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                      A S I A   P A C I F I C

           Monday, December 15, 2014, Vol. 17, No. 247


                            Headlines


A U S T R A L I A

CARSTAR QUALITY: First Creditors' Meeting Set For December 18
GREAT SOUTHERN: Court Approves AUD23.5 Class Suit Settlement
KILLARNEE CIVIL: Creditors Likely to Get Nothing
MACQUARIE LEASING: Fitch Affirms AUD4.4MM Class E Trust at 'BB'
MAINZ DEVELOPMENTS: First Creditors' Meeting Set For December 17

PLS AUSTRALIA: First Creditors' Meeting Slated For December 18
RED FORK: Placed Into Receivership
WENDYS: 166 Australian Franchisees Collapsed in 8 Years
* AUSTRALIA: ASIC Winds Up Nine Abandoned Companies


C H I N A

KAISA GROUP: Moody's Changes Ba3 CFR Outlook to Negative


I N D I A

BHASKAR INTERNATIONAL: ICRA Puts B Rating on INR4cr Term Loan
BRITISH INDIA: CRISIL Suspends D Rating on INR117MM Term Loan
DEVI BOTTLE: CRISIL Cuts Rating on INR150MM Cash Credit to B+
HI-LIFE TRADERS: CRISIL Puts B+ Rating on Notice of Withdrawal
HIM CHEM: CRISIL Reaffirms 'D' Rating on INR180.9MM Cash Credit

I. P. COMPLEX: CRISIL Assigns B Rating to INR35MM e-DFS
J.K. FISHERIES: CRISIL Reaffirms B+ Rating on INR47.5MM Cash Loan
LOVATO CERAMIC: ICRA Reaffirms B+ Rating on INR2.6cr Term Loan
MAHABIR TECHNO: CRISIL Reaffirms B+ Rating on INR330MM Cash Loan
MALLIKARJUNA PARBOILED: ICRA Reaffirms INR6.01cr Loan Rating 'B+'

MATESWARI MINERALS: ICRA Assigns B+ Rating to INR8cr Non-FB Loan
MUSALE CONSTRUCTION: CRISIL Ups Rating on INR75MM Loan to 'B+'
PARAMOUNT SEAFOODS: CRISIL Reaffirms B+ Rating on INR15MM Loan
PM DIMENSIONS: CRISIL Cuts Rating on INR90MM Cash Credit to B
POLYPLASTICS AUTOMOTIVE: ICRA Cuts Rating on INR9.75cr Loan to B

PSM RICE: ICRA Suspends B+/A4 Rating on INR10cr Bank Loan
RAJVIR INDUSTRIES: CRISIL Puts B Rating on INR547.2MM Term Loan
SAIPOOJA AGROTECH: CRISIL Assigns B Rating to INR45MM Bank Loan
SARASWATHI ENG'G: CRISIL Reaffirms B Rating on INR50MM Loan
SEAFOOD INNOVATIONS: CRISIL Reaffirms B Rating on INR50MM Loan

SHREE GANESH: CRISIL Reaffirms B Rating on INR120MM Cash Credit
SINGHVI FASHIONS: ICRA Reaffirms B Rating on INR19.63cr Term Loan
SK. CHAN: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
SRI LAXMI: CRISIL Reaffirms D Rating on INR80MM Cash Credit
SUBRAMANIAM AND CO: CRISIL Cuts Rating on INR140MM Loan to B+

TAMILNADU JAIBHARATH: CRISIL Reaffirms D Rating on INR260MM Loan
THIRUCHY STEELS: CRISIL Assigns B+ Rating to INR60MM Cash Loan
TIGER STEEL: ICRA Suspends B+ Rating on INR38.56cr Term Loans
UJALA TRADING: ICRA Assigns B Rating to INR10cr Cash Credit
VASAVI AGROTECH: ICRA Suspends D Rating on INR16cr Bank Loan


J A P A N

SONY CORP: Likely to Cut Average Pay Next Year


M O N G O L I A

MONGOLIA: Fitch Affirms LT Foreign and Local Currency IDRs at B+


N E W  Z E A L A N D

ASSET FINANCE: S&P Raises ICR to B+; Outlook Negative
MOWBRAY COLLECTABLES: Puts Stamp and Coins Units Up For Sale


P H I L I P P I N E S

METROPOLITAN BANK: Moody's Ups Bank Fin'l. Strength Rating to C-


                            - - - - -


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A U S T R A L I A
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CARSTAR QUALITY: First Creditors' Meeting Set For December 18
-------------------------------------------------------------
Ezio Marco Senatore & Neil Robert Cussen of Deloitte Touche
Tohmatsu were appointed as administrators of Carstar Quality
Collision Services Pty Ltd on Dec. 8, 2014.

A first meeting of the creditors of the Company will be held at
Deloitte Touche Tohmatsu, Level 1, 9 Sydney Ave, in Barton on Dec.
18, 2014, at 10:00 a.m.


GREAT SOUTHERN: Court Approves AUD23.5 Class Suit Settlement
------------------------------------------------------------
The Sydney Morning Herald reports that a AUD23.5 million
settlement of a class action related to loans to investors hit by
the billion dollar collapse of agribusiness Great Southern has won
court approval.

The agricultural projects manager, which raised AUD1.8 billion and
managed 45 investment schemes, collapsed in 2009.

According to SMH, Victorian Supreme Court Justice Clyde Croft on
December 11 approved the settlement, agreed to by Bendigo and
Adelaide Bank and about 2,000 of its borrowers in July.

SMH says Justice Croft described the collapse as a tragedy for
many people, including investors, shareholders and employees.

A payment of AUD23.55 million, which is not funded by the bank,
will be made to borrowers, mainly to reimburse legal fees, the
report notes.

SMH adds that Great Southern investors had been seeking to have
loans issued by Bendigo and Adelaide Bank deemed void, and for all
money issued by the bank to be repaid to borrowers.

The settlement involves borrowers admitting their loans were valid
and enforceable, the report states.

The bank has agreed to waive interest relating to overdue amounts
on those loans, SMH notes.

SMH relates that Bendigo and Adelaide Bank chief executive Mike
Hirst said the recovery of loans will not begin for 30 days.

"Whilst we'd prefer prompt payment of the debt, we understand some
borrowers might not be in a position to pay the full amount in
that timeframe," SMH quotes Mr. Hirst as saying.  "We're happy to
work with people -- and even refinance loans where that makes
sense -- to ensure they can meet their obligations without
hardship."

The settlement will not impact the bank's financial accounts, the
report adds.

                        About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- was engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  Great Southern managed about 43,000
investors through 45 managed investment schemes.  The group owned
and leased approximately 240,000 hectares of land.  It also owned
more than 150,000 cattle across approximately 1.5 million
hectares of owned and leased land.

Great Southern entered into voluntary administration in May 2009.
The directors of Great Southern Limited and Great Southern
Managers Australia Limited appointed Martin Jones, Andrew Saker,
Darren Weaver and James Stewart of Ferrier Hodgson as
administrators of the two companies and majority of their units.
McGrathNicol was appointed receivers to the company and certain
of its subsidiaries by a security trustee on behalf of a group of
secured creditors.

In November 2009, the group's creditors voted to liquidate 27 of
Great Southern's 35 companies that were in administration.  Great
Southern administrators have recommended the companies within the
group be wound up.  Administrators Ferrier Hodgson said in a
report that each of the companies within the Great Southern group
was insolvent and that there had been no acceptable proposal to
continue to operate the group.

As of April 30, 2009, Great Southern had total liabilities of
AUD996.4 million, including loans and borrowings of AUD833.9
million.  The loans and borrowings included AUD375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


KILLARNEE CIVIL: Creditors Likely to Get Nothing
------------------------------------------------
Peter Williams at The West Australian reports that creditors owed
about AUD14 million by collapsed Killarnee Civil and Construction
Contractors have been warned they will likely get nothing back.

Administrators Ferrier Hodgson has recommended creditors to vote
at a meeting last December 9 for Killarnee to be wound up, The
West Australian relates.

According to The West Australian, a report said owner Paul
Thompson had been hired by Central Systems -- the company
negotiating to buy the Killarnee business -- and would not be
submitting an alternative proposal to liquidation.

Ferrier Hodgson estimated a winding up may leave creditors with a
dividend of zero cents in the dollar, The West Australian notes.

The oil and gas-focused business was put in the hands of
administrators in September, The West Australian discloses.
Ferrier Hodgson says Killarnee had likely been trading while
insolvent since June last year, according to The West Australian.

Killarnee was established in 1998 by Paul and Elma Thompson,
originally trading under the name Killarnee Formwork.  It was
involved in building key infrastructure at Chevron's Gorgon LNG
Project in Western Australia, under a AUD120 million contract.


MACQUARIE LEASING: Fitch Affirms AUD4.4MM Class E Trust at 'BB'
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 15 SMART transactions,
consisting of 81 classes. The transactions are securitisations of
Australian auto and equipment receivables originated by Macquarie
Leasing Pty Limited (Macquarie Leasing).

Key Rating Drivers

The affirmation reflects Fitch's view that the available credit
enhancement is sufficient to support the notes at their current
rating levels, the stable credit quality and performance of the
pool and Fitch's expectations of Australia's economic conditions.

The performance of the transactions is within Fitch's base-case
expectations. Net losses experienced since closing have been below
1.3% and 30+ day delinquencies have consistently tracked under
1.2%. At 31 October, all transactions 30+ day delinquencies were
below Fitch's 3Q14 Dinkum Auto ABS Index (0.95%). To date, excess
spread has been more than sufficient to cover for losses
experienced in each transaction.

The 2011-2US, 2011-3, 2011-4US, 2012-1US, 2012-2US, 2012-3EQ,
2012-4, 2013-1, 2013-3, and 2013-4PP transactions have been paying
principal on a pro-rata basis and are expected to continue until
their respective call dates. 2013-2US, 2014-1US, 2014-2E, 2014-3PP
and 2014-4 continue to pay principal on a sequential basis as of
the November 2014 payment date. The payment method is expected to
switch to pro-rata once their respective pro-rata paydown triggers
have been met.

Rating Sensitivities

The prospects for downgrades are considered remote given the level
of subordination and excess spread available on all transactions.
A significant and unexpected increase in delinquencies, defaults
and losses would be necessary before any negative rating action
would be considered.

The ratings are as follows:

SMART Series 2011-2US Trust:

USD88.2 million Class A-4a (ISIN USQ8520NAF26) affirmed at
'AAAsf'; Outlook Stable

AUD3.9 million  Class B affirmed at 'AAsf'; Outlook Stable

AUD4.8 million  Class C affirmed at 'Asf'; Outlook Stable

AUD4.4 million  Class D affirmed at 'BBBsf'; Outlook Stable

AUD4.4 million  Class E affirmed at 'BBsf'; Outlook Stable

SMART Series 2011-3 Trust:

AUD109.5 million  Class A-2A (ISIN AU0000SNAHB9) affirmed at
'AAAsf'; Outlook Stable

GBP25.4 million  Class A-2G (ISIN XS0691593114) affirmed at
'AAAsf'; Outlook Stable

AUD7.1 million  Class B affirmed at 'AAsf'; Outlook Stable

AUD8.5 million  Class C affirmed at 'Asf'; Outlook Stable

AUD7.7 million Class D affirmed at 'BBBsf'; Outlook Stable

AUD7.7 million  Class E affirmed at 'BBsf'; Outlook Stable

SMART Series 2011-4US Trust:

USD0.8 million Class A-3a (ISIN US78446NAD93) affirmed at 'AAAsf';
Outlook Stable

USD4.3 million Class A-3b (ISIN US78446NAE76) affirmed at 'AAAsf';
Outlook Stable

USD30 million Class A-4a (ISIN US78446NAF42) affirmed at 'AAAsf';
Outlook Stable

USD51 million Class A-4b (ISIN US78446NAG25) affirmed at 'AAAsf';
Outlook Stable

AUD3.6 million Class B affirmed at 'AAsf'; Outlook Stable

AUD4.9 million Class C affirmed at 'Asf'; Outlook Stable

AUD4.5 million Class D affirmed at 'BBBsf'; Outlook Stable

AUD4.0 million Class E affirmed at 'BBsf'; Outlook Stable

SMART Series 2012-1US Trust:

USD16.3 million Class A-3a (ISIN US83173KAD46) affirmed at
'AAAsf'; Outlook Stable;

USD30.2 million Class A-3b (ISIN US83173KAE29) affirmed at
'AAAsf'; Outlook Stable;

USD90 million Class A-4a (ISIN US83173KAF93) affirmed at 'AAAsf';
Outlook Stable;

AUD5.4 million Class B affirmed at 'AAsf'; Outlook Stable;

AUD7.4 million Class C affirmed at 'Asf'; Outlook Stable;

AUD6.8 million Class D affirmed at 'BBBsf'; Outlook Stable; and

AUD6.1 million Class E affirmed at 'BBsf'; Outlook Stable.

SMART Series 2012-2US Trust:

USD39.8 million Class A-3a (ISIN US78447DAD03) affirmed at
'AAAsf'; Outlook Stable;

USD54.9 million Class A-3b (ISIN US78447DAE85) affirmed at
'AAAsf'; Outlook Stable;

USD27 million Class A-4a (ISIN US78447DAF50) affirmed at 'AAAsf';
Outlook Stable;

USD51 million Class A-4b (ISIN US78447DAG34) affirmed at 'AAAsf';
Outlook Stable;

AUD7.4 m Class B affirmed at 'AAsf'; Outlook Stable;

AUD10.1 million Class C affirmed at 'Asf'; Outlook Stable;

AUD9.2 million Class D affirmed at 'BBBsf'; Outlook Stable; and

AUD8.3 million Class E affirmed at 'BBsf'; Outlook Stable.

SMART ABS Series 2012-3EQ Trust:

AUD52.1 m Class A-2 (ISIN AU3FN0016416) affirmed at 'AAAsf';
Outlook Stable; and

AUD1.8 million Class B (ISIN AU3FN0016424) affirmed at 'AAsf';
Outlook Stable.

SMART ABS Series 2012-4US Trust:

USD145.0 million Class A-3a (ISIN US83172LAC54) affirmed at
'AAAsf'; Outlook Stable;

USD49.7 million Class A-3b (ISIN US83172LAF85) affirmed at
'AAAsf'; Outlook Stable;

USD82.5 million Class A-4a (ISIN US83172LAD38) affirmed at
'AAAsf'; Outlook Stable;

USD20 million Class A-4b (ISIN US83172LAG68) affirmed at 'AAAsf';
Outlook Stable;

AUD6.8 million Class B affirmed at 'AAsf'; Outlook Stable;

AUD22.4 million Class C affirmed at 'Asf'; Outlook Stable;

AUD15.4 million Class D affirmed at 'BBBsf'; Outlook Stable; and

AUD13.8 million Class E affirmed at 'BBsf'; Outlook Stable.

SMART ABS Series 2013-1US Trust:

USD36.5 million Class A-3a (ISIN US7844NAD85) affirmed at 'AAAsf';
Outlook Stable;
USD65.0 million Class A-3b (ISIN US7844NAE67) affirmed at 'AAAsf';
Outlook Stable;

USD106 million Class A-4a (ISIN US7844NAF33) affirmed at 'AAAsf';
Outlook Stable;

USD25 million Class A-4b (ISIN US7844NAG16) affirmed at 'AAAsf';
Outlook Stable;

AUD5.1 million Class B affirmed at 'AAsf'; Outlook Stable;

AUD17.0 million Class C affirmed at 'Asf'; Outlook Stable;

AUD11.7 million Class D affirmed at 'BBBsf'; Outlook Stable; and

AUD10.5 million Class E affirmed at 'BBsf'; Outlook Stable.

SMART ABS Series 2013-2US Trust:

USD49.7 million Class A-3a (ISIN US7844UAD28) affirmed at 'AAAsf';
Outlook Stable;

USD166.5 million Class A-3b (ISIN US7844UAE01) affirmed at
'AAAsf'; Outlook Stable;

USD137.5 million Class A-4a (ISIN US7844UAF75) affirmed at
'AAAsf'; Outlook Stable;

USD65 million Class A-4b (ISIN US7844UAG58) affirmed at 'AAAsf';
Outlook Stable;

AUD9.4 million Class B affirmed at 'AAsf'; Outlook Stable;

AUD31.1 million Class C affirmed at 'Asf'; Outlook Stable;

AUD21.3 million Class D affirmed at 'BBBsf'; Outlook Stable; and

AUD19.2 million Class E affirmed at 'BBsf'; Outlook Stable.

SMART ABS Series 2013-3 Trust:

AUD265.6 million Class A (ISIN AU3FN0020582) affirmed at 'AAAsf';
Outlook Stable; and

AUD10.0 million Class B (ISIN AU3FN0020590) affirmed at 'AAsf';
Outlook Stable.

SMART ABS Series 2013-4PP Trust:

AUD514.0 million Class A (ISIN AU3FN0021242) affirmed at 'AAAsf';
Outlook Stable; and

AUD19.4 million Class B (ISIN AU3FN0021259) affirmed at 'AAsf';
Outlook Stable.

SMART ABS Series 2014-1US Trust:
USD85.0 million Class A-2a (ISIN US83190CAB54) affirmed at
'AAAsf'; Outlook Stable;

USD36.2 million Class A-2b (ISIN US83190CAC38) affirmed at
'AAAsf'; Outlook Stable;

USD70 million Class A-3a (ISIN US83190CAD11) affirmed at 'AAAsf';
Outlook Stable;

USD96 million Class A-3b (ISIN US83190CAE93) affirmed at 'AAAsf';
Outlook Stable;

USD50m Class A-4a (ISIN US83190CAF68) affirmed at 'AAAsf'; Outlook
Stable;

USD60 million Class A-4b (ISIN US83190CAG42) affirmed at 'AAAsf';
Outlook Stable;

AUD9.5 million Class B affirmed at 'AAsf'; Outlook Stable;
AUD17.4 million Class C affirmed at 'Asf'; Outlook Stable;
AUD17.4 million Class D affirmed at 'BBBsf'; Outlook Stable; and
AUD15.8 million Class E affirmed at 'BBsf'; Outlook Stable.

SMART ABS Series 2014-2E Trust:

AUD477.0 million Class A-A (ISIN AU3FN0023602) affirmed at
'AAAsf'; Outlook Stable;

EUR191.6 million Class A-E (ISIN XS1076466041) affirmed at
'AAAsf'; Outlook Stable; and

AUD25.9 million Class B affirmed at 'AAsf'; Outlook Stable.

SMART ABS Series 2014-3PP Trust:

AUD570.3 million Class A (ISIN AU3FN0024691) affirmed at 'AAAsf';
Outlook Stable; and

AUD17.4 million Class B affirmed at 'AAsf'; Outlook Stable.

SMART ABS Series 2014-4 Trust:

AUD1,075 million Class A (ISIN AU3FN0025110) affirmed at 'AAAsf';
Outlook Stable; and

AUD31.3 million Class B affirmed at 'AAsf'; Outlook Stable.


MAINZ DEVELOPMENTS: First Creditors' Meeting Set For December 17
----------------------------------------------------------------
David Lewis Clout of David Clout & Associates was appointed as
administrator of Mainz Developments Pty Ltd on Dec. 5, 2014.

A first meeting of the creditors of the Company will be held at
Christie Conference Centre, Endeavour 1 Room, Level 1, 320
Adelaide Street, in Brisbane, Queensland, on Dec. 17, at
3:00 p.m.


PLS AUSTRALIA: First Creditors' Meeting Slated For December 18
--------------------------------------------------------------
Steven Nicols of Nicols + Brien was appointed as administrator of
PLS Australia Pty Ltd on Dec. 9, 2014.

A first meeting of the creditors of the Company will be held at
Nicols + Brien, Level 2, 350 Kent Street, in Sydney, on Dec. 18,
2014, at 11:30 a.m.


RED FORK: Placed Into Receivership
----------------------------------
Cliff Sanderson at Dissolve.com.au reports that Red Fork Energy
Limited has been placed into receivership by lenders trying to
protect a reported exposure of AUD100 million. Ferrier Hodgson's
Martin Bruce Jones, Darren Gordon Weaver and Benjamin Michael
Johnson were appointed as receivers of the business on December
10, 2014.

Red Ford operates mines in Oklahoma, USA which reportedly net 1975
barrels of gas and oil per day on average.


WENDYS: 166 Australian Franchisees Collapsed in 8 Years
-------------------------------------------------------
SmartCompany reports that a former franchisee of ice cream and hot
dog chain Wendys claims a total of 116 franchisees in Australia
have either collapsed or been taken over by management over the
past eight years.

The revelation comes after SmartCompany reported in September a
number of Wendys Victorian franchisees had been listed for sale on
online marketplaces. The news broke just days after Singapore-
based Global Yellow Pages subsidiary Global Food Retail Group
agreed to purchase the franchise network, SmartCompany says.

According to the report, the stores listed as being up for sale
through Seek Commercial included Lilydale Marketplace, Dandenong,
Geelong Market Square, South Morang, Rowville and Wheelers Hill,
with some offered for as little as AUD59,000.

One store was listed as having takings of AUD4,500 per week with
"low rent", averaging out to just AUD80.35 per hour over a 56 hour
trading week, SmartCompany relates.

According to a list obtained by SmartCompany, an additional 116
stores have either collapsed or been taken during the past eight
years.

SmartCompany relates that the revelation comes after Wendys won
the Australian Established Franchisor of the Year prize in the
National Franchise Council of Australia awards in October.

SmartCompany notes that the stores include one in Tasmania, three
in the Australian Capital Territory, four in the Northern
Territory, 23 in Queensland, 41 in New South Wales, 19 in
Victoria, 12 in South Australia and 13 in Western Australia.

In the Australia Capital Territory, the stores include Belconnen
Mall, Tuggeranong and Woden, the report relays.

The Northern Territory outlets are Alice Plaza, Casuarina 3,
Nightcliff and Yeperenye.

SmartCompany discloses that the 23 Queensland franchisees listed
include Australia Fair, Burleigh West, Cannonvale, Capalaba
Central, Chermside, Emerald 2, Garden City, Garden City 2,
Gladstone, Helensvale, Indooroopilly 2, Innisfail, Kippa Ring,
Maroochydore, Mooloolaba, Mt Ommaney, Nambour, Pacific Fair, Port
Douglas, Robina, Rydges Yeppoon, Smithfield Cairns and Toombul.

The 41 stores in NSW include Albury, Armidale, Ballina, Bankstown,
Bankstown 2, Bathurst, Birkenhead Point, Bonnyrigg, Broadway,
Campsie, Cessnock, Chatswood, Chullora, Coffs Harbour, Corrimal
Court, Dubbo, Emu Plains, Erina, Griffin Plaza, Hill Homemaker
Centre, Kotara, Kotara 2, Lake Haven, Liverpool, Malvern 2,
Mittagong, Mudgee, Muswellbrook, North Rocks, Orange, Parkes,
Penrith Plaza, Port Central, Port Macquarie, Raymond Terrace,
Richmond Marketplace, Shellharbour, Singleton, Warriewood,
Warringah Mall and Winston Hills.

Victoria franchises include Broadmeadows, Croydon, Endeavour
Hills, Forrest Hill Chase, Fountain Gate 1, Fountain Gate 3,
Greensborough, Greensborough 2, Langtree Mall, Langwarrin,
Malvern, Malvern 2, Northcote, Pakenham, Point Cook, Rosebud,
Southland, Swan Hill and Victoria Gardens.

The South Australian stores include Barossa Valley, Berri, Glenelg
Bayside, Glenelg Moseley St., Norwood, Port Adelaide, Port
Lincoln, Renmark, Roxby Downs, Southern Cross 2, Tea Tree Plus and
West Lakes 1.

The Western Australian stores are Armadale, Belmont Forum,
Booragoon, Carousel 2, Esperance, Fremantle, Innaloo, Karratha,
Mirrabooka, Phoenix, Riverton, Warnbro Fair and Whitford City. The
list also includes a Tasmanian store in Mowbray.

Peter Coventry, a former Wendys franchisee who claimed
AUD1 million at mediation after a store lockout in March, told
SmartCompany he is not surprised by a large number of Victorian
franchises appearing on the market.

"You are indeed correct in your observation that there are a
surprising number of Wendy's Stores for sale and some as cheap as
AUD1.00 after expenses (Airport West in Victoria)," the report
quotes Mr. Coventry as saying.

"This is why so many Wendy's Franchisees want out because there
are so many stores which are closing that the majority of the ones
left are on a road to nowhere and they will never get their money
back. Also of great concern is that FCA (Franchise Council of
Australia) has just given Wendy's an accolade for "Franchisor of
the Year", yet here is evidence that they have an atrocious
record!"


* AUSTRALIA: ASIC Winds Up Nine Abandoned Companies
---------------------------------------------------
The Australian Securities and Investment Commission has exercised
its wind up powers to appoint liquidators to nine abandoned
companies to assist employees of these companies to gain access to
the Fair Entitlements Guarantee scheme (FEG).

The appointment of liquidators also facilitates a full and proper
investigation into the reasons why the companies failed and allows
recovery of any voidable or unreasonable director-related
transactions.

ASIC has now used its wind up powers in 2014 to appoint
liquidators to 32 companies that owed a total of 99 employees more
than AUD1.4 million in entitlements.

The latest abandoned companies owe at least 30 employees a total
in excess of AUD310,000 in employee entitlements. The companies
are:

ITAP Australia Pty Ltd - Anne Meagher of SV Partners
CNP Properties Pty Ltd - Richard Hughes of Deloitte
Drake Pty Ltd          - Anne Meagher of SV Partners
IGAS Services Pty Ltd  - David Pratt of PWC
Global Geotech  Australia Pty Ltd - Ross Blakeley of FTI
                                    Consulting
Malglor Pty Ltd        - Stefan Dopking of FTI Consulting
DMG Tech Pty Ltd       - Anne Meagher of SV Partners
LTP Group Pty Ltd      - Richard Hughes of Deloitte
Celltek Electronics Pty Ltd - Ross Blakeley of FTI Consulting
The FEG is a legislative safety net scheme funded by the
Australian Government. It is designed to assist employees owed
unpaid employee entitlements because of their employer company's
liquidation or the company directors' bankruptcy.

However, some employees owed entitlements cannot access FEG
because the companies' directors are either unable to discharge
their duties or abandoned their insolvent companies without
putting them into liquidation. ASIC's appointment of liquidators
facilitates access to FEG for these employees. ASIC first used its
powers in 2013.



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KAISA GROUP: Moody's Changes Ba3 CFR Outlook to Negative
--------------------------------------------------------
Moody's has changed to negative from stable the outlook on Kaisa
Group Holdings Ltd's Ba3 corporate family and senior unsecured
debt ratings.

Moody's has also affirmed Kaisa's Ba3 corporate family and senior
unsecured debt ratings.

The change in outlook follows Kaisa's announcement of 10 December
2014 that with effect from 31 December 2014 Mr. Kwok Ying Shing
will resign as the executive director, chairman of the board,
chairman of the nomination committee, member of the remuneration
committee and authorized representative of the company for the
purpose of the Listing Rules.

Ratings Rationale

"The current chairman has led Kaisa for a long time, and the
negative outlook reflects Moody's concern that his resignation
could affect the competitiveness of the company and adds
uncertainty over its future business strategy," says Franco Leung,
a Moody's Vice President and Senior Analyst.

At the same time, the company announced a change in the
composition of its board of directors. Two new board members will
join the board, and both have a previous relationship with Sino
Life. While Sino Life adds financial strength to the company's
shareholder profile, it is not strong in the property development
business.

Moody's also notes that Kaisa has yet to fulfill the requirement
of the Listing Rules that independent non-executive directors
represent one-third of the board of directors.

This change in senior management and the company's inability to
register presale contracts -- reported in Moody's comment of 8
December 2014 -- pressure its Ba3 ratings, as these developments
could affect its access to funding and increase its funding costs
for any new offshore funding.

Moody's will continue to monitor the developments relating to the
presale contracts registration issue and any change to its
business strategy.

In Moody's view, the company's liquidity position is adequate in
the short term, with cash to short-term debt at 1.8x as of end-
June 2014. However, any deterioration in its liquidity position
arising from weakening sales will be negative for the ratings.

Given the negative outlook, Moody's does not expect any upward
rating pressure for Kaisa.

Kaisa's rating outlook could return to stable if (1) it can
restore the property sales momentum that it achieved prior to the
change in management and registration issue; (2) it continues to
execute its current business strategy; (3) it fully resolves the
presale registration issues; (4) maintains adequate liquidity such
that cash to short term debt is above 1.5x.

Kaisa's ratings could be downgraded if (1) it does not resolve the
presale registration issue or if it spreads to more projects; (2)
the company's contracted sales fall substantially below its
business plan; (3) its debt rises further as a result of
aggressive land acquisitions; (4) its credit metrics weaken, such
that EBITDA/interest falls below 2.0x; or (5) its liquidity
weakens, with cash holdings slipping below 1.25x -- 1.5x of short-
term debt.

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

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999 and listed on the Hong Kong Stock Exchange in
December 2009.

At end-June 2014, the company was 61.2%-owned by Mr Kwok Ying
Shing and his family members.

Kaisa's land bank totaled around 23.6 million square meters in
gross floor area at end-June 2014. Its land holdings were located
in the Pearl River and Yangtze River deltas, Pan-Bohai Rim, and
central and western China.



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


BHASKAR INTERNATIONAL: ICRA Puts B Rating on INR4cr Term Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR6.00
crore fund based limits of Bhaskar International Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             4.00        [ICRA]B; assigned
   Cash Credit           2.00        [ICRA]B; assigned

The rating is constrained by the stretched liquidity position of
the company as reflected by full utilization of the working
capital limits in the past. The rating also takes into account the
small scale of operations and weak bargaining power vis-…-vis both
customers and suppliers. Further, the highly competitive nature of
the industry, with low entry barriers, low value additive nature
of the business with limited product differentiation, and
vulnerability of profitability to fluctuations in polymer prices
is likely to impact the profitability in the future. The rating
also notes that competition from substitutes like Poly Propylene
(PP) bags which are technically superior to gunny bags also
impacts the demand outlook. However this risk can be partially
offset by the fact that the company also has PP bags in the
overall sales mix although in a small proportion.

The rating also factors in the weak debt profile of the company
with high gearing and poor coverage indicators primarily due to
debt funding of the working capital requirements. Nevertheless,
the rating draws comfort from the extensive experience of the
promoters in the packaging industry and the fact that the company
is a part of Ashwani Oberoi Construction Company India limited
(AOCC) group which has six companies which are engaged in the
trading and manufacturing of packaging products like PP bags,
corrugated boxes and gunny bags. The rating also positively
factors in the steady growth in the operating income and
profitability in the past along with location advantage that the
firm enjoys due to its proximity to major food grain producing
areas.

Going forward, the ability of the company to maintain growth in
its revenues and profitability and optimally manage its working
capital cycle, will be key rating sensitivities.

Incorporated in 1997 as a private limited company, BIPL is
primarily engaged in the trading of gunny bags and also
manufacturing of Poly Propylene woven fabric bags mainly used in
packaging by rice, food grains and sugar manufacturers and
traders. The company is a part of AOCC group which is also engaged
in a similar line of business. The key promoters of the firm are
Mr. Ashwani Kumar Oberoi, Mr. Sunil Kumar Oberoi and their family
members. The manufacturing facility of the company is located in
the Industrial estate in Yamuna Nagar, Haryana with an installed
capacity to manufacture 1800 MT per annum of PP woven bags.

Recent Results
BIPL reported a profit before tax (PBT) of INR0.05 crore on an
operating income of INR19.16 crore for the year ended March 31,
2014 (provisional numbers) and a PBT of INR0.17 crore on an
operating income of INR18.16 crore (audited numbers) for the
previous year.


BRITISH INDIA: CRISIL Suspends D Rating on INR117MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree B
D Ispat and Alloys Pvt Ltd (Shree BD; part of the British India
Rolling Mills (BIRM) group)).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             60          CRISIL D
   Letter of Credit        17.5        CRISIL D
   Term Loan              117          CRISIL D

The suspension of ratings is on account of non-cooperation by
Shree BD with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Shree BD
is yet to provide adequate information to enable CRISIL to assess
Shree BD'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 Shree BD and its group entities, Shree
Balaji Iron and Steel Company Pvt Ltd (Shree Balaji) and British
India Rolling Mills. This is because the three entities,
collectively referred to as the BIRM group, are in the same line
of business, have operational synergies, and a common management
team.

Shree BD was incorporated in 2008, and set up ingot and thermo-
mechanically treated manufacturing units in Serampore (West
Bengal); the units started commercial production in January 2012.

Shree Balaji was set up in 2003 by five brothers of the Agarwal
family in Howrah (West Bengal). The company began operations with
a capacity to manufacture plastic granules, but started
manufacturing steel ingots, and has a rolling mill and steel
forging units.

British India Rolling Mills was set up in 1978 and is in the steel
trading business.


DEVI BOTTLE: CRISIL Cuts Rating on INR150MM Cash Credit to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Devi Bottle Company (DBC; part of the Devi group) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                      Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit          150        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that group's
financial risk profile will remain weaker than earlier
expectations due excess withdrawals from the group by its
promoters; the promoters have withdrawn funds of INR105.7 million
in 2013-14. CRISIL believes that company's financial risk profile
will remain weak over the medium term due to high dependence on
debt to fund working capital requirements and consequently the
gearing is expected to be high at around 2.2 times over the medium
term.

The rating reflects the Devi group's large working capital
requirements and susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive experience of the Devi group's promoter in the bottle-
washing industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Subramaniam & Company and DBC. This is
because both the entities, together referred to as the Devi group,
operate under a common management team and are engaged in the same
line of business, resulting in business synergies.

Outlook: Stable

CRISIL believes that the Devi group will continue to benefit over
the medium term from its promoter's experience in the bottle-
washing industry. The outlook may be revised to 'Positive' if the
group's profitability improves significantly, resulting in
substantial net cash accruals, while the group manages its working
capital efficiently. Conversely, the outlook may be revised to
'Negative' if the group's profitability declines significantly or
if it undertakes any large debt-funded capital expenditure
programme.

DBC, a proprietary concern based in Thanjavur (Tamil Nadu), was
set up in the 1990s by Mr. V S Natarajan. The firm procures and
washes old liquor bottles and supplies them to distilleries.

SC, a partnership firm was established in 2011 by Mr. V S
Natarajan and his wife Mrs. N Sundari. The firm undertakes
procurement and washing of old beer bottles and supplies these
bottles to breweries.


HI-LIFE TRADERS: CRISIL Puts B+ Rating on Notice of Withdrawal
--------------------------------------------------------------
CRISIL has placed its rating on the bank facilities of Hi-Life
Traders Pvt Ltd (HLT) on 'Notice of Withdrawal' for 60 days, at
HLT's request and based on No Objection Certifiacte issued by its
banker Union Bank of India. The rating will be withdrawn at the
end of the notice period, in line with CRISIL's policy on
withdrawal of its bank loan ratings.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           80         CRISIL B+/Stable (Notice of
                                     Withdrawal)

Outlook: Stable

CRISIL believes that HLT will benefit over the medium term from
its promoters' extensive experience in the furnishings retail
business. The outlook may be revised to 'Positive' if the
company's financial risk profile improves significantly on account
of sustained growth in operations and profitability. Conversely,
the outlook may be revised to 'Negative' if the company generates
less-than-expected cash accruals or if it undertakes a larger-
than-expected debt-funded capital expenditure (capex) programme,
leading to deterioration in liquidity profile.

HLT trades in home furnishing items, such as curtains, drapery
items, carpets, and furniture. It was incorporated in 1996 as a
private limited company.


HIM CHEM: CRISIL Reaffirms 'D' Rating on INR180.9MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Him Chem Ltd (HCL)
continue to reflect instances of delay by HCL in servicing its
debt; the delays have been caused by the company's weak liquidity
arising out of depressed cash accruals.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          12.5       CRISIL D (Reaffirmed)
   Cash Credit            180.9       CRISIL D (Reaffirmed)
   Funded Interest
   Term Loan               34.8       CRISIL D (Reaffirmed)
   Letter of Credit        13.0       CRISIL D (Reaffirmed)
   Term Loan              139.1       CRISIL D (Reaffirmed)
   Working Capital
   Term Loan               39.7       CRISIL D (Reaffirmed)

HCL's accruals have remained depressed because of operating losses
incurred due to low average realisations and an increase in raw
material prices, which it was not able to pass on to its
customers. The company incurred an operating loss of INR11.5
million in 2013-14 (refers to financial year, April 1 to March
31). The losses have led to erosion in the company's net worth,
which decreased to a negative INR69.4 million as on March 31,
2014, from INR24.1 million as on March 31, 2013.

HCL also has a weak financial risk profile, marked by negative
gearing and weak debt protection metrics. It also has a modest
scale of operations and is susceptible to volatility in raw
material prices. However, the company benefits from its promoters'
extensive experience of more than 20 years in the yarn industry.

Incorporated in 1975, HCL has a facility to manufacture polyester
yarn in Solan (Himachal Pradesh). The company primarily
manufactures full-drawn yarn and partially-oriented yarn. It has a
capacity of up to 45 tonnes per day of polyester yarn. From 2012-
13, it has also started manufacturing polyester fabric.


I. P. COMPLEX: CRISIL Assigns B Rating to INR35MM e-DFS
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of I. P. Complex Pvt Ltd (IPCPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             15        CRISIL B/Stable
   Cash Credit           10        CRISIL B/Stable
   Electronic Dealer     35        CRISIL B/Stable
    Financing Scheme
    (e-DFS)

The ratings reflect IPCPL's weak financial profile, marked by high
total outside liabilities to tangible net worth ratio and below-
average debt protection metrics, and small scale of operations in
the intensely competitive automotive dealership market. These
rating weaknesses are partially offset by the extensive industry
experience of IPCPL's promoters.

Outlook: Stable

CRISIL believes that IPCPL will maintain its stable credit risk
profile over the medium term, backed by the promoters' extensive
industry experience and their financial support. The outlook may
be revised to 'Positive' if the company significantly increases
its scale of operations on a sustainable basis while achieving
healthy profitability, leading to larger-than-expected cash
accruals and an improved capital structure. Conversely, the
outlook may be revised to 'Negative' in case of less-than-expected
accruals or any debt-funded capital expenditure, resulting in
further weakening of its capital structure, or in case of an
increase in working capital requirements, leading to stretch in
liquidity.

Incorporated in 2009, the company is an exclusive dealer for the
passenger cars of Honda Car India Limited (HCIL) for Varanasi
region (UP). Commercial operations of the company started in
February, 2014. The operations of the company are managed by Mr.
Sachin Kumar Talwar. The company has a showroom located in
Varanasi, which it runs by the name of 'Hans Honda'.


J.K. FISHERIES: CRISIL Reaffirms B+ Rating on INR47.5MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on bank facilities of J.K. Fisheries (JKF)
continues to reflect JKF's modest scale of operations and customer
concentration, and the firm's below-average financial risk profile
marked by a small net worth. These rating weaknesses are partially
offset by the extensive industry experience of JKF's promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting       50        CRISIL A4 (Reaffirmed)
   under Letter of
   Credit

   Cash Credit            47.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit            2.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JKF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's cash accruals
increase significantly, leading to a sustained decrease in gearing
and improvement in net worth and capital structure. Conversely,
the outlook may be revised to 'Negative' in case JKF generates
lower-than-expected cash accruals, or if it undertakes a large,
debt-funded capital expenditure programme, or if its partners
withdraw significant capital from the firm, resulting in
deterioration in its financial risk profile.

Update
For 2013-14 (refers to financial year; April 1 to March 31), the
firm reported revenue of INR735.0 million, with a growth of 50 per
cent over the previous year. The growth was mainly on account of
increased scale of its key customer Star Agro Marine Exports Pvt
Ltd (rated 'CRISIL A4+'). Higher than expected revenues were
driven by increased demand from the export market and lower crop
in southeast Asian countries like Taiwan, Vietnam and Malaysia;
coupled with an increasing preference of Indian Vannamei shrimps
in United States (US) and lowering of countervailing duty (CVD) on
Indian shrimp exports to US. CRISIL expects that the firm's scale
will be maintained over the medium term, supported by the strength
of its association with its customers.

The firm's operating margins were however lower than expectations
and low at 2.3 per cent in 2013-14. Profitability is low on
account of trading nature of operations and is expected to remain
between 2.0-2.5 per cent over the near to medium term.

The firm continues to have weak financial risk profile marked by
low net worth and high total outside liabilities to total net
worth of INR15.6 million and 5.0 times, respectively as on March
31, 2014. Further due to low profitability and high interest cost
associated with working capital debt, it had low interest coverage
of 1.3 times for 2013-14. The financial risk profile is expected
to remain weak over the near to medium term, with incremental
working capital requirements leading to continued reliance on
external funding.

Its liquidity profile is supported by absence of term debt payment
obligations. However its bank limits are highly utilised at around
98 per cent on an average over the 12 months ended July, 2014. Its
current ratio was average at 1.25 times as on March 31, 2014.

JKF, set up in 2011, trades in shrimps. The firm is promoted by
Mr. S K Mahaboob and Mr. A Kishore Reddy.

JKF reported a profit after tax (PAT) of INR2.8 million on net
sales of INR735.0 million for 2013-14 as against a PAT of INR2.5
million on net sales of INR491.0 million for 2012-13.


LOVATO CERAMIC: ICRA Reaffirms B+ Rating on INR2.6cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR2.00 crore cash credit facility and the INR2.60 crore term
loans of Lovato Ceramic Private Limited. The short term rating of
[ICRA]A4 has also been reaffirmed to the INR0.80 crore non fund
based facilities of LCPL.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit Facility     2.00        [ICRA]B+ reaffirmed
   Term Loans               2.60        [ICRA]B+ reaffirmed
   Bank Guarantee           0.80        [ICRA]A4 reaffirmed

The reaffirmation of ratings take into account the company's
modest scale of operations, disadvantages resulting from its
single product portfolio of ceramic wall tiles and the highly
competitive business environment given the fragmented nature of
the tiles industry. The ratings also continue to take into account
the vulnerability of LCPL's profitability to the cyclicality
associated with the real estate industry as well as to volatility
in the prices of raw materials and natural gas.

The ratings, however, continue to take comfort from the
longstanding experience of the promoters in the ceramic industry;
competitive advantage of the company in raw material procurement
over other tile manufacturers on account of its favourable
location in Morbi (Gujarat) and the steady ramp up of operations
with healthy capacity utilization levels.

Incorporated in June 2009, Lovato Ceramic Private Limited (LCPL)
commenced commercial production of ceramic wall tiles in February
2010. Its plant is located at Morbi in Rajkot district of Gujarat.
LCPL is managed by Mr. Dharmendra Patel and his brother Mr.
Jaydeep Patel. The company currently manufactures wall tiles of
sizes 12"x12", 12"x18" and 12"x24" and has established 'Lovato'
brand for selling its product.

Recent Results

For the year ended March 31, 2014, Lovato Ceramic Private Limited
reported an operating income of INR28.91 crore and profit after
tax of Rs 0.49 crore as against an operating income of INR25.49
crore and profit after tax of INR0.69 crore for the year ended
March 31, 2013.


MAHABIR TECHNO: CRISIL Reaffirms B+ Rating on INR330MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahabir Techno Ltd
(MTL) continue to reflect the company's susceptibility to intense
competition in the edible oil and by-products industry, working-
capital-intensive operations, and moderate financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics. These rating weaknesses are partially offset by MTL's
established market position and the extensive industry experience
of its promoters and moderate scale of operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            330       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      10       CRISIL B+/Stable (Reaffirmed)
   Term Loan               10       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MTL will continue to benefit over the medium
term from its promoters' extensive experience in the edible oil
industry and established relationship with its key customers. The
outlook may be revised to 'Positive' if the company reports
significant growth in its revenue and profitability while
improving its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
decline in MTL's revenue or operating margin or stretch in its
working capital cycle, resulting in deterioration in its financial
risk profile.

Update
MTL's revenue increased by 18 per cent to INR1349.6 million in
2013-14 (refers to financial year, April 1 to March 31) from
INR1142.8 million in 2012-13. The company achieved a healthy CAGR
[Compound Annual Growth Rate] of around 19 per cent for the past
five years. Its operating profitability has gradually improved to
3.12 per cent in 2013-14 (2.20 per cent in 2009-10) commensurate
with the improvement in scale of operations. The company's
liquidity is adequate, marked by comfortable cushion between the
term debt repayment obligations of INR4.0 million against net cash
accruals of around INR11 million for 2014-15 however the same is
expected to be insufficient to meet the incremental working
capital requirements. Hence, dependence on bank limits are
expected to remain on the higher side over the near term.

MTL's gearing improved to 2.35 times as on March 31, 2014, which
was at 3.13 times as on March 31, 2013 primarily due to gradual
equity infusion by the promoters. However, gearing remains on the
higher side mainly because of debt funding of its majority of its
incremental working capital requirements. The company has operated
at low operating margin of 2.5 to 3.1 per cent over the past three
years. Low operating margin, along with high gearing, led to weak
net cash accruals to total debt and interest coverage ratios of
0.02 times and 1.3 times, respectively, in 2013-14. CRISIL
believes that MTL's debt protection metrics will remain weak over
the near term.

Set up by members of the Khurana family of Kurukshetra (Haryana),
MTL refines rice bran oil, palm oil, sunflower oil, and other
edible oils. The refining operations commenced in a partnership
firm, Mahabir Techno, in 1996, which was acquired by MTL in 2003.


MALLIKARJUNA PARBOILED: ICRA Reaffirms INR6.01cr Loan Rating 'B+'
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR6.01 crore fund based limits of Mallikarjuna Parboiled Binny
Rice Mill. ICRA has also reaffirmed the ratings of [ICRA]B+/
[ICRA]A4 assigned to INR1.49 crore unallocated limits of MPBRM.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits      6.01       [ICRA]B+ reaffirmed
   Unallocated limits     1.49       [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of ratings continues to be constrained by
deterioration in financial profile characterized by dip in
operating income on account of lower availability of raw material
(paddy) due to erratic rain in Andhra Pradesh and resultant
increase in raw material prices which has adversely affected the
profitability margin of the firm. Also the government policy
restrictions on the quantity of rice which can be sold in the open
market limit the flexibility and realizations for the firm.

The ratings are further constrained by risks inherent in a
partnership firm and susceptibility of profitability & revenues to
agro-climatic risks which impact the availability of the paddy in
adverse weather conditions as witnessed in past.

The ratings however take comfort from the long track record of the
promoters in the rice mill business and easy availability of paddy
due to plant location in major paddy cultivating region of the
country; and comfortable capital structure of the firm with
gearing at 0.55 times as on 31 March 2014. Further, favorable
demand prospects of the industry with India being the second
largest producer and consumer of rice internationally augurs well
for the firm, however small scale of operation limits the economy
of scale.

Going forward, ability of the company to scale up revenues and
protect its margin from fluctuation in raw material prices, while
maintaining its capital structure and liquidity position at same
level is the key rating sensitivity from credit perspective.

Mallikarjuna Parboiled Binny Rice Mill (MPBRM) is founded in the
year 1989 as a partnership firm. The firm is engaged in the
milling of paddy and produces raw and boiled rice. The rice mill
is located at Nalgonda district of Andhra Pradesh. The installed
production capacity of the plant is 8 tons per day.


MATESWARI MINERALS: ICRA Assigns B+ Rating to INR8cr Non-FB Loan
----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR8.0
crore non fund based bank facilities of Mateswari Minerals.

                             Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Non-Fund Based Facility    8.0          [ICRA]B+; Assigned

The assigned rating favorably factors in the extensive experience
of the promoters in royalty collection business and also the
firm's moderate gearing at 1.25 times as on March 31, 2014.
However, the rating is constrained by the high operating leverage
of the businesses characterized by fixed annual royalty payments,
whereas the revenues remain dependent on pace of mining activity
and quality of mining reserves in the associated mine. This apart
the rating also factors in the limited track record of operations
of the firm due to which its operational and financial track
record is limited which is however partly mitigated by the
experience of the promoters. Further the firm's revenue visibility
remains limited given the typical short duration of such contracts
and also the low entry barriers in the business, the firm remains
exposed to high competition in the sector as well as to change in
government regulations. Further, ICRA has also taken into
consideration the firm's constitution as a partnership firm, which
exposes it to risks of capital withdrawal etc.

Going forward, the ability of the firm to secure new contracts to
maintain revenue visibility and achieve healthy volumes, maintain
its coverage indicators will remain the key rating sensitivities.

Mateshwari Minerals is a Sikar (Rajasthan) based partnership firm
which was incorporated in FY2013 by Mr Vijay Pal, Mr. Sunil
Kulhari and Mr Kshitij Choudhary. The firm is engaged in business
of Royalty & Toll Collection since March 2013. The promoters have
been engaged in undertaking similar contracts for royalty
collection, toll collection, etc for government departments since
2005.

Recent Results
In 2013-14, the firm registered an operating income (OI) of
INR40.75 crore , profit after tax (PAT) of INR2.06 crore, total
debt of INR5.96 crore and tangible net worth of Rs 4.77 crore.


MUSALE CONSTRUCTION: CRISIL Ups Rating on INR75MM Loan to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Musale Construction (Musale) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable' and has reaffirmed its rating on the firm's
short-term bank facilities at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           80        CRISIL A4 (Reaffirmed)

   Cash Credit              75        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects improvement in Musale's business and
financial risk profiles, backed by substantial growth in its scale
of operations, strong profitability, above-average debt protection
metrics, and healthy liquidity. Musale recorded healthy year-on-
year growth of 69 per cent in its turnover to INR428.7 million in
2013-14 (refers to financial year, April 1 to March 31), supported
by healthy work orders and receipt of dues from government
departments. The firm's revenue is expected to remain stable over
the medium term backed by its order book of over INR1 billion to
be executed over the next three years. Its operating profitability
was also healthy, at 18.2 per cent in 2013-14, because of
execution of high-margin orders. CRISIL expects Musale's operating
margin to remain stable over the medium term.

Backed by healthy revenue growth and profitability margins,
Musale's financial risk profile, particularly liquidity, has
improved. The firm has low gearing and robust debt protection
metrics. The gearing improved to 0.67 times (from 1.02 times a
year earlier), while the net worth was moderate at INR122.2
million as on March 31, 2014. Musale has robust debt protection
metrics, with interest coverage and net cash accruals to total
debt ratios of 4.5 times and 0.66 times, respectively, for 2013-
14. The firm's liquidity also improved with healthy cash accruals
of INR54.3 million for 2013-14 and moderate bank limit utilisation
of 78 per cent over the 12 months through May 2014. Musale is
likely to generate healthy annual accruals of INR40 million to
INR42 million against nominal yearly debt obligations of around
INR5 million over the medium term. CRISIL believes that Musale's
financial risk profile, especially its liquidity, will remain
healthy over the medium term.

The ratings reflect Musale's modest scale of operations, limited
revenue diversity, susceptibility to intense competition in the
civil construction industry, and large working capital
requirements. These rating weaknesses are partially offset by the
firm's above-average financial risk profile, marked by low gearing
and robust debt protection metrics, and the extensive experience
of its promoters in the civil construction business.

Outlook: Stable

CRISIL believes that Musale will continue to benefit over the
medium term from its promoters' extensive industry experience and
its above-average financial risk profile. The outlook may be
revised to 'Positive' if the firm scales up operations,
diversifies its revenue, and improves its working capital cycle,
while maintaining its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if Musale
reports significant cost and time overruns in its projects, or
faces delays in realisation of receivables, leading to decline in
revenue or weakening of its liquidity, or witnesses capital
withdrawal by promoters.

Musale was set up in 1990 by Mr. Sonba Gulabrao Musale and his
brother Mr. Rambhau Gulabrao Musale. The firm undertakes civil and
infrastructure construction works, primarily in the irrigation and
road segments.

For 2013-14, Musale reported a profit after tax (PAT) of INR40.7
million on net sales of INR428.7 million on a provisional basis,
against a PAT of INR20.4 million on net sales of INR254.1 million
for 2012-13.


PARAMOUNT SEAFOODS: CRISIL Reaffirms B+ Rating on INR15MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Paramount Seafoods
(Paramount) continue to reflect its below-average financial risk
profile, marked by weak debt protection metrics and modest net
worth. The ratings also factor in the firm's susceptibility to
volatility in raw material prices and to fluctuations in foreign
exchange rates. These rating weaknesses are partially offset by
the extensive experience of Paramount's promoters in the seafoods
industry.

                           Amount
   Facilities             (INR Mln)  Ratings
   ----------             ---------  -------
   Foreign Bill Discounting  45     CRISIL A4 (Reaffirmed)
   Packing Credit            30     CRISIL A4 (Reaffirmed)
   Proposed Term Loan        15     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Paramount will continue to benefit over the
medium term from its promoters' experience in the seafoods
industry. The outlook may be revised to 'Positive' if the firm
significantly scales up its operations and improves its operating
profitability leading to sizeable increase in its cash accruals,
while also strengthening its capital structure. Conversely, the
outlook may be revised to 'Negative' if Paramount reports decline
in cash accruals or undertakes any large debt-funded capital
expenditure (capex). Weakening in working capital management or
significant capital withdrawal by the promoters, resulting in
deterioration in financial risk profile, may also result in the
outlook being revised to 'Negative'.

Update
Paramount reported a healthy operating income of INR940 million in
2013-14 (refers to financial year, April 1 to March 31), supported
by healthy demand for its product, and by healthy relationships
with customers. The operating profitability, however, was lower at
1.13 per cent, constraining cash accruals of the firm to INR
2.5millions in 2013-14.

The financial risk profile is below average, marked by weak debt
protection metrics and modest net worth. The net cash accruals to
total debt and interest coverage ratios were at 0.04 times and
1.50 times, respectively, for 2013-14. The financial risk profile
is expected to remain below average over the medium term, due to
weak accretion to reserves.

The liquidity is expected to remain moderate, supported by annual
cash accruals of more than INR2.5 million as against debt
obligation of INR0.8 million in 2014-15, moderate utilisation of
bank limits, and the absence of any large debt funded capex.

Paramount, set up in 2011, exports frozen marine products. The
firm is promoted by Mr. A M Gafoor and his family.


PM DIMENSIONS: CRISIL Cuts Rating on INR90MM Cash Credit to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
PM Dimensions Pvt Ltd (PDPL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              90        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

The rating downgrade reflects the deterioration in PDPL's
liquidity due to a stretch in its working capital cycle,
particularly its debtors. Most of the company's revenue comes from
its engineering service division that relies on orders from the
governments of Kenya and Sudan, which stretch payments. While its
revenue increased to INR163.2 million in 2013-14 (refers to
financial year, April 1 to March 31) from INR87.6 million in 2012-
13, its gross current assets  (GCAs) were at 728 days as on March
31, 2014 leading to substantial working capital requirements. The
increase in working capital requirements has resulted in the
company's bank limits being fully utilised during the 12 months
through August 2014. PDPL is currently supporting its working
capital cycle with a cash credit facility, unsecured loans from
the promoters, and by stretching its creditors. CRISIL believes
that PDPL's working capital cycle will remain stretched over the
medium term on account of significant sales to the governments of
Kenya and Sudan.

The rating reflects PDPL's modest scale and working-capital-
intensive nature of operations and its weak financial risk
profile, marked by small net worth and high gearing. These rating
weaknesses are partially offset by the company's qualified
promoters and their extensive experience in the engineering
industry.

Outlook: Stable

CRISIL believes that PDPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial
increase in the company's revenue, along with a reduction in its
working capital cycle. Conversely, the outlook may be revised to
'Negative' if PDPL faces challenges in attracting students or in
obtaining orders, thereby adversely affecting its revenue and
margins, or if it undertakes a large debt-funded capital
expenditure programme, leading to further weakening of its
financial risk profile.

PDPL, incorporated in 2007 and promoted by Mr. Makarand
Rajadhyaksha, provides high-end engineering services as well as
training to students in niche engineering courses. The company has
its training institute at Gandhinagar while its administrative
office is in Mumbai.


POLYPLASTICS AUTOMOTIVE: ICRA Cuts Rating on INR9.75cr Loan to B
----------------------------------------------------------------
ICRA has revised its rating to [ICRA]B from [ICRA]B+ on the
INR9.75 crore (reduced from INR10 crore) term loans and the
INR9.20 crore (reduced from INR10 crore) long-term fund-based
facilities of Polyplastics Automotive India Private Limited.
ICRA has assigned its rating of [ICRA]B on the INR0.25 crore
(increased from nil) short-term non-fund based limits of PAIPL.
ICRA has also revised its ratings to [ICRA]B from [ICRA]B+ and has
reaffirmed its rating of [ICRA]A4 on the INR5.80 crore (increased
from INR5 crore) unallocated limits of PAIPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            9.75        Revised to [ICRA]B from
                                     [ICRA]B+

   Long-term fund-       9.20        Revised to [ICRA]B from
   based facilities                  [ICRA]B+

   Short-term non-
   fund based            0.25        [ICRA]B assigned

   Unallocated Limits    5.80        Revised to [ICRA]B from
                                     [ICRA]B+;[ICRA]A4 reaffirmed

The revision in the long-term rating factors in the decline in
profitability (OPBDITA/Operating income of 7.23% in 2013-14
vis-a-vis 14.17% in 2012-13) of the company on account of increase
in raw material costs which the company could not pass on to the
customers and the subsequent increase in inventory levels which
led to increased funding requirements thereby resulting in an
increase in the gearing of the company (Debt/Equity of 2.39 times
as on March 31, 2014 vis-a-vis 0.57 time as on March 31, 2013).
The ratings continue to be constrained by the low bargaining power
with the customers due to relatively small scale of operations and
the high customer concentration risks with the top five customers
contributing ~87% of the revenues in 2013-14. The ratings also
take into account the intra-group loans and advances, with the
company having provided significant loans to its group companies,
which may lead to liquidity pressures.

The ratings, however, favourably factor in the established track
record of the promoters in the automobile industry; the favourable
long-term demand prospects for passenger vehicles and two
wheelers; the established customer base comprising reputed
automobile manufacturers such as Maruti Suzuki India Limited,
Honda Motorcycle & Scooter India Pvt. Ltd. and Hero Motocorp Ltd
and the presence of the manufacturing unit in proximity to the
auto manufacturing hub in northern India. The ability of the
company to improve its profitability and manage its liquidity
position will be the key rating sensitivities going forward.

PAIPL is a manufacturer of injection moulded plastic auto
components for the automobile (four wheeler passenger vehicles and
two wheelers) industry. It was incorporated on April 9, 2007, and
was earlier named Medallion Infotech Private Limited. The company
was promoted by Mr. Pawan Goyal, who has been engaged in the
import and supply of engineering plastics for the automotive
industry through another company Goyal Engineering Polymers
Private Limited (rated [ICRA]B+/A4), in association with the
Polyplastics Group promoted by Mr. Kamal Gupta, which has four
entities -- Polyplastics Industries (India) Pvt. Ltd., United
Precision Engineering Co., Polyplastics Uttar Bharat Pvt. Ltd. and
Polyplastics Mechatronics Pvt. Ltd.


PSM RICE: ICRA Suspends B+/A4 Rating on INR10cr Bank Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 rating assigned to INR10.00
crore bank facilities of PSM Rice Industry. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the firm.


RAJVIR INDUSTRIES: CRISIL Puts B Rating on INR547.2MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Rajvir Industries Ltd.

                               Amount
   Facilities                (INR Mln)      Ratings
   ----------                ---------      -------
   Working Capital Term Loan    547.2       CRISIL B/Stable
   Long Term Bank Facility      512.6       CRISIL B/Stable
   Letter of Credit             100         CRISIL A4
   Funded Interest Term Loan    143.4       CRISIL B/Stable
   Cash Credit                  495.2       CRISIL B/Stable
   Corporate Loan                61.6       CRISIL B/Stable

The ratings reflect its modest financial risk profile marked by
high gearing and weak debt protection metrics, susceptibility of
the operating profitability to volatile raw material prices,
intense competition in the spinning segment and large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of the promoters in the textiles
industry and established customer relationships. The ratings also
factor the company's improved liquidity supported by its
restructured debt.

Outlook: Stable

CRISIL believes that Rajvir Industries will benefit over the
medium term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
financial risk profile with a sustainable increase in its revenue
and profitability. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile weakens with a
decline in its revenue and profitability or sizeable debt-funded
capital expenditure. The outlook may also be revised to 'Negative'
if liquidity weakens because of deterioration in its working
capital management.

Incorporated in 2004 and based in Hyderabad, Rajvir Industries
manufactures cotton yarn, synthetic yarn, blended yarn and melange
yarn. The company was promoted by Mr. U K Agarwal and Mr. Ritesh
Kumar Agarwal and is listed on the National Stock Exchange and the
Bombay Stock Exchange.

For 2013-14 (refers to the financial year from April 1 to
March 31), Rajvir Industries reported a net loss of INR190 million
on a net sales of INR1.9 billion, as against a profit after tax of
INR45 million on net sales of INR2.7 billion for 2012-13.


SAIPOOJA AGROTECH: CRISIL Assigns B Rating to INR45MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Saipooja Agrotech Cold Storage (SACS).
                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               35          CRISIL B/Stable
   Cash Credit             45          CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      45          CRISIL B/Stable

The rating reflects SACS's below-average financial risk profile,
marked by a modest net worth and leveraged capital structure, and
its modest scale of operations. These rating weaknesses are
partially offset by the extensive industry experience of SACS's
promoters.

Outlook: Stable

CRISIL believes that SACS will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm significantly improves
its financial risk profiles either by equity infusion or
significantly better-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative', if the firm's cash accruals
are substantially low or its working capital requirements are
sizeable or if it undertakes a significantly large capital
expenditure programme.

Established in 2009 as a partnership firm, SACS trades in raisins
and also operates a cold storage unit (primarily for raisins) in
Nashik district in Maharashtra. The firm is owned and managed by
Mr. Rajendra Kumbhar and his family members.


SARASWATHI ENG'G: CRISIL Reaffirms B Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Saraswathi Engineering
Construction Pvt Ltd (SEPL) continue to reflect SEPL's small scale
of, and working-capital intensive, operations. The ratings also
factor in the company's average financial risk profile, marked by
a small net worth. These rating weaknesses are partially offset by
the extensive experience of SEPL's promoters in the civil
construction industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           50       CRISIL A4 (Reaffirmed)
   Overdraft Facility       50       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SEPL strengthens its
business risk profile by successfully bidding for more civil
construction projects and significantly increases its revenue and
profitability, while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' if SEPL's
revenue and profitability decline substantially or the company
faces considerable delays in realisation of receivables, or it
undertakes a larger-than-expected debt-funded capital expenditure
programme, thereby weakening its financial risk profile,
particularly liquidity.

Set up in 1984 as a partnership firm, SEPL got its present name
when it was reconstituted as a private limited company in 1986. It
is managed by Mr. P Kandasamy and family. The company is a civil
contractor (majorly buildings) and is based in Erode (Tamil
Naidu).


SEAFOOD INNOVATIONS: CRISIL Reaffirms B Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Seafood Innovations (SI)
continue to reflect SI's modest scale of operation and its
exposure to risks related to volatility in foreign exchange rates.
SI also has weak financial risk profile, on account of a small net
worth, high gearing, and below-average debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of SI's promoters in the seafood industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Discounting         50       CRISIL B/Stable (Reaffirmed)
   Packing Credit           25       CRISIL A4 (Reaffirmed)
   Term Loan                37       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves significantly, most likely because of substantial
growth in its revenue and profitability resulting in substantial
accruals, or significant infusion of capital by its promoters.
Conversely, the outlook may be revised to 'Negative' if the firm's
working capital management weakens, or if it reports a
considerably low operating margin leading to a decline in its cash
accruals, or if it undertakes a further debt-funded capital
expenditure programme, resulting in weakening of its overall
financial risk profile.

SI, a partnership firm established in 1994, processes and exports
frozen seafood including squid, cuttlefish, and shrimp. The firm,
based in (Kerala), has two partners; Mr. Joseph Zachariah and his
wife Ms. Sunila Joseph.


SHREE GANESH: CRISIL Reaffirms B Rating on INR120MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Ganesh Rice Mill
(SGRM) continue to reflect SGRM's weak financial risk profile and
working-capital-intensive operations.

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

   Proposed Long Term       35       CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Warehouse Financing      30       CRISIL B/Stable (Reaffirmed)

The rating also reflects SGRM's small scale of operations, and
susceptibility to volatility in raw material prices and to erratic
rainfall. These rating weaknesses are partially offset by the
extensive experience of SGRM's promoters, and its healthy growth
prospects, in the rice processing industry.

CRISIL has treated the unsecured loans of INR42.1 million extended
to SGRM by its promoters as neither debt nor equity because these
loans have nominal interest rates, and are subordinated to bank
borrowings.

CRISIL had reaffirmed its 'CRISIL B/Stable' rating to the bank
facilities of Shree Ganesh Rice Mill (SGRM) on November 19, 2014.

Outlook: Stable

CRISIL believes that SGRM will continue to benefit over the medium
term from its promoters' extensive experience in the rice
processing industry. The outlook may be revised to 'Positive' if
scaled-up operations and improved profitability lead to large cash
accruals; or if sizeable equity infusions by the promoters
strengthen the capital structure. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile, especially
liquidity, weakens considerably on account of any large, debt-
funded capital expenditure, or pressure on profitability.

SGRM, a partnership firm set up by the Sidana brothers in 1994,
mills and processes rice. The firm has a rice processing unit at
Hamidpur, near Delhi. It processes mainly basmati rice of the Pusa
1121 variety. It does not export directly, but sells the processed
rice to wholesalers and merchant exporters in India. The day-to-
day operations are managed by Mr. Rakesh Kumar Sidana, who is one
of the partners.

For 2013-14 (refers to financial year, April 1 to March 31), SGRM
reported a net profit of INR0.6 million on net sales of INR401.5
million (INR1.1 million and INR332.4 million, respectively, for
2012-13).


SINGHVI FASHIONS: ICRA Reaffirms B Rating on INR19.63cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed a long term rating of [ICRA]B to the INR23.88
crore fund based bank limits of Singhvi Fashions Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limits    4.25        [ICRA]B reaffirmed
   Term Loan            19.63        [ICRA]B reaffirmed

The rating continues to be is constrained, given that the project
is still in initial stages, wherein ability to scale up the
operations as well as achieve the expected parameters remains
crucial. Further, with the stabilisation of the operations, the
company's profitability remains exposed to adverse volatility in
key raw material prices and also to intense competitive pressures
on account of fragmented industry structure. The rating is further
constrained by the debt funded capex undertaken by the company and
the ability of the company to maintain healthy return indicators
and ensure timely debt servicing, post commission, remains crucial
from a rating perspective.

The rating however, favourably factors in the healthy demand
indicators for the product, locational advantages resulting from
proximity to customers and raw material sources and benefits
accruing from subsidies under Technology Up-Gradation Fund Scheme
(TUFS).

Incorporated in 2013 Singhvi fashions Private Limited is promoted
by Mr.Haresh Rudakiya, Mr.Nitesh Makrubiya, Mr. Prashant Hadiya
and Mr. Sunil Patel .The company has started a new project of
processing grey fabrics by installing 36 rapier looms with an
installed capacity of processing 53 lakh meters of fabric per
annum.SFPL's manufacturing facility is located in Surat, Gujarat.

Recent Results
For the year FY 2014(1M), the company reported an operating income
of INR1.28 Cr. and net losses of INR0.09 Cr.


SK. CHAN: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
-----------------------------------------------------------
The ratings continues to reflect SK. Chan Basha and Co (SCB's)
modest scale of operations and customer concentration, and the
firm's average financial risk profile marked by a modest net
worth, high gearing and modest debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of SCB's promoters.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting       82.5      CRISIL A4 (Reaffirmed)
   under Letter of
   Credit

   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCB will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm scales up its
operations and generates significant cash accruals, while it
improves its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if SCB
generates reduced cash accruals, or if it undertakes a
substantially large debt-funded capital expenditure programme, or
if its partners withdraw significant capital from the firm,
thereby deteriorating its financial risk profile.

Update
SCB's sales registered a compound annual growth rate (CAGR) of 56
per cent over the three years ending 2013-14 (refers to financial
year, April 1 to March 31) at INR651 million has been supported by
trading in shrimps which are widely available as compared to
shrimps traded earlier. Supported by stable demand of shrimps and
sales of about INR260 million from April to September 2014, CRISIL
believes that SCB will achieve sales of around INR700 million for
2014-15. Operating margin on back of the firm's trading nature of
business is expected to remain modest at around 3 per cent over
the medium term.

The firm's financial risk profile continues to be marked by a
modest net worth of around INR11 million, high total outside
liabilities to tangible net worth (TOLTNW) ratio at about 4 times
as on March 31, 2014 and modest debt protection metrics with
interest coverage and net cash accruals to total debt (NCATD)
ratios at around 1 time and 0.03 times for 2013-14. Even after
treating unsecured debt (Rs.11 million as on March 31, 2014) as
neither debt nor equity, SCB's TOLTNW ratio is expected to remain
high at about 4 times over the medium term on back of higher
dependence on outside debt to fund incremental working capital
demand. The firm's debt protection metrics are expected to remain
at current levels over the medium term.

SCB's liquidity though supported by the absence of any major term
debt on books is partially constrained by modest cash accruals of
about INR3 million annually. Modest cash accruals increase the
firm's reliance on outside debt to fund incremental working
capital demand. Bank limit utilisation for the four months ending
July 2014 was high at about 97 per cent.

SCB, on a provisional basis, reported a profit after tax (PAT) of
INR1.4 million on net sales of INR651 million for 2013-14 (refers
to financial year, April 1 to March 31), against a PAT of INR1.1
million on net sales of INR513 million for 2012-13.

SCB, set up in 2009, trades in shrimp. The firm is promoted by Mr.
SK Chan Basha and his family members.


SRI LAXMI: CRISIL Reaffirms D Rating on INR80MM Cash Credit
-----------------------------------------------------------
CRISIL's ratings on Sri Laxmi Narasimhaa Spinning Mill Pvt Ltd
(SLNSMPL) continues to reflect instances of delay by the company
in servicing its term debt; the delays have been caused by
SLNSMPL's weak liquidity on account of working-capital-intensive
operations. The company also has a weak financial risk profile,
marked by a highly leveraged capital structure. These company
however benefits by from the extensive experience of SLNSMPL's
promoters in the textile industry.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          13.1        CRISIL D (Reaffirmed)
   Cash Credit             80          CRISIL D (Reaffirmed)
   Proposed Term Loan      36.6        CRISIL D (Reaffirmed)
   Term Loan               70.3        CRISIL D (Reaffirmed)

Update
SLNSMPL recorded revenue of INR298 million during 2013-14 (refers
to financial year, April 1 to March 31) in the fragmented textile
industry. Operating margin continues to remain under pressure,
marked by its inability to pass on increased costs to end
customers. CRISIL believes that SLNSMPL's business risk profile
will continue to remain constained on account of its scale of
operations and the intensively competitive textile industry.

The financial risk profile continues to remain below average,
marked by high gearing due to small net worth and low accretion to
reserves. The promoters, however, continue to support its
operations through infusion of funds. CRISIL believes that
SLNSMPL's financial risk profile will continue to remain weak on
account of its incremental working capital requirements.

SLNSMPL has been continuously delaying the repayment of its term
debt obligations. The delays are on account of the company's weak
liquidity as reflected by annual cash accruals that are
insufficient to meet its annual repayments of around INR30.0
million.

Set up in 2007, SLNSMPL manufactures cotton yarn in counts ranging
from 20s to 40s. The day-to-day operations of the company are
managed by the managing director, Mr. R Palanisamy.


SUBRAMANIAM AND CO: CRISIL Cuts Rating on INR140MM Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Subramaniam and Company (SC; part of the Devi group) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          140       CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that group's
financial risk profile will remain weaker than earlier
expectations due excess withdrawals from the group by its
promoters; the promoters have withdrawn funds of INR105.7 million
in 2013-14.

CRISIL believes that company's financial risk profile will remain
weak over the medium term due to high dependence on debt to fund
working capital requirements and consequently the gearing is
expected to be high at around 2.2 times over the medium term.

The rating reflects the Devi group's large working capital
requirements and susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive experience of the Devi group's promoter in the bottle-
washing industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Devi Bottle Company and SC. This is
because both the entities, together referred to as the Devi group,
operate under a common management team and are engaged in the same
line of business, resulting in business synergies.

Outlook: Stable

CRISIL believes that the Devi group will continue to benefit over
the medium term from its promoter's experience in the bottle-
washing industry. The outlook may be revised to 'Positive' if the
group's profitability improves significantly, resulting in
substantial net cash accruals, while the group manages its working
capital efficiently. Conversely, the outlook may be revised to
'Negative' if the group's profitability declines significantly or
if it undertakes any large debt-funded capital expenditure
programme.

SC, a partnership firm was established in 2011 by Mr. V S
Natarajan and his wife Mrs. N Sundari. The firm undertakes
procurement and washing of old beer bottles and supplies these
bottles to breweries.

DBC, a proprietary concern based in Thanjavur (Tamil Nadu) was
established in the 1990s by Mr. V S Natarajan. The firm undertakes
procurement and washing of old liquor bottles and supplies these
bottles to distilleries.


TAMILNADU JAIBHARATH: CRISIL Reaffirms D Rating on INR260MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tamilnadu Jaibharath
Mills Ltd (TNJBL) continue to reflect instances of delays in
servicing its term debt because of weak liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           5         CRISIL D (Reaffirmed)
   Cash Credit            260         CRISIL D (Reaffirmed)
   Key Loan               100         CRISIL D (Reaffirmed)
   Letter of Credit        22.5       CRISIL D (Reaffirmed)
   Long Term Loan         173.2       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     221.3       CRISIL D (Reaffirmed)

TNJBL also has a weak financial risk profile, marked by high
gearing and below-average debt protection metrics. The operating
margin will remain susceptible to volatility in raw material
prices. However, the company continues to benefit from its
established position in the textile industry.

Update
TNJBL has continuously delayed servicing its term debt because of
weak liquidity, driven by its working-capital-intensive
operations. CRISIL believes that TNJBL's liquidity will remain
weak over the medium term, because of its large working capital
requirements. The company reported a provisional operating income
of INR0.91 billion in 2013-14 (refers to financial year, April 1
to March 31).

Set up in 1989, TNJBL is a subsidiary of the Ramalinga group of
companies. The company is currently managed by Mr. T R Dhinakaran,
and son-in-law of late Dr. D Jayavardhanavelu, the chairman of the
LMW group of companies. TNJBL manufactures cotton yarn.


THIRUCHY STEELS: CRISIL Assigns B+ Rating to INR60MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Thiruchy Steels (TS).

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

   Proposed Long Term
   Bank Loan Facility       20          CRISIL B+/Stable

The rating reflects the firm's small scale of operations in the
fragmented steel trading segment and the firm's below-average
financial risk profile, marked by subdued debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of the promoter in the steel trading segment and the
firm's established client base.

Outlook: Stable

CRISIL believes that TS will benefit over the medium term from the
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if TS registers sizeable cash accruals
commensurate with its profitability. Conversely, the outlook may
be revised to 'Negative' if the firm's liquidity weakens
substantially because of large working capital requirements.

TS, established in 1989 is a proprietorship firm trading in scrap
steel. The firm is based in Chennai. The proprietor, Mr. B.
Rajagopal, oversees daily operations.

TS reported a profit after tax (PAT) of INR3.8 million on net
sales of INR317 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.1 million on net
sales of INR425 million for 2012-13.


TIGER STEEL: ICRA Suspends B+ Rating on INR38.56cr Term Loans
-------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR38.56 crore,
term loans and long term fund based facilities & [ICRA]A4 rating
assigned to the INR57.08 crore, short term, non fund based bank
facilities of Tiger Steel Engineering (India) Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


UJALA TRADING: ICRA Assigns B Rating to INR10cr Cash Credit
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR10.0
crore cash credit facilities of Ujala Trading Company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           10.0         [ICRA]B; assigned

The assigned ratings factor in modest scale of operations of the
firm in agro commodities trading, resulting in modest economies of
scale, which coupled with the highly competitive nature of the
industry, has resulted in low profitability indicators. The
industry in which UTC operates has high competitive intensity
owing to low entry barriers which limits the bargaining power of
the firm. Further, the rating also takes into account the
susceptibility of the firm's profitability to agro climatic risks
and government regulations. However, the assigned ratings
favorably factor in the extensive experience of the promoter in
the trading business, and the good growth prospects given the
favorable demand supply dynamics in the agro commodity industry.

UTC a proprietorship firm was established in 2007. The firm is
primarily engaged in trading of agro commodities like Rice and
paddy. The firm operates out of its office situated at Naya Bazar,
Delhi with its proprietor Mr. Vikas Bansal, assisted by other
family member, handles the day to day operations of the firm.

Recent Results
As per the provisional financials for 2013-14, UTC reported an
Operating Income (OI) of INR27.5 Crore and net profit of INR0.03
Crore as compared to OI of INR34.1 crore and net profit of INR0.03
crore in the previous year.


VASAVI AGROTECH: ICRA Suspends D Rating on INR16cr Bank Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to INR16.00 crore bank
facilities of Vasavi Agrotech Industries Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.



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


SONY CORP: Likely to Cut Average Pay Next Year
----------------------------------------------
Reuters reports that Sony Corp is likely to cut average pay next
year in a rare move for a big Japanese company, and one that goes
against Prime Minister Shinzo Abe's push for higher wages to get
the economy moving.

For a second year, Abe is pressuring major companies to raise base
pay in the fiscal year from April, and boost investment, to kick-
start a positive cycle of higher wages, profits and prices to end
15 years of deflation, the report says.

According to the report, Japan's main union of electronics workers
is likely to demand a hike of over 2 percent in base pay, and
companies are widely expected to comply. Most Sony workers,
however, don't belong to the Japanese Electrical Electronic &
Information Union, and the company's average pay of
JPY8.85 million is among the industry's highest, the report notes.

Reuters states that Sony is going through a painful restructuring
after cutting its earnings forecasts six times in two years, and
the once-storied electronics maker said earlier this year it will
overhaul its salary structure for the first time in a decade,
without elaborating on expected changes in pay.

"We are at this time studying various issues as Sony overall is in
a difficult situation," spokeswoman Yo Kikuchi told Reuters. "The
current human resources system was put in place around 10 years
ago, so it was also time for a review."

Reuters says pay cuts are unusual in Japan, especially at big
companies with their tradition of jobs-for-life and seniority-
based compensation. Employers typically adjust to hard times by
trimming bonus and overtime pay and hiring fewer new graduates.

While Japan's economy is fitfully recovering under Abenomics, with
profits at record highs, Sony remains in a defensive mindset,
Reuters notes. In September, the company widened its annual net
loss forecast to JPY230 billion from JPY50 billion and scrapped
its dividend for the first time since going public.

Reuters relates that Ms. Kikuchi said details of the pay cuts have
not been decided, although the overall average is likely to
decline. The overhaul will focus on improving meritocracy, meaning
employees who do not hold management titles but are in leadership
roles may be paid more, while some others could see a cut, Reuters
relays.

"First and foremost, we're hoping employees can be paid and graded
according to the roles they play. Cost effectiveness should
improve as a result," Ms. Kikuchi, as cited by Reuters, said.

Reuters adds that Takahiro Nonaka, general secretary of the
electronics union, said it has not yet set its official position,
but higher pay is crucial for the economy. The union is likely to
demand the same 2% rise as Japan's pace-setting metal workers'
union, which includes carmakers.

"Personal spending, which accounts for around 60% of GDP, needs to
grow," Mr. Nonaka told Reuters. "We want to share that
understanding with companies as we negotiate."

Based in Japan, Sony Corporation -- http://www.sony.net/--
engages in the operation of imaging products and solution (IP&S),
game, mobile products and communication (MP&C), home
entertainment and sound (HE&S), device, movie, music, financial
and other business.  The IP&S segment provides digital imaging
products and professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 21, 2014, Fitch Ratings affirmed Sony Corporation's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (IDRs) of 'BB-'.
The Outlook has been revised to Stable from Negative.



===============
M O N G O L I A
===============


MONGOLIA: Fitch Affirms LT Foreign and Local Currency IDRs at B+
----------------------------------------------------------------
Fitch Ratings has affirmed Mongolia's Long-Term Foreign and Local
Currency IDRs at 'B+'.

The issue ratings on Mongolia's senior unsecured foreign and local
currency bonds are affirmed at 'B+'. The Outlooks on the Long-term
IDRs remain Negative. The Country Ceiling is affirmed at 'B+' and
the Short-term foreign currency IDR is affirmed at 'B'.

Key Rating Drivers

The affirmation of Mongolia's IDRs with Negative Outlooks reflects
the following key rating drivers.

-- Unstable Policy Environment: Prolonged commercial disputes
between public officials and Rio Tinto have halted progress on the
USD5bn Oyu Tolgoi Phase 2 copper mining project. To counteract the
resulting slowdown in economic activity, policy makers have
enacted aggressive monetary and fiscal stimulus measures that have
had a destabilising effect on the economy. Growth has slowed,
inflation has averaged 13.1% in 2014, foreign reserves have fallen
by 41% year-on-year, FDI has contracted sharply, and a further 12%
depreciation of the domestic currency year-to-date has worsened
banking sector asset quality.

-- Weak External Liquidity: Mongolia's stock of foreign reserves
is low at USD1.4bn as at end-October 2014, and it has effectively
been debt-funded through external bond issuance and a swap
arrangement with the People's Bank of China (PBOC). Reserve
coverage is weak compared to peers at 2.1 months of current
account payments versus the 'B' median of 3.4 months. Fitch
believes Mongolia's aggregate external liquidity resources
(defined as gross foreign reserve assets plus the estimated
undrawn portion of the PBOC swap line) are barely sufficient to
meet liquidity requirements over the coming two years, given
current trends.

-- Positive Political Developments: The recent appointment of a
new prime minister and the formation of a "super coalition" are
broadly positive political developments, which Fitch believes have
increased the prospects of a favourable resolution to the Oyu
Tolgoi dispute.

-- High Public Indebtedness: Persistent fiscal deficits and
sizeable off-budget spending through the state-owned development
bank will result in Mongolia's public debt rising to an estimated
59% of GDP in 2014, significantly in excess of the 'B' median of
43%. Public debt has risen by USD3.7bn since 2011, which primarily
represents a sharp increase in external debt issuance by sovereign
and sovereign-guaranteed entities.

-- Sizeable Refinancing Risk: Rising dependence on external
capital markets combined with a sharp decline in foreign direct
investment (FDI) have exposed Mongolia's public balance sheet to
significant refinancing risks. The sovereign has sizeable
maturities due in 2018 (USD500m) and 2022 (USD1bn). The
Development Bank of Mongolia has additional maturities in 2017
(USD580m) and 2023 (JPY30bn) that carry an explicit sovereign
guarantee.

-- Favourable Development Prospects: Mongolia's long-term
development prospects are supported by its generous endowments of
coal, copper, gold, and rare earths, which have been estimated at
USD1.3trn. A small population under 3 million also suggests that
per capita incomes have the potential to rise dramatically if the
country is able to successfully harness its natural resource
endowments.

-- Strong GDP Growth: Mongolia's five-year average real GDP growth
of 11.2% is far stronger than the 'B' median of 3.9%. The country
also scores above its peer group in many structural features,
including governance indicators, savings and investment rates, and
per capita incomes.

Rating Sensitivities

The Negative Outlook reflects the following risk factors that may,
individually or collectively, result in a downgrade of the
ratings:

-- Continued depletion of Mongolia's external liquidity resources.

-- Emergence of systemic financial stress such as a run on
deposits and/or a flight out of the Mongolian tugrik into foreign
currency.

The main factors that individually, or collectively, could result
in a revision of the Outlook to Stable include:

-- A favourable resolution to the Oyu Tolgoi Phase 2 dispute
between Rio Tinto and the authorities is likely to provide relief
to many of Mongolia's credit constraints by unlocking sizeable FDI
inflows, restoring investor confidence and alleviating refinancing
risks.

-- Credible and coherent macroeconomic policy-making that
increases confidence in Mongolia's basic economic stability.

Key Assumptions

-- Reported foreign reserve assets can be deployed to meet balance
of payments requirements, in spite of the fact that they include
holdings of non-convertible currency.

-- Mongolia maintains stable political and economic relations with
China, its largest export destination and key provider of its
international liquidity resources.


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


ASSET FINANCE: S&P Raises ICR to B+; Outlook Negative
-----------------------------------------------------
Standard & Poor's Ratings Services said it reviewed its ratings on
finance companies (fincos) in Asia-Pacific (excluding Japanese
finance companies, and issuers who only have a Taiwan Ratings
Corp. national scale rating, which are covered under separate
media releases) by applying its new criteria for rating nonbank
financial institutions (NBFI).  As a result, S&P has taken rating
actions on these entities.  The rating actions were driven by
revisions to S&P's criteria rather than a sudden change of the
issuers' creditworthiness.  Generally, the ratings movements were
driven by increased emphasis on globally consistent measures of
risk-adjusted capitalization, funding and liquidity, increased
emphasis on business stability, and to a lesser degree the
introduction of an anchor.

S&P rates NBFI finance companies under a similar framework to
S&P's bank criteria.  The methodology first sets the anchors for
each NBFI sector in a given country--and then rates each NBFI
higher, lower, or equal to the anchor depending on S&P's
assessment of its business position; capital, leverage, and
earnings; risk position; and funding and liquidity.  S&P also
considers whether a finance company may receive extraordinary
support from a government or parent entity.  The anchor reflects
the economic and industry risks that a sector faces.  S&P uses its
bank anchors as the starting point.  For fincos, the preliminary
anchor is three notches below the bank anchor in each country.
This reflects higher industry risk resulting from their lack of
central bank access, lower regulatory oversight, and higher
competitive risk relative to banks.  In some cases, specific
features of individual countries and sectors lead us to modify
this standard three-notch difference (i.e., either widen or narrow
the gap) in determining the final anchors for fincos in each
country.  If S&P don't make any modifications based on country--
and sector-specific--factors, the preliminary anchor and final
anchor are the same.

S&P has now removed the under criteria observation (UCO)
identifier from its ratings on APAC finance companies.

S&P anticipates publishing, for most issuer credit ratings or
outlooks that change, research updates within 30 business days.
S&P anticipates publishing all research updates by early 2015 for
those entities that S&P did not change its issuer credit ratings
outlooks on under the new criteria.

The research updates will be available on RatingsDirect.

RATINGS LIST

RATINGS RAISED
                      To                From

Asset Finance Ltd.
  Issuer Credit Rating (Global Scale)
                      B+/Negative/B     B/Stable/B

Avanti Finance Ltd.
  Issuer Credit Rating (Global Scale)
                      BB+/Negative/B     BB/Positive/B

OUTLOOK REVISED
                      To                From
Fisher & Paykel Finance Ltd.
  Issuer Credit Rating (Global Scale)
                      BB+/Negative/B    BB+/Stable/B


RATINGS AFFIRMED
                      To                From

AEON Credit Service (Asia) Co. Ltd.
  Issuer Credit Rating (Global Scale)
                      BBB+/Stable/A-2   BBB+/Stable/A-2

  Issuer Credit Rating  (Greater China Regional Scale)
                      cnA+/cnA-1        cnA+/cnA-1


CDB Leasing Co. Ltd.
  Issuer Credit Rating (Global Scale)
                      A+/Stable/A-1     A+/Stable/A-1

  Issuer Credit Rating  (Greater China Regional Scale)
                      cnAAA/cnA-1+      cnAAA/cnA-1+

China Cinda (HK) Holdings Co. Ltd.
  Issuer Credit Rating (Global Scale)
                      BBB+/Stable/A-2   BBB+/Stable/A-2

  Issuer Credit Rating  (Greater China Regional Scale)
                      cnA+/cnA-1        cnA+/cnA-1

     China Cinda Finance (2014) Ltd.
       Senior unsecured (Global Scale)
                      BBB+              BBB+

       Senior unsecured  (Greater China Regional Scale)
                      cnA+              cnA+

China Cinda Asset Management Co. Ltd.
  Issuer Credit Rating (Global Scale)
                      A-/Stable/A-2     A-/Stable/A-2

  Issuer Credit Rating  (Greater China Regional Scale)
                      cnAA/cnA-1        cnAA/cnA-1

China Huarong Asset Management Co. Ltd.
  Issuer Credit Rating (Global Scale)
                      A-/Stable/A-2     A-/Stable/A-2

  Issuer Credit Rating  (Greater China Regional Scale)
                      cnAA/cnA-1        cnAA/cnA-1

China Orient Asset Management (International) Holding Ltd.
  Issuer Credit Rating (Global Scale)
                      BBB/Stable/A-2    BBB/Stable/A-2

  Issuer Credit Rating  (Greater China Regional Scale)
                      cnA/cnA-2         cnA/cnA-2

     Century Master Investment Co. Ltd.
       Senior unsecured (Global Scale)
                      BBB               BBB

       Senior unsecured (Greater China Regional Scale)
                      cnA               cnA

     Starway Assets Enterprises Inc.
       Senior unsecured (Global Scale)
                      BBB               BBB

       Senior unsecured (Greater China Regional Scale)
                      cnA               cnA

China Orient Asset Management Corp.
  Issuer Credit Rating (Global Scale)
                      BBB+/Stable/A-2   BBB+/Stable/A-2

  Issuer Credit Rating  (Greater China Regional Scale)
                      cnA+/cnA-1        cnA+/cnA-1

Export Finance & Insurance Corp.
  Issuer Credit Rating (Global Scale)
                      AAA/Stable/A-1+   AAA/Stable/A-1+

  Senior unsecured (Global Scale)
                      AAA               AAA

  Short-term debt  (Global Scale)
                      A-1+              A-1+

Export-Import Bank of India
  Issuer Credit Rating (Global Scale)
                      BBB-/Stable/A-3   BBB-/Stable/A-3

  Senior unsecured (Global Scale)
                      BBB-              BBB-

  Senior unsecured (ASEAN Regional Scale)
                      axA-              axA-

Export-Import Bank of Korea
  Issuer Credit Rating  Foreign currency (Global Scale)
                      A+/Positive/A-1   A+/Positive/A-1

  Issuer Credit Rating  Local currency (Global Scale)
                      A-1+              A-1+

  Senior unsecured (Global Scale)
                      A+                A+

  Senior unsecured (Greater China Regional Scale)
                      cnAAA             cnAAA

  Short-term debt  Foreign currency (Global Scale)
                      A-1               A-1

Far East Horizon Ltd.
  Issuer Credit Rating (Global Scale)
                      BBB-/Stable/A-3   BBB-/Stable/A-3

  Issuer Credit Rating  (Greater China Regional Scale)
                      cnA-/cnA-2       cnA-/cnA-2

  Senior unsecured (Global Scale)
                      BBB-              BBB-

  Senior unsecured (Greater China Regional Scale)
                      cnA-              cnA-

  Short-term debt  (Global Scale)
                      A-3               A-3

  Short-term debt  (Greater China Regional Scale)
                      cnA-2             cnA-2

FE Investments Ltd.
  Issuer Credit Rating (Global Scale)
                      B/Stable/B        B/Stable/B

Huarong (HK) International Holdings Ltd.
  Issuer Credit Rating (Global Scale)
                      BBB+/Stable/A-2   BBB+/Stable/A-2

  Issuer Credit Rating  (Greater China Regional Scale)
                      cnA+/cnA-1        cnA+/cnA-1

     Huarong Finance Co. Ltd.
       Senior unsecured (Global Scale)
                       BBB+             BBB+

       Senior unsecured (Greater China Regional Scale)
                       cnA+             cnA+

Hyundai Capital Services Inc.
  Issuer Credit Rating (Global Scale)
                       BBB+/Positive/A-2  BBB+/Positive/A-2

  Senior unsecured (Global Scale)
                       BBB+              BBB+

  Senior unsecured  (ASEAN Regional Scale)
                       axAA-             axAA-

  Short-Term  Debt  (Global Scale)
                       A-2                A-2

Hyundai Card Co. Ltd.
  Issuer Credit Rating (Global Scale)
                       BBB/Stable/--      BBB/Stable/--

ICBC Financial Leasing Co. Ltd.
  Issuer Credit Rating (Global Scale)
                       A/Stable/A-1       A/Stable/A-1

  Issuer Credit Rating  (Greater China Regional Scale)
                       cnAA+/cnA-1        cnAA+/cnA-1

IDFC Ltd.
  Issuer Credit Rating (Global Scale)
                       BBB-/Stable/A-3    BBB-/Stable/A-3

Kotak Mahindra Prime Ltd.
  Issuer Credit Rating (Global Scale)
                       BBB-/Stable/A-3    BBB-/Stable/A-3

Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank)
  Issuer Credit Rating (Global Scale)
                       BB+/Stable/B        BB+/Stable/B

  Issuer Credit Rating (ASEAN Regional Scale)
                       axBBB+/axA-2        axBBB+/axA-2

  Senior unsecured (Global Scale)
                       BB+                BB+

  Senior unsecured  (ASEAN Regional Scale)
                       axBBB+             axBBB+

Liberty Financial Ltd.
  Issuer Credit Rating (Global Scale)
                       BBB-/Stable/A-3    BBB-/Stable/A-3

Medical Securities Ltd.
  Issuer Credit Rating (Global Scale)
                      BBB+/Stable/--      BBB+/Stable/--

  Senior Secured  Local Currency (Global Scale)
                      BBB+                BBB+

People's Leasing & Finance PLC
  Issuer Credit Rating (Global Scale)
                      B+/Stable/B         B+/Stable/B

Power Finance Corp. Ltd.
  Issuer Credit Rating (Global Scale)
                      BBB-/Stable/--      BBB-/Stable/--

  Senior unsecured (Global Scale)
                      BBB-                BBB-

Shinhan Card Co. Ltd.
  Issuer Credit Rating (Global Scale)
                      A-/Stable/A-2       A-/Stable/A-2

Hong Kong Mortgage Corp. Ltd.
  Issuer Credit Rating (Global Scale)
                      AAA/Stable/A-1+     AAA/Stable/A-1+

  Issuer Credit Rating  (Greater China Regional Scale)
                      cnAAA/cnA-1+        cnAAA/cnA-1+

  Senior unsecured (Global Scale)
                      AAA                 AAA

  Senior unsecured (Greater China Regional Scale)
                      cnAAA               cnAAA

  Short-term debt  (Global Scale)
                      A-1+                A-1+

  Short-term debt (Greater China Regional Scale)
                      cnA-1+              cnA-1+

UDC Finance Ltd.
  Issuer Credit Rating (Global Scale)
                      AA-/Stable/A-1+     AA-/Stable/A-1+


MOWBRAY COLLECTABLES: Puts Stamp and Coins Units Up For Sale
------------------------------------------------------------
Suze Metherell at BusinessDesk reports that Mowbray Collectables
[NZX: MOW], the unprofitable listed auction house business, has
put its stamp, coin and bank note trading businesses up for sale
in a bid to enhance shareholder value and reposition the company.

BusinessDesk relates that the Wellington-based company said it
will sell its wholly-owned subsidiaries Mowbray Bethunes and
Wildlife Philatelic.  Given the close involvement of chief
executive John Mowbray with both businesses it has set up a sub-
committee of its independent directors, to be chaired by Chris
Swasbrook to manage the sale, the report says.

According to BusinessDesk, the sale comes after the company
embarked on a review after it widened its first-half loss to $1.99
million in the six months ended Sept. 30, from a loss of $700,000
a year earlier, describing it as "the worst six months in the
company's history". Poor trading at its Mowbray Bethunes and Peter
Webb Galleries combined with one off restructuring costs led to a
$1.28 million non-cash write-down of goodwill across all its cash
generating units, BusinessDesk notes.

BusinessDesk says the company has shifted its focus solely to
New Zealand, with the exception of its stamp collection business
in Australia, and purchased the 51 percent of its major business,
Webb's gallery in Auckland, it didn't already own in a bid to
return to profitability.  Since taking full control of Webb's
operational results have underperformed forecasts presented during
the valuation, and "it is now clear that the purchase price of the
51 percent was too high," the company said in November.

In August, John Mowbray told shareholders he would be step down as
chief executive after 12 years heading the company, and said he
was "conscious that we have not achieved what I set out to do, to
grow a significant sized company on the NZX," BusinessDesk
recalls. The company listed on the stock market in April 2000, the
report notes.

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



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


METROPOLITAN BANK: Moody's Ups Bank Fin'l. Strength Rating to C-
----------------------------------------------------------------
Moody's Investors Service has upgraded the deposit ratings of four
Philippine banks to Baa2/Prime-2 from Baa3/Prime-3.

The action follows the upgrade of the Government of the
Philippines' debt ratings to Baa2/Prime-2 from Baa3/Prime-3.

The banks whose deposit ratings are affected are BDO Unibank, Inc
(BDO); Bank of the Philippine Islands (BPI); Land Bank of the
Philippines (LBP); and Metropolitan Bank & Trust Company (MBT).

At the same time, Moody's has raised the bank financial strength
ratings (BFSR) of BDO, BPI and MBT to C- from D+ to reflect
improvements in their standalone credit profiles. Consequently,
Moody's also raised these banks' baseline credit assessments
(BCAs) to baa2 from baa3.

Moody's considers that the credit strength of the Philippine
government is an important input in its assessment of the latter's
capacity to provide support in times of stress, and believes that
these four banks -- due to their systemic importance -- are more
likely to fully benefit from the higher sovereign rating.

As a result, Moody's also upgraded BDO's senior unsecured debt
rating to Baa2 from Baa3.

Furthermore, Moody's upgraded the following ratings of MBT and
which are notched off the bank's adjusted BCA: local currency
subordinated debt rating to Baa3 from Ba1 and foreign currency
preferred stock rating to Ba2 (hyb) from Ba3 (hyb).

The outlook on all the ratings is stable.

Ratings Rationale

As indicated, the rating actions on the four banks are in line
with the upgrade of the Philippine sovereign's bond ratings to
Baa2 from Baa3.

There are two main drivers of the rating actions for the banks:

First, some of the positive drivers of the sovereign action are
reflected in the improved operating environment for the Philippine
banking system, particularly its major banks.

These drivers include the robust growth of the Philippine economy,
despite slowing global demand; strong domestic consumption,
supported by steady remittance inflows, and, which in turn, has
contributed to the banks' healthy credit growth and profitability;
well-anchored inflation; and the absence of any strong overheating
in domestic asset markets, thereby underpinning the banking
system's improved level of asset quality.

All of these positive dynamics have resulted in the upward
revisions of the BCAs of BDO, BPI and MBT.

Second, the improved creditworthiness of the Philippine government
results in its stronger capacity to support the banks.

Deposit Ratings

The Baa2 deposit ratings of BDO, BPI and MBT take into account
Moody's expectation of a very high probability of systemic support
from the Philippine government, but they do not benefit from any
support uplift from the banks' baa2 BCA.

The ratings are positioned at the same level as the sovereign
rating of Baa2 to reflect the high correlation between banking and
sovereign credit risk in the Philippines, in turn attributed to
the banks' (i) domestically-focused businesses, and which do not
benefit from any meaningful level of cross-border diversification,
and (ii) their high level of direct exposure to government debt.

LBP's Baa2 deposit rating benefits from four notches of uplift
from its ba3 BCA.

Moody's assesses the probability of systemic support for LBP to be
very high, due to its sizable deposit and loan market shares; its
100% ownership by the Philippine government; and, importantly, its
unique public policy role of financing priority sectors.

These sectors small farmers and fishermen, the agri-business, and
micro-, small- and medium-sized enterprises.

BFSRs/ BCAs OF BDO, BPI & MBT REVISED TO C-/baa2

The revision of BDO, BPI and MBT's BFSR/ BCA to C-/baa2 from
D+/baa3 considers their track records of showing loss-absorbing
buffers above the industry average, and their dominant presence in
the domestic corporate and consumer segments.

It also takes into account their consistently robust capital and
liquidity profiles, which in Moody's view, reflect discipline and
prudence in business growth.

Overall, Moody's view the credit profiles of BDO, BPI and MBT as
among the most defensive and best positioned to withstand a
cyclical downturn among Moody's rated banks in the Philippines.

Overall, these banks exhibit credit metrics that compare well with
other baa2-rated banks in the region.

What Could Change The Rating Up/Down

BDO, BPI and MBT

The stable outlook on the sovereign's rating suggests that the
upside and downside risks are balanced. Nonetheless, an upgrade of
the latter would likely lead to an upgrade of the banks' deposit
ratings, assuming their credit metrics remain robust.

It is unlikely for BDO, BPI and MBT to be rated above the
sovereign as Moody's view the correlation of risk between the
banks and the sovereign to be high.

If the sovereign is upgraded, the following factors could result
in an upward revision of the banks' BCAs: 1) a consistent
reduction in non-performing assets (non-performing loans, NPLs,
and foreclosed assets); 2) steady improvements in profitability
levels, as reflected by improvements in core earnings and
reductions in credit costs; and/or 3) higher levels of loss-
absorption capacity, as reflected by Tier 1 ratios above 12%.

The banks' BCAs could be lowered if: 1) aggressive organic
expansion or acquisitions result in a significant increase in
their risk profiles; and/or 2) the operating environment weakens
significantly, or underwriting practices loosen, resulting in a
steady increase in non-performing assets which erodes loss-
absorbing buffers; and/or 3) there is a material decline in the
banks' capital buffers, such that Tier 1 ratios fall below 10%.

LBP

The stable outlook on the sovereign's rating suggests that the
upside and downside risks are balanced. Nonetheless, an upgrade of
the latter would likely lead to an upgrade of the bank's deposit
ratings, assuming its credit metrics remain robust.

It is unlikely for LBP to be rated above the sovereign as Moody's
view the correlation of risk between the bank and the sovereign to
be high.

The following factors could result in an upward revision of LBP's
BCA: 1) a significant diversification of its funding sources,
reducing its reliance on government-related funding and exposure
to policy risks; and/or 2) improvements in the timeliness and
transparency of financial reporting; and/or 3) significant
reductions in credit risk concentrations in individual borrower
and industry groups.

The bank's BCA could be lowered if: 1) the operating environment
weakens significantly or underwriting practices become loose,
resulting in the non-performing loan ratio, NPL, exceeding 5%;
and/or 2) if NPLs rise without a corresponding increase in loan-
loss provisions; and/or 3) its capital buffer declines materially,
such that its Tier 1 capital ratio falls below 10%.

The ratings of the four banks are as listed below.

-- BDO Unibank, Inc

Bank Financial Strength Rating (BFSR) of C-, which is equivalent
to baa2 baseline credit assessment (BCA)

Local and foreign currency deposits rated Baa2/Prime-2

Foreign currency senior unsecured debt rated Baa2

All ratings have a stable outlook.

-- Bank of the Philippine Islands

BFSR of C-, which maps to a baa2 BCA

Local and foreign currency deposits rated Baa2/Prime-2

All ratings have a stable outlook.

-- Metropolitan Bank & Trust Company

BFSR of C-, which maps to a baa2 BCA

Local and foreign currency deposits rated Baa2/Prime-2

Local currency subordinated debt rated Baa3

Foreign currency preferred stock rated Ba2(hyb)

All ratings have a stable outlook.

-- Land Bank of the Philippines

BFSR of D-, which maps to a ba3 BCA

Local and foreign currency deposits rated Baa2/Prime-2

All ratings have a stable outlook.

The principal methodology used in these ratings was Global Banks
published in July 2014.

All four banks are headquartered in Manila and reported total
assets as follows.

BDO Unibank, Inc: PHP1,751 billion ($38.9 billion) as at 30 Sep
2014

Bank of the Philippine Islands: PHP1,296 billion ($28.8 billion)
as at 30 Sep 2014

Metropolitan Bank & Trust Company: PHP1 ,507 billion ($33.4
billion) as at 30 Sep 2014

Land Bank of the Philippines: PHP910.9 billion ($20.2 billion) as
at 30 Sep 2014

                             *********

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
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