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        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, June 24, 2014, Vol. 17, No. 123


                            Headlines


A U S T R A L I A

AMMS GROUP: Pitcher Partners Appointed as Administrators
C2C LOGISTICS: Rodgers Reidy Appointed as Receivers
K & R COACHES: In Administration; First Meeting Set For June 30
SOUTHERN CROSS: Rodgers Reidy Appointed as Administrators


C H I N A

GENERAL STEEL: Fails to Comply with NYSE's $1 Bid Price Rule


H O N G K O N G

YANCOAL INTERNATIONAL: Fitch Assigns BB Rating to USD300MM Bond


I N D I A

A. V. ISPAT: CRISIL Assigns 'B+' Rating to INR75MM Loans
AGARWAL AUTO: CRISIL Reaffirms 'B' Rating on INR98MM Loans
AIR INDIA: Board May Discuss Panel Report on Unions This Week
AJAY POLYMERS: ICRA Reaffirms 'B+' Rating on INR18cr Loans
CARNATION INDUSTRIES: CRISIL Puts 'C' Rating on INR80MM Loans

DBR & SK: ICRA Suspends 'B' Rating on INR19cr Loan
FOREMOST INTERNATIONAL: CRISIL Rates INR35.5MM Loans at 'B-'
FRIENDS POLYPACK: CARE Assigns 'B+' Rating to INR5.24cr Bank Loan
G V PARIVAAR: CARE Assigns 'B+' Rating to INR4.45cr Loans
GAURAV AIRCON: ICRA Reaffirms 'B+' Rating on INR6.2cr Loan

HIGH TECH: ICRA Assigns 'B+' Rating to INR50.33cr Loans
KALPATHARU LIQUOR: ICRA Reaffirms 'B+' Rating on INR14cr Loan
KEDARNATH COTTONS: CRISIL Reaffirms B Rating on INR209.3MM Loans
KIRAT CRAFTS: CRISIL Cuts Rating on INR100MM Loans to 'D'
LADHAR PAPER: CRISIL Reaffirms 'B-' Rating on INR130MM Loans

NAKODA LTD: CARE Downgrades Rating on INR1,686.03cr Loans to 'D'
NARNE NETWORKS: CRISIL Reaffirms 'D' Rating on INR199.9MM Loans
PRABH DAYAL: CRISIL Raises Rating on INR85MM Loans to 'B'
RADHA-RUKMAN PACKAGES: CARE Assigns 'B+' Rating to INR17.9cr Loan
RADHEY SHYAM: CRISIL Reaffirms 'B' Rating on INR100MM Loans

SEETHARAMA COTTON: CRISIL Reaffirms 'B' Rating on INR80MM Loans
SHARDA FORGINGS: ICRA Suspends 'B+/A4' Rating on INR7cr Loan
SNB INFRASTRUCTURE: CRISIL Cuts Rating on INR500MM Loans to 'D'
SOLAR SEMICONDUCTOR: ICRA Suspends D Rating on INR508.68cr Loans
SRI KRISHNA: CRISIL Reaffirms 'B+' Rating on INR196.4MM Loans

SRI RAM: CRISIL Assigns 'B' Rating to INR78.4MM Loans
SWAN ELECTRIC: CRISIL Rates INR30 Million Loan at 'B+'
YASH BREEDING: ICRA Assigns 'B' Rating to INR10cr Loans


I N D O N E S I A

PAKUWON JATI: Fitch Puts 'B+(EXP)' Rating on Proposed US$ Notes


N E W  Z E A L A N D

SOUTH CANTERBURY FINANCE: Conduct Didn't Cause Collapse


X X X X X X X X

* BOND PRICING: For the Week June 16 to June 20, 2014


                            - - - - -


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


AMMS GROUP: Pitcher Partners Appointed as Administrators
--------------------------------------------------------
Daniel Johannes Bredenkamp and Bryan Kevin Hughes of Pitcher
Partners were appointed as administrators of AMMS Group Pty Ltd
and Bluestream Projects Pty Ltd on June 19, 2014.

A first meeting for each of the Companies will be held at The
Atrium Theatrette, 168 St Georges Terrace, in Perth, Western
Australia, on June 30, 2014, from 10:00 a.m. to 12:00 p.m.


C2C LOGISTICS: Rodgers Reidy Appointed as Receivers
---------------------------------------------------
Brent Leigh Morgan -- bmorgan@rodgersreidy.com.au -- and James
Imray -- jimray@rodgersreidy-qld.com.au -- of Rodgers Reidy were
appointed as receivers and managers of C2C Logistics and Services
Pty Ltd on June 18, 2014.

A first meeting of the creditors of the Company will be held at
offices of Rodgers Reidy, Level 3, 326 William Street, in
Melbourne, Victoria, on June 30, 2014, at 2:30 p.m.


K & R COACHES: In Administration; First Meeting Set For June 30
---------------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of K & R Coaches Pty Ltd on June 18,
2014.

A first meeting of the creditors of the Company will be held at
the Boardroom of Servcorp, Level 56, MLC Centre, 19-29 Martin
Place, in Sydney, on June 30, 2014,


SOUTHERN CROSS: Rodgers Reidy Appointed as Administrators
---------------------------------------------------------
Brent Leigh Morgan and James Imray of Rodgers Reidy were appointed
as administrators of Southern Cross Forest Products Pty Ltd on
June 18, 2014.

A first meeting of the creditors of the Company will be held at
offices of Rodgers Reidy, Level 3, 326 William Street, in
Melbourne, Victoria, on June 30, 2014, at 2:30 p.m.



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


GENERAL STEEL: Fails to Comply with NYSE's $1 Bid Price Rule
------------------------------------------------------------
The New York Stock Exchange has notified General Steel Holdings,
Inc., that it has fallen below the NYSE's continued listing
standard that requires a minimum average closing price of $1.00
per share over a 30 consecutive trading day period.

Pursuant to the NYSE's notification, the Company has a cure period
of three months from receipt of the notification, or to Sept. 15,
2014, to cure the deficiency by regaining compliance with the
minimum share price criteria.  The Company can regain compliance
on an accelerated basis if its common stock has a $1.00 share
price on the last trading day of any calendar month within the
cure period and the average share price over the 30 trading days
preceding the end of that month is also $1.00.

Under NYSE rules, the Company has 10 business days from the
receipt of the NYSE's notification to submit its intent to cure
this deficiency and a plan to the NYSE clearly outlining any
strategic or operational initiatives it intends to complete in
order to increase its share price, as well as the Company's first
quarter 2014 update.  The Company intends to submit such plan and
update and will notify the NYSE that it intends to cure the
deficiency within the prescribed timeframe.

Subject to compliance with the NYSE's other continued listing
standards and ongoing oversight, the Company's common stock will
continue to be listed and traded on the NYSE during the three-
month cure period, but will continue to be assigned a ".BC"
indicator by the NYSE to signify that the Company is not currently
in compliance with the NYSE's continued listing standards.  The
Company's business operations and United States Securities and
Exchange Commission reporting requirements are not affected by the
receipt of the NYSE's notification.  The Company intends to
actively monitor the closing price of its common stock during the
cure period and will evaluate available options to resolve this
deficiency and regain compliance with the applicable NYSE rules.

                    About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  The Company has operations in China's
Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region
and Tianjin municipality with seven million metric tons of crude
steel production capacity under management.  For more information,
please visit www.gshi-steel.com.

General Steel reported a net of $42.62 million on $2.01 billion of
sales for the year ended Dec. 31, 2013, as compared with a net
loss of $231.93 million on $1.96 billion of sales during the prior
year.  The Company's balance sheet at March 31, 2014, showed $2.70
billion in total assets, $3.26 billion in total liabilities and a
$558.53 million total deficiency.



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


YANCOAL INTERNATIONAL: Fitch Assigns BB Rating to USD300MM Bond
---------------------------------------------------------------
Fitch Ratings has assigned Yancoal International Trading Co.,
Ltd's USD300m 7.2% senior guaranteed perpetual bond a final rating
of 'BB'.  The bond is guaranteed by Yancoal International's 100%
owner Yanzhou Coal Mining Company Limited (Yancoal, BB+/Stable).

Fitch accords no equity credit to the US dollar perpetual bond in
its evaluation of Yancoal's capital structure and leverage because
this instrument ranks pari passu with Yancoal's senior unsecured
obligations, it has an effective maturity of less than five years
and the deferral of coupon payments is subject to 'look-back'
provisions.

The perpetual bond is rated one notch below Yancoal's 'BB+' IDR in
accordance with Fitch's "Treatment and Notching of Hybrids in
Nonfinancial Corporate & REIT Credit Analysis" criteria to take
into account their coupon deferral feature.

The final rating follows a review of final documentation
materially conforming to the draft documentation previously
reviewed.  The final rating is the same as the expected ratings
assigned on May 14, 2014.

KEY RATING DRIVERS

Additional Short-Term Liquidity: Yancoal plans to use proceeds
from the bond issuance to refinance debt maturing in the near term
and previously planned capex in Australia.  The perpetual bond
provides additional liquidity to Yancoal to weather the more
challenging business conditions and reduces refinancing pressure
on the company for the next 12 months.  The company had CNY15.5bn
(USD2.49bn) of cash and cash equivalents at end-2013 compared with
the total short-term debt of CNY11.3bn (USD1.81bn).  The perpetual
bond will add around CNY1bn of cash, after taking into account
offshore short-term debts payback and incremental interest costs
for the next two years.

Fitch estimates that Yancoal's gross debt will likely increase by
approximately CNY1.25bn (USD200m) and annual interest payments
will rise by at least CNY110m, which will further weaken the
company's credit metrics that already offer very limited headroom
at the current rating level.  In addition, total secured debt to
EBITDA ratio, under the current weak coal price, will remain
elevated at around 2.5x.

Weak Market Conditions to Continue: Coal prices in China have
dropped to their lowest levels since end-2008.  While Fitch
expects coal prices to stablise as customers start re-stocking and
more of the smaller miners in China close, market conditions are
not likely to improve meaningfully in the next 12 to 24 months.
In 2013, Yancoal's average selling price dropped 13%, materially
weakening its operating cash generation.  Funds from operations
(FFO) gross interest coverage weakened to 3.7x at end-2013 from
4.5x a year earlier, and FFO adjusted net leverage deteriorated to
6.1x from 3.9x over the same period.

Importance of Cost Controls: Fitch believes cost control is the
only lever coal producers still have to weather the weak market
conditions over the next two to three years, in the absence of any
strong policy support to curb cheaper coal imports.

Fitch recognizes Yancoal's efforts in cost savings in 2013, when
the company's average cost of sales at its domestic mines fell by
15% and its selling, general and administrative expenses decreased
by 11%.  Most of its mines continued to achieve cost reduction in
1Q14.  These results were achieved through production system
optimization and reductions in labour cost and the workforce.
Fitch expects a good proportion of these benefits to be
sustainable in the medium term.  However, opportunities for
further cost savings are very limited.

Negative Impact from Resource Tax: Fitch expects China's new
price-based resource tax on coal mining - instead of a volume-
based tax previously - to exert further pressure on domestic coal
producers.  The new tax, which is likely to be adopted in the near
term, will probably be around 5% of the selling price.  That means
the tax burden for coal miners could be roughly five times that
under the current volume-based tax, although in practice the
impact would be tempered by netting off other taxes against the
higher resource tax.  However, Fitch expects this could accelerate
market consolidation by squeezing out smaller, weaker players,
which would benefit larger miners such as Yancoal in the longer
term.

Capex to Trend Down: Yancoal's capital expenditure was as high as
CNY9bn to CNY10bn a year in 2012 and 2013, mainly to develop new
coal mines in Australia and Inner Mongolia, and for the methanol
projects in Ordos.  However, these developments will be gradually
completed after 2014, following which capex will be confined to
maintaining the production level.  As such, Fitch expects
Yancoal's free cash flow to return to positive after 2014 and its
credit metrics to improve, although a return to pre-2012 levels is
not expected in the medium term.

Linkages with Parent: Yancoal is 56.5% owned by Yankuang Group
Corporation Limited (Yankuang), which is wholly owned by the
Shandong State-owned Assets Supervision and Administration
Commission (SASAC).  The linkage is considered weak to moderate,
and therefore, Yankuang's weaker credit profile does not constrain
Yancoal's rating.  The large number of institutions that are
minority shareholders in Yancoal and the rules governing its
listing on the Hong Kong Stock Exchange provide a meaningful
counter-balance to Yankuang's controlling stake.  Fitch has not
provided any rating uplift to Yancoal on account of any implied
support from the Shandong government.  However, Yancoal benefits
from good access to sources of funds due to its status as an
entity majority-owned by the Shandong government.

RATING SENSITIVITIES

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

   -- FFO fixed charge coverage lower than 3.5x

   -- Failure to reduce FFO adjusted net leverage to or below 4x
      on a projected basis after 2015

   -- Sustained negative free cash flow after 2014

   -- Weakening of the sizeable liquidity buffer Yancoal
      currently maintains with large cash balances, including any
      increases in dividend payments

   -- Higher-than-expected resource tax applied and/or less-than-
      expected netting off allowed for other taxes paid against
      the higher resource tax

   -- Higher-than-expected increase in operating costs together
      with continuation of weak coal prices or further sustained
      weakening of coal prices

   -- Any acquisitions that lead to further deterioration of the
      financial profile

Positive Triggers: Fitch do not expect any positive rating action
in the medium term given our expectation of weak market conditions
and policy developments that are generally adverse for the sector.



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



A. V. ISPAT: CRISIL Assigns 'B+' Rating to INR75MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of A. V. Ispat Pvt Ltd. The rating reflects the
extensive experience of AVIPL's promoters in the steel products
trading business. This rating strength is partially offset by the
susceptibility of AVIPL's profitability to volatility in steel
prices and its marginal market share in a fragmented industry.

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

Outlook: Stable

CRISIL believes that AVIPL will continue to benefit from its
promoters' extensive experience in the iron and steel industry.
The outlook may be revised to 'Positive' if the credit risk
profile improves on account of an increase in the company's scale
of operations and profitability, leading to large cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile, particularly its liquidity,
weakens because of weakening of working capital cycle or large
debt-funded capital expenditure.

AVIPL was incorporated in 1990 by Mr. Vinod Kheria in Patna
(Bihar). The company trades Steel Authority of India Ltd's
products. Its day-to-day operations are managed by Mr. Vinod
Kheria and his son Mr. Sumit Kheria.


AGARWAL AUTO: CRISIL Reaffirms 'B' Rating on INR98MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Agarwal Auto Sales
continue to reflect AAS's weak financial risk profile marked by
small net worth, high gearing, and weak debt protection metrics.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee          2         CRISIL A4 (Reaffirmed)

   Cash Credit            92.5       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5.5       CRISIL B/Stable (Reaffirmed)

The ratings also factor in the firm's low bargaining power with
principals, and exposure to intense competition in the automotive
dealership market. These rating weaknesses are partially offset by
AAS's diversified business, with an established position in the
automobile dealership segment, and strong relationship with
principals Mahindra & Mahindra Ltd (M&M; rated 'CRISIL
AA+/Stable/CRISIL A1+') and Escorts Ltd (Escorts).

Outlook: Stable

CRISIL believes that AAS will benefit over the medium term from
its established position in the automotive dealership market and
its long-standing relationship with principals. The outlook may be
revised to 'Positive' in case of improvement in capital structure
and debt protection metrics on account of infusion of equity, or
significant improvement in operating margin and cash accruals.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile deteriorates, most likely because of large
working capital requirements or pressure on cash accruals.

Established in 1967 as a partnership firm by the Agrawal family,
AAS currently has three business segments. The firm is an
authorised dealer for the entire range of M&M vehicles, Escorts
tractors, and furniture and consumer durable products of Godrej &
Boyce Manufacturing Company Ltd. It owns five showrooms in
Mirzapur and Sonbhadra (both in Uttar Pradesh).

For 2012-13 (refers to financial year, April 1 to March 31), AAS
reported a profit after tax (PAT) of INR0.9 million on net sales
of INR1.27 billion, against a PAT of INR0.8 million on net sales
of INR1.08 billion for 2011-12.


AIR INDIA: Board May Discuss Panel Report on Unions This Week
-------------------------------------------------------------
Press Trust of India reports that Air India's board at its next
meeting slated for this week is likely to take up for discussion
recommendations made by the Krishna Mohan Sahni Committee on
downsizing the recognised unions at the carrier.

Air India, which became one single entity by merging with Indian
Airlines, has at present around 14 unions including the
unrecognised ones, representing some 25,000 employees along with
its two subsidiaries, the report says.

The news agency relates that the national carrier had last
November set up a four-member committee under former labour
secretary Krishna Mohan Sahni to suggest a roadmap for cutting
down the number of recognised unions in the airline.

"The committee has submitted its recommendations to the Air India
management, which will now be taken up for consideration by its
board," airline sources told PTI in Mumbai.

The panel has recommended that the carrier may have one recognised
union each for Air India and its engineering and ground handling
arm, sources said, while now there are six unions, according to
PTI.

"It has also recommended union elections and whichever wins 50 per
cent votes be accorded recognition," they said.

PTI notes that the Sahni committee recommendations are, however,
contrary to the view take by some of the unions that there should
be only one recognised union in the carrier.

The panel is mandated to determine the norms, processes and
modalities for conducting the exercise for recognition of unions
associated with Air India, Air India Engineering Services and Air
India Air Transport Services, the report adds.

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India Lt got a
breather in the form of INR1,000-crore equity infusion from the
government on March 26.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.


AJAY POLYMERS: ICRA Reaffirms 'B+' Rating on INR18cr Loans
----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating for the INR18.00 crore
(enhanced from INR15.50 crore) long term fund based facilities of
Ajay Polymers. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 for the INR2.00 crore short-term non-fund based
facilities of AP.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Cash
   Credit               15.50        [ICRA]B+ Reaffirmed

   Fund Based-Term
   Loans                 2.50        [ICRA]B+ Reaffirmed

   Short term Non
   Fund Based Limit      2.00        [ICRA]A4 Reaffirmed

The reaffirmation of ratings takes into account the high
competitive intensity in the PVC pipes business; the vulnerability
of profitability to fluctuations in raw material prices and the
sectoral and regional concentration of the entity's operations
apart from risks inherent in partnership form of business. The
ratings are also constrained by de-growth in sales volumes in FY14
due to weak demand from the end-user segments and the stressed
credit profile of the entity owing to high reliance on external
debt for funding capital expenditure and meeting working capital
requirements.

The ratings, however, continue to favorably consider the long
track record of the promoters in the PVC pipes and fittings
industry; the entity's fairly well established brand presence in
the pipes and fittings market in the North and its wide product
portfolio comprising various grades of PVC as well as C-PVC pipes
& fittings. Going forward, the ability of the entity to improve
the capital structure and efficiently manage the working capital
cycle will be some of the key rating sensitivities.

Constituted as a partnership firm and promoted by Mr. Ashwani
Kumar Garg in 2003, Ajay Polymers is engaged in the manufacture of
(i) various grades of un-plasticised polyvinylchloride (PVC)
pipes, fittings and other accessories and (ii) CPVC (chlorinated
PVC) pipes and fittings. The products of the firm are sold under
the brand name "Ravindra" mainly in the northern and western parts
of the country. Mr. Garg holds 50% stake in Ajay Polymers while
the other 50% is held by his brother in law, Mr. Sanjeev Kumar
Mittal. Both the partners have considerable experience in the
pipes business having been engaged in trading of PVC and MS pipes
for more than three decades. The firm's manufacturing unit,
located at Hissar in Haryana, currently includes 13 extruders for
PVC pipes with a cumulative capacity of 22,000 MTPA, 6 injection
moulding machines for PVC fittings with capacity of 1500 MTPA and
a capacity of 600 MTPA for CPVC pipes and fittings.

Recent Results

For the year ended 31st March 2014 (Provisional unaudited
financials), Ajay Polymers reported an operating income of
INR109.49 crore and profit after tax of Rs 1.75 crore as against
an operating income of INR101.50 crore and profit after tax of
INR1.75 crore for FY13.


CARNATION INDUSTRIES: CRISIL Puts 'C' Rating on INR80MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long term bank
facilities of Carnation Industries Ltd while reaffirming its short
term rating at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee            5         CRISIL A4 (Reaffirmed)
   Cash Credit               15        CRISIL C (Assigned)
   Export Packing Credit    115        CRISIL A4 (Reaffirmed)
   Foreign Usance Bills
   Purchase-Discounting     150        CRISIL A4 (Reaffirmed)
   Letter of Credit          70        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        65        CRISIL C(Assigned)
   Standby Line of Credit    40        CRISIL A4 (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility         5        CRISIL A4 (Reaffirmed)

The rating reflects Carnation's below-average financial risk
profile, marked by high gearing and weak debt protection measures.
In addition, its liquidity is weak as a result of working capital
intensity in operations, with short-term mismatches between
maturing debt obligations and realisations of payments from its
customers. This rating weakness is partially offset by the
benefits that Carnation derives from its promoter's extensive
experience in the casting industry.

Set up in 1983 in Kolkata, Carnation manufactures ductile and grey
iron castings and pressure fittings for the water and sewer
industry. It has three manufacturing units in Liluah and Uluberia
(West Bengal). It also has a warehouse in Liluah. The company
exports its products to the USA, the European Union, and to the
Gulf and Middle East countries. Mr. Ravi Sehgal is the Managing
Director and Mr. Suvobrata Saha is the Joint Managing Director of
Carnation.


DBR & SK: ICRA Suspends 'B' Rating on INR19cr Loan
--------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B outstanding on
the INR19.00 crore fund-based and non fund-based limits of DBR &
SK Super Speciality Hospital. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


FOREMOST INTERNATIONAL: CRISIL Rates INR35.5MM Loans at 'B-'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Foremost International Pvt Ltd.

                             Amount
   Facilities               (INR Mln)    Ratings
   ----------               ---------    -------
   Proposed Long Term          24.5      CRISIL B-/Stable
   Bank Loan Facility

   Packing Credit              60        CRISIL A4

   Foreign Bill Discounting    24.5      CRISIL A4

   Long Term Loan              11        CRISIL B-/Stable

The ratings reflect FIPL's modest scale of operations with high
customer concentration, large working capital requirements, and
low cash accruals, constraining its financial risk profile,
particularly liquidity. These rating weaknesses are partially
offset by the extensive experience of FIPL's promoters in the
ready-made garments (RMG) industry.

Outlook: Stable

CRISIL believes that FIPL will continue to benefit over the medium
term from its promoters' extensive experience in the RMG industry.
The company's financial risk profile will remain weak on account
of large debt over the period. The outlook may be revised to
'Positive' if FIPL registers significant growth in turnover and
profitability resulting in substantial accruals, and consequently,
in improved financial risk profile, particularly liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
considerable decline in revenue or profitability, or deterioration
in working capital management resulting in further pressure on
liquidity, or large debt-funded capital expenditure resulting in
deterioration in financial risk profile.

Incorporated in 2002, FIPL manufactures and exports RMG,
predominantly for women, to Europe. The company, promoted by Mr.
Varun Moudgil and Mrs. Shailja Khanna, has its manufacturing plant
in Gurgaon (Haryana).

FIPL reported profit after tax (PAT) and net sales of INR3.4
million and INR343 million, respectively, for 2012-13 (refers to
financial year, April 1 to March 31); the company reported PAT of
INR1 million on net sales of INR152 million for 2011-12. Its net
sales are estimated at INR304 million for 2013-14.


FRIENDS POLYPACK: CARE Assigns 'B+' Rating to INR5.24cr Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Friends
Polypack.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities     5.24      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Friends Polypack is
primarily constrained on account of risk associated with
stabilization of its business operations and presence in a highly
fragmented and competitive woven sack industry.

The rating is further constrained due to raw material price
volatility risk and high bargaining power of the suppliers.
The above constraints outweigh the benefits derived from the
partners' experience in the woven sack industry and favourable
industry scenario.

Increase in the scale of operations and improvement in profit
margins while managing its working capital requirements
are the key rating sensitivities.

Established in May 2013, Rajkot (Gujarat) based FPP is a
partnership firm founded by nine partners having different profit
and loss sharing proportion in the firm. FPP is engaged in the
manufacturing of HDPE/PP woven sack bags and fabrics. The
products manufactured by FPP are used in various industries such
as agriculture, cement, fertilizers, food & beverages,
paint, etc. as packaging material. FPP commenced commercial
production from May 2014 and operates from its sole
manufacturing facilities located at Rajkot (Gujarat) with an
installed capacity of 1950 MTPA as on May 31, 2014.


G V PARIVAAR: CARE Assigns 'B+' Rating to INR4.45cr Loans
---------------------------------------------------------
CARE assigns 'CARE B+' and "CARE A4" ratings to bank facilities of
G V Parivaar Retails Limited.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long term Bank Facilities    4.45      CARE B+ Assigned
   Long term/Short term Bank
   Facilities                   0.65      CARE B+/CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of G.V. Parivaar
Retails Limited are primarily constrained by the limited
track record and small scale of operations, weak financial risk
profile characterized bylow profitability margins, leveraged
capital structure and weak debt service coverage indicators. The
ratings are further constrained by the working capital
intensive nature of operations, stretched liquidity position and
GRPL's presence in a highly fragmented and competitive industry.

The ratings, however, draw comfort from the experienced promoters
and GRPL's association with reputed brand.

Going forward, the ability of the company to profitably scale up
its operations, improvement in the capital structure and
effective management of the working capital requirements would be
the key rating sensitivities.

Incorporated in 2008, G.V. Parivaar Retails Limited is a closely
held public limited company and is currently being managed by Mr
Vimmal Sethi, Ms Kanchan Sethi and Ms Amita Sethi. GPRL is an
authorised distributor of Samsung India Electronics Private
limited (Samsung) for various products like refrigerators, air
conditions, washing machines and microwaves and caters to
retailers located in Uttrakhand. Additionally, the company also
does retailing for similar products of other brands like Videocon
Industries Limited, Whirlpool India Limited and Symphony Service
Corp. (India) Private Limited through its own two retail outlets
in the same state.

For FY13 (refers to the period April 1 to March 31), GRPL achieved
a total operating income of INR26.11 crore with PBILDT and PAT of
INR0.88 crore and INR0.07 crore respectively as against the total
operating income of INR23.91 crore with PBILDT and PAT of INR0.90
crore and INR0.07 crore, respectively in FY12.


GAURAV AIRCON: ICRA Reaffirms 'B+' Rating on INR6.2cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' assigned to
the INR6.2 crore cash credit facilities of Gaurav Aircon Computers
Private Limited. ICRA has also re-affirmed the short-term rating
of [ICRA]A4 assigned to INR0.9 crore standby line of credit and
INR0.2 crore bank guarantee of GACPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.2         [ICRA]B+ Reaffirmed

   Standby Line of
   Credit                0.9         [ICRA]A4 Reaffirmed

   Bank Guarantee        0.2         [ICRA]A4 Reaffirmed

The rating re-affirmation takes into consideration the healthy
scaling-up of business on the back of strong demand for the
consumer durables coupled with the company's positioning as sole
distributor for Sony's products in 13 districts of Rajasthan and
Videocon's Mobile Phones. The rating also factors in the gradual
diversification of business profile by addition of new
distributorships and sourcing of a sizeable proportion of
company's revenue from relatively rural households which have not
been impacted much by slowing demand. The rating continues to draw
comfort from the extensive experience of the promoters in the
consumer durables distributorship business with several group
companies engaged in distribution of consumer durables of leading
brands such as Samsung, Philips, Electrolux, Haier etc. The
rating, however, remains constrained by the low profitability of
operations on account of trading nature of the business and
stretched credit profile with a gearing of 4.5x as on March 31,
2013 owing to high working capital intensity and limited equity
infusion by promoters. Further, high dependence on OEM's industry
performance coupled with emerging competition from organized
retail chains and online retailers are likely to put pressure on
the revenue growth of the company in near to medium term. Going
forward, the ability of the company to further increase the scale
of operations and manage working capital intensity and adequate
liquidity would be the key rating sensitivities.

Incorporated in 2002, Gaurav Aircon Computers Private Limited is
primarily engaged in distribution of Sony consumer durables and
Videocon mobile phones. The company also serves as a distributor
for Videocon DTH, HCL desktops and laptops, Rage mobile phones, LG
and Intec air-conditioners. GACPL is a part of the Chandra Group
which has various other companies. Chandra Electronic Appliances
Private Limited (started in 1991) is a distributor for Samsung,
Lloyd, Electrolux, Philips, Funai etc. in around 15 districts of
Rajasthan. The company has more than 200 member dealer network
spread over 15 districts of Rajasthan. The promoters also have
distributorship for Haier electronic and home appliances through
another group entity called Chandra Krishna. Further, the
promoters also own a retail showroom for Sony through their group
concern Chandra Shiv. In addition, the promoters also have
presence in the areas of event management and advertising through
Chandra Entrepreneurs and Chandra Trio Service respectively.


HIGH TECH: ICRA Assigns 'B+' Rating to INR50.33cr Loans
-------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to Rs.50.33
crore fund based facilities of High Tech Knitwear Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-Term       36.82      [ICRA]B+ assigned
   Loans

   Fund Based-Cash       13.51      [ICRA]B+ assigned
   Credit

The rating assigned to High Tech Knitwear Private Limited's is
constrained by high project implementation and execution risks
involved in a Greenfield project. Given the aggressive debt
funding, ICRA notes that the company's cash flows are likely to
remain stretched in the medium term on account of repayment of
term loan and high working capital requirements. The rating also
factors in the firm's exposure to volatility in the prices of raw
material and intense competition in textile industry. Further, the
ability of the company to commission the project in a timely
manner and operate the plant at healthy utilization levels, post-
commissioning will remain critical from a credit perspective.

The rating however, takes into account the group's established
presence in the textile sector and project's low funding risk as
the debt has already been tied-up and promoters have brought in
their share of funding. The rating also draws comfort from the
benefits derived by the company from subsidies under the
Technology Upgradation Fund Scheme (TUFS) of Government of India
(GoI) and Gujarat State Government.

Promoted by Mr. Hari Sumaran Gurjar, Mr. Rohit Agarwal, Mr. Sunil
Datta Agarwal, Mr. Ajay Kumar Agarwal and Mr. Naresh Kumar Agarwal
in May 2010, HTKPL is a part of the High Tech Group which has
presence in manufacturing of greige fabric, sized yarn and warped
yarn through its eight companies. The company has its registered
office in Surat and manufacturing facility in Baruch District,
Gujarat. The company is in the process of installing 312 looms, 5
warping machine and 40 TFO machines in three phases. The company
has already installed 104 looms, 1 warping machine and 14 TFO
machines in Phase I and has started commercial production from May
2014.


KALPATHARU LIQUOR: ICRA Reaffirms 'B+' Rating on INR14cr Loan
-------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating outstanding on the Rs.14.0
crore fund based facilities and assigned [ICRA]B+ rating on INR1.0
crore proposed limits of Kalpatharu Liquor Distributors.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     14.00      [ICRA]B+/Reaffirmed
   Proposed Limit         1.00      [ICRA]B+/Assigned

The rating considers the promoter's extensive experience in the
liquor distribution industry, the Company's sole distribution
rights for brands of Tilak Nagar Industries Limited (TIL) in
Karnataka and business synergies and support from Group Companies
in terms of marketing and supply chain management. TIL enjoys
strong market position in south India especially in the regular
brandy segment which is expected to continue to aid business
growth for the Firm. The rating also factors in the healthy
revenue growth during 2013-14 owing to increase in commission fees
on the TIL's products sold by KLD. However, the rating remains
constrained by the Firm's low value additive nature of business
and inherent business risk in the liquor industry attributed to
high duties and stringent government regulations. The rating also
takes into account KLD's decline in operating margins during 2013-
14, the Firm's stretched financial profile characterized by weak
capital structure, inadequate coverage indicators and high working
capital intensity on the back of increase in the duty structure by
the government agencies leading to increased dependence on working
capital requirements. Going forward, the Firm's ability to improve
its debt protection metrics would remain key credit monitorables.

Incorporated in 2007, Kalpatharu Liquor Distributors is a
partnership Firm promoted by Mr. S. Kantappa and family. The Firm
is the sole distributor for Indian Made Foreign Liquor (IMFL)
brands of Tilak Nagar Industries Limited in the state of
Karnataka.

Recent results
The Firm reported net profit of INR1.2 crore on operating income
of INR6.5 crore during 2013-14 as against net profit of INR1.1
crore on operating income of INR5.3 crore during 2012-13.


KEDARNATH COTTONS: CRISIL Reaffirms B Rating on INR209.3MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kedarnath
Cottons Private Limited continues to reflect KCPL's weak financial
risk profile marked by a small net worth, high gearing, and weak
debt protection metrics, working capital intensive nature of
operations, its limited pricing flexibility and susceptibility of
its profitability margins to volatility in raw material prices.
These rating weaknesses are partially offset by the benefits KCPL
derives from the extensive experience of its promoters in the
textile industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            200        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       9.3      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relationships with customers. The outlook may be
revised to 'Positive' if there is an improvement in the company's
working capital management or there is substantial increase in its
net-worth on the back of equity infusion from promoters.
Conversely, the outlook may be revised to 'Negative' if there is
significant deterioration in its capital structure on account of
larger-than-expected working capital requirements or large, debt-
funded capital expenditure.

Set up in 2009 by Mr. Kedarnath Padigela, KCPL is engaged into
ginning and processing of cotton and extraction of cotton seed
oil. The company is based in Adilabad (Andhra Pradesh).


KIRAT CRAFTS: CRISIL Cuts Rating on INR100MM Loans to 'D'
---------------------------------------------------------
CRISIL has reassigned its 'CRISIL D' rating to the bank facility
of Kirat Crafts; the aforementioned facility was earlier a long-
term facility, which was rated 'CRISIL B/Stable'. CRISIL has also
downgraded its rating on the firm's long-term bank facilities to
'CRISIL D' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Packing Credit         50         CRISIL D(Downgraded from
                                     'CRISIL B/Stable')

   Term Loan              50         CRISIL D(Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects instances of delay by KC in
servicing its debt obligations owing to weak liquidity driven by
delay in commissioning its manufacturing facility. The unit got
operational in January 2014 whereas the repayment started in
August 2013. This has led to cash flow mismatches leading to delay
in servicing its term loan installments and interest.

Furthermore, the ratings factor in KC's weak financial risk
profile marked by high gearing and weak debt protection metrics,
startup phase of KC's operations, and offtake risk. These
weaknesses are partially offset by its promoters' extensive
experience and funding support from group companies.

KC was established in 2009 as partnership firm by Mr. Rajendra
Sethi, Mr. Hardeep Sethi, Mrs. Inderpal Sethi and Mr. Bineet
Sethi. In 2011, they exited the firm and three new partners, Mr.
Vishal Singhvi, Mr. Vishal Bohra and Mr. Suresh Bohra took over.
KC has set up a unit to manufacture ready-to-assemble furniture,
such as cabinets, bookshelves and dining tables at Jaipur
(Rajasthan) special economic zone.


LADHAR PAPER: CRISIL Reaffirms 'B-' Rating on INR130MM Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ladhar Paper
Mills continues to reflect LPM's small scale of operations in the
fragmented paper industry and exposure to volatility in paper
prices. The rating also factors in the firm's low operating margin
and weak debt protection metrics. These rating weaknesses are
partially offset by LPM's moderate capital structure and the
financial support it receives from its promoters.

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

   Proposed Long Term
   Bank Loan Facility     36        CRISIL B-/Stable (Reaffirmed)

   Term Loan               4        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LPM will continue to benefit over the medium
term from its promoters' financial support through equity
infusion. The outlook may be revised to 'Positive' if the firm
reports higher-than-expected profitability, leading to an increase
in its cash accruals and hence to an improvement in its debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if LPM undertakes a substantial debt-funded capital
expenditure programme, or records lower-than-expected improvement
in its cash accruals.

Update
LPM's scale of operations has improved in 2013-14 (refers to
financial year, April 1 to March 31) and it is expected to report
revenue of INR510 million for the year, 23 per cent more than the
INR416 million reported for 2012-13. The increase is driven by the
higher order inflow during the year and its wide customer base
across India. The growth momentum is expected to continue in 2014-
15 with further scale-up in operations supported by equity
infusion and enhancement of bank facilities. However, the firm's
operating margin is estimated to have been negative in 2013-14 as
it is yet to stabilise its operations.

LPM's financial risk profile is estimated to have remained weak in
2013-14, marked by below-average debt protection metrics. The
interest coverage and net cash accruals to debt ratios are
estimated to have been negative during the year. However, the
firm's gearing is estimated to have been low at around 0.2 times
as on March 31, 2014, on account of its large net worth, estimated
at INR263 million as on March 31, 2014, despite its high reliance
on short-term debt. LPM had a minimal outstanding term loan of
INR3.2 million as on March 31, 2014.

LPM's liquidity has remained constrained with high utilisation of
bank lines and negative cash accruals, insufficient to meet debt
obligations over the medium term. However, financial support from
promoters is expected to allow timely servicing of debt. The
partners have supported the firm's operations with capital
infusion of INR230 million over the three years through 2013-14,
leading to timely repayment of debt of INR124 million over this
period.

LPM reported a net loss of INR90.2 million on net sales of INR416
million for 2012-13, against a net loss of INR67 million on net
sales of INR259 million for 2011-12. The firm is expected to
register revenue of INR510 million for 2013-14.

LPM, a partnership firm, was set up in 2006 by two brothers, Mr. S
Amarjit Singh Ladhar and Mr. S Baldev Singh Ladhar who are both
non-resident Indians. The firm started commercial production in
September 2010. It manufactures writing and printing paper, with
an installed capacity of 80 tonnes per day, based on waste paper
as raw material, at Nakodar (Jalandhar, Punjab).


NAKODA LTD: CARE Downgrades Rating on INR1,686.03cr Loans to 'D'
----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Nakoda Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities     330.00      CARE D Revised from
   Term Loan                                 CARE BB

   Long-term Bank Facilities     306.03      CARE D Revised from
   Fund-based                                CARE BB

   Short-term Bank Facilities  1,050.00      CARE D Revised from
                                             CARE A4

Rating Rationale

The rating is constrained by ongoing delays in debt servicing
owing to strained liquidity position.

Nakoda Limited is promoted by Mr. B. G Jain (Chairman and Managing
Director), a first generation entrepreneur who has
experience of around three decades in the Textile industry. Nakoda
Limited is in the business of manufacturing Polyester
Chips, POY, FDY, texturising and trading of yarn, salt, soya,
fancy shirting, polyester yarn and windmill power generation.

There are ongoing delays in debt servicing owing to strained
liquidity position. The company has applied for debt
restructuring under CDR mechanism.


NARNE NETWORKS: CRISIL Reaffirms 'D' Rating on INR199.9MM Loans
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Narne Networks
Pvt Ltd continues to reflect instances of delays by NNPL in
servicing its debt; the delays have been caused by the company's
weak liquidity, driven by its working-capital-intensive
operations.

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

   Proposed Long Term
   Bank Loan Facility      88.4      CRISIL D (Reaffirmed)

   Term Loan               61.5      CRISIL D (Reaffirmed)

NNPL also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and is exposed to risks
related to intense competition in the media industry. The company,
however, benefits from the extensive entrepreneurial experience of
its promoters.

Incorporated in November 2007 and promoted by Mr. Narne Srinivas
Rao and his wife, Mrs. Narne Malleswari, NNPL commenced commercial
operations in March 2009. The company runs Studio N News, a 24-
hour free-to-air Telugu news channel.


PRABH DAYAL: CRISIL Raises Rating on INR85MM Loans to 'B'
---------------------------------------------------------
CRISIL has upgraded the rating of the bank facilities of
Prabh Dayal OM Parkash (Jalandhar) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

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

   Proposed Long Term    10        CRISIL B/Stable (Upgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan             15        CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The rating upgrade reflects the improvement in PDOP's liquidity as
reflected in net cash accruals of INR4.5 million in 2013-14
(refers to financial year, April 1 to March 31) against repayment
obligations of INR3 million maturing in that year. The accruals
have been higher than expected due to better-than-expected
profitability, which was a result of increased management focus
towards selling to more profitable customers. Operating margin is
expected to remain in the range of 3 to 3.5 per cent over the
medium term. Liquidity is also supported by funding support from
the proprietor in the form of unsecured loans of around INR10
million as on March 31, 2014.

As a result of improved margins and sustained working capital
requirements, the financial risk profile of the firm has improved
as reflected in the interest coverage ratio of 1.4 times in 2013-
14 as compared with 1.2 times in 2012-13. The firm reported modest
net worth of around INR47 million and total outside liabilities to
tangible net worth (TOLTNW) of around 3.97 times as on March 31,
2014. The financial risk profile is expected to improve further
over the medium term driven by expected increase in the firm's
revenue on account of increased demand from existing customers and
sustained operating margin.

The rating reflects PDOP's working-capital-intensive operations
and moderate financial risk profile, marked by moderate TOLTNW
ratio and debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of PDP's
proprietor and its established relationship with customers and
suppliers.

Outlook: Stable

CRISIL believes that PDOP will benefit over the medium term from
its proprietor's extensive industry experience. The outlook may be
revised to 'Positive' in case of substantial increase in the
firm's revenue and cash accruals, along with improvement in its
debt protection measures. Conversely, the outlook may be revised
to 'Negative' if there is steep decline in its profitability
margin from the current levels or if there is significant
deterioration in its capital structure on account of larger-than-
expected working capital requirements.

PDP is a proprietorship firm promoted by Mr. Subhash Chandra
Agarwal. The firm is engaged in the distribution of galvanised
iron (GI), polyvinyl chloride (PVC), high density polyethylene
(HDPE), poly propylene random (PPR) pipes, and pipe fittings in
North India.


RADHA-RUKMAN PACKAGES: CARE Assigns 'B+' Rating to INR17.9cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to the bank facilities
of Radha-Rukman Packages Private Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities     17.9      CARE B+ Assigned
   Short term Bank Facilities     0.5      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Radha Rukman
Packages Pvt. Ltd. are primarily constrained by its limited track
record coupled with small scale of operation and weak financial
risk profile marked by losses in FY13 (refers to the period April
1 to March 31) resulting in the erosion of net-worth, weak debt
coverage indicators and the stressed liquidity position. The
ratings are further constrained by its susceptibility to volatile
raw material prices, high working capital intensity and its
presence in the highly fragmented and competitive industry.
The aforesaid constraints are partially offset by experience of
the promoters in the packaging & printing industry and moderated
order book position.

Going forward, RPL's ability to grow its scale of operations
amidst increasing competition, along with efficient management of
its working capital is the key rating sensitivity.

Radha Rukman Packages Pvt Ltd was incorporated in August, 2008 and
was promoted by Mr. Govardhan Lal Sikaria and his family members
based out of Kolkata. The company, after remaining dormant for
three years, commenced operation from January 2012. RPL is engaged
in the manufacturing of corrugated & duplex boxes and providing
offset printing services. The facilities of the company are
located at Howrah, West Bengal, with an installed capacity to
manufacture of 8,400 tonnes per annum (TPA) of corrugated & duplex
boxes. RPL carries out manufacturing & printing as per the designs
and specification provided by the customers and its products are
used for packaging in different industries like pharmaceuticals,
textiles, automobile, engineering, consumer goods industry, etc.

During FY13, RPL had reported a total operating income of INR5.13
crore and net loss of INR0.72 crore. Furthermore, as per the
provisional 11MFY14, the company has achieved a turnover of
INR19.5 crore.


RADHEY SHYAM: CRISIL Reaffirms 'B' Rating on INR100MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Radhey Shyam
Trading Co continues to reflect RST's weak financial risk profile,
marked by a leveraged capital structure, weak debt protection
metrics, and stretched liquidity, and its small scale of
operations in the intensely competitive rice industry. These
rating weaknesses are partially offset by the extensive industry
experience of the firm's proprietor.

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

   Warehouse Receipts     90         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RST's financial risk profile will remain weak
over the medium term driven by its large working capital
requirements. The outlook may be revised to 'Positive' if the firm
registers significant improvement in its scale of operations and
profitability, leading to a better capital structure. Conversely,
the outlook may be revised to 'Negative' if RST's profitability
and revenue decline, or if its working capital requirements are
larger than expected, leading to further stretch in its liquidity.

Update
RST is expected to report revenue of around INR654 million for
2013-14 (refers to financial year, April 1 to March 31) vis-a-vis
INR512 million reported for 2012-13. The growth is primarily
driven by increase in the quantity traded. The revenue is expected
to grow at 8 to 10 per cent per annum, though on a small base,
over the medium term. The firm's operating margin remains low at
around 1.5 per cent owing to the trading nature of its business,
and is expected to remain at a similar level over the medium term.

RST's financial risk profile is expected to remain weak over the
medium term, driven by large incremental working capital
requirements and a small net worth. Its incremental working
capital requirements are expected to be largely funded by bank
borrowings due to low net cash accruals given its low
profitability. The firm's net worth is estimated at around INR16
million as on March 31, 2014, and is expected to remain small over
the medium term. This is expected to keep its total outside
liabilities to tangible net worth ratio high at around 3.0 times.
RST's interest coverage ratio is expected to remain at around 1.2
times owing to low profitability. Its risk coverage1 ratio is also
expected to remain low at around 1.3 times over this period due to
its small net worth and large inventory requirements. Though the
firm's net cash accruals are expected to remain low at around
INR0.6 million over the medium term, there are no repayment
obligations. The working capital requirements are expected to
remain large due to the seasonal nature of the business.

RST reported, on a provisional basis, a profit after tax (PAT) of
INR0.6 million on net sales of INR654 million in 2013-14; it had
reported a PAT of INR0.5 million on net sales of INR512.1 million
for 2012-13.

RST was set up as a proprietorship firm by Mr. Shivcharan Bansal
in 2009. It trades in rice and paddy. The firm is based in Narela
(New Delhi).


SEETHARAMA COTTON: CRISIL Reaffirms 'B' Rating on INR80MM Loans
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Seetharama
Cotton Industries continues to reflect SCI's small scale of
operations and weak financial risk profile, marked by high
gearing, small net worth, and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of SCI's partners.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            60         CRISIL B/Stable (Reaffirmed)
   Long Term Loan         17.5       CRISIL B/Stable (Reaffirmed)
   SME Credit              2.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCI will continue to benefit over the medium
term from the extensive experience of its promoters' in the cotton
ginning industry. The outlook may be revised to 'Positive' if
there is a substantial and sustained improvement in the firm's
revenues and profitability or there is substantial increase in its
net-worth on the back of equity infusion from promoters.
Conversely, the outlook may be revised to 'Negative' if there is a
steep decline in the firm's revenues and profitability or there is
a significant deterioration in its capital structure on account of
larger-than-expected working capital requirements or large debt-
funded capex.

Set up in 2008 as a partnership firm, SCI is engaged in ginning
and pressing of raw cotton and sells cotton lint and cotton seeds.
The firm was promoted by Mr. Kamishetti Prakash, Mr. Yamsani
Suresh, and their family members. SCI's ginning unit in based in
Karimnagar District (Andhra Pradesh).


SHARDA FORGINGS: ICRA Suspends 'B+/A4' Rating on INR7cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+, [ICRA]A4 rating for the INR7.00
Crore bank facilities of Sharda Forgings & Stampings (P) Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SNB INFRASTRUCTURE: CRISIL Cuts Rating on INR500MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of SNB Infrastructure Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Bank Guarantee             200       CRISIL D (Downgraded from
                                        'CRISIL A4+')

   Cash Credit                140       CRISIL D (Downgraded from
                                        'CRISIL BB+/Stable')

   Proposed Bank Guarantee    100       CRISIL D (Downgraded from
                                        'CRISIL A4+')

   Proposed Cash Credit        60       CRISIL D (Downgraded from
   Limit                                'CRISIL BB+/Stable')

The rating downgrade reflects instances of delay by SNB in
servicing its debt obligations; the delays have been caused by the
company's weak liquidity driven by a stretch in its working
capital cycle and low net cash accruals as against its large term
debt obligations.

SNB's credit risk profile is constrained because of its large
working capital requirements and weak financial risk profile,
primarily liquidity. The ratings also reflect SNB's exposure to
cyclicality in the domestic investment scenario and intense
competition in the infrastructure and construction industry. These
rating weaknesses are partially offset by its promoter's extensive
experience of more than three decades in the construction business
and its track record of successful execution of past orders.

SNB was originally set up in 1977 as a partnership firm named
Shyam Narayan & Brothers, and was reconstituted as a private
limited company with the current name with effect from October 1,
2009. The Company, based in Mumbai, is managed by Mr. Ram Narayan
Upadhyay and other Directors. SNB undertakes infrastructure-
related construction activities and earthwork projects for
government and private-sector entities.

SNB reported a profit after tax (PAT) of INR      12.86 million on
net sales of INR767 million for 2012-13, against a PAT of INR36.93
million on net sales of INR960 million for 2011-12.


SOLAR SEMICONDUCTOR: ICRA Suspends D Rating on INR508.68cr Loans
----------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR258.44
crore term loans, INR173.09 crore fund based limits and INR77.15
crore non-fund based limits of Solar Semiconductor Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SRI KRISHNA: CRISIL Reaffirms 'B+' Rating on INR196.4MM Loans
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Krishna
Metcom Ltd continues to reflect SKML's nascent stage of operations
and its exposure to, regulatory changes, volatility in raw
material prices, and vagaries of the monsoon. These rating
weaknesses are partly offset by the benefits that SKML derives
from its promoters' experience in the rice milling industry and
the stable demand for rice.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           110        CRISIL B+/Stable (Reaffirmed)
   Term Loan              86.4      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SKML will continue to benefit from the
healthy prospects for the rice processing industry over the medium
term. The outlook may be revised to 'Positive' in case of timely
stabilisation of company's operations and higher-than-expected
revenue and profitability. Conversely, the outlook may be revised
to 'Negative' if there is lower-than-expected capacity
utilisation, or significant stretch in working capital management,
resulting in weakening in SKML's overall financial risk profile.

Established in 2008, SKML is operating a non-basmati parboiled
rice mill at Nagri, Ranchi (Jharkhand). The company's day-to-day
operations are looked after by its promoter director Mr. G P Sahu,
and Mr. Yogesh Sahu.


SRI RAM: CRISIL Assigns 'B' Rating to INR78.4MM Loans
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sri Ram Technopack Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             28.4        CRISIL B/Stable
   Cash Credit           50          CRISIL B/Stable
   Inland Guarantees      1.6        CRISIL A4

The ratings reflect SRTPL's limited track record and small scale
of operations, susceptibility of its profitability margins to
volatility in raw material prices, and its exposure to intense
competition in the packaging industry. The ratings of the company
are also constrained on account of its below-average financial
risk profile marked by its small net worth, high gearing, and
average debt protection metrics. These rating weakness are
partially offset by the extensive entrepreneurial experience of
SRTPL's promoters, and the company's efficient working capital
management.

Outlook: Stable

CRISIL believes that SRTPL will continue to benefit over the
medium term from its promoters' extensive industry experience, and
its efficient working capital management. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in the company's revenue and profitability margins, or
there is a substantial improvement in its capital structure on the
back of sizeable equity infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
SRTPL's profitability margins, or significant deterioration in its
capital structure caused most likely because of a large debt-
funded capital expenditure or a stretch in its working capital
cycle.

CRISIL believes that SRTPL will continue to benefit over the
medium term from its promoters' extensive industry experience, and
its efficient working capital management. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in the company's revenue and profitability margins, or
there is a substantial improvement in its capital structure on the
back of sizeable equity infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
SRTPL's profitability margins, or significant deterioration in its
capital structure caused most likely because of a large debt-
funded capital expenditure or a stretch in its working capital
cycle.


SWAN ELECTRIC: CRISIL Rates INR30 Million Loan at 'B+'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Swan Electric Contracts Company Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Letter of Credit       10         CRISIL A4
   Bank Guarantee         10         CRISIL A4
   Cash Credit            30         CRISIL B+/Stable

The ratings reflect SECCPL's modest scale and working-capital-
intensive nature of operations in the intensely competitive
electrical components and equipment industry. These rating
weaknesses are partially offset by the extensive industry
experience of SECCPL's promoters.

Outlook: Stable

CRISIL believes that SECCPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations and profitability or improves its working
capital management, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SECCPL's
accruals decline, or if it undertakes a large debt-funded capital
expenditure programme, or if its working capital management
weakens, resulting in deterioration in its financial risk profile.

SECCPL, established in 2007 in Chennai (Tamil Nadu), undertakes
electrical turnkey projects including design, installation,
testing, and commissioning of electrical equipment. The company's
day-to-day operations are managed by its director, Mr. Philip
Samuel.

SECCPL reported a profit after tax (PAT) of INR8.4 million on
total revenue of INR160.3 million for 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR6.9 million on
total revenue of INR158.4 million for 2011-12.


YASH BREEDING: ICRA Assigns 'B' Rating to INR10cr Loans
-------------------------------------------------------
ICRA has assigned '[ICRA]B' ratings for the INR10.0 Crore bank
facilities of M/s Yash Breeding Farm.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             5.1        [ICRA]B
   Cash Credit           3.0        [ICRA]B
   Unallocated           1.9        [ICRA]B

The assigned rating takes into account the healthy demand outlook
for the broiler chicken industry in India. The demand for the same
remains high, both on account of lower cost of chicken over other
alternatives as well as religious preferences, which hinder
consumption of other forms of meat. The ratings, however, are
constrained by YBF's weak financial profile as indicated by
moderate gearing levels, thin net margins and low coverage
indicators. The ratings are further constrained by the inherent
weaknesses in the form of seasonal demand and susceptibility to
risks like disease outbreak. ICRA also takes note of the
fragmented industry structure with presence of various unorganised
players which limits pricing flexibility.

The profitability margins remain vulnerable to volatility in raw
material prices; as such ability to pass on increase in raw
material cost remains critical for protecting and enhancing
profitability. Going forward, the ability of the firm to manage
the feed costs and increase its scale of operations in a
profitable manner will remain key sensitivities.

M/s Yash Breeding Farm was incorporated in 2005 as a partnership
firm. The firm is engaged in breeding of parent birds, artificial
hatching of the eggs obtained from them and selling them to
farmers located in Haryana, J&K, Rajasthan & Bihar. The farm and
hatchery of the firm is located at Jind in Haryana. The partners
in the firm are Mr. Kulwant Singh, Mr. Narender Kumar and Mr.
Bhagat Ram. The unit is run under the direct supervision & control
of the partners.

Recent Results

As per the provisional figures YBF recorded an operating income of
INR13.5 crore in FY14 as against an operating income of INR9.4
crore in FY13.



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


PAKUWON JATI: Fitch Puts 'B+(EXP)' Rating on Proposed US$ Notes
---------------------------------------------------------------
Fitch Ratings has assigned PT Pakuwon Jati Tbk's (Pakuwon)
proposed US dollar notes due in 2019 a 'B+(EXP)' rating, with a
Recovery Rating of 'RR4'.  At the same time, the agency has
published Pakuwon's Foreign Currency Long-Term Issuer Default
Rating (IDR) and Foreign Currency Senior Unsecured Rating at 'B+'.
The Outlook is Stable for the Foreign Currency Long-Term IDR.

The new notes will be issued by Pakuwon Prima Pte Ltd and
guaranteed by Pakuwon and some of its subsidiaries.  The final
rating is contingent upon receipt of the final documents
conforming to information already received.  The notes are rated
at the same level as Pakuwon's senior unsecured debt rating as
they represent direct, unconditional, unsecured and unsubordinated
obligations of the company.

KEY RATING DRIVERS

Support from Investment Property Portfolio: Pakuwon is a
diversified real estate developer based in Indonesia.  The
company's property portfolio includes retail, residential,
commercial and hospitality developments.  Its ratings reflect its
solid investment properties, which contributed 48% of total
revenue in 2013.  Furthermore, 42% of the revenue was derived from
its shopping mall and office leasing operations which have a long-
term lease profile.

These investment properties generated solid recurring EBITDA of
IDR778bn (USD67m) and recurring EBITDA/interest coverage of 3.8x,
which along with the company's strong liquidity position will help
it manage any cyclicality and volatility of property development.

Quality Assets: The company's investment portfolio is spread
across four well established and strategically located prime
locations in Jakarta and Surabaya.  The main projects comprise of
mixed use high rise developments (apartments, office, retail, and
sometimes hotel).  Pakuwon's malls, while providing stable
recurring revenue, anchor each of its land banks in Jakarta and
Surabaya, thereby attracting residents and office tenants while
servicing as focal points for local communities.  The company has
a strong track record of managing its lease retail occupancy, and
consistently achieves above industry average occupancy.

Higher Margin than Peers: Fitch expects Pakuwon to generate EBITDA
margin above 50% in the medium term, supported by a low cost land
bank and the company's ability to create value in its superblocks.
Pakuwon posted EBITDA margin of 56% in 2013 (2012: 55.6%), higher
than other rated developers such as PT Alam Sutera Realty Tbk
(B+/Stable) with 42% and PT Lippo Karawaci Tbk (BB-/Stable) with
27%.  Fitch believes that such a high margin will provide some
pricing flexibility during a downturn in the property cycle.

Limited Scale and Diversification: Pakuwon's rating is constrained
by its limited scale and project diversification.  Fitch expects
the company to generate most of its cash flows from its current
established super blocks in the medium term.  Based on the current
rate of development, the company's land bank of 394 hectares would
be sufficient for more than 10 years of development.  Although the
company will launch a new residential project in West Surabaya in
2H2014, Fitch notes that its projects and cash flows are less
diversified than higher rated peers.

RATING SENSITIVITIES

Positive rating action is not anticipated in the medium-term given
the company's limited scale, projects, and cash flow
diversification.

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

   -- Sustained deterioration of recurring EBITDA from investment
      properties (IP) /interest below 2.5x

   -- net debt/net inventory (net inventory defined as IP +
      Inventory + Property and Equipment - Advances) rises above
      50% on a sustained basis

   -- weakening of business profile as evidenced by significant
      rise in vacancy rates or a sustain fall in rentals

   -- any evidence of weakening in liquidity



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


SOUTH CANTERBURY FINANCE: Conduct Didn't Cause Collapse
-------------------------------------------------------
Emma Bailey at The Timaru Herald reports that the South Canterbury
Finance (SCF) accused are victims of factors beyond their control,
a lawyer told the High Court in Timaru on June 18.

The report relates that opening the defence case in New Zealand's
biggest fraud trial, Pip Hall QC said the collapse of SCF was
caused by the global financial crisis and by its chairman, Allan
Hubbard, being placed in statutory management.

Former directors Ed Sullivan and Robert White, and former chief
executive Lachie McLeod, are before Justice Paul Heath and between
them face 18 charges, according to the report.

According to the report, Mr. Hall, appearing for Mr. Sullivan,
said the "headline-grabbing" cost of the collapse, at
NZ$1.58 billion, had dominated the case.

"The defence submits the alleged conduct was not the reason for
the failure of it [SCF]. [It was] firstly the global financial
crisis which led to the collapse worldwide and secondly the
decision to place Mr and Mrs Hubbard and associated entities under
statutory management in June 2010. Two months later, SCF was
placed in receivership," Mr. Hall, as cited by The Timaru Herald,
said.

The financial collapse saw many of SCF's loans defaulting, he
said, and the company was vulnerable by virtue of its size, the
report relates.

"Clearly at the time, SCF was the largest non-retail deposit-
taking institution in New Zealand and it was clearly in trouble
with impaired loans," notes the report.

The most serious charge, which relates to the finance firm's entry
into the Crown Deposit Guarantee Scheme, would also be a key
focus, he said.

The report relates that Mr. Hall said the entry would likely have
been delayed by alleged omissions the Crown had focused on, but
the scheme would still have been entered into.

"What has never been highlighted is that although $1.58b was paid
out, there has been the recovery of half of that and the recovery
continues. The loss to the taxpayer has not been established."

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


* BOND PRICING: For the Week June 16 to June 20, 2014
-----------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MAN    7.00     04/01/21    USD    74.75
BOART LONGYEAR MAN    7.00     04/01/21    USD    76.38
GRIFFIN COAL MININ    9.50     12/01/16    USD    71.88
GRIFFIN COAL MININ    9.50     12/01/16    USD    71.88
MIDWEST VANADIUM P   11.50     02/15/18    USD    41.56
MIDWEST VANADIUM P   11.50     02/15/18    USD    45.88
MIRABELA NICKEL LT    8.75     04/15/18    USD    23.25
MIRABELA NICKEL LT    8.75     04/15/18    USD    24.00
NEW SOUTH WALES TR    0.50     09/14/22    AUD    74.30
NEW SOUTH WALES TR    0.50     10/07/22    AUD    74.09
NEW SOUTH WALES TR    0.50     10/28/22    AUD    73.90
NEW SOUTH WALES TR    0.50     12/16/22    AUD    73.86
NEW SOUTH WALES TR    0.50     11/18/22    AUD    73.70
NEW SOUTH WALES TR    0.50     02/02/23    AUD    73.97
NEW SOUTH WALES TR    0.50     03/30/23    AUD    72.86
RELIANCE RAIL FINA    2.97     09/26/20    AUD    71.75
RELIANCE RAIL FINA    2.97     09/26/20    AUD    71.75
TREASURY CORP OF V    0.50     11/12/30    AUD    52.38
TREASURY CORP OF V    0.50     08/25/22    AUD    75.09
TREASURY CORP OF V    0.50     03/03/23    AUD    73.44


CHINA
-----

CHANGCHUN CITY DEV    6.08     03/09/16    CNY    70.52
CHANGCHUN CITY DEV    6.08     03/09/16    CNY    70.57
CHANGZHOU SMALL &     6.18     11/29/14    CNY    60.21
CHINA GOVERNMENT B    1.64     12/15/33    CNY    64.28
DANYANG INVESTMENT    6.30     06/03/16    CNY    70.00
GUANGXI XINFAZHAN     5.75     11/30/14    CNY    39.86
KUNSHAN ENTREPRENE    4.70     03/30/16    CNY    69.28
KUNSHAN ENTREPRENE    4.70     03/30/16    CNY    69.32
QINGZHOU HONGYUAN     6.50     05/22/19    CNY    49.92
QINGZHOU HONGYUAN     6.50     05/22/19    CNY    49.18
ZHENJIANG CITY CON    5.85     03/30/15    CNY    70.13
ZHENJIANG CITY CON    5.85     03/30/15    CNY    70.41
ZHUCHENG ECONOMIC     7.50     08/25/18    CNY    57.16
ZIBO CITY PROPERTY    5.45     04/27/19    CNY    59.08
ZOUCHENG CITY ASSE    7.02     01/12/18    CNY    70.75


INDONESIA
---------

DAVOMAS INTERNATIO   11.00     12/08/14    USD    19.38
DAVOMAS INTERNATIO   11.00     12/08/14    USD    19.38
INDONESIA TREASURY    6.38     04/15/42    IDR    74.87
PERUSAHAAN PENERBI    6.75     04/15/43    IDR    74.80
PERUSAHAAN PENERBI    6.10     02/15/37    IDR    70.50


INDIA
-----

3I INFOTECH LTD       5.00     04/26/17    USD    41.13
CORE EDUCATION & T    7.00     05/07/15    USD     9.25
COROMANDEL INTERNA    9.00     07/23/16    INR    16.12
DEWAN HOUSING FINA    5.50     09/24/23    INR    72.32
GTL INFRASTRUCTURE    2.53     11/09/17    USD    36.49
INDIA GOVERNMENT B    0.23     01/25/35    INR    20.06
JCT LTD               2.50     04/08/11    USD    20.00
MASCON GLOBAL LTD     2.00     12/28/12    USD    10.00
PYRAMID SAIMIRA TH    1.75     07/04/12    USD     1.00
REI AGRO LTD          5.50     11/13/14    USD    55.88
REI AGRO LTD          5.50     11/13/14    USD    55.88
SHIV-VANI OIL & GA    5.00     08/17/15    USD    25.99


JAPAN
-----

ELPIDA MEMORY INC     0.70     08/01/16    JPY    13.13
ELPIDA MEMORY INC     0.50     10/26/15    JPY    14.25
ELPIDA MEMORY INC     2.10     11/29/12    JPY    14.25
ELPIDA MEMORY INC     2.29     12/07/12    JPY    16.13
ELPIDA MEMORY INC     2.03     03/22/12    JPY    14.38
JAPAN EXPRESSWAY H    0.50     03/18/39    JPY    70.43
JAPAN EXPRESSWAY H    0.50     09/17/38    JPY    70.92


KOREA
-----

EXPORT-IMPORT BANK    0.50     10/23/17    TRY    72.39
EXPORT-IMPORT BANK    0.50     12/22/17    BRL    66.85
EXPORT-IMPORT BANK    0.50     12/22/17    TRY    71.05
EXPORT-IMPORT BANK    0.50     12/22/16    BRL    75.16
EXPORT-IMPORT BANK    0.50     11/21/17    BRL    68.31
GREAT KODIT SECURI   10.00     09/29/14    KRW    73.16
HYUNDAI MERCHANT M    7.05     12/27/42    KRW    45.45
KIBO ABS SPECIALTY   10.00     08/22/17    KRW    32.34
KIBO ABS SPECIALTY   10.00     02/19/17    KRW    29.82
KIBO ABS SPECIALTY   10.00     09/04/16    KRW    30.47
KOREA LAND & HOUSI    3.99     03/26/44    KRW    73.90
SINBO CONSTRUCTION   10.00     09/29/14    KRW    73.16
SINBO SECURITIZATI    5.00     03/14/16    KRW    72.39
SINBO SECURITIZATI    8.00     02/02/15    KRW    74.88
SINBO SECURITIZATI    5.00     02/02/16    KRW    73.03
SINBO SECURITIZATI    8.00     03/07/15    KRW    74.20
SINBO SECURITIZATI    5.00     12/07/15    KRW    72.51
SINBO SECURITIZATI    5.00     01/19/16    KRW    72.45
SINBO SECURITIZATI    5.00     09/13/15    KRW    73.10
SINBO SECURITIZATI    5.00     09/13/15    KRW    62.52
SINBO SECURITIZATI    5.00     08/24/15    KRW    70.81
SINBO SECURITIZATI    5.00     07/19/15    KRW    70.93
SINBO SECURITIZATI    5.00     05/27/16    KRW    30.16
SINBO SECURITIZATI    5.00     10/05/16    KRW    29.83
SINBO SECURITIZATI    5.00     09/28/15    KRW    70.77
SINBO SECURITIZATI    5.00     10/05/16    KRW    29.83
SINBO SECURITIZATI    5.00     12/13/16    KRW    29.66
SINBO SECURITIZATI    5.00     07/26/16    KRW    29.94
SINBO SECURITIZATI    5.00     07/26/16    KRW    29.94
SINBO SECURITIZATI    5.00     01/29/17    KRW    29.57
SINBO SECURITIZATI    5.00     06/29/16    KRW    30.05
SINBO SECURITIZATI    5.00     02/21/17    KRW    27.95
SINBO SECURITIZATI    5.00     08/16/16    KRW    30.08
SINBO SECURITIZATI    5.00     08/31/16    KRW    29.85
SINBO SECURITIZATI    5.00     08/31/16    KRW    29.85
SINBO SECURITIZATI    5.00     08/16/17    KRW    30.07
SINBO SECURITIZATI    5.00     08/16/17    KRW    30.07
SINBO SECURITIZATI    5.00     05/27/16    KRW    30.16
SINBO SECURITIZATI    4.60     06/29/15    KRW    72.45
SINBO SECURITIZATI    4.60     06/29/15    KRW    72.45
SINBO SECURITIZATI    5.00     02/21/17    KRW    29.45
SINBO SECURITIZATI    5.00     03/13/17    KRW    29.47
SINBO SECURITIZATI    5.00     07/08/17    KRW    30.27
SINBO SECURITIZATI    5.00     07/08/17    KRW    30.27
SINBO SECURITIZATI    5.00     03/13/17    KRW    29.47
SINBO SECURITIZATI    5.00     06/07/17    KRW    27.47
SINBO SECURITIZATI    5.00     06/07/17    KRW    27.47
TONGYANG CEMENT &     7.50     04/20/14    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 &     7.30     06/26/15    KRW    70.00
TONGYANG CEMENT &     7.30     04/12/15    KRW    70.00
U-BEST SECURITIZAT    5.50     11/16/17    KRW    29.85
WOONGJIN ENERGY CO    2.00     12/19/16    KRW    60.89


SRI LANKA
---------

SRI LANKA GOVERNME    5.35     03/01/26    LKR    65.49


MALAYSIA
--------

BANDAR MALAYSIA SD    0.35     02/20/24    MYR    64.13
BANDAR MALAYSIA SD    0.35     02/22/21    MYR    74.96
BRIGHT FOCUS BHD      2.50     01/22/31    MYR    68.57
BRIGHT FOCUS BHD      2.50     01/24/30    MYR    69.97
SENAI-DESARU EXPRE    1.35     12/31/29    MYR    57.32
SENAI-DESARU EXPRE    1.15     06/30/23    MYR    70.04
SENAI-DESARU EXPRE    1.35     06/29/29    MYR    58.21
SENAI-DESARU EXPRE    1.35     06/30/28    MYR    60.04
SENAI-DESARU EXPRE    1.15     12/30/22    MYR    71.64
SENAI-DESARU EXPRE    1.35     12/31/30    MYR    55.57
SENAI-DESARU EXPRE    1.35     12/29/28    MYR    59.13
SENAI-DESARU EXPRE    1.15     06/30/25    MYR    64.52
SENAI-DESARU EXPRE    1.35     06/30/27    MYR    61.99
SENAI-DESARU EXPRE    1.15     12/31/24    MYR    65.71
SENAI-DESARU EXPRE    1.10     06/30/22    MYR    72.91
SENAI-DESARU EXPRE    1.35     12/31/25    MYR    65.07
SENAI-DESARU EXPRE    1.35     06/30/31    MYR    54.71
SENAI-DESARU EXPRE    1.35     06/28/30    MYR    56.47
SENAI-DESARU EXPRE    1.15     06/28/24    MYR    66.99
SENAI-DESARU EXPRE    1.15     12/29/23    MYR    68.50
SENAI-DESARU EXPRE    1.35     06/30/26    MYR    63.99
SENAI-DESARU EXPRE    1.35     12/31/26    MYR    62.99
SENAI-DESARU EXPRE    1.35     12/31/27    MYR    61.01


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

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


SINGAPORE
---------

BAKRIE TELECOM PTE   11.50     05/07/15    USD    11.10
BAKRIE TELECOM PTE   11.50     05/07/15    USD     9.25
BLD INVESTMENTS PT    8.63     03/23/15    USD    30.00
BUMI CAPITAL PTE L   12.00     11/10/16    USD    52.45
BUMI CAPITAL PTE L   12.00     11/10/16    USD    50.02
BUMI INVESTMENT PT   10.75     10/06/17    USD    49.75
BUMI INVESTMENT PT   10.75     10/06/17    USD    50.53
ENERCOAL RESOURCES    9.25     08/05/14    USD    35.03
INDO INFRASTRUCTUR    2.00     07/30/10    USD     1.88


THAILAND
--------

G STEEL PCL           3.00     10/04/15    USD    13.63
MDX PCL               4.75     09/17/03    USD    17.13



                             *********

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 202-241-8200.



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