TCRAP_Public/130829.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, August 29, 2013, Vol. 16, No. 171


                            Headlines


A U S T R A L I A

OPES PRIME: Ex-Director Fights With ANZ in Trial
SEARUSK PTY: Ferrier Hodgson Appointed as Receivers


C H I N A

CHINA NATURAL: Reports $3.2 Million Net Income in 2nd Quarter
E-LAND FASHION: S&P Affirms 'BB-' CCR; Outlook Stable
KINGBOARD CHEMICAL: S&P Lowers CCR to 'BB+'; Outlook Stable
LONGFOR PROPERTIES: 1H Results In Line with Moody's Expectations
SOHO CHINA: First Half 2013 Results Support Moody's Ba1 CFR

SOUND GLOBAL: Revenue Growth in 1H 2013 Support Moody's Ba3 CFR
SUNRISE REAL ESTATE: Posts $1.3 Million Net Income in 2nd Quarter


I N D I A

AVENUES PHARMA: ICRA Rates INR22.5cr LT Loans at 'BB+'
DIVINE ALLOYS: ICRA Upgrades Rating on INR216.99cr Loans to 'C'
G.M. EXPORTS: ICRA Assigns 'B+' Ratings to INR6cr Loans
HARIOM INGOTS: ICRA Assigns 'B+' Ratings to INR32.44cr Loans
HOTEL HOLIDAY: ICRA Assigns 'BB' Ratings to INR8.80cr Loans

H R BUILDERS: ICRA Downgrades Rating on INR8cr Loan to 'B+'
IMPERIALL TECHNOFORGE: ICRA Puts 'B' Rating on INR11.58cr Loans
JALARAM AGRI: ICRA Reaffirms 'B+/A4' Ratings on INR10cr Loans
KISAN MOULDINGS: ICRA Downgrades Ratings on INR278cr Loans to 'D'
LANCO INFRATECH: Advised to Recast Group Debt of INR40,000cr

MARVEL SIGMA: ICRA Assigns 'D' Rating to INR51.50cr Loans
NATIONAL SPOT: Chairman Shankarlal Guru Steps Down
NEZONE PIPES: ICRA Ups Ratings on INR34.95cr Loans to 'B'
N. K. PROTEINS: ICRA Cuts Rating on INR74.5cr Loans to 'B-'
SABARI EXIM: ICRA Rates INR37cr Fund Based Loan at 'B'

SHANGOLD (INDIA): ICRA Assigns 'B/A4' Ratings to INR26.7cr Loans
WINNING EDGE: ICRA Assigns 'B+' Ratings to INR9.75cr Loans


J A P A N

CORSAIR (JERSEY): S&P Affirms Rating on Loan Series 58 at 'B+'
SIGNUM VANGUARD: S&P Raises Rating on Class A Loan to BB-pNRi


P H I L I P P I N E S

RURAL BANK OF LA TRINIDAD: MB Places Bank Under PDIC Receivership


S I N G A P O R E

AMARU INC: Incurs $360,700 Net Loss in First Quarter
AMARU INC: Incurs $197,000 Net Loss in Second Quarter


S O U T H  K O R E A

* SOUTH KOREA: Recoups 62.8% of Bailout Funds


                            - - - - -


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A U S T R A L I A
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OPES PRIME: Ex-Director Fights With ANZ in Trial
------------------------------------------------
Madeleine Heffernan at The Sydney Morning Herald reports that
former Opes Prime director Julian Smith has said "no one in their
right mind" would agree to changes proposed to its lending
agreement by financier ANZ, a court has been told.

SMH says the comment was made at the trial of Mr. Smith.  Opes
Prime, a securities lender and broker, which had more than
650 clients, collapsed in March 2008, owing creditors
AUD631 million.

According to the report, the ANZ head of lending services for
corporate banking, Ben Steinberg, said Mr. Smith had expressed
doubt that anyone in the market would accept proposed changes to
the way the bank determined who owed what to whom once a lending
agreement ended.

SMH relates that the changes meant shares lodged by Opes with the
bank would be valued at the price they could be sold for, rather
than their last closing price.

Mr. Steinberg told the Victorian Supreme Court on August 26 he
decided to respond to Mr. Smith's "aggression" by telling him in a
March 2008 meeting that ANZ had the option of no longer receiving
stock from Opes, the report relays.

"Mr. Smith then indicated that he hadn't not agreed to anything,
so there was a slight change in Mr. Smith's attitude, and he again
suggested he would take -- or he suggested then that he would take
our proposals, once we put them in writing, to . . . Opes Prime
for consideration," the report quotes Mr. Steinberg as saying.

The prosecution said as Opes Prime teetered on the brink of
collapse, Mr. Smith wrongly pledged assets in order to secure a
loan from ANZ to Leveraged Capital, a company associated with
Mr. Smith and Opes CEO Lirim "Laurie" Emini, adds SMH.

                         About Opes Prime

Opes Prime Group Ltd was an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducted business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.

Sal Algeri and Chris Campbell from the Deloitte Corporate
Reorganization Group were appointed by a secured creditor, ANZ
Banking Group Ltd., as Receivers and Managers of Opes Prime Group
Ltd, Opes Prime Stockbroking Ltd, Leveraged Capital Pty Ltd and
Hawkswood Investments Pty Ltd.

The TCR-AP reported on Oct. 17, 2008, that Opes Prime's creditors
voted on Oct. 15, 2008, to liquidate Opes Prime Stockbroking
Limited.  According to the Australian Associated Press, the
decision of the creditors will allow the liquidator to pursue
claims against Opes Prime's secured creditors -- ANZ Bank
and Merrill Lynch -- that were not available to the administrator.

About 1,200 Opes clients lost shares they had placed with Opes in
return for margin loans, when the major secured creditors of
Opes -- ANZ, Merrill Lynch, Dresdner Kleinwort -- began selling a
pool of nearly AUD1.6 billion in shares soon after the Opes
collapse, in a bid to recover money owed to them by Opes, the AAP
said.

Opes Prime owed clients about AUD585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AUD400 million on Sept. 22, 2008, the AAP
noted citing Ferrier Hodgson.


SEARUSK PTY: Ferrier Hodgson Appointed as Receivers
---------------------------------------------------
Morgan Kelly -- morgan.kelly@fh.com.au -- and Ryan Eagle --
ryan.eagle@fh.com.au -- of Ferrier Hodgson were appointed as
receivers and managers to the assets and undertakings of Searusk
Pty Limited, trading as The Albion Hotel, on Aug. 26, 2013.

"The Receivers now control the Company's assets and operations,"
Ferrier Hodgson said in a statement.

"The Receivers are continuing to operate the Hotel in the ordinary
course while they undertake an assessment of the financial
position."



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C H I N A
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CHINA NATURAL: Reports $3.2 Million Net Income in 2nd Quarter
-------------------------------------------------------------
China Natural Gas, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $3.17 million on $34.24 million of revenues for the
three months ended June 30, 2013, as compared with net income of
$5.07 million on $37.90 million of revenues for the same period
during the prior year.

For the six months ended June 30, 2013, the Company reported net
income of $7.84 million on $69.74 million of revenues, as compared
with net income of $7.02 million on $70.17 million of revenues for
the same period during the prior year.

The Company's balance sheet at June 30, 2013, showed $299.49
million in total assets, $82.46 million in total liabilities and
$217.02 million in total stockholders' equity.

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

                       http://is.gd/yDgirL

                       About China Natural

Headquartered in Xi'an, Shaanxi Province, P.R.C., China Natural
Gas, Inc., was incorporated in the State of Delaware on March 31,
1999.  The Company through its wholly owned subsidiaries and
variable interest entity, Xi';an Xilan Natural Gas Co., Ltd., and
subsidiaries of its VIE, which are located in Hong Kong, Shaanxi
Province, Henan Province and Hubei Province in the People's
Republic of China ("PRC"), engages in sales and distribution of
natural gas and gasoline to commercial, industrial and residential
customers through fueling stations and pipelines, construction of
pipeline networks, installation of natural gas fittings and parts
for end-users, and conversions of gasoline-fueled vehicles to
hybrid (natural gas/gasoline) powered vehicles at 0ptmobile
conversion sites.

On Feb. 8, 2013, an involuntary petition for bankruptcy was filed
against the Company by three of the Company's creditors, Abax
Lotus Ltd., Abax Nai Xin A Ltd., and Lake Street Fund LP (Bankr.
S.D.N.Y. Case No. 13-10419).  The Petitioners claimed that they
have debts totaling $42,218,956.88 as a result of the Company's
failure to make payments on the 5% Guaranteed Senior Notes issued
in 2008.

Adam P. Strochak, Esq., at Weil, Gotshal & Manges, LLP, in
Washington, D.C., represents the Petitioners as counsel.


E-LAND FASHION: S&P Affirms 'BB-' CCR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on China-based women's apparel company
E-Land Fashion China Holdings Ltd.  The outlook is stable.  S&P
also affirmed its 'cnBB+' long-term Greater China regional scale
rating on the company.

"The rating on E-Land Fashion reflects our assessment that the
company's stand-alone credit profile [SACP] is 'bb+', which in
turn factors in the company's small scale, intense competition in
China's apparel industry, the company's stable operating
performance, and its good financial strength," said Standard &
Poor's credit analyst Jun Hong Park.  "We believe the Korea-based
parent, E-Land Group, has a weaker credit profile than E-Land
Fashion, and this constrains the overall rating."

The corporate credit rating is higher than the group's credit
profile because S&P believes E-Land Fashion has some operational
distance from its parent.  The two companies operate in separate
jurisdictions and are subject to different bankruptcy codes.
Nevertheless, the overall rating on E-Land Fashion is lower than
the SACP because of the close relationship between the company and
the parent.  E-Land Group maintains 100% ownership of E-Land
Fashion and consolidates the subsidiary in its financial reports.
The group is highly leveraged because of its aggressive expansion
strategy.

S&P views E-Land Fashion's business risk profile as "fair,"
reflecting the highly fragmented and competitive nature of China's
apparel industry, the company's smaller scale than global peers,
its well-established market position, and good profitability.  S&P
expects the company to face challenging operating conditions over
the next 12 months, with pressure on its profitability because of
intensifying competition and macroeconomic uncertainties.
However, E-Land Fashion should be able to maintain its stable
operating performance over the next one to two years, based on its
reasonably good pricing power, good brand recognition, and
outsourcing of manufacturing.

"We view E-Land Fashion's financial risk profile as "significant."
In our base-case scenario, we expect the company to maintain sound
financial ratios, with a debt-to-EBITDA ratio of about 1.5x over
the next one to two years.  Although we expect E-Land Fashion's
profitability to gradually decline, the company is likely to
maintain its revenue growth and steady operating cash flows, as
reflected in good financial metrics, such as a ratio of funds from
operations to debt of about 50% in 2013.  We assume a modest
increase in its dividend payout to the parent group over the next
24 months.  Although the company's financial measures are strong
for the rating level, we have factored in potential fluctuations
in the ratios because of its small scale," S&P noted.

"The stable outlook reflects our expectation that E-Land Fashion
will maintain its operating and financial performances over the
next one to two years.  Despite intense competition and uncertain
macroeconomic conditions, we believe the company's well-
established brand image and distribution network should enable it
to maintain its market position in China.  We also expect the
parent E-Land group to remain highly leveraged over the next 12
months," said Mr. Park.

S&P may raise the rating if the parent E-Land Group deleverages
and improves its financial risk profile, such that it can absorb
the investment burden from its aggressive growth strategy, or
E-Land Fashion's ties with its parent group weaken significantly,
such as through the parent's disposal of some E-Land Fashion
shares.

S&P may lower the rating if: (1) E-Land Fashion's financial
performance and profitability deteriorate sharply, such that its
debt-to-EBITDA ratio approaches 4.0x; (2) the company's growth
strategy becomes more aggressive than S&P expects; or (3) the
parent group's financial standing deteriorates further--for
example, if the group embarks on large debt-financed acquisitions.


KINGBOARD CHEMICAL: S&P Lowers CCR to 'BB+'; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Kingboard Chemical Holdings Ltd. to 'BB+' from
'BBB-'.  The outlook is stable.  At the same time, S&P affirmed
its 'cnBBB+' long-term Greater China regional scale rating on the
company.  Kingboard is a China-based manufacturer of laminate,
printed circuit board (PCB), and chemical products, and a property
development company.

"We downgraded Kingboard to reflect the company's increasing
leverage and deteriorating financial risk profile.  The company
has a much higher debt level than we earlier anticipated to fund
its property development segment and because of increasing
investments," said Standard & Poor's credit analyst Dennis Lee.

Kingboard's total debt has risen to about Hong Kong dollar
(HK$) 23 billion from HK$18 billion over the past six months.  S&P
estimates that Kingboard's ratio of total debt to EBITDA will be
about 4x in the next 12 months, compared with its previous
expectation that it would trend towards 3.0x through deleveraging.
S&P has therefore lowered the company's financial risk profile to
"significant" from "intermediate."  The business risk profile
remains "satisfactory."

"In our view, Kingboard's growing property development business
may need more funds for construction and land acquisitions.  As a
result, we believe the company's total debt is unlikely to drop
significantly from its existing level, and should stay well above
HK$20 billion in the coming 12 months.  We estimate that
Kingboard's contracted sales and rental income will reach
HK$2.5 billion-HK$3.0 billion in 2013.  Construction costs,
expected land acquisition costs, and unpaid land premiums will be
about HK$5.0 billion-HK$6.0 billion over the same period," S&P
said.

Kingboard's investment policies are unclear to S&P.  The company
appears less likely than S&P previously expected to sell the
majority of its available-for-sale (AFS) investments to reduce
debt over the next few quarters.  Kingboard increased its AFS
investments to over HK$5 billion in June 2013 from HK$3.1 billion
in December 2012.  The majority of its investments are listed
securities.  As such, S&P believes Kingboard can still sell its
investments for extra liquidity when needed.

Kingboard's established market position, good operating efficiency
through its vertically integrated model, and diverse product
portfolio and customer base underpin its business risk profile.
The company's vertically integrated business model and low-cost
base in China should continue to make it one of the most efficient
players in the global laminate market and in China's PCB sector.
Its wide product range and low customer-concentration risk further
support the business risk profile.

"The stable outlook reflects our expectation that Kingboard will
maintain its strong market position in the global laminate and PCB
segments, and that its margin can stabilize over the next 12
months.  In addition, the growing property segment will probably
prompt Kingboard to allocate more funds for land acquisitions and
construction, leading its debt-to-EBITDA ratio to remain above
3.5x," said Mr. Lee.

S&P could lower the rating if Kingboard continues to increase its
debt, causing the ratio of total debt to EBITDA to exceed 4.5x on
a consistent basis.  This could happen if the expansion of the
company's property business becomes more aggressive or the weak
market conditions cause margins in other business segments to
erode further.

Rating upside in the coming 12 months is limited.  S&P could raise
the rating if Kingboard demonstrates prudent financial management,
reduces its debt, and improves its profitability, such that its
debt-to-EBITDA ratio remains consistently below 3x.


LONGFOR PROPERTIES: 1H Results In Line with Moody's Expectations
----------------------------------------------------------------
Moody's Investors Service says that Longfor Properties Company
Limited's 1H 2013 results are in line with Moody's expectations
and continue to support its Ba1 corporate family rating and stable
outlook.

"Longfor's robust contract sales and unchanged level of debt
leverage support its Ba1 rating," says Kaven Tsang, a Moody's Vice
President and Senior Analyst.

Longfor achieved 30.6% year-on-year growth in contract sales to
RMB26.8 billion in the first seven months of 2013, representing
58% of its full-year sales target of RMB46 billion.

The strong contract sales resulted in better cash inflow to fund
the company's expansion and reduce its debt-funding needs. Despite
land acquisitions of around RMB10.5 billion in 1H 2013, its
debt/capitalization ratio was largely unchanged at around 50%, in
line with its Ba1 rating level.

"But, Longfor suffers from declining profit margins, although they
are expected to stabilize in 2014," says Tsang.

Longfor's gross profit decreased by 28% y-o-y to RMB4.9 billion
and its gross margin dropped to 31.9% from 46.1% in 2012 as the
company recognized sales contracted in 2011 and early 2012 when it
offered discounts.

Moody's expects its gross margin to decline further in 2H 2013 as
revenue from mass-market products are recognized. With improving
prices for presales in 2H 2013, Moody's also expects Longfor's
profit margin will stabilize in 2H 2014 in the range of 25% - 30%.

"Longfor's strategy of controlling its debt leverage level helps
it maintain financial flexibility under lower profit margins,"
says Tsang.

Longfor's declining gross margin also pushed its EBITDA margin
down to 29.7% in 1H 2013. By controlling its debt level and hence
interest expenses, Longfor was able to manage the decline of its
interest cover to 4x in 1H 2013 (measured on a last 12-months
basis) from 5.4x in all of 2012.

Moody's expects EBITDA/interest coverage will stay in the range of
4x-5x in the coming 12-18 months. This implies that the company
will maintain financial flexibility as it meets its debt
incurrence ratio of 3x and remains positioned at the Ba1 rating
level.

"Despite a falling cash balance, Longfor's liquidity position
remains adequate," says Tsang.

Longfor's end-June 2013 cash balance was RMB13.2 billion, which
was lower than RMB18.6 billion at end-December 2012, as cash was
used to fund construction and land acquisitions.

The company's cash on hand -- plus a four-year RMB6.3 billion
multi-currency syndicated loan concluded in July 2013 -- and
expected cash flow from strong contract sales in the next 12
months of around RMB10 billion will cover its short-term debt of
RMB5.4 billion and estimated land payments of around RMB10 billion
over the next 12 months.

The principal methodology used in this rating was the Global
Homebuilding Industry Methodology published in March 2009.

Longfor Properties Company Limited is one of the leading
developers in China's residential and commercial property
development sector. Founded in 1994, the company began its
business in Chongqing and has since established a leading brand
name in the municipality. As of June 30, 2013, it had an
attributable land bank of 37.8 million square meters in gross
floor area (GFA) that spans 20 cities in four major regions in
China.


SOHO CHINA: First Half 2013 Results Support Moody's Ba1 CFR
-----------------------------------------------------------
Moody's Investors Service says SOHO China Limited's 2013 interim
financial results are in line with expectations, and the company's
financial and liquidity profiles continue to support its Ba1
corporate family and senior unsecured ratings and stable outlook.

"SOHO China's satisfactory H1 2013 financial performance and
resulting credit metrics support its Ba1 ratings," says Kaven
Tsang, a Moody's Vice President and Senior Analyst.

SOHO China reported a 103% year-on-year growth in turnover to
RMB2.5 billion and a 131% increase in gross profit to RMB1.3
billion.

But interest expenses increased as it took on more debt to prefund
its business transition.

Accordingly, its EBITDA interest coverage fell mildly to 8.6x for
the 12 months ended June 2013 from 9.4x in full year 2012. This
level is still within the range for the Ba1 rating.

Moody's expects SOHO China's interest coverage ratio will decline
further to 3x-4x in the next 2 years, as revenues from property
development will decrease along with its change in business model
-- from a developer to an investment property owner.

Such a level of interest coverage is still within the Ba1 rating
if the company is successful in establishing a quality investment
property portfolio in Beijing and Shanghai.

Its debt leverage -- in term of adjusted debt/capitalization --
improved to 37% as of June 2013 from 41% as of December 2012, as
the company repaid maturing debt and upwardly revaluated its
investment properties.

"SOHO China has maintained a strong liquidity position, a key
buffer for covering its business transition risk," says Tsang.

SOHO China had RMB15 billion cash as of June 2013. In addition, it
had around RMB6.7 billion of presale proceeds to be collected in
the coming 1-2 years. This liquidity reserve provides adequate
coverage for maturing debt of RMB4.4 billion, RMB2.7 billion of
committed land payment, and estimated total capital expenditures
of RMB13 billion for existing projects in the next 2-3 years.

SOHO China Limited's ratings were assigned by evaluating factors
that Moody's considers relevant to the credit profile of the
issuer, such as the company's (i) business risk and competitive
position compared with others within the industry; (ii) capital
structure and financial risk; (iii) projected performance over the
near to intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside SOHO China Limited's core
industry and believes SOHO China Limited's ratings are comparable
to those of other issuers with similar credit risk.

SOHO China Limited develops and manages commercial properties
located in the core business districts in Beijing and Shanghai. As
of June 2013, it had 12 property projects under development with
an attributable gross floor area of about 2.25 million square
meters, of which 81% will be held for long-term investment.


SOUND GLOBAL: Revenue Growth in 1H 2013 Support Moody's Ba3 CFR
---------------------------------------------------------------
Moody's Investors Service says that Sound Global Limited's solid
1H 2013 results were in line with expectations, and support its
Ba3 corporate family rating and B1 senior unsecured rating as well
as the stable ratings outlook.

"Sound Global's strong revenue growth supports its Ba3 corporate
family rating," says Chenyi Lu, a Moody's Vice President and
Senior Analyst.

Revenue rose by 24.5% year-on-year to RMB1.47 billion in 1H2013
from RMB1.18 billion in 1H2012. The company enjoyed solid growth
from its turnkey engineering, procurement and construction
services, and a greater contribution from its operation and
maintenance business.

Moody's expects the company's revenue growth to continue because
of the strong demand for water treatment in China.

Sound Global was able to keep its gross margin at around 30% and
thus its adjusted EBITDA increased to about RMB366 million in
1H2013, up 23.0% from around RMB298 million in 1H2012.

"Despite the rise in debt, Sound Global's adequate liquidity and
strong credit metrics continue to support its rating," says Lu.

The company's reported debt grew slightly to RMB2.87 billion as of
end-June 2013 from RMB2.83 billion as of end-2012. Its debt
leverage -- measured by Adjusted FFO/Debt -- increased slightly to
17.3% as of end-June 2013 from 17.2% at end-2012.

Its Adjusted FFO before interest expenses/interest expenses
declined to about 3.0x as of end-June 2013 from 3.8x as of end-
2012.

These ratios are within the current rating level.

Sound Global's liquidity profile, as indicated, remains adequate.
It had cash on hand of RMB2.58 billion as of end-June 2013, which
can fully cover its short-term maturing debt of RMB549 million.

The principal methodology used in this rating was the Global
Construction Methodology published in November 2010.

Established in 2005, Sound Global Ltd (formerly known as Epure
International Ltd) is one of the leading providers of turnkey
water and wastewater treatment solutions in China. The company was
listed on the Hong Kong Exchange in 2010 Hong Kong and was founded
by Mr. Wen Yibo, who has been in the wastewater treatment industry
since 1993.


SUNRISE REAL ESTATE: Posts $1.3 Million Net Income in 2nd Quarter
-----------------------------------------------------------------
Sunrise Real Estate Group, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing net income of $1.27 million on $4.48 million of net
revenues for the three months ended June 30, 2013, as compared
with a net loss of $825,277 on $1.83 million of net revenues for
the same period a year ago.

For the six months ended June 30, 2013, the Company reported a net
loss of $57,219 on $6.60 million of net revenues, as compared with
a net loss of $2.21 million on $3.55 million of net revenues for
the same period a year ago.

The Company's balance sheet at June 30, 2013, showed $61.93
million in total assets, $56.50 million in total liabilities and
$5.42 million in total shareholders' equity.

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

                        http://is.gd/7NeyvS

                     About Sunrise Real Estate

Headquartered in Shanghai, the People's Republic of China, Sunrise
Real Estate Group, Inc. was initially incorporated in Texas on
Oct. 10, 1996, under the name of Parallax Entertainment, Inc. On
Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc., filed Articles of Amendment with the
Texas Secretary of State, changing the name of Sunrise Real Estate
Development Group, Inc. to Sunrise Real Estate Group, Inc.,
effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.

Sunrise Real Estate incurred a net loss of US$3.47 million on
US$8.52 million of net revenues for the year ended Dec. 31, 2012,
as compared with a net loss of US$1.15 million on US$8.97 million
of net revenues for the year ended Dec. 31, 2011.

Finesse CPA, P.C., in Chicago, Illinois, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012.  The independent auditors noted that
the Company has a working capital deficiency, accumulated deficit
from recurring net losses for the current and prior years, and
significant short-term debt obligations currently in default or
maturing in less than one year.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.



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AVENUES PHARMA: ICRA Rates INR22.5cr LT Loans at 'BB+'
------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to the INR22.5 crore long-
term fund based facilities of Avenues Pharmaceuticals Associates.
The outlook on the long term rating is stable.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-Term Fund Based Limits     22.5      [ICRA]BB+(Stable)/
                                             Assigned

The assigned rating takes into account long standing experience of
the promoters in the pharmaceutical distribution space, the Firm's
established customer base in Bangalore market and wide product
portfolio supporting business prospects. The Firm's strong sales
and distribution team ensures availability and the timely delivery
of the products thereby aiding customer retention. The rating also
takes into account intense competition in the pharma distribution
space and the Firm's operations being limited to Bangalore market
reflecting high dependence on customers from single market and its
vulnerability to order volatility. The rating also factors
moderate financial profile of the Firm characterized by thin
margins owing to regulated nature of product prices and trading
nature of business, the Firm's modest debt protection metrics,
working capital intensive nature of operations and low accruals.
With no major expansion plans either into newer geographies or
into new business lines in the pharmaceutical distribution chain,
the Firm's growth prospects remain limited and closely linked to
the growth of pharmaceutical industry.

Promoted by Mr. K.G. Subburaj, Avenues Pharmaceuticals Associates
is a partnership firm engaged into distribution of pharmaceutical
products catering to more than 3000 customer in the Bangalore
market. The Firm operates from a single office in Bangalore with a
floor area of about 9600 sq ft which also houses its warehouse and
storage facilities. The warehouse equipped with one walk-in cooler
and four refrigerators ensuring temperature controlled stocking of
medicines. The Firm trades in over 7000 branded drugs with
supplies from major pharmaceutical companies like GSK, Pfizer,
Novartis and Cipla among many others. The Firm has a sales and
delivery team with about 28 sales representatives, 11 sales cum
delivery representatives and 45 delivery boys catering to about
1000 to 1200 customers every day.

Recent Results

For the full year 2012-13 (unaudited), the Firm reported an
operating income of INR120.7 crore as against an operating income
of INR116.0 crore in 2011-12.


DIVINE ALLOYS: ICRA Upgrades Rating on INR216.99cr Loans to 'C'
---------------------------------------------------------------
ICRA has revised upwards the long term rating assigned to the
INR216.99 crore (enhanced from INR190.92 crore) term loans of
Divine Alloys & Power Co. Limited from '[ICRA]D' to '[ICRA]C'.

                           Amount
   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Fund Based Limits       216.99      [ICRA]C upgraded
   (Term Loans)

The upward revision in the rating primarily takes into account
DAPCL's favorable track record of timely servicing of debt
obligations following restructuring of the term loan in 2012-13.
The rating also considers the experience of the promoters and
senior management in the steel industry and an integrated nature
of the newly set-up facilities, which are likely to lead to a
significant growth in revenue and profitability post-commencement
of operations. The rating also takes into account the risks
associated with the stabilization of the plants as per expected
operating parameters post-commencement of operations of the
facilities, and the cyclical nature and ongoing weakness in the
steel industry that is likely to adversely impact the
profitability and cash flows of all the players in the steel
business including DAPCL. ICRA notes that although the project was
commissioned at the beginning of July 2013, the commercial
operations of the same could not be started due to lack of working
capital financing tie-ups from the banks; and any further delay in
commencement of operations may lead to cash-flow mismatches and
also impact the company's debt servicing ability in the near term
at least. With significant growth in the scale of operations being
targeted, the ability to manage the operations post-commencement
of production would remain a challenge for the company.

Incorporated in 2004, DAPCL is engaged in the manufacturing of
mild steel ingot (90,000 MTPA) and pig iron (21,000 MTPA). The
manufacturing facilities of the company are located at
Kaushalgarh, Jharkhand. The company has recently set up an
integrated steel plant with a capacity of 350,000 metric tonne per
annum (MTPA) of mild steel structural items, commercial operations
of which is scheduled to commence shortly.

Recent Results

The company reported a net profit of INR5.04 crore (provisional)
on an operating income of INR221.43 crore (provisional) in 2012-
13; as compared to a net profit of INR4.32 crore on an operating
income of INR220.64 crore in 2011-12.


G.M. EXPORTS: ICRA Assigns 'B+' Ratings to INR6cr Loans
-------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR6.00 crore
fund based credit facilities of G. M. Exports Pvt. Ltd.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Cash Credits             0.40      [ICRA]B+ assigned
   Term Loan                1.07      [ICRA]B+ assigned
   EPC                      2.70      [ICRA]B+ assigned
   Unallocated              1.83      [ICRA]B+ assigned

The assigned rating is constrained by GMEPL's small scale of
operations and its weak financial profile characterized by falling
profitability margins, low cash accruals and high working capital
intensity. The rating further takes into account the vulnerability
of profitability to volatility in raw material prices, foreign
exchange fluctuations; exposure of demand for the company's
product to the cyclicality associated with auto sector with the
near term outlook being weak and high customer concentration risk,
though the same is mitigated to some extent due to strong
reputation of the customers.

The rating however, takes comfort from the extensive experience of
the promoters in the auto component industry, location advantage
on account of being located in Rajkot giving it easy access to key
raw materials like casting and alloy steel and satisfactory
capital structure as reflected by low gearing levels of 0.68 time
as on March 31,2013.

G. M. Exports Pvt. Ltd. was incorporated as a private limited
company in 1983 by Vekaria family and is involved in the business
of manufacturing precision components comprising of automobile and
hydraulic parts like tappets, shafts, flanges, bushes, rings and
pins. The manufacturing facility of the company is located in the
Rajkot district in Gujarat and has an installed capacity to
manufacture -30 Lakh units annually. Apart from GMEPL the members
of the Vekaria family have been involved in running two other
entities having similar operations since the past three decades.


HARIOM INGOTS: ICRA Assigns 'B+' Ratings to INR32.44cr Loans
------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR12.44 crore term
loans and INR20.00 crore fund-based bank facilities of Hariom
Ingots & Power Pvt. Ltd. ICRA has also assigned an '[ICRA]A4'
rating to the INR5.56 crore non-fund based bank facilities of
HIPPL.

                         Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Term Loan               12.44      [ICRA]B+; assigned

   Fund-Based Limits
   (Cash Credit)           20.00      [ICRA]B+; assigned

   Non-Fund Based Limits    5.56      [ICRA]A4; assigned

The ratings take into account the long track record of the
promoters in the steel sector, which helps secure business for the
company, and its partially integrated nature of operations that
supports HIPPL's profitability to an extent. The ratings are,
however, constrained by HIPPL's aggressive capital structure at
present despite an improvement in 2012-13, and the company's weak
financial profile as reflected by its nominal profits and cash
accruals and moderate coverage indicators during 2012-13. The
ongoing slowdown in the steel industry, which may impact HIPPL's
profitability in the short term, moderate size of the company's
operations at present, and its exposure to the cyclicality
associated with steel industry, which is likely to keep
profitability and cash flows volatile, also impact the company's
credit profile. ICRA notes that, subsequent to the recent
installation of a continuous casting machine (CCM) along with hot
rolling system in April 2013, the profitability of the company is
likely to improve going forward on account of savings in energy
costs.

HIPPL is a closely held company, belonging to the Bhilai-based
Agrawal family. HIPPL has facilities at Bhilai, Chattisgarh for
manufacturing mild steel (MS) ingots/billets and thermo-
mechanically treated (TMT) bars with annual capacities of 31,000
MT and 60,000 MT respectively. The TMT bars of the company are
sold under the brand 'Hariom TMT'.

Recent Results

In 2012-13, as per the provisional financial statements, HIPPL
reported an operating income of INR153.65 crore and a net profits
of INR1.06 crore, as against an operating income of INR140.73
crore and a net profit of INR1.05 crore in 2011-12.


HOTEL HOLIDAY: ICRA Assigns 'BB' Ratings to INR8.80cr Loans
-----------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR8.80 crore fund
based bank limits of Hotel Holiday Resort Pvt. Ltd.  The outlook
on the rating is Stable.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Term Loan                8.30      [ICRA]BB (Stable)/assigned
   Cash Credit              0.50      [ICRA]BB (Stable)/assigned

The rating takes into account the established track record of the
company in the hotel industry. HHRPL is currently operating a 92
room hotel in Puri. The hotel is ideally located on the Puri beach
and attracts tourists and pilgrims round the year. Further, the
amenities and facility offered by the hotel has enabled it to
maintain a high occupancy level in the past, although the same
declined in FY2013 on account of renovation activity being
undertaken during the year. Steady contribution of the food and
beverage segment and rising average room rates in the past, has
enabled the hotel to attain modest growth in revenue in the past.
Nevertheless the company's operations remain dependent on a single
property. In order to scale up its operations, HHRPL is planning
to lease a 70 room hotel adjacent to the existing hotel. This new
hotel is nearing completion of construction and is expected to be
operational by October 2014. ICRA notes that successfully
commencement of operations of the new hotel and attaining healthy
occupancy levels shall be key rating sensitivities going forward.

The rating also favorably factors in the healthy financial risk
profile of the company as indicated by comfortable returns from
business, a low gearing and comfortable coverage indicators. The
rating is however constrained by the large room additions in Puri
which is likely to impact occupancy levels in the future and limit
the scope of any significant increase in average room rates over
the medium term. The company also remains exposed to cyclicality
associated with the hotel industry.

HHRPL was incorporated in 1986 with the setting up of a hotel in
Puri under the name "Hotel Holiday Resort". The hotel is promoted
and managed by the Patra family based out of Bhubaneswar. The
total room inventory is 92 with facilities such as restaurants,
banquets, conference rooms, indoor games, spa etc. Going forward,
the company is planning to lease an adjacent hotel with a room
inventory of 70 rooms thus, bringing the total room capacity to
162 rooms. This new hotel is likely to be operational by October
2014.

Recent Results

HHRPL reported a profit before tax of INR0.68 crore in FY13
(provisional results) on the back of an operating income of
INR13.10 crore as against a profit after tax of INR0.66 crore on
an operating income of INR10.97 crore during FY12.


H R BUILDERS: ICRA Downgrades Rating on INR8cr Loan to 'B+'
-----------------------------------------------------------
ICRA has revised the long term rating assigned to INR8.0 crore
fund-based limits of H R Builders from '[ICRA]BB-' to '[ICRA]B+'.
Further, ICRA has reaffirmed the short term rating assigned to
INR46 crore (earlier INR28 crore) non-fund-based limits of HRB at
'[ICRA]A4'.

                           Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Fund-based Limit        8.00       [ICRA]B+; Revised
   Non-fund-based Limit   46.00       [ICRA]A4; Reaffirmed

The rating revision takes into account HRB's stretched liquidity
position as indicated by the frequent overutilisation from
overdraft facility and recurrent availment of ad-hoc limits. The
rating revision also factors in significant decline in HRB's order
book from INR128 crore in March 2012 to INR35 crore in March 2013,
thus reducing the visibility of revenues and accruals in the
short-term. The ratings continue to reflect HRB's exposure to
geographical concentration risks as the order book comprises
largely of projects in National Capital Region (NCR) and the high
competitive intensity in the business due to modest complexity of
the jobs executed and the fragmented nature of the industry.

The ratings, however, derive comfort from established track record
of HRB in civil construction sector in the National Capital Region
(NCR); its reputed and diversified client base, consisting largely
of public sector entities where the possibility of delinquencies
is limited, and healthy growth in turnover in FY13.

HR Builders is a proprietorship concern, promoted by Mr. Hansraj
Dhankar in January 1981. The firm has been involved in
construction of Roads and Buildings, mostly in the National
Capital Territory of Delhi (Delhi). The services offered by the
firm include structural work for buildings, furniture and fixtures
fittings, painting, sanitary, plumbing, electrical work etc. In
the roads construction it has done the work for green field road
projects as well as for repair, maintenance and rehabilitation of
existing roads, mainly in Delhi. The company has executed work for
many reputed clients, such as Delhi State Industrial; and
Infrastructure Development Corporation), Delhi International
Airport Limited, Public Works Departmen, Delhi Metro Rail
Corporation and National Highway Authority of India.

Recent Results

In FY2013, as per the provisional financial statements, H R
Builders (HRB) reported operating income of INR92 crore (previous
year audited figure was INR60 crore) and net profit of INR4 crore
(previous year audited figure was INR3 crore).


IMPERIALL TECHNOFORGE: ICRA Puts 'B' Rating on INR11.58cr Loans
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR5.00 crore fund
based cash credit facility and INR6.58 crore of term loan facility
of Imperiall Technoforge Private Limited. ICRA has also assigned
short term rating of '[ICRA]A4' to INR0.40 crore non-fund based
bank facilities of ITPL.
                          Amount
   Facilities          (INR crore)   Ratings
   -----------         -----------   -------
   Cash Credit             5.00      [ICRA]B assigned
   Term Loan               6.58      [ICRA]B assigned
   Letter of Guarantee     0.40      [ICRA]A4 assigned

The assigned ratings are constrained by ITPL's lack of track
record of operations, limited product profile, absence of
promoters experience in the manufacturing of forged and machined
components and initial debt funded nature of cap-ex which may
exert pressure on capital structure. The rating further
incorporates vulnerability to adverse changes in raw material
prices which coupled with presence of large number of players in
organized and unorganized segment may lead to limited pricing
power thus affecting the profitability. The ratings also take note
of dependency on cyclicality in automobile sector; however
presence in non-auto components i.e. flanges may reduce the same.

The ratings however take comfort from the financial support from
promoter's other line of business and mitigation of project
execution risk with the timely commissioning of plant through job-
work operations. Company Profile Incorporated in 2012, ITPL is
owned and managed by Mr. Samir Vaishnav and other family members.
The company was taken over by the current management from State
Bank of India in an auction of the manufacturing facilities of
Micro Forge (India) Limited. ITPL manufactures forged and machined
components. The unit is situated in Rajkot (Gujarat) and has an
installed capacity of 9000 tons per annum (TPA).


JALARAM AGRI: ICRA Reaffirms 'B+/A4' Ratings on INR10cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the ratings of '[ICRA]B+' and '[ICRA]A4' for
INR10.00 crore (enhanced from INR9.00 crore) fund based Export
Packing Credit facility of Jalaram Agri Exports. ICRA has also
reaffirmed the short term rating of '[ICRA]A4' for INR2.00 crore
non-fund based credit exposure limits of JAE.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Export Packing Credit          10.00      [ICRA]B+ reaffirmed/
                                             [ICRA]A4 reaffirmed

   Credit Exposure Limit           2.00      [ICRA]A4 reaffirmed

The reaffirmation of the rating takes into account the firm's weak
financial profile characterized by high gearing levels, low
profitability and weak coverage indicators. The rating further
takes into account the exposure of firm's profitability to any
adverse regulatory changes primarily related to export incentives;
vulnerability of operations of the firm to government policies
related to exports and fluctuations in availability and prices of
traded goods subject to seasonality and crop harvest. ICRA also
notes that JAE is a partnership firm and any significant
withdrawals from the capital account could adversely impact its
net worth and thereby the capital structure.

The rating however continues to positively consider the experience
of the promoter in agro commodity trading, and the healthy growth
in operating revenue during FY13. The rating also accounts for the
favorable location of the firm with proximity to ports and stable
prospects for export demand for various agro products.

Incorporated in 2011, Jalaram Agri Exports is engaged in export
trading of groundnut kernels, sesame seeds and other agro
products. The entity was converted from a proprietorship concern
(Jalaram Oil Mills) to a partnership firm (Jalaram Agri Exports)
in the year 2011. The firm operates from Junagadh in Gujarat and
has been promoted by Mr. Vinaykant Kotecha and his family who have
more than two decades of experience in agro commodity trading
business.


KISAN MOULDINGS: ICRA Downgrades Ratings on INR278cr Loans to 'D'
-----------------------------------------------------------------
ICRA has downgraded the long term rating from '[ICRA]BB+' with a
stable outlook to '[ICRA]D' assigned to the INR85.70 crore term
loan and INR137.00 crore fund based limits and the short term
rating from '[ICRA]A4+' to '[ICRA]D' assigned to the INR55.30
crore non-fund based limits of Kisan Mouldings Limited.

                           Amount
   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Term Loan                85.70      [ICRA]D downgraded
   Fund Based Limits       137.00      [ICRA]D downgraded
   Non-Fund Based Limits    55.30      [ICRA]D downgraded

The downgrade of ratings factors in the company's stretched
liquidity position and consequent delays in servicing of interest
and scheduled debt repayments. The company's financial performance
has deteriorated in FY 2013 as well as in Q1' FY 2014 as reflected
by the sharp decline in the net profitability led by increased
finance cost and raw material costs, while the debt levels remain
high on account of the increased working capital requirements as
well as debt funded capital expenditure undertaken in previous two
fiscals.

ICRA however takes into account of the company's established
market position of KML in PVC pipes and fittings business in the
Western region supported by wide dealer network and long
experience of the promoters in the business, its wide product
portfolio, its increased geographic penetration on account of the
recently commissioned plants and the substantial increase in the
size of operations as a result of the merger of Roha and Silvassa
units of Kisan Irrigation Ltd. Given that sizeble debt repayments
remain due in the medium term, ICRA further notes that the
company's ability to increase the utilization levels of recently
commissioned facilities as well as to improve the margins from the
current level in the near term remains critical from credit
perspective.

Incorporated in 1989 as a private company under the name Sanwaria
Synthetics Private Limited, Kisan Mouldings Limited is engaged in
manufacturing of Poly-vinyl chloride (PVC) pipes & fittings and
micro irrigation systems. The name of the company was changed to
"Kisan Mouldings Limited" in 1993. KML is promoted by the Aggarwal
family viz. Mr. Ramesh Aggarwal, Mr. Sanjeev Aggarwal, Mr. Satish
Aggarwal, Mr. Ashok Aggarwal and Mr. Vijay Aggarwal.

The company operates two plants in Maharashtra i.e. at Mahagaon
and Tarapur and one plant at Sivassa which cater mainly to the
Western Region, while the new plants commissioned (during the
period of Nov 2009 - March 2010) in Raipur (Chhattisgarh), Dewas
(Madhya Pradesh) and Baddi (Himachal Pradesh) essentially cater to
markets in the Northern and Eastern Regions. The operations of the
Roha and Silvassa undertakings were de-merged from Kisan
Irrigations Ltd. and merged into KML in July 2011.

In FY 2013, the company has recorded an OI of INR518.46 crore and
PAT of INR2.42 crore. During Q1 FY 2014, the company has reported
PAT of INR0.39 crore on an operating income of INR130.99 crore
(unaudited).


LANCO INFRATECH: Advised to Recast Group Debt of INR40,000cr
------------------------------------------------------------
The Economic Times reports that banks have told infrastructure
group Lanco that all its group companies must opt for loan recast
if they have to bail out the holding company Lanco Infratech.

According to the report, lenders want Lanco to recast the entire
group debt, which stands at INR40,000 crore, rather than adopting
a piecemeal approach of restructuring the debt of one subsidiary
at a time.

ET says Lanco Infra had approached the corporate debt
restructuring (CDR) forum to recast INR8,000 crore of debt and had
also sought additional loan of INR5,700 crore. In an e-mail
response to ET, the company said, "Since our proposal is with the
lenders, we are unable to comment on this issue as per the CDR
norms."

"We are not averse to restructuring the company's loan if the
company is willing to consolidate and take a holistic view of its
group since it has a web of subsidiaries with huge debt burden,"
said a senior bank official present at the meeting held between
the company and the bankers last week, ET  relays.

The report notes that lenders said the company is yet to respond
to their suggestions.  Lanco has business interest in sectors like
power, infrastructure development and coal mining. Besides,
lenders said the additional loan of INR5,700 crore sought by the
company is too high and that they have asked the company to review
it.

As per the company's proposal, promoter Madhusudhan Rao's
contribution towards reviving the company will be INR200 crore;
the sacrifice to be made by the lenders in restructuring the loan
is estimated to be INR750 crore, ET reports.

LITL was incorporated in 1993 as Lanco Constructions Ltd in
Secunderabad (Andhra Pradesh); its name was changed to the
current one in 2000. The company provides EPC services, largely
to its own subsidiaries and affiliate entities.  The Lanco group
includes subsidiaries and affiliates operating across the
infrastructure sector, including construction, power, EPC,
infrastructure, and property development. LITL is the Lanco
group's flagship company.


MARVEL SIGMA: ICRA Assigns 'D' Rating to INR51.50cr Loans
---------------------------------------------------------
ICRA has withdrawn the long term rating of '[ICRA]BB+ (SO)'
assigned to the INR40.00 crore fund based bank lines of Marvel
Sigma Homes Private Limited. The letters SO in parenthesis
suffixed to a rating symbol stand for Structured Obligation. An SO
rating is specific to the rated issue, its terms, and its
structure. These ratings were based on the guarantee provided by
Marvel Promoters & Developers (Pune) Private Limited (guarantor)
for due payment of the lines of credit to the bank and the
assumption that the guarantee will be duly invoked, as per the
terms of the underlying loan and guarantee agreements, in case
there is a default in payment by the borrower. Since the guarantee
was not duly invoked by the bank, the terms of the structured
obligation have not been followed as initially envisaged. Hence
the [ICRA]BB+ (Stable) (SO) rating stands withdrawn.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Fund Based Limits       51.50      [ICRA]BB+ (SO) (Stable)
                                      withdrawn; [ICRA]D assigned

ICRA has now assigned a long term rating of '[ICRA]D' to the
INR51.50 crore (enhanced from INR40.00 crore) fund based bank
lines MSHPL.

The rating of '[ICRA]D' now assigned to the bank lines takes into
account the persistent delays in debt servicing on account of
stretched liquidity due to time over run in one of the projects -
Marvel Bounty I and resultant delayed bookings. The rating also
reflects the exposure to execution and market risks for the
launched projects, high geographic concentration as all of its
projects are located in Pune, leveraged capital structure of the
company, and high debt repayment burden in the near term which
exposes it to continued refinance/repayment risks.

ICRA takes note of the decade long experience of the Marvel group
and the promoters in real estate development in Pune, low upfront
land investment as most of the projects are undertaken as JDA with
land owners, low approval risk with all projects been launched by
MPDPL and the requisite approvals being in place, and high
collection efficiency of ~90% witnessed in projects that have been
launched.

Marvel Sigma Homes Private Limited is part of the Pune based real
estate developers, Marvel Group and a subsidiary of Marvel
Promoters and Developers (Pune) Pvt Ltd.  MSHPL was incorporated
in June 2010, being 74:26 joint venture between MPDPL and ICICI
Prudential AMC Ltd. Promoted by Mr. Vishwajeet Jhavar, the Marvel
group is a first-generation entrepreneurial setup with over a
decade of experience in the Pune real estate market, having
developed over 1.2 million sq. ft. of residential real estate in
the city since 2000. The other promoters of the group are Mr.
Vinay Chudiwal who is a real estate developer, and Mr. Mahesh
Laddha and Mr. Prithviraj Solanki who have an extensive experience
in liaison and execution of construction projects respectively.
The company is currently developing six real estate residential
projects - Marvel Bounty I, Marvel Arco, Marvel Cascada, Marvel
Bounty II, Marvel Kyra and Marvel Viva.


NATIONAL SPOT: Chairman Shankarlal Guru Steps Down
--------------------------------------------------
Press Trust of India reports that Shankarlal Guru, Non-Executive
Chairman of National Spot Exchange (NSEL), has resigned saying
some "bad people" have entered the crisis-ridden exchange and were
responsible for its woes.

Mr. Guru's resignation comes on the heels of at least two
directors on the five-member board of NSEL quitting as the
exchange struggled to clear INR5,600 crore payment dues, the
Business Line relates.

The report says Ramanathan Devarajan and B.D. Pawar, both non-
executive directors, have quit, leaving just Jignesh Shah, who
owns FTIL, the single largest promoter of NSEL, and Joseph Massey
on the board.

"I resigned from the board of directors of NSEL on August 7 as I
and (NSEL director) B.D. Pawar felt that our mission of promoting
agriculture marketing is not being followed and there has been
such a big scam in the exchange, which is not the right thing. I
have nothing to do with this issue," Mr. Guru told PTI.

The Non-Executive Chairman is not responsible for the day-to-day
functioning or running of the exchange, the report notes.

NSEL should be brought out of this crisis and the few "bad people"
who have entered the exchange should be punished,
Mr. Guru, who has been a former of the Member of Legislative
Assembly from Unjha (Gujarat), added, according to PTI.

"The Government has the machinery and it should take the money and
return the hard earned money of the investors. There are some bad
people in the exchange who should be punished," PTI quotes Mr.
Guru as saying.

He, however, refused to name the persons or elaborate on "bad
people" entering NSEL, the report adds.

National Spot Exchange (NSEL) is a Commodities exchange in India.


NEZONE PIPES: ICRA Ups Ratings on INR34.95cr Loans to 'B'
---------------------------------------------------------
ICRA has revised upwards the long term rating assigned to the
INR16.25 crore term loan, INR17.00 crore cash credit and INR1.70
crore stand by line of credit of Nezone Pipes & Structures from
'[ICRA]D' to '[ICRA]B'. ICRA has also assigned an '[ICRA]A4'
rating to the INR5.00 crore short term non fund based bank
facilities of NPS.

                            Amount
   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Fund Based Limits-        16.25      [ICRA]B upgraded
   Term Loan

   Fund Based Limits-        17.00      [ICRA]B upgraded
   Cash Credit

   Fund Based Limits-         1.70      [ICRA]B upgraded
   Standby Line of Credit

   Non Fund Based Limits-     5.00      [ICRA]A4 assigned
   Bank Guarantee/Letter
   of Credit

The upward revision in the long term rating takes into account
NPS's favorable track record of timely servicing of debt
obligations following restructuring of the term loan in 2012-13.
The ratings also factor in the experience of the promoters and
limited threat of competition to NPS with Nezone group being one
of the established players in the steel tube (galvanized iron (GI)
and black pipe) manufacturing business in North-East India. The
operational linkage with its group companies located at close
proximity also ensures regular supply of raw materials and low
freight costs. The ratings are, however, constrained by the low
value addition in the business, the small scale of current
operations and its dependence on the various fiscal incentives to
run the business profitably. The profitability and cash flows of
NPS will remain susceptible to the volatility in the raw material
and finished goods prices as is inherent in the steel business.
The ratings also take into account the risks associated with the
entity's status as a partnership firm, including the risks of
withdrawal of capital by the partners.

Established in March, 2010 as a partnership firm, NPS is currently
engaged in the manufacturing of mild steel black & galvanized
pipes, steel tubular poles and steel structures with an installed
capacity of 56,000 metric tonne per annum (MTPA). The
manufacturing facility of NPS is located at New Industrial Area,
Byrnihat, Meghalaya. The firm started commercial production in
January 2013. Besides NPS, the Nezone group has other entities
engaged in the steel tube and related businesses, including Nezone
Industries Limited (rated at [ICRA]BBB/Stable and [ICRA]A3+),
Nezone Strips Limited (rated at [ICRA]BBB-/Stable and [ICRA]A3),
Nezone Tubes Limited (rated at [ICRA]BBB-/Stable and [ICRA]A3),
North Eastern Tubes Limited (rated at [ICRA]BBB-/Stable and
[ICRA]A3), Nezone Poles & Towers (rated at [ICRA]BB/Stable and
[ICRA]A4) and NTL Steels (rated at [ICRA]B and [ICRA]A4).

Recent Results

During the first three months of operations, since January 2013,
NPS reported a net loss of INR1.34 crore (provisional) on an
operating income of INR4.19 crore (provisional).


N. K. PROTEINS: ICRA Cuts Rating on INR74.5cr Loans to 'B-'
-----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR74.50
crores fund based facility of N. K. Proteins Limited to
'[ICRA]B-'  from '[ICRA]BB+'. ICRA has also revised the short-term
rating assigned to the INR110.0 crore short term fund based/ non-
fund based facilities of NKPL to '[ICRA]A4' from '[ICRA]A4+'. The
ratings continue to remain under rating watch with negative
implications.

                             Amount
   Facilities              (INR crore)   Ratings
   -----------             -----------   -------
   Long-term fund             74.5       [ICRA]B- (rating watch
   based limits                          with negative
                                         implications); revised
                                         from [ICRA]BB+

   Short-term fund           110.0       [ICRA]A4 (rating watch
   based/ non-fund                       with negative
   based limits                          implications); revised
                                         from [ICRA]A4+

The ratings revision takes into account the weakened liquidity
position of the company as can be seen from the recent devolvement
of Letter of Credit. ICRA also takes into account the potential
impact on the credit profile of NKPL on account of its large
outstanding exposure amounting to -INR970 Cr. to National Spot
Exchange Ltd for commodity trading transactions. The ratings
continue to remain under watch with negative implications as there
is lack of clarity with regard to its ability to clear the dues to
NSEL in a timely manner. ICRA awaits details from the company's
management regarding the above.

N. K. Proteins Limited was incorporated in March, 1992 as Maruti
Proteins Ltd. Later, it changed its name to N K Proteins Ltd in
February, 1993. The company is promoted by Mr. Nimish Patel & Mr.
Nilesh Patel and is engaged in the business of refining edible
oils viz, Cotton Seed Oil, Palmolein, Sunflower Oil, Groundnut Oil
and Vegetable Oils including trading in edible edible oils.
However, its product portfolio is concentrated towards cottonseed
oil, which contributed 53% of the turnover in FY 13. It has a
refining capacity of 1600 tpd and fractionation capacity of 650
tpd at its plant located at Kadi, Gujarat. It also has a 100 tpd
refinery plant at Akola, Maharashtra. Apart from the above, NKPL
also utilizes additional capacities on jobwork basis. It markets
edible oils under the brand name of "TIRUPATI", "Malaya" and
"Sunpride" with Tirupati being the flagship brand and enjoying a
market share of ~60% in the cottonseed oil segment in Gujarat.

Recent Results

For the year FY12, the company reported an operating income of
INR2510.30 crores and profit after tax of INR15.21 crores. As per
the unaudited results for FY13, the company reported an operating
income of INR2871.63 crores and profit after tax of INR15.03
crores.


SABARI EXIM: ICRA Rates INR37cr Fund Based Loan at 'B'
------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR37.00
crore fund based facility of Sabari Exim Private Limited. ICRA has
also assigned a short-term rating of '[ICRA]A4' to the INR93.00
crore non-fund based facilities of SEPL.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Fund based facility             37.00     [ICRA]B assigned
   Non-fund based facilities       93.00     [ICRA]A4 assigned

The assigned ratings consider the long-standing presence of the
promoters in the steel trading business. The ratings also consider
the Company's tight liquidity position, high gearing and stretched
coverage metrics; the high competition in the steel scrap trading
business which restricts scope for improvement in profitability;
and the vulnerability of its accruals to sharp fluctuations in
foreign exchange rates in the absence of a hedging policy. While
the ongoing weakness in the steel industry is expected to impact
the revenue growth and accruals at least in the near term, the
demand outlook is favorable in the long term.

SEPL is primarily engaged in trading of steel scrap, apart from
other steel products like billets, angles, ingots, plates, sheets
and pipes. It sources materials both domestically as well as
through imports, and largely caters to the demand in South India.
Incorporated in 1999, the Company is presently promoted by Mr.
Shashi Kumar and Ms. Leena Shashi. SEPL is the flagship company of
Sabari Group, which has interests across various businesses
including textiles and manufacture of steel products.

Recent results

SEPL reported a profit before depreciation and taxes of INR1.3
crore on an operating income of INR371.4 crore during 2012-13
(according to unaudited results). It reported a net profit of
INR1.0 crore on an operating income of INR300.8 crore during 2011-
12.


SHANGOLD (INDIA): ICRA Assigns 'B/A4' Ratings to INR26.7cr Loans
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' and a short term
rating of '[ICRA]A4' to the INR16.37 Crore fund based bank
facilities of Shangold (India) Limited.

                               Amount
   Facilities               (INR crore)   Ratings
   -----------              -----------   -------
   Fund Based-Export           9.75       [ICRA]B/[ICRA]A4;
   Packing Credit                          Assigned

   Fund Based-Bullion          6.20       [ICRA]B/[ICRA]A4;
   Loan                                    Assigned

   Fund Based-Post-           10.75       [ICRA]B/[ICRA]A4;
   Shipment Credit                         Assigned

The rating is constrained by SIL's modest scale of operations,
sluggish debtor realization resulting in high utilization levels
and losses incurred in FY 13 due to bad debts. Further SIL has
witnessed stagnancy in revenues for last two fiscals, given its
susceptibility of revenues to economic activities in the developed
markets primarily USA. ICRA also notes the intense competition
prevalent in the industry in which SIL operates, which in turn is
expected to keep margins under pressure. The rating however
favorable factors in the promoters experience and operating track
record in the gems and jewellery business and fiscal benefits
arising out of its location in a tax free zone.

Shangold (India) Ltd was incorporated in 2000 by family members of
Revashankar Pandya group. The company is engaged in manufacturing
and export of high end diamond and colour stone studded gold and
silver jewellery. The company has a manufacturing facility at
SEEPZ, Mumbai. The companies in Revashankar Pandya Group include
Shangold India Ltd., Revashankar Gems Ltd., Shankar Jewels
Limited, Shankar Packaging Ltd., Shankar Realty Ltd. Shankar
Securities Pvt. Ltd., Naqsh Collection, Diamond India Corporation
and S.J International.


WINNING EDGE: ICRA Assigns 'B+' Ratings to INR9.75cr Loans
----------------------------------------------------------
ICRA has assigned the '[ICRA]B+' rating to the INR4.00 crore cash
credit facilities, INR5.00 crore term loans and INR0.75 crore
unallocated facility of The Winning Edge Agro Products.

                           Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Cash Credit              4.00      [ICRA]B+ assigned
   Term Loan                5.00      [ICRA]B+ assigned
   Unallocated              0.75      [ICRA]B+ assigned

The assigned rating is constrained by WEAP's small scale and
limited track record of operations; weak financial profile
characterized by low profitability, high gearing levels and weak
coverage indicators. The rating also takes into account the
intense competitive pressures due to fragmented industry
structure, and vulnerability of profitability to adverse movements
in paddy prices which are subject to seasonality and regulatory
risk. ICRA also notes that WEAP is a partnership firm and any
significant withdrawals from the capital account could adversely
impact its net worth and thereby the capital structure.

The rating, however, positively factors in the firm's favorable
location which gives it easy access to paddy and favorable demand
prospects for the firm's product driven by changing demographics
and increasing spending on health and nutritional foods. Entity
Profile The Winning Edge Agro Products (WEAP) was set up as a
partnership firm in the year 2011 by the Vidhani family. The firm
is engaged in manufacturing of flattened rice (poha) at its
manufacturing facility located at Navsari, Gujarat, with a
production capacity of 9600 MTPA per annum. WEAP is also engaged
in providing warehousing facility to store farm produce like
paddy, wheat, pulses, agro inputs like fertilizers and pesticides.
The storage facility is setup under "Gramin Bhandaran Yojna"- a
capital investment subsidy scheme and is located at the same
factory premises having storage capacity of about 5500 MT.

WEAP reported an operating income of INR15.95 crore and net loss
of INR0.14 crore during FY 2013 (provisional unaudited).



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


CORSAIR (JERSEY): S&P Affirms Rating on Loan Series 58 at 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
rating on one Japanese synthetic collateralized debt obligation
(CDO) transaction, and affirmed its rating on another CDO
transaction.  At the same time, S&P removed both ratings from
CreditWatch with positive implications.

The upgrade and affirmation reflect the tranches' synthetic rated
overcollateralization (SROC) levels as well as S&P's sensitivity
analyses in line with its criteria.  S&P also reviewed the
counterparty risk in cases where the creditworthiness of the
tranche relies on a swap counterparty and/or collateral asset.

As for the upgrade, S&P raised its rating to the level at which
the tranche's SROC level exceeds 100% and meets its minimum
cushion requirement as of this month's review date.  Meanwhile,
S&P affirmed its rating on the other tranche because its SROC
level does not meet its upgrade requirement as of the review date
despite exceeding 100% at the current rating.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATING RAISED, REMOVED FROM CREDITWATCH POSITIVE

Signum Vanguard Ltd.
Class A secured floating rate credit-linked loan series 2005-06
To                 From                        Amount
BB-pNRi (sf)       B+pNRi (sf)/Watch Pos       JPY3.0 bil.

RATING AFFIRMED, REMOVED FROM CREDITWATCH POSITIVE

Corsair (Jersey) No. 2 Ltd.
Fixed rate credit-linked loan series 58
To                 From                        Amount
B+ (sf)            B+ (sf)/Watch Pos           JPY3.0 bil.


SIGNUM VANGUARD: S&P Raises Rating on Class A Loan to BB-pNRi
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
rating on one Japanese synthetic collateralized debt obligation
(CDO) transaction, and affirmed its rating on another CDO
transaction.  At the same time, S&P removed both ratings from
CreditWatch with positive implications.

The upgrade and affirmation reflect the tranches' synthetic rated
overcollateralization (SROC) levels as well as S&P's sensitivity
analyses in line with its criteria.  S&P also reviewed the
counterparty risk in cases where the creditworthiness of the
tranche relies on a swap counterparty and/or collateral asset.

As for the upgrade, S&P raised its rating to the level at which
the tranche's SROC level exceeds 100% and meets its minimum
cushion requirement as of this month's review date.  Meanwhile,
S&P affirmed its rating on the other tranche because its SROC
level does not meet its upgrade requirement as of the review date
despite exceeding 100% at the current rating.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATING RAISED, REMOVED FROM CREDITWATCH POSITIVE

Signum Vanguard Ltd.
Class A secured floating rate credit-linked loan series 2005-06
To                 From                        Amount
BB-pNRi (sf)       B+pNRi (sf)/Watch Pos       JPY3.0 bil.

RATING AFFIRMED, REMOVED FROM CREDITWATCH POSITIVE

Corsair (Jersey) No. 2 Ltd.
Fixed rate credit-linked loan series 58
To                 From                        Amount
B+ (sf)            B+ (sf)/Watch Pos           JPY3.0 bil.



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


RURAL BANK OF LA TRINIDAD: MB Places Bank Under PDIC Receivership
-----------------------------------------------------------------
The Monetary Board (MB) placed the Rural Bank of La Trinidad, Inc.
under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 1351.B dated
Aug. 15, 2013.  As Receiver, PDIC took over the bank on Aug. 22,
2013.

Rural Bank of La Trinidad is a two-unit bank with Head Office
located at Solis Bldg., JC 105, Km 5, Pico, La Trinidad, Benguet.
Its lone branch is in Dagupan City, Pangasinan.  Latest available
records show that as of June 30, 2013, Rural Bank of La Trinidad
had 4,076 accounts with total deposit liabilities of PHP116.6
million.  A total of 4,036 deposit accounts or 99.02% of the
accounts have balances of PHP500,000 or less and fully covered by
deposit insurance.  Total insured deposits amounted to PHP98.0
million or 84.05% of the total deposits.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated.  The state deposit insurer assured
depositors that all valid deposits shall be paid up to the maximum
deposit insurance coverage of PHP500,000.00.

The PDIC also announced that it will conduct a simultaneous
Depositors-Borrowers Forum on Wednesday, Aug. 28, 2013, 10:00 a.m.
at the Open Gymnasium, Provincial Capitol, La Trinidad, Benguet
for depositors of the Head Office, and at the 4th Floor, Amethyst
Hall, Lenox Hotel, Rizal St., Dagupan City, Pangasinan for
depositors of the Dagupan City Branch.  The Forum is a venue to
inform depositors of the requirements and procedures for filing
deposit insurance claims.  Claim forms will be distributed during
the Forum.

Depositors may update their addresses with the PDIC
representatives at the bank premises or during the Forum using the
Mailing Address Update Forms to be furnished by PDIC
representatives.  Duly accomplished Mailing Address Update Forms
should be submitted to PDIC representatives accompanied by a
photo-bearing ID with signature of the depositor.  Depositors may
update their addresses until Aug. 30, 2013.

Depositors with valid deposit accounts with balances of
PHP15,000.00 and below need not file deposit insurance claims.
But depositors who have outstanding obligations with the Rural
Bank of La Trinidad including co-makers of the obligations, and
have incomplete and/or have not updated their addresses with the
bank, regardless of amount, should file deposit insurance claims.

For depositors that need not file deposit insurance claims, PDIC
targets to start mailing payments to these depositors at their
addresses recorded in the bank by the first week of September.

According to the latest Bank Information Sheet (BIS) as of June
30, 2013 filed by the Rural Bank of La Trinidad with the PDIC, the
bank is majority-owned by Ricardo C. Solis (27%), Humberto C.
Solis (25%) and Marie C. Solis (15%).  Its Chairman and President
is Ricardo C. Solis.



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


AMARU INC: Incurs $360,700 Net Loss in First Quarter
----------------------------------------------------
Amaru, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q for the period ended
March 31, 2013, disclosing a net loss attributable to common
stockholders of $360,786 on $6,910 of revenues, as compared with a
net loss attributable to common stockholders of $146,355 on $2,359
of revenues for the same period during the prior year.

The Company's balance sheet at March 31, 2013, showed $2.35
million in total assets, $3.54 million in total liabilities and a
$1.18 million total stockholders' deficit.

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

                       http://is.gd/qnTQpx

                     Amends Q2 2012 Form 10-Q

The Company has amended its quarterly report for the period ended
June 30, 2012.  The restated statements of operations reflect a
loss from operations of $242,588 on $754 of revenues for the three
months ended June 30, 2013, as compared with a loss from
operations of $242,576 on $754 of total revenue as originally
reported.

The Company's restated balance sheet at June 30, 2012, showed
$2.69 million in total assets, $3.85 million in total liabilities
and a $1.15 million total stockholders' deficit.  The Company
previously reported $2.89 million in total assets, $3.39 million
in total liabilities and a $498,118 total stockholders' deficit.

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

                        http://is.gd/H1NGGT

                         About Amaru Inc.

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.

Amaru, Inc., disclosed net income of $102,353 on $19,012 of
revenues for the year ended Dec. 31, 2012, as compared with a net
loss of $1.89 million on $4,462 of revenues for the year ended
Dec. 31, 2011.

Wei, Wei & Co., LLP, in Flushing, New York, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company has sustained accumulated losses from operations
totaling $41,220,399 and $41,322,752 at Dec. 31, 2012, and 2011,
respectively, the Company's continued losses from operations and
the difficulty it has had in raising adequate additional
financing.  These conditions and the Company's lack of significant
revenue, raise substantial doubt about the Company's ability to
continue as going concern.


AMARU INC: Incurs $197,000 Net Loss in Second Quarter
-----------------------------------------------------
Amaru, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q for the period ended
June 30, 2013, disclosing a net loss attributable to common
stockholders of $197,068 on $7,040 of revenues, as compared with
net income attributable to common stockholders of $35,231 on $754
of revenues for the same period a year ago.

For the six months ended June 30, 2013, the Company reported a net
loss attributable to common stockholders of $557,855 on $13,950 of
revenues, as compared with a net loss attributable to common
stockholders of $181,726 on $3,113 of revenues for the same period
during the prior year.

The Company's balance sheet at June 30, 2013, showed $1.86 million
in total assets, $3.28 million in total liabilities and a $1.42
million total stockholders' deficit.

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

                        http://is.gd/f5fA0d

                          About Amaru Inc.

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.

Wei, Wei & Co., LLP, in Flushing, New York, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company has sustained accumulated losses from operations
totaling $41,220,399 and $41,322,752 at Dec. 31, 2012, and 2011,
respectively, the Company's continued losses from operations and
the difficulty it has had in raising adequate additional
financing.  These conditions and the Company's lack of significant
revenue, raise substantial doubt about the Company's ability to
continue as going concern.



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


* SOUTH KOREA: Recoups 62.8% of Bailout Funds
---------------------------------------------
Yonhap News Agency reports that South Korea has recouped
62.8 percent of the public funds it spent to bail out troubled
financial firms during the 1997-1998 Asian financial crisis, the
financial regulator said August 28.

The country has retrieved KRW105.9 trillion (US$95.1 billion) in
public funds as of the end of June, according to the Financial
Services Commission (FSC).

According to the news agency, the FSC said the June recovery rate
rose slightly higher than the previous tally of 62.5 percent
tallied at the end of March, and marks a 7.4 percent gain compared
to the end of 2008.

In the April-June period, it recouped KRW503 billion, Yonhap
relays.

Yonhap notes that the South Korean government has poured a total
of KRW168.7 trillion in taxpayer money into local financial
institutions since 1997 to rescue them from bankruptcy.

The regulator, meanwhile, said the country has recovered
KRW4.51 trillion, or 73.1 percent, of the KRW6.17 trillion pumped
into the financial system to stave off market instability in the
aftermath of the 2008 global credit crunch.  In the second
quarter, the government retrieved KRW282 billion, the report adds.



                             *********

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, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN: 1520-9482.

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



                 *** End of Transmission ***