TCRAP_Public/141223.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 23, 2014, Vol. 17, No. 253


                            Headlines


A U S T R A L I A

FELIX OPTOMETRIST: First Creditors' Meeting Set For Jan. 5
GERIZIM ENTERPRISES: First Creditors' Meeting Set For Dec. 31
IRONBARK LOGGING: First Creditors' Meeting Slated For Dec. 31
ISACSON PTY: First Creditors' Meeting Slated For December 30
ITAC SERVICES: Likely to Avoid Liquidation

JONES THE GROCER: Owner Still See 'Strong Potential' in Firm
MISSION NEWENERGY: Appoints Advisor Nizam to Board


C H I N A

CHINA AOYUAN: Fitch Affirms 'B+' IDR; Outlook Stable
CIFI HOLDINGS: Fitch Assigns BB- Rating to USD200MM Sr. Notes


I N D I A

AAI KRUPA: ICRA Reaffirms B Rating on INR5cr Cash Credit
ABHI S.K.: ICRA Reaffirms B Rating on INR10.67cr Term Loan
ACCURATE FABOX: ICRA Rates INR3.50cr Non Fund-Based Loan at 'B-'
COLDSPACE AGROTECH: CRISIL Suspends B Rating on INR60MM LT Loan
EPITOME PETROPACK: ICRA Cuts Rating on INR25cr Term Loan to 'D'

ICORE POLY: CRISIL Suspends B- Rating on INR190MM Term Loan
INDIA INDUSTRIES: CRISIL Suspends B Rating on INR31.5MM Term Loan
INDO WIRE: CRISIL Suspends B+ Rating on INR45MM Cash Credit
J.R. METAL: ICRA Assigns 'B+' Rating to INR9.08cr Term Loan
KAKATIYAN MEDICAL: CRISIL Suspends B Rating on INR60MM Term Loan

KAMALBEN SINDHAV: ICRA Suspends B Rating on INR6.35cr Term Loan
KAR AND KAR: CRISIL Suspends C Rating on INR30MM Cash Credit
KHARVEL SALES: CRISIL Suspends D Rating on INR70MM Cash Credit
LAVISH EXIM: CRISIL Suspends B- Rating on INR90MM Term Loan
MAINI GROUP: CRISIL Suspends 'B' Rating on INR70MM Term Loan

MERIDIAN EDUCATIONAL: CRISIL Suspends B- Rating on INR392.4M Loan
MUKHERJEE ENTERPRISE: CRISIL Suspends B+ Rating on INR50MM Loan
POOJA TRADING: ICRA Withdraws B Rating on INR20cr Bank Lines
POPPYS HOTEL: ICRA Reaffirms B+ Rating on INR15cr Term Loan
PRABHU SPONGE: ICRA Reaffirms B+ Rating on INR9cr Cash Credit

R.N. METALS: ICRA Rates INR2cr Fund Based Limits at B+
S D EDUCATION: ICRA Cuts Rating on INR6.75cr Fund Based Loan to D
SHREE R.N. METALS: ICRA Reaffirms B+ Rating on INR2.5cr FB Loan
SIKSHA - O - ANUSANDHAN: ICRA Reaffirms B+ Rating on INR76cr Loan
SPICEJET LTD: Resumes Normal Operations

SRI VIGNESWARA: ICRA Reaffirms B+ Rating on INR6cr FB Loan
SRINIVASA RICE: ICRA Reaffirms B+ Rating on INR8.19cr LT Loan
T.MADHAV RAO: CRISIL Suspends B- Rating on INR45MM Overdraft Loan


N E W  Z E A L A N D

NZ DIRECTORIES: May Be Wound Up, Assets Moved To New Vehicle
PHP GROUP: Debts Mount Following Receivership


S I N G A P O R E

FAMILY FOOD: Iras Shuts Foodcourt Firm Over Unpaid Taxes


X X X X X X X X

* BOND PRICING: For the Week Dec. 15 to Dec. 19, 2014


                            - - - - -


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


FELIX OPTOMETRIST: First Creditors' Meeting Set For Jan. 5
----------------------------------------------------------
Peter Gountzos and Michael Carrafa of SV Partners were appointed
as administrators of Felix Optometrist Pty Ltd, trading as Clear
Optical, on Dec. 19, 2014.

A first meeting of the creditors of the Company will be held at
the offices of SV Partners, Level 17, 200 Queen Street,  in
Melbourne, Victoria, on Jan. 5, 2015, at 3:00 P.M.


GERIZIM ENTERPRISES: First Creditors' Meeting Set For Dec. 31
-------------------------------------------------------------
Wayne Benton & Ken Sellers of SellersMuldoonBenton were appointed
as administrators of Gerizim Enterprises Pty Ltd on Dec. 17, 2014.

A first meeting of the creditors of the Company will be held at
SellersMuldoonBenton, Level 3, 90 William Street, in Melbourne, on
Dec. 31, 2014, at 9:00 a.m.


IRONBARK LOGGING: First Creditors' Meeting Slated For Dec. 31
-------------------------------------------------------------
Brent Kijurina and David Ingram of Hall Chadwick Chartered
Accountants were appointed as administrators of Ironbark Logging
and Earthmoving Pty Limited on Dec. 17, 2014.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 19, 144 Edward Street,
in Brisbane, Queensland, on Dec. 31, 2014, at 10:30 a.m.


ISACSON PTY: First Creditors' Meeting Slated For December 30
------------------------------------------------------------
Riad Tayeh and David Solomons of de Vries Tayeh were appointed as
administrators of Isacson Pty Ltd on Dec. 19, 2014.

A first meeting of the creditors of the Company will be held at
Level 5, 32 Martin Place, in Sydney, on Dec. 30, 2014, at
12:00 p.m.


ITAC SERVICES: Likely to Avoid Liquidation
------------------------------------------
Angela Macdonald-Smith at The Sydney Morning Herald reports that
the administrators of failed ITAC Services, a victim of the rapid
collapse in crude oil prices, have voiced confidence in selling
the company as a going concern after receiving plenty of interest
from potential buyers.

SMH notes that ITAC, named "best mid-market company" in the BRW
Momentum awards as recently as August, was placed in voluntary
administration on December 9 after the slump in oil prices
triggered a crunch in cash flows as customers axed work projects.

According to the report, a spokeswoman for administrators Ferrier
Hodgson said the firm has received "really good interest" from
prospective buyers in the sale process for ITAC, giving confidence
the business can be sold as a going concern rather than be
liquidated for a sell-off of assets.

Melbourne-based ITAC, which specialises in the mobilisation of
onshore drilling equipment for the oil and gas sector, had a
turnover of over AUD65 million in 2014, yielding net profit of
AUD5 million, SMH discloses.

Its operations are meanwhile continuing in the Cooper Basin in
South Australia and Queensland, and in the Surat Basin in south-
western Queensland. Saxon Ltd., Ensign Energy Services and
Weatherford International also count among its client base,
relates SMH.

SMH says Ferrier Hodgson has made 26 of ITAC's original 110
employees redundant since taking over administration.

Expressions of interest in the business opened until December 22
and a result from the sale process is expected in January, the
report adds.

ITAC Services was founded in 1990. It specialises in mobilising
onshore drilling equipment for the gas and oil sector. The
Melbourne-based company operates in remote areas that include the
Surat and Cooper Basins.  The company employs 110 people and owns
a fleet of more than 100 vehicles.

James Stewart and Brendan Richards of Ferrier Hodgson were
appointed as administrators of ITAC Services (Aust) Pty Ltd on
Dec. 9, 2014.


JONES THE GROCER: Owner Still See 'Strong Potential' in Firm
------------------------------------------------------------
Eloise Keating at SmartCompany reports that the private equity
owner of Jones the Grocer said it continues to see "strong
potential" in the collapsed gourmet retailer.

A spokesperson for L Capital Asia, the private equity arm of
fashion powerhouse and luxury goods retailer Louis Vuitton Moet
Hennessey, told SmartCompany administrators were called in to
Jones the Grocer and its related entities earlier this month "to
afford the Australian operations some time to restore the business
to a financially viable position, as well as preserve the business
and value going forward".

"L Capital Asia continues to see strong potential in the Jones the
Grocer business and will be supportive of plans that allow for the
continued operations of the business," the report quotes the
spokesperson as saying.  "The administrator has indicated that
with the support of L Capital Asia it is very much business as
usual through the administration process."

But it appears the resignation of former chief executive and owner
John Manos is what set in motion the chain of events leading to
the collapse of Jones the Grocer, its distribution arm Senselle
Food Distribution and sister companies, burger chain Charlie & Co
and Becasse Bakery, the report relays.

According to the report, Mr. Manos purchased Jones the Grocer in
2005 and, in 2012, sold a 50% stake to L Capital Asia, which also
has stakes in Australian sportswear brand 2XU and swimwear label
Seafolly.

SmartCompany relates that L Capital Asia said Mr. Manos resigned
as sole director of the Australian operations on December 10,
prompting the appointment of a new director, Mark Watson, who
decided to appoint voluntary administrators.

But Manos told Mr. SmartCompany earlier last week "a difference in
vision at board level" led to the collapse of the business.
SmartCompany understands Manos remains involved with the business
as a director of the six related companies.

SmartCompany relates that Mr. Manos said he is "focused on finding
a solution to these differences with L Capital Asia so we can
maximise the value for all stakeholders, including long-term
customers, suppliers and staff".

"I am keen to see the business continue ordinary operations and
the strong relationships I have built with all our stakeholders
over nine years maintained," he said.

A meeting of creditors for all companies in the Jones the Grocer
group is scheduled to take place in Melbourne on December 24, the
report notes.  Administrator Jason Stone previously told
SmartCompany the plan is to "restructure the company so it can
continue to trade," according to SmartCompany.

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.


MISSION NEWENERGY: Appoints Advisor Nizam to Board
--------------------------------------------------
Mission NewEnergy Limited had appointed Dato' Mohamed Nizam bin
Tun Abdul Razak as Advisor to the Board effective Dec. 16, 2014.

Dato' Nizam Razak, a Malaysian, was attached to Bumiputra Merchant
Bankers Bhd, an investment bank, from 1981 to 1984 and to PB
Securities Sdn Bhd, a stockbroking firm from 1984 to 1998.  He is
an independent and non-executive director of Yeo Hiap Seng Limited
and Mamee-Double Decker (M) Sdn Bhd.  He also serves on the board
of several private limited companies engaged in a wide range of
activities and is actively involved in several charitable
foundations such as Noah Foundation, Hong Leong Foundation,
National Children Welfare Foundation, Yayasan Cemerlang, Yayasan
Rahah and Yayasan Wah Seong.  In March 2012, he was appointed Pro-
Chancellor of University Tun Abdul Razak and in July 2013, he was
appointed Chancellor of Unitar International University.

In the past he has held directorships in companies involved in a
wide range of activities such as banking, insurance, mutual funds,
steel, auto parts manufacturing, property development, retail and
food production.

He is currently a value investor engaged in buyouts and private
equity transactions in Malaysia.

Nizam graduated in 1980 with a Bachelor of Arts (Oxon) degree in
Politics, Philosophy and Economics from the Oxford University,
United Kingdom.

In welcoming Dato' Nizam to the board, Datuk Zain Yusuf, Chairman
of Mission NewEnergy said, "I am delighted to welcome Dato' Nizam
to Mission.  He has a wealth of industry knowledge and experience
which will add significant value to Mission.  His appointment
strengthens the board's experience and adds to its capability in
the development and implementation of its new business strategy."

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Mission NewEnergy reported a net loss of $1.09 million on $9.68
million of total revenue for the year ended June 30, 2014,
compared to net income of $10.05 million on $8.41 million of total
revenue during the prior year.

The Company's balance sheet at June 30, 2014, showed $4.04 million
in total assets, $15.40 million in total liabilities and a $11.35
million total deficiency.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million.  These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


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


CHINA AOYUAN: Fitch Affirms 'B+' IDR; Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed China Aoyuan Property Group Limited's
(Aoyuan) Long-Term Foreign-Currency Issuer Default Rating (IDR)
and senior unsecured rating at 'B+', and recovery rating at 'RR4'.
The Outlook is Stable.

The affirmation reflects the Chinese homebuilder's continued
business scale expansion with moderate leverage and sufficient
liquidity.  The ratings are constrained by the high level of non-
residential properties in the product mix and limited geographic
diversification.

KEY RATING DRIVERS

Growing Business Scale: Aoyuan's contracted sales showed year-on-
year growth of 33% from January to November 2014 to CNY10.7bn,
mainly because of its consistent execution in delivering an
increased number of properties ready for sale.  Its larger
business scale gives the company more sales visibility and greater
financial flexibility in making land acquisitions.

Stable Financial Profile: What sets Aoyuan apart from its fast
growing peers is that it has maintained healthy leverage despite
its rapid expansion.  Its leverage as measured by net
debt/adjusted inventory was 33% at mid-2014, and Fitch expects its
sales efficiency to maintain at above 1.1x of contracted
sales/total debt in 2014.  Given that the expected land premium in
2014 accounts for less than 40% of its estimated full year
contracted sales, Fitch expects Aoyuan's financial profile to stay
healthy at end-2014 and this resilience supports its credit
profile.

Non-residential Property Exposure: In order to increase revenue
and profitability, the company complements core residential
property sales with retail properties and offices, which
contributed 23% of total contracted sales from January to November
2014.  Aoyuan's retail properties are typically located on the
first several floors of residential blocks in most of its
projects.  Although non-residential properties are currently
selling at a healthy pace, Fitch believes that they are more
cyclical than residential properties and any further increase in
the share of non-residential properties in Aoyuan's contracted
sales may increase its business risk.

Limited Geographic Diversification: Around 66% of contracted sales
in the first 11 months of 2014 were from Guangdong province in
southern China, where competition remains intense.  As a small
player in a competitive market, Aoyuan adopted a fast turnover
strategy to maintain a healthy liquidity position, which limited
its profit margin.  The geographical concentration also exposes
the company to the uncertainties of local policies and the local
economy.  It has successfully replicated its business model in
locations outside Guangdong province, such as Chongqing
municipality.  However, Fitch expects Guangdong to continue to
contribute more than 50% of its contracted sales in the next 12
months.

RATING SENSITIVITIES

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

   -- The ratio of contracted sales to total debt falling below
      1x (2013: 1.1x) on a sustained basis

   -- Net debt to adjusted net inventory sustained above 40% (as
      of June 30, 2014: 33%)

   -- Deviation from the fast churn and high cash-flow turnover
      business model

   -- Proportion of contracted sales from non-residential
      properties rising above one third of its total contracted
      sales

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Successful execution of expansion strategy for the next two
      to three years, with contracted sales rising to more than
      CNY15bn a year, and EBITDA margin increasing to over 25% on
      a sustained basis


CIFI HOLDINGS: Fitch Assigns BB- Rating to USD200MM Sr. Notes
-------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB-(EXP)' to
China-based property developer CIFI Holdings (Group) Co. Ltd.'s
(BB-/Stable) proposed USD200m 8.875% senior notes due 2019.

The notes are a tap of the USD200m 8.875% notes due 2019 issued in
January 2014, with the same terms and conditions.  The final
rating is contingent on the receipt of final documents conforming
to information already received.  The notes are rated at the same
level as CIFI's senior unsecured debt rating as they represent
direct, unconditional, unsecured and unsubordinated obligations of
the company.

KEY RATING DRIVERS

Sustainability of Scale: Fitch estimates CIFI's attributable
contracted sales rose 21% y-o-y in 1H14 to more than CNY8.5bn
despite China's property market downturn.  The company also
maintained healthy sales turnover with last twelve months (LTM)
contracted sales/total debt at 1.1x and LTM contracted
sales/adjusted inventory at 0.8x.  The sales efficiency reflects
the company's greater resilience in different market conditions
compared with lower-rated peers.

Stabilising Leverage: CIFI's net debt/adjusted inventory increased
to around 42% at mid-2014 from 33% at end-2013, mainly due to a
CNY3.5bn payment of committed land premium.  However, its leverage
is likely to be below 40% at end-2014, largely because of the
relatively small committed land premium payment of CNY1.9bn and
higher cash collection from contracted sales for the rest of the
year.

Improved EBITDA Margin: CIFI's high asset turnover and product
types kept its EBITDA margin at the low end among its peers.
However, Fitch expects a gradual increase in contracted average
selling price (ASP) to CNY12,000/sqm in 1H14 from below
CNY10,000/sqm two years ago and a bigger share for office sales in
its product mix, which may improve the EBITDA margin to around 20%
in the next 12 months.

Focus on Higher-Tier Cities: CIFI has a diversified presence in
the Yangtze River Delta, Bohai Economic Rim and Central Western
Region, reducing its exposure to uncertainties inherent in local
policies and local economies while providing room to scale up.
With around 90% of attributable land bank in first- and second-
tier cities at mid-2014, the company is less exposed to housing
oversupply in lower-tier cities.

Substantial JV: CIFI has 9.5m sqm of gross floor area (GFA) of
total land bank, but only around 80% of the GFA is attributable to
the company as many of the acquisitions were made through joint
ventures.  Fitch believes the company will continue to form joint
ventures with other developers in the next 24 months to avoid
competition that could inflate land prices and to reduce the
burden of having to pay land premiums.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Annual attributable contracted sales rising above CNY30bn
      with a healthy financial profile and the current product
      mix

   -- Maintaining the current strategy of high cash-flow
      turnover, such that contracted sales/total debt is
      sustained at over 1.3x

   -- EBITDA margin over 20% on a sustained basis

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

   -- Substantial decrease in scale from 2014, or contracted
      sales/ total debt falling below 1x on a sustained basis

   -- EBITDA margin declining to 15% or lower

   -- Net debt to adjusted net inventory rising towards 45% on a
      sustained basis

   -- Deviation from the current fast churn-out and high cash-
      flow turnover business model



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AAI KRUPA: ICRA Reaffirms B Rating on INR5cr Cash Credit
--------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the long term
fund based facilities of INR6.70 crore of Aai Krupa Cotton
Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Tern Fund
   Based-Cash Credit     5.00         [ICRA]B reaffirmed

   Long Tern Fund
   Based -Term Loan      1.70         [ICRA]B reaffirmed

The reaffirmation of the rating continues to take into account the
relatively new and small scale of firm's operations as well as
vulnerability of profitability to adverse movements in raw
material prices which are subject to seasonality and crop harvest.
The rating also takes into account limited value additive nature
of firm's operations and highly competitive and fragmented
industry structure given the low entry barriers as well as the
exposure to the regulatory risks with regards to MSP for raw
cotton and cotton exports. ICRA also takes note that AKCI is a
partnership concern and risks inherent in partnership firm with
respect to capital withdrawals and its potential impact on credit
profile as well as on continuity of organization.

The rating, however, continues to favorably take into account the
firm's favorable location in Tankara, Gujarat- an area with easy
availability of raw cotton.

Aai Krupa Cotton Industries (AKCI) was formed as a partnership
firm in 2013 and is engaged in the cotton ginning and pressing and
oil crushing operations. The promoters of the firm have moderate
past experience in cotton ginning and pressing industry through
their earlier association with other firms as partners and as key
operating personnel in past. The firm commenced its commercial
operations from November 2013. The firm has installed 20 ginning
machines and 1 pressing machine with an installed capacity to
produce ~37 MT of cotton bales (assuming 24 hrs of operation) on a
daily basis.

Recent Results
For the year ended March 31, 2014, AKCI reported an operating
income of INR11.69 crore and a profit after tax of INR0.04 crore


ABHI S.K.: ICRA Reaffirms B Rating on INR10.67cr Term Loan
----------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B assigned to
the INR10.67 crore (revised from 11.25 crore) term loan facilities
and INR0.58 crore (revised from INR0.0 crore) proposed facilities
of Abhi S.K. Hospital Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term loan facilities    10.67       [ICRA]B re-affirmed
   Long Term-Unallocated    0.58       [ICRA]B re-affirmed

The re-affirmation of the rating considers the experience of the
promoters in healthcare business; their established reputation in
Gobichettipalayam and Erode regions of Tamil Nadu; and the
commercialization of the multi-speciality facility. The hospital
commenced its operations in August 2013 and recorded ~55%
occupancy and revenues of INR6.6 crore for the 8m, 2013-14. The
rating also factors in the limited availability of alternative
secondary healthcare infrastructure in the region. The rating is,
however, constrained by risk inherent to a single location
hospital. The rating also takes into account the entity's
stretched financial profile characterized by high gearing and
inadequate coverage metrics. Going forward, the ability of the
Company to enhance its scale and improve its leveraged capital
structure will remain the key rating sensitivities.

ASKHPL was promoted in December 2010 by Dr. Senthilnathan and his
wife Dr. Suseela. The Company currently operates a 110 bed multi-
speciality hospital. The hospital offers specialized treatment in
Gynaecology, Neurosurgery, Plastic surgery, Trauma care,
Obstetrics, Neonatology, and General medicine, among others. The
hospital has a 25-bed intensive care unit, including an 8 bed
newborn intensive care unit, and 5 operation theatres. The
hospital is well equiped with a digital X-ray unit, 3D ultrasound
and Colour Doppler Echo, fully automated computerized laboratory,
and CT-scan. The Company has tie-ups with corporates, major
insurance Companies, third party administrators (TPAs) and State
and Central government agencies to offer cashless treatment.
S.K. Hospital (SKH) was started as a proprietary concern in 1993
by Dr. Suseela (wife of Dr. Senthilnathan Managing Director of
ASKHPL) and had a 60 bed facility in Gobichettipalayam, a taluk in
Erode (Tamil Nadu) as a dedicated centre for women care and
general surgery. The entire operations of SKH have been shifted to
ASKHPL from August 15, 2013, and the property of SKH has been
leased to Gobi MRI Scan Center Private Limited, in which ASKHPL
hold a 9.1% stake.

Recent Results
The company started its operations in August 2013 and recorded net
profit of INR0.4 crore on an operating income of INR6.6 crore for
the period August 2013 - March 2014.


ACCURATE FABOX: ICRA Rates INR3.50cr Non Fund-Based Loan at 'B-'
----------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B- to the INR1.501
crore fund-based bank facilities and INR3.50 crore non fund-based
bank facilities of Accurate Fabox Private Limited. ICRA has also
assigned its short-term rating of [ICRA]A4 to the INR1.00 crore
non fund-based bank facilities of AFPL.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Fund-based facilities       1.50       [ICRA]B-;assigned
   Non fund-based facilities   3.50       [ICRA]B-;assigned
   Non fund-based facilities   1.00       [ICRA]A4;assigned

The ratings factor in the AFPL's high working capital intensity
due to a long manufacturing cycle and high receivables collection
period. The resultant working capital requirements have been
largely funded by external borrowings, resulting in a weak
financial profile characterized by a leveraged capital structure
with a gearing of 3.1x and TOL/TNW of 3.8x as on March 31, 2014.
The company also has a stretched liquidity as evident in frequent
overutilization of working capital limits. The ratings further
take into consideration the company's modest scale of operations
in the highly competitive and fragmented steel fabrication
industry, limited value additive nature of the business resulting
in thin margins and vulnerability of the margins to raw material
price volatility, although the risk is mitigated to some extent
given the presence of price variation clause in majority of its
contracts.

However, the ratings draw comfort from the extensive experience of
the promoters in the metal fabrication business, the company's
relationships with the state power utilities, and its moderate
order book position which provides some revenue visibility.
Going forward, the ability of the company to improve its working
capital cycle and profitability will be crucial to reduce
dependence on external borrowings while increasing its scale, and
hence will be the key rating sensitivities.

Incorporated in 1992, AFPL is owned by managed by Mr. Ghanshyam
Kala and his family. The company is engaged in the fabrication of
steel products and structures for transmission towers, sub
stations, etc and operates through its two manufacturing
facilities located in Jaipur. The company supplies to private
players in the power infrastructure sector, as well as the state
power utilities.

Recent Results
AFPL reported an Operating Income (OI) of INR8.37 crore and a
Profit after Tax (PAT) of INR0.06 crore in 2013-14 as compared to
an OI of INR11.72 crore and PAT of INR0.09 crore in the previous
year.


COLDSPACE AGROTECH: CRISIL Suspends B Rating on INR60MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Coldspace Agrotech India Pvt Limited (CAIPL).

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

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

Incorporated in August 2011, Coldspace Agrotech India Pvt Limited
(CAIPL) is setting-up cold storage and ripening chambers. The
company is promoted by Mr. Narasimha Raju, Mr. Indukuri Varma and
their family members.


EPITOME PETROPACK: ICRA Cuts Rating on INR25cr Term Loan to 'D'
---------------------------------------------------------------
ICRA has downgraded the rating assigned to the INR25 crore term
loans, INR7.5 crore cash credit limits and INR0.76 crore of
unallocated limits of Epitome Petropack Limited to [ICRA]D from
[ICRA]BB. ICRA has also downgraded the rating assigned to the
INR16.74 crore non fund based bank limits of EPL to [ICRA]D from
[ICRA]A4.

                   Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans               25.00     Downgraded to [ICRA]D
   Cash Credit               7.50     Downgraded to [ICRA]D
   Non Fund Based Limits    16.74     Downgraded to [ICRA]D
   Unallocated               0.76     Downgraded to [ICRA]D

The revision in the ratings takes into account EPL's recent delays
in timely servicing of debt obligations. The delays have been on
account of stretched liquidity position arising from build up of
large receivables.

Epitome Petropack Limited (EPL) was incorporated in the year 2011
by Mr. Ashok Surana and family. It is engaged in the manufacturing
of PET preforms, ranging from 9 gms to 48 gms. The company's
manufacturing unit, located in Sankrail Industrial Park, Howrah,
has an installed capacity of 30 tonnes per day (TPD). Commercial
production commenced in December, 2012.


ICORE POLY: CRISIL Suspends B- Rating on INR190MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of ICore
Poly Fab Pvt Ltd (ICPFPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Cash Credit     54        CRISIL B-/Stable
   Limit
   Proposed Long Term        6        CRISIL B-/Stable
   Bank Loan Facility
   Proposed Term Loan      190        CRISIL B-/Stable

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

Incorporated in 2009, ICPFPL is in the process of setting up a
facility to manufacture polypropylene woven bags in the Bankura
district of West Bengal. The company is promoted by Mr. Anukul
Maiti. The promoters have varied business interests in industries
such as iron and steel, cement, retail and others, which together
with ICPFPL is referred as the Icore group.


INDIA INDUSTRIES: CRISIL Suspends B Rating on INR31.5MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of India
Industries (India Industries').

                               Amount
   Facilities                 (INR Mln)      Ratings
   ----------                 ---------      -------
   Cash Credit                   20          CRISIL B/Stable
   Long Term Loan                31.5        CRISIL B/Stable
   Proposed Cash Credit Limit    28.5        CRISIL B/Stable

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

India Industries, established as a partnership firm in 1985 by Mr.
S Shanmugam and B Rajendran, is based in Chennai (Tamil Nadu). The
firm is a tier II auto-component supplier engaged in manufacturing
brake assembly parts.


INDO WIRE: CRISIL Suspends B+ Rating on INR45MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Indo Wire Industries Private Limited (IWI).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             45          CRISIL B+/Stable
   Letter of Credit        60          CRISIL A4
   Post Shipment Credit     5          CRISIL A4
   Proposed Long Term
   Bank Loan Facility      40          CRISIL B+/Stable

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

IWI was incorporated in 2010 as a private limited company and is
promoted by Mr. Saremal Shah (Mr. Shah) and his family. It was
incorporated to take over the business of Indo Hardware Products
(IHP), which is a partnership firm of Mr. Shah and his sons, Mr.
Satish Shah, Mr. Vinod Shah and Mr. Jayesh Shah. In August 2011,
IWI took over the business of IHP. IWI is engaged in trading of
steel wires, wire rods and rounds, cables, stainless steel (SS)
pipes, SS sheets and SS plates.


J.R. METAL: ICRA Assigns 'B+' Rating to INR9.08cr Term Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR9.08^
crore term loans, the INR5.00 crore fund based limits and the
INR0.92 crore proposed long-term facilities of J.R. Metal Chennai
Limited. ICRA has also assigned a short-term rating of [ICRA]A4 to
the INR29.00 crore short-term non-fund based facilities of JRM.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term, Term Loans     9.08       [ICRA]B+ Assigned
   Long-term, Fund Based     5.00       [ICRA]B+ Assigned
   Long-term, Proposed       0.92       [ICRA]B+ Assigned
   Short-term, Non-fund     29.00       [ICRA]A4 Assigned
   Based

The ratings factor in the long-standing experience of JRM's
promoters in the steel industry; the company's established
relationship with suppliers and customers; and benefits of in-
house manufacturing capability of MS Billets. The ratings also
factor in the demonstrated funding support from JRM's promoters
through regular equity infusion over the last four years, which
has resulted in a moderately leveraged capital structure. ICRA
however, also takes cognisance of JRM's aggressive capex plans
over the near to medium term which may have an adverse impact on
the company's capital structure.

The ratings are however constrained due to the high competition in
the fragmented and commoditised Thermo-Mechanically Treated (TMT)
bars market, which limits pricing flexibility and exposes the
company to fluctuation in raw material prices, resulting in thin
margins. The ratings also factor in JRM's exposure to forex risks;
and the vulnerability of JRM's revenues to the inherent
cyclicality in steel demand.

J.R. Metal Chennai Limited, established in 2008 is the flagship
company of the J.R. Group of companies founded by Mr. Ramchander
Singh, the Group Chairman. JRM is engaged in the manufacture of
Thermo-Mechanically Treated (TMT) bars and operates a fully
mechanised, ISO 9001:2008 certified manufacturing facility in
Thiravallur Dist., Tamil Nadu with a production capacity of
600MT/day. JRM has also backward integrated into the manufacture
of mild steel (MS) billets with a capacity of 450MT/day. The
company markets the TMT bars under the brand name 'JRTMT', which
is certified under ISI.

The J.R. Group is involved in the manufacture of rebar and related
products since 1990 through Narayan Industries. The group
currently has footprints in various areas such as manufacture and
trading of steel and steel products, warehousing and logistics and
wind power generation. The day-to-day operations of the group are
handled by the Managing Director, Mr. Narayan Singh.

For FY 2013-14, JRM reported a PAT of INR2.0 crore on net sales of
INR255.30 crore as against a PAT of INR1.40 crore on net sales of
INR315.60 crore in FY 2012-13.


KAKATIYAN MEDICAL: CRISIL Suspends B Rating on INR60MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kakatiyan Medical Services Pvt Ltd (KMSPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit              2.5          CRISIL B/Stable
   Hire Purchase Loan      30            CRISIL B/Stable
   Proposed Long Term       2.5          CRISIL B/Stable
   Bank Loan Facility
   Term Loan               60            CRISIL B/Stable

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

KMSPL was incorporated as a pvt ltd co in the year 2009. The
company has set up a tertiary care 150 bed hospital in Warangal
under the brand name 'Maxwell Hospitals'. The hospital
inauguration is on February 24, 2013.KMSPL is promoted by 10
members, out of whom 7 are doctors and the remaining 2 promoters
also have significant experience in the healthcare sector.


KAMALBEN SINDHAV: ICRA Suspends B Rating on INR6.35cr Term Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR6.35 crore
term loans of M/s. Kamalben Sindhav. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-           6.35         [ICRA]B (Suspended)
   Term Loan

M/s. Kamalben Sindhav (KS) was incorporated in the year 2011 and
has entered into an agreement with Central Warehousing Corporation
(A government of India undertaking) to provide storage space of
25,000 MT for storage of food grains required for Public
Distribution System (PDS). KS is setting up a godown on a land
area of 35,512 sq mtrs, owned by the proprietor and located at
Maliya Hatina taluka in Junagadh district.


KAR AND KAR: CRISIL Suspends C Rating on INR30MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kar and
Kar and Kar Construction Pvt Ltd (KKKPL).

                               Amount
   Facilities                 (INR Mln)    Ratings
   ----------                 ---------    -------
   Proposed Bank Guarantee        30       CRISIL A4
   Proposed Cash Credit Limit     30       CRISIL C

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

KKKPL was formed in 2001 as partnership and was reconstituted as a
private limited company in 2011. The company undertakes
construction work for roads and construction of buildings for
various government agencies in West Bengal and Odisha. The company
is promoted by Mr. Koushik Kar.


KHARVEL SALES: CRISIL Suspends D Rating on INR70MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kharvel
Sales Pvt Ltd (KSPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              70         CRISIL D
   Letter of Credit         18         CRISIL D

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

Incorporated in 2008, KSPL trades in spare parts of pump sets,
diesel engines, and generators. The company's promoters have been
in a similar line of business since 2000. Its day-to-day
operations are looked after by its promoter-directors Mr.
Bhupendra Kamdar and Mr. Bhaven Kamdar.


LAVISH EXIM: CRISIL Suspends B- Rating on INR90MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Lavish
Exim Pvt Ltd (LEPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan                90           CRISIL B-/Stable

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

LEPL was incorporated on December 23, 2005. The company is setting
up an international school under the name Greater Noida World
School, at Greater Noida (Utttar Pradesh). 2012-13 (refers to
financial year, April 1 to March 31) will be the first year of
operations for the school.


MAINI GROUP: CRISIL Suspends 'B' Rating on INR70MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Maini
Group of Educational Society (MGES).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan                70          CRISIL B/Stable

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

MGES was formed in 2011 by Mr. Sukhdev Parsad Maini and Mr. Rajan
Maini. The society has proposed to start a school in the name of
Cambridge International School (CIS), in Nawanshahr (Punjab); the
school is expected to commence its first academic year in April
2013.


MERIDIAN EDUCATIONAL: CRISIL Suspends B- Rating on INR392.4M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Meridian Educational Society (MES).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Long Term Loan          392.4        CRISIL B-/Stable

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

MES was established in 1995 by Mr. B S Neelkanta and his wife,
Mrs. B Renuka. The society operates schools in Hyderabad (Andhra
Pradesh).


MUKHERJEE ENTERPRISE: CRISIL Suspends B+ Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/S.
Mukherjee Enterprise (ME).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           25         CRISIL A4
   Cash Credit              50         CRISIL B+/Stable
   Term Loan                10         CRISIL B+/Stable

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

ME, a partnership firm, was established by Mr. Tushar Mukherjee
and his son, Mr. Tanmay Mukherjee, in 1983 in Kolkata (West
Bengal). The firm undertakes civil construction works, mainly
roads and bridges. It generally undertakes contracts from West
Bengal Public Works Department and Pradhan Mantri Gram Sadak Yojna
by biding through tenders.


POOJA TRADING: ICRA Withdraws B Rating on INR20cr Bank Lines
------------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating assigned to the INR20 crore
Bank Lines of Pooja Trading Corporation, as the firm has fully
repaid the amount of bank facility. There is no amount outstanding
against the rated instrument.


POPPYS HOTEL: ICRA Reaffirms B+ Rating on INR15cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR15.00
crore term loan facilities of Poppys Hotel Private Limited at
[ICRA]B+.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term loan facilities    15.00        [ICRA]B+ Reaffirmed

The rating reaffirmation considers the continued support of the
promoters in the form of unsecured loans and also takes note of
the new 4 star property in Madurai during last fiscal and another
property is under development in Kochi, which is expected to be
operational in current fiscal. While, these new properties are
expected to drive revenue growth and margins in the medium term
and provide diversification benefits, the company may witness some
pressure on margins in the near term during the stabilization of
operations in the new properties. The rating, however, remains
constrained by the stretched capital structure of the company
characterized by high gearing and weak coverage indicators; mainly
on the back of debt funded capex incurred for expansion into other
regions and continued deterioration in operational performance of
the flagship property in Tirupur due to demand slowdown and
increasing competition from newer properties in Coimbatore,
although the impact was partially mitigated by some improvement in
properties in Rameswaram and Kumbakonam.

Poppys Hotels Private Limited (PHPL) is a part of Poppys group
headed by Mr. A. Sakthivel. PHPL was established in 1994 with the
flagship property, Poppys Hotel in Tirupur. Subsequently, the
group expanded its operations with properties in Tirupur(2 nos),
Pollachi(sold in FY13), Tuticorin(sold in FY13) catering to
budget/business travellers. PHPL also has a hotel in Ooty catering
to the tourist demand. Since 2011, with slowdown in business
travel segment, particularly in the Tirupur market, the company
had also expanded into pilgrimage centers, viz, Kumbakonam,
Madurai and Rameswaram. PHPL is also developing a 4-star resort
near Kochi (expected to be operational in current fiscal), which
will have 10 floating villas.

The group had started textile operations in 1973 in Tirupur, Tamil
Nadu and has business interests in Knitwear through its flagship
company Poppys Knitwear Private Limited. Poppys group also has
stakes in small companies engaged in trading of knitwear and
manufacturing of knitwear accessories.

Recent Results
The Company reported a net profit of INR-1.0 crore on operating
income of INR11.2 crore during 2013-14 against a net profit of
INR1.6 crore on operating income of INR11.5 crore during 2012-13.


PRABHU SPONGE: ICRA Reaffirms B+ Rating on INR9cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR0.87 crore
(reduced from INR1.99 crore earlier) term loan and INR9.00 crore
cash credit facilities of Prabhu Sponge Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-      0.87        [ICRA]B+ reaffirmed
   Term Loans

   Fund Based Limit-
   Cash Credit            9.00        [ICRA]B+ reaffirmed

The reaffirmation of the rating takes into consideration high
working capital requirement by PSPL leading to pressure on the
liquidity position of the company, sub- optimal level of capacity
utilization leading to small scale of current operations and lack
of vertical integration which makes margins sensitive to input and
output prices. ICRA also notes that PSPL is susceptible to the
current weakness and inherent cyclicality in the steel industry
which is likely to keep the company's profitability and cash flows
volatile. The rating, however, favourably factors in the
experience of the company's promoters in the steel industry,
proximity of the company's manufacturing unit to the raw material
sources, which ensures low freight costs and fuel supply
arrangements with Mahanadi Coalfields Limited which reduces the
risks associated with the availability and volatility of prices of
coal to an extent.

Incorporated in August, 2001, PSPL has been engaged in the
manufacturing of sponge iron. The company commenced its operations
in September, 2002. PSPL has four sponge iron kilns at its plant
located in the Sundargarh district of Odisha, with an annual
manufacturing capacity of 48,000 tons.

Recent Results
In 2013-14, the company reported a net profit of INR0.44 crore on
an operating income of INR44.09 crore, as compared to a net loss
of INR1.22 crore on an operating income of INR49.88 crore in 2012-
13.


R.N. METALS: ICRA Rates INR2cr Fund Based Limits at B+
------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ and a short term
rating of [ICRA]A4 to the INR14.3 crore bank limits of R.N.
Metals.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Fund Based Limits         2.00         [ICRA]B+ (Assigned)
   Term Loans                1.05         [ICRA]B+ (Assigned)
   Non Fund Based Limits     11.25        [ICRA]A4 (Assigned)

The ratings take into account the long experience of RNM's
promoters in the industry and its established client base.
However, the ratings are constrained by RNM's stretched liquidity
profile on account of high receivable levels, which has led to
high working capital limits utilization. The ratings are also
constrained on account of low profitability due to high
competition and low value added nature of business and high level
of outside liabilities.

R.N. Metals was established by Shri Roop Narayan Sharma in 1997
and it is engaged in the manufacturing of hi chrome, hyper steel
and forged steel grinding media balls, bull ring segments and jaw
plates. The manufacturing facilities are situated near Jaipur,
Rajasthan. The products find their applications in mining, cement
plants, power plants, fertilizer industry and refineries.

Recent Results:

The firm reported a profit after tax (PAT) of INR0.62 crore on an
operating income of INR45.86 crore during FY2014 as against a PAT
of INR0.40 crore on an operating income of INR43.97 crore for
during FY2013.


S D EDUCATION: ICRA Cuts Rating on INR6.75cr Fund Based Loan to D
-----------------------------------------------------------------
ICRA has revised its long term rating on the INR6.75 crore fund
based bank facilities of S D Education Trust to [ICRA]D from
[ICRA]B-.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based bank       6.75        [ICRA]D; downgraded
   Facilities                        from [ICRA]B-

The rating downgrade takes into account the delays in servicing of
interest obligations by the trust on account of its stretched
liquidity position. The stretched capital structure of the trust,
the initial gestation period of the school and the resultant cash
losses, have led to delays in debt servicing. While there has been
an improvement in the enrolments in the current academic year
(AY2014-15) to 380 students from 181 students in the previous
academic year, the liquidity position of the trust continues to
remain weak given the high operating and interest costs which have
resulted in continued dependence on funding support from the
member group for servicing of the debt obligations. Although ICRA
takes note of the experienced member group of the trust; this is
largely offset by the above concerns.

In ICRA's view, timely receipt of funding support from the member
group will remain critical for debt servicing in the near term and
hence would be a key rating driver. This apart, the ability of the
trust to improve enrolments; the scale and funding mix of future
capital expenditure, if any, will be critical drivers of SDET's
credit profile in the long term and would be the key rating
sensitivities.

Incorporated in 2012, SDET is a single-asset trust which runs and
operates a school-by the name "Shanti Asiatic School" in Jaipur
(SAS, Jaipur), Rajasthan. The school commenced operations in AY
2013-14 and presently caters to 380 students till Standard VII.
The school proposes to commence admissions for Standard VIII and
IX from AY 2015-16.

Recent Results
SDET reported an operating loss of INR1.44 crore and a cash loss
of INR2.19 crore on revenue receipts of INR1.16 crore in 2013-14.


SHREE R.N. METALS: ICRA Reaffirms B+ Rating on INR2.5cr FB Loan
---------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ and a short
term rating of [ICRA]A4 on the INR6.50 crore bank limits of Shree
R.N. Metals (India) Private Limited. The rating suspension done in
July 2014 has been revoked.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     2.50       [ICRA]B+; reaffirmed,
                                    suspension revoked
   Unallocated           1.75       [ICRA]B+; reaffirmed,
                                    suspension revoked
   Non Fund Based        2.25       [ICRA]A4; reaffirmed,
   Limits                           suspension revoked

The ratings reaffirmation take into account relatively moderate
scale of operations of the company in the grinding balls
manufacturing business; low profitability, pressure on its
liquidity position mainly on account of high receivable levels and
high total outside liabilities; and vulnerability of the company's
profitability to raw material price fluctuations. However, the
ratings continue to favorably factor in the long experience of
SRNMPL's promoters in the industry, its established client base
and steady equity infusion by the promoters.

Shree R.N. Metals (India) Private Limited was established by Shri
Roop Narayan Sharma in 1997 and it is engaged in the manufacturing
of steel grinding media balls. The manufacturing facilities are
situated in Jaipur, Rajasthan with a total installed manufacturing
capacity of 12000 TPA. The grinding media balls find their
applications in mining, cement plants, power plants, fertilizer
industry and refineries.

The company reported a profit after tax (PAT) of INR0.19 crore on
an operating income of INR25.43 crore during FY2014 as against a
PAT of 0.56 crore on an operating income of INR27.75 crore for
FY2013.


SIKSHA - O - ANUSANDHAN: ICRA Reaffirms B+ Rating on INR76cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ for the INR76
crore term loans and INR4 crore unallocated bank limits of Siksha
- O - Anusandhan (SOA). SOA's unallocated bank limits are entirely
interchangeable between long term and short term, for which ICRA
has reaffirmed the short term rating at [ICRA]A4.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term loans          76.0       Reaffirmed at [ICRA]B+
   Unallocated          4.0       Reaffirmed at [ICRA]B+/[ICRA]A4

The reaffirmation of the ratings takes into consideration the
decline in SOA's profitability during FY14 on the back of
significant increase in employee costs,; its large capital
expenditure plans going forward, which could impact cash flows in
the near term; and weak information systems as compared to the
size of operations of the society. The ratings continue to take
into account the large number of courses offered and the deemed
university status granted to SOA University, which provides it
with operational flexibility and the accreditation from National
Assessment and Accreditation Council (an autonomous body,
established by the University Grants Commission) at the highest
grade of A (on a scale of A to D) demonstrating the university's
academic capability. Also, the ratings take note of SOA's
favourable financial risk profile characterised by a conservative
capital structure and modest debt coverage indicators,
notwithstanding the moderation in the debt coverage indicators
during FY14. Going forward, the ability of the society to maintain
its favourable financial risk profile in the light of continuous
capital expenditure plans would remain a key rating sensitivity.

SOA was established in 1995 as a society in Bhubaneswar, Orissa
and manages SOA University (deemed University). SOA University
offers under and post graduate courses across different
disciplines like engineering, medicine, law, management and also
manages a 750 bed hospital. Currently, it has a strength of more
than 12,000 students.

Recent Results
During FY14, SOA reported a net surplus (NS) of INR6.71 crore on
revenue receipts of INR215.78 crore, as against a net surplus of
INR32.13 crore on revenue receipts of INR192.99 crore during FY13.


SPICEJET LTD: Resumes Normal Operations
---------------------------------------
The Times of India reports that the operations of the budget
carrier SpiceJet Ltd, which were hit severely last week due to the
non-payment of dues to the oil companies and regulatory issues,
returned to normal on December 21.

"Today's operations: SpiceJet as of 3:15 p.m. operated 124 flights
with an on-time performance of 90 per cent," airline's chief
operating officer Sanjiv Kapoor said in a tweet on December 21,
TOI relays.

SpiceJet will operate another 106 flights for the rest of the day,
Kapoor said.

TOI relates that the airline's on-time performance was badly hit
on December 20 with most of its flights from Delhi and Mumbai
airport departing and arriving at a delay of up to three hours.

"SpiceJet is continuing to operate its full schedule of (230)
flights. We have also operated extra flights since Wednesday
evening to accommodate backlogged passengers in locations such as
Port Blair and Goa," the airline had said in a statement,
according to TOI.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 18, 2014, Economic Times said the Civil Aviation Ministry
said on December 16 it may request Indian banks/financial
institutions to extend loans of up to INR600 crore to SpiceJet Ltd
as part of measures to keep the carrier functional.
Besides, it will also request the Finance Ministry to permit
external commercial borrowing (ECB) for working capital as special
dispensation, a Ministry release said, ET related.

Bloomberg News said SpiceJet reported five straight quarterly
losses and tried for more than two years to woo an external
investor to one of the world's most expensive markets for fuel,
which accounts for as much as 50 percent of the costs for some
Indian carriers.

Bloomberg said SpiceJet reduced its fleet of Boeing planes,
delayed wages, and faced regulatory scrutiny after a spate of
cancellations.

                         About SpiceJet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India. The carrier is India's second-
biggest budget airline, after IndiGo.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2014, The Times of India said SpiceJet has posted its
highest ever annual loss of INR1,003.2 crore in the financial year
2013-14 up five times from INR191 crore in the previous fiscal.


SRI VIGNESWARA: ICRA Reaffirms B+ Rating on INR6cr FB Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR6.00 crore fund based limits and INR2.00 crore unallocated
limits of Sri Vigneswara Raw & Boiled Rice Mill.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Limits     6.00         [ICRA]B+ reaffirmed
   Unallocated Limits    2.00         [ICRA]B+ reaffirmed

The reaffirmation of rating factors in the intensely competitive
nature of rice industry with presence of several small-scale
players which puts pressure on the operating margins; weak
financial profile of the firm characterized by low profitability,
high gearing levels and modest coverage indicators; and risks
inherent to a partnership firm. This apart, the rating is also
constrained by the susceptibility of profitability & revenues to
agro-climatic risks which impact the availability of paddy in
adverse weather conditions. The rating, however, takes comfort
from the long track record of the promoters in the rice mill
business; presence of rice mill in major rice growing area results
in easy availability of paddy and favorable demand prospects for
rice with India being the second largest producer and consumer of
rice internationally.

Going forward, the ability of the firm to improve its financial
profile by efficiently managing its working capital requirements
remains the key rating sensitivity.

Founded in the year 1986 as a partnership firm, Sri Vigneswara Raw
& Boiled Rice Mill (SVRBRM) is engaged in the milling of paddy and
produces raw & boiled rice. The rice mill is located at Allipuram
village of Nellore district, Andhra Pradesh. The installed
production capacity of the rice mill is 5 tons per hour.

Recent Results
For FY2014, the firm reported profit after tax of INR0.09 crore
for operating income of INR25.25 crore as against profit after tax
of INR0.08 crore for operating income of INR23.90 crore in FY2013.


SRINIVASA RICE: ICRA Reaffirms B+ Rating on INR8.19cr LT Loan
-------------------------------------------------------------
ICRA has re-affirmed the long term rating assigned to the INR8.19
crore fund based bank facilities of Srinivasa Rice Industry at
[ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        8.19        [ICRA]B+ reaffirmed
   based Limits

The rating reaffirmation factors in the modest financial profile
characterized by low operating margins & weak coverage indicators;
intensely competitive and fragmented nature of the rice milling
industry which limits the ability of the firm to pass on hike in
input costs to its customers. Further, the firm also remains
susceptible to policy risks affecting the quantum of the more
lucrative open market sales, and agro climatic risks, which might
affect the availability of paddy. The rating however favourably
factors in long-standing experience of promoters in the industry,
easy availability of raw material the mill being present in rice-
belt of Andhra Pradesh and the good demand prospects for rice.

Srinivasa Rice Industry (SRI) was established in the year 2005 and
engaged in the milling of paddy and produces raw and boiled rice.
It was promoted by Mr. R.Rambabu and partners. The firm has a
milling unit in Mandapeta (East Godavari district) of Andhra
Pradesh with a milling capacity of 86,400 MTPA.

According to audited FY14 financials, the company generated an
operating income of INR56.27 Cr and an operating profit of INR2.15
Cr.


T.MADHAV RAO: CRISIL Suspends B- Rating on INR45MM Overdraft Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/S.
T.Madhav Rao and Company (TMRC).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           10         CRISIL A4
   Overdraft Facility       45         CRISIL B-/Stable

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

TMRC was originally set up in 1990 as a proprietorship firm, T
Madhav Rao; the firm was subsequently reconstituted as a
partnership firm with the current name in 2012, with Mr. T Madhav
Rao and his wife as partners. Based in Hanamakonda (Andhra
Pradesh), TMRC is engaged in stone crushing.



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


NZ DIRECTORIES: May Be Wound Up, Assets Moved To New Vehicle
------------------------------------------------------------
Jonathan Underhill at BusinessDesk reports that NZ Directories
Holdings, the owner of the Yellow directories service, is unlikely
to be able to repay NZ$500 million of notes next year and may be
wound up, with the profitable operations poured into a new
vehicle.

BusinessDesk relates that the company recorded an operating profit
of NZ$48.6 million in the 12 months ended June 30, down from NZ$56
million a year earlier. But impairments about doubled to NZ$82
million, widening the annual net loss to NZ$45.8 million from
NZ$12.5 million a year earlier.

According to BusinessDesk, notes to the company's financial
statements said there is "no realistic ability" for the group to
refinance NZ$500 million of notes that come due on Aug. 31, 2015,
given the company's current enterprise value and expected future
earnings.  BusinessDesk says an "orderly restructure" is
anticipated because the group's lenders are also its ultimate
shareholders. Under a draft plan a new vehicle, Newco, would be
formed to purchase the operating assets of the group and the
existing holding company would be placed in receivership or
liquidation.

BusinessDesk notes that the restructuring would effectively be the
second time in four years that creditors have seized control of
the directories business.  According to BusinessDesk, bankers to
the company formerly known as Yellow Pages Group wrote off NZ$1.05
billion of debt when they took control of the business in 2011.
They were issued 250 million shares held via Yellow Pages Equity
Trust and NZ$500 million of senior notes, wiping out the equity of
the original owners, Hong Kong-based Unitas Capital and Canada's
Ontario Teachers' Pension Plan, who bought Yellow Pages from
Telecom for NZ$2.24 billion in 2007 in a leveraged buy-out.

BusinessDesk says that this time the owners won't take a haircut
because after the restructuring they would still own the assets
through Newco.  PwC added an "emphasis of matter" in its audit
report that the financial statements were prepared on "a
realisation basis" rather than a going concern basis because it
was the directors' expectation the company would be placed in
receivership after the restructuring, BusinessDesk relays.

NZ Directories had assets of NZ$206 million as at June 30 and
liabilities of NZ$446 million, of which NZ$389 million is the
balance of the notes outstanding, BusinessDesk discloses.

BusinessDesk notes that impairments in the latest year were made
up of NZ$71.5 million against brands and NZ$10.6 million against
customer relationships, which is an increase in the impairments of
NZ$34 million and NZ$7 million respectively in 2013.

Sales in the latest year fell to NZ$158 million from NZ$181
million, which Yellow said amounted to a strong trading
performance "in a tough media environment," BusinessDesk relays.

So far in the 2015 year, the company is "ahead of forecast and the
targets that the ownership group have set for us," allowing it to
repay some NZ$61 million in principle and interest, chief
financial officer Stephen Keeling told BusinessDesk.

According to BusinessDesk, Chairman Brett Chenoweth said both
board and owners are "comfortable with Yellow's financial
performance."

"We are working with NZ Directories Holdings and have strong
support from Yellow's owners to optimise the capital structure in
2015," BusinessDesk quotes Mr. Chenoweth as saying.  "This process
is well underway and is expected to be completed in the 2015
financial year. This should not be confused with the very pleasing
underlying performance of Yellow as an operating company."

BusinessDesk relates that Mr. Chenoweth said Yellow's revenue was
significant in print and digital, "especially when compared to
traditional media companies making the transition to digital."

"Yellow's continued strong digital revenue and its significant
proportional contribution is evidence of an advanced
transformation strategy," he said, notes the report.

Digital income made up 29 percent of revenue last year, which he
said compared favourably to Television New Zealand, which got just
3.5 percent of revenue from digital, and Fairfax Media, which
managed 6.2 percent of total revenue, BusinessDesk adds.

NZ Directories Holdings, formerly known as Yellow Pages Group was
formed in 1988 and publishes the print, online and mobile
directories for Yellow, as well as the White pages(R) and the
Local directoryTM.  Yellow Pages owns the 018(R) directory
assistance service, a majority stake in 50s-plus website
grownups.co.nz, and publishes the Retirement guideTM and New
Zealand tourism guideTM, an award-winning online tourism
directory.


PHP GROUP: Debts Mount Following Receivership
---------------------------------------------
Tess McClure at The Press reports that debts are mounting for PHP
Group, which trades as The Pothole People, with a growing number
of workers and customers left in the lurch after the business went
bust.

PHP Group went into receivership last week leaving customers out
of pocket, staff and subcontractors owed thousands and migrant
workers with invalid visas, the report discloses.

The Press says Pam Shadbolt was shocked to find herself NZ$20,000
out of pocket after paying the company up front to repair her
driveway.

The Press relates that Ms. Shadbolt paid the sum after the company
insisted on a 60 per cent deposit to begin work re-laying the
drive.

A few weeks ago they stopped work, leaving the ripped-up property
as it was. On Monday she called the PHP office, and was told the
company was in receivership and staff were out of work. She did
not know whether her drive would be finished or if she would get
any money back.

"I'm retiring tomorrow, and this is my retirement investment. When
I spoke to them I just felt sick down in the pit of my stomach."

As well as customers left with lost deposits and unfinished work,
up to 40 staff may be laid off by the company, several of whom are
owed unpaid wages and holiday pay.  Employee Mark Everett said he
was owed NZ$1,200 in wages, which he did not expect to see, The
Press reports.

According to the report, Mr. Everett said some of the employees
were migrant workers on bonded visas, who now risked losing their
right to live in New Zealand.

Mr. Everett said he was angry that the company had not informed
staff of its financial problems earlier, as most were now
struggling to find new work, the report relays.

PHP Group is owned by George Brown, of Ashburton and Declan
McGrath, of Canterbury.

PWC's Malcolm Hollis is acting as receiver for the company. He
said he was still working to establish the extent of PHP Group's
debt and the identity of major creditors, adds The Press.



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


FAMILY FOOD: Iras Shuts Foodcourt Firm Over Unpaid Taxes
--------------------------------------------------------
Theresa Tan at The Straits Times reports that the taxman has shut
down Family Food Court (HQ) for failing to pay more than
SGD420,000 in taxes.

Family Food Court (HQ) is one of 13 companies the Inland Revenue
Authority of Singapore (Iras) has wound up in the last five years
because of outstanding taxes, the report says.

They owed sums ranging from a few hundred thousand dollars to more
than SGD1 million. Iras did not name the firms, the report notes.

In September this year, Iras applied to the High Court to wind up
Family Food Court (HQ), which operated a foodcourt in Woodlands
and closed in 2010, the report recalls.

The report notes that as a GST-registered business, the foodcourt
operator did not pay SGD222,000 in goods and services tax and
penalties for one quarter in 2010. It also failed to pay corporate
tax and penalties of SGD201,000 for the 2011 tax assessment year,
The Strait Times recalls.

"The winding up proceedings were taken as an action of last resort
to recover the taxes owed. Attempts to contact the company to
settle the outstanding taxes were unsuccessful," the report quotes
an Iras spokesman as saying.

In October, the High Court ordered the firm to be wound up. It is
currently in the process of liquidation, the report adds.



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


* BOND PRICING: For the Week Dec. 15 to Dec. 19, 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.



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