's strategy of pursuing above-peer growth
makes it more vulnerable to asset quality shocks as the rest of
China's banking industry slows.  Although profitability improved
this year due to an expansion in fee income, acceleration in asset
quality deterioration in the medium term could seriously impair
PAB's ability to generate capital through retained earnings.

Special mention and non-performing loans have already risen to
4.2% of loans at the end of 3Q14 from 1.9% at end-2012, even as
more bad loans were written off and disposed.  The bank's high
ratio of overdue loans (which stands at over four times the
reported NPL balance), low loan-loss reserves (1.9% of loans),
large off-balance-sheet contingent liabilities and exposure to
riskier non-standard assets, all point to higher future losses.

Assuming PAB's proposed CNY30bn capital raising is completed, its
pro forma Tier 1 capital ratio would rise to over 10%.  Given the
bank's aggressive growth targets, however, Fitch projects that
this additional capital would likely be consumed by asset growth
over two years, after which further capital would be required from
PAIG.

PAB's ratings were recently affirmed on 19 November 2014 by Fitch.
Its Long-Term Issuer Default Rating is currently based on modest
expectations of extraordinary support from the central government
in the event of stress, rather than institutional support from
PAIG.

In a stress scenario, Fitch believes PAIG's ability to provide
timely support to PAB may be limited due to the bank's relative
size (56% and 41% of PAIG's assets and profits), despite a strong
willingness to support.  High correlation within the financial
services sector also implies PAIG's insurance subsidiaries would
come under stress at the same time - investments held by the
insurance and bank subsidiaries are likely to be similar in
nature.  Moreover, Fitch expects the China Insurance Regulatory
Commission to restrict the movement of dividends or capital from
PAIG's insurance entities to the parent or PAB in order to
preserve the entities' own solvency levels.



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I N D I A
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ALUMAYER INDIA: CRISIL Suspends B+ Rating on IN60MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Alumayer India Pvt Ltd (AIPL; part of the Alumayer group).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            60         CRISIL B+/Stable
   Letter of credit &
   Bank Guarantee        140         CRISIL A4

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of AIPL and ASPL, together referred to as
the Alumayer group. This is because ASPL is a subsidiary of AIPL.
Furthermore, both companies operate in the same line of business
and ASPL sells its entire production to AIPL.

AIPL, incorporated in 2001, specialises in the erection and
commissioning of aluminium and glass facades, including curtain
walls, glazes, skylights, partitions, mall/shop fronts, railings,
ceilings, and canopies, which find application in the construction
industry. ASPL is a subsidiary of AIPL, set up in 2008, and
manufactures facades and fabrication of aluminium frames
exclusively for AIPL. The group is located at Mumbai, Maharashtra.


BALAJI REALTY: CRISIL Reaffirms B+ Rating on INR200MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Balaji Realty
(Balaji) continues to reflect its susceptibility to risks related
to implementation of its ongoing project and cyclicality in the
real estate industry in India. These rating weaknesses are
partially offset by its partners' extensive experience in the real
estate industry and their funding support.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            200        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Balaji will continue to benefit from its
partners' extensive experience in the real estate industry and
their funding support over the medium term. The outlook may be
revised to 'Positive' in case of better customer bookings
resulting in substantially large cash inflows leading to
improvement in liquidity. Conversely, the outlook may be revised
to 'Negative' in case of time or cost overrun in relation to the
project, lower bookings resulting in poor cash inflows, or large
debt funding for the project, constraining the liquidity.

Set up in April 2011, Balaji is implementing a residential real
estate project in Mahalunge, near Baner in Pune (Maharashtra). The
project comprises 260 residential units (2, 3, and 4 bedroom,
hall, kitchen) and is being marketed as Metro Jazz. Balaji is a
part of the Pune-based Balaji group of entities promoted by Mr.
Rajendra Chitodkar and family.


BANGALORE METALLURGICALS: CRISIL Suspends 'B' INR60MM Loan Rating
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bangalore Metallurgicals (P) Ltd (BMPL).

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

   Proposed Long Term
   Bank Loan Facility       47.1       CRISIL B/Stable

   Working Capital
   Term Loan                35         CRISIL B/Stable

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

BMPL was originally set up in 1960 as a partnership firm by Mr.
Maddaiah Ramaiah and his family members; the firm was
reconstituted as a private limited company in 1987. BMPL
manufactures grey and ductile steel castings, which find
application in power generation equipment, turbines, pumps,
valves, engine blocks, automobiles, and machine tools. The
company's manufacturing facility is at Hoskote (Karnataka).


BHAGWATI LIFESTYLE: CRISIL Suspends D Rating on INR350M Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhagwati Lifestyle Pvt Ltd (BLPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit             350           CRISIL D

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

BLPL was reconstituted as a private limited company in April 2010,
with Mr. Gaurav Jain and Mr. Madan Chand Jain as its directors; it
was initially Bhagwati Enterprises, a proprietorship concern,
which was set up in 1985 to trade in garments and other products,
through its showrooms.


CLASSIC WEARS: CARE Revises Rating on INR10.72cr Bank Loan to B+
----------------------------------------------------------------
CARE revises and reaffirms rating assigned to the bank facilities
of Classic Wears Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.72      CARE B+ Revised from
                                            CARE B

   Short term Bank Facilities      0.2      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of the bank facilities of
Classic Wears Pvt Ltd (CWL) takes into account the improvement in
the operational and financial performance for FY14 (refers to the
period April 1 to March 31).  Furthermore, the ratings continue to
draw strength from the experience of the promoters, established
track record of operations, well-established marketing network and
reputed client base. The ratings, however, are constrained by the
small scale of operations, working capital-intensive nature of
business and obsolescence risk associated with inventory.

The business of the company is also seasonal in nature and highly
fragmented with intense competition from organized and unorganized
players. Going forward, the continuation of the profitable scale-
up of operations and management of working capital cycle shall be
the key rating sensitivities.

Classic Wears Private Limited (CWL) was established in the year
1988 by Mr Raj Awasthi and his family members. It is a
part of the Sportking group. The company is engaged in the
manufacturing and retailing of Hosiery and Ready-made garments for
men, women and kids at its unit in Ludhiana (Punjab) under the
brand name 'Sportking' and 'Mentor'. Its main products are
primarily for winter season like pullovers, track suits, cardigans
and infant wear.  CWL registered a total operating income of
INR49.46 crore during FY14 with a PAT of INR5.14 crore as against
a total operating income of INR51.86 crore and PAT of INR0.94
crore in FY13. Excluding the impact of the extraordinary income,
the company reported losses of INR0.86 crore.


DORA INFRASTRUCTURES: CRISIL Assigns 'B' Rating to INR50MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Dora Infrastructures and Properties Pvt Ltd
(DIPPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Working         25         CRISIL B/Stable
   Capital Facility

   Bank Guarantee           25         CRISIL A4

   Cash Credit              50         CRISIL B/Stable

The ratings reflect DIPPL's modest scale of operations in the
fragmented civil construction industry, working capital intensive
nature of operations and below-average financial risk profile
marked by small net worth and high gearing. These rating
weaknesses are partially offset by the extensive experience of
DIPPL's promoters in the civil construction industry.

Outlook: Stable

CRISIL believes that DIPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations significantly while it improves its profitability,
leading to substantial cash accruals and a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
DIPPL reports low revenue or profitability, or its working capital
management deteriorates, or it undertakes any large debt-funded
capital expenditure programme, leading to weak financial risk
profile, particularly liquidity.

Incorporated in 2010 and based in Ranni (Kerala), DIPPL undertakes
civil contracts, primarily construction of buildings for various
government entities. The company is founded and managed by Mr.
Abraham Thomas.

DIPPL reported a profit after tax (PAT) of INR4.1 million on
revenue of INR38.6 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR3.3 million on revenue
of INR34.2 million for 2012-13.


GARG ENTERPRISES: CRISIL Suspends B+ Rating on INR13MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Garg Enterprises (GE).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             13        CRISIL B+/Stable
   Proposed Cash Credit    12        CRISIL B+/Stable
   Limit

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

GE was established as a partnership firm in 1980 and deals in
tiles and sanitary ware of Somany Ceramics Ltd.


H R BUILDERS: ICRA Reaffirms B+ Rating on INR8cr Overdraft
----------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR8.00 crore fund
based bank facilities of H R Builders (HRB) at [ICRA]B+. ICRA has
also reaffirmed its short term rating on the INR46.00 crore bank
facilities (including INR18.00 crore unallocated bank facilities)
of HRB at [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based bank         8.00        [ICRA]B+; reaffirmed
   facilities-Overdraft

   Non-fund based bank    28.00        [ICRA]A4; reaffirmed
   facilities-Bank
   Guarantee

   Unallocated bank       18.00        [ICRA]A4; reaffirmed
   Facilities

The rating action factors in the continued stretched liquidity
position of the firm, as reflected in consistently high
utilization of working capital limits, owing to its high working
capital intensity (largely on account of high receivable days) as
well as loans and advances extended to related parties. While the
firm's revenues and accruals in the past (in 2012-13 and 10M'
2013-14) have seen moderation, owing to limited order-inflow,
however, the financial profile of the entity continues to remain
moderate as reflected in gearing of 0.91x and TOL/TNW of 1.85x as
on March 31, 2014. Further, given the infusion of interest free
unsecured loan by promoters to meet the increased funding
requirements, the coverage indicators also remain moderate as
evident in interest cover of 3.02x and net cash accruals/total
debt ratio of 22% for 2013-14.

While the firm's order-book position has improved on account of
receipt of three orders worth INR103.39 crore (in February 2014),
the revenue visibility however remains moderate owing to the long
duration of the contracts. ICRA also notes that HRB is exposed to
order concentration risks, with these three orders accounting for
over 88% of the present order-book. The above mentioned risks
apart, the firm continues to remain exposed to risks associated
with its constitution as a proprietorship firm such as withdrawal
of capital, limited sources of raising capital etc.

The rating however continues to draw comfort from the established
track record of the promoters in the construction sector as well
as HRB's reputed and diversified client base, consisting largely
of public sector entities where the possibility of delinquencies
is low, though ICRA notes that the entity remains exposed to risk
of delays in payments, as has been witnessed in the past.

In ICRA's view, the ability of the firm to execute the pending
order book while reducing the working capital cycle as well as
timely recovery of advances from related parties will remain
critical determinants for easing of the liquidity position in the
short term and would be key rating sensitivities. This apart,
improvement in the order inflow and the resultant improvement in
revenue visibility would also be key monitorables.

Incorporated in January 1981 by Mr. Hansraj Dhankar, HRB is a
proprietorship concern which is engaged in the construction of
roads and buildings. The firm's scope of work under the roads
segment includes repair, maintenance and rehabilitation of
existing roads as well as construction of new roads. Under the
building construction segment, the services offered by the firm
include structural work for buildings, furniture and fixtures
fittings as well as provision of plumbing, electrical, fire
fighting works. The firm's clientele largely includes public
sector clients like Delhi State Industrial and Infrastructure
Development Corporation, Public Works Department, Delhi Metro Rail
Corporation and National Highways Authority of India.


HARSHA STONE: CRISIL Suspends B- Rating on INR20.5MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Harsha
Stone Industries (HSI).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility       10       CRISIL B-/Stable
   Post Shipment Credit     18       CRISIL A4
   Pre Shipment Credit      30       CRISIL A4
   Proposed Term Loan       20.5     CRISIL B-/Stable

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

HSI was set up in 1988 in Kota (Rajasthan) as a partnership firm
by Mr. Chanda Saraogi, Mr. Naresh Kumar Pandya, and Ms. Sunita
Jain. The firm processes slabs of sandstone, limestone, and slate
for flooring and pavement requirements; it exports more than 80
per cent of its products to the UK, and the rest mainly to other
European countries.


HINDALCO INDUSTRIES: Prepares For INR63,000cr Debt Restructuring
----------------------------------------------------------------
Kritika Saxena at CNBC-TV18 reports that Hindalco Industries Ltd.
is gearing up for a mega debt restructuring drive.  According to
CNBC-TV18, sources said over the next one year Hindalco seeks to
restructure its debt of INR63,000 crore in three phases.

Hindalco plans to refinance INR6,000 crore debt in the first
tranche through dollarising debt, CNBC-TV18 says. Move may reduce
company's debt cost by up to INR150 crore.  Going ahead, it may
raise ECB issue of up to USD500 million in the second tranche.
Discussions are still on to carve out a plan for the remaining
debt. In the third tranche, it will actively look to reduce debt,
the report notes.

CNBC-TV18 says Hindalco plans to complete the restructuring
process by July 2015.

Headquartered in Mumbai, Maharashtra, India, Hindalco Industries
Ltd. is an aluminium manufacturing company and is a subsidiary of
the Aditya Birla Group.


JOTINDRA STEEL: ICRA Reaffirms 'B-' Rating on INR24cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B- on the INR24
crore (reduced from INR29 crore) long term fund based bank limits
of Jotindra Steel and Tubes Ltd. ICRA has also reaffirmed its
short term rating of [ICRA] A4 on the INR11 crore non fund based
bank limits of JSTL (as sub limit of total fund based limits).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits          24.00       [ICRA]B-; reaffirmed

   Non Fund based        (11.00)     [ICRA]A4; reaffirmed
   Limits- (as sub
   limit of total
   fund based limits)

ICRA's ratings continue to be constrained by the highly
competitive nature of the steel industry, characterized by the
presence of large as well as small unorganized players, JSTL's
presence in low value add products and its weak financial profile
characterized by high gearing levels and weak debt coverage
indicators. The ratings also factor in the deterioration in the
operating income of the company on account of closure of one of
its manufacturing facilities, which was located in Faridabad.
However, the ratings favourably factor in the long and established
track record of JSTL's promoters in the industry. The ratings also
derive comfort from the improvement in operating profitability
margins of the company, due to a change in the revenue mix, with
trading revenues accounting for about 90% of the total revenues
for FY 2014.

Going forward, the ability of the company to increase the scale of
its trading operations while improving its profitability margins,
as well as the size and scope of its real estate project, will be
the key rating sensitivities.

JSTL was promoted by Mr. V.K. Sureka and his family in 1970. The
company came out with a public issue in 1972 and its shares were
listed on the Delhi Stock Exchange. Presently, the promoters hold
60.77% stake in the company, while the balance is held by the
public.

JSTL trades in M.S. Ingots, M.S.bars and billets, steel scrap, etc
and also manufactures Electric Resistance Welded and Galvanised
Iron (GI) pipes. In FY 2014, the company has also forayed into
real estate and plans to construct residential flats in Faridabad
on land where one of its factories is located, subsequent to the
government declaring the area as a residential area. Currently,
the company is running its trading and fabrication operations from
one of its manufacturing facilities in Ghaziabad, Uttar Pradesh.

Recent Results
JSTL reported, on a provisional basis, a profit after tax (PAT) of
INR0.83 crore on an operating income of INR103.11 crore in FY
2013-14 as compared to a PAT of INR0.44 crore on an operating
income of INR218.33 crore in the previous year.


JR SEAMLESS: CARE Reaffirms B+ Rating on INR24.52cr LT Loan
-----------------------------------------------------------
CARE reaffirms ratings to bank facilities of JR Seamless Private
Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    24.52       CARE B+ Reaffirmed
   Short term Bank Facilities    5.01       CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by the vulnerability of the
company's profitability to raw material price volatility,
financial risk profile characterized by low profits and cash
accruals from the business, weak liquidity position and the
company's presence in the competitive and cyclical steel industry.

The ratings, however, derive strength from the experience of the
promoters for more than two decades in the steel industry with
established manufacturing facilities and robust growth in total
operating income during FY14 (refers to the period April 01 to
March 31).

The ability of the company to scale up its operations and improve
its profitability and liquidity position along with managing its
working capital effectively are the key rating sensitivities.

Incorporated in 2007, Hyderabad-based, JRSPL was promoted by Mr
Mahender Agarwal, Mr Narender Agarwal, Mr Rajender Agarwal and Mr
Jogi Ram Agarwal. The company is engaged in the manufacturing and
trading of seamless tubes and pipes at its unit located at
Chegunta, Medak, Telangana with an installed capacity to
manufacture 24,000 metric tonnes per annum (MTPA). The size of
tubes and pipes ranges from 12.7 mm to 90 mm, wall thickness
ranges from 2.11 mm to 14 mm and length of tube varying between 3
mts to 14 mts. The products manufactured by JRSPL mainly find
applications in boiler, automobiles and borewell industries. JRSPL
is certified by TUV NORD for ISO 9001-2008, Central Boiler Board
and Engineers India Limited (EIL). Apart from JRSPL, the directors
of the company are also actively involved in the associate
concerns, namely, Bharat Tubes Corporation, IHM Valves Private
Limited, JR Forgings and JRVS Polymers Private Limited.

During FY14, JRSPL reported a net profit of INR0.57 crore on a
total operating income of INR104.34 crore as compared to a net
loss of INR5.12 crore on a total operating income of INR20.64
crore in FY13.


KESHAVA REDDY: ICRA Suspends D Rating on INR3.5cr Overdraft Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR3.00 crore term loan facilities and INR3.50 crore overdraft
facilities of M/s Keshava Reddy Educational Trust. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Keshava Reddy Educational Trust was established in 2007 and runs
two schools in Anantapur, Andhra Pradesh. KRET is part of Keshava
Reddy group of educational institutions which was started in the
year 1993 by Mr. N. Keshava Reddy. For the first 15 years of
operation the group ran it's schools only in Kurnool, AP but since
2008 the group has been undertaking major expansion and has spread
across several locations in Andhra Pradesh. The group presently
has close to 100,000 students studying in 38 schools under the
guidance of ~5000 teachers in 14 different locations in Andhra
Pradesh. The school imparts education from KG to class X as per
the Andhra Pradesh state curriculum.


LAKSHMI COT-GIN: ICRA Reaffirms B+ Rating on INR22cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR22.00 crore cash credit facility (enhanced from INR15.00 crore)
of Lakshmi Cot-Gin Private Limited.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit Facility     22.00      [ICRA]B+ reaffirmed

The reaffirmation of rating takes into account LCPL's weak
financial profile characterized by low profitability levels, owing
to the limited value addition in the business and the highly
competitive and fragmented industry structure; its highly
leveraged capital structure and modest coverage indicators. The
rating also continues to remain constrained by the vulnerability
of the company's profitability to raw material prices which are
subject to seasonality, and crop harvest; and the regulatory risks
with regard to MSP fixed by GoI and restrictions on cotton
exports.

The rating, however, continues to favourably factor in the
experience of the company's promoters in the cotton ginning
industry and the advantage the company enjoys by virtue of its
location in the cotton producing belt of Saurashtra (Gujarat).

Lakshmi Cot-Gin Private Limited (LCPL), incorporated in 2006, is
engaged in the business of cotton ginning and trading of cotton
lint/bales and cotton seed. The company's plant is located in
Gondal, Rajkot. The company is closely held by the promoters, Mr.
Nimish Lotiya, Mr. Vishal Lotiya, and other family members.

Recent Results
For the year ended March 31, 2014, Lakshmi Cot-Gin Private Limited
reported an operating income of INR129.55 crore and profit after
tax of INR0.20 crore as against an operating income of INR105.42
crore and profit after tax of INR0.16 crore for the year ended
March 31, 2013.


MANEESH IMPEX: CRISIL Suspends B Rating on INR40MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Maneesh
Impex Pvt Ltd (MIPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           20        CRISIL A4
   Cash Credit              40        CRISIL B/Stable
   Letter of Credit         30        CRISIL A4
   Term Loan                40        CRISIL B/Stable

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

MIPL was incorporated in 2012, to undertake manufacture of
imitation fashion jewellery. The promoter Mr. Manesh Mandok,
presently runs the business under his sole proprietorship 'Maneesh
Impex'. Gradually the operations of proprietorship concern will be
taken over by MIPL. The manufacturing facility is at Vasai
(Maharashtra).


MONICA GARMENTS: ICRA Reaffirms B Rating on INR.81cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR0.81
crore (revised from INR1.30 crore) term loan of Monica Garments.
ICRA has also reaffirmed its short term rating of [ICRA]A4 on the
INR5.59 crore short-term bank facilities and INR0.53 crore
(revised from INR0.04 crore) unallocated facilities.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            0.81        [ICRA]B; reaffirmed
   Packing Credit        4.00        [ICRA]A4; reaffirmed
   Bill Discounting      1.50        [ICRA]A4; reaffirmed
   Overdraft             0.09        [ICRA]A4; reaffirmed
   Unallocated           0.53        [ICRA]A4; reaffirmed

ICRA's ratings continue to reflect the high competitive intensity
in the garment industry; threat of adverse changes in regulation
and vulnerability of profitability to adverse movements in foreign
exchange. The ratings also take into account the firm's high
client concentration risk. The ratings factor in the firm's
leveraged capital structure owing to continued dependence on
external borrowings for meeting the working capital requirements
and the low profitability of the business; the profitability has
however seen some improvement in FY2013-14 due to favourable
foreign exchange movement and change in product mix. This has also
translated into a marginal improvement in the debt coverage
indicators. However, the ratings positively factor in the
extensive experience of Monica Garments' promoters.

Going forward, the ability of the firm to increase its scale of
operations in a profitable manner while maintaining the working
capital intensity will be the key rating sensitivity.

Monica Garments is a partnership firm and was established in 1990,
with Mr. Anil Varma and Mr. Virendra Rawat as partners. The firm
primarily manufactures and exports garments for women and caters
to the mid price segment. Majority of the firm's clientele
includes the buying houses based in US and Europe. The firm has
two manufacturing facilities located in the National Capital
Region at Okhla and Noida, with a total manufacturing capacity of
around 75,000-200,000 pieces per month, depending on the type of
garment.

Recent Results
In FY2013-14, Monica Garments reported an Operating Income (OI) of
INR19.25 Crore and net profit of INR0.77 Crore as compared to OI
of INR19.16 crore and net profit of INR0.51 crore in the previous
year.


PANACEA HOSPITALS: CRISIL Suspends D Rating on INR45MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Panacea
Hospitals (P.) Ltd (PHPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              25        CRISIL D
   Term Loan                45        CRISIL D

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

PHPL was incorporated in 2002, promoted by Dr. C Jayanna. The
company started operations in 2002 by acquiring a 25-bed running
nursing home in Bengaluru (Karnataka); it later expanded its
operations by setting up the 105-bed multi-speciality Panacea
Hospital at Basaveshwaranagar in Bengaluru. PHPL has recently set
up two multi-speciality hospitals in Mysore (Karnataka) and
Nagarbhavi in Bengaluru, with 25 beds and 60 beds, respectively.


PARSVNATH ESTATE: CARE Revises Rating on INR210cr LT Loan to 'B'
----------------------------------------------------------------
CARE reaffirms the rating assigned to long-term instruments of
Parsvnath Estate Developers Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Instruments          210       CARE B Revised from
                                            CARE C

Rating Rationale

The rating revision considers the tie-up of lease arrangement for
commercial tower, premium location of the project and promoter
group's experience in the real estate business. However, the
rating remains constrained by longer than envisaged time taken in
leasing out the new office tower, off-take risk for residual area
and subdued commercial real estate sector scenario.

Going forward, the ability of PEDPL to achieve envisaged lease
tie-ups along with profitable scale-up of operations would
be the key rating sensitivities.

Parsvnath Estate Developers Pvt. Ltd. (PEDPL) was incorporated on
July 24, 2007. PEDPL is a Joint Venture (JV) between Redfort
Capital (RFC) and Delhi-based developer, Parsvnath Developers Ltd.
(PDL), for executing a commercial real estate project 'Red Fort
Parsvnath Tower' (saleable area of 2.84 lac square feet lsf) on
Bhai Veer Singh Marg, near Connaught Place (New Delhi) under a
concession agreement with Delhi Metro Rail Corporation (DMRC) for
30 years.

The construction of RFP Tower, comprising of G+7 floors with an
estimated area of 2.84 lsf, was completed at a cost of INR310
crore in FY14 (refers to the period April 1 to March 31).


PRATAP CIVIL: CRISIL Suspends D Rating on INR60MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Pratap
Civil Engineering Pvt Ltd (PCEPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           25        CRISIL D
   Cash Credit              60        CRISIL D
   Term Loan                50        CRISIL D

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

PCEPL, promoted by Mr. Pratap Nikam, mainly undertakes stone
crushing sub-contracting activities for large companies that
undertake civil construction projects, mainly road projects. The
promoter incorporated PCEPL in April 1, 2011 to take over the
business of his proprietorship firm, Pratap Construction.


S.T ENTERPRISES: CRISIL Suspends B Rating on INR140MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S.T Enterprises (STE).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             140        CRISIL B/Stable

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

STE was set up in 2002 by Mr. Arun Suri and his family members. It
trades in electronic goods such as mobile phones, and other allied
products such as drivers, remote controls, capacitors, batteries,
and resisters.


SHAKUNTALA WIRE: CRISIL Suspends B+ Rating on INR60MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shakuntala Wire Industries Pvt Ltd (Shakuntala).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bill Purchase-           10          CRISIL A4
   Discounting Facility

   Cash Credit              60          CRISIL B+/Stable

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

Shakuntala was set up as a proprietorship firm in 1992 by Mr.
Sitaram Khandelwal; it was reconstituted as a private limited
company in 1997. It manufactures coppers wires, which are
primarily used by electrical/electronic equipment manufacturers.


SHANTI PULSES: CRISIL Suspends B+ Rating on INR30MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shanti Pulses (SP; part of the Shanti group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              30        CRISIL B+/Stable
   Letter of Credit         30        CRISIL A4

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Shanti Udyog (SU) and SP, together
referred to as the Shanti group. The consolidated approach is
because both the firms have common partners and are in the same
line of business.

SP was established as a partnership firm by Mr. Jagdeesh Mittal
and his brothers, Mr. Naresh Mittal and Mr. Satish Mittal. The
firm processes and trades in pulses, mainly Toor Daal.

The Mittal family has business interests in trading and processing
of food grains and pulses for long and has various pulses mills in
Khandwa (Madhya Pradesh), Akola and Jalgaon (both in Maharashtra).


SHREE SHYAM: ICRA Reaffirms B Rating on INR7cr Cash Credit
----------------------------------------------------------
ICRA has reaffirmed an [ICRA]B rating to INR7.00 crore fund based
cash credit facility of Shree Shyam Cotton Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit Limit     7.00         [ICRA]B; Reaffirmed

The rating continues to be constrained by the firm's modest scale
of operations with weak financial profile described by stretched
liquidity on account of high inventory holding, leveraged capital
structure and weak coverage indicators. The rating is further
constrained by the low operating margins on account of limited
value addition and highly competitive and fragmented industry
structure due to low entry barriers.

The ratings further incorporate the susceptibility of the cotton
prices to seasonality and regulatory risks which together with the
highly competitive industry environment exerts more pressure on
the margins. ICRA also notes that Shree Shyam Industries is a
partnership firm and any significant withdrawals from the capital
account will affect its net worth and thereby the gearing levels.

The rating however continues to favorably consider the long
experience of the partners in cotton industry, favorable location
of the plant giving it easy access to high quality raw cotton and
strong demand for cotton seed oil in Gujarat.

Incorporated in 2008, Shree Shyam Cotton Industries is engaged in
ginning and pressing operations. The firm is promoted and managed
by Mr. Kantibhai Patel along with five other partners with
experience in the cotton ginning industry. The firm's
manufacturing facility is located at Vijapur, Mehsana in Gujarat
and has twenty four ginning machines and one pressing machine with
capacity to produce 200 pressed cotton bales per day.

Recent Results
For the year ended 31st March, 2014, the firm reported an
operating income of INR30.56 crore with profit after tax (PAT) of
INR0.28 crore.


SHRI LAXMINARAYAN: CARE Assigns B+ Rating to INR8.48cr LT Loan
--------------------------------------------------------------
CARE assigned 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shri Laxminarayan Industrial Co-Operative Service
Society Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.48       CARE B+ Assigned
   Short-term Bank Facilities    4.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to bank facilities of Shri Laxminarayan
Industrial Co-operative Service Society Limited (SLCS) are
constrained on account of stressed liquidity position due to
temporary cash flow mismatch and risk associated with the receipt
of balance booking advance coupled with risk related to the
cyclical real estate sector.

The ratings, however, derive strength from the experience of the
promoters in the real estate sector and established track record
of operations. The ratings further, derive strength from low
project execution risk, favorable booking status and low reliance
on debt coupled with favorable outlook for the textile business in
Gujarat.

The ability of SLCS is to receive the balance customer advances
from booked units on time is the key rating sensitivity.

Incorporated in 2004, Shri Laxminarayan Co-op Service Society
Limited (SLCS), promoted by Surat-based members of the Patel
family to develop the textile industrial estate at Udhna (Surat)
namely "Shri Laxminarayan Industrial Park" (SLIP). SLCS was
established as co-operative society under the Gujarat Cooperative
Society Act, 1961. The project comprises of housing 2655
industrial units and total saleable area of the project is 67.86
lakh square feet. Out of the total 2655 industrial units, 2509
units are small for which Environmental Clearance (EC) was already
obtained and rest 146 are large plots and will obtain the EC as
per their requirement depending upon the nature of their activity.

These industrial plots are sold to textile units viz. power looms,
spinning, and twisting, garmenting, knitting and embroidery units.
The project was commenced in the year 2006 and till September 30,
2014, SLCS has incurred the total cost of INR81.27 crore (almost
96% of the total project cost) out of the total cost of INR85
crore.


SHUBHLAXMI INDUSTRIES: ICRA Suspends B+ Rating on INR9.5cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR9.50 crore bank facilities of Shubhlaxmi Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Shubhlaxmi Industries was established in 1997 as a proprietorship
firm by Mr. Mahasukhlal M Shah. It is engaged in manufacturing and
exporting of Guar Gum Splits, Guar Meal and its derivates. It also
involved in trading of agro products and export of animal feeds.
The proprietor has been associated with the guar gum industry
since 1989 and previously was a partner in Prakash Gum Industry
involved in trading of Guar Gum and its derivatives.


SRI KANAKADURGA: ICRA Suspends D Rating on INR10cr Term Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR10.00 crore term loan facilities of M/s Sri Kanakadurga
Educational Society. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Sri Kanakadurga Educational Society was established in 2009 and
runs one school in Guntur, Andhra Pradesh. SKES is part of Keshava
Reddy group of educational institutions which was started in the
year 1993 by Mr. N. Keshava Reddy. For the first 15 years of
operation the group ran it's schools only in Kurnool, AP but since
2008 the group has been undertaking major expansion and has spread
across several locations in Andhra Pradesh. The group presently
has close to 100,000 students studying in 38 schools under the
guidance of ~5000 teachers in 14 different locations in Andhra
Pradesh. The school imparts education from KG to class X as per
the Andhra Pradesh state curriculum.


SRI MAHANANDEESWARA: ICRA Suspends D Rating on INR23.3cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR23.30 crore term loan facilities of M/s Sri Mahanandeeswara
Educational Society. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Sri Mahanandeeswara Educational Society was established in 2008
and runs three schools in Kurnool and one school in Hyderabad.
SMES is part of Keshava Reddy group of educational institutions
which was started in the year 1993 by Mr. N. Keshava Reddy. For
the first 15 years of operation the group ran it's schools only in
Kurnool, AP but since 2008 the group has been undertaking major
expansion and has spread across several locations in Andhra
Pradesh. The group presently has close to 100,000 students
studying in 38 schools under the guidance of ~5000 teachers in 14
different locations in Andhra Pradesh. The school imparts
education from KG to class X as per the Andhra Pradesh state
curriculum.


SRI SARASWATHI: ICRA Suspends 'D' Rating on INR6.6cr Term Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR6.60 crore term loan facilities of M/s Sri Saraswathi
Educational Society. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Sri Saraswathi Educational Society was established in 2009 and
runs one school in Mahboobnagar, Andhra Pradesh. SSES is part of
Keshava Reddy group of educational institutions which was started
in the year 1993 by Mr. N. Keshava Reddy. For the first 15 years
of operation the group ran it's schools only in Kurnool, AP but
since 2008 the group has been undertaking major expansion and has
spread across several locations in Andhra Pradesh. The group
presently has close to 100,000 students studying in 38 schools
under the guidance of ~5000 teachers in 14 different locations in
Andhra Pradesh. The school imparts education from KG to class X as
per the Andhra Pradesh state curriculum.


SRI SRINIVASA: ICRA Assigns B- Rating to INR20cr Bank Loan
----------------------------------------------------------
ICRA has assigned a the long term rating of [ICRA]B- to INR20.00
crore enhanced bank facilities of Sri Srinivasa Spintex (India)
Limited. ICRA also has [ICRA]B- rating outstanding for INR104.25
crore long term bank facilities of SSSIL.

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.


SRI SURYA: ICRA Suspends D Rating on INR8.85cr Term Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR8.85 crore term loan facilities of M/s Sri Surya Educational
Society. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Society Profile
Sri Surya Educational Society was established in 2010 and runs
three schools in Srikakulam and one school in Rajahmundry, Andhra
Pradesh. SSES is part of Keshava Reddy group of educational
institutions which was started in the year 1993 by Mr. N. Keshava
Reddy. For the first 15 years of operation the group ran it's
schools only in Kurnool, AP but since 2008 the group has been
undertaking major expansion and has spread across several
locations in Andhra Pradesh. The group presently has close to
100,000 students studying in 38 schools under the guidance of
~5000 teachers in 14 different locations in Andhra Pradesh. The
school imparts education from KG to class X as per the Andhra
Pradesh state curriculum.


SRI VENKATESWARA: ICRA Suspends D Rating on INR16.75cr Term Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR16.75 crore term loan facilities of M/s Sri Venkateswara
Educational Society. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Sri Venkateswara Educational Society was established in 2007 and
runs three schools, one each in Chittoor, Kadapa and Kurnool in
Andhra Pradesh. SVES is part of Keshava Reddy group of educational
institutions which was started in the year 1993 by Mr. N. Keshava
Reddy. For the first 15 years of operation the group ran it's
schools only in Kurnool, AP but since 2008 the group has been
undertaking major expansion and has spread across several
locations in Andhra Pradesh. The group presently has close to
100,000 students studying in 38 schools under the guidance of
~5000 teachers in 14 different locations in Andhra Pradesh. The
school imparts education from KG to class X as per the Andhra
Pradesh state curriculum.


SUNDARAM MULTI: CARE Assigns 'D' Rating on INR78.75cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE D' ratings to the bank facilities of Sundaram
Multi Pap Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     78.75      CARE D Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sundaram Multi Pap
Ltd (SMPL) takes into account several delays in debt service
obligations due to severe deterioration in liquidity profile and
enhanced support to subsidiary business.

Sundaram Multi Pap Limited (SMPL), incorporated in 1995, is
promoted by Mr. Amrut and Mr. Shantilal Shah. SMPL is engaged in
the manufacture of notebooks, account books, other paper
stationery products, Kraft paper and trading of office paper
stationery. Its operating facilities are located at Palghar,
Nagpur and Kandla (SEZ facility). It sells its products
in local as well as exports market. Exports primarily comprise
exercise books to African countries like Tanzania, Ethiopia,
Sudan, etc. In domestic market, SMPL has a strong distribution
network in Maharashtra, Goa and Gujarat with over 21,000 dealers
and retailers put together. In 2010, SMPL formed a wholly owned
subsidiary E-class Education System Limited (EESL). During FY10-
13, the company completed the development of e- learning product
(e-class) for students of standard I to X for Maharashtra State
Education Board (MSEB) in English and Marathi schools at the cost
of INR20 crore and started selling education content through
electronic medium (pen drives, players and compatible with Android
OS based tablets) in FY11.

In FY14 (refers to the period April 1 to March 31), the company
has earned a PAT of INR0.10 crore (PY: INR4.55 crore) on a
total operating income of INR159.20 crore (PY: INR187.05 crore).
During H1FY15, SMPL reported net loss of INR 8.41 crore on a total
income of INR47.30 crore as compared with net profit of INR1.77
crore on a total income of INR89.20 crore in H1FY14.


SURYA SYNTHETICS: ICRA Reaffirms B+ Rating on INR12cr FB Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on INR12.00
crore (reduced from 15 crore) fund-based facilities of Surya
Synthetics. ICRA had earlier suspended the rating in June 2014,
the suspension now stands revoked.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-Term Fund       12.00        [ICRA]B+, Reaffirmed;
   Based Limits                      Suspension Revoked

ICRA's ratings continue to factor in the weak financial profile of
SS as reflected in its weak profitability indicators, leveraged
capital structure and resultant weak debt coverage indicators. Due
to the fragmented nature of the industry, the pricing power of the
entity remains limited, which is evident from its thin
profitability margins, with operating profit margin of 5.24% and
net profit margin of 0.48% for FY2014. Further, the working
capital requirements of the firm have shown a steady increase due
to improving capacity utilization and increased capacities thereby
resulting in a stretched liquidity profile, as reflected in
consistently high utilization of sanctioned limits. Increased
working capital borrowings coupled with debt availed for funding
the expansion of manufacturing facilities and limited accretion to
net worth owing to modest profitability, has weakened the firm's
capital structure as reflected in gearing of 4.4 times as on March
31, 2014. The ratings however continue to favorably take into
account the extensive experience of the promoters in the fabric
weaving business and the firm's relationships with its customers.
Further, the location of the weaving facility in Ludhiana (Punjab)
ensures easy access to raw-material and manpower.

Going forward, the ability of the firm to grow its operations in a
profitable manner, maintain adequate liquidity and improve its
capital structure will be the key rating sensitivities.

SS, a partnership firm established in 1990 is managed by Mr.
Bhupinder Jaggi and Mr. Shakti Jaggi. The firm is engaged in the
production of cotton and synthetic fabrics which are used in
making suits, dress materials, shawls, etc for women. The firm's
manufacturing unit is located in Ludhiana and comprises of 74
looms, 40 embroidery machines and 1 printing machine. The group
entity of SS, Triveni Silk Mills (rated at [ICRA]B+) is also based
in Ludhiana and is engaged in production of cotton and synthetic
fabrics.


TRIVENI SILK: ICRA Reaffirms B+ Rating on INR10.50cr FB Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR10.50 crore*(reduced from 14.50 crore) fund-based facilities of
Triveni Silk Mills. ICRA had earlier suspended the rating in June
2014, which stands revoked.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-Term Fund        10.50       [ICRA]B+ Reaffirmed;
   Based Limits                       Suspension Revoked

ICRA's ratings continue to factor in the weak financial profile of
TSM as reflected in its weak profitability indicators, leveraged
capital structure and resultant weak debt coverage indicators. Due
to the fragmented nature of the industry, the pricing power of the
entity remains limited, which is evident from its thin
profitability margins, with operating profit margin of 4.31% and
net profit margin of 0.29% for FY2014. Further, the working
capital requirements of the firm have shown a steady increase due
to improving capacity utilization and increased capacities thereby
resulting in a stretched liquidity profile, as reflected in
consistently high utilization of sanctioned limits. Increased
working capital borrowings coupled with debt availed for funding
the expansion of manufacturing facilities and limited accretion to
net worth owing to modest profitability, has weakened the firm's
capital structure as reflected in gearing of 4.4 times as on March
31, 2014. The ratings however continue to favorably take into
account the extensive experience of the promoters in the fabric
weaving business and the firm's relationships with its customers.
Further, the location of the weaving facility in Ludhiana (Punjab)
ensures easy access to raw-material and manpower.

Going forward, the ability of the firm to grow its operations in a
profitable manner, maintain adequate liquidity and improve its
capital structure will be the key rating sensitivities.

TSM, a partnership firm established in 1990 is managed by Mr.
Bhupinder Jaggi and Mr. Shakti Jaggi. The firm is engaged in the
production of cotton and synthetic fabrics which are used in
making suits, dress materials, shawls, etc for women. The firm's
manufacturing unit is located in Ludhiana and comprises of 7
looms, 30 embroidery machines and 4 printing machines. Surya
Synthetics (rated [ICRA]B+), a group entity, is also based in
Ludhiana and is engaged in production of cotton and synthetic
fabrics.


WEST FACE: CRISIL Suspends D Rating on INR250MM LT Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
West Face Hospitality and Management Pvt Ltd (WFH).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Long Term Loan          250          CRISIL D

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

WFH was incorporated in August 2009 by Mr. Inder Pal Singh & Mr.
Satvinder Singh Wadhawan to start a boutique hotel at Punjabi
Bagh, New Delhi, in January 2011, at a cost of INR348.1 million,
excluding land. But the project has been delayed and is now
expected to be completed by April 2013.


WORLD WIDE: CRISIL Suspends D Rating on INR30MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of World
Wide Iron and Steels Pvt Ltd (WWISPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee         3.1         CRISIL D
   Cash Credit           30           CRISIL D
   Letter of Credit      30           CRISIL D
   Long Term Loan         8.7         CRISIL D
   Working Capital
   Demand Loan            1.2         CRISIL D

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

WWISPL, incorporated in 2005, manufactures thermo-mechanically-
treated bars. The day-to-day operations of the company are managed
by Mr. K P Zakkir Hussain and his brother Mr. K P Abdul Azeez.



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


ADARO INDONESIA: Moody's Withdraws Ba1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn PT Adaro Indonesia's
(Adaro) Ba1 corporate family rating with a stable outlook.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Adaro is one of the largest single-site coal producers in the
southern hemisphere and one of the world's largest sub-bituminous
coal companies. The four largest destinations of Adaro's coal are
Indonesia, India, China, and Japan.

Adaro is wholly owned by PT Adaro Energy Tbk (Adaro Energy), an
integrated energy group listed on the Indonesia Stock Exchange.



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


HUDSON HOSPITALITY: Cost Overrun Sparks Liquidation, Says Report
----------------------------------------------------------------
Narelle Henson at Waikato Times reports that the first
liquidator's report for property-development company Hudson
Hospitality Investments has been released.

The company is one of 10 under the directorship of Hamilton man
Bruce Parker currently in liquidation, the report says.

The companies have been placed into liquidation over the course of
the last nine months, with Hudson Hospitality the latest to fail,
according to the Waikato Times.

Waikato Times relates that the report said the company went into
liquidation because of "an overrun on costs of the development
which were unable to be recovered by the sale of the properties".

Hudson Hospitality was involved in townhouse developments in
Hamilton, Waikato Times says.

According to Waikato Times, Mr. Parker had previously stated the
company went into liquidation over a trade dispute with Hamilton
Asphalts. Hamilton Asphalts refuted this, saying Hudson
Hospitality could not pay its bills. It was still owed NZ$11,000
by Hudson Hospitality.

The report lists 23 other companies as associated with Hudson
Hospitality, including the 10 in liquidation, Waikato Times notes.

Waikato Times relates that Mr. Parker said there were no Inland
Revenue investigations or concerns over the remaining 13
companies, only three of which were "commercially engaged".

"They have nothing to do with property development or construction
and between them employ over 60 people," the report quotes Mr.
Parker as saying.

Mr. Parker previously said that much of the NZ$1 million Inland
Revenue claimed the 10 companies owed was up for dispute, and he
was in negotiations with the government tax body over the amount.
However, Inland Revenue confirmed it did not negotiate on debt
subsequent to liquidation, Waikato Times reports.



=====================
P H I L I P P I N E S
=====================


* PHILIPPINES: Small Banks' Bad Loans Declined in Q2
----------------------------------------------------
Julito G. Rada at Manila Standard Today reports that non-
performing loans of rural and cooperative banks declined
1.36 percent in the second quarter to PHP17.87 billion from
PHP18.11 billion in the first quarter, data from the Bangko
Sentral ng Pilipinas showed.

"The 1.36-percent quarter-on-quarter decrease in the banks' gross
non-performing loans was a welcomed development following the
three previous quarters wherein NPLs increased quarter-on-
quarter," the Bangko Sentral said in a statement, Manila Standard
relays.

Data, however, showed the ratio of gross NPLs to the total loan
portfolio of rural banks and cooperative banks rose slightly to
13.45 percent in the second quarter from 13.14 percent in the
first quarter, the report says.

This was traced to the 3.6-percent decrease in loan portfolio of
rural and cooperative banks during the period.

"The TLP of RBs and cooperative banks totaled PHP132.89 billion in
June, 3.63 percent lower than the figure registered at the end of
the first quarter this year," the Bangko Sentral, as cited by
Manila Standard, said.

Total loan portfolio of rural and cooperative banks in the first
quarter hit PHP137.89 billion.

The loans extended by rural banks and cooperative banks
represented 2.55 percent of the banking system's total loan
portfolio of PHO5.2 trillion in June.

Their non-performing loans, on the other hand, accounted for 0.34
percent of the banking industry's TLP during the period.

The Bangko Sentral assesses the loan quality of all banking groups
as part of efforts to maintain high standards for credit risk
management, the report notes.



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


OUE HOSPITALITY: Crowne Plaza Deal Unlikely to Affect Ba1 Rating
----------------------------------------------------------------
Moody's Investors Service says that OUE Hospitality Real Estate
Investment Trust's (OUE-H REIT, Ba1 stable) proposed acquisition
of Crowne Plaza Changi Airport (Singapore) and a future extension
of the hotel will improve the trust's property portfolio and
income diversification.

Ratings are unlikely to be affected, as long as the trust uses an
appropriate mix of debt and equity to fund the acquisition so that
financial metrics are maintained within our expected ranges.

OUE-H REIT announced on November 28, 2014 that it would acquire
Crowne Plaza Changi Airport and its future extension from OUE
Airport Hotel Pte. Ltd. (unrated), a subsidiary of the Sponsor,
OUE Limited (unrated) for a consideration of SGD495 million.

Upon acquisition, the hotel and its future extension will be
leased back to OUE Airport Hotel Pte. Ltd. under a master lease
agreement that has a minimum rent component to protect the trust
from downside operational risk.

The acquisition will be carried out in two parts: (1) Firstly,
Crowne Plaza Changi Airport -- a 320-room hotel -- will be
acquired at a cost of SGD290 million likely by 1Q 2015; and (2)
Secondly, the trust will acquire the additional 243 rooms at a
cost of SGD205 million, after the extension of the hotel is
scheduled to be completed by end-2015 or early 2016.

"The successful acquisition of Crowne Plaza Changi Airport will
allow OUE-H REIT to lower its reliance on income contribution from
Mandarin Orchard Singapore, which in turn contributes
approximately 70% of the trust's revenue stream," says Jacintha
Poh, a Moody's Assistant Vice President and Analyst.

"We expect revenue from Crowne Plaza Changi Airport will
contribute 10%-15% of OUE-H REIT's revenue in 2015; increasing to
15%-20% in 2016, after the extension of the hotel is complete,"
adds Poh.

While OUE-H REIT plans to fund the proposed acquisition through a
combination of debt and/or equity, it is still unclear as to how
much of the purchase consideration will be debt funded.
Nonetheless, the maximum amount of the equity proceeds is likely
to total no more than SGD125 million.

Based on pro-forma total deposited assets, Moody's expects the
trust's debt headroom to be within the range of SGD400 and
SGD450 million before exceeding our leverage parameter -- as
measured by debt/total deposited assets -- of 40-45%. Moody's
therefore believes funding for the extension will require some
portion of equity.

As of Sept. 30, 2014, OUE-H REIT's adjusted debt/total deposited
assets stood at 32.6% and its adjusted EBITDA interest coverage
ratio was at 6.9x.

Crowne Plaza Changi Airport is a nine-storey business hotel
managed by InterContinental Hotels Group. The hotel contains 320
rooms, four food and beverage outlets, and eight meeting rooms.
The additional 243 rooms will be linked to the existing building
via a link-way.

Moody's notes that Crowne Plaza Changi Airport has recorded good
occupancy rates in excess of 85% since 2011.

The rating outlook is stable, reflecting Moody's expectation that
OUE H-REIT will continue to generate stable cash flows from its
portfolio, maintain financial discipline in its growth strategies,
and keep its credit profile within targeted rating parameters.

The rating could be upgraded if OUE H-REIT: (1) diversifies its
portfolio and increases its asset base while maintaining its
financial metrics, such that debt/total deposited assets does not
exceed 40%-45% and EBITDA/interest coverage remains above 4x; (2)
demonstrates consistent access to funding through its banking
relationships and across the capital markets, particularly in
support of acquisitions; and (3) improves its liquidity and
financial flexibility by reducing its encumbered assets ratio and
reliance on secured borrowings.

OUE H-REIT's rating could face downward pressure if: (1) the
operating environment deteriorates or it fails to renew its leases
in Mandarin Gallery upon expiration, leading to higher vacancy
levels and declining operating cash flows; and/or (2) the trust's
financial metrics deteriorate, with debt/total deposited assets
exceeding 45% and EBITDA/interest coverage falling below 3x on a
consistent basis.

In addition, future acquisitions without long-term committed
funding in-place, and decreased access to funding could pressure
the rating.

The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

OUE Hospitality Real Estate Investment Trust (OUE H-REIT) is
stapled with OUE Hospitality Business Trust to form OUE
Hospitality Trust, that is listed on the Singapore Stock Exchange
since July 2013. Its portfolio consists of Mandarin Orchard
Singapore and Mandarin Gallery, located in Orchard Road,
Singapore's prime shopping district with a total appraised value
of SGD1.76 billion as of Dec. 31, 2013. The trust's sponsor is OUE
Limited (unrated), which held a 34% stake in the stapled entity as
of June 30, 2014.


PRECISION CAPITAL: Moody's Lowers Corporate Family Rating to B1
---------------------------------------------------------------
Moody's Investors Service has downgraded Precision Capital Private
Ltd's (PCPL) corporate family rating (CFR) to B1 from Ba3. PCPL is
a subsidiary of MMI International Ltd (MMI), a leading precision
engineering components company for hard disk drive (HDD)
manufacturers worldwide.

At the same time, Moody's has downgraded the rating on the
existing $300 million secured notes due 2017 and $180 million Term
Loan B issued by MMI, and guaranteed by PCPL and some of MMI's
subsidiaries, to B1 from Ba3.

The outlook on the ratings is stable.

Ratings Rationale

"The downgrades reflect, in part, the slower than expected EBITDA
expansion, which ultimately provides limited cushion to absorb
shocks, as evidenced by PCLP's high adjusted leverage of 3.5x-3.8x
over the last 12 months," says Annalisa DiChiara, a Moody's Vice
President and Senior Analyst.

PCPL reported revenue and adjusted EBITDA of $707 million and $123
million, respectively, for the 12-month period ended September
2014. The company has successfully offset lower pricing and slower
EBITDA growth by reducing operating expenses through cost-cutting
initiatives, productivity gains and the disposal of non-core
businesses and growing underlying product shipments.

"While we view PCLP's achievements positively, we remain cautious
of a business model that relies, in part, on sustained cost
reductions to support cash flows," adds DiChiara, also Moody's
Lead Analyst for MMI and PCPL.

At the same time, the company has used excess cash on its balance
sheet to reduce absolute debt levels. In June and July 2014, the
company prepaid around $80 million of its Term Loan B. Still,
without a significant expansion of EBITDA or material debt
prepayments over the next 12 months, leverage levels will likely
remain in the 3.0x-3.5x range.

"Consequently, given the slower than expected EBITDA growth and
higher than anticipated leverage, we believe PCPL's rating is more
appropriately positioned at the B1 level," adds Di Chiara.

Furthermore, PCPL is wholly owned by private equity investor
Kohlberg Kravis Roberts (KKR). While KKR has been and continues to
be a supportive shareholder, Moody's is cognizant that given the
length of the investment period (currently 7 years) there could be
a change of risk appetite influencing how the company's capital
structure is managed given the financial sponsor ownership.

The ratings outlook is stable, reflecting PCPL's defendable market
position and its strong customer relationships with the leading
HDD original equipment manufacturer (OEM) players, especially
Seagate Technology HDD Holdings (Baa3 stable) and Western Digital
Corp (unrated).

An upgrade is unlikely in the near term given the recent
downgrade. However, over the longer term, positive ratings
pressure could arise if (1) HDD demand picks up resulting in
EBITDA expansion; (2) PCPL's debt/EBITDA is sustained below 2.5x;
and (3) retained cash flow (RCF) to debt is maintained above 30%.
Moody's would also like to get further clarity around shareholder
intentions and strategy.

Conversely, the rating could come under additional downward
pressure if market conditions continue to deteriorate and HDD
demand further falls beyond our expectations, resulting in
debt/EBITDA remaining above 4.0x and RCF/debt falling below 15%
over an extended period.

The principal methodology used in these ratings was Global
Technology Hardware published in October 2010.

PCPL and its subsidiaries together represent a market-leading
precision manufacturing technology company with a key focus on
producing mechanical and electro-mechanical components for the HDD
industry.



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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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