TCRAP_Public/141209.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, December 9, 2014, Vol. 17, No. 243


                            Headlines


A U S T R A L I A

ALEXIS HARPER: First Creditors' Meeting Set For Dec. 15
LIFESTYLE MOTELS: First Creditors' Meeting Slated For Dec. 15
PROSTRUCT CONTRACTING: First Creditors' Meeting Set For Dec. 15


I N D I A

A. GEERI: CRISIL Assigns B+ Rating to INR170MM Cash Credit
ATLAS ALLOYS: ICRA Cuts Rating on INR9cr ST Fund Based Loan to D
AURO GOLD: ICRA Revises Rating on INR400cr Fund Based Loan to B
GAUTAM EXPORTS: CARE Suspends 'D' Rating on INR10cr LT Loan
GOYAL DEVELOPERS: ICRA Withdraws B+ Rating on INR6.5cr Cash Loan

HAJI ALIMOHAMED: ICRA Reaffirms B+ Rating on INR12cr Working Loan
HILLTOP CERAMIC: ICRA Reaffirms B+ Rating on INR3.2cr Term Loan
IFMR CAPITAL: ICRA Assigns B(SO) Rating to INR3.2cr PTC Series A3
JS ESTATES: ICRA Upgrades Rating on INR4.25cr LT Loan From B+
LIFE SPRING: ICRA Reaffirms B+ Rating on INR4.25cr LT Loan

MONTAGE HEALTH: CRISIL Assigns B+ Rating to INR121.4MM Loan
RECORE CERAMIC: CRISIL Assigns B Rating to INR67.5MM Term Loan
SURBHI FERRO: ICRA Reaffirms B Rating on INR8cr Capital Loan
SWASTIK INDUSTRIES: ICRA Puts B/A4 Rating on INR1cr Unalloc. Loan
THARUN TEXSPIN: CRISIL Assigns B+ Rating to INR42.5MM Cash Loan


N E W  Z E A L A N D

AWARUA FARM: Leases Farm Land to US Wine Company


X X X X X X X X

* BOND PRICING: For the Week Dec. 1 to Dec. 5, 2014


                            - - - - -


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


ALEXIS HARPER: First Creditors' Meeting Set For Dec. 15
-------------------------------------------------------
Bryan Kevin Hughes of Pitcher Partners was appointed as
administrator of Alexis Harper Pty Ltd, trading as The Victoria
Hotel, on Dec. 4, 2014.

A first meeting of the creditors of the Company will be held at
Level 1, 914 Hay Street, Perth, Western Australia, on Dec. 15,
2014, at 10:00 a.m.


LIFESTYLE MOTELS: First Creditors' Meeting Slated For Dec. 15
-------------------------------------------------------------
David Michael Stimpson -- david.stimpson@svp.com.au -- and Matthew
John Bookless -- matthew.bookless@svp.com.au -- of SV Partners
were appointed as administrators of Lifestyle Motels Pty. Ltd. on
Dec. 3, 2014.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Queensland, on
Dec. 15, 2014, at 11:00 a.m.


PROSTRUCT CONTRACTING: First Creditors' Meeting Set For Dec. 15
---------------------------------------------------------------
Simon Roger Coad -- admin@ticcidew.com.au -- of Ticcidew
Insolvency was appointed as administrator of Prostruct Contracting
Pty Ltd on Dec. 4, 2014.

A first meeting of the creditors of the Company will be held at
Level 2, 55 Carrington St, in Nedlands on Dec. 15, 2014, at 10:30
a.m.


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


A. GEERI: CRISIL Assigns B+ Rating to INR170MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of A. Geeri Pai Gold and Diamonds (AGP).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              170        CRISIL B+/Stable
   Long Term Loan           134        CRISIL B+/Stable

The rating reflects AGP's modest scale of operations in the highly
fragmented and competitive gold jewellery industry, and its below-
average financial risk profile, marked by high gearing. These
rating weaknesses are partially offset by the extensive industry
experience of the firm's partners and its established market
position in Ernakulum (Kerala).

Outlook: Stable

CRISIL believes that AGP will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if there is a substantial improvement
in the firm's scale of operations while it maintains its
profitability, leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
AGP undertakes a large debt-funded capital expenditure programme,
or if its cash accruals decline substantially, or if its working
capital management deteriorates, weakening its financial risk
profile.

Set up in 2007 as a partnership firm, AGP is engaged in jewellery
retailing. The firm is based in Ernakulam. Its day-to-day
operations are managed by Mr. Sachithananda Pai.

AGP recorded a profit after tax (PAT) of INR 8.6 million on
revenue of INR510.4 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR12.3 million on revenue
of INR537 million for 2012-13.


ATLAS ALLOYS: ICRA Cuts Rating on INR9cr ST Fund Based Loan to D
----------------------------------------------------------------
ICRA has revised its rating on the INR2.846 crore term loan of
Atlas Alloys (India) Private Limited to [ICRA]D from [ICRA]B-.
ICRA has also revised its rating on the INR9.00 crore short-term
fund based limit and INR3.05 crore short-term non-fund based limit
of AAPL to [ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        2.85        [ICRA]D; revised
   Based Facility                    from [ICRA]B-

   Short Term Fund       9.00        [ICRA]D; revised
   Based Facilities                  from [ICRA]A4

   Short Term Non-Fund   3.05        [ICRA]D; revised
   Based Facilities                   from [ICRA]A4

The ratings revision is driven by recent delays in debt servicing
by the company on account of its stretched liquidity position,
mainly on account of build up of debtors. The ratings continue to
be constrained by AAPL's weak financial profile characterized by
low profitability, high gearing and weak coverage indicators and
its exposure to volatility in lead prices for the inventory
maintained.

The ratings also take into consideration the high competitive
intensity in the business on account of the presence of a large
number of players in the organized and unorganized sector and the
seasonality of demand. However, ICRA positively factors in the
extensive experience of the promoters of AAPL in the battery
business, its diversified customer profile and healthy demand
outlook for inverter and UPS batteries given the power shortage
scenario in India. Going forward, a track record of timely debt
servicing and a sustained improvement in the company's liquidity
position will be the key rating sensitivities. Company Profile

Incorporated in 1990, AAPL is involved in the manufacturing of
batteries like automotive, tubular, valve-regulated lead-acid and
batteries for electric two wheelers, and has a manufacturing
capacity of around 2,60,000 batteries per annum. The manufacturing
facility is located at Beawar, Rajasthan. The company sells its
products under the brand names of Grand, Trend Setter, Sukui and
Misko.

Recent Results

As per its audited financials for 2013-14, AAPL recorded a net
profit of INR0.07 crore on an operating income of INR18.44 crore,
as against a net profit of INR0.03 crore on an operating income of
INR15.12 crore in 2012-13.


AURO GOLD: ICRA Revises Rating on INR400cr Fund Based Loan to B
---------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]B from [ICRA]BB
(negative) for the INR400.00 Crore Fund-Based Bank Facility of
Auro Gold Jewellery Private Limited. ICRA has also reaffirmed the
short term rating at [ICRA]A4 for INR60.00 Crore (sublimit) of
fund based facility, as such the total utilization for fund based
limit should not exceed INR400.00 Crore at any point of usage.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits    400.00       [ICRA]B Revised from
                                     [ICRA]BB(negative)

   Non-fund based
   (sublimit)           (60.00)      [ICRA]A4 Reaffirmed

The rating revision follows notable deterioration in the financial
performance of AJPL, with sharp dip in margins at net level along
with significant rise in debtors on account of delay in receipt of
payment from export clients, which has impacted the cash flow
position of the company adversely. The liquidity position hence
continues to be highly stressed. The dip in profitability levels
coupled with rise in working capital borrowing has also weakened
the debt coverage indicators from the earlier levels. The rating
however continues to favourably factor in the promoters experience
in Gold jewellery business for over two decades.

Auro Gold Jewellery Pvt. Ltd., incorporated in 1993 is in the
business of manufacturing, exporting, whole selling of non-branded
gold jewellery. It is a family run business; with the Managing
Director Mr. Ritesh Jain, being the third generation in the
business. The company generates the bulk of its revenue from its
whole selling business and has a robust distribution model
spanning almost entire country, revenues being concentrated to
some extent towards southern India. The company is primarily into
the B2B segment; with showroom in Zaveri Bazar, Mumbai. The export
business is based out of three units in SEZ Surat, which cater to
U.A.E. and Singapore markets.

As of FY14 AJPL reported a net profit of INR8.04 Crore on an
operating income of INR3669.37 Crore.


GAUTAM EXPORTS: CARE Suspends 'D' Rating on INR10cr LT Loan
-----------------------------------------------------------

CARE revises the rating assigned to the bank facilities of Gautam
Exports and subsequently also suspends the rating.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      10        Revised from CARE B+
                                            to CARE D and
                                            suspended

CARE has revised the rating due to the stressed liquidity
position. Furthermore, as the firm has not furnished the
information required by CARE for monitoring of the rating, CARE
has suspended the ratings assigned to the bank facilities.

Established in 1992 as a proprietorship entity, Gautam Exports
(GE) is engaged in the trading of polished diamonds. The
entity has been in the Gems & Jewellery (G&I) industry for more
than two decades .GE procures polished diamonds from
the domestic markets and generates revenue by exporting them in
foreign markets (majorly to Hong Kong).


GOYAL DEVELOPERS: ICRA Withdraws B+ Rating on INR6.5cr Cash Loan
----------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR6.50
crore long term fund based facility of Goyal Developers, at the
request of the company, as there is no debt outstanding against
the rated instruments.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund       6.50         [ICRA]B+ withdrawn
   based limits-
   Cash Credit

Established in 2010, Goyal Developers is developing a residential
real estate project 'My Home (MH-14) on Talegaon-Chakan Road in
Talegaon, Pune. The firm is a part of Goyal Properties. The group
is promoted by Mr. Rajendra Goyal having 25 years working
experience in real estate development.


HAJI ALIMOHAMED: ICRA Reaffirms B+ Rating on INR12cr Working Loan
-----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR12.00 crore
working capital facility of Haji Alimohamed Moosa & Co. ICRA has
also reaffirmed an [ICRA]A4 rating to INR0.50 crore short-term
forward contract limit of HAMC. The ratings continue to be
constrained by Haji Alimohamed Moosa & Co's (HAMC) weak financial
position as is evident in the thin profitability, leveraged
capital structure and weak debt protection indicators.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Working Capital       12.00       [ICRA]B+; Reaffirmed
   (CC/EPC/PSCFC/
   PCFC/FBD/FBP)

   Forward Contract       0.50       [ICRA]A4; Reaffirmed
   limit

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
rating further incorporates 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 Haji Alimohamed Moosa & Co. is a
partnership firm and any significant withdrawals from the capital
account will affect its net worth and thereby the gearing levels.

The ratings, however, continue to factor in the long standing
experience of the promoters in the cotton industry, established
track record of the firm and favorable location, giving it easy
access to high quality raw cotton. The ratings also consider the
forward integration in crushing facilities for castor seeds and
cottonseeds resulting in limited diversification and additional
revenue as well as a positive demand outlook for edible oil in
India.

Haji Alimohamed Moosa & Co. (HAMC) was initially established as a
sole proprietor concern which later in October 2004, converted
into a partnership firm with three partners, Mr. Adambhai A. Halai
and his two sons Mr. Aslam Halai and Mr. Noormohamed Halai. The
firm is engaged in cotton ginning and pressing and the crushing of
cottonseeds and castor seeds with 25 double roller ginning
machines and 5 expellers located at Kodinar, Gujarat. The firm has
the capacity to produce 8000 MT of cotton bales, 4500 MT of
cottonseeds oil and 6000 MT castor seeds oil.

Recent Results

For the year ended 31st March, 2014, the firm reported an
operating income of INR94.38 crore with profit after tax (PAT) of
INR0.71 crore.


HILLTOP CERAMIC: ICRA Reaffirms B+ Rating on INR3.2cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR3.20 crore(earlier INR1.70 crore) term loan and INR3.00 crore
cash credit facility of Hilltop Ceramic.  ICRA has also reaffirmed
the short term rating of [ICRA]A4 to the INR1.40 crore (earlier
INR0.90 Crore) short term non-fund based facility of HC. The
reaffirmed ratings take into account HC's weak financial profile
as reflected by low profitability, stressed liquidity and moderate
coverage indicators.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        [ICRA]B+ reaffirmed
   Term Loans            3.20        [ICRA]B+ reaffirmed
   Bank Guarantee        1.40        [ICRA]A4 reaffirmed

The ratings are further constrained by HC's modest track record of
operations and limited distribution network which along with the
high competitive intensity is likely to exert pressure on margins.
ICRA also notes the dependence of operations and cash flows of the
firm on the performance of the real estate industry which is the
main consumer sector and vulnerability of profitability to
increasing prices of gas and power.

The ratings however have favorably considered location advantage
enjoyed by HC giving it easy access to raw material, presence in
both wall and floor tiles segment providing diversification and
positive demand outlook for wall and floor tiles driven by steady
demand from the residential and commercial real estate segment.

Hilltop ceramic is a wall and floor tiles manufacturer with its
plant situated at Wankaner (Morbi), Gujarat. The firm was
established in 2003 is managed by Mr. Jagdish Kanjiya and other
family members. The plant has an installed capacity to produce
31200 MTPA of wall and floor tiles. The firm currently
manufactures wall tiles and floor tiles of sizes 10" X 15" and 12"
X 12" with the current set of machineries at its production
facilities.

Recent Results

For the year ended 31st March 2014, the company reported an
operating income of INR14.49 crore and profit before tax of
INR0.06 crore.


IFMR CAPITAL: ICRA Assigns B(SO) Rating to INR3.2cr PTC Series A3
-----------------------------------------------------------------
Conditional ratings of [ICRA]A-(SO), [ICRA]BBB(SO)and [ICRA]B(SO)
have been assigned to PTC Series A1, PTC Series A2 and PTC Series
A3 respectively, issued by IFMR Capital Mosec Rhea 2014, a Special
Purpose Vehicle (SPV). The PTCs are backed by a pool of micro loan
receivables, originated by Disha Microfin Private Limited (Disha),
Satin Creditcare Network Limited (Satin) and Suryoday Micro
Finance Private Limited (Suryoday) (collectively referred to as
Originators).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   PTC Series A1        35.37         [ICRA]A-(SO)

   PTC Series A2         2.03         [ICRA]BBB(SO)

   PTC Series A3          3.2         [ICRA]B(SO)

The conditional ratings are subject to the fulfillment of all
conditions under the structure, due diligence audit of the pool,
review by ICRA of the documentation pertaining to the transaction
and receipt by ICRA of a legal opinion on the transaction from the
transaction legal counsel. The conditional ratings are based on
the strength of cash flows from the selected pool of contracts;
the credit enhancement available in the form of (i) cash
collateral of 7.68% expressed as % of pool principal, and (ii)
subordination of 12.91% of the discounted value of aggregate pool
cashflows for PTC A1 and 7.91% of the discounted value of
aggregate pool cashflows for PTC A2; and the integrity of the
legal structure. The ratings are however constrained by ICRA's
view on the credit quality of the Servicers, given the operations-
intensive nature of the MFI business and the difficulty in
instituting an alternate servicing mechanism.

The selected pool consists of unsecured micro loans (less than or
equal to INR50,000 each) given by the Originators, to borrowers
with weak economic profile under a Joint Liability Group (JLG)
model. The share of the six individual sub-pools of Disha, Satin
and Suryoday in the aggregate issue size is 20%, 49% and 31% of
the total pool principal respectively. The presence of multiple
Originators provides the overall pool a reasonable geographical
diversity, with the pool spread across multiple states. Moreover,
having 3 Servicers in the transaction is more beneficial when
compared to a pool that is being serviced by a single Servicer,
where disruption of the Servicer can have a bearing on the overall
pool collections going ahead. The aggregate pool is characterised
by weekly, fortnightly and monthly repaying contracts with
moderate seasoning, moderate residual tenure of contracts (about
23 months) and no overdue on the selected loans as of cut-off
date.

According to the transaction structure, the entire pool of
selected contracts will be assigned to a Special Purpose Vehicle
(Trust) at premium. The Trust will issue three series of PTCs
backed by the receivables. The upfront purchase consideration to
be paid by PTC A1 to the Trustee will be 87.09% of the discounted
pool cashflows i.e. INR35.37 crore, that payable by PTC A2 to the
Trustee will be 5.00% of the discounted pool cashflows i.e.
INR2.03 crore while that payable by PTC A3 to the Trustee will be
remaining 7.91% of the discounted pool cashflows i.e. INR3.2
crore.


JS ESTATES: ICRA Upgrades Rating on INR4.25cr LT Loan From B+
-------------------------------------------------------------
ICRA has upgraded the long term rating to INR4.25 crore fund based
facilities, INR1.38 crore (reduced from 2.00) term loan and
INR1.37 crore (enhanced from 0.75) unallocated limits of JS
Estates & Projects (P) Limited from [ICRA] B+ to [ICRA]BB-.  The
outlook on the rating is stable.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term-Fund        4.25       [ICRA]BB- (stable) (upgraded
   Based                            from [ICRA]B+)

   Term Loan             1.38       [ICRA]BB- (stable) (upgraded
                                    from [ICRA]B+)

   Unallocated           1.37       [ICRA]BB- (stable) (upgraded
                                    from [ICRA]B+)

The upgrade in rating takes into consideration the significant
progress in the JSEP's two ongoing projects Pawani Harmony (PH) in
Hyderabad and JS Sunflower (JSS) in Bangalore for which 93% (Rs.
13.5 crore out of INR14.5 crore) and 50% (Rs. 7.0 crore out of
INR14.0 crore) of the development cost has been incurred up to
October 2014 respectively. The rating also positively factors in
the healthy sales velocity for the two ongoing projects as 88% (15
units out of company's share of 17) and 55% (20 units out of
company's share of 36) of the units have already been booked upto
October 2014 for PH and JSS respectively. The rating also takes
comfort from the long standing experience of more than a decade of
the directors in the construction and real estate industry. The
rating is however constrained by the company's modest scale of
operations and high competition from established players in the
real estate industry.

The rating is also constrained owing to low collections for JSS
(around 25% of the total sales upto October 2014) along with high
reliance on customer's advance for funding the residual project;
albeit the healthy collections (around 90% of the total sales upto
October 2014) from PH provides comfort. The rating also factors in
the funding and execution risks for JSEP's upcoming projects, one
of which is of a relatively very large size. Going forward, timely
execution of the ongoing and upcoming projects and ability of the
company to maintain healthy sales velocity along with improvement
in the sales collection would remain key sensitivities.

JS contractors and Consultants has been in existence since 1996 as
partnership firm, converted to private limited company in 2004 and
renamed as JS Estates & Projects (P) Limited in January 2013. The
company was initially involved in undertaking small valued civil
contracts (< INR4 crore) for construction of buildings for
government projects majorly. Recently the company started
development of residential real estate projects under Joint
Development Agreement model with private parties. The company is
promoted by Mr Shravan Kumar Reddy who has been involved with the
company since inception.

Recent Results

As per the audited results, the company reported a net profit of
INR0.31 crore on operating income of INR7.03 crore during 2013-14
as against of a net profit of INR0.39 crore on operating income of
INR8.92 crore during 2012-13.


LIFE SPRING: ICRA Reaffirms B+ Rating on INR4.25cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed [ICRA] B+ rating to INR4.25 crore fund based
facilities of Life Spring Hospitals Private Limited (LHPL).
                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits          4.25         [ICRA]B+ reaffirmed

The rating retention takes into account the low occupancy of 55%
during FY14 for the hospitals operated by the company leading to a
weak financial profile characterised by erosion of company's net
worth with negative accumulated reserves of INR16.64 Cr as on
March 2014. The rating is however supported by healthy growth in
operating income of the company by 43% (y-o-y) as well as growth
in operating margins by 1200 basis points primarily on account of
improved occupancy levels from 48% to 55% during FY14. The rating
also draws comfort from the parental support from HLL Lifecare
Limited (rated at [ICRA]A+(Stable)/A1) in terms of funding the
operational losses in the past. The ability of the company to
improve its occupancy levels will remain the key rating
sensitivity.

Formed as a Private Ltd. Company in February 2008, Life Spring
Hospitals Private Limited (LHPL) is jointly owned by HLL Lifecare
Ltd. (a Government of India enterprise) and Acumen Fund (a US-
based social venture capital fund). It started with a 25 bed
hospital in 2008 at Maula Ali, Hyderabad and currently has a
capacity of 150 beds with 12 units in Hyderabad, AP. LHPL operates
small sized (20 bed) maternity hospitals in the proximity of urban
slums, providing core maternal healthcare at affordable prices.

As per the audited results in FY14 the company recorded revenues
of INR5.56 crore and negative PAT of INR0.54 crore as against
mention the previous year numbers in similar format.


MONTAGE HEALTH: CRISIL Assigns B+ Rating to INR121.4MM Loan
-----------------------------------------------------------
CRISIL has assigned its CRISIL B+/Stable rating to the long term
bank facilities of Montage Health Care & Biochem Private limited
(MHCBPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             11.9        CRISIL B+/Stable
   Term Loan              121.4        CRISIL B+/Stable

The rating reflects MHCBPL's exposure to implementation and
stabilisation related risks for its ongoing project. These rating
weaknesses are partially offset by the benefits MHCBPL derives
from its experienced promoters and other senior management, their
fund support and the confirmed offtake for its initial year of
operations.

Outlook: Stable

CRISIL believes that MHCBPL will maintain a stable credit profile
over the medium term on back of extensive experience of its
promoters and their fund support. The outlook may be revised to
'Positive' in case of successful commissioning of the project
coupled with higher than expected revenue and profitability.
Conversely, the outlook may be revised to 'Negative' in case of
delays in commissioning of the project or any significant cost
over runs, leading to deterioration in its liquidity.

MHCBPL, incorporated in September 2011, is setting up a unit for
manufacturing of bio-degradable plastic granules from mango
kernels in Sameerpet, Telangana with capacity of 1000MTPA. The
company is promoted by Mr. Rajesh Shukla, Ms. Shweta Shukla, Mrs.
Anupama Shukla and Mr. Govind Swarup.


RECORE CERAMIC: CRISIL Assigns B Rating to INR67.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Recore Ceramic (Recore).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               67.5       CRISIL B/Stable
   Cash Credit             30         CRISIL B/Stable
   Proposed Long Term      27.5       CRISIL B/Stable
   Bank Loan Facility

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

Outlook: Stable

CRISIL believes that Recore will benefit over the medium term from
its promoters' industry experience. The outlook may be revised to
'Positive' if the firm stabilises its operations earlier than
expected, leading to healthy accruals and improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the firm's operating margin is significantly lower
than expected, or it undertakes a substantial debt-funded capital
expenditure programme, or its working capital management
deteriorates, resulting in significant weakening in its financial
risk profile.

Established in 2014, Recore is set up by members of the Morbi
(Gujarat)-based Savsani and Nagpara families. The firm
manufactures digital wall tiles of various sizes at its production
facilities in Morbi. Recore's commercial operations are estimated
to commence from February 2014.


SURBHI FERRO: ICRA Reaffirms B Rating on INR8cr Capital Loan
------------------------------------------------------------
ICRA has reaffirmed the ratings at [ICRA]B for INR15.00 crore of
bank facilities of Surbhi Ferro Impex Private Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Working Capital Limits    8.00       [ICRA]B reaffirmed
   Unallocated               7.00       [ICRA]B reaffirmed

The reaffirmation in ratings takes into account SFIPL's relatively
modest scale of operations on account of limited operational track
record and the company's stretched liquidity position owing to the
high working capital intensity of business, which has led to
consistently high utilization of working capital facilities from
bank. This, coupled with modest net worth has led to high gearing
levels (3.8 times as on 31st March 2014) for the company.

The rating is also constrained by the highly competitive and
fragmented nature of the industry, which along with the trading
nature of operations has resulted in low profitability indicators.
Further, the company's profitability remains vulnerable to adverse
movements in metal prices given the inventory levels required to
be maintained by it, and exchange rate fluctuation in the absence
of a hedging mechanism.

Also, ICRA noted the decline in operating income in 2013-14 after
years of healthy growth, although the company saw an improvement
in operating margin during 2013-14. However, ICRA draws comfort
from the long experience of the promoters in the ferrous and non
ferrous metal scrap trading business. The rating also drives
comfort from the continued support of the promoters for the
company in its initial stages through infusion of equity and
unsecured loans. Going forward, the company's ability to increase
the scale of operations, improvement in its margins and improve
its credit profile will remain the key rating sensitivities.

SFIPL was incorporated in the year 2010 by Mr. Rajesh Kumar
Gadiya. SFIPL is engaged in the business of trading ferrous and
non ferrous metal scrap such as steel, brass, copper, zinc,
aluminum etc.

Recent Results

In 2013-14, SFIPL reported operating income of INR41.7 Crore,
Profit before Depreciation, Interest and Tax (PBDIT) of INR1.3
Crore and net profit of INR0.1 Crore.


SWASTIK INDUSTRIES: ICRA Puts B/A4 Rating on INR1cr Unalloc. Loan
-----------------------------------------------------------------
ICRA has reaffirmed its short term rating of [ICRA]A4 on the
INR9.50 crore short-term bank facilities of Swastik Industries
(Swastik). ICRA has also assigned its [ICRA]B/[ICRA]A4 rating to
the INR1.0 crore unallocated limits of the firm.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Packing Credit           4.5        [ICRA]A4; reaffirmed
   Foreign Bill Purchase    5.0        [ICRA]A4; reaffirmed
   Unallocated              1.0        [ICRA]B/[ICRA]A4; assigned

ICRA's ratings continue to reflect the high competitive intensity
in the menthol industry with competition from several companies in
the organized sector; threat of substitution from synthetic
menthol which has assumed greater importance in recent times with
the commissioning of new capacities by international players; high
working capital intensity and vulnerability to agro-climatic risks
which could affect the availability and price of raw material.
ICRA also takes note of the low profitability of the business and
the weak financial profile of the firm characterized by high
gearing and subdued coverage indicators, and its low net worth
base resulting in the firm's dependence on external funding to
meet its working capital requirements.

Nevertheless, the ratings positively factor in the extensive
experience of Swastik's promoters in the menthol industry;
favourable export demand prospects of the products of the firm and
its locational advantages due to proximity to the raw material
sources. Going forward, the ability of the firm to increase its
scale of operations in a profitable manner while maintaining
working capital intensity will be the key rating sensitivities.

Swastik was established as a partnership firm in 1986. It is
involved in production of Mentha oil based products, primary
products being menthol, peppermint oil, menthol crude oil and
menthol crystals. The production facility is based in Chandausi
(U.P.). The firm exports these products to various customers in
China, Europe, USA and South America. The firm's clientele
includes companies involved in production of fast moving consumer
goods, pharmaceuticals, flavours and fragrances.

Recent Results

Swastik recorded an operating income of INR28.2 crore, OPBDITA of
INR1.4 crore and profit after tax of INR0.16 crore in 2013-14 as
against an operating income of INR67.2 crore, OPBDITA of INR0.20
crore and profit after tax of INR0.16 crore in 2012-13.


THARUN TEXSPIN: CRISIL Assigns B+ Rating to INR42.5MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Tharun Texspin Mills Pvt Ltd (TTMPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Term Loan      40.5        CRISIL B+/Stable
   Proposed Cash Credit    37.5        CRISIL B+/Stable
   Limit
   Cash Credit             42.5        CRISIL B+/Stable
   Long Term Loan           4.5        CRISIL B+/Stable

The rating reflects TTMPL's moderate scale of operations in the
intensely competitive textile industry, susceptibility of its
operating profitability to volatility in raw material prices, and
below-average financial risk profile marked by high gearing. These
rating weaknesses are partially offset by its promoters' extensive
experience in the textile industry and their need-based funding
support.

Outlook: Stable

CRISIL believes that TTMPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company records
considerable increase in scale of operations while it maintains
its profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
TTMPL's cash accruals decline, or its working capital management
deteriorates, or it undertakes any large debt-funded capital
expenditure programme leading to deterioration in its financial
risk profile.

TTMPL, established in 2013, manufactures cotton yarn. The
company's facility is located at Palladam (Tamil Nadu). Its day-
to-day operations are managed by Mr. Chandrasekar and Mrs. Baby
Chandrasekar.



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


AWARUA FARM: Leases Farm Land to US Wine Company
------------------------------------------------
The Marlborough Express reports that Marlborough dairy farmer
Philip Woolley, who put his company in to receivership earlier
this month, has leased 308 hectares of his farm land to an
American wine company.

The Marlborough Express relates that an Overseas Investment Office
decision summary showed Constellations Brands New Zealand, which
is owned by Constellation Brands Inc United States of America,
signed the lease in October for an undisclosed amount.

The lease, which is understood to be a 34-year lease, is for land
on Hunter, Pembers, Blind Creek and Rarangi roads in Tuamarina,
the report says.

Constellation Brands New Zealand already owns Drylands Wines on
Hammerichs Rd, Blenheim, The Marlborough Express discloses.

According to the report, Mr. Woolley put his company Awarua Farm
Marlborough Limited into receivership on December 2, after racking
up nearly NZ$200,000 in legal debts, doing major upgrading works
and getting little income from this year's dairy season.

The Marlborough Express relates that Mr. Woolley said in a
statement he and his wife Sue decided to put the company into
receivership to help future-proof their farming businesses.

They planned to take back control of the farms once they had
restructured the businesses, the report notes.

He appointed Wellington accountants Richard Simpson and David
Ruscoe, of Grant Thornton, as the receivers, according to the
Marlborough Express.  Mr. Ruscoe said it was a good outcome for a
lease at the property. He would not comment further, the report
notes.

Mr. Woolley is thought to own the largest dairy farming operation
in Marlborough, with 1,900 cows spread over two farms, one at
Tuamarina and one at Glenmae, the report adds.

In September, High Court judge Justice Lowell Goddard confirmed a
ruling by the Environment Court that barred Woolley from re-
stocking his Tuamarina farm until he upgraded the effluent
management system to comply with its resource consent, The
Marlborough Express recalls.

The report says Mr. Woolley was also forced to pay NZ$196,000 in
reparations and legal costs. On top of that, enforcement orders
meant Mr. Woolley could not have milk collected from his Tuamarina
and Glenmae farms. As a result, he was getting little income from
this year's dairy season, the report states.

The first receivers report is due in February next year, The
Marlborough Express adds.



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


* BOND PRICING: For the Week Dec. 1 to Dec. 5, 2014
---------------------------------------------------

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


  AUSTRALIA
  ---------

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


CHINA
-----

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


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
-----

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


MALAYSIA
--------

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


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

KIWI INCOME PROPER    8.95   12/20/14       NZD      1.03


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

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


SINGAPORE
---------

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

THAILAND
--------

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


VIETNAM
-------

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




                             *********

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

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

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


                            *********


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

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

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

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

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



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