TCRAP_Public/141216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, December 16, 2014, Vol. 17, No. 248


                            Headlines


A U S T R A L I A

CBD ENERGY: Second Creditors' Meeting Set For December 19
CBD ENERGY: NASDAQ Delisting Appeal Hearing Scheduled for Jan. 8
JONES GROUP: First Creditors' Meeting Set For Dec. 24
LIVIENDE INCORPORATED: Goes Into Voluntary Administration
PACIFIC INDUSTRIAL: Moody's Withdraws B2 Corporate Family Rating

QANTAS AIRWAYS: Reports Changes in Leadership as 2 Top Execs Exit
TIGER RESOURCES: S&P Affirms then Withdraws 'B-' ICR
TOWN AND COUNTRY: Clifton Hall Appointed as Liquidators
* AUSTRALIA: ANZ Offers Relief to Drought-Hit Farmers in Qld, NSW
* AUSTRALIA: ASIC Cancels Registrations Of 440 SMSF Auditors


C H I N A

CHINA: Sets Up Fund to Bail Out Troubled Trust Firms
GOLDEN WHEEL: Prop. RMB Notes Issue No Impact on Moody's B2 CFR
LDK SOLAR: Schemes of Arrangement Declared Effective Dec. 10
LDK SOLAR: Chinese Unit Has New Module Sales Agreement
SUNSHINE 100: Fitch Assigns 'B-' Rating to USD100MM Sr. Notes


I N D I A

AADI POLYMERS: CRISIL Assigns B Rating to INR145MM Proposed Loan
ARVEE LABORATORIES: CARE Assigns B Rating to INR9.60cr Bank Loan
BULANDSHAHR ROLLER: CARE Reaffirms B+ Rating on INR8cr Bank Loan
CHANDRMAULI MOTORS: CRISIL Cuts Rating on INR150MM Loan to B+
CORNISH ALUMINIUM: CRISIL Reaffirms D Rating on INR140M Term Loan

D M FABRICS: CRISIL Assigns B+ Rating to INR90MM Cash Credit
DEVRISHI FOODS: CARE Assigns B+ Rating to INR3cr LT Bank Loan
DIANA HEIGHTS: CRISIL Ups Rating on INR90MM Term Loan to 'C'
FREEZE EXIM: CRISIL Reaffirms B Rating on INR6MM LT Loan
GEE EMM: CRISIL Ups Rating on INR60MM Cash Credit to B+

HANUMANT CONSTRUCTION: CRISIL Reaffirms B Rating on INR190MM Loan
HIND HYDRAULICS: CRISIL Ups Rating on INR98.9MM Bank Loan to B
HINDUSTAN REFRIGERATION: CRISIL Reaffirms B+ INR110MM Loan Rating
INDUSTRIAL ENGINEERING: CRISIL Rates INR20MM Cash Credit at B+
JAY MULTTI: CRISIL Reaffirms B- Rating on INR42.4MM Bank Loan

KINGFISHER AIRLINES: Court Grants Provisional Bail to 2 Execs
MAA SUBHALA: CRISIL Reaffirms B- Rating on INR56.9MM Bank Loan
MAHALATSHMI EDUCATIONAL: CRISIL Rates INR110MM Term Loan at 'B'
MANOKAMANA AGRO: CRISIL Assigns B+ Rating to INR27.5MM Cash Loan
N. A. SHELAR: CRISIL Ups Rating on INR40MM Overdraft Loan to C

NATIONAL RICE: CRISIL Reaffirms B+ Rating on INR48.9MM Cash Loan
PARENTERAL DRUGS: CARE Cuts Rating on INR416.91cr Loan to 'D'
REGAL TRANSCORE: CRISIL Reaffirms D Rating on INR110MM LOC
REX CERAMIC: CRISIL Assigns 'B' Rating to INR60MM Term Loan
RIDHI SIDHI: CRISIL Puts B+ Ratings on Notice of Withdrawal

SHREE JAGDAMBA: CRISIL Rates INR70MM Cash Credit B-
SRI JAYA: CRISIL Assigns B Rating to INR195MM Long Term Loan
SUBAM PAPER: CRISIL Reaffirms B+ Rating on INR399MM Cash Credit
SUNPACK BARRIER: CRISIL Ups Rating on INR104.1MM Bank Loan to B+
SURAJ TUBES: CARE Reaffirms B+ Rating on INR19.02cr LT Bank Loan

UDASEE STAMPINGS: CRISIL Reaffirms D Rating on INR90MM LOC
V.R.N. ENTERPRISES: CRISIL Ups Rating on INR200MM Cash Loan to B+
VARRSANA ISPAT: CARE Revises Rating on INR244.96cr Loan to B+
VEDSIDHA PRODUCTS: CRISIL Reaffirms B+ Rating on INR195MM Loan
VIDEOCON TELECOM: CARE Assigns D Rating to INR3,300cr Bank Loan

VIMLESH PRASAD: CRISIL Reaffirms B+ Rating on INR20MM Bank Loan
WHITE PEARLS: CARE Reaffirms B Rating on INR15cr LT Bank Loan
WINTOUCH CERAMIC: CRISIL Assigns B Rating to INR125MM Bank Loan


I N D O N E S I A

GOLDEN AGRI-RESOURCES: Moody's Affirms Ba2 Corp. Family Rating


J A P A N

* S&P Takes Various Rating Actions on 9 Japanese Financial Groups


M O N G O L I A

KHAN BANK: Fitch Affirms 'B' Issuer Default Rating; Outlook Neg.


S O U T H  K O R E A

SK HYNIX: Moody's Upgrades Corporate Family Rating to Ba1


X X X X X X X X

* BOND PRICING: For the Week Dec. 8 to Dec. 12, 2014


                            - - - - -


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A U S T R A L I A
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CBD ENERGY: Second Creditors' Meeting Set For December 19
---------------------------------------------------------
Kirsten Robb at SmartCompany reports that CBD Energy Limited has
collapsed into voluntary administration, letting go a number of
staff, but administrators said proposals on the table to
recapitalise the business could offer the company a lifeline.

SmartCompany says CBD Energy is the latest in a long string of
solar companies to fold this year, with commentators labelling the
industry a "roller coaster" market.

A second meeting of creditors will be held on December 19, with
Grant Thornton Australia's Trevor Mark Pogroske and Said Jahani
acting as administrators, after being appointed on November 14,
according to the report.

Grant Thornton confirmed to SmartCompany the creditors will vote
on the potential bidders at this meeting, giving CBD a strong
opportunity to continue to operate.

An administrator's report seen by SmartCompany indicates
inadequate cash flow was the major reason for the collapse.

SmartCompany relates that administrators' comments also pointed to
issues of the ongoing trading losses of a number of subsidiaries,
high overhead cost base that was not adjusted down as revenues
declined, alleged misappropriation of funds by the former
executive director, poor management structure and a lack of
corporate governance principals.

CBD Energy's related companies, KI Solar, CBD Solar Labs and
Westinghouse Solar are also in administration, the report notes.

                 About CBD Energy Limited (CBDE)

Established in 1989, CBD Energy Limited --
http://www.cbdenergy.com-- is a diversified renewable energy
company and a global leader in solar installations.  CBDE is
focused on the integration of residential solar, commercial and
industrial solar, small utility scale solar and wind projects, in
three principal markets -- Australia, the United Kingdom and the
United States.  CBDE markets its residential and commercial solar
installations under the name Westinghouse Solar, using the
WESTINGHOUSE(R) trademark pursuant to an exclusive, long-term
worldwide license.

Headquartered in Sydney, with principal regional offices in London
and New York, CBDE has completed projects across four continents
in Australia, Fiji, Germany, Italy, New Zealand, Thailand, the
United Kingdom and the United States. CBDE has installed more than
17,000 residential systems and developed large renewable energy
projects such as the 107MW wind farm in Taralga, NSW.


CBD ENERGY: NASDAQ Delisting Appeal Hearing Scheduled for Jan. 8
----------------------------------------------------------------
CBD Energy Limited on Dec. 8 disclosed that it received a notice
letter from NASDAQ's Listing Qualifications Department stating
that, in light of the commencement of the voluntary administration
that was filed in Australia, unless the Company requests an appeal
of the determination described in the letter, trading of the
Company's common stock would be suspended and a filing would be
made by NASDAQ with the SEC to remove the Company's securities
from listing and registration on NASDAQ.

The Company has filed an appeal of the delisting determination.
The appeal and hearing request stays the suspension of the
Company's securities and the removal of the Company's securities
from listing and registration on NASDAQ pending the Hearing
Panel's decision.  The hearing is scheduled for January 8, 2015.

This determination of NASDAQ to issue the notice of delisting was
based on public interest concerns raised by the:

1) uncertainties regarding the viability and ongoing operational
and financial status of the Company in light of the appointment of
the Administrator;

2) likelihood that existing security holders will have little or
no equity interest in the Company upon conclusion of the
Administrator's work;

3) fact that, under Australian law, the Administrator is not
required to report to shareholders on the progress or outcome of
the VA and that shareholders do not have any opportunity to vote
on matters under the purview of the Administrator, including
management of the Company and disposition of assets; and

4) Company's ability to sustain compliance with all requirements
for continued listing on NASDAQ.

The continued listing criterion which the Company does not
currently meet is NASDAQ Listing Rule 5250(c)(1) -- the obligation
to timely file periodic financial reports with the SEC and, as a
result of the VA process.  As a Foreign Private Issuer, the
Company is required to file an Annual Report on Form 20-F with the
SEC within four months of the end of its fiscal year.

The Company has not yet filed its financial report for 2014 fiscal
year ended June 30, 2014, and Form 20-F.  Consequently, the
Company has been in violation of this requirement since November
1, 2014.

                 About CBD Energy Limited (CBDE)

Established in 1989, CBD Energy Limited --
http://www.cbdenergy.com-- is a diversified renewable energy
company and a global leader in solar installations.  CBDE is
focused on the integration of residential solar, commercial and
industrial solar, small utility scale solar and wind projects, in
three principal markets -- Australia, the United Kingdom and the
United States.  CBDE markets its residential and commercial solar
installations under the name Westinghouse Solar, using the
WESTINGHOUSE(R) trademark pursuant to an exclusive, long-term
worldwide license.

Headquartered in Sydney, with principal regional offices in London
and New York, CBDE has completed projects across four continents
in Australia, Fiji, Germany, Italy, New Zealand, Thailand, the
United Kingdom and the United States. CBDE has installed more than
17,000 residential systems and developed large renewable energy
projects such as the 107MW wind farm in Taralga, NSW.

Trevor Pogroske and Said Jahani of Grant Thornton Australia were
appointed as administrators of CBD Energy Limited, CBD Solar Labs
Pty Ltd, KI Solar Pty Ltd and Westinghouse Solar Pty Ltd on
Nov. 14, 2014.


JONES GROUP: First Creditors' Meeting Set For Dec. 24
-----------------------------------------------------
Jason G. Stone, Glenn J. Franklin and Petr Vrsecky of PKF Lawler
Melbourne on Dec. 12, 2014, were appointed as administrators of:

   - Jones the Grocer Stores Pty. Ltd.
   - Senselle Foods Distribution Pty. Ltd.
   - 3GS Holdings Pty. Ltd.
   - Jones Group Franchising Pty. Ltd.
   - Jones Group Holdings Pty. Ltd.
   - Jones the Grocer IP Pty. Ltd.

A first meeting for each of the Companies will be held at PKF
Lawler Melbourne, Level 13, 440 Collins Street, in Melbourne on
Dec. 24, 2014, at:

Jones the Grocer Stores Pty. Ltd. - meeting time 11.00 a.m.

Senselle Foods Distribution Pty. Ltd. - meeting time 9.30 a.m.

3GS Holdings Pty. Ltd. - meeting time 9.00 a.m. (concurrent
meeting)

Jones Group Franchising Pty. Ltd. - meeting time 9.00 a.m.
(concurrent meeting)

Jones Group Holdings Pty. Ltd. - meeting time 9.00 a.m.
(concurrent meeting)

Jones the Grocer IP Pty. Ltd. - meeting time 9.00 a.m. (concurrent
meeting)


LIVIENDE INCORPORATED: Goes Into Voluntary Administration
---------------------------------------------------------
abc.net.au reports that unions and the Tasmanian Government are
blaming each other for a disability support provider going into
voluntary administration.

Disability support provider Liviende Incorporated employs about 70
direct care workers, mostly in the north of the state, according
to abc.net.au.

The report notes that the Fair Work Commission dismissed an appeal
by Liviende against a finding that some staff were being paid the
wrong award rate.

The Health and Community Services Union state secretary Tim
Jacobson said Liviende has now gone into voluntary administration,
the report relates.

"The sad fact is that the State Government hadn't funded this
organisation to maintain its staffing structure in a way that it
could afford," the report quoted Mr. Jacobson as saying.

"And clearly, this is not a pay claim.  This is a claim that
relates to essentially a wrong classification that was applied to
the work of individuals," Mr. Jacobson added.

In a statement, a government spokeswoman said the situation is the
outcome of unions choosing higher pay over retaining jobs, the
report notes.

The spokeswoman said the Department of Health and Human Services
has a plan to make sure services continue and will work with the
administrator on transitional arrangements, the report adds.


PACIFIC INDUSTRIAL: Moody's Withdraws B2 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn the B2 Corporate Family
Rating on Pacific Industrial Services Bid Co Pty (PIS), for
business reasons.

Ratings Rationale

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


QANTAS AIRWAYS: Reports Changes in Leadership as 2 Top Execs Exit
-----------------------------------------------------------------
The Qantas Group has announced changes to its executive leadership
team as it continues its accelerated transformation program.

As a result of the new structure the current CEO of Qantas
International, Simon Hickey, and CEO of Qantas Domestic, Lyell
Strambi, have decided to leave the Qantas Group.

Under the leadership of Qantas Group CEO Alan Joyce, the revised
executive team will consist of:

* Andrew David - CEO of Qantas Domestic (currently Chief
Operating Officer for Qantas Airways)

* Gareth Evans, CEO of Qantas International and Freight
(currently CFO for the Qantas Group).

* John Gissing - Group Executive Associated Airlines & Services
(currently CEO for QantasLink, will now report to the Group CEO)

* Robert Marcolina, Group Executive Strategy, Transformation & IT
(currently Executive Manager, Group Strategy; this expanded role
will now report to the Group CEO)

* Tino La Spina, Group Chief Financial Officer, Qantas Group
(currently Deputy CFO for the Qantas Group).

The following roles on the Executive Team remain unchanged:

* Andrew Finch - General Counsel and Company Secretary

* Lesley Grant - CEO, Qantas Loyalty

* Jayne Hrdlicka - CEO, Jetstar

* Andrew Parker - Group Executive, Government and International
Affairs

* Jon Scriven - Group Executive, People and Office of the CEO

* Olivia Wirth - Group Executive Brand, Marketing and Corporate
Affairs

"This represents a flatter structure for the broader Qantas Group
executive team, with the positions of Deputy CFO, QantasLink CEO
and Qantas Airways Chief Operating Officer not being replaced,"
Qantas said.

Transition to the new structure will begin in the New Year, with
changes finalised by March 2015. The last major restructure of the
Qantas Executive Committee was in May 2012.

Announcing the changes, Alan Joyce recognised the contribution
made by Lyell Strambi and Simon Hickey.

"In a number of roles at Qantas, but especially as the CEOs of our
domestic and international airlines, Lyell and Simon have helped
build a stronger Qantas. I would like to thank them for their
tremendous contribution and wish them well for the future," said
Mr Joyce.

"Simon has been with Qantas for 10 years in a number of senior
roles including the CEO of Qantas Frequent Flyer where he also
oversaw the substantial growth of that business. More recently
Simon has been the CEO of Qantas International, which has seen a
significant turnaround under his leadership.

"Lyell has been a key member of the executive team at Qantas over
the past six years, most recently as the CEO of Qantas Domestic.
This business has faced tough a tough market environment however
has risen above the competition to emerge as a stronger and leaner
business, with significant improvements to its customer service
and cost base.

"In the 12 months since we announced our accelerated
transformation program, we have made excellent progress. But there
is still a lot of work to build the foundation for a stronger,
more sustainable and more successful Qantas.

"This new executive team will lead this work forward to deliver
for our customers, shareholders and employees according to the
strategy we have laid out," said Mr Joyce.

Simon Hickey said he felt privileged to have worked with a
dedicated and passionate team of people at Qantas, however it was
the right time to explore new opportunities.

"During my time at Qantas, I am most proud of working with great
teams to refocus the Loyalty business; restructuring Qantas
Freight into the largest independent air freight business in
Australia; and of course helping drive the turnaround in Qantas
International. This has included improving customer satisfaction,
overhauling the network and improving our alliances, while
reducing the cost base.

Lyell Strambi said that given what had already been achieved in
Qantas Domestic, he believed now was the right time for him to
look for new challenges outside the aviation industry.

"I've spent over 30 years in aviation, including the last six with
the Qantas Group. The past few years have been particularly
challenging for our domestic business, but thanks to the
contribution of the entire Domestic team, we've emerged stronger
with an improved customer experience and a leaner operation. I'm
proud of the progress made and have no doubt Qantas can keep
improving into the future, ensuring the airline remains this
country's first choice for business travellers."

Background on executives moving into new roles:

Gareth Evans has been a senior executive at Qantas for 15 years
and brings experience from previous roles that spanned network,
pricing, scheduling and operations. Using his airline and finance
background, and building on the key role he has played in the
transformation of the Group as a whole, Gareth will be focused on
completing the turnaround of Qantas International.

Andrew David brings more than 20 years' aviation experience to his
new role as CEO Qantas Domestic. Prior to joining the Qantas Group
in 2013, Andrew served in senior operational roles for airlines in
Australia and New Zealand. Andrew is currently the Chief Operating
Officer for Qantas and from March 2015 will be responsible for the
ongoing transformation of the Qantas Domestic business.

Tino La Spina has been the Deputy CFO for the Qantas Group since
2009, responsible for Group Finance, Procurement, Fleet Planning,
Taxation and Insurance. Tino has also held the position of the CFO
and Head of Commercial for Qantas Loyalty. Tino has over two
decades of experience in the transport sector.

John Gissing has held senior management roles in a number of
airlines, including over the past 12 years with the Qantas Group.
A qualified pilot, his experience includes several safety and
senior flight operations roles for both Qantas and Jetstar. This
new role will be responsible for QantasLink, Network Aviation and
Jetconnect, as well as safety and workforce planning and Qantas
Ground Services.

Rob Marcolina will be taking on an expanded role as Group
Executive, Strategy, Transformation and IT. Rob has been with
Qantas since 2012 as the Executive Manager of Group Strategy and
prior to that worked for Bain & Company in the US and Australia.

                      About Qantas Airways

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training , catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 1, 2014, Moody's Investors Service said Qantas Airways
Limited's full year results to June 30, 2014 are credit negative
but have no immediate impact on its Ba1 corporate family rating,
Ba2 senior unsecured long term rating or non-prime (NP) short term
rating. The outlook on the ratings remains negative.

The TCR-AP reported on Jan. 27, 2014, that Standard & Poor's
Ratings Services affirmed its 'BB+' long-term issue rating on
Qantas Airways Ltd.'s senior unsecured debt, in line with the
corporate credit rating.  At the same time, S&P assigned a
recovery rating of'3', indicating its expectation of meaningful
(50%-70%) recovery for creditors in the event of a payment
default.  S&P has also removed the senior unsecured debt from
CreditWatch with negative implications, where it was placed on
Dec. 5, 2013.


TIGER RESOURCES: S&P Affirms then Withdraws 'B-' ICR
----------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed and
subsequently withdrawn its 'B-' issuer credit rating on Australia-
based copper producer Tiger Resources Ltd. -- which operates in
the Democratic Republic of Congo -- at the issuer's request.  S&P
also withdrew its 'B-' issue rating on Tiger Resources' proposed
senior secured debt.

The issuer has elected to investigate alternative financing
arrangements.  At the same time, as the company has no current
intentions to issue the proposed US$250 million senior secured
notes, hence S&P's withdrawing of the issue rating on the proposed
senior secured debt.

The withdrawals follow Tiger Resources' announcement on Dec. 8,
2014 that it is reviewing term sheets for long-term financing
arrangements, which will include the refinancing of its October
2015 debt maturity.  The company also announced that it will re-
evaluate the development timeline for the Kipoi Phase 2 expansion
once completes the refinancing.  At the time of the rating
withdrawal, S&P believes that the credit quality of Tiger
Resources remains at 'B-'.


TOWN AND COUNTRY: Clifton Hall Appointed as Liquidators
-------------------------------------------------------
Mark Hall of Clifton Hall was appointed Official Liquidator of
Town and Country Asset Services Pty Ltd on Dec. 10, 2014, by Order
of the Federal Court of Australia.


* AUSTRALIA: ANZ Offers Relief to Drought-Hit Farmers in Qld, NSW
-----------------------------------------------------------------
Reuters reports that Australia and New Zealand Banking Group on
December 11 announced measures to ease financial burden on
drought-hit farmers in Queensland and New South Wales states,
bowing to government pressure to stop farm foreclosures.

According to Reuters, the Australian newspaper reported that
Federal Agriculture Minister Barnaby Joyce issued an ultimatum to
the country's major banks, telling them to stop throwing drought-
stricken farmers off their properties or risk government
intervention.

Most of the country has seen below average levels of rainfall over
the last two years, data from the Australian Bureau of Meteorology
shows, with the eastern states of Queensland and
New South Wales particularly hard hit, Reuters notes.

Reuters relates that the drought has forced record slaughtering of
cattle and is likely to hit production of wheat, cotton and
canola, while output of summer crops such as sorghum, hay and corn
is set to fall to five-year low.

Reuters says ANZ's package includes a moratorium on new farm
repossessions until December 2015, a 12-month commitment to not
raise rates on distressed farms and interest rate relief in cases
of extreme distress.  It also includes financial aid to support
farmers choosing to relocate off the land, the report states.

"While taking possession of a farm is always the last option after
all other avenues have been exhausted, we feel it's prudent to
take a pause on any new action," ANZ CEO Australia Philip
Chronican said in a statement cited by Reuters. "While we don't
know when this drought is going to break, we do know that many
farming families have the capacity to be successful again in
normal conditions," Mr. Chronican added.

Reuters adds that Barry O'Sullivan, a senator from Joyce's rural
based National Party, said he was seeking parliamentary support
for legislation that will stop major rural lenders from enforcing
penalty interest rates and foreclosing on drought-hit farmers.

"Some people across the bush (outback) are on their knees due to
the worst drought in a century and the banks continue to kick
these people when they are already down," Reuters quotes
Senator O'Sullivan as saying.

ANZ, Australia's third biggest bank by market value, has lent
AUD30 billion ($25 billion) to the rural, fishing and forestry
sector across the country, of which 2.5 percent was seen as under
"financial stress" as of mid-September, Reuters discloses.


* AUSTRALIA: ASIC Cancels Registrations Of 440 SMSF Auditors
------------------------------------------------------------
The Australian Securities and Investment Commission has cancelled
the registration of 440 Self-managed superannuation fund (SMSF)
auditors who did not undertake or pass a competency exam necessary
to retain their registration.

ASIC has also disqualified two SMSF auditors whose application for
registration had overstated the number of SMSF audit reports
issued by them in the preceding 12 months, thereby avoiding the
requirement to sit the competency exam.

Of the 440 auditors whose registration was cancelled, 373 did not
attempt the exam and 67 did not pass the exam.

Auditors were given up to two attempts to pass the exam and ASIC
extended the period to pass the exam to Aug. 31, 2014.

Commissioner Greg Tanzer said, 'As the SMSF sector continues to
grow in popularity with Australian investors, it is critical that
SMSF auditors play their key gatekeeping role. ASIC will continue
to administer the registration process to assure Australians that
SMSF auditors at least meet base standards of competency and
expertise'.

SMSF auditors who have had their registrations cancelled can re-
apply for registration if they have passed the competency exam in
no more than two attempts over the preceding 12 months. ASIC
Regulatory Guide 243 Registration of self-managed superannuation
fund auditors contains more information on how to apply to be an
SMSF auditor.

ASIC and the Australian Taxation Office (ATO) work closely
together as co-regulators of SMSF auditors. The ATO monitors SMSF
auditor conduct and may refer matters to ASIC for possible
disqualification or suspension of their registration.

SMSF trustees/ members can check whether their auditor is
registered by searching ASIC's SMSF auditor register at
connectonline.asic.gov.au.

If a member/trustee is concerned that their SMSF auditor is not
registered, they can report this to ASIC through its website at
www.asic.gov.au.

From July 1, 2013, the Superannuation Industry (Supervision) Act
1993 (the Act) required all auditors of SMSFs to be registered
with ASIC.  The objective was to ensure that all SMSF auditors met
minimum competency requirements.

New SMSF auditors are required to pass a competency exam in order
to be registered.  However, SMSF auditors who applied to be
registered before July 1, 2013 and were a registered company
auditor or had audited 20 or more SMSFs in the preceding 12 months
were not required to sit the competency exam.

ASIC approved 7,038 of the SMSF auditor registration applications
received before July 1, 2013 with 1,421 of these being registered
on the condition that they pass the exam by July 1, 2014. The SMSF
auditors with an exam condition had audited less than 20 SMSFs in
the 12 months prior to their application and were not registered
company auditors.



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C H I N A
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CHINA: Sets Up Fund to Bail Out Troubled Trust Firms
----------------------------------------------------
Grace Zhu at The Wall Street Journal reports that China has set up
a fund to bail out trust firms that run into trouble, putting a
safety net under a major portion of the country's fast-growing
shadow-banking sector, which has played a big role in financing
riskier areas of the economy.

The Journal relates that the creation of the fund was announced by
the China Banking Regulatory Commission and the Ministry of
Finance on December 12, on the heels of an insurance program that
will soon provide protection for bank deposits.

According to the Journal, the regulators didn't say how big the
trust fund would be but they said that all trust firms would be
assessed a fee, and that rules governing the fund were now in
effect. An independent company would be formed to collect the fees
and manage the fund, the Journal says.

"Risks in the trust sector have emerged and they have been rising
since the second half of 2013," the banking regulator said in a
separate statement on its website, the Journal relays. It also
said that slower economic growth, coupled with overcapacity
problems in several key industries and a property slump, have
contributed to the rising risk, the Journal relates.

The Journal notes that China's trust firms have expanded rapidly
in recent years by taking money from investors and lending it out
to small, private firms that typically have limited access to bank
credit. The loans have become a key source of funding for such
firms, albeit at higher interest rates than on bank loans, says
the Journal.

China's trust assets reached CNY12.95 trillion ($2.09 trillion) at
the end of September, up 18.7% from the end of last year, the
report discloses.
According to the report, regulators have been increasingly wary of
the mounting risks from loans in the trust sector and have warned
of the potential for bad debt.

The Journal states that over the past two years, regulators have
rolled out a number of regulations curbing business in the trust
sector, following several high-profile defaults on trust loans.

Under the rules announced on December 12, trust firms must
contribute 1% of their net assets to the fund and the payment will
be adjusted annually based on the previous year's assets. They
also need to make additional contributions to the fund when they
issue new trust products, the Journal notes.

Trust companies can tap into the fund when they have a liquidity
shortage, enter bankruptcy proceedings, or are shut down by
regulators, the statement, as cited by the Journal, said.

"The new rules will limit risks within the trust sector," the
Journal quotes Yin Xingmin, a trust expert and professor at Fudan
University in Shanghai, as saying. "It will prevent local
governments and state companies from providing a 'cast iron'
guarantee for trust products that are unable to repay investors."

The People's Bank of China announced a plan last month to insure
deposits in the banking system, which have had no explicit
protection but were assumed to have the backing of the state, the
report recalls. Depositors at the nation's banks will have
insurance coverage for up to CNY500,000, in a move that the
central bank said would cover 99.7% of all depositors.


GOLDEN WHEEL: Prop. RMB Notes Issue No Impact on Moody's B2 CFR
---------------------------------------------------------------
Moody's Investors Service says that if Golden Wheel Tiandi
Holdings Company Limited's proposed issue of RMB senior unsecured
notes goes ahead, the issuance will not affect the company's B2
corporate family and B2 senior unsecured debt ratings, or the
stable ratings outlook.

The proceeds of the notes will be used to fund the development of
property projects, refinance existing indebtedness and for general
corporate purposes.

"The proposed notes will improve Golden Wheel's liquidity position
and debt maturity profile," says Gerwin Ho, a Moody's Vice
President and Senior Analyst.

Moody's estimates that Golden Wheel's cash holdings, proceeds from
the proposed bond issuance and projected operating cash flows will
fully support its committed land payments, repayment of maturing
debt and dividend payments over the next 12 months.

The additional liquidity from the notes is important for small
scale developers like Golden Wheel, when the property market is
weak and developers take longer to sell their inventories.

Golden Wheel's B2 ratings reflect its good track record in
developing diverse property projects in Nanjing, including
commercial properties.

The B2 ratings are also supported by the recurring rental income
from its investment properties.

Golden Wheel exhibits a track record of prudent financial
management, as reflected by its low debt leverage
(debt/capitalization) of 34.6% at 31 December 2013.

It has cautiously expanded its operations in the past, and its
debt leverage is low relative to other B-rated Chinese developers.

However, its B2 ratings are constrained by its small operating
scale and geographic concentration. Golden Wheel's limited number
of development projects could result in cash flow concentration
risk and sales performance volatility.

Moody's expects Golden Wheel's EBITDA/interest to reach 1.0x-1.5x
over the next 12 months, due to slower revenue recognition. This
result is down from 2.9x in the 12 months to 30 June 2014.

Nevertheless, the weaker interest coverage still positions the
company in the single B rating range, due to the mitigating effect
of Golden Wheel's stable rental income.

Moody's expects Golden Wheel to receive gross rental income of
around RMB150 million in 2015. Its rental income is expected to
grow over the next few years, as the company opens a new shopping
mall in second half of 2014 and grows leasing and operational
management business in metro stations in Suzhou and Wuxi.

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

Golden Wheel Holdings Company Limited is an integrated commercial
and residential property developer, owner and operator, focusing
on developing projects in Jiangsu and Hunan provinces. Its
projects are either physically connected or close to metro
stations or other transportation hubs.

It also engages in the leasing and operational management of
shopping malls owned by third parties.

At 30 June 2014, the company's land bank totaled 891,923 sqm in
gross floor area (GFA), located in Nanjing, Yangzhou, Changsha and
Zhuzhou, and including investment properties of 194,109 sqm in
GFA.


LDK SOLAR: Schemes of Arrangement Declared Effective Dec. 10
------------------------------------------------------------
LDK Solar CO., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, said on Dec. 10 that the Cayman
Islands schemes of arrangement in respect of LDK Solar and LDK
Silicon & Chemical Technology Co., Ltd. ("LDK Silicon") and the
Hong Kong schemes of arrangement in respect of LDK Solar, LDK
Silicon and LDK Silicon Holding Co., Limited (the "Schemes")
became effective as of that day. The Cayman Islands schemes of
arrangement were previously sanctioned by the Grand Court of the
Cayman Islands (the "Cayman Court"), and the Hong Kong schemes of
arrangement were previously sanctioned by the High Court of Hong
Kong.

LDK Solar and the JPLs also confirm that pursuant to an order of
the Cayman Court dated December 10, 2014, the powers of the JPLs
were suspended (except for certain residual powers required to
finalize the provisional liquidation) and the powers of the
directors of LDK Solar were restored. With effect from December
10, 2014, the directors may exercise all their powers as such,
subject to the powers granted to the scheme supervisors in respect
of the Schemes.

Pursuant to the terms of the Schemes, the consummation of the
restructuring transactions as contemplated in the Schemes will
occur on December 17, 2014.

                        About LDK Solar

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

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

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

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

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

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

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


LDK SOLAR: Chinese Unit Has New Module Sales Agreement
------------------------------------------------------
LDK Solar CO., Ltd. in provisional liquidation said its Chinese
subsidiary, LDK Solar Hi-Tech (Nanchang) Co., Ltd., has signed a
new module supply agreement with Ningxia Hui Autonomous Region
Electric Power Design Institute, a leading EPC company in China
and owned by Power Construction Corporation of China. Under the
terms of the agreement, LDK Solar Nanchang will provide modules
totaling 30.6 megawatts for a solar project in Ningxia with
shipments commencing immediately.

"We are pleased to enter into this new agreement with Ningxia Hui
Autonomous Region Electric Power Design Institute," stated Xingxue
Tong, Interim Chairman, President and CEO of LDK Solar.
"With this solar project in Ningxia, we reiterate our commitment
to our customers in the China domestic market and in the
international markets," concluded Mr. Tong.

                        About LDK Solar

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

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

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

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

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

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

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


SUNSHINE 100: Fitch Assigns 'B-' Rating to USD100MM Sr. Notes
-------------------------------------------------------------
Fitch Ratings has assigned Sunshine 100 China Holdings Ltd's
(Sunshine) USD100m 12.75% senior unsecured notes due 2017 a final
rating of 'B-', and Recovery Rating of 'RR4'.  The assignment of
the final rating follows the receipt of documents conforming to
information already received and the final rating is in line with
the expected rating assigned on Dec. 10, 2014.

The notes are issued as a tap to the USD115m 12.75% notes due 2017
issued in October 2014 (together the notes form a single class
with total amount of USD215m).  The notes are rated at the same
level as Sunshine's senior unsecured rating as they represent
direct, unconditional, unsecured and unsubordinated obligations of
the company.

Sunshine's ratings are supported by its adequate land bank, low
land bank cost and improving land bank values in second- and
third-tier cities after years of city development.  The ratings
are constrained by its high leverage level, low turnover rate,
tight liquidity and higher volatility in commercial property
strata-title sales as the company shifts gradually towards
developing "street-community type" projects.

KEY RATING DRIVERS

Increasing Commercial Property Sales: Sunshine had about 85% of
its contracted sales from residential property in 2011-2013, but
it plans to increase sales of commercial property in street-
community type projects.  These projects, which mainly target
investors, are located at large residential communities or near
city-centres with cultural or tourism themes.  As the average
selling price (ASP) of commercial property is much higher than
residential units, the profit margin is higher.  However, Sunshine
may face higher volatility in demand.  Fitch believes many of the
buyers are speculators, who focus on price appreciation rather
than rental yields of the shops.  Although Sunshine completed its
first street-community project in Yangshuo in 2004, it did not
actively expand this product line later on.  Sunshine has yet to
establish a track record that proves this business model would be
successful.

Consistently High Leverage: Sunshine has high leverage compared
with similarly rated peers.  Its leverage, measured by net debt
divided by adjusted inventory, was consistently above 60% in 2010-
2013.  Although Sunshine made limited land purchases in the past
few years, its inventory turnover slowed, which led to negative
operating cash flows for most of the time.  Hefty interest
expenses due to rising debt further drained Sunshine's cash. As a
result, Sunshine's net debt level is much higher than its peers'.

Slow Turnover Rate: Sunshine's ratings are constrained by its slow
inventory turnover.  The company's turnover rate, measured by
contracted sales divided by gross debt, stayed at 0.4x-0.5x in
2011-2013.  This is very low compared with most of its 'B'-rated
peers, which had turnover of over 1.0x.  Many of Sunshine's
projects are sizable with GFA of 500,000 sqm or above and were
acquired a number of years ago.  Sunshine has no urgency to
offload them quickly since the land cost is low.  The slow
turnover did not translate into high gross profit margin, which
remained at around 30% in the past three years.

Improving Land Bank Values: Over half of Sunshine's projects in
terms of GFA are in third-tier cities.  Some of the projects in
Sunshine's land bank were acquired more than five years ago when
the land parcels were located in suburban areas.  As the cities
grew over time, the surroundings of these projects have developed
and hence land values have improved.  For example, the place in
which Sunshine's Chongqing project is situated has become a
medium- to high-end residential area facing the new CBD area at
the intersection of Changjiang River and Jialing River.
Sunshine's projects in Yantai and Liuzhou, which are third-tier
cities, are also located near city centres now.

Adequate Land Bank: Sunshine had an adequate land bank of 11.1
million sqm in over 20 projects at end-June 2014, enough for more
than 10 years of sales based on 2013's contracted sales GFA.
Sunshine's projects are in second- and third-tier cities in the
Bohai Rim and Midwest region in China.  It benefits from low
average land cost of CNY734/sqm, which was 10% of its ASP in 2013.
It has no urgent need to replenish its land bank at the much
higher current market prices.

Tight Liquidity for Refinancing: Sunshine's freely available cash
and restricted cash pledged for loans was CNY1.5bn at end-June
2014.  This is less than the short-term debt of CNY5.6bn.
Sunshine has to rely on lenders rolling over the expiring debt or
using its contracted sales proceeds to pay off the debt.  Sunshine
also has high exposure to non-bank funding (66% of total debt at
end-June 2014), which includes trust loans, loans from asset
management companies and loans from third parties.  Fitch expects
the proportion of non-bank funding to drop to 50% after Sunshine
utilises half of the bond proceeds to refinance its existing debt.

RATING SENSITIVITIES

Positive: Future developments that may collectively lead to
positive rating actions include:

   -- Net debt/adjusted inventory sustained below 55% (end-June
      2014: 62%); and

   -- EBITDA margin sustained above 15% (2013: 19%); and

   -- Contracted sales/total debt sustained above 0.8x (2013:
      0.4x); and

   -- Contracted sales sustained above CNY7.5bn (2013: CNY5.4bn).

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

   -- A deterioration in Sunshine's liquidity position, for
      example, failure to refinance bank borrowings.



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


AADI POLYMERS: CRISIL Assigns B Rating to INR145MM Proposed Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISL A4' ratings to the
bank facilities of Aadi Polymers Pvt Ltd (APPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term      145         CRISIL B/Stable
   Bank Loan Facility
   Cash Credit              35         CRISIL B/Stable
   Letter of Credit         10         CRISIL A4

The ratings reflect the company's modest scale of operations and
low profitability in the foam industry. The ratings also factor in
the expected weakening in APPL's financial risk profile on account
of its planned debt-funded capital expenditure (capex) over the
medium term. These rating weaknesses are partially offset by the
benefits that the company derives from the extensive experience of
its promoters in the industry.

Outlook: Stable

CRISIL believes that APPL will continue to benefit over the medium
term from its promoters' extensive industry experience. However,
its financial risk profile may remain constrained by the planned
debt-funded capex. The outlook may be revised to 'Positive' if
significant improvement in scale of operations and profitability,
and timely fund infusions to help debt servicing, lead to a
stronger liquidity and financial risk profile for APPL.
Conversely, the outlook may be revised to 'Negative' if low
revenue growth and/or profitability, or lack of timely funding
support to service debt lead to pressure on its liquidity.

Incorporated as a private limited company in 2009, APPL is managed
by its directors Mr. Lokesh Jain and Mr. Manoj Jain. The company
manufactures foam at its manufacturing facility at Sikandrabad,
Uttar Pradesh.

APPL made a profit after tax (PAT) of INR1.4 million on an
operating income of INR269.0 million for 2013-14, against a PAT of
INR1.3 million on an operating income of INR202.3 million for
2012-13.


ARVEE LABORATORIES: CARE Assigns B Rating to INR9.60cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Arvee
Laboratories India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    9.60        'CARE B' Assigned

Rating Rationale

The rating assigned to the bank facilities of Arvee Laboratories
India Private Limited (ALIPL) is primarily constrained by its
modest scale of operations with short track record in specialty
chemical manufacturing with moderate liquidity position, moderate
profit margins, highly leveraged capital structure and weak debt
coverage indicators. The rating is further constrained on account
of project implementation risk and foreign exchange fluctuation
risk.  The rating, however, derives strength from the experienced
promoters, established customer base and moderate order book
position.

Timely completion of project while achieving envisaged scale of
operations along with improvement in the solvency position are the
key rating sensitivities.

Incorporated in 2012, Arvee Laboratories India Pvt. Ltd. is
engaged in the manufacturing of specialty chemicals like T2AC
(Trichloro Acetyl Chloride), T2A (Triacetone Monoamine) and DMS
Salt like Li SIPA (sulfoisophthalic acid monlithium salt) at its
facility at Bhavnagar, Gujarat. These products find application in
textiles and pharmaceuticals sectors.

ALIPL was setup by acquiring the assets of Skylink Chemical Pvt.
Ltd. which was a sick unit and was engaged in similar operations.
After renovation of plant and machinery, it began its operations
in 2012. Further, ALIPL had taken up the project of up gradation
of its facilities in FY13-FY14 and incurred total capital
expenditure of INR13 crore for the same.

As per provisional results for FY14, ALIPL reported TOI of
INR11.80 crore (FY13: TOI of INR3.56crore) and PAT of INR0.22
crore (FY13: PAT of INR0.04 crore).


BULANDSHAHR ROLLER: CARE Reaffirms B+ Rating on INR8cr Bank Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Bulandshahr Roller Flour Mill Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       8        CARE B+ Reaffirmed

Rating Rationale

The rating continues to be constrained by the weak financial risk
profile of Bulandshahr Roller Flour Mills Private Limited (BRFM)
characterized by the small scale of operations coupled with low
profitability margins, leveraged capital structure and weak
coverage indicators. The rating is further constrained by its
presence in a highly competitive and fragmented agro-processing
business and susceptibility of its margins to fluctuation in raw
material prices.

The rating, however, continues to favourably factor in the
experience of the promoters in the wheat processing business
and moderate operating cycle.

Going forward, the ability of the company to increase its scale of
operation while improving its profitability margins and capital
structure shall be the key rating sensitivities.

Bulandshahr Roller Flour Mills Private Limited (BRFM) was
incorporated in 1997 as a private limited company by Mr Dinesh
Goel, Mr Mohit Goel and Ms Usha Goel. BRFM is engaged in the
processing and trading of wheat, refined flour (maida), suji,
wheat flour and cattle feed. The company commenced commercial
operations in June 1999. BRFM has its manufacturing facility
located at Bulandshahr, Uttar Pradesh, with an installed capacity
of 40,150 metric tons per annum (MTPA) of wheat and 22,550 MTPA of
cattle feed as on March 31, 2014.

BRFM has reported a net profit of INR0.11 crore on a total
operating income of INR28.41 crore during FY14 (refers to the
period April 1 to March 31). During FY15, the company achieved
total income of INR14 crore till September 30, 2014.


CHANDRMAULI MOTORS: CRISIL Cuts Rating on INR150MM Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Chandrmauli Motors Pvt Ltd (CMPL) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             55        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Inventory Funding      150        CRISIL B+/Stable (Downgraded
   Facility                          from 'CRISIL BB-/Stable')

   Term Loan               15        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects continued pressure on CMPL's
business, following decline in the demand for small commercial
vehicles (SCVs) and intermediate commercial vehicles (ICVs)
manufactured by the principal, Tata Motors Ltd (TML; rated 'CRISIL
AA/Stable/CRISIL A1+'). The effect is reflected in the company's
2013-14 (refers to financial year, April 1 to March 31)
performance: CMPL's revenue declined by over 45 per cent and it
registered significantly lower cash accruals. The decline in the
company's revenue is likely to continue in 2014-15, thereby
constraining its liquidity and resulting in weakening in its
financial risk profile. CRISIL expects that the company's cash
accruals are expected to be tightly matched against its debt
repayment obligations of INR2.9 million in 2014-15.

The ratings continue to reflect CMPL's modest financial risk
profile marked by a small net worth and high gearing; and the
company's exposure to intense competition. These rating weaknesses
are partially offset by the extensive experience of CMPL's
promoters in the automobile dealership business.

Outlook: Stable

CRISIL believes that CMPL will continue to benefit over the medium
term from its authorised dealership for TML's SCVs and ICVs in
Rajasthan. The outlook may be revised to 'Positive' if CMPL
improves its financial risk profile because of sizeable revenue or
profitability, or enhanced capital structure. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile, particularly its liquidity, deteriorates further;
because of significantly low revenue or profitability or
substantial debt-funded capital expenditure.

CMPL, established by Mr. Pramod Gupta in 2008, is an authorised
dealer of TML's SCVs and ICVs. CMPL operates six showrooms in
Alwar and Bharatpur, both in Rajasthan.

CMPL, on a provisional basis, registered a profit after tax (PAT)
of INR1.20 million on net sales of INR593 million in 2013-14; as
compared to a PAT of INR14.4 million on net sales of INR1.11
billion for 2012-13.


CORNISH ALUMINIUM: CRISIL Reaffirms D Rating on INR140M Term Loan
-----------------------------------------------------------------
CRISIL's rating on bank facilities of Cornish Aluminium Private
Limited (CAPL) continues to reflect instances of delay by CAPL in
servicing its term debt obligations because of its weak liquidity.

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan               140           CRISIL D (Reaffirmed)

The rating also reflects CAPL's small and working capital
intensive nature of operations and weak financial risk profile.
These rating weaknesses are partially offset by its promoter's
extensive experience in the industry.

CRISIL had assigned its 'CRISIL D' rating to the bank facilities
of Cornish Aluminium Private Limited (CAPL) on November 25, 2014.
About the Firm

CAPL was started in 2010 by Mr. Sunil Pathak. CAPL is a Delhi
based company and is into renting of iron scaffoldings.


D M FABRICS: CRISIL Assigns B+ Rating to INR90MM Cash Credit
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of D M Fabrics Private Limited (DMFPL) and has
assigned its 'CRISIL B+/Stable' rating to these facilities. CRISIL
had earlier, on Sept 18, 2014, suspended the rating as DMFPL did
not provide the requisite information to conduct a rating review.
DMFPL has now shared the necessary information, thereby enabling
CRISIL to assign a rating to the bank facilities.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              90        CRISIL B+/Stable (Assigned;
                                      Suspension revoked)

The rating reflects DMFPL's weak financial risk profile, marked by
small net worth, moderate total outside liabilities to tangible
networth ratio, and weak debt protection metrics, and working
capital intensive operations. These rating weaknesses are
partially mitigated by the established track record of DMFPL's
promoters in the saree trading business.

Outlook: Stable

CRISIL believes that DMFPL will continue to benefit from the
extensive industry experience of its promoters, over the medium
term. The outlook may be revised to 'Positive' if DMFPL's scale of
operations increases substantially along with improvement in
operating profitability and sustained working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in liquidity profile owing to any further stretch in
working capital cycle and lower than expected cash accruals due to
dip in profitability or turnover.

Set up in 1996 by Mr. B N Agarwal, DMFPL trades in printed cotton
sarees. Based in Kolkata (West Bengal), DMFPL purchases sarees
from Mumbai (Maharashtra) and Surat (Gujarat). The company has
about 50 wholesalers as its customers across West Bengal, Bihar,
Orissa, etc

DMFPL reported a profit after tax (PAT) of INR3.3 million on net
sales of INR430 million for 2013-14, as against a PAT of INR3.3
million on net sales of INR458 million for 2012-13.


DEVRISHI FOODS: CARE Assigns B+ Rating to INR3cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Devrishi Foods Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     3.00       CARE B+ Assigned
   Short-term Bank Facilities    3.40       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Devrishi Foods
Private Limited (DFP) are primarily constrained by its small
scale of operations with low net worth base, weak financial risk
profile marked by low profitability margins, leveraged capital
structure and weak debt service coverage indicators. The ratings
are further constrained by working capital intensive nature of
operations and DFP's presence in a highly fragmented industry
characterized by intense competition.  The ratings, however,
derive comfort from experience of the promoters in the trading
industry and growing scale of operations.

Going forward, the ability of the company to increase its scale of
operations along with improvement in the profitability margins as
well as capital structure with efficient working capital
management would be the key rating sensitivities.

New Delhi-based Devrishi Foods Private Limited (DFP) was
incorporated in 2005 and is currently being managed by Mr
Vipin Jain and Mr Nikhil Jain. The company is engaged in the
trading of rice (basmati and non-basmati) as well as pulses
like red gram, chick peas, horse gram, etc. The storage facility
of the company is located in New Delhi. DFP sells the rice
under the brand name of "Krishidham" to wholesalers located in
Delhi and also exports to United Arab Emirates. Pulses are also
sold under the same brand name directly to wholesalers and
retailers located in Delhi. The company procures the rice and
pulses directly from millers and manufacturers domestically.
Pulses are also imported from Kenya, China and Uzbekistan.

DFP reported a PAT of INR0.03 crore on a total operating income of
INR17.15 crore in FY14 (refers to the period April 1 to
March 31) as against PAT of INR0.03 crore on a total operating
income of INR15.31 crore in FY13.


DIANA HEIGHTS: CRISIL Ups Rating on INR90MM Term Loan to 'C'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan facility
of Diana Heights (DH) to 'CRISIL C' from 'CRISIL D'.

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan                90           CRISIL C (Upgraded from
                                         'CRISIL D')

The rating upgrade reflects DH's timely servicing of its term
loans driven by improved liquidity because of substantial
unsecured loans from its promoters. Though the firm's cash
accruals are expected to be insufficient to meet its term loan
repayment obligations over the medium term, CRISIL believes that
DH will continue to benefit from its promoters' funding support.

The rating reflects DH's exposure to risks arising from cyclical
demand inherent in the hospitality sector and the firm's nascent
stage of operations. These rating weaknesses are partially offset
by the extensive experience of DH's promoters in the hospitality
sector and funding support from them.

DH was established as Diana Tourist Home in Athani (Kerala) in
2010. The firm got its present name in 2012. It is promoted by
Kerala-based Mr. Jose G Mathew and his family. The firm commenced
operations in April 2010 as a restaurant-bar in Athani.


FREEZE EXIM: CRISIL Reaffirms B Rating on INR6MM LT Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Freeze Exim (FE)
continue to reflect the firm's modest scale of operations in the
intensely competitive seafood industry and its average financial
risk profile, marked by small net worth and average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of FE's partners in the seafood
industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          3.1       CRISIL A4 (Reaffirmed)
   Bill Discounting       20.0       CRISIL A4 (Reaffirmed)
   Long Term Loan          6.0       CRISIL B/Stable (Reaffirmed)
   Packing Credit         45         CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      5.9       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that FE will continue to benefit over the medium
term from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' if significant improvement in
the firm's revenue and profitability leads to a improvement in
financial risk profile for FE. Conversely, the outlook may be
revised to 'Negative' if FE's financial risk profile weakens most
likely because of a decline in cash accruals, large debt-funded
capital expenditure (capex), or sizeable capital withdrawals by
the partners.

Update
FE reported an operating income of INR395 million for 2013-14
(refers to financial year, April 1 to March 31), supported by
healthy demand for its product, and strong relationships with its
customers. The operating profitability, however, was low at 3.32
per cent, constraining the cash accruals (Rs.6.8 million) in 2013-
14.

The financial risk profile is average, marked by small net worth
of INR30 million as on March 31, 2014 and average debt protection
metrics, with an interest coverage ratio of 2.74 times for 2013-
14. The gearing of the firm was however moderate at 0.30 times as
on March 31, 2014. The financial risk profile is expected to
remain average over the medium term due to steady, but low
accretion to reserves.

Liquidity is moderate, supported by expected cash accruals of more
than INR5.5 million as against a repayment obligation of INR1.7
maturing over the medium term. However, due to moderate working
capital requirement, FE's liquidity is constrained by its highly
utilised bank limits. Stable cash accruals and the absence of
debt-funded capex plans are expected to help FE maintain its
moderate liquidity over the medium term.

Set up in Kerala in 2000, FE processes and exports seafood such as
squid, tuna, and cuttlefish. The firm's operations are managed by
four partners, Mr. K Aboobacker, Mr. Usman Koya, Mr. Abdul Kader,
and Mr. Faisal Sulaiman.


GEE EMM: CRISIL Ups Rating on INR60MM Cash Credit to B+
-------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Gee Emm Overseas (GEO; a part of the Gee Gee group) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

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

   Proposed Cash            23.5      CRISIL B+/Stable (Upgraded
   Credit Limit                       from 'CRISIL B/Stable')

   Term Loan                16.5      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the Gee Gee
group's business risk profile will improve over the medium term,
with sustained improvement in its scale of operations and
profitability, supported by enhancement in its milling and sorting
capacities. The rating upgrade also factors in the improvement in
the group's financial risk profile backed by steady increase in
net cash accruals and absence of any significant capital
expenditure (capex).

The rating reflects the Gee Gee group's modest scale of operations
and the susceptibility of the group's margins to volatility in
input prices and to unfavorable changes in government regulations.
The rating also factors in the group's below-average financial
risk profile, which is marked by modest net worth and subdued debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the Gee group's partners in the
rice-milling business.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of GEO and Gee Agrotech (GGA). This is
because these two entities, together referred to as the Gee Gee
group, are in the same line of business and have the same
promoters and management.

Outlook: Stable

CRISIL believes that the Gee Gee group will continue to benefit
over the medium term from its partners' extensive experience in
the rice milling business. The outlook may be revised to
'Positive' if the group achieves significant and sustainable
improvement in its revenue, while maintaining its margins and
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if the Gee Gee group's working capital
requirements increase significantly, or if it undertakes a
significantly large debt-funded capital expenditure programme,
resulting in deterioration in its financial risk profile.

GEO was set up as a partnership firm in 2010 by the Goyal family.
It processes basmati and parboiled rice. Its day-to-day operations
are managed by Mr. Naresh Goyal and his son, Mr. Manav Goyal.
GEO's manufacturing facility is in Moga (Punjab). The Goyal family
has been in the rice-milling industry since 1998.

Established in 2005, GGA mills and processes rice (including
basmati rice). The firm also undertakes milling work for the
Government of Punjab. Its production facilities are in Moga and
have total capacity of 10 tonnes per hour. The firm is owned and
managed by Mr. Manav Goyal and his family.


HANUMANT CONSTRUCTION: CRISIL Reaffirms B Rating on INR190MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hanumant Construction
Pvt Ltd (HCPL) continue to reflect HCPL's exposure to risks
relating to working capital intensity in operations, geographical
concentration in revenue profile, and exposure to intense
competition in the tender-based construction business. The rating
exercise also factors in HCPL's average financial risk profile,
marked by moderate gearing and average debt protection metrics.
These rating weaknesses are offset by the extensive experience of
its promoters in the civil construction industry, and its strong
order book position.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        140        CRISIL A4 (Reaffirmed)
   Cash Credit           190        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HCPL will maintain a stable business risk
profile, backed by its promoter's extensive industry experience
and strong order book position. The outlook may be revised to
'Positive' if diversification in geographical reach and customer
base, and significant increase in revenue and profitability (while
maintaining a stable capital structure) strengthen HCPL's business
risk profile. Conversely, the outlook may be revised to 'Negative'
if decline in revenue and profitability, considerable delays in
realisation of receivables, or any sizeable debt-funded capital
expenditure weakens its financial risk profile and liquidity.

HCPL, incorporated in 1996 by Mr. Kamal Dayal Choudhury. The
company undertakes civil construction contracts, especially of ash
ponds and roads, and irrigation projects. The company is based in
Raipur, Chhattisgarh.


HIND HYDRAULICS: CRISIL Ups Rating on INR98.9MM Bank Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Hind Hydraulics and Engineers (Prop. Hind Fluid Power Private
Limited) (HHE) to 'CRISIL B/Stable' from 'CRISIL B-/Stable', and
reaffirmed its rating on the company's short-term facilities at
'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          50         CRISIL A4 (Reaffirmed)

   Cash Credit             45         CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Long Term      98.9       CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

   Term Loan                6.1       CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that HHE's financial
risk profile will improve over the medium term, driven by higher
cash accruals. An expected increase in its scale of operations
along with a sustained healthy operating margin, owing to its
customised product offerings, will result in improved liquidity.
The liquidity will be further enhanced by the expected funding
support from its promoters. The promoters extended unsecured loans
of INR6.1 million and  infused equity of INR13.2 million in 2013-
14 (refers to financial year, April 1 to March 31), leading to an
improvement in the firm's capital structure. CRISIL believes that
HHE's financial risk profile will continue to improve over the
medium term due to the lack of any major debt funded capacity
expansion plan and the company's improving business risk profile.

The ratings continue to reflect HHE's small scale of operations in
the highly fragmented press tooling industry, its modest financial
risk profile, marked by high gearing and a small net worth, and
its large working capital requirements. These rating weaknesses
are partially offset by the extensive industry experience of the
firm's promoters.

Outlook: Stable

CRISIL believes that HHE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in the firm's cash accruals along with improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' if HHE's financial risk profile, particularly its
liquidity, deteriorates, most likely due low accruals, large debt-
funded capital expenditure, or a further stretch in its working
capital cycle.
HHE was established in 1973 as a proprietorship firm by Mr. Sucha
Singh. The firm manufactures presses, special purpose presses,
tools, and automation products for press-based machines. These
machines are used by various industries, including automotive
component, railways, defence, energy, and rubber. HHE has its
manufacturing facility at Faridabad (Haryana).


HINDUSTAN REFRIGERATION: CRISIL Reaffirms B+ INR110MM Loan Rating
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of Hindustan Refrigeration
Stores (HRS) continues to  reflect HRS's average financial risk
profile marked by leveraged capital structure and average debt
protection metrics and moderate scale of operations in the
refrigeration and air-conditioning industry. These ratings
weaknesses are partially offset by the benefits HRS derives from
its promoters' extensive experience in the industry, and financial
support it receives from them. The ratings also reflect its
diversified product portfolio and customer base.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           110       CRISIL B+/Stable (Reaffirmed)
   Letter Of Guarantee     1       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that HRS will maintain a stable business risk
profile backed by promoters' extensive experience and established
relationship with suppliers and customers. The outlook may be
revised to 'Positive' if the firm's financial risk profile,
particularly its liquidity, improves, most likely because of
better-than-anticipated accruals, lower-than-expected working
capital requirements, or infusion of substantial capital by its
promoters.  Conversely, the outlook may be revised to 'Negative'
if HRS's working capital management weakens further, or lower than
expected cash accruals, leading to further deterioration in its
overall financial risk profile, especially its liquidity.

Incorporated in 1947, Hindustan Refrigeration Stores (HRS) is
engaged in trading of products, pertaining to the refrigeration
and air-conditioning industry. HRS is a distributor of Danfoss,
Maneurop, Emerson Copeland, Emkarate, Chemplast, Bitzer, DuPont,
Rothenberger, and other manufacturers in refrigeration and air-
conditioning industry in Northern India. Its product portfolio
comprises compressors, refrigerants gases and other refrigeration
components. The firm also sells consumer appliances such as water
cooler in the retail market.


INDUSTRIAL ENGINEERING: CRISIL Rates INR20MM Cash Credit at B+
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Industrial Engineering Corporation (IEC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          80         CRISIL A4
   Cash Credit             20         CRISIL B+/Stable

The ratings reflect the extensive experience of IEC's promoters,
their strong relationship with customers and suppliers, and its
moderate working capital cycle. These rating strengths are
partially offset by IEC's modest scale of operations in the
intensely competitive industry along with modest financial risk
profile marked by small net worth.

Outlook: Stable

CRISIL believes that IEC will continue to benefit over the medium
term from its promoters' extensive experience in the industry. The
outlook may be revised to 'Positive' in case there is a
significant improvement in its scale of operations or
profitability leading to better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in the company's revenue or profitability
margins or elongation in working capital cycle or large debt
funded capital expenditure, resulting in weak financial risk
profile.

Established in 1997, IEC manufactures, supplies and exports a wide
range of mild steel drums and barrels. The firm has a capacity to
manufacture around two million drums and barrels a year, of which
it utilises 80 to 90 per cent capacity. The firm, based in Kochi,
Kerela is managed by Mr. Biju Nair.


JAY MULTTI: CRISIL Reaffirms B- Rating on INR42.4MM Bank Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jay Multti Tech (JMT)
continue to reflect JMT's modest scale of operations, and below-
average financial risk profile marked by a modest net worth and
moderate gearing. These rating weaknesses are partially offset by
the extensive experience of the firm's promoters in the packaging
industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           20        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit      30        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    42.4      CRISIL B-/Stable (Reaffirmed)
   Term Loan              7.6      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JMT will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the firm significantly
increases its scale of operations or profitability, resulting in
an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if JMT's revenue or
profitability declines, or if the firm undertakes a large debt-
funded capital expenditure programme, or if its working capital
cycle increases, resulting in deterioration in its liquidity.

Update
JMT registered revenue of INR215.5 million for 2013-14 (refers to
financial year, April 1 to March 31) as compared to INR202.8
million for 2012-13, reflecting modest growth of 6 per cent.
Though JMT's operating profitability improved to 5.5 per cent in
2013-14 from 4.1 per cent in 2012-13, the same remains modest on
account of the fragmented nature of the industry and the firm's
modest scale of operations. CRISIL believes that JMT's business
risk profile will remain stable over the medium term.

JMT's liquidity remains modest as a result of its moderately
working-capital-intensive operations, marked by gross current
assets of 123 days for 2013-14 as against 140 days as of 2012-13.
The modest liquidity is also marked by expected weak accruals of
INR5.2 million against debt obligations of INR3.8 million for
2014-15, and high bank limit utilisation. The liquidity is,
however, supported by unsecured loans (Rs.7.1 million as on March
31, 2014) from its promoters. Given JMT's modest scale of
operations and weak operating profitability, the firm's liquidity
is likely to remain modest over the medium term.

JMT's financial risk profile is marked by a modest net worth, a
moderate gearing, and average debt protection metrics. It had a
net worth of INR28.3 million as on March 31, 2014. Its gearing and
total outside liabilities to tangible net worth ratio as on the
same date were moderate at 1.53 times and 2.04 times respectively.
The debt protection metrics have remained average, as reflected in
its interest coverage and net cash accruals to total debt ratios
of 1.8 times and 12 per cent respectively for 2013-14. CRISIL
believes that JMT's financial risk profile will remain modest,
marked by its small net worth and its high dependence on external
funding for meeting its working capital needs.

JMT reported a profit after tax (PAT) of INR4.01 million on net
sales of INR215.5 million for 2013-14, against a PAT of INR4.04
million on net sales of INR202.8 million for 2012-13.

JMT was established as a partnership firm in 2002 by Mr. V Manogar
and his wife Mrs. M Hemalatha. The firm manufactures polythene
films and polyethylene terephthalate (PET) bottles. Its day-to-day
operations are managed by Mr. V Manogar and his brother Mr.
Chandrasegaran. Its manufacturing facility is in Villianoor
Commune, Puducherry.


KINGFISHER AIRLINES: Court Grants Provisional Bail to 2 Execs
-------------------------------------------------------------
A criminal court on December 12 granted provisional bail to
Kingfisher Airlines (KFA) chief financial officer A Raghunathan
and assistant vice-president T R Venkatadri in connection with a
case of INR33 crore claim slapped by the service tax commissioner
on the ailing airline.

The court also ordered CMD Vijay Mallya to remain present on
January 9, the next date of hearing, the report says.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past six years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile.

For 2012-13 (refers to financial year, April 1 to March 31),
KFAL reported a net loss of INR83.5 billion (INR23.3 billion for
2011-12) on net sales of INR5 billion (INR54.85 billion). For the
six months ended September 30, 2013, it reported a net loss of
INR18.72 billion (INR14.04 billion for the corresponding period
of 2012-13) on net revenues of INR0.0 (INR5.01 billion).


MAA SUBHALA: CRISIL Reaffirms B- Rating on INR56.9MM Bank Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Maa Subhala
Cold Storage Pvt Ltd (MSCSPL) continues to reflect MSCSPL's weak
financial risk profile and its exposure to risks related to the
highly regulated and intensely competitive cold storage industry
in West Bengal. These rating weaknesses are partially offset by
the extensive industry experience of the company's promoters.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           45.2       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    56.9       CRISIL B-/Stable (Reaffirmed)

   Term Loan              6         CRISIL B-/Stable (Reaffirmed)

   Working Capital        1.9       CRISIL B-/Stable (Reaffirmed)
   Term Loan

Outlook: Stable

CRISIL believes that MSCSPL will continue to benefit over the
medium term from its promoters' extensive experience in the cold
storage industry. The outlook may be revised to 'Positive' in case
of efficient management of farmer financing by MSCSPL, or if the
company significantly scales up its operations and increases its
profitability, or improves its capital structure, thereby
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if MSCSPL's liquidity is constrained by
delays in repayments by farmers, or by lower-than-expected cash
accruals, or by any significant debt-funded capital expenditure
(capex).

MSCSPL was incorporated in 2003 to provide cold storage facilities
to potato farmers and traders. The company is promoted by Mr. Asit
Manna and Mr. Banamali Manna; its facility is in Paschim Medinipur
district (West Bengal).


MAHALATSHMI EDUCATIONAL: CRISIL Rates INR110MM Term Loan at 'B'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Mahalatshmi Educational Charitable Trust (MECT).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan               110          CRISIL B/Stable

The rating reflects the trust's modest scale of operations in the
intensely competitive education sector, and its susceptibility to
risks related to the stringent regulatory environment. The rating
also factor in the trust's susceptibility to risks related to the
implementation and stabilisation of the ongoing project. These
rating weaknesses are partially mitigated by the trustees'
extensive experience in the education sector and the benefits
derived from the healthy demand prospects in the education sector.

Outlook: Stable

CRISIL believes that MECT will continue to benefit over the medium
term from the extensive experience of its trustees in the
education sector. The outlook may be revised to 'Positive' if the
trust significantly increases its scale of operations, most likely
by improving its occupancy levels or increasing its course
offerings leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
group's financial risk profile deteriorates with sizeable debt-
funded capital expenditure, or a steep decline in its revenue and
surplus.

Set up in 2003, MECT runs a degree college and a business school
in Vellore (Tamil Nadu), affiliated to Tiruvallur University. The
trust is presently undertaking renovation at its campus entailing
construction of an admin and an academic block. MECT is managed by
the managing trustee, Mr. K.B.Baskaran.

The trust, provisionally, reported a surplus (income over
expenditure) of INR25.9 million on income of INR81.8 million for
2013-14 (refers to financial year, April 1 to March 31), against a
surplus of INR14.3 million on income of INR62.5 million for 2012-
13.


MANOKAMANA AGRO: CRISIL Assigns B+ Rating to INR27.5MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Manokamana Agro Tech (P) Ltd (MAPL).
The ratings reflect the company's modest scale of operations in
the intensely competitive rice-milling industry and modest
financial risk profile marked by low net worth. These rating
weaknesses are partially offset by the promoters' extensive
experience in the rice-milling business and prudent working
capital management.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Cash Credit      22.5      CRISIL B+/Stable
   Limit
   Proposed Bank Guarantee   18        CRISIL A4
   Bank Guarantee            22        CRISIL A4
   Cash Credit               27.5      CRISIL B+/Stable

Outlook: Stable

CRISIL believes that MAPL will maintain its business risk profile,
backed by its promoters' extensive experience in the rice-milling
industry. The outlook may be revised to 'Positive' if the company
improves its scale of operations and operating profitability while
maintaining its efficient working capital management, or if the
promoters infuse substantial capital leading to significant
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of lower-than-expected
accruals, stretch in the working capital management, or if it
undertakes any large debt-funded capital expenditure leading to
deterioration in the overall financial risk profile, particularly
liquidity.

Incorporated in 2006, MAPL mills rice at its 8 tonnes-per-hour
facility in Bilaspur (Chhattisgarh). The day-to-day operations are
managed by the Mr. Bhola Ram Mittal and his two sons, Mr. Piyush
Mittal and Mr. Rupesh Mittal. The company mills the non-basmati
par-boiled rice variety.


N. A. SHELAR: CRISIL Ups Rating on INR40MM Overdraft Loan to C
--------------------------------------------------------------
CRISIL has upgraded the rating on long term bank facilities of
N. A. Shelar and Company (NAS) to 'CRISIL C' from 'CRISIL D'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility      40         CRISIL C (Upgraded from
                                      'CRISIL D')

   Proposed Long Term      10         CRISIL C (Upgraded from
   Bank Loan Facility                 'CRISIL D')

The rating upgrade reflects timely servicing of Cash Credit
facilities with the overdrawals being regularized in 2-3 days. The
firm however continues to delay in servicing of debt obligations
towards Non-Banking Financial Companies NAS also has a modest
scale of operations in the highly fragmented civil construction
industry, a weak financial risk profile, marked by a modest net
worth and subdued debt protection metrics, and working-capital-
intensive operations. However, the firm benefits from the
extensive experience of its promoter in the civil construction
industry.

Established in the year 1983, as a proprietorship concern of Mr.
Narayan Shelar, NASC is a civil contractor primarily engaged in
construction of buildings (residential and commercial) in the
Mumbai region of Maharashtra.


NATIONAL RICE: CRISIL Reaffirms B+ Rating on INR48.9MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of National Rice
Mill (NRM) continues to reflect NRM's below-average financial risk
profile and small scale of operations in a fragmented industry.
These rating weaknesses are partially offset by the extensive
experience of NRM's promoters in the rice milling business.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           48.9       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term    10.3       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility     5.9       CRISIL B+/Stable (Reaffirmed)
   Term Loan

Outlook: Stable

CRISIL believes that NRM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of improvement in the
firm's profitability or working capital management, leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the firm undertakes any large debt-funded
expansion, or generates low cash accruals, or if its working
capital cycle lengthens, weakening its financial risk profile.

Update
NRM's turnover increased to INR222 million for 2013-14 (refers to
financial year, April 1 to March 31) from INR204 million for 2012-
13. While its net profit stable, at INR2 million, for 2013-14, its
operating margin increased marginally to 4.7 per cent for 2013-14
from 4.3 per cent for 2012-13 with the operationalisation of a new
sortex machine.

NRM's operations are moderately working capital intensive, marked
by gross current assets of 113 days, along with inventory and
creditors of 112 days and 19 days, respectively as on March 31,
2014. The firm's financial risk profile remains below average,
marked by a small net worth of INR23 million and high gearing of
2.25 times as on March 31, 2014. Its total debt of INR51 million
largely comprises short-term working capital bank borrowings.
NRM's low operating margin has led to subdued debt protection
metrics, with interest coverage and net cash accruals to total
debt ratios of 1.74 times and 0.08 times, respectively, for 2013-
14.

Formed in 2006 as a partnership concern, NRM mills and processes
par boiled rice. Its rice mill is in Hooghly (West Bengal). The
firm's day-to-day operations are managed by its promoter Mr. Bansi
Badan Dey.


PARENTERAL DRUGS: CARE Cuts Rating on INR416.91cr Loan to 'D'
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Parenteral
Drugs (India) Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    416.91      CARE D Revised from
                                            CARE B+

   Long-term /Short term Bank    35         CARE D/CARE D Revised
   Facilities                               from CARE A4

Rating Rationale

The revision in the ratings of bank facilities of Parenteral Drugs
(India) Limited (PDIL) takes into account the ongoing delays in
debt servicing of its rated bank facilities on account of its weak
liquidity arising out of lower capacity utilization and high debt
levels resulting into cash losses.

Incorporated in 1983, PDIL is a manufacturer of Intravenous Fluid
(IVF), one of the basic pharmaceutical compounds. The
manufacturing facilities of PDIL are located at Indore in Madhya
Pradesh and Baddi in Himachal Pradesh. PDIL sold the manufacturing
unit of one of its wholly owned subsidiaries, Infutec Healthcare
Limited (IHL, Erswhile known as Goa Formulations Ltd), to
Fresenius Kabi India Pvt. Limited for a consideration of INR200
crore in March 2013. Subsequently, one of its subsidiaries, Punjab
Formulations Ltd has been merged with IHL with effect from January
1, 2014. PDIL has also set up two marketing subsidiaries,
Parenteral Surgicals Limited and Parentech Healthcare Limited.

Based on the standalone financials for audited FY14 (refers to the
period April 1 to March 31), PDIL reported a total operating
income of INR243.34 crore (P.Y: INR187.35 crore) and net loss of
INR58.70 crore (P.Y: INR85.20 crore). Based on the provisional
standalone results for H1FY15, PDIL reported TOI of INR100.39
crore (H1FY14: INR103.07) and net loss of INR34.87 crore (H1FY14:
INR29.12 crore).


REGAL TRANSCORE: CRISIL Reaffirms D Rating on INR110MM LOC
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Regal Transcore
Laminations Pvt Ltd (RGTLPL; part of the Udasee group) continue to
reflect instances of devolvement of letters of credit in the
Udasee group that remained un-regularised for over 30 days; this
was because of delay in receiving funds from clients.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting        20         CRISIL D (Reaffirmed)
   Cash Credit             87.5       CRISIL D (Reaffirmed)
   Letter of Credit       110         CRISIL D (Reaffirmed)

The Udasee group also has a weak financial risk profile, marked by
high gearing, weak debt protection metrics, and small net worth,
and is exposed to intense competition in the electrical
laminations segment for power transformers. However, the group
benefits from its promoters' extensive industry experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RGTLPL and its associate company Udasee
Stampings Pvt Ltd (USSPL). This is because the two entities,
together referred to as the Udasee group, have common promoters
and management, are in the same line of business, and have strong
operational linkages.

RGTLPL was established as a proprietary firm (Regal Laminator) in
1988, which was reconstituted as a private limited company with
the current name in 1998. USSPL was incorporated in 1993. The two
companies are promoted and owned by the Udasi family of Jaipur.
The companies' plants are in Jaipur.

The Udasee group manufactures electrical laminations for
transformers. The group primarily sells laminations to transformer
manufacturers which supply to state electricity boards.


REX CERAMIC: CRISIL Assigns 'B' Rating to INR60MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Rex Ceramic Pvt Ltd (RCPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                60        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       14        CRISIL B/Stable
   Bank Guarantee           16        CRISIL A4
   Cash Credit              30        CRISIL B/Stable

The ratings reflect RCPL's start-up nature and modest scale of
operations in the highly competitive ceramics industry, and its
large working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of RCPL's
promoters and the proximity of its manufacturing facilities to raw
material and labour sources.

Outlook: Stable

CRISIL believes that RCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company stabilises its
operations in a timely manner, leading to sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' if RCPL's
accruals are substantially low due to reduced order flow or
profitability, or if its financial risk profile deteriorates, most
likely because of stretched working capital cycle or substantial
debt-funded capital expenditure.

RCPL, established in 2014, is promoted by the Morbi (Gujarat)-
based Mr. Priteshbhai Hirani, Mr. Manojbhai Rupala, Mr. Tejasbhai
Rupala, and Mr. Dhirajlal Patel. The company will be manufacturing
ceramic wall-glazed tiles at its facilities in Morbi. It is likely
to begin commercial operations in January 2015.


RIDHI SIDHI: CRISIL Puts B+ Ratings on Notice of Withdrawal
-----------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Ridhi
Sidhi Iron and Steel (RSIS) on 'Notice of Withdrawal' for 60 days,
at RSIS's request and on receipt of a no-objection certificate
from the firm's 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           15         CRISIL B+/Stable (Notice of
                                    Withdrawal)

   Letter of Credit      27.5       CRISIL A4 (Notice of
                                    Withdrawal)
   Proposed Long Term
   Bank Loan Facility    37.5       CRISIL B+/Stable (Notice of
                                    Withdrawal)

Outlook: Stable

CRISIL believes that RSIS will continue to benefit over the medium
term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' if the firm
generates significantly higher-than-expected accruals, thereby
improving its overall financial risk profile. Conversely, the
outlook may be revised to 'Negative' if RSIS's working capital
cycle lengthens, thereby adversely affecting the firm's liquidity.

RSIS, set up in 2004, is a sole proprietorship firm of Mr. Subodh
Sanghvi. It trades in hot-rolled coils, plates, and sheets in
Maharashtra. The firm's day-to-day operations are managed by Mr.
Subodh Sanghvi and his sons, Mr. Sohil Sanghvi and Mr. Mitul
Sanghvi.


SHREE JAGDAMBA: CRISIL Rates INR70MM Cash Credit B-
---------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Shree Jagdamba Cotton Ginning and Pressing Factory
(SJCGPF) and has assigned its 'CRISIL B-/Stable' rating to the
long-term facilities. CRISIL had suspended the rating on May 31,
2013, as SJCGPF had not provided the necessary information
required for a rating view. SJCGPF has now shared the requisite
information, thereby enabling CRISIL to assign ratings to the
company's bank facilities.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             70         CRISIL B-/Stable (Assigned;
                                       Suspension revoked)

   Term Loan                9.5       CRISIL B-/Stable (Assigned;
                                       Suspension revoked)

   Standby Line of         10.0       CRISIL B-/Stable (Assigned;
   Credit                              Suspension revoked)

   Proposed Long Term       5.5       CRISIL B-/Stable (Assigned;
   Bank Loan Facility                  Suspension revoked)

The rating reflects SJCGPF's modest scale of operations in the
highly fragmented cotton industry, and its weak financial risk
profile, marked by a modest net worth, high gearing, and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
cotton industry, and the proximity of its production facility to
the cotton-growing belt of Gujarat.

Outlook: Stable

CRISIL believes that SJCGPF will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its scale of operations and profitability, or if there is
sizeable capital infusion by its promoters, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SJCGPF's accruals are lower than expected, or if it
undertakes a substantial debt-funded expansion programme, or if
its working capital management weakens, resulting in significant
weakening in its financial risk profile.

SJCGPF, based in Handod (Gujarat), was set up in 1970s and is
managed by Mr. Mayurkumar Shah and family. The company is into
ginning and pressing of raw cotton. It has its facility at Handod,
with a capacity of more than 350 bales of cotton per day.

SJCGPF reported a net profit of INR0.40 million on an operating
income of INR425.05 million for 2013-14 (refers to financial year,
April 1 to March 31), against a net profit of INR0.38 million on
an operating income of INR545.74 million for 2012-13.


SRI JAYA: CRISIL Assigns B Rating to INR195MM Long Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sri Jaya Maaruthi Yarn (Indiaa) Pvt Ltd
(SJMYPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan          195        CRISIL B/Stable
   Bank Guarantee            5        CRISIL A4
   Cash Credit              50        CRISIL B/Stable

The ratings reflect the company's exposure to stabilisation risks
associated with its ongoing project. This rating weakness is
partially offset by the extensive experience of SJMYPL's promoters
in the textile industry.

Outlook: Stable

CRISIL believes that SJMYPL will benefit over the medium term from
its promoters' extensive experience in the textile industry. The
outlook may be revised to 'Positive' if the company stabilises its
operations earlier than expected and within the budgeted cost,
thereby resulting in large cash accruals and, hence, improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if SJMYPL registers significant time or cost
overrun in its project resulting in delay in the commencement of
its operations and, as a result, lower-than-expected cash accruals
and deterioration in its financial risk profile.

SJMYPL, incorporated in 2014, is setting up a unit in Chennai to
manufacture viscose staple fibre yarn. The company is promoted by
Mr. M Baskaran, Mr. M Venkatesan, Mr. N K Periyasamy, Mr. V P
Ganesan, and Mr. V Suresh Kumar.


SUBAM PAPER: CRISIL Reaffirms B+ Rating on INR399MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Subam Paper Pvt Ltd
(SSPL) continues to reflect its below-average financial risk
profile, constrained by high gearing and below-average debt
protection metrics; along with working-capital-intensive
operations. These rating weaknesses are partially offset by the
promoters' extensive industry experience and regular funding
support.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           399        CRISIL B+/Stable (Reaffirmed)
   Term Loan             350        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SPPL will continue to benefit from the
extensive experience of its promoters in the segment. The outlook
may be revised to 'Positive' if the company improves its capital
structure and stabilises its incremental capacity, leading to
sizeable cash accruals. Conversely, the outlook may be revised to
'Negative' if SSPL's financial risk profile and liquidity
deteriorate with significantly low operating income or
profitability; or substantial working capital requirements or
debt-funded capital expenditure.

SPPL was founded by Mr. T Balakumar and his family in Tirunelveli
(Tamil Nadu) in 2004. The company manufactures kraft paper, and
has a manufacturing facility in Tirunelveli.


SUNPACK BARRIER: CRISIL Ups Rating on INR104.1MM Bank Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sunpack Barrier Films Pvt Ltd (Sunpack) to 'CRISIL B+/Stable' from
'CRISIL B-/Stable'. CRISIL has also reassigned its 'CRISIL A4'
rating to the company's short-term facility.

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

   Letter of Credit         15         CRISIL A4 (Reassigned)

   Proposed Long Term      104.1       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B-/Stable')

The rating upgrade reflects the improvement in Sunpack's
liquidity, marked by an increase in cash accruals and a decline in
working capital requirements. The company reported a healthy
growth of 20 per cent year-on-year in its topline, while
sustaining its operating margin at around 18.4 per cent, in 2013-
14 (refers to financial year, April 1 to March 31). This resulted
in an increase in its cash accruals to INR12.4 million in 2013-14
from INR6.3 million in the previous year. Sunpack has been tightly
managing its working capital requirements which has resulted into
decline of gross current assets to around 165 days as on March 31,
2014 from 200 days a year ago. Funds of around INR27.1 million
were released from the decrease in its working capital
requirements in 2013-14. CRISIL expects Sunpack's liquidity to
continue to improve over the medium term, with a continued
increase in its scale of operations and its management's focus on
efficiently managing its working capital requirements.

The ratings reflect Sunpack's small scale, and working capital
intensive nature, of operations, and its weak financial risk
profile, marked by a small net worth and average gearing. These
rating weaknesses are partially offset by the benefits that the
company derives from its presence in the niche segment of
multilayer, high-grade films.

Outlook: Stable

CRISIL believes that Sunpack will maintain its business risk
profile over the medium term, backed by the expected growth in its
revenue. The outlook may be revised to 'Positive' if the company
significantly improves its scale of operations while sustaining
its margins, and if its working capital requirements decrease,
leading to reduced reliance on external debt. Conversely, the
outlook may be revised to 'Negative' if Sunpack's financial risk
profile deteriorates, most likely because of a stretch in its
working capital cycle, capital withdrawals, or large debt-funded
capital expenditure.

Incorporated in 2006, Sunpack is part of the Mamta group of
companies promoted by Mr. Mahendra N Patel. The company
manufactures flexible packaging and multilayer films at its unit
near Kadi (Gujarat).

Sunpack, on a provisional basis, reported a profit after tax of
INR6.1 million on net sales of INR107.3 million; it had reported a
net loss of INR2.5 million on net sales of INR80.1 million for
2012-13.


SURAJ TUBES: CARE Reaffirms B+ Rating on INR19.02cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Suraj Tubes India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.02      CARE B+ Reaffirmed

Rating Rationale

The rating continues to factor in limited experience of the
promoters and nascent stage of operations of Suraj Tubes India
Private Limited (STIPL) in the manufacturing of steel tubes. The
rating further continues to be constrained by the presence of
STIPL in the competitive, fragmented and cyclical Indian steel
industry and leveraged capital structure.

The rating, however, continues to derive strength from the
promoters' experience in trading of steel tubes with already
established customer and supplier base associated with the group
companies.

The ability of the company to scale up its operations along with
improvement in the profitability and capital structure remains the
key rating sensitivity.

STIPL is a part of the Nanded-based (Maharashtra) Suraj group. The
group has presence in various business segments such as steel
trading, manufacturing and trading of fertilizers and polymers,
etc. STIPL was incorporated in the year 2011 to undertake
manufacturing of various types of steel tubes like hot-rolled
(HR), round tubes, galvanised-plain (GP) tubes, HR square tubes,
cold- rolled (CR) tubes, CR round tubes, C shape purling, Z shape
purling. The company has an installed capacity of 36,000 MTPA and
started with the commercial operations in May 2013. The products
manufactured by STIPL find application in construction segment,
railways and other retail market. Steel coils are the major raw
material required for the production of steel pipes, which is
procured from the local market and from companies like Uttam Value
Steels Limited (rated 'CARE BBB-/CARE A3'), Essar Steel India
Limited (an Essar group company) and Asian Colour Coated Ispat
Limited. The customers of the company in FY14, which is the first
year of operations, included George & Co., Pawan Sales Corporation
and Suraj Building Solutions which accounted for around 67% of the
total sales during the year.

During FY14, STIPL posted loss of INR0.77 crore on a total income
of INR31.01 crore.


UDASEE STAMPINGS: CRISIL Reaffirms D Rating on INR90MM LOC
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Udasee Stampings Pvt
Ltd (USSPL; part of the Udasee group) continue to reflect
instances of devolvement of letters of credit in the Udasee group
that remained unregularised for over 30 days; this was because of
delay in receiving funds from clients.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting        20         CRISIL D (Reaffirmed)
   Cash Credit             72.5       CRISIL D (Reaffirmed)
   Letter of Credit        90         CRISIL D (Reaffirmed)

The Udasee group also has a weak financial risk profile, marked by
high gearing, weak debt protection metrics, and small net worth,
and is exposed to intense competition in the electrical
laminations segment for power transformers. However, the group
benefits from its promoters' extensive industry experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of USSPL and its associate company, Regal
Transcore Laminations Pvt Ltd (RGTLPL). This is because the two
entities, together referred to as the Udasee group, have common
promoters and management, are in the same line of business, and
have strong operational linkages.

RGTLPL was established as a proprietary firm (Regal Laminator) in
1988, which was reconstituted as a private limited company with
the current name in 1998. USSPL was incorporated in 1993. The two
companies are promoted and owned by the Udasi family of Jaipur.
The companies' plants are in Jaipur.

The Udasee group manufactures electrical laminations for
transformers. The group primarily sells laminations to transformer
manufacturers which supply to state electricity boards.

V.R.N. ENTERPRISES: CRISIL Ups Rating on INR200MM Cash Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
V.R.N. Enterprises Pvt Ltd (VRN) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             200         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects improvement in VRN's business risk
profile backed by successful ramp-up in its operations and its
well-managed working capital cycle. Increasing demand from
existing customers and addition of new customers helped the
company register revenue of INR670 million for 2013-14 (refers to
financial year, April 1 to March 31) as against INR70 million the
previous year. While registering a steep growth in topline, the
company's liquidity was well supported by continued healthy flow
of advances from customers and availability of sufficient bank
lines. CRISIL believes that timely and commensurate enhancement of
VRN's bank lines amid increasing scale of operations will be a key
driver of the company's liquidity over the medium term.

The rating reflects VRN's below-average financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio and a modest net worth, the company's modest scale of
operations, and the susceptibility of its operating margin to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of VRN's promoters in
the silk industry.

Outlook: Stable

CRISIL believes that VRN will continue to benefit over the medium
term from its promoters' extensive industry experience in silk
yarn and fabric trading. The outlook may be revised to 'Positive'
if the company generates sizeable cash accruals with increase in
scale of operations or profitability, or if infusion of
considerable long-term funds by its promoters leads to improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
weakens, most likely because of a stretch in its working capital
cycle, or if decline in its topline or profitability adversely
affects its cash generation.

Set up in 2010, VRN is a Bengaluru based company that trades in
silk yarn and silk fabric. The company is promoted by Mr. Hemanth
Kumar and Mr. Lalith Kumar.


VARRSANA ISPAT: CARE Revises Rating on INR244.96cr Loan to B+
-------------------------------------------------------------
CARE revises the rating assigned to the long term bank facilities
of Varrsana Ispat Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    244.96      CARE B+ Revised from
                                            CARE BB

   Short-term Bank Facilities   317         CARE A4 Reaffirmed

Rating Rationale

The revision in the long term rating of Varrsana Ispat Ltd. (VIL)
takes into account the stressed liquidity position of the company
arising out of delays in realisations from debtors and sharp
weakening in credit profile of the flagship entity (REI Agro Ltd
(RAL)) of the group resulting in lack of group support. The
ratings also take into account the continued low profitability in
FY14 (refers to the period April 01 to March 31) and weak debt
service coverage ratio. The ratings continue to be constrained by
the susceptibility of profitability to volatility in prices of raw
materials and finished goods and exposure to foreign exchange
fluctuation risk. The above constraints are offset by partially
integrated manufacturing facilities and freight cost optimization
through strategic presence. Improving capacity utilization &
profitability margins and effective management of working capital
are the key rating sensitivities.

VIL, promoted by Mr. Sandip Jhunjhunwala of Kolkata (the promoter
of RAL; rated CARE D), is engaged in manufacturing of long-steel
products and transmission towers. The company's plant is located
at Gandhidham, Gujarat, having capacity of sponge iron (1,56,000
MTPA), Billets/MS Ingots (2,16,000 MTPA), TMT bars/Structural
steel (4,80,000 MTPA), transmission towers (28,800 MTPA) and
captive power plant (44 MW). VIL is also engaged in trading of
steel related products. Trading sales constituted 36% of net sales
in FY14 (38% in FY13).

In FY14, VIL reported PAT (after provision for deferred taxation)
of INR2.50 crore (INR1.08 crore in FY13) on operating income of
INR1,041.45 crore (INR904.71 crore in FY13).

VEDSIDHA PRODUCTS: CRISIL Reaffirms B+ Rating on INR195MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Vedsidha
Products Pvt Ltd (VPPL) continues to reflect VPPL's weak financial
risk profile, marked by a high gearing and weak debt protection
metrics, and the company's exposure to risks arising from its
initial phase of operations. These rating weaknesses are partially
offset by the extensive experience of VPPL's promoters in the
construction industry and the expected healthy demand for the
company's products.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            45        CRISIL B+/Stable (Reaffirmed)
   Term Loan             180        CRISIL B+/Stable (Reaffirmed)
   Term Loan             195        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     30        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VPPL will continue to benefit over the medium
term from its promoters' extensive experience in the construction
industry; however, its credit risk profile will remain constrained
by its initial phase of operations. The outlook may be revised to
'Positive' in case of successful ramp-up in VPPL's operations
resulting in sizeable cash accruals, or substantial infusion of
funds by the company's promoters. Conversely, the outlook may be
revised to 'Negative' in case of pressure on the company's
financial risk profile, particularly its liquidity, because of
slower ramp-up in operations and profitability, or large working
capital requirements.

VPPL is promoted by Nagpur (Maharashtra)-based Mr. Prabhudas Vyas
and Mr. Niranjan Ranka. The company has set up a plant to
manufacture autoclaved aerated concrete blocks near Nagpur, which
commenced commercial operations in May 2014.


VIDEOCON TELECOM: CARE Assigns D Rating to INR3,300cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Videocon
Telecommunications Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    3,300       CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Videocon
Telecommunications Limited (VTL) takes into account the delays in
interest servicing and debt repayment owing to the strained
liquidity position of the company.

VTL was incorporated as Datacom Solutions Private Limited on
June 7, 2007 and subsequently in 2009, the company was
renamed to its present name. VTL is the telecom arm of Videocon
group and is engaged in providing GSM mobile services under the
brand name 'Videocon' in 3 telecom circles viz. Gujarat, Haryana
and Madhya Pradesh. The Company has licenses to operate for three
more circles viz. Bihar, Uttar Pradesh (East) and Uttar Pradesh
(West). In addition to that VTL also have National Long Distance
(NLD)/International Long Distance (ILD) license which allows the
Company to offer long distance domestic as well as international
calls in all 22 circles across India.

VTL was granted the license for providing Unified Access Services
(UAS) in 21 circles by the Department of Telecommunications,
Government of India (DoT) in 2008 and was also allotted spectrum
in 20 circles. The Hon'ble Supreme Court of India, vide its
judgment dated February 02, 2012 quashed all the UAS license
granted on or after January 10, 2008 and subsequent allocation of
spectrum to these licenses, which also included the 21 UAS
licenses granted to the company and the spectrum allotted to it.
Owing to the cancellation of licenses and closure of its
operations in 8 circles; it faced huge losses and severe liquidity
crunch, which resulted in delays in meeting the debt repayment
obligations of the company. Although, the promoters have supported
the company in terms of infusion of equity and unsecured loans
from time to time, the company is still facing pressure on its
liquidity and is repaying its debt obligation with delays.

During FY14, VTL has reported net loss of INR174.75 crore (loss of
INR2082.30 crore in 15 months period ended March 31, 2013) on a
total income of INR625.34 crore (INR525.07 crore in 15 months
period ended March 31, 2013).


VIMLESH PRASAD: CRISIL Reaffirms B+ Rating on INR20MM Bank Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vimlesh Prasad Singh
(VPS) continue to reflect VPS's modest scale of operations and
small net worth, low operating profitability, and exposure to
intense competition in the tender-based construction business.
These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the construction industry,
its established relationships with customers, and above average
financial risk profile marked by low gearing and robust debt
protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          40       CRISIL A4 (Reaffirmed)
   Cash Credit             10       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term      20       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that VPS will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if the firm extends its geographical reach
and diversifies its customer base, while achieving a substantial
increase in its revenue and profitability and maintaining its
capital structure. Conversely, the outlook may be revised to
'Negative' if VPS's revenue and profitability decline
significantly, or its working capital cycle is stretched, or it
undertakes a larger-than-expected, debt-funded capital expenditure
programme, thereby weakening its financial risk profile,
particularly its liquidity.

Update
VPS's net sales declined by 17 per cent to INR172.1 million in
2013-14 (refers to financial year, April 1 to March 31) from
INR200.7 million in 2012-13. The decline was due to slower
execution of orderbook. The company had a moderate order book of
INR400 million as on September 30, 2014, providing revenue
visibility over the medium term. VPS's operating margin improved
to 7.0 per cent in 2013-14 from 5.3 per cent in the previous year
due to execution of higher margin projects.

VPS had an above-average financial risk profile marked by
conservative growing, robust debt protection metrics however
constrained by a small net worth. The networth was INR48 million
as on March 31, 2014, however, its gearing was conservative, at
0.33, while its debt protection metrics were robust, with interest
coverage ratio of around 3.9 times and net cash accruals to total
debt ratio of 57 per cent in 2013-14. The firm's financial risk
profile is expected to remain above average over the medium term
due to the low capital intensity of its business.

VPS has weak liquidity, marked by extensive bank limit
utilisation, though backed by support from its promoters in the
form of equity infusion. It generated net cash accruals of around
INR9.0 million in 2013-14; its net cash accruals over the medium
term are expected to be modest against which it has term debt
obligations of INR0.6 million in 2014-15. The firm reported a high
current ratio of 1.72 times as on March 31, 2014, while its bank
limits were extensively utilised at an average of 97 per cent
during the 12 months ended September 30, 2014.

VPS was originally set up in 1990 as a proprietorship firm,
Bimlesh Prasad Singh. In 2008-09, it was reconstituted as a
partnership firm under its current name. VPS is presently managed
by Mr. Mani Shankar and his family. The firm is a civil contractor
(mainly for buildings) for the Central Public Works Department. It
is based in Patna.


WHITE PEARLS: CARE Reaffirms B Rating on INR15cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
White Pearls Hotels And Investments Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.00      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of White Pearls Hotels
and Investments Private Limited (WPHIPL) continues to be
constrained small scale of operations, leveraged capital structure
and weak debt coverage indicators. The rating further continues to
be constrained by investments in loss making subsidiaries and
presence in a competitive and cyclical industry.

The rating however, continues to derive strength from the
experienced promoters and their financial support in the past,
long track record of operations with locational advantage of the
hotel and real estate premises for lease in the prime locations of
Mumbai.

Going forward, ability of the company to timely receive lease
rentals and maintain occupancy in both hospitality and lease
rental business amidst increasing competition, are the key rating
sensitivities.

Incorporated in 1983, White Pearls Hotels & Investments Private
Limited (WPHL), is engaged in real estate business (wherein the
company earns through lease rentals from its residential and
commercial properties in South Mumbai and other suburbs of Mumbai)
and hospitality business (operates a 20 room budget hotel in
Colaba, Mumbai under the brand name of White Pearls Hotel).


WINTOUCH CERAMIC: CRISIL Assigns B Rating to INR125MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Wintouch Ceramic (Wintouch).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term      125         CRISIL B/Stable
   Bank Loan Facility

The rating reflects Wintouch's exposure to risks related to
initial phase of operations amid intense competitive and working-
capital-intensive industry. These rating weaknesses are partially
offset by the established track record of Wintouch's promoters in
the ceramic industry and the strategic location of its plant
ensuring availability of raw material and labour.

Outlook: Stable

CRISIL believes that Wintouch will maintain its business risk
profile backed by its promoters' experience in the ceramic
industry. The outlook may be revised to 'Positive' if the company
stabilises its operations earlier than expected leading to healthy
accruals and its overall financial risk profile. Conversely, the
outlook may be revised to 'Negative', if Wintouch's operating
margins are lower than expected or the company undertakes more
than anticipated debt funded expansion plan or its working capital
management deteriorates, thereby deteriorating its financial
profile significantly.

Established in 2014, Wintouch is a partnership firm engaged in
manufacturing of wall glazed tiles. The firm is promoted by Morbi,
Gujarat based Arvindbhai Ravjibhai Kakasaniya, Dharmendrabhai
Karamshibhai Kakasaniya, Jaydeepbhai Bhikhabhai Panara and eight
other partners. The key promoters i.e. Kakasaniya family has been
in the business of ceramics business over the past decade.



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


GOLDEN AGRI-RESOURCES: Moody's Affirms Ba2 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 Corporate Family
Rating (CFR) of Golden Agri-Resources Ltd (GAR) with a stable
outlook.

Ratings Rationale

GAR's stable outlook embodies its long track record of managing
and expanding its plantation operations and the continuing growth
of downstream activities as it creates an integrated palm oil
business in order to fully exploit the value chain.

The stable outlook expects minimal further deterioration in Golden
Agri's credit metrics on the basis that capital expenditure can be
cut back in 2015 and that regional crude palm oil (CPO) prices
average at least MYR2,240/tonne or around USD720/tonne (CIF NW
Europe). While Moody's says that GAR can maintain a stable rating
under these forward-looking assumptions, further deterioration of
financial ratios would start to put pressure on the rating. This
would include EBITDA/Interest falling below 4.0-4.5x or retained
cash flow (RCF) to net debt declining below 13%, as well as
adjusted debt to EBITDA surpassing 4.0-4.5x on a sustained basis.
Moody's expects the last ratio to be above this range at year-end
2014, while it expects the first two metrics to be maintained.

"In the last twelve month period to the end of September 2014,
Golden-Agri's adjusted debt/EBITDA has climbed to 4.8x from 3.9x.
While Golden Agri is necessarily carrying more debt to support its
downstream and merchandising operations, weak refining margins,
losses in its Chinese oilseed crushing business during 2014 and
weaker CPO prices, notwithstanding a bouyant Q1, have seen
reported EBITDA margins decline from 10.5% in Q1 2014 to 5.4% in
Q3 2014, compared with an EBITDA margin of 10.1% for 2013," notes
Alan Greene, a Moody's Vice President - Senior Credit Officer.

Golden Agri's chief source of cash generation is derived from the
margin it makes from its palm oil plantations. With a total mature
area of 441,000 hectares, including 96,000 hectares of plasma
farms, Golden Agri is the largest plantation company in Indonesia
producing 2.46 million tonnes (mt) of CPO in the 12 months ended
September 2014. However, its EBITDA unavoidably reflects the
selling price of CPO and the resultant margin it makes from its
nucleus palm oil plantation estate and on purchases of fresh fruit
bunches from its plasma famers.

Golden Agri has successfully expanded its downstream refining
capacity in Indonesia and is able to sustain high utilisation
rates thanks in large part to the availability of CPO from its own
plantations. Nevertheless, investment in palm oil refineries has
boomed since the changes in Indonesia's export tax regime in 2011.
There is now a surplus of refining capacity in Indonesia and while
some operations may be inefficient and underutilised, the price
spread between palm oil and olein has been tight leading to thin
refining margins. GAR is not a major player in oleochemicals and
only its branded refined products such as cooking oil, which enjoy
a large market share in Indonesia, serve to protect some of its
margin.

Merchandising is the other area of focus of Golden Agri where the
company trades palm oil and its various products, supported by a
necessary storage and logistics infrastructure. The growth of this
activity is seen in the increase in revenue but with a
commensurate fall in margin. At the same time, trading results in
a greater use of trade financing which adds to the overall short-
term debt burden of Golden Agri.

Golden Agri's short-term debt was USD1.02 billion at the end of
September compared to USD1.06 billion at the end of 2013, although
much of this is in the form of trade finance lines which are
regularly rolled-over and self liquidate with trade receivables
and inventories. Over the same period inventory had increased to
USD838 million from USD772 million. Its reported long-term debt of
USD1.87 billion as of September 2014 has a good maturity profile
with little more than USD100 million maturing in 2015 and the
bulk, approximately USD1.2 billion falling due in 2017. However,
Golden Agri's USD400 million 2107 convertible bond could be put in
October 2015 as the SGD0.46 share price is well under the SGD0.87
conversion price. Moody's expects GAR to put in place a
refinancing plan for this scenario well ahead of the possible put
date.

In 2015, Moody's expects palm oil prices to average MYR2,240/t
which equates to about USD720/t on a CIF Rotterdam basis. This
compares to broader market expectations of USD750/t to USD800/t.
Assuming better weather and an increase in mature area, Golden
Agri's CPO output could increase by 5% or more in 2015. Moody's
expects Golden Agri to generate between USD500 million and USD600
million of funds from operations in 2015 but accompanied by a
sharp cutback in capex in 2015, compared to the USD519 million
spent in 2013, and with the final figure closer to the USD284
million spent in the first nine months of 2014. Some of the capex
will be spent on completing the refinery expansion and on
constructing a biodiesel plant, with the remainder supporting
estate growth. Moody's notes that the interim dividend payment for
2014, of around USD40 million, has been pushed into 2015 and,
based on the dividend policy of a 30% payout, Moody's expect a
final dividend payment of around USD20 million. The remaining cash
flow is likely to support working capital swings when CPO prices
recover.

"Current pricing pressures in the palm oil industry look set to
persist for a while longer. Although the rate of growth of oil
palm output has eased since September, palm oil stocks in Malaysia
for example increased in November while the average price so far
in Q4 is around MYR2,190/t," adds Greene who is Lead Analyst for
Golden Agri-Resources.

Notwithstanding current difficulties, the future prospects remain
good. Palm oil's status as the vegetable oil with the lowest cost
of production and implementation of biodiesel mandates by Malaysia
and Indonesia should result in a long-term underpinning of the
palm oil price in those countries although vegetable oil prices
will continue to swing depending on the global supply and demand
of annual oilseed crops. GAR is a market leader in palm oil
plantations and a key player in the refining and downstream
sectors but it has not yet cemented its ability to influence
margins in the overall palm oil chain.

The rating may experience downward pressure if (1) evidence
emerges of cash leaking from Golden Agri to fund affiliated
companies - for example, through inter-company loans, aggressive
cash dividends, or investments in affiliates; (2) unexpected costs
associated with the expansion of plantations and processing
facilities arise; or (3) CPO prices decline consistently beyond
our expectations and 4) access to trade finance is impaired.
Financial metrics indicative of significant deterioration would
include 1) EBITDA/Interest falls below 4.0-4.5x or 2) RCF/Net Debt
declines below 13% to 15% and 3) Adjusted Debt/EBITDA surpasses
4.0-4.5x all on a sustained basis.

The principal methodology used in this rating was Global Protein
and Agriculture Industry published in May 2013.

Golden Agri, registered in Mauritius, is the largest listed oil
palm plantation company in Indonesia. Listed on the Singapore
Stock Exchange in 1999, it mainly operates in Indonesia and China
and is 49.95% owned by the Widjaja family.



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


* S&P Takes Various Rating Actions on 9 Japanese Financial Groups
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has reviewed its
ratings on Japan-based finance companies and securities firms by
applying on the sector its revised rating criteria for nonbank
financial institutions (NBFI), which were published on Dec. 9,
2014.  As a result, S&P took various rating actions on the
entities of nine Japanese financial groups.  The actions were
generally driven by S&P's increased emphasis on globally
consistent measures of risk-adjusted capitalization and business
stability.  S&P has now removed the under criteria observation
(UCO) identifier on the ratings on all the entities listed below.

S&P's revised methodology first sets the anchor for each NBFI
sector in a given country.  The anchor reflects the economic and
industry risks that a sector faces.  S&P uses its bank anchors as
the starting point.  For finance companies, the preliminary anchor
is three notches below the bank anchor in each country, and for
securities firms, it is two notches below the bank anchor in each
country.

For finance companies, standard notching reflects higher industry
risk resulting from their lack of central bank access, lower
regulatory oversight, and higher competitive risk relative to
banks.  S&P's anchor specific for Japanese finance companies is,
however, 'bbb', which is only two notches lower than the Japanese
bank anchor.  This reflects S&P's view that the average Japanese
finance company faces less incremental industry risk than S&P's
standard notching envisages.  Particularly, S&P thinks their
affiliation to large banking or corporate groups supports their
funding stability.  In limited cases where a given finance company
has strengths or weaknesses not already reflected in the country-
specific anchor, S&P made entity-specific adjustments in the
anchor.

For Japanese securities firms, S&P applied two notches, which are
in line with the standard notching, and the anchor is 'bbb'.  The
two notches reflect S&P's view of their incremental industry risk
relative to banks, because of their less stable revenues -- which
are susceptible to domestic market trends -- higher competitive
risk pressuring margins, and material but still weaker regulatory
oversight and institutional framework.  Unlike most securities
firms in other systems, funding and liquidity risks for securities
firms in Japan are mitigated by their access to central bank
accounts.

S&P plans to publish a report, "S&P Lists Rating Components Of
NBFIs In Japan Following Criteria Revision," which contains a
summary of entity-specific factors on the ratings on the affected
Japanese entities.  For issuer credit ratings that S&P changed, it
plans to publish research reports within a few business days,
including a list of ratings on affiliated entities, as well as the
ratings by debt type.  S&P plans to publish research reports in
the first or second quarters of 2015 for those entities that S&P
did not change its issuer credit ratings or outlooks under the new
criteria.

RATINGS LIST

Ratings Raised
                                          To                From
ACOM Co. Ltd.
Issuer Credit Rating              BBB-/Stable/A-3   BB+/Stable/B
  Senior Unsecured                BBB-              BB+

Daiwa Securities Group Inc.
Issuer Credit Rating             BBB+/Stable/A-2   BBB/Stable/A-2
  Senior Unsecured               BBB+              BBB

Daiwa Securities Co. Ltd.
Issuer Credit Rating             A-/Stable/A-2     BBB+/Stable/A-2
  Senior Unsecured               A-                BBB+

Ratings Affirmed

BOT Lease Co. Ltd.
Issuer Credit Rating             BBB+/Stable/A-2
  Senior Unsecured               BBB+/A-2

Hitachi Capital Corp.
Issuer Credit Rating             A-/Stable/A-2
  Senior Unsecured               A-/A-2

Hitachi Capital (U.K.) PLC
Senior Unsecured     A-/A-2 (guaranteed by Hitachi Capital Corp.)
  Commercial Paper   A-2  (guaranteed by Hitachi Capital Corp.)

Hitachi Capital America Corp.
Senior Unsecured     A-/A-2 (guaranteed by Hitachi Capital Corp.)
  Commercial Paper A-2 (guaranteed by Hitachi Capital Corp.)

Japan Securities Finance Co. Ltd.
Issuer Credit Rating                      A/Stable/A-1

Mitsubishi UFJ Lease & Finance Co. Ltd.
Issuer Credit Rating                      A/Stable/--
  Senior Unsecured                        A

ORIX Corp.
Issuer Credit Rating                      A-/Stable/--
  Senior Unsecured                        A-

Ricoh Leasing Co. Ltd.
Issuer Credit Rating                      A/Stable/A-1
  Senior Unsecured                        A

Shinsei Financial Co. Ltd.
Issuer Credit Rating                      BBB-/Stable/A-3

Ratings Unaffected

Hitachi Capital Insurance Corp.
Financial Strength Rating                 A-/Stable/--

ORIX Bank Corp.
Issuer Credit Rating                      A-/Stable/--

ORIX Life Insurance Corp.
Issuer Credit Rating                      A-/Stable/--
  Financial Strength Rating               A-/Stable/--



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


KHAN BANK: Fitch Affirms 'B' Issuer Default Rating; Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Mongolia-based Khan Bank LLC at 'B', the Outlook remains
Negative.  The Viability Rating (VR) was affirmed at 'b' and the
Support Rating Floor (SRF) revised to 'B-' from 'B'.

KEY RATING DRIVERS - IDRS, VR AND SENIOR DEBT

The VR-driven IDR of the bank captures the weakening operating
environment in Mongolia.  Fitch expects asset quality of the bank
to worsen as the weakening local currency lowers the capacity of
borrowers to repay their foreign-currency loans.

Liquidity is tightening following the policy rate hike in July
2014, while banks will face higher funding costs because of higher
risk premiums demanded by international investors and stronger
deposit competition.  A rise in US dollar rates would also have
negative impact on funding costs and the performance of borrowers.
Profitability remains under pressure as the loan pricing under the
price stabilisation programme (PSP) and mortgage programme
launched by the Bank of Mongolia are capped.

Khan Bank's Outlook remains Negative considering the pressure on
asset quality from the deteriorating operating environment.  The
rating also captures the bank's single related party lending
exposure, which stood at 5.6% of total capital at 1H14.  While
performing, it is a concentration risk.  Fitch expects the bank's
large retail lending portfolio to hold up well as these borrowers
would be less affected by depreciation in the local currency.
Credit growth has slowed but it is subject to volatility and
likely to limit an improvement in the bank's capital ratios.  In
addition, the bank's leading deposit franchise, strategic
discipline and better risk standards compared with peers' remain
its strength.  Khan Bank's corporate governance benefits from the
involvement of international shareholders in the bank's
management.

RATING SENSITIVITIES - IDRS, VR AND SENIOR DEBT

Fitch would downgrade Khan Bank's ratings if the bank becomes
significantly more vulnerable to the weakening operating
environment than in the past.

Positive rating actions could derive from improving operating
conditions, including a favourable resolution to a dispute between
Rio Tinto and the government over the Oyu Tolgoi copper mining
project and successful gradual removal of government stimulus
measures.  Less reliance on external parties to fund growth would
be another consideration.

KEY RATING DRIVERS AND RATING SENSITVITIES - SUPPORT RATING AND
SUPPORT RATING FLOOR

Fitch downgraded the Support Rating (SR) and revised SRF of Khan
Bank amid a weakening of the Mongolian government's ability to
provide timely support to the banking system, due to shrinking
foreign reserves and weakening local currency, which is reflected
in its 'B+' sovereign rating with Negative Outlook.  This is in
spite of Fitch's belief that the government's propensity to
support systemically important banks has not reduced.

The SR and SRF of the bank now reflect Fitch's view that sovereign
support, although possible, cannot be relied upon.

The rating actions are:

Khan Bank
Long-Term Foreign Currency IDR affirmed at 'B'; Outlook Negative
Short-Term Foreign Currency IDR affirmed at 'B'
Long-Term Local Currency IDR affirmed at 'B'; Outlook Negative
Viability Rating affirmed at 'b'
Support Rating downgraded to '5' from '4'
Support Rating Floor revised to 'B-' from 'B'



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


SK HYNIX: Moody's Upgrades Corporate Family Rating to Ba1
---------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
of SK Hynix Inc to Ba1 from Ba2.

The rating outlook is stable.

Ratings Rationale

"The upgrade reflects SK Hynix's improved operating performance
and strong liquidty profile, which have resulted in turn from a
more rationale DRAM market following industry consolidation," says
Annalisa DiChiara, a Moody's Vice President and Senior Analyst.

Following the completion of Micron Technology Inc's (Ba2 stable)
acquisition of Elpida Memory Inc (unrated) in July 2013, the top
three DRAM makers -- Samsung Electronics Co Ltd (A1 stable), SK
Hynix, and Micron -- account for more than 95% of the global DRAM
market revenues.

Moreover, despite some slow-down in growth for shipments of mobile
devices, Moody's expect the growth in demand for DRAM (as measured
in gigabytes) to remain relatively stable over the next 12-15
months, supported by strong growth in data consumption across
devices as well as server DRAMs

"Given the oligopolistic market structure, Moody's also expect a
more disciplined industry-wide approach to capacity additions over
the next 12 -18 months, which should help moderate any decline in
price. When combined with relatively stable demand growth , these
factors provide key players,such as SK Hynix, with a sustainable -
- and less volatile -- level of profitability", adds DiChiara,
also the lead analyst for SK Hynix.

Moody's notes that SK Hynix's quarterly operating margins have
remained relatively stable in the 20-30% range since 2Q 2013 when
the industry went through a major period of consolidation. In the
three years prior to this, margins had been highly volatile
veering between 30% to negative 12% depending on the stage in the
cycle. Given the changing dynamics in the industry, Moody's expect
margins to remain in the mid-to -high 20% range over the next 12
months.

Given its solid earnings and strong free cash flow generation over
the past two years, SK Hynix's overall financial profile has seen
material improvement, with leverage -- as measured by adjusted
debt/EBITDA -- now below 1.0x and cash having built up to in
excess of KRW3.7 trillion (US$3.4 billion) at 30 September 2014.

The industry will remain highly capital intensive and Moody's
expect that SK Hynix will incur capital expenditure of
approximately KRW5-5.5 trillion in 2015 and 2016. However, with
more stable profitability, it is likely that this can be funded
out of cash flow. .

As a result, Moody's not only expect SK Hynix to maintain adjusted
debt/EBITDA below 1x through 2016, but for it also to continue to
accumulate cash which will afford it a strong financial buffer in
the event of an industry downturn.

While SK Hynix's financial metrics are very strong for the rating
level, the rating takes into consideration the inherent
cyclicality of the memory chip industry and ongoing high capex
requirements.

SK Hynix's Ba1 rating includes a one-notch uplift to its
standalone credit strength, reflecting our expectation of
financial support from SK Hynix's largest shareholder, SK Telecom
Co Ltd (SKT, A3 stable), in case of need.

The stable outlook reflects Moody's expectation that SK Hynix will
maintain its solid operating and financial profile, given its
strong position in the consolidated DRAM market. Moody's also
expect the company to maintain adequate liquidty, as evidenced by
a minimum cash balance of KRW 3.5-4.0 trillion.

Upward rating pressure over the near-term is unlikley, given the
upgrade, but could arise over the longer--term if SK Hynix
significantly improves its position in the memory market- in
particular, in the NAND segment, diversifies its customer base and
products, and maintains stability of earnings through cycles.

Credit metrics that would further support upgrade pressure include
operating margins above 10% through the cycle, positive free cash
flow, and adjusted debt/EBITDA remaining below 1.0x, over the
course of a cycle.

Downward rating pressure could arise if SK Hynix's financial
metrics deteriorate owing to (1) a significant industry downturn;
(2) rapid commoditization of mobile DRAM; (3) significant erosion
of its market positions or delays in technological migrations; or
(4) changes in its investment and shareholder distribution
policies, such that its cash balance declines or results in
negative free cash flow.

Other specific financial metrics for a downgrade include operating
margin deteriorating to below 15%, adjusted FCF/debt turning
negative, cash balance deteriorating to below KRW2.5 trillion, or
adjusted debt/EBITDA increasing above 2x.

In addition, an adverse change in the relationship between SK
Hynix and SKT could result in a negative rating action.

The principal methodology used in this rating was Global
Semiconductor Industry Methodology published in December 2012.

SK Hynix Inc, a Korea-based company, is engaged in the design,
manufacture, and sale of memory chips, such as DRAM and NAND flash
memory. It is 20.07%-owned by SK Telecom Co Ltd.



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


* BOND PRICING: For the Week Dec. 8 to Dec. 12, 2014
----------------------------------------------------

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


  AUSTRALIA
  ---------

ANTARES ENERGY LTD   10.00   10/30/23     AUD       1.94
CRATER GOLD MINING   10.00   08/18/17     AUD      25.00
KBL MINING LTD       10.00   08/05/16     AUD       0.18
MIDWEST VANADIUM P   11.50   02/15/18     USD      11.00
MIDWEST VANADIUM P   11.50   02/15/18     USD      10.00
STOKES LTD           10.00   06/30/17     AUD       0.46
TREASURY CORP OF V    0.50   11/12/30     AUD      59.54


CHINA
-----

CHANGCHUN CITY DEV    6.08   03/09/16     CNY      70.67
CHANGCHUN CITY DEV    6.08   03/09/16     CNY      70.18
CHANGZHOU INVESTME    5.80   07/01/16     CNY      70.20
CHANGZHOU INVESTME    5.80   07/01/16     CNY      70.59
CHINA GOVERNMENT B    1.64   12/15/33     CNY      68.78
CHINA NATIONAL ERZ    5.65   09/26/17     CNY      62.00
DANYANG INVESTMENT    6.30   06/03/16     CNY      70.98
HANGZHOU XIAOSHAN     6.90   11/22/16     CNY      72.07
HEILONGJIANG HECHE    7.78   11/17/16     CNY      71.98
HEILONGJIANG HECHE    7.78   11/17/16     CNY      70.50
JIANGSU LIANYUN DE    7.85   07/22/15     CNY      71.15
KUNSHAN ENTREPRENE    4.70   03/30/16     CNY      69.56
KUNSHAN ENTREPRENE    4.70   03/30/16     CNY      69.90
NANJING PUBLIC HOL    5.85   08/08/17     CNY      64.96
NANTONG STATE-OWNE    6.72   11/13/16     CNY      71.75
NANTONG STATE-OWNE    6.72   11/13/16     CNY      71.70
NINGDE CITY STATE-    6.25   10/21/17     CNY      60.99
QINGZHOU HONGYUAN     6.50   05/22/19     CNY      51.05
QINGZHOU HONGYUAN     6.50   05/22/19     CNY      52.77
WUXI COMMUNICATION    5.58   07/08/16     CNY      50.39
WUXI COMMUNICATION    5.58   07/08/16     CNY      50.17
YANGZHOU URBAN CON    5.94   07/23/16     CNY      70.31
YANGZHOU URBAN CON    5.94   07/23/16     CNY      70.80
YIYANG CITY CONSTR    8.20   11/19/16     CNY      72.61
ZHENJIANG CITY CON    5.85   03/30/15     CNY      69.89
ZHENJIANG CITY CON    5.85   03/30/15     CNY      70.14
ZHUCHENG ECONOMIC     7.50   08/25/18     CNY      49.72
ZIBO CITY PROPERTY    5.45   04/27/19     CNY      60.93
ZOUCHENG CITY ASSE    7.02   01/12/18     CNY      72.13


INDONESIA
---------

BERAU COAL ENERGY     7.25   03/13/17     USD      54.50
BERAU COAL ENERGY     7.25   03/13/17     USD      52.22
DAVOMAS INTERNATIO   11.00   12/08/14     USD      19.50
DAVOMAS INTERNATIO   11.00   12/08/14     USD      19.50
PERUSAHAAN PENERBI    6.75   04/15/43     IDR      74.80
PERUSAHAAN PENERBI    6.10   02/15/37     IDR      70.50


INDIA
-----

3I INFOTECH LTD       5.00   04/26/17     USD      32.00
BLUE DART EXPRESS     9.30   11/20/17     INR      10.04
BLUE DART EXPRESS     9.40   11/20/18     INR      10.06
BLUE DART EXPRESS     9.50   11/20/19     INR      10.08
CORE EDUCATION & T    7.00   05/07/15     USD       9.50
COROMANDEL INTERNA    9.00   07/23/16     INR      15.49
GTL INFRASTRUCTURE    3.03   11/09/17     USD      28.99
INCLINE REALTY PVT   10.85   04/21/17     INR      14.12
INCLINE REALTY PVT   10.85   08/21/17     INR      17.23
INDIA GOVERNMENT B    0.24   01/25/35     INR      22.59
JCT LTD               2.50   04/08/11     USD      18.13
MASCON GLOBAL LTD     2.00   12/28/12     USD       4.24
ORIENTAL HOTELS LT    2.00   11/21/19     INR      72.94
PRAKASH INDUSTRIES    5.25   04/30/15     USD      70.25
PYRAMID SAIMIRA TH    1.75   07/04/12     USD       1.00
REI AGRO LTD          5.50   11/13/14     USD      55.88
REI AGRO LTD          5.50   11/13/14     USD      55.88
SHIV-VANI OIL & GA    5.00   08/17/15     USD      26.38


JAPAN
-----

AVANSTRATE INC        3.02   11/05/15     JPY      42.38
AVANSTRATE INC        5.00   11/05/17     JPY      32.25
ELPIDA MEMORY INC     0.50   10/26/15     JPY      16.63
ELPIDA MEMORY INC     0.70   08/01/16     JPY      17.00
ELPIDA MEMORY INC     2.03   03/22/12     JPY      17.00
ELPIDA MEMORY INC     2.10   11/29/12     JPY      17.00
ELPIDA MEMORY INC     2.29   12/07/12     JPY      17.00


KOREA
-----

2014 KODIT CREATIV    5.00   12/25/17     KRW      26.88
2014 KODIT CREATIV    5.00   12/25/17     KRW      30.26
DONGBU METAL CO LT    5.20   09/12/19     KRW      54.66
EXPORT-IMPORT BANK    0.50   12/22/17     BRL      69.56
EXPORT-IMPORT BANK    0.50   11/21/17     BRL      70.85
EXPORT-IMPORT BANK    0.50   12/22/17     TRY      75.68
GREAT KODIT SECURI   10.00   12/29/14     KRW      75.75
HYUNDAI MERCHANT M    7.05   12/27/42     KRW      41.32
KIBO ABS SPECIALTY   10.00   09/04/16     KRW      32.21
KIBO ABS SPECIALTY   10.00   02/19/17     KRW      30.79
KIBO ABS SPECIALTY    5.00   01/31/17     KRW      28.61
KIBO ABS SPECIALTY   10.00   08/22/17     KRW      28.71
KIBO GREEN HI-TECH   10.00   01/25/15     KRW      63.21
KIBO GREEN HI-TECH   10.00   03/20/15     KRW      55.58
KIBO GREEN HI-TECH   10.00   12/21/15     KRW      33.23
LSMTRON DONGBANGSE    4.53   11/22/17     KRW      26.61
POSCO ENERGY CORP     4.72   08/29/43     KRW      74.46
POSCO ENERGY CORP     4.72   08/29/43     KRW      74.22
SINBO SECURITIZATI    5.00   12/13/16     KRW      29.91
SINBO SECURITIZATI    5.00   02/11/18     KRW      26.33
SINBO SECURITIZATI    5.00   07/08/17     KRW      30.46
SINBO SECURITIZATI    5.00   07/19/15     KRW      31.85
SINBO SECURITIZATI    5.00   08/24/15     KRW      31.58
SINBO SECURITIZATI    4.60   06/29/15     KRW      34.09
SINBO SECURITIZATI    5.00   08/31/16     KRW      30.31
SINBO SECURITIZATI    5.00   08/31/16     KRW      30.32
SINBO SECURITIZATI    4.60   06/29/15     KRW      34.09
SINBO SECURITIZATI    5.00   07/26/16     KRW      30.51
SINBO SECURITIZATI    9.00   07/27/15     KRW      33.79
SINBO SECURITIZATI    5.00   07/26/16     KRW      30.51
SINBO SECURITIZATI    5.00   06/29/16     KRW      30.72
SINBO SECURITIZATI    5.00   05/27/16     KRW      30.95
SINBO SECURITIZATI    5.00   03/14/16     KRW      29.25
SINBO SECURITIZATI    5.00   05/27/16     KRW      30.95
SINBO SECURITIZATI    5.00   09/28/15     KRW      31.42
SINBO SECURITIZATI    5.00   10/05/16     KRW      30.24
SINBO SECURITIZATI    5.00   10/05/16     KRW      30.24
SINBO SECURITIZATI    5.00   01/19/16     KRW      29.49
SINBO SECURITIZATI    8.00   02/02/15     KRW      67.82
SINBO SECURITIZATI    5.00   02/02/16     KRW      29.69
SINBO SECURITIZATI    8.00   02/02/16     KRW      31.71
SINBO SECURITIZATI   10.00   12/27/15     KRW      32.39
SINBO SECURITIZATI    5.00   09/13/15     KRW      30.96
SINBO SECURITIZATI    5.00   12/07/15     KRW      29.60
SINBO SECURITIZATI    5.00   09/13/15     KRW      24.18
SINBO SECURITIZATI    5.00   02/21/17     KRW      29.54
SINBO SECURITIZATI    5.00   01/29/17     KRW      29.68
SINBO SECURITIZATI    5.00   06/07/17     KRW      24.07
SINBO SECURITIZATI    5.00   06/07/17     KRW      24.07
SINBO SECURITIZATI    8.00   03/07/15     KRW      53.49
SINBO SECURITIZATI    5.00   10/01/17     KRW      27.23
SINBO SECURITIZATI    5.00   10/01/17     KRW      27.23
SINBO SECURITIZATI    5.00   10/01/17     KRW      27.23
SINBO SECURITIZATI    5.00   02/11/18     KRW      26.33
SINBO SECURITIZATI    5.00   08/16/16     KRW      30.18
SINBO SECURITIZATI    5.00   08/16/17     KRW      27.78
SINBO SECURITIZATI    5.00   08/16/17     KRW      27.78
SINBO SECURITIZATI    5.00   02/21/17     KRW      29.54
SINBO SECURITIZATI    5.00   03/13/17     KRW      29.45
SINBO SECURITIZATI    5.00   03/13/17     KRW      29.45
SINBO SECURITIZATI    5.00   01/15/18     KRW      26.73
SINBO SECURITIZATI    5.00   01/15/18     KRW      26.73
SINBO SECURITIZATI    5.00   07/08/17     KRW      28.16
SINBO SECURITIZATI    5.00   12/25/16     KRW      29.05
SK TELECOM CO LTD     4.21   06/07/73     KRW      72.73
STX OFFSHORE & SHI    3.00   09/06/15     KRW      71.23
TONGYANG CEMENT &     7.50   04/20/14     KRW      70.00
TONGYANG CEMENT &     7.50   07/20/14     KRW      70.00
TONGYANG CEMENT &     7.30   04/12/15     KRW      70.00
TONGYANG CEMENT &     7.30   06/26/15     KRW      70.00
TONGYANG CEMENT &     7.50   09/10/14     KRW      70.00
U-BEST SECURITIZAT    5.50   11/16/17     KRW      27.41
WOONGJIN ENERGY CO    2.00   12/19/16     KRW      58.01


MALAYSIA
--------

BANDAR MALAYSIA SD    0.35   02/20/24     MYR      67.92
BIMB HOLDINGS BHD     1.50   12/12/23     MYR      68.83
BRIGHT FOCUS BHD      2.50   01/22/31     MYR      60.39
BRIGHT FOCUS BHD      2.50   01/24/30     MYR     100.32
LAND & GENERAL BHD    1.00   09/24/18     MYR       0.39
SENAI-DESARU EXPRE    0.50   12/31/38     MYR      62.17
SENAI-DESARU EXPRE    0.50   12/30/39     MYR      63.30
SENAI-DESARU EXPRE    0.50   12/31/47     MYR      71.09
SENAI-DESARU EXPRE    0.50   12/31/40     MYR      64.69
SENAI-DESARU EXPRE    0.50   12/30/44     MYR      68.74
SENAI-DESARU EXPRE    1.15   06/28/24     MYR      63.60
SENAI-DESARU EXPRE    0.50   12/31/46     MYR      70.27
SENAI-DESARU EXPRE    1.10   12/31/21     MYR      70.92
SENAI-DESARU EXPRE    1.35   12/29/28     MYR      55.88
SENAI-DESARU EXPRE    1.15   12/29/23     MYR      64.95
SENAI-DESARU EXPRE    0.50   12/31/41     MYR      65.87
SENAI-DESARU EXPRE    0.50   12/31/43     MYR      67.77
SENAI-DESARU EXPRE    0.50   12/29/45     MYR      69.49
SENAI-DESARU EXPRE    0.50   12/31/42     MYR      66.73
SENAI-DESARU EXPRE    1.10   06/30/21     MYR      72.75
SENAI-DESARU EXPRE    1.15   12/30/22     MYR      67.93
SENAI-DESARU EXPRE    1.15   06/30/23     MYR      66.41
SENAI-DESARU EXPRE    1.15   12/31/24     MYR      62.26
SENAI-DESARU EXPRE    1.35   12/31/25     MYR      61.52
SENAI-DESARU EXPRE    1.35   12/31/26     MYR      59.63
SENAI-DESARU EXPRE    0.65   06/30/20     MYR      74.46
SENAI-DESARU EXPRE    1.35   06/30/27     MYR      58.76
SENAI-DESARU EXPRE    1.15   06/30/25     MYR      61.07
SENAI-DESARU EXPRE    1.35   06/30/26     MYR      60.55
SENAI-DESARU EXPRE    1.35   06/28/30     MYR      52.40
SENAI-DESARU EXPRE    1.35   12/31/30     MYR      51.16
SENAI-DESARU EXPRE    1.35   06/29/29     MYR      54.76
SENAI-DESARU EXPRE    1.35   06/30/28     MYR      56.88
SENAI-DESARU EXPRE    1.35   12/31/27     MYR      57.90
SENAI-DESARU EXPRE    1.10   12/31/20     MYR      74.60
SENAI-DESARU EXPRE    1.10   06/30/22     MYR      69.25
SENAI-DESARU EXPRE    1.35   12/31/29     MYR      53.62
SENAI-DESARU EXPRE    1.35   06/30/31     MYR      49.89
UNIMECH GROUP BHD     5.00   09/18/18     MYR       1.28

KIWI INCOME PROPER    8.95   12/20/14     NZD       1.03

BAYAN TELECOMMUNIC   13.50   07/15/06     USD      22.75
BAYAN TELECOMMUNIC   13.50   07/15/06     USD      22.75
BAKRIE TELECOM PTE   11.50   05/07/15     USD       8.55
BAKRIE TELECOM PTE   11.50   05/07/15     USD       9.13
BERAU CAPITAL RESO   12.50   07/08/15     USD      56.00
BERAU CAPITAL RESO   12.50   07/08/15     USD      54.90
BLD INVESTMENTS PT    8.63   03/23/15     USD      14.25
BUMI CAPITAL PTE L   12.00   11/10/16     USD      22.00
BUMI CAPITAL PTE L   12.00   11/10/16     USD      22.05
BUMI INVESTMENT PT   10.75   10/06/17     USD      21.25
BUMI INVESTMENT PT   10.75   10/06/17     USD      22.05
ENERCOAL RESOURCES    6.00   04/07/18     USD      20.88
INDO INFRASTRUCTUR    2.00   07/30/10     USD       1.88


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

G STEEL PCL           3.00   10/04/15     USD       2.72
MDX PCL               4.75   09/17/03     USD      26.25


SINGAPORE
---------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***