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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

          Friday, December 12, 2014, Vol. 17, No. 246


                            Headlines


A U S T R A L I A

CABRAL RESOURCES: Administrators Seek Expression of Interests
GREGORYS TRANSPORT: Placed Into Liquidation
INTERGRATED OFFICE: First Creditors' Meeting Slated For Dec. 18
ITAC SERVICES: First Creditors' Meeting Set For Dec. 19
MARION ENERGY: TCS and Castlelake Seek Dismissal of Case

MARION ENERGY: Replies to TCS' Objection to DIP Financing
MOORESCLOUD PTY: William Buck Appointed as Liquidators
NEAL IT: Forced Into Administration, Owes AU$100,000
PIE FACE: Seeking Rent Cuts to Help Fast-food Chain Survive
PIE FACE: Administrators Start Formal Sale Process

REUBEN BEAZLEY: In Liquidation, Owes Creditors AU$600,000++
SISS SOFTWARE: First Creditors' Meeting Set For December 18
TEN NETWORK: Competition Regulator Confirms Possible Sale


C H I N A

BAOXIN AUTO: S&P Affirms then Withdraws 'BB-' CCR Rating
SUNSHINE 100: Fitch Rates Prop. US$ Sr. Unsec. Notes 'B-(EXP)'


I N D I A

ABHISHEK MOTORS: CRISIL Assigns D Rating to INR75MM Cash Credit
AEROCON BUILDWELL: CARE Assigns B Rating to INR18.32cr Bank Loan
AMY JEWELLERY: CRISIL Assigns B Rating to INR20MM Cash Credit
ANAND ENTERPRISE: CRISIL Suspends B Rating on INR80MM Cash Loan
ANUPAM NIRMAN: CRISIL Suspends 'C' Rating on INR80MM Cash Loan

APOLLO AGRO: CRISIL Suspends B+ Rating on INR100MM Demand Loan
AVNI YARNS: CARE Revises Rating on INR5.85cr LT Bank Loan to B+
BABU ENGINEERING: CRISIL Rates INR6.5MM Cash Credit at 'B+'
BALAJI COTTON: CRISIL Suspends B Rating on INR32MM LT Loan
DELHI FORGE: CRISIL Suspends B Rating on INR50MM Cash Credit

DIAMOND POWER: CARE Cuts Rating on INR40cr Bank Loan to 'C(SO)'
DOLBI'S GRANITE: CARE Revises Rating on INR7.95cr LT Loan to D
GHANSHYAM PULSES: CRISIL Puts B+ Rating on INR62.5MM Cash Loan
GHANSHYAM UDHYOG: CRISIL Assigns B+ Rating to INR62.5MM Cash Loan
INFUTEC HEALTHCARE: CARE Assigns B+ Rating to INR66.5cr Bank Loan

INTEGRATED CAPS: CRISIL Rates INR250MM Term Loan at B-
KG IRON: CRISIL Reaffirms B+ Rating on INR45MM Term Loan
KOS OILS: CRISIL Reaffirms B+ Rating on INR340MM Cash Credit
MAA BHAWANI: CRISIL Assigns B Rating to INR40MM Cash Credit
MRK PIPES: CRISIL Suspends D Rating on INR310MM Term Loan

PACIFIC CONSTRUCTIONS: CRISIL Puts B+ Rating on INR13MM Loan
PACK PRINT: CRISIL Reaffirms B+ Rating on IN85MM Cash Credit
PARTH FOILS: CRISIL Suspends D Rating on INR220MM Long Term Loan
RAJSHREE SPINTEX: CRISIL Assigns B Rating to INR37.5MM Cash Loan
RAMA FERRO: CRISIL Assigns B+ Rating to INR30MM Cash Credit

SANTOSHI HYVOLT: CRISIL Puts B+ Rating on INR40MM Cash Credit
SHAKUNTALA WARE: CRISIL Puts B Rating on INR160MM Cash Credit
SHALIN INFRASTRUCTURE: CARE Assigns B+ Rating to INR5cr Bank Loan
SIDDHI STEELS: CRISIL Assigns B Rating to INR54MM Cash Credit
SRI LAKSHMI: CRISIL Suspends B+ Rating on INR79.8MM Cash Credit

SRI SRI COTTON: CRISIL Suspends B Rating on INR50MM Cash Credit
SU - RAJ DIAMOND: CRISIL Suspends D Rating on INR2.0BB Bank Loan
SUNLEX FABRICS: CARE Reaffirms B Rating on INR21.74cr Bank Loan
SVKR PROPERTY: CRISIL Assigns B+ Rating to INR150MM LT Loan
UNITECH AUTOMOBILES: CRISIL Suspends B Rating on INR300MM Loan

VIJAYNATH INTERIORS: CRISIL Cuts Rating on INR155.2MM Loan to B-
YA MOHIDEEN: CRISIL Suspends B Rating on INR62.5MM Cash Credit


J A P A N

SKYMARK AIRLINES: Mulls Seeking Aid From All Nippon


N E W  Z E A L A N D

REDCLIFFE FORESTRY: Scheme Investor Placed Into Liquidation


S O U T H  K O R E A

MAGNACHIP SEMICONDUCTOR: S&P Puts B+ CCR on CreditWatch Negative
MONUEAL INC: Lenders Face More Than KRW600 Billion Losses


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


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A U S T R A L I A
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CABRAL RESOURCES: Administrators Seek Expression of Interests
-------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought by the administrators of Cabral Resources
Limited and Cabral Brazil Pty Limited.

The report relates that the expressions of interest are intended
for either recapitalisation, equity participation or restructure
proposals through a Deed of Company Arrangement or the acquisition
of the companies' subsidiaries in Brazil.

Based in Australia, Cabral Resources Limited --
http://cabralresources.com.au/-- formerly RIMCapital Limited, is
engaged in the mineral exploration in Bahia State, Brazil
predominately for iron ore but including other minerals,
activities related to securing and advancing export infrastructure
solutions on the FIOL rail line and proposed Porto Sul port
development, activities related to additional ground consolidation
in the Bahia State region and ongoing third party project
assessment, due diligence and potential acquisition work and
related activities. The Company's subsidiaries include Northern
Yeelirrie Pty Limited and Cabral Brazil Pty Limited.

Barry Frederic Kogan and Joseph David Hayes of McGrathNicol were
appointed as administrators of Cabral Brazil Pty Limited and
Cabral Resources Limited on Dec. 1, 2014.


GREGORYS TRANSPORT: Placed Into Liquidation
-------------------------------------------
InsolvencyNews reports that Gregorys Transport has been placed
into liquidation last week with more than AUD10 million debts. The
company's director is under investigation now and may face charges
for trading while insolvent, the report says.

According to the report, the liquidator has been appointed, saying
that around 85 full-time employees are owed superannuation for
almost one year and also owed NZ$600,000 to truck drivers.

"My preliminary view is that the company has been trading while
insolvent. When superannuation is outstanding for this sort of
period, it is a very likely indicator," the liquidator said,
InsolvencyNews relays.

InsolvencyNews quotes Jamieson Louttit of Insolvency and Advisory
firm Jamieson Louttit & Associates as saying that: "Insolvent
trading occurs when an insolvent company incurs debt at a time
when there are reasonable grounds to suspect that the company
would be unable to repay that debt."

Gregorys Transport has been operating since 1982 and has branches
in Melbourne, Sydney, Brisbane and Perth. The company was involved
in freight, warehousing and distribution.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 24, 2014, SmartCompany said Nicholas Martin and Stephen
Longley have been appointed receivers to Gregorys Transport.
PPB Advisory said its appointment is focused on assisting
Gregorys' customers to make an orderly transition to suitable
alternate transport providers to minimise disruption to services.
PPB also confirmed Ferrier Hodgson was previously appointed as
receivers and managers of particular Gregorys Transport's fixed
assets and those of its related entity, SmartCompany added.


INTERGRATED OFFICE: First Creditors' Meeting Slated For Dec. 18
---------------------------------------------------------------
Blair Pleash and Kathleen Vouris of Hall Chadwick Chartered
Accountants were appointed as administrators of Intergrated Office
Design & Installations Pty. Ltd. on Dec. 9, 2014.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Centrepoint Business Centre,
Level 1, 48-50 Smith Street, in Darwin, on Dec. 18, 2014, at 10:00
a.m.


ITAC SERVICES: First Creditors' Meeting Set For Dec. 19
-------------------------------------------------------
James Stewart and Brendan Richards of Ferrier Hodgson were
appointed as administrators of ITAC Services (Aust) Pty Ltd on
Dec. 9, 2014.

A first meeting of the creditors of the Company will be held at
Level 43, 600 Bourke Street, in Melbourne, Victoria, on
Dec. 19, 2014, at 12:00 p.m.


MARION ENERGY: TCS and Castlelake Seek Dismissal of Case
--------------------------------------------------------
TCS II Funding Solutions, LLC, and Castlelake, L.P., ask the U.S.
Bankruptcy Court to dismiss the Chapter 11 case of Marion Energy,
Inc., because the filing is in bad faith.  In the alternative, TCS
requests that the Court grant it relief from the automatic stay
pursuant to Section 362(d) of the Bankruptcy Code to enforce all
of its rights and remedies against Marion.

Mark Hindley, Esq., of Stoel Rivers LLP, representing TCS, states
that the Bankruptcy Court should dismiss this case as a "bad
faith" bankruptcy filing for two reasons:

  (i) the case satisfies all applicable elements of the
controlling Tenth Circuit test for a bad faith bankruptcy filing;
and

(ii) the filing and Marion's DIP Financing Motion abuse the
bankruptcy process by promulgating what is effectively a sub rosa
plan to force TCS to bear a speculative risk for the benefit of
Marion's owners, a risk that its largest shareholder is unwilling
to take.

According to Mr. Hindley, these same circumstances constitute
cause for the Bankruptcy Court to grant TCS relief from stay if
for any reason the case is not dismissed.

TCS's attorneys can be reached at:

         STOEL RIVES LLP
         Mark E. Hindley, Esq.
         Bria L. Mertens, Esq.
         Suite 1100, One Utah Center
         201 South Main Street
         Salt Lake City, Utah 84111
         Tel: (801) 328-3131
         Fax: (801) 578-6999
         E-mail: mark.hindley@stoel.com
                 bria.mertens@stoel.com

                     Objections to Dismissal

The Debtor says it filed the case in good faith and dismissal
should be denied.  Marion Energy Limited (MEL), the Debtor's
shareholder and largest creditor, also opposes dismissal.

J. Thomas Beckett, Esq., of Parsons Behle & Latimer, representing
the Debtors, notes that TCS tries to paint the Debtor's petition
for relief as a bad faith filing under prevailing Tenth Circuit
law.  This Chapter 11 case is it like any of the cases that TCS
cites as examples of bad faith.  Mr. Beckett notes that the Debtor
has ongoing business operations, employees, multiple assets, a
significant going-concern value to preserve, and a demonstrably
legitimate need for the "breathing space" of chapter 11
protections.  There is no allegation of prepetition fraud,
fraudulent transfers, or multiple court forum shopping, he points
out.

Mr. Beckett submits that TCS is also way off mark when it argues
that the Debtor is pursuing a sub rosa plan.  The Debtor notes
that all it as done so far is file a petition for relief and a
motion authorizing DIP financing.  The Debtor, according to Mr.
Beckett, has certainly done nothing to predetermine any terms of
any sale, refinance, treatment of claims, restructuring, or plan
confirmation.

As the creditor holding what is by far the largest claim against
the Debtor, in excess of $134 million according to the Debtor's
bankruptcy schedules, MEL says dismissal of the bankruptcy case or
relief from stay in favor of TSC at this early stage would be
highly detrimental to MEL and its interests and would not be in
the best interest of the Debtor's creditors generally.

                        About Marion Energy

Marion Energy Inc. is a Texas corporation engaged in exploration
and production of natural gas in the State of Utah.  Marion's core
operation is a producing gas field located in Carbon and Emery
Counties, Utah (the "Clear Creek Field").  The company also holds
smaller, currently unproductive acreage positions in the Helper
and Roan Cliffs area near Helper, Utah (the "Helper Field").

Its parent is Australia-based Marion Energy Limited (ASX:MAE).
Marion Energy Limited -- http://www.marionenergy.com.au/--is
principally engaged in investment in oil and gas projects and the
identification and assessment of new opportunities in the oil and
gas industry in Texas, Utah and Oklahoma in the United States of
America.

Marion Energy Inc. sought Chapter 11 bankruptcy protection (Bankr.
D. Utah Case No. 14-31632) in Salt Lake City, Utah on Oct. 31,
2014.  The Debtor estimated assets and debt of $100 million to
$500 million.  The Debtor has tapped Parsons Behle & Latimer as
attorneys.


MARION ENERGY: Replies to TCS' Objection to DIP Financing
---------------------------------------------------------
Marion Energy Inc. has filed a reply to the objection of TCS II
Funding Solutions, LLC and Castlelake, L.P., to its request to
access DIP Financing.

The Debtor states that it has met its burden under section 364(d)
for the Court to approve the DIP Loan.  The Debtor, given its
assets and the time constraints, is demonstrably unable to obtain
credit from another lender on more favorable terms.  TCS is
adequately protected by an equity cushion of more than $100
million, a fact that TCS stipulated to at the November 5, 2014
hearing.

The Debtor is seeking approval from the U.S. Bankruptcy Court for
the District of Utah to obtain debtor-in-possession financing of
up to $4,200,000 from KM Custodians Pty Ltd.  The Debtor says the
DIP Loan is necessary to enable the Debtor to continue operations
and to administer and preserve the value of its estate as a going
concern.  In general terms, the proceeds of the DIP Loan are to be
used as follows: (i) to pay fees, costs and expenses of the DIP
Lender, including payment of Lender's reasonable attorney's fees
and other out of pocket expenses; (ii) to pay postpetition
operating expenses of the Debtor incurred in the ordinary course
of business; (iii) to pay costs and expenses of administration of
the chapter 11 case, including payment of approved professional
fees, including attorney fees; and (iv) to pay other amounts as
specified in the budget.

The Debtor will grant the DIP Lender a perfected first-priority
security interest in all of its assets to secure the DIP Loan, and
will grant the DIP Lender a superpriority administrative claim.

                       About Marion Energy

Marion Energy Inc. is a Texas corporation engaged in exploration
and production of natural gas in the State of Utah.  Marion's core
operation is a producing gas field located in Carbon and Emery
Counties, Utah (the "Clear Creek Field").  The company also holds
smaller, currently unproductive acreage positions in the Helper
and Roan Cliffs area near Helper, Utah (the "Helper Field").

Its parent is Australia-based Marion Energy Limited (ASX:MAE).
Marion Energy Limited -- http://www.marionenergy.com.au/--is
principally engaged in investment in oil and gas projects and the
identification and assessment of new opportunities in the oil and
gas industry in Texas, Utah and Oklahoma in the United States of
America.

Marion Energy Inc. sought Chapter 11 bankruptcy protection (Bankr.
D. Utah Case No. 14-31632) in Salt Lake City, Utah on Oct. 31,
2014.  The Debtor estimated assets and debt of
$100 million to $500 million.  The Debtor has tapped Parsons Behle
& Latimer as attorneys.


MOORESCLOUD PTY: William Buck Appointed as Liquidators
------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Moorescloud Pty
Ltd was placed into liquidation on November 20.  Robert William
Whitton and Brendan James Copeland of William Buck were appointed
as liquidators of the company, the report says.

The company had been working to create and produce LED
illumination devices since 2012, relates Dissolve.com.au.


NEAL IT: Forced Into Administration, Owes AU$100,000
----------------------------------------------------
Brian Karlovsky at ARN News reports that Western Australia
reseller, Neal IT, has collapsed with more than AU$100,000 in
debts.

The Esperance-based company, which opened on July 1, 2000, has
gone into liquidation, under liquidator Liam Bellamy --
LBellamy@wais.com.au -- of WA Insolvency Solutions, according to
ARN News.

The report notes that the liquidator's report showed debts of
AUD102,191 to creditors including significant amounts owing to
distributor Ingram Micro, Edsys Computers and South Coast
Foodservice.

Apple, Dynamic Supplies and accountancy firm, William Buck, were
also owed money at the time of liquidation, the report relays.

NealIT offers a comprehensive range of IT solutions for computer
hardware, software and training.


PIE FACE: Seeking Rent Cuts to Help Fast-food Chain Survive
-----------------------------------------------------------
Madeleine Heffernan at The Sydney Morning Herald reports that
collapsed fast-food chain Pie Face is writing to landlords seeking
rent cuts, arguing rent reductions would help the business
survive.

In a letter to landlords seen by BusinessDay, administrators
Jirsch Sutherland said: "It is incumbent upon us to approach
landlords such as yourselves formally, with a specific request to
consider an immediate rental reduction." The rent reduction figure
is to be filled in individually, SMH relays.

"The Pie Face franchisee at this site needs to reduce their
overall costs of operation and their rental is a major cost in
their ongoing viability.

"At a franchisor level we have embarked on significant cost
reduction measures from the production in our central kitchen
facility all the way to our support staffing costs.

"We are cutting these costs out of the business in an attempt to
ensure our franchisees longevity, and we urge you to please
consider our request for a rental reduction very seriously."

SMH relates that the letter followed criticisms that Pie Face was
paying 30 to 40 per cent higher for rent than any other retailer
as the company saturated CBD sites in Melboune and Sydney.

"It didn't make sense at the time. The rental levels they were
putting on the table were extremely high," one Melbourne-based
commercial agent told Fairfax Media, SMH relays. "They were
signing off deals within 24 hours. They weren't looking after
franchisees very well in terms of getting them competitive market
rents."

Administrators are calling for expressions of interests for Pie
Face, after Franchised Food Company chief Stan Gordon revealed he
had expressed interest in the business, SMH reports. Supermarket
giant Woolworths is also trialling selling frozen Pie Face pies at
some stores, the report adds.

                          About Pie Face

Pie Face offers premium handmade sweet and savoury pies, pastries,
cakes, muffins, coffee and other lunch options.
The Company launched in Sydney in 2003 and had 89 stores across
Australia, the United States and New Zealand.

Jirsch Sutherland partners Sule Arnautovic and Rod Sutherland were
appointed as Joint Administrators of Pie Face Holdings Pty Ltd,
Pie Face Franchising Pty Ltd and Pie Face Pty Ltd on
Nov. 21, 2014.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2014, SmartCompany said Macquarie Capital, one of Pie
Face's secured creditors, late in November appointed Ferrier
Hodgson partners Steve Sherman and Peter Gothard as receivers to a
number of key Pie Face assets.


PIE FACE: Administrators Start Formal Sale Process
--------------------------------------------------
SmartCompany reports that Jirsch Sutherland has reportedly started
the formal sale process for collapsed retailer Pie Face, but the
man who last week put up his hand to buy the company said he is
still waiting for a call.

Stan Gordon, chief executive of Cold Rock Ice Creamery owner
Franchised Food Company, revealed to SmartCompany last week he
contacted the administrators on November 25, just days after Pie
Face entered voluntary administration, but did not receive a
response.

Speaking to SmartCompany on December 10, Mr. Gordon said he
finally received an email from Jirsch Sutherland on December 6
after his bid for the company was reported.

But he said the email suggested there is no urgency to the sale
process. Instead, the administrators indicated they have been
"procuring funding" for the company to continue to trade,
SmartCompany relates.

"In the initial period of the voluntary administration, we have
been bedding down the operation of the companies and procuring
funding for the continuation of trading," the email cited by
SmartCompany said.  "Having now completed that initial process, we
are writing to advise you that, subject to continued funding and
continuation of trading, we will be exploring the sale of the
companies' business and assets."

SmartCompany says the revelation comes as News Corp reports Jirsch
Sutherland has placed advertisements for Pie Face in national
newspapers from December 10.

According to the report, News Corp said Pie Face founder Wayne
Homschek joined the administrators to address franchisees this
week, signalling there will be no further store closures in the
immediate future.

                          About Pie Face

Pie Face offers premium handmade sweet and savoury pies, pastries,
cakes, muffins, coffee and other lunch options.
The Company launched in Sydney in 2003 and had 89 stores across
Australia, the United States and New Zealand.

Jirsch Sutherland partners Sule Arnautovic and Rod Sutherland were
appointed as Joint Administrators of Pie Face Holdings Pty Ltd,
Pie Face Franchising Pty Ltd and Pie Face Pty Ltd on
Nov. 21, 2014.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2014, SmartCompany said Macquarie Capital, one of Pie
Face's secured creditors, late in November appointed Ferrier
Hodgson partners Steve Sherman and Peter Gothard as receivers to a
number of key Pie Face assets.


REUBEN BEAZLEY: In Liquidation, Owes Creditors AU$600,000++
-----------------------------------------------------------
The Courier reports that Bendigo-based Reuben Beazley Builders has
gone into liquidation, owing creditors more than AU$600,000.

Chartered accounting firm Sellars Muldoon Benton was appointed
administrators, the same day Reustructure Pty Ltd -- trading as
Reuben Beazley Builders -- closed the doors to its office and
display home at Imagine Strathfieldsaye Amenities, according to
The Courier.

The report notes that partner Justin Howlett --
jhowlett@smbvic.com.au -- said it was too early to determine the
scale of Beazley's debts or what returns creditors could expect.

"We do not know a whole lot about the circumstances -- at this
stage we are compiling a list of creditors," the report quoted Mr.
Howlett as saying.  "It doesn't look good early on," Mr. Howlett
said.

The report notes that Mr. Howlett said a report would be prepared
this week ahead of a likely creditors meeting in Bendigo, possibly
late next week.

The report discloses that Mr. Howlett said the intial meeting
would be an opportunity for the administrators to introduce
themselves and detail the liquidation process.

The report relays that The Bendigo Advertiser reported a private
builder had filed legal action against Reuben Beazley for $8000 in
unpaid wages.  The case will be heard by VCAT in Bendigo on
Thursday.

Several building business, sub-contractors and former employees
have stepped forward with claims of large sums of money being owed
by Beazley, the report notes.

The report discloses that debt collection agency Central Victorian
Mercantile has confirmed it was acting for at least six creditors
owed a combined AU$130,000.

Managing director Leigh Stevens said there was no guarantee any of
the creditors would get what they were owed, the report says.

CVM is representing the creditors on a pro-bono basis.


SISS SOFTWARE: First Creditors' Meeting Set For December 18
-----------------------------------------------------------
Daniel Jean Civil -- DanielC@jirschsutherland.com.au -- of Jirsch
Sutherland was appointed as administrator of SISS Software Pty Ltd
on Dec. 9, 2014.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Level 4, 55 Hunter Street, in Sydney, on
Dec. 18, 2014, at 10:00 a.m.


TEN NETWORK: Competition Regulator Confirms Possible Sale
---------------------------------------------------------
John Durie at The Australian reports that after weeks of
speculation, the competition regulator has finally acknowledged on
its mergers website that control of Ten network may change.

The Australian relates that in a filing on December 8 the
Australian Competiton and Consumers Commission said: "The ACCC
notes media speculation concerning the possible sale of Ten
Network Holdings Ltd. The ACCC is monitoring potential
acquisitions and will update the public register in the event that
a public review becomes necessary."

No mention was made of any potential bidders, The Australian
notes.

According to The Australian, filings on the public merger register
are sometimes left to the respective parties, but in this case
Foxtel has declined to confirm its involvement formally.

As noted last month, Foxtel's lawyers have told the ACCC of its
potential involvement with the Discovery network, The Australian
says.

The other potential players in the Ten battle include special
acquisition company, Silver Eagle, in a debt recapitalisation,
Haim Saban and Providence Capita, the report says.

Foxtel, owned jointly by News Corp and Telstra, is the only one
which may require ACCC scrutiny, The Australian adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 4, 2014, Bloomberg News said Ten Network Holdings Ltd. said
it's studying takeover or refinancing proposals received from a
number of parties.  The proposed transactions "could result in a
change of control of Ten or a refinancing of its existing debt
facilities," the Sydney-based company said in a regulatory
statement on December 3. It didn't name any suitors or prices,
Bloomberg noted.

According to Bloomberg, Ten Network, which broadcasts the U.S.
television show "Homeland" in Australia, has been exploring
options after Chief Executive Officer Hamish McLennan took steps
to cut costs and jobs in response to a shrinking pool of viewers.
The company, which lacks the rights its rivals have to broadcast
the nation's most popular sports, is forecast to post losses
through 2017, data compiled by Bloomberg showed.

Ten Network Holdings Limited is an Australia-based company. The
principal activity of the Company is the investment in The Ten
Group Pty Limited (Ten Group) and controlled entities, whose
principal activities are the operation of multi-channel commercial
television licenses in Sydney, Melbourne, Brisbane, Adelaide and
Perth, and out-of-home advertising. The Company operates in the
television segment. Network Ten operates three free-to-air
television channels in Australia's five metropolitan markets of
Sydney, Melbourne, Brisbane, Adelaide and Perth.



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BAOXIN AUTO: S&P Affirms then Withdraws 'BB-' CCR Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating and 'cnBB+' long-term
Greater China regional scale rating on China-based auto dealer
Baoxin Auto Group Ltd.  S&P then withdrew the ratings at the
company's request.  The outlook was stable at the time of the
withdrawal.

At the time of the withdrawal, the rating reflected Baoxin's
revenue concentration on new-car sales and a single large brand,
and its smaller scale compared with global peers'.  In addition,
China's auto retail industry is highly fragmented and competitive.
The rating also reflected Baoxin's good brand name, niche market
position in the high-end car segment, and store locations in tier-
one cities.

The stable outlook at the time of the withdrawal reflected S&P's
opinion that Baoxin would maintain its strong market position
despite intense competition and slower growth momentum.  S&P
expects the company's leverage to remain high as it funds new
store openings with debt.


SUNSHINE 100: Fitch Rates Prop. US$ Sr. Unsec. Notes 'B-(EXP)'
--------------------------------------------------------------
Fitch Ratings has assigned Sunshine 100 China Holdings Ltd's
(Sunshine) proposed US dollar senior unsecured notes an expected
rating of 'B-(EXP)', and Recovery Rating of 'RR4'.

The notes are rated at the same level as Sunshine's senior
unsecured rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.  The
final rating of the proposed notes is contingent upon receipt of
documents conforming to information already received.

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

KEY RATING DRIVERS

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

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

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

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

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

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

RATING SENSITIVITIES

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

   -- Net debt/adjusted inventory sustained below 55% (end-June
      2014: 62%); and
   -- EBITDA margin sustained above 15% (2013: 19%); and
   -- Contracted sales/total debt sustained above 0.8x (2013:
      0.4x); and
   -- Contracted sales sustained above CNY7.5bn (2013: CNY5.4bn).

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

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



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


ABHISHEK MOTORS: CRISIL Assigns D Rating to INR75MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Abhishek Motors Pvt Ltd (AMPL). The rating reflects
delays by AMPL in servicing its debts; the delays are because of
the company's weak liquidity.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               59          CRISIL D
   Cash Credit             75          CRISIL D
   Proposed Long Term
   Bank Loan Facility      16          CRISIL D

AMPL also has weak financial risk profile marked by small net
worth, high total outside liabilities to tangible net worth ratio,
and weak interest coverage, and working-capital-intensive
operations leading to weak liquidity. However, the company
benefits from experience of its promoter in automobile dealership
business.

AMPL, incorporated by Guwahati (Assam)-based Mr. Pulak Goswami, is
an authorised dealer of Tata Motor Ltd's, passenger cars in
several districts of lower Assam. The company is also engaged in
transportation business.


AEROCON BUILDWELL: CARE Assigns B Rating to INR18.32cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' to the bank facilities of
Aerocon Buildwell Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    18.32       CARE B Assigned
   Short-term Bank Facilities    1.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Aerocon Buildwell
Private Limited (ABPL) are primarily constrained on account of the
stabilization risk associated with its recently completed project
of manufacturing autoclaved aerated concrete (AAC) blocks and its
presence in a highly competitive industry which is further exposed
to the risks and cyclicality inherent to the real estate industry.

The ratings, however, derive comfort from the experienced
promoters, its presence at a strategic location at Ujjain
(Madhya Pradesh) giving it easy access to fly ash and positive
demand outlook for AAC blocks on account of increasing acceptance
of the product in the Indian market.

ABPL's ability to stabilize its business operations with
establishment of customer base would be the key rating
sensitivity.

Furthermore, achieving envisaged level of sales and profitability
would also remain crucial.

Incorporated in the year 2012, ABPL has recently set up the plant
for manufacturing of AAC blocks at Ujjain and commenced production
from August 2014. ABPL is promoted by three promoters led by Mr
Girish Kemkar. ABPL has undertaken project to manufacture AAC
blocks with an annual proposed installed capacity of 150,000 cubic
meter at its facilities located at Ujjain, Madhya Pradesh.

As per the provisional results for 4MFY15 (refers to the period
August 1, 2014, to November 30, 2014), ABPL registered a
TOI of INR1 crore.


AMY JEWELLERY: CRISIL Assigns B Rating to INR20MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Amy Jewellery Designers (AJD).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Packing Credit           10          CRISIL A4
   Cash Credit              20          CRISIL B/Stable
   Foreign Discounting
   Bill Purchase            30          CRISIL A4

The ratings reflect the firm's leveraged capital structure and
modest scale of operations in the highly fragmented jewellery
industry. These rating weaknesses are partially offset by the
promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that AJD will benefit over the medium term from
its promoters' extensive experience and focus on product
development. The outlook may be revised to 'Positive' if the firm
substantially improves its sales and profitability along with its
capital structure. Conversely, the outlook may be revised to
'Negative' if AJD's operating margin declines; or its financial
risk profile weakens with a stretched working capital or sizeable
debt-funded capital expenditure.

AJD is a proprietorship firm established in 2010 by Mr. Sachu T
Russak. The firm manufactures gold jewellery, under the brand, AMY
Jewel Designers. The firm has a factory outlet in Edapally, Kochi.


ANAND ENTERPRISE: CRISIL Suspends B Rating on INR80MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Anand
Enterprise (AE).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              80          CRISIL B/Stable

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

Set up in 2005, AE is promoted by Mr. Ramesh Kaneria and Mr.
Ramesh Changela. The firm undertakes ginning and pressing of raw
cotton (kapas) to make cotton bales. AE sells the cotton bales to
various traders and the cotton seed is sold to various oil mills
near its manufacturing facility at Rajkot (Gujarat).


ANUPAM NIRMAN: CRISIL Suspends 'C' Rating on INR80MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Anupam
Nirman Private Limited (ANPL).

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Bank Guarantee           300         CRISIL A4
   Cash Credit               80         CRISIL C
   Standby Line of Credit    10         CRISIL C

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

ANPL was initially established as a proprietorship firm (Anupam
Sarma) in 1999 and was reconstituted as a private limited company
in April 2010. The company is engaged in civil construction
activities in Assam and generally undertakes government contracts.
It is mainly involved in construction of roads; it executes
bridges and building projects as well. The company is registered
with the Public Works Department, Assam.


APOLLO AGRO: CRISIL Suspends B+ Rating on INR100MM Demand Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Apollo
Agro Industries Limited (AAIL; Formally know as Zamzam Exports
Limited).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              50         CRISIL B+/Stable
   Working Capital
   Demand Loan             100         CRISIL B+/Stable

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

AAIL was incorporated in 1982. In 2004, the company was acquired
by Mr. Anil Patel and Ms. Rashmi Patel. AAIL manufactures psyllium
husk from isabgol seeds at its unit in Brahmanwada (Gujarat).


AVNI YARNS: CARE Revises Rating on INR5.85cr LT Bank Loan to B+
---------------------------------------------------------------
CARE reaffirmes ratings assigned to bank facilities of Avni Yarns
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.85       CARE B+ Revised from
                                            CARE B

   Short-term Bank Facilities    0.33       CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Avni Yarns Private Limited (AYPL) is primarily on
account of healthy growth in total operating income (TOI) with
stabilization of manufacturing facilities and improvement
in PAT margin as well as debt coverage indicators during FY14
(refers to the period April 1 to March 31). The ratings, however,
continue to remain constrained on account of leveraged capital
structure with stretched liquidity in the working capital-
intensive business coupled with presence in highly fragmented
textile industry and susceptibility of operating margins to raw
material price fluctuation.

The ratings continue to take comfort from the wide experience of
the promoters of AYPL coupled with operational linkages with
associate concern and locational advantage in terms of proximity
to the textile region in Surat.  The ability of AYPL to increase
its scale of operations coupled with improvement in profit margins
as well as capital structure and efficient working capital
management in light of the competitive nature of the industry are
the key rating sensitivities.

AYPL was initially incorporated as Shree Servanand Textiles
Private Limited (SSTPL) during June 2007. Subsequently, during
April 2011, AYPL took over business operations of SSTPL and
changed its name to AYPL. AYPL is engaged in the dyeing of
polyester, cotton yarn and hank on job work basis. The polyester
yarn finds its application in the manufacturing of garments, while
cotton yarn finds its applications ranging from home fashions to
apparels and also in medical and cosmetic applications such as
bandages and wound plasters. AYPL operates from its plant located
in Surat with an installed capacity of 1,400 tonnes per annum
(TPA) of blended yarn and 720 TPA of Hank as on March 31, 2014.

AYPL is a part of Surat-based (Gujarat) 'Radhika Rayon' group,
which includes LSR Fab Pvt. Ltd., Rituraj Holdings Pvt. Ltd.
(rated 'CARE BB/CARE A4+'), and Radhika Rayon Pvt. Ltd. During
FY13, combined TOI of the three entities remained at INR107.44
crore.

During FY14, AYPL reported a TOI of INR11.42 crore and PAT of
INR0.32 crore as against TOI of INR5.83 crore and profit of
INR0.03 crore during FY13. Furthermore, during 7MFY15, AYPL has
reported a TOI of INR10.14 crore.


BABU ENGINEERING: CRISIL Rates INR6.5MM Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Babu Engineering Corporation (BEC).

                              Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Proposed Cash Credit Limit    6.5       CRISIL B+/Stable
   Proposed Bank Guarantee       8.5       CRISIL A4
   Bank Guarantee               30         CRISIL A4
   Cash Credit                   5         CRISIL B+/Stable

The ratings reflect BEC's modest scale of operations in the
intensely competitive civil construction segment. This rating
weakness is partially offset by the extensive industry experience
of BEC's promoters and its moderate financial risk profile.

Outlook: Stable

CRISIL believes that BEC will continue to benefit over the medium
term from its promoter's industry experience. The outlook may be
revised to 'Positive' if BEC significantly scales up its
operations and profitability while it maintains its working
capital management, thereby enhancing its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if BEC's
revenue and operating margin decline because of delay in execution
of projects; or if its working capital management weakens leading
to stretch in liquidity; or if it undertakes a large debt-funded
capital expenditure programme, weakening its financial risk
profile.

Set up in 1972 by Mr. P V Pillai, Neyveli (Tamil Nadu)-based BEC
is a civil contractor; and undertakes electrical, civil and
mechanical related works for power projects.

For 2013-14 (refers to financial year, April 1 to March 31), BEC
reported net income of INR5.69 million on contract receipts of
INR88.8 million against net income of INR3.56 million on contract
receipts of INR57.81 million for 2012-13.


BALAJI COTTON: CRISIL Suspends B Rating on INR32MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Balaji
Cotton Ginning Mills (BCGM).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             20          CRISIL B/Stable
   Long Term Loan          32          CRISIL B/Stable

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

Set up in 2011, BCGM commenced operations in May 2012. The company
is engaged in ginning and pressing of raw cotton and sells cotton
lint and cotton seeds. BCGM was promoted by Mr.N.Vidya Sagar Rao,
Mr. B. Suresh Kumar, Mr.A Ramapathi Rao and Mr.B.Rajamallu Govd
and their family members. Its ginning unit in located in Indaaram
in Adilabad district (Andhra Pradesh) and has an installed
capacity of 200 bales per day.


DELHI FORGE: CRISIL Suspends B Rating on INR50MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Delhi
Forge Ltd. (DFL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             50          CRISIL B/Stable
   Letter of Credit        20          CRISIL A4

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

DFL is a closely-held public limited company engaged in
manufacturing steel forged automobile parts such as transmission
parts of automobile engines, shaft gears, and pull gears. It was
incorporated in 1974 as a private limited company Delhi Forging
and Stamping Pvt Ltd, which was reconstituted as a closely held
public limited company and the name was changed to DFL in 1995.
The company, promoted by Mr. N K Gupta, has its registered office
in New Delhi; its manufacturing facilities are located in
Ballabhgarh (Haryana).


DIAMOND POWER: CARE Cuts Rating on INR40cr Bank Loan to 'C(SO)'
---------------------------------------------------------------
CARE revises the ratings assigned to various bank facilities of
Diamond Power Transformers Limited.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------               -----------  -------
   Long Term Bank Facilities   40.00     CARE C (SO) Revised
                                         from CARE BBB+ (SO)

   Short Term Bank Facilities  20.00     CARE A4 (SO) Revised
                                         from CARE A3+ (SO)

   Long Term/Short Term Bank   55.00     CARE C (SO)/CARE A4 (SO)
   Facilities                            Revised from CARE BBB+
                                         (SO)/CARE A3+ (SO)

Rating Rationale

The above ratings are based on the credit enhancement in the form
of an unconditional and irrevocable corporate guarantee provided
by DPIL (rated CARE C/CARE A4 for its bank facilities and CARE D
for its Non-Convertible Debenture Issue) for the bank facilities
of Diamond Power Transformers Ltd. (DPTL).

The revision in the ratings of DPTL takes into account similar
revision in the ratings of DPIL.

The revision in the ratings of DPIL takes into account reported
delays in debt servicing of rated NCD issue. The revision in
the ratings of DPIL also factors in the stressed liquidity
position arising out of heightened working capital intensity of
its operations.

DPTL was formed on conversion of Western Transformers, a
partnership firm, into a company in December 2007. Diamond Power
Infrastructure Ltd. (DPIL) acquired Western Transformers in March
2007, which had an established track record of more than 15 years
in manufacturing of distribution transformers, as a part of its
long-term strategy to become an integrated player in the domestic
Transmission & Distribution Infrastructure (TDI) industry. At
present, DPTL has an established capacity to manufacture 5,000
Million Volt Ampere (MVA) per annum (p.a.) of power and
distribution transformers at its manufacturing facility situated
at Ranoli near Vadodara in Gujarat. In addition to its own
manufacturing capacity, DPTL has also hired the entire 10,000 MVA
p.a. manufacturing facilities of Apex Electricals Ltd., another
entity in which DPIL holds equity interest, translating into a
combined manufacturing capacity at 15,000 MVA p.a.

In addition to this, DPTL also has equity interests in Maktel
Power Ltd. which is involved in manufacturing of transformer
components and Maktel Control and Systems Pvt. Ltd. which is
engaged in manufacturing of electronic panels which are
used for varied application in the TDI industry.


DOLBI'S GRANITE: CARE Revises Rating on INR7.95cr LT Loan to D
--------------------------------------------------------------
CARE revises ratings to the bank facilities of Dolbi's Granite
Exports Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.95       CARE D Revised from
                                            CARE B-

   Short-term Bank Facilities    1.50       CARE D Revised from
                                             CARE A4
Rating Rationale

The revision in the ratings of Dolbi's Granite Exports Private
Limited (DGEPL) factors in the ongoing delays in debt servicing
due to the tight liquidity position.

DGEPL was originally established as a proprietorship firm by Mr R
K Ramesh in 2001. Later it was converted into a partnership firm
in 2006 with two partners Mr R K Ramesh and Mrs Padmaa Ramesh (W/o
Mr Ramesh). The firm was converted into a private limited company
on Jan. 6, 2010. In the initial years, the firm was engaged in
trading and export of rough granite blocks. However DGEPL started
quarry operations in 2005 and is presently engaged in quarrying of
rough granite blocks catering to the local and global market.

The company started a slab manufacturing unit at Sriperumpudhur
(Chennai) with a capacity of 1 lakh sq.mt. per annum during FY12
(refers to the period April 1 to March 31). The granite blocks are
in turn used for monuments.

DGEPL has achieved a PAT of INR0.72 crore on a total operating
income of INR13.24 crore in FY14 as compared to a PAT of
INR0.29 crore on a total operating income of INR7.67 crore in
FY13.


GHANSHYAM PULSES: CRISIL Puts B+ Rating on INR62.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Ghanshyam Pulses (GP).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             62.5        CRISIL B+/Stable

The rating reflects GP's weak financial risk profile marked by a
small net worth, a high gearing, and weak debt protection metrics.
The rating also reflects the firm's small scale of operations and
low operating margin. These rating weaknesses are partially offset
by the extensive experience of GP's proprietor in the agricultural
products industry, and his funding support to the firm.
Outlook: Stable

CRISIL believes that GP will continue to benefit over the medium
term from its proprietor's extensive experience in the
agricultural products industry. The outlook may be revised to
'Positive' if the firm significantly increases its scale of
operations and profitability, leading to better cash accruals, or
if its capital structure improves considerably because of capital
infusion by its proprietor. Conversely, the outlook may be revised
to 'Negative' in case of deterioration in GP's financial risk
profile, particularly its liquidity, most likely because of
significantly large working capital requirements or steep decline
in profitability.

GP was set up in 1998 as a proprietorship firm by Mr. Babulal
Bansal. The Indore (Madhya Pradesh)-based firm processes and sells
gram flour and pulses. It has processing capacity of 50 tonnes per
day.


GHANSHYAM UDHYOG: CRISIL Assigns B+ Rating to INR62.5MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Ghanshyam Udhyog (GU).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             62.5        CRISIL B+/Stable

The rating reflects GU's weak financial risk profile marked by a
small net worth, a high gearing, and weak debt protection metrics.
The rating also reflects the firm's small scale of operations and
low operating margin. These rating weaknesses are partially offset
by the extensive experience of GU's proprietor in the agricultural
products industry, and his funding support to the firm.
Outlook: Stable

CRISIL believes that GU will continue to benefit over the medium
term from its proprietor's extensive experience in the
agricultural products industry. The outlook may be revised to
'Positive' if the firm significantly increases its scale of
operations and profitability, leading to better cash accruals, or
if its capital structure improves considerably because of capital
infusion by its proprietor. Conversely, the outlook may be revised
to 'Negative' in case of deterioration in GU's financial risk
profile, particularly its liquidity, most likely because of
significantly large working capital requirements or steep decline
in profitability.

GU was set up in 1998 as a partnership firm by Mr Vipin Bansal, Mr
Nitin Bansal, Mr Hitesh Bansal, Mr Dwarkaprasad Bansal and Mr
Bhagwandas Bansal. The Indore (Madhya Pradesh)-based firm
processes and sells gram flour and pulses. It has processing
capacity of 50 tonnes per day.


INFUTEC HEALTHCARE: CARE Assigns B+ Rating to INR66.5cr Bank Loan
-----------------------------------------------------------------
CARE assigns CARE B+/CARE A4 ratings to the bank facilities of
Infutec Healthcare Limitred.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    66.50       CARE B+ Assigned
   Long-term/ Short-term Bank    5.00       CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Infutec Healthcare
Limited (IHL) are constrained on account of its subdued scale of
operations and profitability leading to cash losses during H1FY15
(refers to the period April 1 to September 30). The ratings of IHL
also takes the note of weak liquidity of its parent Parenteral
Drugs (India) Limited (PDIL, rated CARE D/CARE D).

Ratings however, favourably factors in the strengthened capital
base and its track record of operations in pharmaceutical
industry.

The ability of IHL to increase its scale of operations and
profitability along with efficient management of working capital
are the key rating sensitivities.

IHL, (erstwhile Goa Formulations Ltd (GFL)) is a wholly owned
subsidiary of Indore based PDIL. IHL was engaged in manufacturing
of IVF, wherein its assets were sold to Fresenius Kabi India
Private Limited for a consideration of INR200 crore in March 2013
and its entire debt was repaid. With effect from January 1, 2014
the operations of Punjab Formulations Limited (PFL, PDIL's another
wholly owned subsidiary) with installed capacity of 600 lakh IV
Transfusion Fluid Bottles (IVTFB) per annum and expansion project
of 180 lakh units was merged with IHL.

With the commissioning of the expansion project on March 28, 2014
the installed capacity of IHL as on March 31, 2014 was 780 lakh
IVTFB per annum.

Based on the audited financials for FY14 (refers to the period
April 1 to March 31), IHL reported a total operating income (TOI)
of INR25.68 crore (P.Y: INR55.36 crore) and Profit After Tax (PAT)
of INR20.81 crore (P.Y: net loss of INR19.13 crore). Based on the
provisional results for H1FY15, IHL reported TOI of INR25.89 crore
and net loss of INR4.65 crore.


INTEGRATED CAPS: CRISIL Rates INR250MM Term Loan at B-
------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
bank facilities of Integrated Caps Private Limited (ICPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Letter of Credit        150         CRISIL A4
   Term Loan               250         CRISIL B-/Stable

The ratings reflect stretched liquidity profile of ICPL due to
working capital intensive operations and weak financial risk
profile due to continued losses. These rating weaknesses are
partially offset by reputed clientele and extensive industry
experience of ICPL's promoters.
Outlook: Stable

CRISIL believes that ICPL will continue to operate under stretched
liquidity over the medium term on account of prior period losses
as well as working capital intensity. The outlook may be revised
to 'Positive' in case of improvement in working capital
requirements or in case of equity infusion by the promoters
resulting in improvement in liquidity. Conversely, the outlook may
be revised to 'Negative' in case of significant decline in
company's profitability or revenues, or in case of further stretch
in working capital requirements resulting in lower-than-expected
cash accruals leading to deterioration of its financial risk
profile.

Incorporated in 1990 by Mr. Biren Sabharwal, ICPL manufactures
crown caps as well as polyethylene terephthalate (PET) preforms.
The company has its manufacturing facility at Noida (Uttar
Pradesh).


KG IRON: CRISIL Reaffirms B+ Rating on INR45MM Term Loan
--------------------------------------------------------
CRISIL's rating on bank facilities of KG Iron and Steel Castings
Pvt Ltd  (KGIS) continues reflects KGIS's small scale of
operations in fragmented and highly competitive mild steel (MS)
ingots industry, its weak financial profile marked by high gearing
and weak debt protection metrics and susceptibility of its margins
to volatility in steel prices. These rating weaknesses are
partially offset by the promoter's extensive experience and
funding support.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B+/Stable (Reaffirmed)
   Term Loan              45        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KGIS will continue to benefit from its new
promoter's extensive experience in steel industry. The outlook may
be revised to 'Positive' in case of better than expected financial
risk profile backed by improvement in cash accruals and equity
infusion. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile deteriorates due to stretched
working capital or pressure on margins or due to large, debt-
funded capital expenditure.

Update
On the back of newly installed furnace and successful launch of
Cast Iron Moulds in 2013-14 (refers to financial year, April 1 to
March 31), KGIS achieved healthy sales growth of 58 per cent to
INR346 million against INR 219 million in previous year. With
installation of another furnace for manufacturing small steel
parts and merger of KG Gold Springs Pvt. Ltd (group company) with
KGIS, which is into business of manufacturing leaf spring will
enable company to maintain high sales growth over medium term.
KGIS maintained its operating margin at historic levels of 6.2 per
cent and will continue to sustain same in medium term.

KGIS's rating continues to be constrained by its weak financial
risk profile marked by high gearing and weak debt protection
metric. KGIS's networth remained small at INR41 million as on
March 31, 2014. In 2013-14, KGIS made capex of around INR40
million for installations of new furnaces which was funded through
term loan of INR30 million, equity of INR 6 million and balance by
cash accruals. Also, increased sales led to high utilisation of
cash credit facility leading to high gearing of 3.55 times as on
March 31, 2014. The gearing will continue to remain high due to
debt funded growth in medium term.

KGIS's liquidity continues to remain stretched with expected net
cash accruals of INR15 million against term loan obligation of
INR12 million. The cash credit facility also remains highly
utilised at 92 per cent for twelve months through May 2014. The
liquidity was also supported by equity infusion of INR 6 million.
However, KGIS has applied for enhancement of the cash credit
facility to INR 90 million to fund its sales growth in near terms.
KGIS's liquidity will remain stretched due to its high working
capital intensive operations.

KGIS was incorporated in September 2009 as Suchita (India) Alloys
& Steels Private Limited and started operations in January 2011.
During December 2012, Mr. Kamlesh Gupta and Mr. Rahul Gupta
acquired majority stake in the company. Consequently, name was
changed to KG Iron & Steel Castings Private Limited in March 2013.
KGIS is engaged in manufacturing of mild steel (MS) ingots and has
its manufacturing unit situated in Raisen, Madhya Pradesh.

KGIS reported a profit after tax (PAT) of INR2.7 million on net
sales of INR347 million for 2013-14, as against a PAT of INR0.7
million on net sales of INR219 million for 2012-13.


KOS OILS: CRISIL Reaffirms B+ Rating on INR340MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of KOS Oils
Pvt Ltd (KOS) continues to reflect KOS's weak financial risk
profile, marked by a high total outside liabilities to tangible
net worth (TOLTNW) ratio and modest debt protection metrics. The
rating also factors in the company's exposure to risks related to
fragmentation in the intensely competitive edible oil industry.
These rating weaknesses are partially offset by the extensive
experience of KOS's promoters in the edible oil trading industry,
coupled with established relationships with its suppliers and
customers.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             340      CRISIL B+/Stable (Reaffirmed)
   Standby Line of Credi    15      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KOS will continue to benefit over the medium
term from its promoters' extensive industry experience and well-
established relationships with its customers and suppliers. The
outlook may be revised to 'Positive' if the company's capital
structure's significantly improves, supported by a sustained
increase in its cash accruals. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile deteriorates
because of lower profitability leading to lower-than-expected cash
accruals, or a large debt-funded capital expenditure.

Update
KOS's operating income is estimated at INR3.08 billion, with an
estimated operating margin of 1.87 per cent for 2013-14 (refers to
financial year, April 1 to March 31). Consequently the company's
cash accruals were small at INR9.7 million in 2013-14, constrained
by limited operating profitability. CRISIL believes that KOS's
business risk profile will remain constrained over the medium term
by its moderate scale of operations in the highly competitive
market, and geographic concentration in its revenue profile.

KOS's financial risk profile is below average, marked by high a
TOLTNW ratio of 4.52 times and a modest net worth. The debt
protection metrics are modest, marked by an interest coverage
ratio of 1.29 times estimated as on March 31, 2014. CRISIL
believes that KOS's financial risk profile will remain below
average over the medium term marked by a high TOLTNW ratio and
large debt-funded working capital requirements.

The company has stretched liquidity, marked by working-capital-
intensive operations. Consequently, the bank limits remained fully
utilised over the 12 months through September 2014. However, in
the absence of any significant debt-funded capex, the company is
likely to generate sufficient cash accruals to meet its term loan
obligations over the medium term. CRISIL believes that KOS's
liquidity will remain constrained over the medium term by
increased working capital requirements.

KOS formerly known as Sri Krishna Oil Stores was promoted by Mr. K
Arumugam in 1979 as a partnership firm managed by nine partners;
the firm was reconstituted as a private limited company in 2014.
Based in Tiruvannamalai (Tamil Nadu), KOS trades in refined palm
oil and other edible oils in Tamil Nadu and Puducherry.


MAA BHAWANI: CRISIL Assigns B Rating to INR40MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned a rating of 'CRISIL B/Stable' on the long term
bank facilities of Maa Bhawani Ginning & Pressing (MBGP).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               28         CRISIL B/Stable
   Cash Credit             40         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      20         CRISIL B/Stable

The rating reflects, MBGP's start up nature of operations in a
highly fragmented industry, susceptible to volatility in raw
material prices and below-average financial risk profile marked by
modest networth, high gearing and below average debt protection
metrics. These rating weaknesses are partially offset by the
partners funding support.

Outlook: Stable

CRISIL believes that MBGP will benefit from its promoters funding
support over the medium term. The outlook may be revised to
'Positive' in case of significant improvement in the financial
risk profile led by higher-than expected cash accruals or capital
infusion along with efficient working capital management.
Conversely, the outlook maybe revised to 'Negative' in case of
lower than expected cash accruals or larger than expected working
capital requirements or large debt funded capex exerting pressure
on the firm's liquidity.

MBGP is a Nagpur based partnership firm, engaged in the business
of cotton ginning and pressing. The firm is established by four
partners, Mr. Sachin Madamwar, Mr. Mangesh Madamwar, Mr. Sanjay
Madamwar and Mr. Ashok Kanchalwar and started its operations in
Jan 2014. The firm has a production capacity of 280 bales per day
(in two shifts).


MRK PIPES: CRISIL Suspends D Rating on INR310MM Term Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of MRK
Pipes Ltd (MPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           50         CRISIL D
   Cash Credit             300         CRISIL D
   Letter of Credit         70         CRISIL D
   Term Loan               310         CRISIL D

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

Incorporated in 2000, MPL is promoted by Mr. Manish Kalani, Mr.
Dinesh Parasrampuria, and Mr. Rakesh Akar. The company mainly
manufactures asbestos cement (AC) sheets that are used as a
roofing material for factory sheds and household roofing in rural
areas and AC pipes.


PACIFIC CONSTRUCTIONS: CRISIL Puts B+ Rating on INR13MM Loan
------------------------------------------------------------
CRISIL has assigned its ratings 'CRISIL B+/Stable/CRISIL A4' to
the bank facilities of Pacific Constructions (PAC).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term
   Bank Loan Facility       12           CRISIL B+/Stable

   Bank Guarantee           50           CRISIL A4

   Overdraft Facility       13           CRISIL B+/Stable

The ratings reflect the firm's modest scale of operations, and
average financial risk profile with a small net worth. These
rating weaknesses are mitigated by the promoters' extensive
experience in the civil construction industry.

Outlook: Stable

CRISIL believes that PAC will maintain its stable business risk
profile because of its average financial risk profile, though
supported by the promoter's extensive industry experience. The
outlook may be revised to 'Positive' if PAC's records sizeable
sales and healthy profitability. Conversely, the outlook may be
revised to 'Negative' if PAC's financial risk profile deteriorates
because of an increase in its working capital requirement or in
withdrawals by the promoters.

PAC was setup as a partnership firm in Agra (Uttar Pradesh) in
2000. The partners, Mr. Manoj Tiwari and Mr. Mahesh Upadhyay,
manage the firm. PAC has successfully implemented several civil
projects which include sewage construction, and construction of an
underpass for the Government of Uttar Pradesh.


PACK PRINT: CRISIL Reaffirms B+ Rating on IN85MM Cash Credit
------------------------------------------------------------
CRISIL ratings on the bank loan facilities of Pack Print
Industries India Private Limited (PPIPL) continues to reflect its
working capital intensive nature of operations, exposure to
intense competition in packaging industry. The ratings also
factors in below-average financial risk profile marked by low net
worth, high gearing and subdued debt protection measures. These
rating weaknesses are mitigated by the extensive experience of the
promoters in the industry and established relations with its
customers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)

   Cash Credit            85        CRISIL B+/Stable (Reaffirmed)

   Import Letter of
   Credit Limit           30        CRISIL A4 (Reaffirmed)

   Term Loan              30        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL expects PPIPL to maintain its stable business risk profile
over the medium term, backed by its promoter's extensive
experience and established relationships with its customers and
suppliers. The outlook may be revised to 'Positive' if the company
reports higher than expected growth in revenues and profitability,
while improving its capital structure. Conversely the outlook may
be revised to 'Negative' if PPIPL's financial risk profile
deteriorates, because of sharp decline in profitability or
revenues, a higher-than-expected debt-funded capital expenditure,
or deterioration in its working capital cycle.

Update
In 2013-14, the net revenues of the company increased by 26% to
INR858 million backed by addition of fresh capacities and orders
from new customers. The company added around 9 customers in 2013-
14. The company has already generated revenues of around INR 350
million in the current year in the first four months and is
expected to generate revenues of around INR 1050-1100 million for
the full year backed by repeated orders from its old customers and
orders from the new customers. The operating margins of the
company remained low at around 4.5% in 2013-14 and are expected to
remain at similar levels over the medium term.

The gearing levels and the net worth levels of the company stood
at around 5.92 times and INR24.9 million as on March 31, 2014.
High gearing levels (adjusted for unsecured loans of INR38
million, treated as neither debt nor equity) was mainly because of
small net worth of the company. The small net worth of the company
is mainly because of low accretion to reserves over the years and
capital withdrawals earlier when the company was a partnership
firm. The debt protection measures also remained weak with
Interest coverage and NCATD at 1.7 times and 9% respectively in
2013-14. The financial risk profile of the company is expected to
improve over the medium term backed by steady accretion to
reserves and moderate debt funded capex plans.

The liquidity of the company remains moderate. The company is
expected to generate cash accruals of around INR22 million which
would be more than sufficient for repayment obligations of around
INR6.5 million in 2014-15. The bank limits of the company remained
utilized at an average of 88% over the last 12 months through June
2014. The company has moderate capex plans of around INR6-8
million over the medium term.

PPIPL was incorporated in 2011 by Mumbai based Shah family, Mr.
Prakash Shah and his brothers, Mr. Hasmukhlal Shah. The company
took over the business of Pack print Industries, a partnership
firm of the shah family which was established in 1975. The company
is engaged in the manufacturing of plastic bags, plastic rolls,
and plastic sheets. The manufacturing facility, located in Daman.
The company's clientele is diversified across industries like
pharmaceuticals, textiles and FMCG. The registered office is
located at Lower Parel, Mumbai.

In 2013-14, the company generated net profit of INR6.8 million on
net sales of INR858 million as against net profit of INR4.4
million on net sales of INR679 million in 2012-13.


PARTH FOILS: CRISIL Suspends D Rating on INR220MM Long Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Parth
Foils Pvt Ltd (Parth Foils).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              60         CRISIL D
   Cash Credit              50         CRISIL D
   Letter of Credit         47.5       CRISIL D
   Letter of Credit         12.5       CRISIL D
   Long Term Loan          220         CRISIL D
   Long Term Loan           43.5       CRISIL D

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

Parth Foils was originally set up in 2001 as a partnership firm,
Parth Packaging; the firm was reconstituted as a private limited
company in April 2009. Parth Foils manufactures aluminium-based
packaging. The company is owned and managed by Mr. Partho Dutta
and his wife, Mrs. Hema Dutta. Its manufacturing facilities at
Silvassa (Dadra and Nagar Haveli) and Baddi (Himachal Pradesh)
have a combined capacity of 900 tonnes per annum.


RAJSHREE SPINTEX: CRISIL Assigns B Rating to INR37.5MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
long-term bank facilities of Rajshree Spintex (RS).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Long Term Loan         101.2        CRISIL B/Stable
   Foreign Exchange         0.9        CRISIL A4
    Forward
   Bank Guarantee           2.5        CRISIL A4
   Cash Credit             37.5        CRISIL B/Stable

The rating reflects RS's exposure to risks related to
implementation of its ongoing project and to stabilisation of
operations after commencement. These rating weaknesses are
partially offset by the extensive experience of the firm's
promoters in the cotton ginning and spinning industry, leading to
established relationships with customers and suppliers, and the
advantageous location of its plant.

Outlook: Stable

CRISIL believes RS will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of early stabilisation of the
firm's operations, leading to sizeable cash accruals. Conversely,
the outlook may be revised to 'Negative' if RS's cash accruals are
very low, or if it's financial risk profile weakens, most likely
because of a stretch in its working capital cycle, or large debt-
funded capital expenditure, or disruption in its operations due to
any regulatory changes.

RS was established in 2014, promoted by the Rajkot (Gujarat)-based
Ghanva, Shekhada, and Satodiaya families. The firm is setting up a
unit for manufacturing cotton yarn; commercial operations are
expected to start from March 2015.


RAMA FERRO: CRISIL Assigns B+ Rating to INR30MM Cash Credit
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Rama Ferro Alloys and Finance Pvt Ltd (RFAFPL) and
has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank
facilities. CRISIL had, on July 25, 2014, suspended the ratings as
RFAPPL had not provided necessary information required to maintain
valid ratings. RFAPPL has now shared the requisite information,
enabling CRISIL to assign ratings to the bank facilities.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            30         CRISIL B+/Stable (Assigned;
                                     Suspension revoked)

   Foreign Letter of      30         CRISIL B+/Stable(Assigned;
   Credit                            Suspension revoked)

   Letter of Credit       30         CRISIL A4 (Assigned;
                                     Suspension revoked)

The ratings reflect RFAFPL's large working capital requirements
and average financial risk profile marked by small net worth and
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of RFAFPL's promoter
in the ferroalloys industry.

Outlook: Stable

CRISIL believes that RFAFPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established clientele. The outlook may be revised to
'Positive' in case the company reports higher than expected cash
accruals and also improves itss financial risk profile, driven by
fresh capital infusion or if it efficiently manages its working
capitalcycle. Conversely, the outlook may be revised to 'Negative'
in case of further deterioration in the company's financial risk
profile on account of stretched working capital cycle, or large
debt-funded capital expenditure.

RFAFPL manufactures various ferroalloys, such as ferro molybdenum,
ferro vanadium, ferro titanium, ferro boron, ferro nickel, low-
and medium-carbon ferro manganese, ferro aluminium, and ferro
chrome. RFAFPL's factory is in Kolkata (West Bengal). Its day-to-
day operations are managed by promoter-director Mr. Dinesh Kapoor,
who has experience of around four decades in the business.


SANTOSHI HYVOLT: CRISIL Puts B+ Rating on INR40MM Cash Credit
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Santoshi Hyvolt Electricals Pvt Ltd (SHEPL) and has
assigned its 'CRISIL B+/Stable/ CRISIL A4' ratings to these
facilities. The ratings had been suspended by CRISIL on May 29,
2014, as SHEPL had not provided the necessary information for
taking a rating view. The company has now shared the requisite
information, enabling CRISIL to assign ratings to the bank
facilities.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          110        CRISIL A4 (Assigned;
                                      Suspension revoked)

   Cash Credit              40        CRISIL B+/Stable (Assigned;
                                      Suspension revoked)

   Letter of Credit         40        CRISIL A4 (Assigned;
                                      Suspension revoked)

   Proposed Short Term      60        CRISIL A4 (Assigned;
   Bank Loan Facility                 Suspension revoked)

The ratings reflect SHEPL's average financial risk profile marked
by weak debt protection metrics, low operating profitability and
high working capital requirements. The ratings weaknesses are
partially offset by the long standing industry experience and
funding support of SHEPL's promoters and SHEPL's reputed
clientele.

Outlook: Stable

CRISIL believes that SHEPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
their funding support. The outlook may be revised to 'Positive' if
the company generates significantly higher than expected cash
accruals while managing its working capital requirements.
Conversely, the outlook may be revised to 'Negative' if SHEPL's
generates lower-than expected cash accruals or if its working
capital management deteriorates which adversely affects its
liquidity.

SHEPL was set up in 1967 as a partnership firm 'Hyvolt
Electricals' and reconstituted in its present form in August 2014.
SHEPL manufactures copper conductors and catenary wires and is a
registered supplier to Indian Railways. The company has its
manufacturing unit in Delhi and is managed by Mr Kaushal Mittal.


SHAKUNTALA WARE: CRISIL Puts B Rating on INR160MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shakuntala Ware House (Shakuntala).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       10         CRISIL B/Stable
   Bank Loan Facility
   Cash Credit             160         CRISIL B/Stable
   Overdraft Facility       30         CRISIL B/Stable

The rating reflects the firm's below-average financial risk
profile, marked by a weak capital structure and subdued debt
protection metrics driven by large working capital requirements
and low profitability. The rating also factors in Shakuntala's
small scale of operations. These rating weaknesses are partially
offset by the benefits the firm derives from the extensive
entrepreneurial experience of its promoters and their funding
support.

Outlook: Stable

CRISIL believes that Shakuntala will benefit from the extensive
entrepreneurial experience of its promoters over the medium term.
The outlook may be revised to 'Positive' in case of significant
improvement in the firm's capital structure through capital
infusion by its promoters or significantly higher cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
further stress on its liquidity, resulting from reduced cash
accruals or large incremental working capital requirements.

Incorporated in 2006, Shakuntala is a partnership firm promoted by
Mr. Kamlesh Kumar Argal and his family members. The firm is
engaged in trading of rice and provides warehousing services for
agro-commodities. Its operations are based in Obedullaganj, Madhya
Pradesh and it owns a warehouse, with a storage capacity of 10,000
tonnes per annum.


SHALIN INFRASTRUCTURE: CARE Assigns B+ Rating to INR5cr Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shalin
Infrastructure.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5         CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shalin
Infrastructure (SHI) is primarily constrained by project
implementation risk with pending financial closure and low booking
advance received coupled with the risk related to the cyclical
real estate sector. The rating is further constrained on account
of the partnership nature of constitution and risk of diversion of
funds to other entities with ongoing projects in the group.

The rating, however, derives strength from the experienced
promoters and moderate project gearing with strategic
project location.

The ability of SHI to successfully complete its on-going real
estate project along with timely booking of unsold units is the
key rating sensitivities.

Ahmedabad-based SHI was incorporated as a partnership firm in 2012
and is engaged in the real estate development business. SHI is
promoted by Mr Yatinkumar Mehta and Mr Gauresh Mehta. Mr
Yatinkumar Mehta has a total experience of 15 years in real estate
development through various partnership entities. He has acted as
partner in Shriji Infrastructure, Shriji Associates and Uma
Developers which are engaged in the development of affordable
housing residential projects. SHI is executing one residential
project named 'Shalin Heights - 5' at Ahmedabad, Gujarat, with 158
flats and 36 shops. SHI has received necessary approvals and has
incurred a cost of INR12.54 crore as on September 30, 2014, out of
the total estimated project cost of INR25.64 crore. Project is
expected to be completed by November 2015.


SIDDHI STEELS: CRISIL Assigns B Rating to INR54MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Siddhi Steels (SS).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              54         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       26         CRISIL B/Stable

The ratings reflect below-average financial risk profile, marked
by a small net worth and high total outside liabilities to
tangible net worth ratio, and susceptibility to intense
competition in the steel trading industry and to cyclicality in
demand from end-user industries due to its modest scale of
operations. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters and its
established customer relationships.

Outlook: Stable

CRISIL believes that SS will continue to benefit over the medium
term, from its promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if the firm registers considerably high growth in its
revenue, while substantially improving its profitability, leading
to moderate liquidity. Conversely, the outlook may be revised to
'Negative' if SS's profitability or revenue declines or its
working capital cycle lengthens, resulting in substantially low
cash accruals, constraining its financial risk profile.

SS, established in 2012 and based at Chennai trades steel
materials. The day-to-day operations of the firm is managed by Mr.
Balram.

SS, reported profit after tax (PAT) of INR0.4 million on total
sales of INR62.14 million for 2013-14 (refers to financial year,
April 1 to March 31).


SRI LAKSHMI: CRISIL Suspends B+ Rating on INR79.8MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Lakshmi Vasavi Venkata Satya Sai Industry (SLVV; formerly, Sri
Venkata Satyanarayana Raw & Boiled Rice Mill).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             79.8        CRISIL B+/Stable
   Long Term Loan           5.5        CRISIL B+/Stable

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

SLVV was set up as a partnership firm in 1986. It mills and
processes paddy into rice, rice bran, broken rice, and husk. The
firm is promoted by Mr. G Chandraiah and his family.


SRI SRI COTTON: CRISIL Suspends B Rating on INR50MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sri Sri
Cotton Concern (SSC).

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

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

SSC, set up in 2001, undertakes cotton ginning. The firm's day-to-
day operations are managed by Mr. Kameswara Rao.


SU - RAJ DIAMOND: CRISIL Suspends D Rating on INR2.0BB Bank Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Su - Raj Diamond Industries Ltd (Su-Raj; part of Winsome group).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Letter of credit &
   Bank Guarantee         1,330          CRISIL D

   Packing Credit         1,500          CRISIL D

   Proposed Short Term
   Bank Loan Facility     2,000          CRISIL D

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Winsome Diamonds & Jewellery Ltd
(Winsome), and its group companies, Su-Raj and Forever Precious
Jewellery and Diamonds Ltd (Forever Precious). This is because all
these companies, collectively referred to as the Winsome group,
have common promoters, and significant managerial, operational,
and financial linkages with each other.

Winsome (formerly, Su Raj Diamonds and Jewellery Ltd) is the
flagship company of the Winsome group, which processes diamonds
and manufactures gold jewellery. Winsome has a diamond cutting and
polishing unit at Surat (Gujarat). The company's jewellery
manufacturing units are in Bengaluru (Karnataka), Kochi (Kerala),
Chennai (Tamil Nadu), Goa, and Kolkata (West Bengal).

Su-Raj cuts and processes diamonds; it has manufacturing units in
Surat and Jodhpur (Rajasthan). The company also exports gold
jewellery.

Forever Precious manufactures gold jewellery and the company's
wholesale centres are based in New Delhi, Gujarat, Maharashtra,
Andhra Pradesh, Karnataka, and Tamil Nadu. The company is also
engaged in retailing of gold jewellery.


SUNLEX FABRICS: CARE Reaffirms B Rating on INR21.74cr Bank Loan
---------------------------------------------------------------
CARE reaffirmes ratings assigned to bank facilities of Sunlex
Fabrics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    21.74       CARE B Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Sunlex Fabrics
Private Limited (SFPL) continue to remain constrained on account
of the stabilization risk associated with its manufacturing unit,
weak financial risk profile characterized by leveraged capital
structure, weak debt coverage indicators and weak liquidity
position and susceptibility of its profit margins to the
fluctuation in foreign exchange rates and raw material price.

The ratings, however, continue to draw strength from the long
industrial experience of the promoters.  The ability of SFPL to
quickly stabilize its operations and achieve envisaged level of
sales, improve profitability through mitigating raw material and
forex exchange fluctuation will be the key rating sensitivity.

Morbi-based (Gujarat) SFPL was incorporated in 2011 by "Detroja"
family to undertake the manufacturing of flex banner and its
allied products. SFPL started its commercial production from
September 2013 onwards with an installed capacity of 12,000 metric
tonnes per annum (MTPA). The promoter family is also engaged in
tiles manufacturing business through other entities.

During FY14 (refers to the period April 1 to March 31), SFPL
reported a net loss of INR0.65 crore on a total operating
income (TOI) of INR15.58 crore.


SVKR PROPERTY: CRISIL Assigns B+ Rating to INR150MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of SVKR Property Holdings (SVKR).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Long Term Loan           150        CRISIL B+/Stable

The rating reflects SVKR's exposure to project implementation and
demand risks and to risks related to cyclicality in the real
estate industry. These rating weaknesses are partially offset by
SVKR's promoters' extensive experience in the real estate business
and strong financial flexibility, and the advantageous location of
the project.

Outlook: Stable

CRISIL believes that SVKR will continue to benefit from the
extensive experience of its promoters' in the real estate industry
over the medium term. The outlook may be revised to 'Positive' if
SVKR generates more-than-expected cash flows, aided by earlier-
than-expected completion of its ongoing project and healthy
occupancy rates, improving the firm's financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
time and cost overruns in the project, or lower-than-expected
occupancy resulting in deterioration of financial risk profile.

Set up in 2013, SVKR is implementing a commercial real estate
project in Jubilee Hills, in Hyderabad. SVKR is promoted by Mr. S.
Pratap Reddy and his family.


UNITECH AUTOMOBILES: CRISIL Suspends B Rating on INR300MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Unitech
Automobiles Pvt Ltd (UAPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             300         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       70         CRISIL B/Stable

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

Incorporated in 1986 and promoted by Mr. Vinod Sharma, Mr. R P
Mungikar, Mr. S Premkumar, and Mr. N Subramanian, UAPL is an
authorised commercial vehicle dealer for TML's commercial vehicles
for Mumbai, Thane, and the Raigad region (all three in
Maharashtra). In 1992, UAPL was recognised as the first Tata
Authorised Service Station by TML. UAPL has a head office in
Mumbai, a branch office in Navi Mumbai (Maharashtra), and four
sales outlets in Raigad. The company has a warehouse in Panvel
(Maharashtra) for its commercial vehicles.


VIJAYNATH INTERIORS: CRISIL Cuts Rating on INR155.2MM Loan to B-
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vijaynath Interiors and Exteriors Pvt Ltd (VIEPL) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable', and reaffirmed its rating on
VIEPL's short-term bank facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee        150         CRISIL A4 (Reaffirmed)

   Cash Credit            20         CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit       50         CRISIL A4 (Reaffirmed)

   Term Loan               2.3       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term    155.2       CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating downgrade reflects VIEPL's stretched liquidity and cash
flow mismatches, as reflected in continued instances of
devolvement of the company's letters of credit in recent months.
Its liquidity has deteriorated mainly on account of delays in
payment by its customers. CRISIL believes that VIEPL's working-
capital-intensive operations, with stretched payments from
customers, will continue to result in cash flow mismatches and
high dependence on incremental bank borrowings over the medium
term. The recent reduction in VIEPL's bank lines is also expected
to constrain its business growth over the medium term.

The ratings reflect VIEPL's small scale of operations, with
limited value addition, in the roofing systems business, and its
long working capital cycle, because of delayed payments by
customers, which affects the company's liquidity. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoter and its strong customer base.

Outlook: Stable

CRISIL believes that VIEPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
its strong customer base. The outlook may be revised to 'Positive'
if the company's working capital management improves significantly
and on a sustained basis, leading to improved liquidity.
Conversely, the outlook may be revised to 'Negative' if VIEPL's
liquidity deteriorates, most likely because of increased working
capital requirements or large capital expenditure.

VIEPL, based in Mumbai and incorporated in 2003, was set up by Mr.
Vijaynath Shetty. The company provides consultancy services for
aluminium, steel, copper, and zinc roofing systems, and supplies
and installs the same; steel roofing systems account for most of
VIEPL's revenue.

For 2013-14 (refers to financial year, April 1 to March 31), the
company reported a profit after tax of INR12.2 million on net
sales of INR523.7 million, as against a net loss of INR4.2 million
on net sales of INR508.8 million for 2012-13.


YA MOHIDEEN: CRISIL Suspends B Rating on INR62.5MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
YA Mohideen Andavar Modern Rice Mills (YMRM).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             62.5       CRISIL B/Stable
   Long Term Loan           7.5       CRISIL B/Stable

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

Set up in 1992 as a proprietorship firm, YMRM mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mr. Mohammad Shabudeen.



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


SKYMARK AIRLINES: Mulls Seeking Aid From All Nippon
----------------------------------------------------
The Japan Times reports that Skymark Airlines Inc. said it is
considering seeking assistance from All Nippon Airways Co. after
facing criticism for its pursuit of a similar business alliance
with Japan Airlines Co.

"It is true that we are considering calling for assistance from
ANA" but nothing has formally been decided, Skymark said in a
statement released after media reports on the move, the report
relays.

The report says Skymark is already in talks with JAL for a
partnership that would involve code-sharing on some domestic
routes.  But the government has appeared reluctant to allow the
deal out of concern that JAL's involvement in Skymark's reform
plans could undermine fair competition in the domestic aviation
market, the Japan Times relates.

According to the Japan Times, sources close to the matter said
Skymark and ANA, which has also been critical of Skymark's
approach to JAL, are expected to meet as early as next week.

The Japan Times relates that Skymark President Shinichi Nishikubo
told reporters that the company's simultaneous approach to both
JAL and ANA "may be unthinkable in terms of corporate logic" but
that the embattled airline will "talk with ANA as well in order to
balance the competition" in the sector.

The move can be seen as Skymark's response to a possible demand
from the transport ministry for securing fair competition, the
report adds.

Skymark Airlines Inc. is a low-cost airline.



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


REDCLIFFE FORESTRY: Scheme Investor Placed Into Liquidation
-----------------------------------------------------------
Hamish Fletcher at NZ Herald reports that three investor companies
in the Trinity tax scheme have been put into liquidation by the
High Court this month on the back of about $6 million of claims
from Inland Revenue.

The Herald relates that the Trinity scheme in 2004 was ruled to be
a tax avoidance arrangement -- a decision upheld by the Supreme
Court four years later.

The IRD at the time claimed the scheme would have cost taxpayers
up to NZ$3.7 billion over its 50-year lifespan, the report says.

According to the report, the scheme was a forestry investment
allowing each participant to license land from the Trinity
Foundation for 50 years to plant a crop of Douglas fir. The fee
was NZ$2 million, or about NZ$40,000 per year.

Although the NZ$2 million was not to be paid until 2048, it was
immediately tax deductible to the investors. So the investors
effectively claimed a deduction of NZ$40,000 each year, the report
states.

The result was a 50-year tax holiday for investors -- most of whom
would have been in their 90s or older by the time they were due to
pay the tax, says the Herald.

Between 200-300 taxpayers were involved, although most settled
with the IRD before the 2004 judgment, the Herald notes.

A handful fought on and three of them -- Redcliffe Forestry
Venture, Lexington Resources and Accent Management -- were put
into liquidation on December 5 by the High Court, according to the
Herald.

Vivian Fatupaito -- VFatupaito@kpmg.co.nz -- of KPMG is the
liquidator of the three firms and said the total amount claimed by
the IRD prior to her appointment was close to NZ$6 million, the
Herald relates.

The Herald says Redcliffe was directed by Trinity's architect
Garry Muir, who is facing separate bankruptcy action from the Bank
of New Zealand over a guarantee he gave on a debt.

Mr. Muir has applied to halt the bankruptcy bid but a decision on
the matter has yet to be released, the report notes.

The Herald adds that two other Trinity investor companies, Ben
Nevis Forestry Ventures and Bristol Forestry Venture, were put
into liquidation in October after applications from IRD.

According to liquidation reports, unsecured creditors were
claiming NZ$3.8 million from Ben Nevis and NZ$1.5 million from
Bristol, the Herald adds.



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


MAGNACHIP SEMICONDUCTOR: S&P Puts B+ CCR on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit and debt ratings on Korea-based analog and mixed-
signal semiconductor manufacturer MagnaChip Semiconductor Corp.
(MagnaChip) on CreditWatch with negative implications.

"The CreditWatch placement reflects our view that financial and
liquidity risks for MagnaChip could rise significantly if the
company fails to complete its financial reporting and restatements
by Jan. 30, 2015," said Hong Kong-based credit analyst JunHong
Park.  "The rating action also reflects a higher likelihood that
the negative effect of the restatements on the company's business
and financial conditions will be larger than we had previously
expected."

On Nov. 12, 2014, MagnaChip announced that an audit committee had
completed an internal review of the company's accounting practices
and procedures and that its findings included incorrect revenue
recognition, improper reserve accounting, and improper cost
allocation.  The company anticipated it would file its 2013
financial statements by Jan. 30, 2015.

S&P has revised down its base-case assumptions to reflect the
potential for the restatements to have a higher impact than S&P
expected because the announced findings indicate a wider scope of
accounting errors than S&P had previously anticipated.  Still, S&P
sees uncertainties in the potential for the restatements to
substantially change our base-case assumptions about the company's
revenue- and profitability-related ratios.  S&P's revised base-
case scenario also incorporates the company's plan to close its
six-inch fabrication facility in Cheongju, Korea, in 2015, which
S&P do not think will materially affect the company's business
risk profile.

S&P's base case continues to anticipate the restatements will have
a limited negative effect on the company's liquidity at this
stage, given that it had cash and equivalents of about $150
million as of the end of 2013 and no scheduled debt repayments by
January 2015.  Nonetheless, bondholders could choose to accelerate
repayment of the bonds under the bond indenture if the company
fails to deliver its financial statements by Feb. 13, 2015.

S&P continues to make a "weak" assessment of the company's
business risk profile, reflecting volatility in the semiconductor
industry, potential variability in the company's operating
performance, and its relatively small scale.  S&P views
MagnaChip's financial risk profile as "significant," reflecting
the company's moderate debt and potential variability in measures
of its financial condition.  In S&P's base-case scenario, it
estimates debt to EBITDA for MagnaChip after Standard & Poor's
adjustments of about 2.5x-3.5x in 2014.

S&P aims to resolve the CreditWatch by February 2015 if the
company completes its financial restatements as planned.  S&P may
lower the ratings one or more notches if it sees an increasing
likelihood of an acceleration in bond repayments, such as if the
company does not complete its 2013 financial reporting and
restatements by Jan. 30, 2015.  S&P could also lower the ratings
if the restatement significantly dents the company's finances or
if its profitability and cash flows decline substantially as a
result of a weakening competitive position.  A ratio of debt to
EBITDA exceeding 3.0x could indicate such a deterioration.

On the other hand, S&P may affirm the ratings if the restatement
does not materially change the company's profitability and cash
flow metrics, leading S&P to believe the company could maintain
average profitability for its industry and debt to EBITDA below
3.0x on a sustainable basis.


MONUEAL INC: Lenders Face More Than KRW600 Billion Losses
---------------------------------------------------------
Yonhap News reports that five major South Korean banks are
expected to suffer considerable losses as they have to write off
or set aside reserves against more than KRW600 billion (US$541
million) in loans extended to Monueal Inc, industry sources said
on December 11.

Monueal Inc filed for court receivership last month after
admitting it was unable to pay off some KRW677 billion it had
borrowed from several local banks.  This week, the home appliance
maker was declared insolvent, Yonhap says.

According to the report, Monueal's chief executive is suspected of
evading taxes as well as operating slush funds overseas, most of
which are bank loans the firm has received by allegedly inflating
the value of its export receivables.

Yonhap relates that State prosecutors said they are also looking
into the local lenders' credit assessment process following
allegations that some bank officials were involved in the
financial scam.

By amount, the state-run Industrial Bank of Korea is the largest
creditor with an outstanding KRW150.8 billion, followed by another
policy lender, Korea Development Bank, with KRW125.3 billion, and
the Export-Import Bank of Korea with KRW113.5 billion, Yonhap
relays citing industry sources.

Korea Exchange Bank was also on the list of creditors with
KRW109.8 billion, with Kookmin Bank and NongHyup Bank trailing at
KRW76 billion and KRW75.3 billion, respectively, the report
discloses.

Of the loans, some KRW291 billion was borrowed without collateral,
and the rest was backed by collateral, but most of the loans may
not be retrieved, the sources, as cited by Yonhap, said.

Based in Seoul, South Korea, Moneual Inc. manufactures computers
and computer accessories.  Its products include desktop computers,
mini computers, HDMI capable graphics cards, TV tuner cards, and
dual LCD remote control system.



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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***