TCRAP_Public/141230.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 30, 2014, Vol. 17, No. 256


                            Headlines


A U S T R A L I A

ANCORA (RCH): S&P Affirms 'BB' Rating on Subordinated Bond
MAN TO MAN: Retailer Up for Sale Following Administration
RGC INTERNATIONAL: First Creditors' Meeting Set For January 5
WORMS WORK: First Creditors' Meeting Slated For January 5


C H I N A

AGFEED USA: Liquidation Plan Declared Effective
AGILE PROPERTY: S&P Affirms 'BB-' LT CCR; Outlook Stable
CHINA FRUITS: Has $520K Working Capital Deficit in Third Quarter
SANDS CHINA: Fitch Raises Issuer Default Rating From 'BB+'


H O N G  K O N G

PACNET LIMITED: Fitch Puts 'B' IDR on Rating Watch Positive


I N D I A

AGRAWAL EDUCATION: ICRA Raises Rating on INR12cr Term Loan to C
AMBICA CASHEW: CRISIL Suspends B Rating on INR30MM Cash Credit
AMMA WOODS: CRISIL Assigns B+ Rating to INR31MM Cash Credit
ANIKA APPARELS: ICRA Assigns B+ Rating to INR0.95cr Term Loan
ARBEE AQUATIC: ICRA Assigns B Rating to INR8.90 Term Loan

BHAVIN AGRI-INFRA: ICRA Rates INR3.87cr Unallocated Loan at B+
BOOM BUYING: ICRA Lowers Rating on INR5.0cr Cash Credit to D
CHEM STAR: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
CONSTRUCTION CATALYSERS: CRISIL Reaffirms B+ INR95MM Loan Rating
FIL SEP: ICRA Reaffirms B+ Rating on INR3.0cr Cash Credit

FINE FUTURE: EOW Files Second Charge Sheet Against Firm
HINDUSTAN HERBALS: CRISIL Reaffirms B- Rating on INR100MM Loan
KUMAR MOTOR: ICRA Cuts Rating on INR8.6cr FB LT Loan to B
NEWLOOK INTEX: CRISIL Suspends D Rating on INR150MM Cash Credit
OSIANS DWELLINGS: CRISIL Suspends B+ Rating on INR100MM Term Loan

PAVAN INDUSTRIES: CRISIL Suspends D Rating on INR60MM Cash Loan
PAVITRA POULTRY: CRISIL Suspends B Rating on INR52.5MM LT Loan
PEARL MALT: CRISIL Suspends B+ Rating on INR35MM Cash Credit
PRAGATI COTTON: ICRA Reaffirms B Rating on INR5cr Cash Credit
R. K. INTERNATIONAL: CRISIL Suspends B- Rating on INR55MM Loan

RAJ CHEM: CRISIL Suspends B+ Rating on INR100MM Cash Credit
RAJGAD DNYANPEETH: CRISIL Cuts Rating on INR120MM Term Loan to D
RAVI EARTH: CRISIL Suspends B+ Rating on INR50MM Cash Credit
S.V. BUILDERS: CRISIL Suspends B+ Rating on INR100MM Prop. Loan
SAIKRUPA COTGIN: ICRA Assigns B+ Rating to INR15cr Cash Credit

SAKTHI JOINERIES: CRISIL Suspends C Rating on INR57.5MM Bank Loan
SHANTI EDUCATIONAL: ICRA Ups Rating on INR7.10cr Term Loan to B-
SPICEJET LTD: Submits Revival Plan; To Get $200MM From JP Morgan
SRI KRISHNA: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
SRINITHI ENTERPRISES: ICRA Reaffirms B+ Rating on INR7cr LT Loan

TECHNICO STRIPS: CRISIL Ups Rating on INR130MM Cash Loan to B
TRACK INNOVATIONS: CRISIL Suspends B Rating on INR120MM Loan
ULTRA DIMENSIONS: CRISIL Suspends B- Rating on INR150MM Loan
VALLEY SYSTEMS: CRISIL Suspends D Rating on INR50MM Cash Credit
VISHAL SURGICAL: CRISIL Reaffirms B+ Rating on INR60MM Loan

YOGANANDA MULTI: CRISIL Suspends B Rating on INR57.5MM Loan


N E W  Z E A L A N D

MOWBRAY COLLECTABLES: Secures Financing With BNZ For Unit


P H I L I P P I N E S

RURAL BANK OF BURAUEN: PDIC to Pay Depositors Starting January 7


S O U T H  K O R E A

KUMHO TIRE: Graduates From Debt Workout Program
PAN OCEAN: Court Selects Harim Group as Preferred Bidder
SSANGYONG ENGINEERING: Court Picks Dubai Fund as Preferred Bidder


X X X X X X X X

* BOND PRICING: For the Week Dec. 22 to Dec. 26, 2014


                            - - - - -


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


ANCORA (RCH): S&P Affirms 'BB' Rating on Subordinated Bond
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' rating on
Ancora (RCH) Pty Ltd.'s subordinated, inflation-linked annuity
bond.  S&P revised the rating outlook on the subordinated debt to
stable from negative.  At the same time, S&P affirmed its 'BBB'
rating on Ancora's senior secured debt with a stable outlook.

S&P also assigned its 'BBB' rating to Ancora (RCH2) Pty Ltd.'s
senior secured debt with a stable outlook.  Ancora and Ancora RCH2
are the finance arms of Children's Health Partnership Pty Ltd.
(ProjectCo), which is the trustee of the CHP Unit Trust, the
concession holder for the Melbourne Royal Children Hospital
project granted by the State of Victoria in 2007.  S&P also
withdrew its 'BBB' rating on ProjectCo's senior secured debt.

"We revised the outlook on Ancora's subordinated bonds to reflect
our increased confidence that the company will sustain cash flow
coverage for this tranche of debt through the life of the
project," said Standard & Poor's credit analyst Graeme Ferguson.
These bonds have a greater reliance on commercial revenue--
including revenue from noncore commercial activities--than the
project's senior debt.  In S&P's opinion, downside risk to cash
flows generated from commercial leases has eased through recent
leasing activity.  This is because of the project company's better
understanding of stabilized trading conditions and the reduced
likelihood of additional cash flows being distributed to equity
holders ahead of expectations.

Although the hospital's Stage 1 commercial tenancies are likely to
generate higher aggregate revenue than S&P originally expected,
some of those tenancies were renegotiated shortly after their
start date to reflect mixed trading conditions and uneven foot
traffic.  This raised some uncertainty regarding the stabilized
lease revenue, particularly for Stage 2 tenancies that were yet to
be leased.  However, S&P views the following events as having
improved the robustness of forecast commercial lease revenue:

   -- Sufficient time has elapsed to observe the sustainability
      of recalibrated Stage 1 leases;

   -- New tenancies have been leased with a better understanding
      of trading conditions and the type of tenants are generally
      less exposed to variable foot traffic;

   -- "Block" tenancies have reduced the project's direct
      exposure to variable tenant demand; and

   -- All Stage 2 tenancies have been leased for the duration of
      the project on terms S&P views as realistic.

The stable outlook on the ratings on both Ancora's debt reflects
S&P's expectation that Spotless P&F Pty Ltd. will continue to
operate the project satisfactorily, with performance abatements,
if any, remaining very low.  S&P also expects that Land Lease
Corp. Ltd., the construction contractor, will close out Stage 2
Works of the project with minimal rectification work.  S&P's
outlook assumes a continued cooperative relationship between all
project stakeholders.

"We believe that there is limited upward pressure on the ratings
given our view that cash flows have potentially more downside risk
than upside potential, and that our rating already factors in the
continued satisfactory performance by Spotless," said Mr.
Ferguson.

Further, upward pressure on the senior secured debt rating would
require, among others, a material improvement in adjusted cash
flow coverage, which S&P views as unlikely given the fixed nature
of most of ProjectCo's revenue and operating expenses.  With the
debt service reserve in the form of a liquidity facility, minimum
adjusted debt service coverage ratio (DSCR) of 1.17x for senior
debt and 1.10x for subordinated debt would be a pre-condition of
any upward rating action.

Downside pressure could materialize if Spotless performs below
expectations, or if S&P forecasts the minimum adjusted DSCR for
senior and subordinated debt to fall below 1.12x and 1.06x
respectively.  This could occur, for example, if commercial rental
returns are materially weaker than expected, although the impact
would likely be greater for the subordinated bonds.  This could
also occur if certain tenancies were to be converted to upfront
payments that would weaken future cash flows, should the cash be
immediately upstreamed back to the shareholders.

Given the subordinated debt has a greater reliance on commercial
revenue compared to senior debt, S&P believes that upward or
downward movement of the senior and subordinate debt may not be in
lock-step.


MAN TO MAN: Retailer Up for Sale Following Administration
---------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Man to Man, a
men's clothing chain, is up for sale after it entered voluntary
administration.  Administrator James Stewart of Ferrier Hodgson
said the company owed around AUD28 million to creditors, the
report relates.

According to Dissolve.com.au, trading at the company has been
continued and employees retained.  Mr. Stewart noted that the
chain had recently experienced a competitive environment.

All options are currently being examined by the administrator. The
business has been advertised for sale and the administrator is
seeking for expressions of interest, the report notes.

Man to Man is a Melbourne-based menswear chain.  It employs
approximately 400 people. It has 82 stores throughout Australia
which include Griffith, Wagga Wagga, Coffs Harbour, Lismore,
Erina, Grafton, Tweed Heads, Tamworth and Port Macquarie.

James Stewart and Brendan Richards of Ferrier Hodgson, on
Dec. 17, 2014, were appointed Voluntary Administrators of Man to
Man (Imports) Pty Ltd, Toman Investments Pty Ltd, and Stone Shoes
Pty Ltd.


RGC INTERNATIONAL: First Creditors' Meeting Set For January 5
-------------------------------------------------------------
Ozem Kassem and Jason Tang of Cor Cordis Chartered Accountants
were appointed as administrators of RGC International Pty Limited
on Dec. 19, 2014.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 6, 55 Clarence Street, in
Sydney, on Jan. 5, 2015, at 10:00 a.m.


WORMS WORK: First Creditors' Meeting Slated For January 5
---------------------------------------------------------
Andre Strazdins -- andre.strazdins@briferriersa.com.au -- and
Stuart Otway -- stuart.otway@briferriersa.com.au -- of BRI Ferrier
were appointed as administrators of Worms Work Technologies Pty
Ltd on Dec. 19, 2014.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 4, 12 Pirie Street, in Adelaide, on Jan. 5,
2015, at 11:00 a.m.



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


AGFEED USA: Liquidation Plan Declared Effective
-----------------------------------------------
AgFeed USA, LLC, et al., notified the Bankruptcy Court that the
Effective Date of the Revised Second Amended Plan of Liquidation
occurred on Nov. 10, 2014.

As reported in the Troubled Company Reporter on Nov. 7, 2014, the
Court confirmed the revised second amended plan, which was
supported by the Official Committee of Equity Security Holders.

The Debtors, prior to the Nov. 4 confirmation hearing, filed an
amended supplement for its Revised Second Amended Chapter 11 Plan.

According to BankruptcyData, the Amended Plan Supplement has been
amended to include a revised Liquidating Trust Agreement and a
reduced Insider Subordinated Claim Reserve, in the amount of
$139,000, which is consistent with the settlement agreements with
certain parties resolving their objections to the Plan.  Law360
reported that the confirmation order was signed after the Debtors
said they have settled nearly all of the objections to the plan.

As previously reported by the TCR, the Plan provides for
substantive consolidation of the Consolidated AgFeed USA Debtors
and the liquidation of the Debtors' assets.  The majority of the
Debtors' assets have been liquidated, and the Plan provides for
the estates' assets to be allocated and distributed to holders of
allowed claims and interests.  Holders of General Unsecured
Claims, estimated to total $3,764,429, will recover 100% of their
allowed claims.  Holders of secured claims, estimated to total
$1,456, and holders of priority non-tax claims, estimated to total
$832, will also recover 100% of their allowed claims.

                     About AgFeed Industries

AgFeed Industries, Inc., has 21 farms and five feed mills in China
producing more than 250,000 hogs annually. In the U.S., the
business included 10 sow farms in three states and two feed mills
producing more than one million hogs a year. AgFeed's revenue in
2012 was $244 million.

AgFeed and its affiliates filed voluntary petitions under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 13-11761) on
July 15, 2013, with a deal to sell most of its subsidiaries to The
Maschhoffs, LLC, for cash proceeds of $79 million, absent higher
and better offers.  The Debtors estimated assets of at least $100
million and debts of at least $50 million.

Keith A. Maib signed the petition as chief restructuring officer.
Hon. Brendan Linehan Shannon presides over the case.  Donald J.
Bowman, Jr., and Robert S. Brady, Esq., at Young, Conaway,
Stargatt & Taylor, serve as the Debtors' counsel.   BDA Advisors
Inc. acts as the Debtors' financial advisor.  The Debtors' claims
and noticing agent is BMC Group, Inc.

The U.S. Trustee has appointed a five-member official committee of
unsecured creditors to the Chapter 11 cases.  The Creditors'
Committee tapped Lowenstein Sandler as lead bankruptcy counsel and
Greenberg Traurig, LLP, as co-counsel.  CohnReznick LLP serves as
the Creditors' Committee's financial advisor.

An official committee of equity security holders was also
appointed to the Chapter 11 cases.  The Equity Committee tapped
Sugar Felsenthal Grais & Hammer LLP and Elliott Greenleaf as
co-counsel.

Jefferies Leveraged Credit Products and Claims Recovery Group are
represented by Lawrence J. Kotler, Esq., and Catherine B.
Heitzenrater, Esq., at Duane Morris, LLP.


AGILE PROPERTY: S&P Affirms 'BB-' LT CCR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating on China-based property
developer Agile Property Holdings Ltd.  The outlook is stable.
S&P also affirmed its 'cnBB+' Greater China regional scale rating
on the company.  At the same time, S&P affirmed its 'B+' long-term
issue rating and its 'cnBB' long-term Greater China regional scale
rating on Agile's outstanding senior unsecured notes.  S&P removed
all the ratings from CreditWatch, where they were placed with
negative implications on Oct. 14, 2014.

"We affirmed the rating to reflect our view that Agile's
operational stability is likely to improve after its chairman Mr.
Chen Zhuo Lin resumed duties recently," said Standard & Poor's
credit analyst Vincent Lam.  "We also believe that the company
faces no immediate liquidity risk after it extended its bridge
loan in November 2014."

S&P expects Agile's strategic execution to strengthen amid the
current volatility in China's property market.  Mr. Chen, who is
heavily involved in Agile's day-to-day operations, was in
detention for the past two months.

S&P anticipates that Agile will proactively manage its large debt
maturities in 2015.  In S&P's view, capital market and bank
funding channels remain open to the company, although such funding
could come at a higher cost.  Agile's improved sales execution,
reflected in its satisfactory sales growth since October, and
better cash collection and sell-through rate are also likely to
support its liquidity in 2015.

"We forecast that Agile's debt will remain high in 2014 and 2015.
The company's sales in 2014 are largely in line with our full-year
expectation of Chinese renminbi (RMB) 43 billion.  Sales in the 11
months to November 2014 were RMB39 billion.  We expect the company
to control its land acquisitions and manage its leverage in 2015.
In our base case, we estimate that Agile's sales will mostly
offset its capital expenditure for construction, such that the
debt level will only increase moderately in 2014 and 2015," S&P
said.

"We expect Agile's profitability to decline as a result of its
aggressive price cutting strategy to boost sales.  Although the
company's sizable low-cost land bank will support its margin, it
is unlikely to be enough to turnaround the overall declining
trend.  In our base case, we estimate that Agile's EBITDA margin
will decline to 25%-28% in 2014 and 2015, from 32.6% in 2013,
leading to a debt-to-EBITDA ratio of 4.5x-5.0x, commensurate with
the company's "aggressive" financial risk profiles," S&P added.

"The stable outlook reflects our expectation that Agile's property
sales will increase moderately in 2015 and the company will
proactively manage its leverage and extend its debt maturity, such
that the debt-to-EBITDA ratio remains at 4.0x-5.0x," said Mr. Lam.

While S&P expects Agile's operational stability to improve
following the chairman's resumption of duties, the company will
need time to rebuild its record of corporate transparency and
operational stability.

S&P could lower the rating if Agile's debt-to-EBITDA ratio rises
to more than 5x on a sustainable basis.  This could happen if: (1)
the company is more aggressive than S&P expects in its
construction and land acquisitions; or (2) its profitability
declines significantly more than S&P's expectation as a result of
its price cutting strategy.  A fall in EBITDA margin to about 23%
or contracted sales of less than RMB44 billion in 2015 could
indicate such deterioration.

S&P could also downgrade Agile if S&P assess the company's
liquidity and funding flexibility to have weakened over the next
12 months, which could be due to lower sales or rapid expansion.

S&P could raise the rating if Agile has strong sales, good
profitability, and manages its leverage, such that its ratio of
total debt to EBITDA is less than 4.0x on a sustained basis.


CHINA FRUITS: Has $520K Working Capital Deficit in Third Quarter
----------------------------------------------------------------
China Fruits Corp. filed its quarterly report on Form 10-Q,
reporting net income of $245,000 on $2.86 million of total revenue
for the three months ended Sept. 30, 2014, compared with a net
loss of $62,000 on $662,000 of revenue for the same period in
2013.

The Company's balance sheet at Sept. 30, 2014, showed
$10.6 million in total assets, $7.48 million in total liabilities,
and stockholders' equity of $3.14 million.

As of Sept. 30, 2014, the Company had accumulated deficits of
$1.33 million and working capital deficit of current liabilities
exceeding current assets by $520,000 due to the substantial losses
in operation in prior years and default of its notes payable.

Management has taken certain action and continues to implement
changes designed to improve the Company's financial results and
operating cash flows, according to the regulatory filing.

A copy of the Form 10-Q is available at:

                        http://is.gd/kqx6lz

Headquartered in Nan Feng County, Jiang Xi Province, P.R.C., China
Fruits Corp. was incorporated in the State of Delaware on Jan. 6,
1993 as Vaxcel, Inc.  On Dec. 19, 2000, CHFR changed its name to
eLocity Networks Corporation.  On Aug. 6, 2002, CHFR further
changed its name to Diversified Financial Resources Corporation.

The principal activities of CHFR at that time was seeking and
consummating a merger or acquisition opportunity with a business
entity.  On May 12, 2006, CHFR was re-domiciled to the State of
Nevada.

On May 31, 2006, CHFR completed a stock exchange transaction with
Jiangxi Taina Guo Ye Yon Xian Gong Si ("Tai Na").  Tai Na was
incorporated as a limited liability company in the P.R.C. on
Oct. 28, 2005, with its principal place of business in Nanfeng
Town, Jiangxi Province, the P.R.C.  Tai Na is principally engaged
in manufacturing, trading, and distributing of Nanfeng tangerine,
and operating franchise retail stores for fresh fruits through its
wholly-owned subsidiary, Tai Na International Fruits (Beijing) Co.
Ltd.

                           *     *     *

As reported in the TCR on April 19, 2013, Lake & Associates CPA's
LLC, in Schaumburg, Ill., in its report on China Fruits Corp.'s
consolidated financial statements for the fiscal year ended
Dec. 31, 2012, said that the Company's accumulated deficit and
negative cash flow from operations raise substantial doubt about
the Company's ability to continue as a going concern.


SANDS CHINA: Fitch Raises Issuer Default Rating From 'BB+'
----------------------------------------------------------
Fitch Ratings has upgraded Las Vegas Sands Corp.'s (LVS) and its
subsidiaries Issuer Default Ratings (IDR) to 'BBB-' from 'BB+' and
upgraded the subsidiaries' senior secured credit facilities to
'BBB' from 'BBB-'.  The rating actions affect LVS' Las Vegas
Sands, LLC (LVS LLC), Sands China, Ltd. (Sands China), VML US
Finance, LLC (VML US) and Marina Bay Sands Pte. Ltd (MBS), whose
IDRs are all linked.  In addition, the Rating Outlook is revised
to Stable from Positive.

Key Rating Drivers

Fitch's upgrade of LVS' IDR to 'BBB-' mainly reflects the
company's demonstrated commitment to maintaining conservative
financial policies since it started to wind down its comprehensive
capital development pipeline and return cash to shareholders about
three years ago.  The company's publicly stated goal is to
maintain gross leverage below about 3x before additional debt
related to large-scale development.

The 3x gross leverage goal is well within Fitch's 4x gross
leverage target (3.5x on net basis) for an investment-grade IDR
given LVS' overall credit risk profile, although the Fitch-
calculated ratio is about 0.4x higher relative to the company's
calculation.  The difference is attributable to Fitch subtracting
corporate expense and income attributable to minority interest
from EBITDA and Fitch calculates LVS' consolidated gross and net
leverage for the LTM period ending Sept. 30, 2014 at 2.3x and
1.7x, respectively.  LVS has maintained its capital allocation
policies consistent with its leverage goal since mid-2011.  Fitch
believes that maintaining a strong balance sheet as a competitive
advantage when bidding on large-scale casino resort developments
in new gaming jurisdictions is an important motivation to maintain
prudent financial policies.

There is some flexibility around Fitch's leverage targets during
the peak of a development cycle within the investment-grade
context.  The degree of flexibility will depend on the Fitch's
visibility with respect to the operating environment as well as
Fitch's perceived return on investment (ROI) for the project(s),
whether they are fully funded, and the company's capital
allocation decisions leading up to the peak spending levels (i.e.
preserving adequate liquidity and possibly lessening more
discretionary shareholder-friendly activity).

Other key drivers for LVS' investment-grade IDR include its strong
liquidity, robust discretionary free cash flow and significant
capacity to monetize non-core assets.  LVS also maintains a strong
business profile supported by high-quality assets in attractive
regulatory regimes, which provides the company with the best
global market exposure profile in the industry.

The ratings also consider LVS' history of being an aggressive
developer of large-scale integrated resorts, management's still-
limited track record of adhering to investment-grade-like policies
relative to global investment-grade peers, and corporate
governance issues mainly pertaining to Foreign Corrupt Practices
Act(FCPA) investigations.

Market Outlooks

LVS' LTM (ending Sept. 30, 2014) property EBITDA is 64% Macau, 28%
Singapore, 6% Las Vegas and 2% Pennsylvania.  Gaming revenues in
both Macau and Singapore have been pressured over the past several
months due to the weakness in VIP and premium mass segments.  In
Macau, gaming revenue is pressured by the corruption crackdown in
China, credit tightening among junkets, increased visa
restrictions and the recently implemented smoking ban.

Fitch projects negative growth in Macau gaming revenue of 2% in
2014 and 4% in 2015.  The weakness in Macau is expected to persist
through first-half 2015 (1H'15) until Galaxy Entertainment and
Melco Crown open their respective projects (Fitch estimates LVS'
Parisian will open mid-2016) and the negative trends that began
mid-2014 are lapped.  Fitch is modeling largely flat sequential
growth through 1H'15 and sequential 5%-- 8% mass growth and 2% --
4% VIP growth thereafter.

LVS has lower than market average exposure to the VIP gaming
segment (16% of Sands China's profit), which equates to less
volatile earnings in Macau.  Sands China's year-over-year (YoY)
revenue declines have averaged 6% per month for the past six
months since the declines started in June versus market average
declines of 11%.  Per Fitch's base case, Sands China's EBITDA
declines are in the low teens in 1H'15 and then grow in the mid-
single-digit range in 2H'15.

Despite the negative overall 2015 forecasts, Fitch remains
favorable on Macau's long-term fundamentals, continuing to hold
that Macau and the greater China market remain underpenetrated.
Gaming revenue growth should be driven by new supply and
infrastructure development and the Chinese economy should continue
to grow (6.8% in 2015 and 6.5% in 2016), anchoring mass market
demand.

Singapore is facing challenges in the VIP segment similar to
Macau.  The challenges are accentuated by new competition for
Chinese VIP business from Philippines and by the aggressive
competition from Resorts World Sentosa, MBS' sole competitor in
Singapore.  Positively, VIP gaming only accounts for 11% of LVS'
profits in Singapore.  The mass market remains healthy in
Singapore; however, unlike in Macau the mass market in Singapore
has little room to grow in light of the country's attempt to curb
gambling by the locals and MBS' physical capacity constraints.

Issue-Specific Ratings

The upgrade of the ratings on U.S., Singapore and Macau credit
facilities to 'BBB' from 'BBB-' reflects their significant asset
overcollateralization (OC).  The notch uplift also takes into
account the conservative additional debt and asset disposition
covenants in the credit agreements, with maximum leverage not
allowed to exceed 3.0x-5.5x (the U.S. facility counts Singapore
and Macau dividends in EBITDA).

Asset disposition covenants do provide for certain carve-outs
including the ability to sell certain retail assets in Macao and
Singapore.  The existing Macau facility does not include a lien on
the Parisian project.

The OC of the U.S.-based facility is not as great relative to that
of Singapore and Macau.  The leverage through the U.S. facility is
6.7x as of Sept. 30, 2014 based on LTM EBITDA of the Las Vegas
assets plus the royalty fees from the Macau and Singapore
subsidiaries.  Fitch excludes Sands Bethlehem from the U.S.
leverage calculation although if LVS sells the property it must
use $500 million of the proceeds in excess of intercompany loans
owed to LVS LLC to paydown and permanently reduce LVS LLC's
revolver commitments.  The facility also benefits from LVS LLC's
partial ownership of the Singapore and Macau subsidiaries.  Fitch
may reconsider the one-notch uplift on the U.S. facility versus
the IDR if LVS reorganizes its corporate structure such that the
U.S. issuer no longer owns the Singapore and Macau subsidiaries.

Rating Sensitivities

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

   -- A longer track record of maintaining and complying with
      LVS' existing financial policy;

   -- Gross leverage sustaining below 3.5x on a gross basis and
      3x on a net basis for an extended period;

   -- Renewal of the Macau gaming concession (expires 2022) and
      an extension of exclusivity in Singapore (expires 2017);

   -- Increased diversification through development in new
      jurisdictions (e.g. Japan, Korea, etc.);

   -- Greater clarity on succession planning.

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

   -- Deviation from LVS' articulated financial policies;
   -- Gross leverage sustaining above 4x on a gross basis and
      3.5x on a net basis for an extended period;
   -- Macau concession not being renewed or Singapore government
      awarding additional licenses starting 2017;
   -- Meaningful fine(s) or other negative implications connected
      to the FCPA investigations.

With respect to the leverage targets above, there is flexibility
in the event leverage temporarily increases above the stated
targets during peak development cycle in the event LVS develops in
Japan or another jurisdiction where the return on investment
prospects are high.

Fitch has upgraded these ratings:

Las Vegas Sands Corp.

   -- IDR to 'BBB-' from 'BB+', Outlook to Stable from Positive.

Las Vegas Sands LLC

   -- IDR to 'BBB-' from 'BB+', Outlook to Stable from Positive;
   -- US$2.25 billion secured term loan to 'BBB' from BBB-';
   -- US$1.25 billion secured revolving credit facility to 'BBB'
      from BBB-'.

Sands China Ltd. (Sands China)

   -- IDR to 'BBB- 'from 'BB+', Outlook to Stable from Positive.

VML US Finance LLC (VML US)

   -- IDR to 'BBB-' from 'BB+', Outlook to Stable from Positive;

   -- US$2 billion Macau secured revolving credit facility to
      'BBB' from 'BBB-';

   -- US$2.4 billion Macau secured term loan to 'BBB' from
      'BBB-'.

Marina Bay Sands Pte. Ltd. (MBS)

   -- IDR to 'BBB-' from 'BB+', Outlook to Stable from Positive;

   -- SGD500 million Singapore secured revolving credit facility
      to 'BBB' from 'BBB-';

   -- SGD3.7 billion Singapore secured term loan to 'BBB' from
      'BBB-'.



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


PACNET LIMITED: Fitch Puts 'B' IDR on Rating Watch Positive
-----------------------------------------------------------
Fitch Ratings has placed Pacnet Limited's Long-Term Foreign-
Currency Issuer Default Rating (IDR) of 'B' on Rating Watch
Positive (RWP).  At the same time, Fitch has placed on RWP
Pacnet's senior secured class rating of 'BB', and the rating on
its USD350m 2018 guaranteed senior secured notes of 'BB'.

The RWP follows the announcement that Telstra Corporation Limited
(A/Stable) has agreed to acquire Pacnet, with the deal expected to
close in the quarter ending June 2015, subject to certain
regulatory approvals.  Telstra plans to integrate all aspects of
Pacnet, except a China joint venture holding, into its own
business and is targeting to achieve a run rate of synergies of
AUD65m.

The RWP will be resolved when the transaction receives the
necessary approvals and Telstra's funding strategy for Pacnet is
determined.

KEY RATING DRIVERS

Smaller Scale, Intense Competition: The ratings reflect Pacnet's
low profitability, strong competition from better-capitalised
market participants, a weak financial position, and the high
execution risk of its data centre strategy.  The company competes
with large telecoms incumbents in its primary service offerings
such as managed data connectivity solutions.  Pacnet's data centre
operations are also smaller than those of its rivals in key
markets.

Limited Data Centre Contribution: To date, contribution from its
core data centres - those that are built, owned and operated by
Pacnet rather than reselling of facilities - has been limited.
Fitch expects further improvement in EBITDA will be slow in the
next few quarters, and a more meaningful contribution from core
data centres is likely to come in 2015.  The successful rollout
and rapid take-up of its new data centre capacity are important to
Pacnet's long-term strategy and could drive improvement in credit
metrics.

High Leverage: Fitch expects Pacnet's free cash flow to remain
negative for at least the next 12-18 months, and funds flow from
operations (FFO)-adjusted net leverage to be at around 4x (2013:
3.6x) and cash flow from operations (CFO)-adjusted net leverage to
remain at over 5x (2013: 5.3x) for the next 12-18 months.
However, both maintenance capex and committed capex are low, and
therefore the company has some flexibility to manage its cash
requirements should internal funds need to be retained - as the
company has demonstrated in the past.

High Recovery Rating: The 'RR1' Recovery Rating on the outstanding
USD350m guaranteed notes reflects Fitch's recovery calculation for
the proposed notes of at least 90%, and the notes are therefore
rated three notches higher than the IDR under our recovery rating
methodology.  The notes are subordinated to any future debt raised
at non-guarantor subsidiaries.  However, Fitch understands that
the company has no plans to raise such funds.

RATING SENSITIVITIES

Negative: The RWP will be removed and a Stable Outlook is likely
to be assigned if the Telstra deal does not close.

Positive: The ratings may be upgraded if the deal closes and the
legal, operational and strategic links between Telstra and Pacnet

   -- including funding strategy - indicate that credit support
      would be available from the parent, should Pacnet require
      it.


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


AGRAWAL EDUCATION: ICRA Raises Rating on INR12cr Term Loan to C
---------------------------------------------------------------
ICRA has upgraded the long term rating from [ICRA]D to [ICRA]C for
INR12.00 crore term loan fund based limits of Agrawal Education
Mandal.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans: Fund      12.00        [ICRA]C upgraded
   Based Limits

The rating upgrade takes into account the regularization of debt
repayments owing to improved profitability in FY14 supported by
full enrolment of students and timely payment of fees by them. The
rating also continues to take into account the location advantage
Vaidik Dental College enjoys, along with the stable fee based
income and buoyant prospects for dental education as reflected in
full student enrolment ratio.

The rating is, however, constrained by the high gearing levels on
account of the debt-funded capex and the corresponding low net
worth (corpus fund) levels, which have been eroded due to retained
losses from previous years. The rating also continues to factor in
the highly regulated nature of the education industry and the
relatively new set-up with presence in only one bachelors course
at present. Going forward, meeting its debt-servicing obligations
in a timely manner will be a key rating sensitivity.

Formed in 1996 and registered in 2006, Agrawal Education Trust is
a public trust involved in social and educational activities in
Union Territory of Daman. The trust conducted a medical laboratory
technology course from 2002 to 2006. It also forayed into dental
education in 2007 through the establishment of Vaidik Dental
College in Daman and currently offers a five year [i.e four year
academic course and one year internship] Bachelor in Dental
Surgery degree course (B.D.S) as per Dental Council of India
guidelines.

Recent results
AEM recorded a net profit of INR1.05 crore on an operating income
of INR10.94 crore for the year ending March 31, 2014.


AMBICA CASHEW: CRISIL Suspends B Rating on INR30MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ambica
Cashew Industries (ACI).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              30        CRISIL B/Stable
   Letter of Credit         30        CRISIL A4

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

ACI was set up in 2003 as a proprietary concern by Mr. Pratti
Perantala Ammadu. It trades in, and processes, raw cashew nuts and
cashew kernels. The firm is based in East Godavari District
(Andhra Pradesh).


AMMA WOODS: CRISIL Assigns B+ Rating to INR31MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Amma Woods Pvt Ltd (AWPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             31         CRISIL B+/Stable
   Letter of Credit       165         CRISIL A4

The ratings reflect AWPL's modest scale of operations in a
fragmented and competitive industry along with large working
capital requirements. The ratings also factor in the company's
weak financial risk profile marked by leverage capital structure.
These rating weaknesses are partially offset by the extensive
experience of AWPL's promoters in the wood trading business.
Outlook: Stable

CRISIL believes that AWPL will maintain a stable business risk
profile over the medium term supported by the extensive experience
of its promoters in the wood trading business. The outlook may be
revised to 'Positive' if the company scales up its operations
along with operating profitability leading to improvement in its
financial risk profile marked by improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' if AWPL's
financial risk profile and liquidity deteriorate because of large
borrowings for working capital requirements or a decline in
operating profitability.

Incorporated in 2012, AWPL is a Kerala-based company that trades
in timber. It imports timber from Tanzania, Burma, and Columbia
through traders based in Singapore and Dubai. It deals in the
teak, pincoda, and koila varieties of timber. It is managed by the
Kerala-based Keyes group which has over 25 years of experience in
the wood trading business. The day-to-day operations are managed
by Ms. Sulekha. K. V.

AWPL reported a profit after tax (PAT) of INR3.70 million on an
operating income of INR224 million for 2013-14 (refers to
financial year, April 1 to March 31), against a PAT of INR1
million on an operating income of INR88 million for 2012-13.


ANIKA APPARELS: ICRA Assigns B+ Rating to INR0.95cr Term Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the fund
based facilities (cash credit) of INR0.50 crore, term loan of
INR0.95 crore and proposed limits of INR2.30 crore for Anika
Apparels Private Limited. ICRA has also assigned short term rating
of [ICRA]A4 to the short term non fund facilities of INR4.75 and
the proposed limits of INR2.30 crore. Proposed limit of INR2.30
crore has been rated on both long term and short term scale and
will attract rating as per the tenure of usage.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term Fund based-    0.50       [ICRA]B+ assigned
   Cash Credit

   Long Term Fund based-    0.95       [ICRA]B+ assigned
   Term loan

   Short Term Fund based/   4.75       [ICRA]A4 assigned
   Non-fund based-PC/FBP/
   Letter of credit

    Proposed limit          2.30       [ICRA]B+/[ICRA]A4 assigned

The assigned rating is constrained by the modest scale of
operations of the company; its weak financial profile
characterised by highly stretched capital structure, moderate
profitability margins and coverage indicators as well as
moderately stretched liquidity position. Further, the rating is
constrained by the volatility in raw material process and high
competitive intensity in the industry due to the competition from
unorganized players which restricts the pricing flexibility of
AAPL.

Nevertheless; the rating is supported by the established track
record of the promoters in the readymade garments business,
reputed customer base and operational support from group companies
when required.

Incorporated in 2006 by CA Rachana Singi and CA Abhishek Singi to
take over the business of Creative Factory Outlet, AAPL is engaged
in manufacturing and export of readymade garments for children and
ladies. The garments are manufactured in their facilities at Lower
Parel, Mumbai and at Vasai, Palghar. AAPL mainly exports its end
products to UK, USA and Europe and sources its raw materials
domestically and from China depending on the requirement of its
customers.

The company is also affiliated with the 'Creative' group of
companies which is engaged in a similar line of business.

Recent Results
In the twelve month period ending March 31, 2014 (audited), the
company reported a profit after tax of INR0.28 crore on an
operating income of INR19.92 crore.


ARBEE AQUATIC: ICRA Assigns B Rating to INR8.90 Term Loan
---------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B to the INR8.90 Crore
term loans, INR2.60 crore fund based facilities and INR0.22 crore
non fund based facilities of Arbee Aquatic Proteins Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loans            8.90        [ICRA]B/Assigned

   Long-term fund
   based facilities      2.60        [ICRA]B/Assigned

   Long-term non fund    0.22        [ICRA]B/Assigned
   based facilities

The assigned rating considers the experience of the promoters in
the fish oil industry of over three decades; the healthy demand
for fish meal and fish oil in the domestic and international
markets and the favourable location of the company near the West
Coast. However, the rating is constrained by the project being in
the implementation stage, exposing it to execution risks; timely
commencement of operations without cost overruns and early
stabilisation will be critical from a rating perspective. The
rating also takes note of the high competition in the sea food
industry, which is likely to result in a pressure on margins going
forward, and the vulnerability of raw material availability to
climatic conditions and government regulations.

Incorporated in 2013, Arbee Aquatic Proteins Private Limited
proposes to set up a modern fish meal and fish oil manufacturing
unit in Alleppey, Kerala with a capacity to process 150 metric
tonne (MT) of raw fish per day. The company is promoted by Mr. P.K
Raju, who has over 35 years of experience in the fish oil
industry. Arbee Agencies, one of the group entities is engaged in
trading of various grades of fish oil. Arbee Biomarine Extracts
Private Limited, which holds 76% stake in AAPPL is engaged in
producing various grades of omega-3 rich fish oil.


BHAVIN AGRI-INFRA: ICRA Rates INR3.87cr Unallocated Loan at B+
--------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR7.50
crore fund based bank facility of Bhavin Agri-Infra Private
Limited. ICRA has also assigned its short term rating of [ICRA]A4
to the INR5 crore non fund based bank facility of BAIPL.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loans               2.63        [ICRA]B+; Assigned
   Cash Credit              1.00        [ICRA]B+; Assigned
   Unallocated              3.87        [ICRA]B+; Assigned
   Non-Fund Based Limits    5.00        [ICRA]A4; Assigned

ICRA's ratings take into account the company's modest scale of
operations and low value additive nature of work which keeps the
profitability of the company range bound. The coverage indicators
of the company also remain moderate given the leveraged capital
structure and moderate level of cash accruals from operations.
However, the capital structure and coverage indicators are
expected to improve going forward given that major outflows
towards debt servicing would be incurred in 2014-15. The rating
also reflects the high competitive intensity in the food
processing business due to the presence of numerous small and
medium sized players like BAIPL and the vulnerability of
profitability to fluctuations in raw material prices. The rating
favorably factors in the extensive experience of the promoters in
the food processing industry and BAIPL's association with the
Rajdhani Group, which is a well established player in the food
industry in North India.

Going forward the ability of the company to scale up its
operations while improving its debt coverage indicators would be
the key rating sensitivity.

Incorporated in 2007, BAIPL is promoted by the Jain family. The
company is a part of the Rajdhani Group which is into
manufacturing and retailing of agro products; the major operations
of the group are carried out in the flagship company Victoria
Foods Pvt Ltd (VFPL). BAIPL is engaged in processing of pulses
(Toor Daal, Chana Daal, Moong Daal, etc.) with its production
facility located at Jalgaon (Maharashtra) with an installed
capacity of 28,800 metric tonnes per annum. The company sells
processed pulses to agro distributors across India. Apart from
selling the pulses to various distributors, the company also
undertakes processing activity for VFPL on a job work basis. The
company procures raw pulses from the local market as well as from
Singapore.

Recent Results BAIPL reported a profit after tax (PAT) of INR0.30
crore on an operating income of INR15.26 crore in 2013-14 as
against a PAT of INR0.29 crore on an operating income of INR14.15
crore in 2012-13.


BOOM BUYING: ICRA Lowers Rating on INR5.0cr Cash Credit to D
------------------------------------------------------------
ICRA has revised its long-term rating on the INR5 crore (enhanced
from INR3 crore) fund based facilities of Boom Buying Private
Limited (BBPL) to [ICRA]D from [ICRA]B+. ICRA has also revised its
short term rating on the INR4 crore(enhanced from INR3 crore) non
fund based facilities of BBPL to [ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.0         [ICRA]D; Revised from
                                     [ICRA]B+

   LC/BG                 4.0         [ICRA]D; Revised from
                                     [ICRA]A4

The rating revision is driven by the recent devolvement in its non
fund based limits, which remained overdue for more than a month
due to delays in payments by the company's customers. The rating
also factors in the company's limited scale of operations in its
core business of trading, resulting in modest economies of scale,
which coupled with the highly competitive nature of the industry
has resulted in modest profitability indicators. Given the nature
of the business, ICRA does not expect any significant improvement
in profitability indicators in the medium term. The rating
continues to be constrained by the relatively high gearing of the
company led by funding of increasing working capital requirements
mainly through bank borrowings.

However, ICRA takes into account the extensive experience of the
promoter in the trading business, the company's diversified
product base and low demand risk for agro commodities which
account for the majority of the company's trading revenues. The
ratings also favourably factor in the low commodity price risk
given the low inventory levels maintained by the company, most of
which is procured on an order backed basis and established
relationships with customers/distributors as evident by numerous
repeat orders in the agro commodities segment. Further, demand
risk for the company is minimal given the growing consumption of
agro commodities in India.

Going forward, a track record of timely debt servicing led by a
sustained improvement in the company's liquidity position will be
the key rating sensitivity.

Incorporated in 2003, BBPL is a closely held company promoted by
Mr. Rakesh Singh. The company, which has its trading office in
Delhi, is engaged in trading of various products such as agro
commodities, chemicals (mainly bitumen), spices, electronic goods,
fabric, paper etc.

Recent Results
The company reported a net profit of INR0.74 crore on an operating
income of INR90.02 crore in FY2014 as against a net profit of
INR0.67 crore on an operating income of INR83.52 crore in the
previous year.


CHEM STAR: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Chem Star
International Pvt Ltd (CIPL) continues to reflect CIPL's modest
scale of operations, the customer concentration in its revenue
profile, and its below-average financial risk profile marked by a
small net worth. These rating weaknesses are partially offset by
the extensive experience of CIPL's promoters in the shrimp-trading
business.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations and generates substantial cash accruals while improving
its capital structure. Conversely, the outlook may be revised to
'Negative' if CIPL generates low cash accruals, or undertakes a
considerably large debt-funded capital expenditure (capex)
programme, weakening its financial risk profile.

Update
CIPL reported revenue of INR465 million for 2013-14 (refers to
financial year, April 1 to March 31), up 30 per cent year-on-year
driven by healthy offtake by existing customers. The company's
operating margin was 1.61 per cent for 2013-14. The margin is
expected to improve to 2.5 to 3.5 per cent over the medium term,
driven by the company's entry into the shrimp culture segment,
which is a high-margin business. CRISIL believes that CIPL's
revenue will increase over the medium term, supported by expected
increase in local demand for seafood and commencement of the
company's shrimp culture operations.

The company's financial risk profile is below average, marked by
high gearing and small net worth. The gearing was 2.80 times as on
March 31, 2014, because of debt contracted during 2013-14 to enter
the shrimp culture segment; the capex of INR12 million was funded
through debt of INR10 million and through internal accruals.
CIPL's net worth was INR23 million as on March 31, 2014, and is
expected to remain small over the medium term. The company's
financial risk profile is expected to remain below average, marked
by small net worth and high gearing, over the medium term.

The company has weak liquidity, marked by high utilisation of its
bank limits, at an average of more than 95 per cent, over the 12
months ended October 31, 2014, because of large working capital
requirements. The company is likely to generate annual net cash
accruals of INR2.8 million to INR5.6 million, which will be
sufficient to meet its debt obligations of INR0.8 million to
INR1.6 million, over the medium term. CRISIL believes that CIPL's
liquidity will remain constrained by its large working capital
requirements over the medium term.

CIPL, set up in 2011, trades in shrimp. The company is promoted by
Mr. Shaik Mahaboob and his family members.


CONSTRUCTION CATALYSERS: CRISIL Reaffirms B+ INR95MM Loan Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Construction Catalysers
Pvt Ltd (CCPL) continue to reflect CCPL's average financial risk
profile marked by a modest net worth and moderate debt protection
metrics and stretched liquidity resulting from working capital
intensity of operations.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee       294.5       CRISIL A4 (Reaffirmed)
   Cash Credit           95         CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term     5.1       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Short Term Loan        5.4       CRISIL A4 (Reaffirmed)

The ratings also reflect the susceptibility of demand to
cyclicality in the real estate and infrastructure sectors. These
rating weaknesses are mitigated by the extensive industry
experience and technical knowledge of CCPL's promoters, and the
company's established relations with reputed real estate and
infrastructure companies.

Outlook: Stable

CRISIL believes that CCPL will continue to benefit from the
promoters' extensive industry experience and knowhow, over the
medium term. The outlook may be revised to 'Positive' if the
company reports higher-than-expected growth in revenues, while
maintaining its profitability and improving its working capital
cycle, resulting in better liquidity. Conversely, the outlook may
be revised to 'Negative' if CCPL's liquidity weakens, most likely
because of a stretch in its working capital cycle or a decline in
its profitability.

CCPL was established as a partnership in 1988 and reconstituted as
private limited company in 2007. The company is engaged in
erection of steel structures, which entails design, fabrication
and installation. The company offers several products used in the
commercial real estate industry such as rooftops, sunshades, and
facades, all of which are available in various forms such as
curtain walls, suspended glasses, skylights, canopies, windows and
doors.

CCPL reported a profit after tax (PAT) of INR5.2 million on an
operating income of INR2.6 billion for 2013-14, vis-a-vis a PAT of
INR14.3 million on an operating income of INR3.3 billion for 2012-
13.


FIL SEP: ICRA Reaffirms B+ Rating on INR3.0cr Cash Credit
---------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating assigned to the INR4.79 crore
long term fund based facilities of FIL SEP Equipments Private
Limited. ICRA has also reaffirmed [ICRA]A4 rating assigned to the
INR3.50 crore short term non fund facilities of FSEPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            1.79        [ICRA]B+ reaffirmed
   Cash Credit           3.00        [ICRA]B+ reaffirmed
   Bank Guarantee        3.00        [ICRA]A4 reaffirmed
   Letter of Credit      0.50        [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account the small
scale of operations of the company; the high competitive intensity
in the filtration and lubrication systems business on account of
high fragmentation and the highly working capital intensive nature
of operations. The ratings continue to take into account the
project based nature of the company's business, leaving it
vulnerable to down cycles in its end-user industries;
vulnerability of its profitability to unfavourable variations in
prices of key raw materials and its limited ability to pass on
cost increases to customers due to fixed price nature of
contracts. The ratings also take into account the high contingent
liabilities in case of non-performance on its contracts.
The ratings however continue to positively consider the past
experience of the promoter in the industry; the favourable long
term demand prospects for the end-user sectors; and the
established supply relationships of the company with reputed
clientele comprising leading MNCs and PSUs.

FIL SEP Equipments Pvt. Ltd. (FSEPL) started as a proprietorship
concern in 1996 promoted by Mr. Aalap Shirishbhai Derasary and was
engaged in trading of filter cartridges. It later ventured into
manufacturing of filtration vessels and lubrication skids. In
2009, FSEPL was incorporated as a private limited company to take
over the business of the proprietorship. FSEPL has its
manufacturing facility at GIDC, Vadodara and is engaged in design,
engineering, manufacturing, fabrication and supply of Lubrication
& Fluid Systems and Filtration & Separation Systems.

Recent Results
For the financial year 2013-14, the company reported an operating
income of INR10.74 Cr. and profit after tax of INR0.61 Cr. as
against an operating income of INR5.14 Cr. and profit after tax of
INR0.37 Cr. for the financial year 2012-13.


FINE FUTURE: EOW Files Second Charge Sheet Against Firm
-------------------------------------------------------
The Times of India reports that Economic Offences Wing (EOW)
officials, Coimbatore Unit II, have filed a second additional
charge sheet against Fine Future firm that allegedly cheated the
public of INR818 crore, before the Tamil Nadu Protection of
Investors and Depositors (TNPID) court in India on December 22.

TOI relates that the second additional charge sheet has been filed
against the firm and its managing directors A S Senthil Kumar and
M Vivek, his younger brother M Nithyanandam and R Sathyalakshmi,
an accountant. The charge sheet is 6,148 pages long and has 90,000
supporting documents attached to it, the report says.

"As many as 9,121 complaints of fraud amounting to INR66.39cr have
been listed in the charge sheet," the report quotes M Selvaraj,
deputy superintendent of police, EOW, as saying. The charge sheet
and supporting documents were taken to the TNPID court. It was
produced before judge (in-charge) V Sivasubramaniam, TOI relates.

The report recalls that the EOW police had filed the first charge
sheet against Fine Future firm and its managing directors on
May 3, 2013. The first additional charge sheet was filed before
the court in February 2014. As many as 14,766 complaints worth
INR116.57cr were listed in the charge sheet.

"We have already seized INR1.86cr in cash, gold ornaments worth
INR2.71cr, vehicles worth INR1.20cr and 89 properties worth
INR8.86cr. We have got a government order for the attached
properties. We have sent a proposal to the government to attach
139 properties in connection with the case," DSP Selvaraj, as
cited by TOI, said.

Till now, the EOW police have received 23,887 complaints worth
INR170.96cr. Thousands of investors are yet to file their
complaints, said Selvaraj, TOI relays.

According to the report, the firm and managing directors were
booked under sections 120 (B) (criminal conspiracy), 406 (criminal
preach of trust), 419 (cheating by personation), 420 (cheating and
dishonestly inducing delivery of property), 471 (using as genuine
a forged document or electronic record) and 468 (forgery for
purpose of cheating) of IPC, 4, 5, 6 of prize chit and money
circulation banning act 1978 and 5 of TNPID act.

Fine Futures, an online multi-level marketing portal started
running businesses in the name of www.finefuturess.org,
www.finefuturesss.org, www.goodaaim.com, www.gudwayss.in,
www.way2success.com, and five other names, four years ago.
Investors were promised a monthly payment of INR850 for 60 months
for an investment of INR10,000, to be returned at the end of the
tenure, TOI discloses.


HINDUSTAN HERBALS: CRISIL Reaffirms B- Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Hindustan
Herbals Ltd (HHL) continues to reflect HHL's below-average
financial risk profile marked by weak debt protection metrics, and
its nascent stage of operations. These rating weaknesses are
partially offset by the extensive experience of the promoters in
this industry.

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

   Proposed Long Term
   Bank Loan Facility      50       CRISIL B-/Stable (Reaffirmed)

   Term Loan               50       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HHL's business and financial risk profiles
will remain constrained by its nascent stage of operations, over
the medium term. The outlook may be revised to 'Positive' if the
company significantly enhances the scale of its operations and
profitability, resulting in sufficient cash accruals to meet its
debt obligations. Conversely, the outlook may be revised to
'Negative' if HHL's financial risk profile deteriorates because of
sizeable working capital requirements or debt-funded capital
expenditure.

Update
HHL's revenue increased to INR96.4 million for 2013-14 (refers to
financial year, April 1 to March 31) from INR48.8 million in 2012-
13 (the first year of operations). However, because of its nascent
stage of operations and exposure to intense competition from
domestic and export players (especially from China), HHL reported
a low operating margin, leading to losses in the previous years.

The company is now focusing on enhancing the yield of the brand,
Mulethi. HHL caters largely to dietary supplement brands, such as
Himalaya and Patanjali, and to pharmaceutical companies. HHL also
exports, directly and indirectly, to the United States and Iran.
Regular US-based clients include Stryka Botanics Co Inc,
HerbaKraft Inc, Aunutra Industries Inc, and All About Naturals
Inc). CRISIL believes that HHL's operating income will grow at a
moderate pace of 15 per cent and operations will reach breakeven
point over the medium term, driven by the promoters' extensive
industry experience and the addition of export customers providing
better margins.

HHL has large working capital requirements, as indicated by its
gross current assets (GCAs) exceeding 365 days as on March 31,
2014. The company maintains inventory of around six months and
offers credit of 70 to 90 days to its customers; in contrast, the
company receives limited credit from its suppliers. Thus, GCAs are
likely to remain large over the medium term.

HHL's financial risk profile could remain weak, marked by gearing
exceeding 2.0 times, and interest coverage ratio below 1 time, in
medium term. Large GCAs and negative cash accruals constrained
HHL's liquidity. However, continues support by promoters in form
of unsecured loans supports the stretched liquidity.  The amount
of unsecured loans stood at INR91.7 million as on September 30,
2014, as compared to INR48.6 million as on March 31, 2014.

HHL was incorporated in 2010 by Mr. Radhe Shyam Goel, Mr. Ved
Parkash Goel, and Mr. Om Parkash Goel (cousins) along with their
sons. The company manufactures and processes herbal extracts and
phytochemicals, and caters to dietary supplements and
pharmaceutical companies. HHL has a manufacturing facility in
Rohtak (Haryana).


KUMAR MOTOR: ICRA Cuts Rating on INR8.6cr FB LT Loan to B
---------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR8.6
crore (enhanced from INR1.6 crore) fund based facilities and
INR6.4 crore term loan facilities of Kumar Motor Corporation
Private Limited from [ICRA]B+ to [ICRA]B. ICRA has reaffirmed the
short-term rating of [ICRA]A4 assigned to the INR1.5 crore
(revised from INR8.5 crore) non-fund based facilities of KMCPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan               6.40       Downgraded from [ICRA]B+
                                      to [ICRA]B

   Fund Based Limits-      8.60       Downgraded from [ICRA]B+
   long term                          to [ICRA]B

   Non-Fund Based Limits-  1.50       [ICRA]A4 reaffirmed
   short term

The revision in the long-term rating factors in the company's thin
margins (net loss during 2013-14) on account of weak bargaining
power and high working capital requirements in the automobile
dealership business. The ratings consider the vulnerability of the
sales to the cyclicality of passenger vehicle industry and intense
competition from other OEM dealerships in the region thereby
limiting growth to an extent. The ratings also factor in the
company's financial profile characterized by weak capital
structure, moderate coverage indicators and stressed cash flows.
The ratings are further constrained by the decrease in domestic
market share of Volkswagen in India on account of no new models
launched in the recent past.

The ratings are, however, supported by the long track record and
experience of the promoters in automobile dealership business
spanning for over two decades and established presence of the
company as a sole dealer for Volkswagen cars for the entire North
Karnataka region. The company's revenue stream remains diversified
across sales, services and spares thereby lending stability to
revenues to an extent. ICRA notes that despite de-growth in new
car sales volume during 2013-14, the company's revenues remained
supported by increase in revenues from ancillary sources such as
service income, sale of spares, accessories and lubricants,
incentives from Volkswagen and commission from financiers and
insurance companies. Going forward, the company's ability to
improve its capital structure and margins, and enhance its cash
flows over the medium term would be the key sensitivities.

Kumar Motors Corporation Private Limited incorporated in 2009, is
an authorized dealer for passenger cars of Volkswagen India
Private Limited for the entire North Karnataka region. The target
market of the company includes Davangere, Dharwar, Karwar, Haveri,
Gadag, Koppal, Bellary, Raichur, Belgaum and Hubli. KMCPL
presently has two showrooms, one each at Hubli and Belgaum, with
3S (i.e. sales, spares and service) facility. In addition, the
company also has two stockyards, one each at Hubli and Belgaum.
The company was promoted by Mr Shashikumar Desai who has more than
22 years of experience in the automotive dealership business. The
current work force of the company is around 120-130 employees.

Recent Results
During 2013-14, the company reported a net loss of INR0.9 crore on
an operating income of INR39.5 crore as against a net loss of
INR1.3 crore on an operating income of INR45.5 crore during 2012-
13.


NEWLOOK INTEX: CRISIL Suspends D Rating on INR150MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Newlook
Intex Nirman Pvt Ltd (NINPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee           40          CRISIL D
   Cash Credit             150          CRISIL D
   Term Loan                 8.7        CRISIL D

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

NINPL was set up in 2006-07 (refers to financial year, April 1 to
March 31) by Mr. Partha De. It undertakes various infrastructure
development activities for government and private entities in West
Bengal and other neighboring states. The promoter also undertakes
civil and infrastructure contracts through his group companies:
Green Concretex Products Pvt Ltd, Green Concretex RMC Material Pvt
Ltd, and Green Concrete Pvt Ltd.


OSIANS DWELLINGS: CRISIL Suspends B+ Rating on INR100MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Osians Dwellings Private Limited (ODPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                100        CRISIL B+/Stable

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

ODPL was setup in 2008 by Mr. Ganesh Kumar Gupta and Mr. Sarvesh
Agarwal. ODPL is undertaking development of a residential complex,
'Osian's Dwellings,' in Bhiwandi (Thane, Maharashtra). The
aggregate built-up area of the project is 5.25 lakh sq. ft. The
project is expected to be complete by April 2015.


PAVAN INDUSTRIES: CRISIL Suspends D Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Pavan
Industries (Pavan).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting         35        CRISIL D
   Cash Credit              60        CRISIL D

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

Pavan was set up in 2001 as a proprietorship firm by Mrs. Kalpana
Kiran, who, along with her husband, Mr. R Venkataramana, manages
the firm's operations. Pavan is engaged in cotton ginning and
cotton lint trading. Its processing facility is in Guntur (Andhra
Pradesh).


PAVITRA POULTRY: CRISIL Suspends B Rating on INR52.5MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Pavitra
Poultry Breeding Farm (PPBF).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Long Term Loan          52.5        CRISIL B/Stable

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

Setup in the year 2011 by Mr. Galappa, PPBF is engaged in poultry
farming.


PEARL MALT: CRISIL Suspends B+ Rating on INR35MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pearl Malt Pvt Ltd (Pearl).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              35        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       12.7      CRISIL B+/Stable

   Standby Line of Credit    3        CRISIL B+/Stable

   Term Loan                29.3      CRISIL B+/Stable

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

Pearl produces malted barley which is one of the raw materials for
distillers, brewers, and manufacturers of certain food products.
Pearl was incorporated in 2009 and began commercial production
around August 2011.


PRAGATI COTTON: ICRA Reaffirms B Rating on INR5cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed an [ICRA]B rating to the INR1.55 crore term
loan and INR5.00 crore fund based cash credit facilities of
Pragati Cotton Industries.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan limit       1.55        [ICRA]B; Reaffirmed
   Cash Credit limit     5.00        [ICRA]B; Reaffirmed

The rating continues to be constrained by the firm's small scale
of operations with weak financial profile described by stretched
capital structure and weak coverage indicators. The rating is
further constrained by the low operating margins on account of
limited value addition and highly competitive and fragmented
industry structure due to low entry barriers. The ratings further
incorporate the susceptibility of the cotton prices to seasonality
and regulatory risks which together with the highly competitive
industry environment exerts more pressure on the margins. ICRA
also notes that Pragati Cotton Industries is a partnership firm
and any significant withdrawals from the capital account will
affect its net worth and thereby the gearing levels.

The rating however continues to favorably consider the strategic
location of the plant in the cotton producing belt of India giving
it easy access to raw cotton as well as forward integration in
crushing facilities providing additional revenues and
diversification.

Pragati Cotton Industries was established in the year 2011 as a
partnership firm by Mr. Bhaveshbhai Loh along with other family
members and relatives. The manufacturing plant of the firm is
situated at Hirapar in Rajkot District. The firm has installed 24
ginning machines, one pressing machine and four expellers to
produce 220 cotton bales and 2.5 tonnes cottonseeds oil per day
(24 hours operation). The commercial production of the firm
commenced from November 2013.

Recent Results
For the year ended March 31, 2014, the firm reported an operating
income of INR13.63 crore with profit after tax (PAT) of INR0.23
crore.


R. K. INTERNATIONAL: CRISIL Suspends B- Rating on INR55MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
R. K. International (RKI).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              55         CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by RKI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RKI is yet to
provide adequate information to enable CRISIL to assess RKI'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 2000 as a sole proprietorship concern by Mr. Rohit
Gambhir, RKI is in the business of design and fabrication of
industrial equipment.


RAJ CHEM: CRISIL Suspends B+ Rating on INR100MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Raj Chem Plast (RCP).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL A4
   Cash Credit             100        CRISIL B+/Stable

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

RCP was established as a partnership firm in 1998; it is a del
credere agent for Gas Authority of India Ltd.


RAJGAD DNYANPEETH: CRISIL Cuts Rating on INR120MM Term Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Rajgad Dnyanpeeth (Rajgad) to 'CRISIL D' from 'CRISIL
BB/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Term Loan     102.5        CRISIL D (Downgraded from
                                       'CRISIL BB/Stable')

   Term Loan              120          CRISIL D (Downgraded from
                                       'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by Rajgad in
servicing its debt, on account of insufficient cash accruals to
meet debt obligations.

Rajgad has a weak financial risk profile marked by weak debt
protection metrics and stretched liquidity, and small scale of
operations in the intensely competitive education industry;
furthermore, the trust is exposed to risks related to regulatory
restrictions in the education sector. The trust, however, benefits
from its diversified revenue profile across various disciplines
and the robust demand prospects for education in India.

Rajgad was set up in 1982 and is managed by Mr. Anantrao Thopate
and his son Mr. Sangram Thopate. The trust manages multiple
educational institutes such as primary and secondary schools,
pharmacy and engineering colleges, management colleges, and arts
and commerce colleges in Bhor. While the schools are affiliated to
the Maharashtra State Board, the engineering institutes are
affiliated to the All India Council for Technical Education, and
the arts and commerce colleges are affiliated to the University of
Pune.


RAVI EARTH: CRISIL Suspends B+ Rating on INR50MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Ravi
Earth Movers (REM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL B+/Stable
   Long Term Loan           18.2      CRISIL B+/Stable
   Proposed Cash Credit     31.8      CRISIL B+/Stable
   Limit

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

REM, established in 1996 as a partnership firm, operates in the
equipment hiring and granite industries. Currently, the firm's
day-to-day operations are managed by Mr. P Elango (managing
partner) and Mr. Ravi.


S.V. BUILDERS: CRISIL Suspends B+ Rating on INR100MM Prop. Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of S.V.
Builders and Developers (SVBD).

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

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

SVBD, established in 2011 as a partnership concern, is developing
a residential real estate project called S V Green Avenue in
Kurnool (Andhra Pradesh). S V Green Avenue is being developed
under joint development with land owners. It will have 130
residential apartments. The project was launched in February 2012
and is expected to be completed by January 2014. SVBD's managing
partner, Mr. S.V. Lakshmi Reddy, has nearly 10 years of experience
in the real estate construction.


SAIKRUPA COTGIN: ICRA Assigns B+ Rating to INR15cr Cash Credit
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR4.21
crore term loans and INR15.00 crore, fund based facilities of
Saikrupa Cotgin Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund-      15.00        [ICRA]B+; assigned
   based facilities-
   Cash Credit

   Long-term, fund-       4.21        [ICRA]B+; assigned
   based facilities-
   Term Loan

The assigned rating is constrained by SKCL's modest size of
operations and weak financial profile characterized by low
profitability levels, owing to the limited value addition in the
business and the highly competitive and fragmented industry
structure; its low return indicators and modest coverage
indicators. The rating is also constrained by the vulnerability of
the firm's profitability to raw material prices which are subject
to seasonality, and crop harvest; and the regulatory risks with
regard to MSP fixed by GoI and restrictions on cotton exports.

The rating, however, favourably factor in the experience of the
firm's promoters in the cotton ginning industry, the advantage the
firm enjoys by virtue of its location in the cotton producing belt
of Yavatmal (Maharashtra), the favourable demand outlook for
cotton and cottonseeds in the medium term and the diversified
customer and supplier base.

Incorporated in 2009 by Mr. Sunil Katakade, Saikrupa Cotgin
Limited (SKCL) is a 100% family owned company engaged in ginning
and pressing of raw cotton. The company also undertakes crushing
of cotton seed to extract cotton seed oil and cotton seed cake.
SKCL was set up by taking over the assets and liabilities of
Saikrupa Ginning Factory (Proprietor Sunil Katkade) and Saikrupa
Ginning and Pressing Industries (Proprietor Mahadeorao Katkade) in
FY12. Saikrupa Ginning Factory (SGF) started operations in 2004-05
and was engaged in ginning of raw cotton. Saikrupa Ginning and
Pressing Industries (SGPI), which commenced operations in 2006,
was engaged in pressing of ginned cotton produced by SGF along
with manufacturing of cotton seed oil and oil cake.

Recent results
As per its audited results for FY 2014, SKCL reported profit after
tax (PAT) of INR0.59 crore on an operating income of INR81.46
crore.


SAKTHI JOINERIES: CRISIL Suspends C Rating on INR57.5MM Bank Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sakthi Joineries (SJ; part of the Sakthi doors group).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              20         CRISIL C
   Letter of Credit         17.5       CRISIL A4
   Proposed Long Term       57.5       CRISIL C
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by SJ
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SJ is yet to
provide adequate information to enable CRISIL to assess SJ'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 1992 and reconstituted as a proprietorship firm in
2007, Sakthi Modern Flush Doors (SSMFD) manufactures flush doors
and moulded panel doors. SJ manufactures solid panel doors and
frames. The group is promoted by Mr. Selvaraj, who, along with his
family, manages the day-to-day operations of the company.


SHANTI EDUCATIONAL: ICRA Ups Rating on INR7.10cr Term Loan to B-
----------------------------------------------------------------
ICRA has revised upward the rating assigned to the INR7.1 crore
term loan of Shanti Educational Trust from [ICRA]D to [ICRA]B-.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loan             7.10         Upgraded to [ICRA]B-

The rating revision primarily takes into account improved
financial discipline enabling timely repayment of debt obligations
in recent months.

The rating, however, continues to take into account the weak
financial profile of the trust characterised by nominal profit and
cash accruals from operations, aggressive funding structure for
setting up the school which is likely to continue in the near to
medium term. ICRA also notes that the school is yet to stabilise
as it is at an early stage of operations and the board performance
of the students is yet to be demonstrated, which could impact
admissions going forward. The rating also takes into consideration
the inherent cash flow mismatches, given the nature of business of
education institutes, which makes appropriate treasury operations
critical in servicing the debt obligations in a timely manner.
ICRA, however, takes cognizance of the significant improvement in
the occupancy level during current academic year (AY) 2014-15 and
operation as a franchise under the name of an established brand of
G. D. Goenka Public School which provides acceptance and
visibility among the parent community.

SET was established in 2010 as a trust in Patna, Bihar. The trust
has started a school as a franchisee of G. D. Goenka Public School
and AY13-14was the first year of operation for the school.
Currently, the school conducts classes from Nursery to standard
VIII with total batch strength of 539 students.

Recent Results
The entity reported net surplus of INR0.12 lacs on an operating
income of INR484.65 lacs during FY14.


SPICEJET LTD: Submits Revival Plan; To Get $200MM From JP Morgan
----------------------------------------------------------------
The Economic Times reports that SpiceJet Limited on December 26
submitted a revival plan to the government on the basis of a
proposed investment of US$200 million from founding promoter Ajay
Singh and US-based JP Morgan Chase.

"It was a constructive meeting," the airline's Chief Operating
Officer Sanjiv Kapoor told reporters after he submitted the plan
to Civil Aviation Secretary V Somasundaran at the Ministry
headquarters in India, the report relays.

He was accompanied by Singh, the original promoter who is
reinvesting in the carrier, ET says.

Maintaining that there was "no outstanding" as of now with any oil
marketing company, he said with 18 operational Boeing aircraft,
Spicejet was currently flying 230 flights a day, according to the
report.

"Spicejet has many well wishers including Ajay Singh," the report
quotes Mr. Kapoor as saying.

Besides Singh, a fund managed by JP Morgan Chase would also be one
of the investors, the report notes.  ET says the potential
investors are likely to buy stake from current promoter Kalanithi
Maran by infusing US$200 million within a month to help the
airline stay afloat.

According to the report, the airline has already received
INR17 crore from the investors, official sources earlier said,
adding that "it has wiped off all its dues to the oil companies".

The no-frill carrier's dues to foreign and Indian vendors, airport
operators and oil companies had grown from INR990 crore to
INR1,230 crore between November 24 and December 10, ET discloses
citing data provided by the airline to the Civil Aviation
Ministry.

The airline's dues to foreign vendors, including lessors of
aircraft and maintenance, repairs and overhaul (MRO) facilities,
had risen from INR624 crore on November 24 to INR742 crore on
December 10, according to the data cited by ET.  Spicejet owes
banks INR300 crore against collateral, the report 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.


SRI KRISHNA: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Krishna Agro
Industries (SKAI) continues to reflect SKAI's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
and its exposure to intense competition in the rice-milling
industry. These rating weaknesses are partially offset by the
extensive industry experience of SKAI's partners.

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

   Foreign Letter of      13        CRISIL B+/Stable (Reaffirmed)
   Credit
   Proposed Long Term     37        CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Long Term Loan         30        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SKAI will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm improves its scale of
operations and capital structure, leading to sustainable
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' if SKAI undertakes aggressive debt-funded
expansion, or if its revenue and profitability decline
substantially, or if the partners withdraw capital from the firm,
leading to further weakening of its financial risk profile.

Update
SKAI completed its capital expenditure (capex) by December 31,
2013, resulting in an increase in capacity to 8 tonnes per hour
from (tph) from 5 tph; the capex also involved the installation of
machinery which produces output that meets export-quality
requirements. The benefit of the capex was evident in the revenue
growth in 2013-14 (refers to financial year, April 1 to
March 31); which was about 36 per cent year-on-year, in line with
CRISIL's expectations. Around 40 per cent of its revenue comes
from sale of rice to Food Corporation of India (rated CRISIL
AAA(SO)/Stable), and the rest from sales in the open market.

SKAI's operating profitability, at around 8.8 per cent in 2013-14,
was supported by the greater proportion of open-market sales,
which command higher margins. With the installation of new
machinery, contribution from sales in the open and export markets
are expected to remain high. CRISIL expects SKAI's operating
profitability at 8 to 8.5 per cent over the medium term.

SKAI's gross current assets range from 160 to 180 days due to high
inventory levels. The firm maintains an average inventory of three
to four months. Its inventory was high as on March 31, 2014, on
account of large procurement done in the last quarter. CRISIL
expects SKAI's operations to remain working capital intensive over
the medium term, driven by high inventory levels.

On account of debt-funded capex and working-capital-intensive
operations, SKAI's gearing deteriorated to around 3.5 times as on
March 31, 2014, and its net worth was around INR42 million on the
date. Supported by moderate operating profitability, its interest
coverage and net cash accruals to total debt ratios were
comfortable at 2.6 times and 0.12 times, respectively, for 2013-
14.  The firm's financial risk profile will be supported by the
lack of any capex plan over the medium term.

SKAI was set up in 2011 as a partnership firm. It mills and
processes paddy into rice, rice bran, broken rice, and husk. The
firm is promoted by Mr. V Ramulu and his family members.

SKAI reported a provisional profit after tax (PAT) of INR6 million
on net sales of INR296 million for 2013-14 (refers to financial
year, April 1 to March 31), against a PAT of INR5 million on net
sales of INR218 million for 2012-13.


SRINITHI ENTERPRISES: ICRA Reaffirms B+ Rating on INR7cr LT Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating outstanding on INR7.00
crore (revised from Nil) fund based facilities and INR2.00 crore
(revised from INR9.00 crore) proposed fund based facilities of
Srinithi Enterprises Private Limited at [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based facilities      7.00         [ICRA]B+ Reaffirmed

   Proposed long
   term fund based
   facilities            2.00         [ICRA]B+ Reaffirmed

The re-affirmation of rating considers SEPL's stable operational
performance in 2013-14, on the back of favourable demand for its
key products Butter and Ghee. The rating also draws comfort from
experience of the promoters in trading of milk products. ICRA also
considers SEPL's low working capital intensity and favourable
demand outlook for milk products which is expected to support the
revenue growth of the company going forward. The rating is,
however, constrained given SEPL's small scale of operation in a
highly competitive industry with limited pricing flexibility. The
financial profile of the company remains weak with modest networth
position, thin profit margins on account of limited value addition
and tight liquidity position with its working capital credit
facilities being fully utilised. Going forward, the company's
ability to scale up its operations and generate healthy cash
accruals would be the key credit monitorables.

Incorporated in the year 2009, SEPL is primarily engaged in
trading in milk and milk products like butter and ghee. The
Company procures milk products in bulk, primarily from
manufacturers in Andhra Pradesh, and distributes it to retailers.
The Company largely caters to the demand arising in and around
Southern Tamil Nadu, as well in Madhya Pradesh, Haryana and
Karnataka. The promoters have in the field for more than a decade.

Recent Results
As per unaudited results for the year 2013-14, the company
reported net profit of INR0.7 crore on an operating income of
INR72.8 crore as against a net profit of INR0.5 crore on an
operating income of INR59.2 crore for the year 2012-13.


TECHNICO STRIPS: CRISIL Ups Rating on INR130MM Cash Loan to B
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Technico Strips and Tubes Pvt Ltd (TSTPL) to 'CRISIL B/Stable'
from 'CRISIL B-/Stable', while reaffirming its rating on the
company's short-term bank facility at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              130        CRISIL B/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

   Letter of Credit         160        CRISIL A4 (Reaffirmed)

   Term Loan                 90        CRISIL B/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that TSTPL's credit
risk profile, primarily its liquidity, will improve over the
medium term, driven by improving scale of operations and operating
profitability, which will lead to higher cash accruals. The higher
cash accruals will result in improvement in the company's debt
protection metrics, net worth, and liquidity, with cash accruals
being adequate to meet its term debt obligations.

The upgrade also underscores the continuous funding by TSTPL's
promoters, which supports the company's liquidity. Unsecured loans
from promoters stood at INR113.2 million as on March 31, 2014.
Furthermore, in 2014-15 (refers to financial year, April 1 to
March 31) so far, the promoters have extended additional unsecured
loans of around INR29 million to meet TSTPL's incremental working
capital requirements. CRISIL believes that TSTPL will continue to
receive support from its promoters over the medium term.

The ratings reflect TSTPL's weak liquidity, on account of low cash
accruals vis-a-vis debt obligations and large working capital
requirements. The ratings also factor in TSTPL's small scale of
operations and limited track record in the steel tubes and pipes
industry. These rating weaknesses are partially offset by the
extensive industry experience of TSTPL's promoters, its
established relationships with customers, and moderate capital
structure on account of equity infusion by its promoters.

For arriving at the ratings, CRISIL has considered TSTPL's
unsecured loans of INR113.2 million from its promoters as on March
31, 2014, as neither debt nor equity. This is because the loans
are interest-free and will be retained in the business over the
medium term.

Outlook: Stable

CRISIL believes that TSTPL will continue to benefit over the
medium term from its promoters' extensive experience in the steel
forgings and automotive ancillary segments, and their funding
support. The outlook may be revised to 'Positive' in case of
substantial and sustained increase in the company's revenue, along
with stable profitability margins, or improvement in its working
capital management or large capital infusions by the promoters
leading to better liquidity. Conversely, the outlook may be
revised to 'Negative' if TSTPL's financial risk profile weakens
materially because of large debt-funded capital expenditure or
working capital requirements.

TSTPL, which is promoted by Mr. Ajay Gupta, commenced commercial
production of electric resistance-welded steel tubes in September
2008 and of cold-drawn welded steel tubes in the third quarter of
2009-10.


TRACK INNOVATIONS: CRISIL Suspends B Rating on INR120MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Track Innovations India Pvt Ltd (TIPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           20         CRISIL A4
   Cash Credit             120         CRISIL B/Stable
   Term Loan                50         CRISIL B/Stable

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

TIPL was incorporated by Mr. Manish Verma in 1989. Subsequently
the company was taken over by Mr. Amit Padia and his family
members in February 2009. TIPL manufactures railway pre-stress
concrete sleepers at its plant in Chandigarh.


ULTRA DIMENSIONS: CRISIL Suspends B- Rating on INR150MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ultra Dimensions Pvt Ltd (UDPL; part of the Ultra group).

                        Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          200         CRISIL A4
   Cash Credit             150         CRISIL B-/Stable
   Proposed Rupee
   Term Loan                30         CRISIL B-/Stable

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of UDPL with Ultra Dimensions (UD). This
is because these entities, together referred to as the Ultra
group, have common directors, are in the same line of business,
and have operational synergies.

UD, a partnership firm, undertakes fabrication and installation of
pipes used in ship repairs by the Indian Navy. The firm also
undertakes turnkey projects in civil and mechanical engineering
for the Indian Navy. UD also trades in pumps and motors, and
offers annual maintenance services to its customers.


VALLEY SYSTEMS: CRISIL Suspends D Rating on INR50MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Valley
Systems Engineers Pvt Ltd (VSPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee           50          CRISIL D
   Cash Credit              50          CRISIL D

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

VSPL was set up in 2006 by Mr. Rakesh Kumar Ojha to provide
consultancy services. It later ventured into ship building. VSPL
is primarily a sub-contractor involved in the business of
fabricating aluminium and steel hulls for ships as well as
installing and commissioning machines and other equipment on the
vessels.


VISHAL SURGICAL: CRISIL Reaffirms B+ Rating on INR60MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Vishal Surgical
Equipment Company (VSEC) continues to reflect VSEC's modest scale
of operations in the highly fragmented medical equipment trading
industry, and its large working capital requirements.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           5       CRISIL A4 (Reaffirmed)
   Foreign Letter of       30       CRISIL B+/Stable (Reaffirmed)
   Credit
   Secured Overdraft       60       CRISIL B+/Stable (Reaffirmed)
   Facility

The ratings of the firm are also constrained on account of its
below-average financial risk profile marked by its small net-
worth, high total outside liabilities to tangible net worth ratio,
and average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of VSEC's promoters
in the medical equipment trading industry.

Outlook: Stable

CRISIL believes that VSEC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the firm's scale of operations and
profitability margins, or there is a sustained improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in the firm's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in its working capital
cycle.

VSEC was set up in 1978 by Mr. Ashok Kapoor, Mr. Vinod Kapoor and
Mr. Vikas Ahuja. The firm buys medical equipment from
manufacturers, and sells them to government and private hospitals.


YOGANANDA MULTI: CRISIL Suspends B Rating on INR57.5MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Yogananda Multispeciality Hospital (YMSH).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term      22.5        CRISIL B/Stable
   Bank Loan Facility
   Term Loan               57.5        CRISIL B/Stable

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

YMSH, a partnership firm established by Dr. Jagdish and Dr.
Chandralekha Jagdish, is in the process of setting up a multi-
speciality 40-bed hospital in Bangalore (Karnataka). The hospital
is likely to begin operations in 2013-14 (refers to financial
year, April 1 to March 31). The promoters operate one more
hospital Yogananda Medical & Research Centre, in Bangalore.



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


MOWBRAY COLLECTABLES: Secures Financing With BNZ For Unit
---------------------------------------------------------
BusinessDesk reports that Mowbray Collectables [NZX: MOW], which
is selling its stamp, coin and bank note trading business in a bid
to return to profitability, has secured financing for its Peter
Webb Galleries unit to enable it to continue trading.

The Wellington-based company said it has arranged short-term and
long-term financing with Bank of New Zealand after warning in
November that it was in talks with its bankers about refinancing
and restructuring its debt to ensure its continued solvency,
according to BusinessDesk.

BusinessDesk relates that Chief executive and founder John Mowbray
has said he will step down from the company he listed on the stock
exchange in 2000, which has failed in his aim to grow to a
significant size.

The company had the worst six months in its history in the first
half of its financial year, as its loss widened to NZ$1.99 million
from NZ$700,000 in the year earlier period following poor trading
at its Mowbray Bethunes and Peter Webb Galleries units, prompting
a NZ$1.28 million write down of its assets, the report adds.

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



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


RURAL BANK OF BURAUEN: PDIC to Pay Depositors Starting January 7
----------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) will service
the deposit insurance claims of depositors of the closed Rural
Bank of Burauen (Leyte), Inc. on January 7, 2015 from 8:00 a.m. to
5:00 p.m. at the bank's premises located at San Ramon St.,
Burauen, Leyte.

Depositors with valid deposit balances of PHP50,000 and below,
with complete mailing address found in the bank records or updated
through the Mailing Address Update Form, and without any
outstanding obligation with the bank do not need to file claims.

Depositors whose accounts have balances of more than PHP50,000,
and those with outstanding obligations with the closed Rural Bank
of Burauen or with incomplete mailing address, or those who
maintain the account under the name of business entities,
regardless of type of account and account balance, are required to
file their deposit insurance claims. The announcement on the
claims settlement operations of Rural Bank of Burauen is posted at
its office and in the PDIC website, www.pdic.gov.ph.

When filing deposit insurance claims, depositors are advised to
personally present their duly accomplished Claim Form, original
copy of evidence of deposit such as Savings Passbook and
Certificate of Time Deposit, and two (2) valid photo-bearing IDs
with signature of the depositor. Depositors may also file their
claims through mail and enclose the same set of documentary
requirements.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the National
Statistics Office (NSO) or a duly certified copy issued by the
Local Civil Registrar as an additional requirement, with the Claim
Form signed by the parent and the other requirements. Claimants
who are not the signatories in the bank records are required to
submit an original copy of a notarized Special Power of Attorney
(SPA). In the case of a minor depositor, the SPA must be executed
by the parent.

The procedures and requirements for filing of deposit insurance
claims are posted in the PDIC website, www.pdic.gov.ph. The Claim
Form and format of the Special Power of Attorney may also be
downloaded from the PDIC website.

Depositors who are not able to file their claims during the claims
settlement operations period may submit their claims either
through mail to PDIC or personally at the PDIC Office, 4th Floor,
SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati
City starting on January 19, 2015.

In accordance with the provisions of the PDIC Charter, the last
day for filing deposit insurance claims in the closed Rural Bank
of Burauen is on December 12, 2016. After this date, PDIC as
Deposit Insurer, shall no longer accept any deposit insurance
claim.

The PDIC said that all valid claims will be paid. For deposits to
be considered valid, it must be recorded in the bank's records and
must have evidence of inflow of funds, based on the results of
PDIC examination. PDIC, as Receiver, has the authority to adjust
the interest rate on unpaid interests on deposits of a bank if
such rate is deemed unreasonable.

The Monetary Board (MB) placed the Rural Bank of Burauen (Leyte),
Inc. under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 1922 dated
Dec. 4, 2014. As Receiver, PDIC took over the bank on
Dec. 10, 2014.

Rural Bank of Burauen is a single-unit rural bank with Head Office
located at San Ramon St., Burauen, Leyte. Latest available records
show that as of September 30, 2014, Rural Bank of Burauen had
2,026 accounts with total deposit liabilities of PHP33.13 million.
A total of 2,020 deposit accounts or 99.70% of the accounts have
balances of PHP500,000 or less and are fully covered by deposit
insurance. Estimated total insured deposits amount to PHP32.42
million or 97.86% of the total deposits.



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


KUMHO TIRE: Graduates From Debt Workout Program
-----------------------------------------------
Yonhap News Agency reports that Kumho Tire Co. has graduated from
a debt workout program it was placed under five years ago due to
liquidity problems, its creditors said on December 23.

Kumho Tire had been under oversight since December 2009 after its
parent conglomerate Kumho Asiana Group suffered a severe liquidity
crunch from the purchase of Daewoo Engineering and Construction
Co., Yonhap notes.

Nine creditors hold 42 percent of Kumho Tire, with Woori Bank and
Korea Development Bank owning 14 percent and 13.5 percent, the
report says.

"As of Tuesday [December 23] afternoon, more than 75 percent of
creditors in terms of debt amount have expressed support,
satisfying the threshold for the graduation from the workout," a
source from one of the creditors told Yonhap.

The decision had been long expected as the company's financial
status has improved significantly, Yonhap says.

Yonhap notes that Kumho Tire's debt ratio was as high as 858
percent in 2010 but fell to 290 percent during the first half of
this year. Its credit rating was also upgraded from BBB- to BBB.

Kumho Asiana Group Chairman Park Sam-goo and his family currently
hold a 7.9 percent stake in the company, says Yonhap. They have
the right to buy back the stakes owned by the creditors.

Kumho Tire Co. Ltd. manufactures tire.  The company's offerings
include tires for sports utility vehicles, passenger cars, various
sizes of trucks and buses and racing cars.  In addition, the
company provides batteries for automobiles.  The company is part
of the Kumho Asiana Group.


PAN OCEAN: Court Selects Harim Group as Preferred Bidder
--------------------------------------------------------
TradeWinds reports that Pan Ocean Co. Ltd. confirmed Harim Group
has been selected as the preferred bidder for its fleet.

TradeWinds relates that in a brief statement following a public
auction, the shipping company said bidding had closed on
December 16 under a bankruptcy court-approved scheme to find a new
owner.

Harim is teaming up with Korean private equity group JKL Partners
for the takeover, the report says. It is interested in reducing
its shipping costs.

Investment banking sources cited by the Yonhap news agency said
Pan Ocean had been priced at about $968 million, TrandWinds
relays.

Pan Ocean filed for court receivership in June 2013 and carried
out a $1.17 billion debt-for-equity swap that saw lenders take
over the company.

                         About Pan Ocean

Pan Ocean Co. Ltd., formerly STX Pan Ocean Co. Ltd., the largest
commodities carrier in South Korea, filed a petition in New York
on June 20, 2013, for protection from creditors under Chapter 15
(Bankr. S.D.N.Y. Case No. 13-12046).

The Debtor sought recognition of the company's bankruptcy
rehabilitation begun on June 7 in a court in Seoul.  The petition
was signed by You Sik Kim and Chun Il Yu, as the Seoul court
appointed administrators of STX.  Blank Rome LLP serves as U.S.
counsel for the administrators.  The bankruptcy was the result of
a decision by Korea Development Bank, the largest creditor and
second-biggest shareholder, not to buy the company.

The company disclosed assets of KRW6.88 trillion ($5.59 billion)
and debt totalling KRW5.01 trillion.


SSANGYONG ENGINEERING: Court Picks Dubai Fund as Preferred Bidder
-----------------------------------------------------------------
Yonhap News Agency reports that a local South Korean court on
December 18 picked a state-run sovereign wealth fund based in the
United Arab Emirates (UAE) as the preferred bidder for Ssangyong
Engineering & Construction Co., which has been under court
receivership since July.

The news agency relates that court officials said Ssangyong will
start negotiations with the Investment Corporation of Dubai (ICD)
on details of the sale set to be finalized by February next year.

The ICD is said to have offered around KRW200 billion (US$181.4
million) to purchase South Korea's 19th-largest construction firm,
according to Yonhap.

Two South Korean companies including Samra Midas Group had also
bid for the builder, the report notes.

Based in Seoul, Korea, Ssangyong Engineering & Construction Co.,
Ltd. -- http://www.ssyenc.com/eng/-- is involved in the areas of
construction and engineering.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 3, 2014, The Korea Times said Ssangyong Engineering &
Construction (E&C) filed for court protection as its creditors
refused to finance the cash-strapped builder.  Ssangyong E&C said
it held a board meeting Dec. 30, 2013, to ask the Seoul Central
District Court to lead a debt-rescheduling program after one of
its major creditors, the Military Mutual Aid Association, raised
an objection to additional financial support to it.

Ssangyong became the first Korean builder which filed for court
protection since the 1998 financial crisis that severely hit the
construction sector. Back then, major contractors such as Hyundai
Engineering & Construction and Daewoo Engineering & Construction
went through a debt workout program.



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


* BOND PRICING: For the Week Dec. 22 to Dec. 26, 2014
-----------------------------------------------------

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


  AUSTRALIA
  ---------

ANTARES ENERGY L     10.00    10/30/23      AUD       1.93
EMECO PTY LTD         9.88    03/15/19      USD      77.00
EMECO PTY LTD         9.88    03/15/19      USD      76.00
GRIFFIN COAL MIN      9.50    12/01/16      USD      72.63
GRIFFIN COAL MIN      9.50    12/01/16      USD      72.63
KBL MINING LTD       10.00    08/05/16      AUD       0.16
MIDWEST VANADIUM     11.50    02/15/18      USD      11.00
MIDWEST VANADIUM     11.50    02/15/18      USD      11.00
RESOLUTE MINING      10.00    12/04/17      AUD       0.65
ST BARBARA LTD        8.88    04/15/18      USD      81.50
ST BARBARA LTD        8.88    04/15/18      USD      81.00
STOKES LTD           10.00    06/30/17      AUD       0.44
TREASURY CORP OF      0.50    11/12/30      AUD      62.28


CHINA
-----

ANHUI CONCH CEME      4.89    11/07/17      CNY     100.49
CHANGCHUN CITY D      6.08    03/09/16      CNY      69.52
CHANGCHUN CITY D      6.08    03/09/16      CNY      70.27
CHANGZHOU INVEST      5.80    07/01/16      CNY      70.30
CHANGZHOU INVEST      5.80    07/01/16      CNY      69.97
CHINA GOVERNMENT      1.64    12/15/33      CNY      69.65
CHINA NATIONAL E      5.65    09/26/17      CNY      61.93
DANYANG INVESTME      6.30    06/03/16      CNY      70.17
HANGZHOU XIAOSHA      6.90    11/22/16      CNY      71.21
HANGZHOU XIAOSHA      6.90    11/22/16      CNY      70.95
HEILONGJIANG HEC      7.78    11/17/16      CNY      71.12
HEILONGJIANG HEC      7.78    11/17/16      CNY      71.01
HUAIAN CITY URBA      7.15    12/21/16      CNY      70.24
JIANGSU HUAJING       5.68    09/28/17      CNY      74.77
JIANGSU HUAJING       5.68    09/28/17      CNY      73.00
JIANGSU LIANYUN       7.85    07/22/15      CNY      70.73
KUNSHAN ENTREPRE      4.70    03/30/16      CNY      69.55
KUNSHAN ENTREPRE      4.70    03/30/16      CNY      69.81
NANJING PUBLIC H      5.85    08/08/17      CNY      64.40
NANTONG STATE-OW      6.72    11/13/16      CNY      70.84
NINGDE CITY STAT      6.25    10/21/17      CNY      60.19
OCEAN RIG UDW IN      7.25    04/01/19      USD      70.00
OCEAN RIG UDW IN      7.25    04/01/19      USD      76.00
PANJIN CONSTRUCT      7.70    12/16/16      CNY      71.69
PANJIN CONSTRUCT      7.70    12/16/16      CNY      71.53
QINGZHOU HONGYUA      6.50    05/22/19      CNY      50.24
QINGZHOU HONGYUA      6.50    05/22/19      CNY      52.01
WUXI COMMUNICATI      5.58    07/08/16      CNY      49.55
WUXI COMMUNICATI      5.58    07/08/16      CNY      49.81
XIANGTAN JIUHUA       6.93    12/16/16      CNY      69.58
XIANGTAN JIUHUA       6.93    12/16/16      CNY      69.41
YANGZHOU URBAN C      5.94    07/23/16      CNY      70.34
YANGZHOU URBAN C      5.94    07/23/16      CNY      70.15
YIYANG CITY CONS      8.20    11/19/16      CNY      71.71
ZHENJIANG CITY C      5.85    03/30/15      CNY      69.92
ZHENJIANG CITY C      5.85    03/30/15      CNY      69.86
ZHUCHENG ECONOMI      7.50    08/25/18      CNY      48.85
ZIBO CITY PROPER      5.45    04/27/19      CNY      59.75
ZOUCHENG CITY AS      7.02    01/12/18      CNY      71.17


INDONESIA
---------

BERAU COAL ENERG      7.25    03/13/17      USD      53.15
BERAU COAL ENERG      7.25    03/13/17      USD      47.43
BERLIAN LAJU TAN     15.50    05/28/12      IDR       8.08
BERLIAN LAJU TAN     16.25    05/28/14      IDR       8.08
DAVOMAS INTERNAT     11.00    12/08/14      USD      19.50
DAVOMAS INTERNAT     11.00    12/08/14      USD      19.50
PERUSAHAAN PENER      6.75    04/15/43      IDR      74.80
PERUSAHAAN PENER      6.10    02/15/37      IDR      70.50


INDIA
-----

BLUE DART EXPRES      9.30    11/20/17      INR      10.08
BLUE DART EXPRES      9.40    11/20/18      INR      10.11
BLUE DART EXPRES      9.50    11/20/19      INR      10.13
JAIPRAKASH ASSOC      5.75    09/08/17      USD      73.85
PRAKASH INDUSTRI      5.25    04/30/15      USD      70.38
GTL INFRASTRUCTU      3.03    11/09/17      USD      28.75
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 &       5.00    08/17/15      USD      26.25
3I INFOTECH LTD       5.00    04/26/17      USD      31.38
CORE EDUCATION &      7.00    05/07/15      USD       9.38
COROMANDEL INTER      9.00    07/23/16      INR      15.64
PYRAMID SAIMIRA       1.75    07/04/12      USD       1.00
ORIENTAL HOTELS       2.00    11/21/19      INR      70.54
INDIA GOVERNMENT      0.26    01/25/35      INR      22.24
MASCON GLOBAL LT      2.00    12/28/12      USD       5.63
JCT LTD               2.50    04/08/11      USD      18.13
INCLINE REALTY P     10.85    04/21/17      INR      13.55
INCLINE REALTY P     10.85    08/21/17      INR      16.67


JAPAN
-----

AVANSTRATE INC        3.02    11/05/15      JPY      39.13
AVANSTRATE INC        5.00    11/05/17      JPY      32.00
ELPIDA MEMORY IN      0.70    08/01/16      JPY      17.00
ELPIDA MEMORY IN      0.50    10/26/15      JPY      17.00
ELPIDA MEMORY IN      2.03    03/22/12      JPY      17.00
ELPIDA MEMORY IN      2.10    11/29/12      JPY      17.00
ELPIDA MEMORY IN      2.29    12/07/12      JPY      17.00


KOREA
-----

2014 KODIT CREAT      5.00    12/25/17      KRW      30.21
2014 KODIT CREAT      5.00    12/25/17      KRW      30.21
DONGBU METAL CO       5.20    09/12/19      KRW      54.97
EXPORT-IMPORT BA      0.50    12/22/17      BRL      70.44
EXPORT-IMPORT BA      0.50    11/21/17      BRL      70.89
EXPORT-IMPORT BA      0.50    12/22/17      TRY      74.69
HYUNDAI HEAVY IN      4.90    12/15/44      KRW      60.32
HYUNDAI HEAVY IN      4.80    12/15/44      KRW      61.40
HYUNDAI MERCHANT      7.05    12/27/42      KRW      40.86
KIBO ABS SPECIAL      5.00    01/31/17      KRW      30.09
KIBO ABS SPECIAL     10.00    02/19/17      KRW      30.94
KIBO ABS SPECIAL     10.00    09/04/16      KRW      32.38
KIBO ABS SPECIAL     10.00    08/22/17      KRW      30.15
KIBO GREEN HI-TE     10.00    12/21/15      KRW      33.27
KIBO GREEN HI-TE     10.00    03/20/15      KRW      63.21
LSMTRON DONGBANG      4.53    11/22/17      KRW      29.94
POSCO ENERGY COR      4.66    08/29/43      KRW      74.61
POSCO ENERGY COR      4.72    08/29/43      KRW      73.72
POSCO ENERGY COR      4.72    08/29/43      KRW      74.06
SINBO SECURITIZA      5.00    01/15/18      KRW      30.21
SINBO SECURITIZA      5.00    01/15/18      KRW      30.21
SINBO SECURITIZA      5.00    02/11/18      KRW      29.95
SINBO SECURITIZA      5.00    07/26/16      KRW      30.61
SINBO SECURITIZA      5.00    06/07/17      KRW      26.02
SINBO SECURITIZA      5.00    06/07/17      KRW      26.02
SINBO SECURITIZA      5.00    02/21/17      KRW      29.61
SINBO SECURITIZA      5.00    02/21/17      KRW      29.61
SINBO SECURITIZA      5.00    03/13/17      KRW      29.50
SINBO SECURITIZA      5.00    03/13/17      KRW      29.50
SINBO SECURITIZA      8.00    03/07/15      KRW      61.51
SINBO SECURITIZA      5.00    08/31/16      KRW      30.40
SINBO SECURITIZA      5.00    06/29/16      KRW      30.83
SINBO SECURITIZA      5.00    08/31/16      KRW      30.41
SINBO SECURITIZA      5.00    02/02/16      KRW      29.79
SINBO SECURITIZA      8.00    02/02/16      KRW      31.86
SINBO SECURITIZA      5.00    08/24/15      KRW      31.72
SINBO SECURITIZA      5.00    05/27/16      KRW      31.06
SINBO SECURITIZA      5.00    05/27/16      KRW      31.06
SINBO SECURITIZA      5.00    12/07/15      KRW      29.68
SINBO SECURITIZA      9.00    07/27/15      KRW      34.01
SINBO SECURITIZA      5.00    10/05/16      KRW      30.32
SINBO SECURITIZA      5.00    10/05/16      KRW      30.32
SINBO SECURITIZA      5.00    01/29/17      KRW      29.75
SINBO SECURITIZA      5.00    03/14/16      KRW      29.32
SINBO SECURITIZA     10.00    12/27/15      KRW      32.42
SINBO SECURITIZA      5.00    07/19/15      KRW      31.99
SINBO SECURITIZA      5.00    01/19/16      KRW      29.60
SINBO SECURITIZA      5.00    07/26/16      KRW      30.61
SINBO SECURITIZA      5.00    09/13/15      KRW      31.07
SINBO SECURITIZA      5.00    09/13/15      KRW      25.72
SINBO SECURITIZA      4.60    06/29/15      KRW      33.04
SINBO SECURITIZA      4.60    06/29/15      KRW      33.04
SINBO SECURITIZA      5.00    12/13/16      KRW      29.94
SINBO SECURITIZA      5.00    12/25/16      KRW      30.27
SINBO SECURITIZA      5.00    07/08/17      KRW      30.45
SINBO SECURITIZA      5.00    07/08/17      KRW      30.45
SINBO SECURITIZA      5.00    10/01/17      KRW      29.91
SINBO SECURITIZA      5.00    10/01/17      KRW      29.91
SINBO SECURITIZA      5.00    10/01/17      KRW      29.91
SINBO SECURITIZA      5.00    03/12/18      KRW      30.04
SINBO SECURITIZA      5.00    03/12/18      KRW      30.04
SINBO SECURITIZA      5.00    08/16/17      KRW      30.29
SINBO SECURITIZA      5.00    08/16/17      KRW      30.29
SINBO SECURITIZA      5.00    02/11/18      KRW      29.95
SINBO SECURITIZA      5.00    09/28/15      KRW      31.54
SINBO SECURITIZA      5.00    08/16/16      KRW      30.67
SK TELECOM CO LT      4.21    06/07/73      KRW      71.67
STX OFFSHORE & S      3.00    09/06/15      KRW      72.94
TONGYANG CEMENT       7.30    06/26/15      KRW      70.00
TONGYANG CEMENT       7.30    04/12/15      KRW      70.00
TONGYANG CEMENT       7.50    07/20/14      KRW      70.00
TONGYANG CEMENT       7.50    09/10/14      KRW      70.00
TONGYANG CEMENT       7.50    04/20/14      KRW      70.00
U-BEST SECURITIZ      5.50    11/16/17      KRW      30.33
WOONGJIN ENERGY       2.00    12/19/16      KRW      65.32


MALAYSIA
--------

BANDAR MALAYSIA       0.35    12/29/23      MYR      68.37
BANDAR MALAYSIA       0.35    02/20/24      MYR      67.87
BIMB HOLDINGS BH      1.50    12/12/23      MYR      68.52
BRIGHT FOCUS BHD      2.50    01/24/30      MYR      63.92
BRIGHT FOCUS BHD      2.50    01/22/31      MYR      60.39
LAND & GENERAL B      1.00    09/24/18      MYR       0.37
SENAI-DESARU EXP      0.50    12/31/38      MYR      60.34
SENAI-DESARU EXP      0.50    12/31/47      MYR      69.90
SENAI-DESARU EXP      0.50    12/31/42      MYR      65.37
SENAI-DESARU EXP      0.50    12/31/43      MYR      66.44
SENAI-DESARU EXP      0.50    12/31/40      MYR      63.15
SENAI-DESARU EXP      0.50    12/31/41      MYR      64.17
SENAI-DESARU EXP      0.50    12/30/44      MYR      67.37
SENAI-DESARU EXP      0.50    12/29/45      MYR      68.21
SENAI-DESARU EXP      0.50    12/31/46      MYR      69.11
SENAI-DESARU EXP      0.50    12/30/39      MYR      61.94
SENAI-DESARU EXP      1.15    12/29/23      MYR      64.72
SENAI-DESARU EXP      1.35    12/31/25      MYR      60.51
SENAI-DESARU EXP      1.35    06/30/27      MYR      57.10
SENAI-DESARU EXP      1.35    06/28/30      MYR      50.90
SENAI-DESARU EXP      1.35    12/29/28      MYR      54.05
SENAI-DESARU EXP      1.10    06/30/22      MYR      69.23
SENAI-DESARU EXP      1.15    12/30/22      MYR      67.89
SENAI-DESARU EXP      1.15    06/30/23      MYR      66.28
SENAI-DESARU EXP      1.35    06/30/26      MYR      59.31
SENAI-DESARU EXP      1.35    06/30/28      MYR      55.07
SENAI-DESARU EXP      1.10    12/31/20      MYR      74.45
SENAI-DESARU EXP      1.10    06/30/21      MYR      72.68
SENAI-DESARU EXP      1.10    12/31/21      MYR      70.89
SENAI-DESARU EXP      1.35    12/31/27      MYR      56.09
SENAI-DESARU EXP      1.35    12/31/29      MYR      52.01
SENAI-DESARU EXP      1.35    06/30/31      MYR      48.66
SENAI-DESARU EXP      0.65    06/30/20      MYR      74.19
SENAI-DESARU EXP      1.15    06/28/24      MYR      63.21
SENAI-DESARU EXP      1.15    12/31/24      MYR      61.67
SENAI-DESARU EXP      1.15    06/30/25      MYR      60.27
SENAI-DESARU EXP      1.35    12/31/26      MYR      58.17
SENAI-DESARU EXP      1.35    06/29/29      MYR      53.02
SENAI-DESARU EXP      1.35    12/31/30      MYR      49.78
UNIMECH GROUP BH      5.00    09/18/18      MYR       1.25


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

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

SINGAPORE
---------

BAKRIE TELECOM P     11.50    05/07/15      USD       8.55
BAKRIE TELECOM P     11.50    05/07/15      USD       8.63
BERAU CAPITAL RE     12.50    07/08/15      USD      50.50
BERAU CAPITAL RE     12.50    07/08/15      USD      49.13
BLD INVESTMENTS       8.63    03/23/15      USD      14.38
BUMI CAPITAL PTE     12.00    11/10/16      USD      22.00
BUMI CAPITAL PTE     12.00    11/10/16      USD      21.50
BUMI INVESTMENT      10.75    10/06/17      USD      20.11
BUMI INVESTMENT      10.75    10/06/17      USD      21.88
ENERCOAL RESOURC      6.00    04/07/18      USD      22.38
INDO INFRASTRUCT      2.00    07/30/10      USD       1.88
OSA GOLIATH PTE      12.00    10/09/18      USD      60.00


THAILAND
--------

G STEEL PCL           3.00    10/04/15      USD       3.63
MDX PCL               4.75    09/17/03      USD      25.00



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***