TCRAP_Public/141226.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, December 26, 2014, Vol. 17, No. 254


                            Headlines


A U S T R A L I A

AARD METALS: First Creditors' Meeting Slated For January 8
EMECO HOLDINGS: Fitch Affirms B+ Long-Term Issuer Default Rating
M A CUTHBERTSON: First Creditors' Meeting Set For January 6
MISS CHU: First Creditors' Meeting Slated For January 7
NEXUS ENERGY: NSW Supreme Court Approves Seven Group Takeover

TERRITORY HORTICULTURAL: Placed Into Liquidation


H O N G  K O N G

CITIC RESOURCES: Moody's Affirms Ba3 Corporate Family Rating


I N D I A

EIFFEL INDIA: CRISIL Suspends B+ Rating on INR50MM Cash Credit
EMMANUEL ENGINEERING: CRISIL Suspends B Rating on INR22.5MM Loan
EPPELTONE ENGINEERS: CRISIL Suspends B Rating on INR70MM Loan
ISR EXPORTS: CRISIL Suspends D Rating on INR150M Letter of Credit
J S DESIGNER: CRISIL Suspends D Rating on INR600MM Packing Loan

JASLEEN ENTERPRISES: CRISIL Suspends D Rating on INR90MM Loan
JAY TARAMA: CRISIL Suspends D Rating on INR29.3MM Cash Credit
JHANWAR INDUSTRIES: CRISIL Suspends B+ Rating on INR100MM Loan
JPS REINFORCED: CRISIL Suspends D Rating on INR143MM Term Loan
JYOT OVERSEAS: CRISIL Suspends B+ Rating on INR10MM Cash Credit

K.K.R. METAL: CRISIL Suspends B+ Rating on INR79MM LT Term Loan
KARAIKAL AIRPORT: CRISIL Suspends B Rating on INR200MM Loan
KASTOORI DEVI: CRISIL Suspends B- Rating on INR59MM Term Loan
KETI INFRASTRUCTURE: CRISIL Suspends D Rating on INR780MM Loan
KHYATI ISPAT: CRISIL Suspends B+ Rating on INR500MM Cash Credit

KISHOR PROJECTS: CRISIL Suspends B Rating on INR40MM Bank Loan
KUBER TIEUP: CRISIL Suspends D Rating on INR150MM Cash Credit
LIBERTY INFOTECH: CRISIL Suspends B Rating on INR105MM Cash Loan
M.M. RICE: CRISIL Suspends B Rating on INR50M Warehouse Financing
MAA BANBHORI: CRISIL Suspends D Rating on INR49.5MM Term Loan

MAA CHINMASTIKA: CRISIL Suspends D Rating on INR32MM Term Loan
MAHADEO STEEL: CRISIL Suspends B Rating on INR90MM Cash Credit
MANOJ TRADING: CRISIL Suspends B Rating on INR250MM Cash Credit
MELT-O-THERM FURNACES: CRISIL Suspends Rating on INR43.1MM Loan
MPR REFRACTORIES: CRISIL Suspends B+ Rating on INR49.5MM Loan

N. MANJUNATH: CRISIL Suspends B+ Rating on INR31.5MM Cash Credit
NALINAKSHA AGRO: CRISIL Suspends B+ Rating on INR40MM Term Loan
NARMADA DAL: CRISIL Suspends B+ Rating on INR50MM Term Loan
NARODA COMMERCIAL: CRISIL Suspends D Rating on INR150MM Loan
NEALEX ALLOYS: CRISIL Suspends B Rating on INR50MM Cash Credit

NEUTEC HEALTHCARE: CRISIL Suspends B+ Rating on INR32MM Bank Loan
SPICEJET LTD: Co-Founder Seeks More Time for Fund Infusion


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AARD METALS: First Creditors' Meeting Slated For January 8
----------------------------------------------------------
Giles Geoffrey Woodgate of Woodgate & Co was appointed as
administrator of Aard Metals Limited on Dec. 24, 2014.

A first meeting of the creditors of the Company will be held at
Woodgate & Co., Level 8, 6-10 O'Connell Street, in Sydney, on
Jan. 8, 2015, at 10:00 a.m.


EMECO HOLDINGS: Fitch Affirms B+ Long-Term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Australia-based mining-
services company Emeco Holdings Limited to Negative from Stable.
The agency has also affirmed Emeco's 'B+' Long-Term Issuer Default
Rating and the 'BB-' rating on the USD335m senior secured notes
due in 2019 issued by Emeco Pty Ltd. The notes are secured against
the Emeco Group's assets, and guaranteed by Emeco and some of its
subsidiaries.

The Negative Outlook reflects challenges faced by Emeco in
improving its earnings and leverage (defined as net debt/EBITDA)
to below 3x in the next 18-24 months because of the continued
weakening in global prices of key commodities over 2014, and
Fitch's expectations that prices are likely to remain soft in the
next 18-24 months.

The affirmation of Emeco's 'B+' rating reflects considerable
contract wins during the latter part of the fiscal year ended on
30 June 2014 (FY14) that has raised asset utilisation rates in
1HFY15; the company's considerable flexibility in managing its
cash flows by cutting capex and dividends and selling idle assets;
and the successful lengthening of its debt maturities through to
2019.

KEY RATING DRIVERS
Protracted Uncertainty in Commodity Prices: Crude oil prices have
fallen sharply in 2014 - the benchmark WTI crude oil spot price is
down to around USD55/barrel from over USD90/barrel in December
2013 - and they are now at around the incremental cost of
production for oil sands miners, which is threatening to reduce
oil sands processing further. This is likely to place pressure on
Emeco's earnings as the Canadian oil sands industry was the
biggest contributor to the company's FY14 revenue at 30%. Prices
of coal and iron ore, which accounted for a further 29% and 8% of
Emeco's FY14 revenue respectively, have also fallen to below their
average cost of production. Price recovery for all three
commodities continues to appear distant.

Contract Wins Drive Higher Utilisation: Fitch expects Emeco's
incremental asset utilisation rates to remain stable at around 70%
in the next 18-24 months, supported by contract wins. Utilisation
rates improved from an average of 48% in FY14, largely on account
of new business rather than asset disposals. However Fitch
currently expects higher utilisation rates to translate into
stronger earnings only in 2HFY15 because of the higher expenses
incurred in 1HFY15 to mobilise equipment to support its new
contracts. Low utilisation rates and earnings in FY14 were also
partly the result of one-off items, as well as pressure from
Emeco's loss-making Indonesia business, the assets of which have
mostly been sold with the intention of exiting the market in the
near term.

Satisfactory Liquidity: Emeco successfully sold a USD335m senior
secured bond in March 2014, which pushed out its debt maturities
by five years to May 2019. It also negotiated a further liquidity
line of AUD50m, which remains unutilised as of FYE14. This, the
around AUD21m of readily available cash at FYE14, Emeco's efforts
to reduce capex to minimum levels, and its on-going asset
disposals are likely to keep free cash flows at neutral to
positive levels over the medium term.

RATING SENSITIVITIES

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

-- Slower than expected deleveraging to below 3x; Fitch currently
expects Emeco's leverage to reduce to around 3x by FYE16 compared
with 4.7x at FYE14.

-- Emeco's inability to improve its funds flow from
operations/interest expense and rentals ratio to more than 2x;
Fitch currently expects this ratio to improve to 2.5x by FYE16,
compared to 1.2x at FYE14.

Positive: Future developments that may, individually or
collectively, lead to the Outlook being revised to Stable,
include:

-- Faster than expected deleveraging to below 3x as a result of
strong earnings accretion from stable to improving asset
utilisation and rental rates.


M A CUTHBERTSON: First Creditors' Meeting Set For January 6
-----------------------------------------------------------
Simon Miller and Mark Hall of Clifton Hall were appointed Joint
and Several Liquidators of M A Cuthbertson Pty Ltd on Dec. 22,
2014.

A meeting of creditors will be held at 10:30 am on Tuesday, 6
January 2015 at Clifton Hall, Level 3, 431 King William Street,
Adelaide.


MISS CHU: First Creditors' Meeting Slated For January 7
-------------------------------------------------------
Rahul Goyal -- rgoyal@kordamentha.com -- and Jannamaria Robertson
-- jrobertson@kordamentha.com -- of KordaMentha were appointed as
administrators of Miss Chu Pty Ltd and Miss Chu Manly Pty Ltd on
Dec. 23, 2014.

A first meeting of the creditors of the Company will be held at
Level 5 Chifley Tower, 2 Chifley Square, in Sydney, New South
Wales, on Jan. 7, 2015, at 11:00 a.m.


NEXUS ENERGY: NSW Supreme Court Approves Seven Group Takeover
-------------------------------------------------------------
Leo Shanahan at The Australian reports that the Kerry Stokes-
controlled Seven Group Holdings has received an early Christmas
present, with a New South Wales Supreme Court judge approving its
controversial takeover of Nexus Energy.

In a long-awaited decision December 24, Justice Ashley Black
approved the deed of company arrangement (DOCA) that would allow
full ownership of Nexus Energy transferred to Seven for around
AUD180 million.

While approval of the deal sees creditors and employees paid by
Seven (SVW) after it purchased Nexus (NSX) debt earlier in the
year, Seven's takeover means Nexus shareholders get nothing for
their shares, according to The Australian.

The Australian says the buyout was fought tooth and nail in the
courts by a group of powerful Nexus shareholders holding 22 per
cent of the company. They included former senator and Liberal
Party president Richard Alston, corporate raider Ron Brierley,
Azure Capital chairman John Poynton, Andrew Greig of Betchel Corp,
Karoon Gas chairman Bob Hosking, and the managing director of the
Victor Smorgon Group, Peter Edwards.

According to the report, lawyer representing Nexus shareholders,
Amanda Banton, said they were considering an appeal and possible
alternative actions in relations to the conduct of Seven managing
director Don Voelte.

A stay on the transfer of the shares was to remain in place
December 24, and may be extended pending any appeal, the report
notes.

The Australian adds that Nexus shareholders have questioned how
administrators McGrathNicol could transfer the shares to Seven if
the DOCA decision is subject to an appeal.

Comment was being sought from Seven, the report relays.

According to The Australian, the AUD180 million Nexus acquisition
is a significant move into the resources sector by Seven and the
recent decision will be greeted with great relief by the Stokes-
controlled company. Seven managing director Don Voelte also
previously served as Nexus chairman.

The Australian relates that Mr. Voelte's dual role as Seven
managing director and Nexus chairman in the lead-up to Seven's bid
has been the focus of complaints by shareholders to the corporate
watchdog, the Australian Securities and Investments Commission.

The Australian does not suggest Mr. Voelte acted inappropriately.

                        About Nexus Energy

Nexus Energy Limited (ASX:NXS) is a Melbourne-based, Australian
Stock Exchange listed oil and gas company.  In 2009, Nexus
transitioned from explorer to producer with the start up of the
Longtom gas project.  The company holds interests in eight permits
located offshore Australia.  Operations are focused on the
Gippsland Basin, offshore Victoria and the Browse Basin, offshore
Western Australia.

McGrathNicol announced on June 12, 2014, that partners
Matthew Caddy, Tony McGrath, and Jason Preston have been appointed
joint and several Voluntary Administrators to Nexus Energy
Limited.

TERRITORY HORTICULTURAL: Placed Into Liquidation
------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Territory
Horticultural Farm was placed into liquidation owing over
AUD1.3 million to its creditors.  The pumpkin and watermelon farm
was damaged by extreme wind, rain and hail, the report says. Macks
Advisory was appointed as liquidator of the business,
Dissolve.com.au relates.

According to the report, the liquidator said the horticultural
business has remained viable despite the weather event. It is
estimated that the lost crop's value was AUD$2.5 million.

The liquidator cited debts to different creditors that amount to
over AUD1.3 million and noted that the company did not have crop
insurance, the report adds.



================
H O N G  K O N G
================


CITIC RESOURCES: Moody's Affirms Ba3 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has affirmed CITIC Resources Holdings
Limited's Ba3 corporate family rating.

The rating outlook is stable.

Ratings Rationale

"The rating affirmation reflects our expectation that CITIC
Resources will be able to refinance its $380 million debt maturing
in the second quarter of 2015. Furthermore, Moody's believe that
the strong parental support from CITIC Group (A3 stable) will
remain in place, given CITIC Resources' continued importance as an
offshore platform for the Group's resources and energy business,"
says Joe Morrison, a Moody's Vice President and Senior Analyst.

CITIC Resources' Ba3 corporate family rating incorporates a three-
notch uplift, reflecting the strong expected support from CITIC
Group in the event of financial distress.

At the same time, CITIC Resources' underlying credit strength has
weakened, due to (1) lower than expected oil prices; (2) loss of
certain commodity export business as a result of the ongoing
investigation at Qingdao port; and (3) the continued decline in
coal prices, resulting in lower profit margins.

"CITIC Resources' credit metrics will likely deteriorate in 2015,
with adjusted debt/EBITDA rising above 10x and adjusted FFO/debt
falling below 1%, assuming continued low oil prices and no
recovery in its commodity export business in the next 12-18
months," says Pingping Xing, a Moody's Assistant Vice President
and Analyst.

In terms of liquidity, despite large maturing debt of about HKD3.5
billion in 2015, which includes the $380 million syndicate loan
due in 2Q 2015, Moody's expects that the company will have little
difficulty in refinancing such debt. At end-September 2014 it had
cash on hand of HKD3.5 billion, while its association with CITIC
Group supports its good access to bank credit.

Upward rating pressure is unlikely in the near term, given the
company's deteriorating operating performance, driven by the
downturn in its commodity export business and the weak oil prices.

The rating could be downgraded if (1) CITIC Resources embarks on a
larger than expected debt-funded acquisition, or if such
acquisition entails a high level of implementation risk; (2) it
suffers from higher than expected losses in its commodity import
and export businesses; (3) it breaches its financial covenants on
its syndicated loans, materially weakening its liquidity profile
and increasing its refinancing risk; or (4) its financial profile
deteriorates further, such that adjusted EBITDA/interest falls
below 1x for a prolonged period.

Any weakening in the relationship with CITIC Group -- thereby
lowering the support level -- will be negative for the rating. A
downgrade of CITIC Group's rating would lead Moody's to revisit
its assumptions of support and hence the uplift in CITIC
Resources' ratings.

The principal methodology used in this rating was Global
Independent Exploration and Production Industry published in
December 2011.

CITIC Resources Holdings Limited is an energy and natural
resources investment holding company, with interests in aluminum
smelting, coal, import and the export of commodities, manganese,
bauxite mining and alumina refining operations, as well as the
exploration, development and production of oil. The company serves
as the principal natural resources and energy arm of its parent,
CITIC Group.



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


EIFFEL INDIA: CRISIL Suspends B+ Rating on INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Eiffel India Infraprojects Pvt Ltd (EIIPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee          250          CRISIL A4
   Cash Credit              50          CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
EIIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EIIPL is yet to
provide adequate information to enable CRISIL to assess EIIPL'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'

EIIPL was originally incorporated in 2007 as Eiffel Realty Pvt
Ltd, and was renamed in 2011-12 (refers to financial year, April 1
to March 31). The company is engaged in civil construction
activities, comprising mainly of construction of buildings (both
residential and commercial) for government, semi-government, and
private entities on a contract basis. Its day-to-day operations
are looked after by Mr. Rahul Nahar along with his brother Mr.
Vishal Nahar.


EMMANUEL ENGINEERING: CRISIL Suspends B Rating on INR22.5MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Emmanuel Engineering Pvt Ltd (EEPL).

                            Amount
   Facilities             (INR Mln)      Ratings
   ----------             ---------      -------
   Bank Guarantee             7          CRISIL A4

   Cash Credit                9.5        CRISIL B/Stable

   Proposed Bank Guarantee    5.5        CRISIL A4
   Proposed Cash Credit
   Limit                      5.5        CRISIL B/Stable

   Proposed Long Term Bank
   Loan Facility             22.5        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by EEPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EEPL is yet to
provide adequate information to enable CRISIL to assess EEPL'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'

Established in 1995, EEPL is engaged in executing EPC contracts.
The day-to-day operations of the company are managed by Mr. Juspus
Shalin and his three brothers.


EPPELTONE ENGINEERS: CRISIL Suspends B Rating on INR70MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Eppeltone Engineers Pvt Ltd (EEPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           10        CRISIL A4
   Cash Credit              70        CRISIL B/Stable
   Letter of Credit         10        CRISIL A4

The suspension of ratings is on account of non-cooperation by EEPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EEPL is yet to
provide adequate information to enable CRISIL to assess EEPL'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 2002, EEPL is owned and managed by Mr. Harish
Chander Chowdhary and his son Mr. Rohit Chowdhary. EEPL, based in
Delhi, is engaged in trading of iron and steel scrap and other
non-ferrous metals, and manufacturing of energy meters.


ISR EXPORTS: CRISIL Suspends D Rating on INR150M Letter of Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
ISR Exports Pvt Ltd (ISR).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Letter of Credit        150          CRISIL D

The suspension of ratings is on account of non-cooperation by ISR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ISR is yet to
provide adequate information to enable CRISIL to assess ISR'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'

ISR, based in New Delhi, was set up in 2007 as a private limited
company by Mr. Inderpal Singh Wadhawan and his brother, Mr.
Satvinder Singh Wadhawan. The company trades in fabric and ready-
made garments.


J S DESIGNER: CRISIL Suspends D Rating on INR600MM Packing Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
J S Designer Ltd (JSD).

                            Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Export Packing Credit      600        CRISIL D
   Foreign Bill Discounting   400        CRISIL D
   Letter Of Guarantee         20        CRISIL D
   Letter of Credit           100        CRISIL D
   Term Loan                   50        CRISIL D

The suspension of ratings is on account of non-cooperation by JSD
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JSD is yet to
provide adequate information to enable CRISIL to assess JSD'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'

JSD is managed by Mr. Vikas Mohand Singhal and Ms. Anuradha
Singhal. Earlier, the business was carried out under BNK Exports,
a proprietorship firm (which was set up in 1997 and reconstituted
as private limited company in 2004) managed by Ms. Anuradha
Singhal. JSD manufactures and exports RMG for women and kids.


JASLEEN ENTERPRISES: CRISIL Suspends D Rating on INR90MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jasleen
Enterprises (JE).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              90        CRISIL D
   Long Term Loan            7.2      CRISIL D
   Working Capital           2.3      CRISIL D
   Term Loan

The suspension of ratings is on account of non-cooperation by JE
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JE is yet to
provide adequate information to enable CRISIL to assess JE'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'

Jasleen Enterprises is engaged in manufacturing of various
furniture mainly sofa sets (either of poly urethane i.e. PU or
fabric or of leather) and other wooden furniture which are sold to
various furniture retail outlets. The customers for the firm
include marquee names such as Reliance Retail Limited (Reliance
Living), Godrej & Boyce Manufacturing Co. Ltd. (Godrej Interio)
(rated CRISIL AA-/Stable/CRISIL A1+), Future Group (Home Town),
and other established furniture retail outlets.


JAY TARAMA: CRISIL Suspends D Rating on INR29.3MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jay
Tarama Cold Storage Pvt Ltd (Jaytarama).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit            29.3         CRISIL D
   Proposed Long Term
    Bank Loan Facility     8.9         CRISIL D
   Term Loan              11.7         CRISIL D
   Cash Credit             1.60        CRISIL D

The suspension of ratings is on account of non-cooperation by
Jaytarama with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Jaytarama is yet to provide adequate information to enable CRISIL
to assess Jaytarama'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 2004, Jaytarama provides cold storage facilities
to potato farmers and traders, and also trades in potatoes. The
company is equally owned by the families of Mr. Govind Das Pal,
Mr. B L Kesri, Mr. Rabindranath Ghosh, and Mr. Tapas Chandra Pal,
all based in West Bengal. Jaytarama's cold storage unit has a
capacity of about 16,500 tonnes, divided into two chambers; the
unit is in Cooch Behar (West Bengal).

JHANWAR INDUSTRIES: CRISIL Suspends B+ Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jhanwar Industries (JI).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by JI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JI is yet to
provide adequate information to enable CRISIL to assess JI'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'

JI, located in Bundi (Rajasthan), is engaged in milling and
sorting of rice with a capacity of 2 tons per hour (TPH). The
entity is managed by its partners Mr. B.L Jhanwar and Mr. P.D.
Jhanwar.


JPS REINFORCED: CRISIL Suspends D Rating on INR143MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of JPS
Reinforced Pipes Pvt Ltd (JPS; formerly, JPS Balaji Reinforced
Pipe Pvt Ltd).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              80          CRISIL D
   Term Loan               143          CRISIL D

The suspension of ratings is on account of non-cooperation by JPS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JPS is yet to
provide adequate information to enable CRISIL to assess JPS'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'

JPS was incorporated in 2009. The company is promoted by the
brothers, Mr. Charanjeet Singh and Mr. Harjeet Singh along with
their wives Mrs. Jyoti Sahni and Mrs. Pummy Sahni, respectively.
The company is engaged in manufacturing glass reinforced plastic
pipes which find application in industrial and domestic wastewater
treatment.


JYOT OVERSEAS: CRISIL Suspends B+ Rating on INR10MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jyot Overseas Pvt Ltd (JOPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Bill Purchase-           85           CRISIL A4
   Discounting Facility
   Cash Credit              10           CRISIL B+/Stable
   Export Packing Credit    55           CRISIL A4
   Proposed Long Term
   Bank Loan Facility        6           CRISIL B+/Stable
   Standby Line of Credit   28           CRISIL A4

The suspension of ratings is on account of non-cooperation by JOPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JOPL is yet to
provide adequate information to enable CRISIL to assess JOPL'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'

JOPL was incorporated in 1997, promoted by Mr. Rajnikant Patel.
The company processes psyllium husk from seeds, which is popularly
known as isabgol in India. The company is managed by Mr. Vijay
Patel (son of Mr. Rajnikant Patel), his wife, Mrs. Parul Patel,
and a relative, Mr. Hemant Patel. JOPL's manufacturing unit is
located in Abu Road (Rajasthan), which is a hub for manufacturing
isabgol. JOPL has crushing capacity of 8700 tonnes per annum and
its unit is currently operating at 90 per cent utilisation.


K.K.R. METAL: CRISIL Suspends B+ Rating on INR79MM LT Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
K.K.R. Metal Components (KKR).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           5          CRISIL A4
   Cash Credit             36          CRISIL B+/Stable
   Long Term Loan          79          CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by KKR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KKR is yet to
provide adequate information to enable CRISIL to assess KKR'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'

Established in 1999 as a proprietorship firm, KKR manufactures
automotive components. The firm is managed by its proprietor, Mr.
K K Ramesh.


KARAIKAL AIRPORT: CRISIL Suspends B Rating on INR200MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Karaikal Airport Private Limited (KAPL).

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

The suspension of ratings is on account of non-cooperation by KAPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KAPL is yet to
provide adequate information to enable CRISIL to assess KAPL'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'

Karaikal Airport Private Limited (KAPL) was incorporated as a
special purpose vehicle (SPV) in the year 2007 for setting up a
greenfield airport at Karaikal by the Super Airport Group. KAPL
has its office at Coimbatore, Tamil Nadu. The company has started
work on the first phase of the project for laying a 1.2 km air
strip at a cost of around Rs.350 million. The subsequent phases
will entail increasing the length of the airstrip and developing a
full-fledged airport. Mr.J.V. Chowdhury, the group chairman,
established Super Airport Holdings (India) Pvt Ltd (SAHPL, holding
company of KAPL) in 1995, as a holding company for airports
interests of the group. The group initiated the process of
acquiring land under Karaikal Infrastructure Private Limited
(KIPL) for the airport and its allied infrastructure.


KASTOORI DEVI: CRISIL Suspends B- Rating on INR59MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kastoori Devi Foundation (KDF).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              6        CRISIL B-/Stable
   Term Loan               59        CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by KDF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KDF is yet to
provide adequate information to enable CRISIL to assess KDF'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'

KDF was registered as an educational trust in 2004. The trust was
promoted by Professor S D Bharadwaj, his wife, Mrs. Shashi
Bharadwaj, and son, Mr. Atul Bharadwaj. The trust operates ABSS
Institute of Technology (ABSS) in Meerut (Uttar Pradesh). It
offers a four-year technical course (Bachelor of Technology), two-
year management programme, and a polytechnic course.


KETI INFRASTRUCTURE: CRISIL Suspends D Rating on INR780MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Keti Infrastructure Pvt Ltd (KIPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Bank Guarantee           20           CRISIL D
   Term Loan               780           CRISIL D

The suspension of ratings is on account of non-cooperation by KIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KIPL is yet to
provide adequate information to enable CRISIL to assess KIPL'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'

KIPL was incorporated in April 2007 as a special-purpose vehicle
of Indore-based Keti Constructions Ltd, for the reconstruction and
strengthening of a 112-kilometre road from Chhindwara to Matkuli
in Madhya Pradesh, on a build-operate-transfer (BOT) basis. KIPL
signed a concession agreement with Madhya Pradesh Road Development
Corporation Ltd in June 2007; the concession period expires in
March 2033. Construction work commenced on April 1, 2008, and the
project was completed in two phases; tolling for Phase I commenced
from March 20, 2010, and for Phase 2 from April 16, 2011. KIPL is
a part of the Indore-based Keti group promoted by Mr. Kedar Mal
Jakhetia and his family.


KHYATI ISPAT: CRISIL Suspends B+ Rating on INR500MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Khyati
Ispat Pvt Ltd (KIPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee           50          CRISIL A4
   Cash Credit             500          CRISIL B+/Stable
   Proposed Cash Credit
   Limit                    22.7        CRISIL B+/Stable
   Term Loan                40          CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by KIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KIPL is yet to
provide adequate information to enable CRISIL to assess KIPL'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'

KIPL, set up in 1996, manufactures hot-rolled steel products, such
as channels, joists, beams, and angles, which find application
primarily in structural constructions such as transmission and
railway towers, and factory sheds. The company has two
manufacturing units in Raipur (Chhattisgarh), with combined
installed rolling capacity of 114,000 tonnes per annum (tpa). It
also has fabrication capacity of 18,000 tpa.


KISHOR PROJECTS: CRISIL Suspends B Rating on INR40MM Bank Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kishor
Projects Private Limited (KPPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          100        CRISIL A4
   Cash Credit              20        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       40        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by KPPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KPPL is yet to
provide adequate information to enable CRISIL to assess KPPL'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'

Based in Rajkot (Gujarat), KPPL is a civil contractor and
undertakes civil construction activities primarily for Public
Works Department and irrigation departments of Gujarat and
Maharashtra.


KUBER TIEUP: CRISIL Suspends D Rating on INR150MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kuber Tieup Pvt Ltd (Kuber).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              150        CRISIL D

The suspension of ratings is on account of non-cooperation by
Kuber with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Kuber is yet to
provide adequate information to enable CRISIL to assess Kuber'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'

Kuber, based in Kolkata (West Bengal), is a wholesale tea trader;
it trades primarily in premium varieties of tea. Set up in 2005 by
Mr. Ujjwal Kumar Das and his father, Mr. Santosh Kumar Das, Kuber
has various group companies. The group operates in diverse
industries such as rice processing, iron and steel, real estate,
cement, power, and trading in agricultural commodities.


LIBERTY INFOTECH: CRISIL Suspends B Rating on INR105MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Liberty
Infotech (LI).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          10         CRISIL A4
   Cash Credit            105         CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by LI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, LI is yet to
provide adequate information to enable CRISIL to assess LI'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'.

LI was set up in 2006 by Mr. Adesh Gupta. The firm initially
manufactured power management equipment such as power control
systems, alarm management, and metering systems. In 2011, LI
started trading in networking instruments, such as rotors, modems,
and cables and currently, derives around 90 per cent of its sales
from its business of trading in networking instruments.


M.M. RICE: CRISIL Suspends B Rating on INR50M Warehouse Financing
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
M.M. Rice Mill (MRM).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              16          CRISIL B/Stable
   Term Loan                 3.2        CRISIL B/Stable
   Warehouse Financing      50          CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by MRM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MRM is yet to
provide adequate information to enable CRISIL to assess MRM'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'

Initially established in 1998 as a partnership firm, MRM was
reconstituted as a proprietorship concern under Mr. Surinder Pal
in 2011-12 (refers to financial year, April 1 to March 31). MRM is
engaged in milling of basmati rice with its production facilities
located at Malout (Punjab).


MAA BANBHORI: CRISIL Suspends D Rating on INR49.5MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Maa Banbhori Steel Industry Pvt Ltd (MIPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           6         CRISIL D
   Cash Credit             33.5       CRISIL D
   Proposed Long Term
   Bank Loan Facility       1.0       CRISIL D
   Term Loan               49.5       CRISIL D

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

Maa Banbhori Steel Industry Private Limited (MIPL) was
incorporated in 2009 and promoted by friends Mr. Arun Kumar Mittal
and Mr. Rajpal Panghal. Maa Banbhori Steel Industry Private
Limited manufactures steel ingots and has it plant located at
Dindori at Nasik with a capacity of 200 tones per day. Mr. Arun
Kumar Mittal is the managing director of the company who was
earlier into the business of trading of ingot and scrap for 20
years which was discontinued after MIPL was incorporated.


MAA CHINMASTIKA: CRISIL Suspends D Rating on INR32MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Maa Chinmastika Fuels Pvt Ltd (MCFPL).

                              Amount
   Facilities               (INR Mln)      Ratings
   ----------               ---------      -------
   Cash Credit                  21.5       CRISIL D
   Proposed Cash Credit Limit   11.5       CRISIL D
   Term Loan                    32         CRISIL D

The suspension of ratings is on account of non-cooperation by
MCFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MCFPL is yet to
provide adequate information to enable CRISIL to assess MCFPL'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 2010, MCFPL manufactures hard coke, with annual
capacity of 28,800 tonnes. The company is promoted by Mr. Rahul
Singh and Mr. Ram Kumar Singh. Its manufacturing unit is in
Ramgarh, Jharkhand. MCFPL sells its hard coke to ferroalloy
manufacturers in Madhya Pradesh and Chattisgarh.


MAHADEO STEEL: CRISIL Suspends B Rating on INR90MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mahadeo
Steel Pvt Ltd (MSPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              90         CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by MSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MSPL is yet to
provide adequate information to enable CRISIL to assess MSPL'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 2006, MSPL process hot-rolled and cold-rolled
steel coils based on customer's requirements and convert them into
steel plates. The company is promoted and managed by Mr Bharat
Singh.


MANOJ TRADING: CRISIL Suspends B Rating on INR250MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Manoj
Trading Company (MTC).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              250        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by MTC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MTC is yet to
provide adequate information to enable CRISIL to assess MTC'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'

MTC, a proprietary concern of Mr. Manoj Jain, manufactures sarees
and salwar suit material. The products are sold under the brand
name Priyanka. It outsources its manufacturing process to printers
and embroidery units in Gujarat and Maharashtra. MTC sells to
wholesalers spread across India.


MELT-O-THERM FURNACES: CRISIL Suspends Rating on INR43.1MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Melt-O-
Therm Furnaces Pvt Ltd (MTFL).

                                Amount
   Facilities                  (INR Mln)     Ratings
   ----------                  ---------     -------
   Proposed Bank Guarantee         1.9       CRISIL A4
   Proposed Cash Credit Limit     40         CRISIL B/Stable
   Proposed Term Loan             43.1       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by MTFL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MTFL is yet to
provide adequate information to enable CRISIL to assess MTFL'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'

MTFL was incorporated in 2010, promoted by Mr. Jai Prakash
Jaiswal, Mrs. Jaya Jaiswal, Mr. Amit Paul, Mrs. Sumitra Paul, and
Mrs. Shailee Shah. The company is in the process of setting up a
manufacturing facility for solid and hollow aluminium extrusion
profiles used in architectural, automobile, and industrial
products. The unit will have an annual capacity of 3600 tonnes.
The plant is scheduled to start commercial operations by July
2013.


MPR REFRACTORIES: CRISIL Suspends B+ Rating on INR49.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of MPR
Refractories Ltd (MPR).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting         4         CRISIL A4
   Cash Credit             49.5       CRISIL B+/Stable
   Letter of credit &
   Bank Guarantee          20         CRISIL A4
   Proposed Long Term
   Bank Loan Facility      37.5       CRISIL B+/Stable
   Rupee Term Loan         29         CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by MPR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MPR is yet to
provide adequate information to enable CRISIL to assess MPR'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'

MPR was set up in 1989 by Dr. M Appayya, Mr. M Chandrasekhar Rao,
and Mr. M Nagaraja Rao.  is engaged in manufacturing of
conventional refractory bricks initially and then started
production of continuous casting refractories in 2009-10. (refers
to financial year, April 1 to March 31).


N. MANJUNATH: CRISIL Suspends B+ Rating on INR31.5MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
N. Manjunath (NM).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           18        CRISIL A4
   Cash Credit              31.5      CRISIL B+/Stable
   Long Term Loan            0.5      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by NM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NM is yet to
provide adequate information to enable CRISIL to assess NM'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'

Set up in 1977, NM is a proprietorship entity established and
managed by Mr. N Manjunath. The firm undertakes civil construction
works for various government agencies.


NALINAKSHA AGRO: CRISIL Suspends B+ Rating on INR40MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nalinaksha Agro Products Pvt Ltd (NAPPL).


                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee            2          CRISIL A4
   Cash Credit              34          CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        4          CRISIL B+/Stable
   Term Loan                40          CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
NAPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NAPPL is yet to
provide adequate information to enable CRISIL to assess NAPPL'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'

NAPPL, incorporated in 2009 and promoted by the West Bengal-based
Reja family, manufactures crude rice bran oil and de-oiled rice
bran cake. It started commercial operations at its Burdwan (West
Bengal)-based solvent extraction plant from March 2013. Its day-
to-day operations are looked after by its promoter director, Mr.
Uday Chand Reja.


NARMADA DAL: CRISIL Suspends B+ Rating on INR50MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Narmada
Dal Mill (NDM).

                                Amount
   Facilities                 (INR Mln)     Ratings
   ----------                 ---------     -------
   Proposed Cash Credit Limit     50        CRISIL B+/Stable
   Proposed Term Loan             50        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by NDM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NDM is yet to
provide adequate information to enable CRISIL to assess NDM'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'

Formed in 2013, NDM is a partnership firm promoted by Mr. Sagar
Modi and his family members. The company is setting up a plant for
processing of agricultural products such as moong dal and polished
moong. The firm is expected to commence operations in July 2013.


NARODA COMMERCIAL: CRISIL Suspends D Rating on INR150MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Naroda Commercial Pvt Ltd (NCPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              150         CRISIL D

The suspension of ratings is on account of non-cooperation by NCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NCPL is yet to
provide adequate information to enable CRISIL to assess NCPL'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'

NCPL, based in Kolkata, was set up in 1985. It was acquired by Mr.
Nikhil Kumar Das in 2008, while Mr. Ujjal Kumar Das acquired a
majority shareholding in the company in 2009. NCPL trades in rice;
it procures rice from rice mills and traders in and around West
Bengal, and sells to dealers and wholesalers in and around the
state.


NEALEX ALLOYS: CRISIL Suspends B Rating on INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nealex Alloys Pvt Ltd (NAPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           6         CRISIL A4
   Cash Credit             50         CRISIL B/Stable
   Letter of Credit        10         CRISIL A4
   Long Term Loan          16         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      12         CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by NAPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NAPL is yet to
provide adequate information to enable CRISIL to assess NAPL'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'

NAPL, incorporated in 2009, commenced commercial operations in
February 2010. The company manufactures aluminium extrusion
profiles. It is promoted by Mr. Hari Kiran and his family.


NEUTEC HEALTHCARE: CRISIL Suspends B+ Rating on INR32MM Bank Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Neutec
Healthcare Pvt Ltd (NHPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Buyer Credit Limit       10        CRISIL A4
   Cash Credit              20        CRISIL B+/Stable
   Letter of Credit         48        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       32        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by NHPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NHPL is yet to
provide adequate information to enable CRISIL to assess NHPL'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'

NHPL trades in bulk drugs, formulations, vitamin premixes and
active pharmaceutical ingredients. The company was set up in
September 2010 by its key promoter-director, Mr. Gaurav Arora, who
looks after the day-to-day operations of the company. NHPL NHPL's
registered office is at New Delhi. The company commenced
operations from 2011-12.


SPICEJET LTD: Co-Founder Seeks More Time for Fund Infusion
----------------------------------------------------------
The Times of India reports that cash-strapped SpiceJet will have
to wait longer for fund infusion.

According to the report, aviation ministry officials said
Ajay Singh, co-founder of the airline who exited it in 2010 and is
now planning a re-entry, has sought two to three weeks more for
finalizing the funding plan. "There are a number of holidays now,
so more time has been asked for," TOI quotes the official as
saying.  Mr. Singh met aviation secretary V Somasundaran on
December 22 "to apprise him of the development in their funding
plan," the report relays.

TOI relates that sources close to Singh, who has very strong ties
with the ruling BJP and had coined the slogan "ab ki baar Modi
sarkar", said the foreign PE funds that would be investing with
him are doing due diligence of SpiceJet. "This entire process will
take some time. Meanwhile, Singh has arranged for some funds so
that the airline can keep operating till the investment comes.
Singh and the PE funds are eying an investment of over Rs 1,200
crore," said a source, TOI relates.

The report says the aviation ministry had asked Airports Authority
of India (AAI) not to put SpiceJet, which owes it over INR194
crore, on cash-and-carry till the year-end. The proposed
investors' demand for more time has now led the ministry to meet
stakeholders and see how long they can allow SpiceJet to operate
without paying upfront for services. Oil companies, for instance,
have declined ministry's request to give jet fuel on credit to
SpiceJet and are giving the same only on payment, TOI states.

Meanwhile, The Times of India reports that the minister of state
for aviation Mahesh Sharma told Lok Sabha on December 22 that
SpiceJet's dues to foreign and Indian vendors, airport operators
and oil companies grew from INR990 crore to INR1,230 crore in just
18 days till December 10.  According to the report, Mahesh Sharma
said the low cost carrier's (LCC) dues to foreign vendors,
including lessors of aircraft and maintenance, repairs and
overhaul (MRO) facilities, rose from INR624 crore on November 24
to INR670 crore on December 5 and INR742 crore on December 10.

The LCC's outstanding to Indian vendors, including oil companies,
AAI, private airport operators and ground handling agencies, stood
at INR366 crore on November 24, rose to INR395 crore on December 5
and INR488 crore on December 10, TOI adds.

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.



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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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