TCRAP_Public/140506.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Tuesday, May 6, 2014, Vol. 17, No. 88


                            Headlines


A U S T R A L I A

ASIAPAC COMMUNICATIONS: iBoss Enters Into Administration
GRACE FASHION: Goes Into Administration
LANSEN CONSULTING: David Clout Appointed as Administrator
MIRABELA NICKEL: Noteholders Plan Debt For Equity Swap
SEIZA AUGUSTUS: Fitch Affirms CCC Rating on AUD6.2M Class D Notes

SHARP'S HEAVY: Deloitte Appointed as Administrators
TERRACE HOMES: Heard Phillips Appointed as Administrators


C H I N A

KAISA GROUP: S&P Raises CCR to 'BB-'; Outlook Stable
LDK SOLAR: Unit Signs Wafer Supply Agreement with Gintech


I N D I A

A N BUILDWELL: ICRA Suspends 'B' Rating on INR50cr Loans
ADICO FORGE: CARE Revises Rating on INR18.43cr Bank Loan From 'D'
AMAR HATCHERIES: ICRA Suspends 'B' Rating on INR6.99cr Loans
BIOGENEX LIFE: CRISIL Assigns 'B' Rating to INR150MM Loans
CUCKU AGRO: CRISIL Assigns 'B' Rating to INR100MM Cash Credit

GUPTAJI BROTHERS: CRISIL Assigns 'B-' Rating to INR50MM Loans
MAA GAURI: ICRA Reaffirms 'B' Rating on INR9cr Bank Loans
MADHU OVERSEAS: CARE Assigns 'B+' Rating to INR3cr Bank Loan
MADHUR OVERSEAS: CRISIL Assigns 'B' Rating to INR100MM Loan
N.R. FOOTWEAR: ICRA Downgrades Rating on INR8cr Loans to 'D'

NEPTUNE LAMINATES: CRISIL Assigns 'B+' Rating to INR64MM Loans
NITAI CHANDRA: CRISIL Lowers Rating on INR25MM Loan to 'B-'
PUNJAB LIGHTING: CRISIL Cuts Rating on INR98MM Loans to 'B+'
RAYBAN FEEDS: ICRA Suspends 'B' Rating on INR20cr Loans
RIALTO ENTERPRISES: CRISIL Reaffirms 'B+' Rating on INR200M Loans

RMV RESORT: CRISIL Reaffirms 'D' Rating on INR250MM Term Loan
SABARI EXIM: ICRA Lowers Rating on INR130cr Loans to 'D'
SAI POINT: CRISIL Reaffirms 'B' Rating on INR135MM Loans
SAI POWER: CRISIL Reaffirms 'B+' Rating on INR32.5MM Loans
SANKRAIL AGRO: CRISIL Reaffirms 'B-' Rating on INR209.6MM Loans

SANTOSH WIRE: ICRA Suspends 'B-/A4' Rating on INR8cr Bank Loan
SHREE LAXMI: CARE Assigns 'B+/A4' Rating to INR8.30cr Bank Loan
SHREE RADHA: CARE Assigns 'B+' Rating to INR6cr Bank Loan
TIARA JEWELS: CRISIL Assigns 'B+' Rating to INR150MM Loans
VAISHALI EXPORT: ICRA Assigns 'B' Rating to INR7.59cr Loans


I N D O N E S I A

MNC INVESTAMA: S&P Affirms 'BB-' CCR; Outlook Stable
PERUSAHAAN GAS: S&P Assigns 'BB+' Rating to Proposed USD$ Notes


J A P A N

TOKYO ELECTRIC: Loses Up to 20% Large-Lot Clients in 2013


N E W  Z E A L A N D

PANAMA ROAD DEVELOPMENTS: Goes Into Receivership
RESTAURANT LTD: In Liquidation, Owes Unsec. Creditors NZ$500,000


X X X X X X X X

* BOND PRICING: For the Week April 28 to May 2, 2014


                            - - - - -


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


ASIAPAC COMMUNICATIONS: iBoss Enters Into Administration
--------------------------------------------------------
Allie Coyne at CRN reports that Victorian-based telecommunications
wholesaler and billing platform provider iBoss has disconnected
thousands of customers after entering a court-ordered
administration on May 2.

In a notice to customers on May 3, the company's management
revealed that iBoss, its sister business One Telecom and the
pair's parent company, AsiaPac Communications -- a subsidiary of
telecommunications wholesaler Conec2 -- had entered administration
as a result of carrier service restrictions with their supplier,
according to CRN.

It is understood that iBoss and One Telecom supply Telstra
Wholesale, AAPT and Vocus services to customers through a third
party, the Australasian New Energy Group, a business owned by
Conec2 owner Cameron Adams.

According to the report, iBoss management said ANEG's carrier
service access had been restricted, which meant it could no longer
provide services to iBoss.

"We have no choice but to be placed into administration," read the
notice, which was sighted by CRN.

Customers' phone and internet services begun being cut off en
masse on May 2, CRN understands. Up to 10,000 customers are
estimated to be affected.

"Please be assured that the main priority of the administrators is
to get your end users services up and running again as soon as
possible and they have immediately entered into discussions with
the carriers to achieve this goal," iBoss management told
customers, CRN relays.

The parent company of iBoss is former telecommunications wholesale
provider ispONE, which was controversially acquired by fellow
wholesaler Conec2 after entering administration last year, the
report discloses.

Last year, CRN recalls, ispONE went into administration following
high-profile legal battles over unpaid bills and contract disputes
with former wholesale partner, Telstra, and former client, Kogan
Mobile. One Telecom had also been in administration prior to the
sale, the report notes.

CRN understands that on May 2, the Victorian Supreme Court ordered
iBoss, AsiaPac and One Telecom into administration with Ferrier
Hodgson, the insolvency practitioner that oversaw the
controversial ispONE acquisition and sale to Conec2.


GRACE FASHION: Goes Into Administration
---------------------------------------
The Age reports that Grace Fashion has placed its AUD62 million
business, run as the SES fashion stores, in administration as it
battles new international retailers that have entered Australia in
the past year.

The group, which has about 40 stores in NSW, Western Australia,
Queensland and Canberra, targets low-cost fashions.

Already being hit by Top Shop, it will also face competition from
US retailer Forever 21 when it opens in Brisbane this year,
according to the Age.  The US group is also looking to open in
Bourke Street Mall and Sydney's Pitt Street Mall.

SES manager Steve Ma appointed Stewart Free, Bradd Morelli, and
Sule Arnautovic of Jirsch Sutherland as administrators.

There is concern that more Australian fashion groups will fall
victim to overseas brands, which are in demand from shoppers who
like new labels, the report notes.

The foreign brands also have a large appetite for flagship stores
and can work a good rental deal as an incentive to enter a
shopping center, the report relates.  Landlords then increase
existing tenants' rent, forcing some to close, the report notes.

France's Sephora cosmetics, Japan's Uniqlo and H&M of Sweden are
all making inroads into the Australian market, the report adds.


LANSEN CONSULTING: David Clout Appointed as Administrator
---------------------------------------------------------
David Lewis Clout of David Clout & Associates was appointed as
administrator of Lansen Consulting Pty Ltd on May 2, 2014.

A first meeting of the creditors of the Company will be held at
Level 1, 484 Albany Hwy, in Victoria Park, West Australia, on
May 14, 2014, at 10:00 a.m.


MIRABELA NICKEL: Noteholders Plan Debt For Equity Swap
------------------------------------------------------
Brett Cole at The Australian reports that an ad hoc group of
Mirabela noteholders, led by New York's Guggenheim Investments,
have proposed a deed of company arrangement to swap all the
company's debt for a 95 per cent equity stake in the distressed
Perth-based nickel miner whose main mining operations are in
Brazil.

The noteholders plan to renounce their claims against Mirabela
contingent on the Federal Court of Australia extinguishing the
equity stakes of the nickel miner's current shareholders,
according to a report by Mirabela's administrator KordaMentha that
was emailed to Data Room.

The report says Mirabela plans to issue a prospectus for a
US$115 million convertible note issue as part of a
recapitalisation plan that has the potential of an additional
US$20 million being raised. The company will only get the $115
million if the court agrees to the debt for equity swap.

In April 2011, the report recounts, Mirabela issued unsecured
notes with a face value of US$395 million. The notes, as of April
30 this year, had a balance of US$431.9 million, which included
accrued interest. The ad hoc group of noteholders holds more than
65 per cent of these notes, the report relays.

"The Mirabela deed of company arrangement seeks to implement a
capital restructure of Mirabela to enable the group to continue
operating as a going concern," KordaMentha said in its report on
the company, The Australian notes.

On May 26 Mirabela's recapitalisation plan will be filed with the
Australian Securities and Investments Commission, the report
discloses.  A Federal Court hearing to approve the debt for equity
swap is expected to be held next month with a decision expected in
June.

KordaMentha values Mirabela as a non-distressed company at between
US$150 million and US$235 million. The administrators expect a
deed of company arrangement together with the placement of
convertible securities to take place by June 20, the report notes.

The Australian relates that in an email to Data Room, a group of
Mirabela's existing shareholders MBN Class Action Group said they
plan to hire legal representation. In distressed corporate
situations equity holders' claims are typically subservient to
debt holders, the report says.

According to The Australian, Mirabela incurred losses before tax
of US$891.9 million since it began commercial production in the
2010 financial year through to its 2013 financial year.

Between 2010 and 2013 Mirabela recorded aggregate earnings before
interest, tax, depreciation and amortisation of US$27.6 million,
far exceeded by borrowing costs of US$131.7 million because of
declining nickel prices, the loss of receipts from one of its two
major offtake counterparties and operational problems, The
Australian discloses.

The report says Mirabela has now drawn US$45 million worth of
funds available under an interim financing agreement that will
secure the company's operating future until the recapitalisation
is completed.

Mirabela's secured and unsecured noteholders have hired Cleary
Gottlieb Steen & Hamilton LLP to provide restructuring and other
legal advices, says The Australian. Gilbert + Tobin is also acting
for the noteholders. Rothschild is the investment bank advising
the noteholders. The investment bank advising Mirabela is Houlihan
Lokey, The Australian discloses.

The second meetings of creditors will be held on 13 May 2014, at
the offices of KordaMentha, Level 10, 40 St Georges Terrace, in
Perth.

                      About Mirabela Nickel

Mirabela Nickel Limited -- http://www.mirabela.com.au/-- is an
Australia-based mineral resource company engaged in mining,
production and sale of nickel concentrate. The Company's principal
asset is the 100%-owned Santa Rita nickel sulphide mine in Bahia,
Brazil. The Santa Rita mine is located approximately 360
kilometers south-west of Salvador and approximately six kilometers
from the town of Ipiau. The Company also has a portfolio of
prospective nickel targets in Brazil, including an underground
mineral resource at Santa Rita.

Martin Madden, Clifford Rocke, and David Winterbottom of
KordaMentha have been appointed as Joint and Several Voluntary
Administrators by resolution of the Board of Directors on
Feb. 25, 2014. The appointment of Joint and Several Voluntary
Administrators is an important and necessary mechanic in
progressing the Proposed Recapitalisation.



SEIZA AUGUSTUS: Fitch Affirms CCC Rating on AUD6.2M Class D Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed the rating of Seiza Augustus Series
2007-1 Trust's Class D notes.  The notes were issued by Australian
Executor Trustees Limited as trustee of the transaction.  The
transaction closed in April 2007, and is a securitisation of small
balance commercial and residential mortgages originated by Seiza
Mortgage Company Pty Limited (Seiza).  The rating actions are as
follows:

AUD6.2m Class D (ISIN AU3FN0002463) notes affirmed at 'CCCsf';
Recovery Estimate 90%.

KEY RATING DRIVERS

The rating affirmation reflects Fitch's view that a default on the
notes continues to be a possibility given high expenses, low
recoveries and low prepayment rates.  The transaction has paid
down from initial liabilities of AUD404.7m to approximately
AUD16.6m after charge-offs as at March 2014, when the pool was
made up of 59 residential and commercial mortgages.  Low-
documentation loans represented 42% of the pool.

As of the March 2014 payment date, the total cumulative losses
amounted to AUD27.2m, of which AUD17.6m has been reimbursed via
excess spread and income from liquidation proceeds.  A unique
feature of this transaction is the full charge-off to the notes
that are greater than 300 days in arrears, as a result of which
the unrated Class F and G notes have been charged-off.

Total charge-offs have remained high since late 2011.  As at March
2014, charge-offs against the Class G notes totalled AUD10.34m,
with the Class F notes totalling AUD2.28m of the total notes'
balance of AUD4.05m.

At the payment date, two loans were in arrears by more than 300
days that have been fully charged-off for an equivalent amount of
AUD3.0m.

Outstanding principal draws totalled AUD118,465.  Since
December 2012, the transaction has experienced an increase in
principal draws as expenses and coupon payments were higher than
the income received from the performing assets.

The excess and loss provision reserves have been fully used.  The
liquidity facility amounted to AUD13m at end-March 2014.

RATING SENSITIVITIES

Recoveries from current properties in possession are expected to
reduce the level of charge-offs in the coming months, and the
rating of Class D notes is sensitive to whether recoveries will be
above or below historical levels.  Since closing, defaulted loans
and realised losses amounted to AUD64.9m and AUD27.2m
respectively, reflecting a 42% loss severity.

The rating on the Class D notes will also be influenced by the
level of expenses, particularly litigation costs.  If future
expenses are below the levels reported in the 2 years to March
2014 payment date, and principal draws are cured, the rating may
be upgraded.

The rating is also sensitive to prepayments.  Any prepayment would
benefit the Class D notes as they would be repaid before any
outstanding principal draw would increase, in turn impacting the
transaction's yield.

As the mortgage portfolio decreases, the risk of principal losses
resulting from the default of large loans and the risk of expenses
being greater than income become a relevant driver for Fitch's
analysis.  A cash flow analysis was performed on the transaction,
stressing a combination of interest rates, defaults, default
timing, recovery timing, prepayment rates, and expenses.


SHARP'S HEAVY: Deloitte Appointed as Administrators
---------------------------------------------------
Nicholas Harwood -- nharwood@deloitte.com.au -- and Richard Hughes
-- richughes@deloitte.com.au -- of Deloitte were appointed as
administrators of Sharp's Heavy Equipment Repairs Pty Ltd on
April 30, 2014.

A first meeting of the creditors of the Company will be held at
Mackay Entertainment Convention Centre, Alfred Street, in Mackay,
Queensland, on May 12, 2014, at 2:00 p.m.


TERRACE HOMES: Heard Phillips Appointed as Administrators
---------------------------------------------------------
Andrew Heard -- andrew@heardphillips.com.au -- and Anthony
Phillips -- anthony@heardphillips.com.au -- of Heard Phillips were
appointed as administrators of Terrace Homes Pty Ltd on May 2,
2014.

A first meeting of the creditors of the Company will be held at
the Boardroom of Heard Phillips Chartered Accountants, Level 1, 50
Pirie Street, in Adelaide on May 13, 2014, at 11:00 a.m.



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C H I N A
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KAISA GROUP: S&P Raises CCR to 'BB-'; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on China-based real estate company Kaisa Group
Holdings Ltd. to 'BB-' from 'B+'.  The outlook is stable.  At the
same time, S&P raised its issue rating on the company's
outstanding senior unsecured notes to 'BB-' from 'B+'.  S&P also
raised its long-term Greater China regional scale ratings on the
company and the notes to 'cnBB+' from 'cnBB'.

"We upgraded Kaisa because we expect the company to maintain its
good sales execution while operating on a larger scale, and
cautiously manage its balance sheet leverage over the next 12
months," said Standard & Poor's credit analyst Christopher Lee.
"In the past 18 months, Kaisa extended the maturity of its
offshore debt due 2014-2015. We anticipate that the company's
liquidity will improve this year."

"We assess Kaisa's business risk profile as "fair," given the
company's "fair" competitive position, "moderately high" risks in
the property development industry, and China's "moderately high"
country risk.  In our view, Kaisa's good sales execution while
operating on a larger scale and its proven track record in urban
redevelopment projects in the Pearl River Delta underpin the
company's competitive position. Kaisa's profitability is in line
with that of similarly rated peers," S&P noted.

The steady growth in Kaisa's contract sales since 2012 reflects
the company's good sales execution, in S&P's opinion.  S&P has
fair visibility over Kaisa's sales execution for the next 12
months, based on the company's good sales pipeline and likely
stable operating conditions. Kaisa's contract sales of Chinese
renminbi (RMB) 23.9 billion in 2013 were 104% of the company's
full-year target, and somewhat exceeded S&P's expectation.  The
company's contract sales of RMB4.1 billion in the first three
months of 2014 were 13.7% of its full-year target.

S&P anticipates that Kaisa's profitability will improve slightly
in the next two years.  This is because the company's sales from
its redevelopment projects in Shenzhen and several other cities in
the Pearl River Delta will increase.  These are markets where
Kaisa benefits from higher selling prices and profit margins.  As
of the end of 2013, the company has about 2.32 million square
meters of gross floor area in redevelopment projects (with
government approval) under presale or held for future development.
This holding accounts for 10% of Kaisa's total land bank.  The
company's EBITDA margin increased to 30% in 2013, from 26% in
2012, as it recognized more revenue from Shenzhen.

S&P views Kaisa's financial risk profile as "aggressive" to
reflect the company's appetite for debt-funded expansion if its
property sales remain strong.  However, S&P expects Kaisa to
manage its leverage with caution while pursuing debt-funded
expansion.  The company's capital expenditure on land acquisitions
is likely to remain high, given its strategy to refocus on upper-
tier cities since 2013.  The company's year-over-year expenditure
on land purchases more than tripled to RMB14 billion in 2013.  S&P
anticipates that Kaisa's construction costs will increase in 2014,
in line with higher sales and delivery.

Kaisa has effectively extended its offshore debt maturities
through a series of new bond issuances.  Since September 2012, the
company has issued US$1.55 billion and RMB1.8 billion in new
notes, and used part of the proceeds to refinance its offshore
debt.  As of the end of 2013, Kaisa has RMB 1.5 billion in
outstanding convertible bonds due 2015.

"The stable outlook reflects our expectation that Kaisa can
maintain its good sales execution and sufficient liquidity over
the next 12 months.  We also expect the company's profit margin to
improve slightly during this time.  However, we anticipate that
Kaisa will continue to aggressively pursue its debt-funded
expansion," said Mr. Lee.

Downside scenario:

S&P may lower the rating if Kaisa's property sales or margins are
significantly lower than its base-case estimates of RMB30 billion
and about 30%, respectively, in 2014.  S&P could also lower the
rating if the company's debt-funded expansion is more aggressive
than it expects, such that its debt-to-EBITDA ratio is above 5x on
a sustained basis.

Upside scenario:

S&P could consider raising the rating if: (1) Kaisa significantly
increases its operating scale and improves its geographic
diversification; and (2) the company's financial management is
consistently disciplined, such that the debt-to-EBITDA ratio is
below 4x and EBITDA interest coverage is above 3x on a sustained
basis.


LDK SOLAR: Unit Signs Wafer Supply Agreement with Gintech
---------------------------------------------------------
LDK Solar Co., Ltd., in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, announced that its Chinese
Subsidiary, Jiangxi LDK Solar Hi-Tech Co., Ltd., has signed a
wafer supply agreement with Gintech Energy Corporation, a
Taiwanese company listed on the Taiwan exchange with solar cell
manufacturing operations.  Under the terms of the agreement,
Jiangxi LDK Solar will provide wafers totaling 850 megawatts with
shipments commencing in April 2014 through March 2018.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.



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I N D I A
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A N BUILDWELL: ICRA Suspends 'B' Rating on INR50cr Loans
--------------------------------------------------------
ICRA has suspended [ICRA]B rating for INR50 crore bank facilities
of A N Buildwell Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

ANB is a special purpose vehicle backed by a real estate fund,
SphereInvest Viridian India Property Fund (formerly Millennium
Spire Pte Ltd) and other entities to develop a commercial project,
World Trade Center (previously Spire Edge) in Manesar and a
residential project, Spire Woods, on Dwarka Expressway in Gurgaon.
World Trade Center has saleable space of ~1.30 million square feet
out of which 71% was sold till December 2012. Spire Woods has
saleable space of ~1.20 million square feet out of which 73% was
sold till December 2012.


ADICO FORGE: CARE Revises Rating on INR18.43cr Bank Loan From 'D'
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Adico Forge Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.68      CARE BB (SO) Revised
                                            From CARE D


   Short-term Bank Facilities     5.75      CARE A4 (SO) Revised
                                            From CARE D

The revision in ratings assigned to the bank facilities of Adico
Forge Private Limited is on account of its satisfactory debt
servicing track record along with credit enhancement in the form
of an unconditional and irrevocable corporate guarantee provided
by Amul Industries Private Limited (AIPL; rated 'CARE BB'/'CARE
A4') for AFPL's bank facilities.

The ratings of the bank facilities of Amul Industries Pvt Ltd
continue to be constrained by the subdued operating performance
marked by decline in total operating income during the past two
years ended FY14 (refers to the period April 01 to March 31),
decline in profitability along with its stretched liquidity on the
back of a subdued scenario in the automobile industry. The ratings
are further constrained by AIPL's high leverage and contingent
liability in the form of corporate guarantee extended to its group
companies.

The ratings, however, continue to take into account AIPL's
established track record in the auto component business and its
long-standing relationship with major automobile Original
Equipment Manufacturers (OEMs).

AIPL's ability to improve its profitability and sales volume in
the backdrop of a subdued scenario in the automobile industry
along with improvement in its capital structure and operations of
its group entities becoming self-sustaining are the key rating
sensitivities.

AFPL was incorporated in 2004 at Pune as a backward integration to
support the operations of AIPL, the flagship company of Amul group
of Rajkot. AFPL makes forged connected rod (which is
a semi-finished item) and supplies it to AIPL which in turn meets
requirements of automobile companies/engine manufacturers. On
account of elongation of its receivables, AFPL's liquidity had
become stressed which had resulted in delay in debt servicing
during FY13. However, AFPL has satisfactory debt servicing
track record subsequently.

AFPL has availed corporate loan of INR7.50 crore in FY14 to
support its working capital requirements as well as for funding
the modernization of its manufacturing facility.  As per
provisional results for FY14, AFPL reported total operating income
of around INR 56 crore.


AMAR HATCHERIES: ICRA Suspends 'B' Rating on INR6.99cr Loans
------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR6.99 crore,
long term loans & working capital facilities of M/s Amar
Hatcheries. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


BIOGENEX LIFE: CRISIL Assigns 'B' Rating to INR150MM Loans
----------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B/Stable' on the long
term bank facilities of Biogenex Life Sciences Pvt Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility      21.6       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     128.4       CRISIL B/Stable

The rating reflects the company's modest scale of operations,
exposure to intense competition in medical equipment industry and
working capital intensive nature of operations. The rating also
factors in below average financial risk profile marked by subdued
debt protection metrics and moderate gearing. These rating
weaknesses are partially offset by extensive experience of the
promoters in the industry and support from its parent company
Biogenex Laboratories Inc.

Outlook: Stable

CRISIL believes that BLS will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case there is significant growth in
revenues and margins, while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if there is
significant decline in revenues and profitability, or if the
company undertakes any additional debt-funded capital expenditure,
leading to deterioration in its financial risk profile.

BLS was incorporated in the year 2005 as a subsidiary of BioGenex
Laboratories Inc. It is engaged in manufacturing of medical
equipments and in trading of various reagents and services to its
US parent. The company is founded by Dr. Krishan Lal Kalra.


CUCKU AGRO: CRISIL Assigns 'B' Rating to INR100MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Cucku Agro Inc.

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

The rating reflects CAI's below-average financial risk profile,
marked by weak debt protection metrics. The rating also reflects
CAI's small scale of operations in the intensely competitive rice
industry, leading to low operating profitability. These rating
weaknesses are partially offset by the benefits that CAI derives
from its proprietor's extensive experience in the basmati rice
industry.

Outlook: Stable

CRISIL believes that CAI will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case CAI registers
significant improvement in its scale of operations and operating
profitability and, hence, its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case the firm
registers a decline in its profitability or if its working capital
requirements are larger than expected, leading to pressure on its
financial risk profile.

CAI is a proprietorship firm engaged in the trading of rice. The
firm is based out of Narela, Delhi and procures primarily from the
Narela Mandi.


GUPTAJI BROTHERS: CRISIL Assigns 'B-' Rating to INR50MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Guptaji Brothers Rice Mill Pvt Ltd (GJB). The
rating reflects GJB's stretched liquidity, with its large working
capital requirements; and modest scale of operations driven by its
nascent stage of operations. These rating weaknesses are partially
offset by the promoters' financial support.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           10          CRISIL B-/Stable
   Term Loan             40          CRISIL B-/Stable

Outlook: Stable

CRISIL believes that GJB's financial risk will continue to be
support by funding support form promoters. The outlook may be
revised to 'Positive' if GJB's liquidity and capital structure
improve, driven by a significant improvement in its cash accruals.
Conversely, the outlook may be revised to 'Negative' in GJB's
liquidity or capital structure deteriorate.

GJB was founded by Mr. Rajeev Ranjan in 2011. The company mills
parboiled rice in Patna (Bihar).


MAA GAURI: ICRA Reaffirms 'B' Rating on INR9cr Bank Loans
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' assigned to
the INR4.90 crore term loans and INR4.10 crore long-term, fund-
based working capital facilities of Maa Gauri Poultry Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term loans       4.90         [ICRA]B

   Long-term, fund-      4.10         [ICRA]B
   based working
   capital facilities

The rating reaffirmation continues to take into account the long
standing experience of promoters in the poultry industry and also
vast experience in procurement of poultry feed which has helped
mitigate price risks to a certain extent. The ratings, however,
are constrained by MGPPL's weak financial profile as indicated by
high gearing levels, thin net margins and low coverage indicators.
The ratings are further constrained by the company's strained cash
flows and inherent weaknesses in the form of seasonal demand and
susceptibility to risks like disease outbreak. ICRA also takes
note of the fragmented industry structure with presence of various
unorganised players which limits pricing flexibility, further the
margins remain vulnerable to volatility in raw material prices;
ability to pass on increase in raw material cost remains critical
for protecting and enhancing profitability.

Incorporated in 2006, Maa Gauri Poultry Private Limited is family
managed company engaged in the production of table eggs and
trading in poultry feed (maize). The company is based out of
Nagpur and sells the eggs to nearby traders and retailers. The
promoter family has been in the poultry business since 1996. In
2001 the promoter set up Shree Jagdamba Poultry Pvt. Ltd.  A new
company, MGPPL was set up with a different shareholding pattern
than that of SJPPL.

Recent Results

MGPPL reported a profit after tax (PAT) of INR0.30 crore on an
operating income of INR23.61 crore in FY13, as against a PAT of
INR0.26 crore on an operating income of INR13.93 crore in FY12.


MADHU OVERSEAS: CARE Assigns 'B+' Rating to INR3cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Madhu Overseas.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities     3         CARE B+ Assigned
   Short-term Bank Facilities    9         CARE A4 Assigned

The ratings assigned by CARE are based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of the
capital or the unsecured loans brought by the proprietor in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Madhu Overseas
(MOS) are primarily constrained by the small scale of operations,
weak financial risk profile marked by low profitability margins,
leveraged capital structure and weak debt service coverage
indicators. The ratings are further constrained by high level of
competition from the organized and unorganized players and
constitution of the entity as a proprietorship firm. These rating
constraints are partially offset by the experienced promoters and
comfortable operating cycle.

Going forward, the ability of MOS to increase its scale of
operations along with an improvement in profitability margins and
capital structure shall be the key rating sensitivities.

Delhi-based Madhu Overseas was established in 2006 as a
partnership firm with Mr Kuldeep Maan, Mr Vikas Garg, Mr Ashok
Kumar and Mr Rama Nand Sharma as partners. In December 2012, Mr
Vikas Garg, Mr Ashok Kumar and Mr Rama Nand Sharma retired from
the business and the entity was converted into a proprietorship
firm. The firm is engaged in the trading of PVC products, plywoods
and laminates and door skins (furniture-related products) used for
manufacturing of furniture.

The firm sells these products to wholesalers and furniture
manufacturers domestically. MOS purchases products from plywood
and door skins manufacturers located in the country and also
imports from countries like China, Turkey and Germany etc. Imports
constituted around 40% of the total purchases in FY13 (refers to
the period April 1 to March 31).

The firm achieved a total operating income of INR40.23 crore with
PAT of INR0.16 crore in FY13.  Moreover, the firm achieved a total
operating income of INR40 crore in 11MFY14.


MADHUR OVERSEAS: CRISIL Assigns 'B' Rating to INR100MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Madhur Overseas.

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

The rating reflects MO's below-average financial risk profile,
marked by weak debt protection metrics. The rating also reflects
MO's small scale of operations in the intensely competitive rice
industry, leading to low operating profitability. These rating
weaknesses are partially offset by the benefits that MO derives
from its proprietor's extensive experience in the basmati rice
industry.

Outlook: Stable

CRISIL believes that MO will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case MO registers
significant improvement in its scale of operations and operating
profitability and, hence, its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case the firm
registers a decline in its profitability or if its working capital
requirements are larger than expected, leading to pressure on its
financial risk profile.

MO is a proprietorship firm incorporated by Mr. Kiran Pal and is
engaged in the trading of rice. The firm is based out of Narela,
Delhi and procures primarily from the Narela Mandi.


N.R. FOOTWEAR: ICRA Downgrades Rating on INR8cr Loans to 'D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR8.0 crore
fund based of N.R. Footwear Private Limited to [ICRA]D from
[ICRA]B-.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Cash
   Credit               4.65          [ICRA]D (revised)

   Fund Based-Term
   Loans                3.35          [ICRA]D (revised)

The revision in rating takes into account the delays in servicing
of debt obligations by the company. This along with fully utilized
working capital limits reflects its stretched liquidity condition.
ICRA notes that during last year, operations of the company had
stabilized to some extent resulting into healthy growth in
revenues which further resulted in increasing working capital
requirement. Despite enhancement, the external working capital
support has remained insufficient to meet its increasing working
capital requirements thereby resulting into stretched liquidity
condition of the company. ICRA also takes into account
vulnerability of its profitability to raw material price
volatility and highly competitive and fragmented nature of the
footwear industry. ICRA however draws comfort from the long
experience of the promoters in footwear industry, favourable
location in the Footwear Park (Bahadurgarh, Haryana) with ease of
access to key inputs and diversification in sports shoes that is
expected to aid revenue growth. Going forward, company's ability
to service its debt obligations in a timely manner and improve its
liquidity position by efficiently managing working capital
intensity would be the key rating sensitivity factors.

Incorporated in September 2006 as a private limited entity, N.R.
Footwear Private Limited started commercial operations in February
2011. NRF is engaged in manufacturing of Polyurethene and PVC
based non-excisable footwear products like sandals, chappals and
school shoes at its production facility in Footwear Park, Sector-
17, Bahadurgarh (Haryana). Products are sold through a network of
distributors and dealers under own brand name 'Steel'.  Promoter
of the firm, Mr. Angad Puri belongs to Puri family which has been
engaged in footwear business for nearly 40 years through various
other concerns. Mr. Angad Puri is a graduate and has done
specialized course in footwear designing.

Recent Results

NRF reported a net profit of INR0.19 crore on an Operating Income
(OI) of INR14.0 crore in FY13 as compared to a net profit of
INR0.10 crore on an OI of INR7.0 crore in FY12.


NEPTUNE LAMINATES: CRISIL Assigns 'B+' Rating to INR64MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Neptune Laminates Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           20         CRISIL B+/Stable
   Term Loan             44         CRISIL B+/Stable

The rating reflects NLPL's exposure to risks related to its
ongoing project, and its modest scale of operations in the highly
competitive laminates industry. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the building material industry.

Outlook: Stable

CRISIL believes that NLPL will continue to benefit over the medium
term from its promoters' experience in the building materials
industry. The outlook may be revised to 'Positive' if the company
stabilises its operations earlier than expected, leading to
healthy accruals and improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if NLPL's
operating margin is lower than expected, or it undertakes a
substantial debt-funded expansion programme, or its working
capital management deteriorates, resulting in significant
weakening of its financial risk profile.

Incorporated in 2013, NLPL is promoted by the Veraval (Gujarat)-
based Limbani family and others. It has set up a plant to
manufacture laminates. Commercial production is expected to
commence from July 2014.


NITAI CHANDRA: CRISIL Lowers Rating on INR25MM Loan to 'B-'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nitai Chandra Saha to 'CRISIL B-/Stable' from 'CRISIL
B/Stable', while reaffirming its rating on the firm's short-term
facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         50         CRISIL A4 (Reaffirmed)

   Cash Credit            25         CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')
   Proposed Short Term
   Bank Loan Facility      0.2       CRISIL A4 (Reaffirmed)

The rating downgrade reflects the continued deterioration in NSC's
liquidity due to delays in realisation of receivables coupled with
unavailability of sufficient bank finance. The firm is realising
payments from its counterparties in about 150 days. Moreover, its
fund-based working capital bank lines have been almost entirely
utilised. CRISIL believes that an infusion of long-term funds in
the firm either by the promoter or through borrowing against
committed bank lines will be crucial to ease the pressure on its
liquidity, and hence will remain key rating sensitivity factors
over the medium term.

The ratings reflect NCS's large working capital requirements,
small scale of operations, geographical concentration in its
revenue profile, and weak financial risk profile, marked by a
small net worth and weak interest coverage ratio. These rating
weaknesses are partially offset by the extensive experience of the
firm's proprietor in the civil construction industry.
Outlook: Stable

CRISIL believes that NCS will continue to be a regional player
over the medium term, and that it's financial risk profile,
especially its liquidity, will remain weak over this period
because of large working capital requirements. The outlook may be
revised to 'Positive' if the firm significantly increases its
scale of operations and improves its working capital management.
Conversely, the outlook may be revised to 'Negative' if NCS's
capital structure weakens further, or it faces any further stretch
in receivables.

NCS was set up in 1988 as a proprietary concern by Mr. Nitai
Chandra Saha. The firm undertakes contracts in civil construction,
including construction of roads, buildings, and fencings, for
government agencies such as National Buildings and Construction
Corporation and National Project Construction Corporation, in
Tripura.

For 2012-13 (refers to financial year, April 1 to March 31), NCS
reported a profit after tax (PAT) of INR3.0 million on net sales
of INR128 million, against a PAT of INR3.4 million on net sales of
INR126 million for 2011-12.


PUNJAB LIGHTING: CRISIL Cuts Rating on INR98MM Loans to 'B+'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Punjab
Lighting Industries Ltd to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        50         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           95         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Term Loan              3         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The ratings downgrade reflect the expected deterioration in PLI's
liquidity, with its debt repayment obligations tightly matched
against its expected cash accruals in 2014-15 (refers to financial
year, April 1 to March 31). This is driven by the company's
declining operating margin over the years and its debt-funded
capital expenditure (capex) that led to increase in debt repayment
obligations. The decline in operating margin was mainly because
the company is unable to fully pass on increase in raw material
costs to its customers owing to its weak market position vis-a-vis
its customers. Moreover, due to working-capital-intensive
operations, its cash credit facility remains highly utilised,
further stretching its liquidity. CRISIL believes that PLI's
liquidity will remain weak over the medium term, driven by modest
cash accruals and working-capital-intensive operations.

The ratings reflect PLI's small scale of operations, customer
concentration in its revenue profile, and weak financial risk
profile, marked by high gearing and weak debt protection metrics.
These rating weaknesses are partially offset the company's
established customer and supplier relationships.

Outlook: Stable

CRISIL believes that PLI will continue to benefit over the medium
term from its established relationships with customers and
suppliers. The outlook may be revised to 'Positive' if the
company's capital structure improves, or it generates larger-than-
expected cash accruals while improving its working capital
management. Conversely, the outlook may be revised to 'Negative'
if PLI's operating margin declines further, or if its financial
risk profile deteriorates, most likely due to a stretch in its
working capital cycle or substantial debt-funded capex.

Incorporated in 1992, PLI is promoted by the Mohali (Punjab)-based
Mr. Vinay Gupta and his family. The company manufactures lead-in
wires (electrodes) and caps used in lamps, bright annealed wires,
and various ferrous/non-ferrous alloy-plated wires used in
electrical items.

PLI reported a net profit of INR1.5 million on net sales of
INR436.7 million for 2012-13, against a net profit of INR1.9
million on net sales of INR338 million for 2011-12.


RAYBAN FEEDS: ICRA Suspends 'B' Rating on INR20cr Loans
-------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR20.0 crore,
long term loans & working capital facilities of Rayban Feeds &
Hatcheries Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


RIALTO ENTERPRISES: CRISIL Reaffirms 'B+' Rating on INR200M Loans
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Rialto Enterprises Pvt
Ltd continues to reflect REPL's weak financial risk profile marked
by high gearing and modest debt protection metrics, and the
customer concentration in its revenue. These rating weaknesses are
partially offset by assured offtake and complete pass through
arrangements with key customers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Long Term Loan         170       CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility      30       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that REPL will continue to benefit from its track
record in the toothbrush manufacturing segment. The outlook may be
revised to 'Positive' in case of significant increase in REPL's
operating margin resulting in improvement in its debt protection
metrics, or significant equity infusion by promoters. Conversely,
the outlook may be revised to 'Negative' if the company generates
low cash accruals, or if its customers cancel contracts leading to
reduced revenue visibility, or if the company undertakes any large
debt-funded capital expenditure programme, constraining its
financial risk profile.

Update
REPL's revenue was in line with expectation for 2012-13 (refers to
financial year, April 1 to March 31) at INR2.61 billion against
INR2.25 billion in 2011-12. However, the company's operating
profitability was significantly lower than expectation on account
of losses in its engineering division leading to a net loss of
INR300,000 for 2012-13. The company's financial risk profile
remains weak, marked by high gearing and poor debt protection
metrics. As its engineering division is yet to break even, REPL's
profits are expected to be weak in 2013-14, leading to weak
liquidity marked by low cash accruals and fully utilised bank
lines. The company's cash accruals will be insufficient to meet
its debt obligations. However, the management stance of need-based
support, as reflected in the past, is likely to support REPL's
liquidity, ensuring that it meets its debt obligations on time.

Incorporated in 1993, REPL is a contract manufacturer of
toothbrushes for Procter and Gamble (under the Oral B brand) and
sheet metal components for brake systems of Wabco India Ltd. The
company's day-to-day operations are managed by the promoter Mr.
Ranjit Pratap.


RMV RESORT: CRISIL Reaffirms 'D' Rating on INR250MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of RMV Resort & Hotels Pvt
Ltd continue to reflect instances of delay by RMV in servicing its
term debt obligations.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             250        CRISIL D (Reaffirmed)

The delays have been caused due to company's weak liquidity on
account of initial phase of operations and lower occupancy level
leading to low cash accruals against high fixed cost and large
repayment obligations of the company. The cash accruals from
operations are expected to remain tightly matched against its
maturing term debt obligations over the medium term.

RMV also has below-average financial risk profile, marked by a
moderate capital structure and weak debt protection metrics.
Rating also remained constrained due to its modest scale of
operations and vulnerability of its operating performance to
cyclicality in the hospitality industry. However, the company will
continue to get benefitted from its advantageous location.

RMV was incorporated in January 2008, by Mr. Mahesh Wadhwani, Mr.
Ajay Wadhwani, and Mr. Mahesh Nathani.  The company owns and
operates a 110-room hotel called VW Canyon and also runs a health
and fitness centre The White Club. The hotel commenced commercial
operations in January 2012.


SABARI EXIM: ICRA Lowers Rating on INR130cr Loans to 'D'
--------------------------------------------------------
ICRA has revised the long-term rating outstanding on the Rs.37.00
crore fund based facility of Sabari Exim Private Limited to
[ICRA]D from [ICRA]B. ICRA has also revised the short-term rating
outstanding on the Rs.93.00 crore non-fund based facilities of
SEPL to [ICRA]D from [ICRA]A4.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based facility     37.00       Revised from [ICRA]B
                                       to [ICRA]D

   Non-fund based          93.00       Revised from [ICRA]A4
   facilities                          to [ICRA]D

The revision in ratings reflects the delays in debt servicing by
the company, due to its stretched liquidity position. The
company's financial position has deteriorated on account of
foreign exchange losses and slowdown in demand arising from the
ongoing weakness in the steel industry. The steel scrap trading
business is fragmented and highly competitive, which results in
restricted pricing flexibility.

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.


SAI POINT: CRISIL Reaffirms 'B' Rating on INR135MM Loans
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Sai Point Automobiles
Private Limited continue to reflect SPAPL's exposure to intense
competition in the automobile dealership segment, its limited
bargaining power with principals, and its average financial risk
profile, marked by a small net worth and high TOLTNW ratio. These
rating weaknesses are partially offset by the extensive experience
of SPAPL's promoters in the automobile dealership industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           105        CRISIL B/Stable (Reaffirmed)
   Term Loan              30        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SPAPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
established relationship with HMSI. The outlook may be revised to
'Positive' if SPAPL significantly increases its scale of
operations, while improving its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of a slowdown in volume growth, significantly
impacting SPAPL's revenues and profitability, or any further
deterioration of its financial risk profile, most likely due to
larger-than-expected debt-funded capex.

Incorporated in 2002 and promoted by Mr. Dilip Patil, SPAPL is an
authorised dealer of two-wheelers and spare parts of HMSI. Its
day-to-day operations are managed by Mr. Patil. The company has
six showrooms and three service stations in Maharashtra. Its
registered office is in Mumbai.


SAI POWER: CRISIL Reaffirms 'B+' Rating on INR32.5MM Loans
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sai Power Constructions.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        30         CRISIL A4 (Reaffirmed)
   Cash Credit           30         CRISIL B+/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit           2.5       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect SPC's modest scale of operations
in the fragmented civil construction industry and its working
capital intensive operations. The rating also factors SPC's below
average financial risk profile marked by high gearing. These
rating weaknesses are partially offset by the extensive experience
of SPC's promoter in the civil construction industry.

Outlook: Stable

CRISIL continues to believe that SPC will benefit over the medium
term from the extensive experience of its promoter in the civil
construction industry. The outlook may be revised to 'Positive',
if SPC increases its scale of operations and operating
profitability on a sustained basis over the medium term there by
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative', if the firm
undertakes any significant debt-funded capital expenditure or if
its revenues and operating profitability decline or if the firm's
partners withdraw substantial capital leading to deterioration in
its financial risk profile.

Established in 1995 as a partnership entity, SPC is involved in
civil construction of buildings, on contract basis, for various
government and non-government agencies. The firm is promoted by
Mr.Raja Sekhar and his wife Ms. Neeraja.

For 2012-13 (refers to financial year April 1 to March 31), SPC
reported a profit after tax (PAT) of INR7.1 million on net sales
of INR198.1 million as against a PAT of INR5.6 million on net
sales of INR175.2 million during 2011-12.


SANKRAIL AGRO: CRISIL Reaffirms 'B-' Rating on INR209.6MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sankrail Agro Poultries
Private Limited (part of Maity group) continue to reflect the
Maity group's susceptibility to risks inherent in the poultry
industry and its large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of the
Maity group's promoters in the poultry industry.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           --------    -------
   Bank Guarantee          0.8      CRISIL A4 (Reaffirmed)
   Cash Credit            49.6      CRISIL B-/Stable (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility     17.1      CRISIL A4 (Reaffirmed)
   Term Loan             160        CRISIL B-/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SAPPL, Kumarpur Agro Poultries Ltd, and
Maity Poultries Pvt Ltd. This is because all these companies,
collectively referred to as the Maity group, are under a common
management, in the same line of business, and largely have the
same customers and suppliers. Furthermore, there is need-based
fungible cash flow among the three companies.

Outlook: Stable

CRISIL believes that the Maity group will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
reports substantial growth in its revenues and profitability,
along with efficient working capital management, resulting in
higher-than-expected net cash accruals, thereby improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in the group's
revenues and margins, or lengthening of its working capital cycle,
leading to pressure on its financial risk profile, particularly
its liquidity.

The Maity group is promoted by Mr. Madan Maity, who has over three
decades of experience in the poultry business. The group has a
layer bird capacity of around 0.8 million, which produces around
191 million eggs annually. The group also has four feed mills with
total capacity of 250 tonnes per day. The Maity group also
produces designer eggs, which contain proteins and vitamins and
are produced biologically. The group sells its designer eggs under
the Maity Eggs brand.

The Maity group reported a profit after tax (PAT) of INR4 million
on net sales of INR215 million for 2012-13, against a PAT of INR13
million on net sales of INR427 million for 2011-12.


SANTOSH WIRE: ICRA Suspends 'B-/A4' Rating on INR8cr Bank Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B- and [ICRA]A4 ratings assigned to the
INR8.00 crores bank facilities of Santosh Wire Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


SHREE LAXMI: CARE Assigns 'B+/A4' Rating to INR8.30cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shree Laxmi Pulse Rice & Roller Flour Mills.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term/Short-term
   Bank Facilities            8.30       CARE B+/CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shree Laxmi Pulse
Rice & Roller Flour Mills are constrained primarily on account of
its weak financial risk profile marked by thin profitability,
leveraged capital structure and weak debt coverage indicators
coupled with working capital intensive nature of operations. The
ratings are further constrained on account of its presence in a
fragmented and highly regulated industry with low entry barriers
and exposure to the volatility associated with the raw material
prices.

The above constraints outweigh the benefits derived from the
promoters' experience coupled with healthy growth in the total
operating income over the past three years ended FY13 (refers to
the period April 1 to March 31).

The ability of SLPM to improve its capital structure and
profitability through effective management of the working capital
and raw material price fluctuations are the key rating
sensitivities.

Dahod-based (Gujarat) SLPM is a partnership firm incorporated in
1981. It is mainly engaged in the processing and milling of
various agro based products like wheat flour, maida, sooji, rawa,
bran etc with an installed capacity of 200 Metric Tonne per Day
(MTPD) as on March 24, 2014. The firm markets its products under
brand name 'Ugato Suraj', 'Charminar', 'Double King' 'Apple'
'Strawberry' and 'Mango'. SLPM is promoted by Mr Rameshchandra H
Shah and Mr Kishanchandra H Shah have equal profit sharing ratio
in the firm. In addition to this, the promoters of SLPM have
interest in the same line of business through their other business
concerns, Shree Balaji Pulses Mills based out at Dahod which is
engaged in the trading of agro based commodities.

As per the audited results for FY13, SLPM reported a PAT of
INR0.10 crore (Rs.0.18 crore in FY12) on a total operating income
of INR64.12 crore (Rs.54.01 crore in FY12). During 9MFY14
(provisional), SLPM reported a total operating income of INR48.63
crore.


SHREE RADHA: CARE Assigns 'B+' Rating to INR6cr Bank Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shree Radha Govind Agro Industries.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities      6        CARE B+ Assigned
   Short-term Bank Facilities     1        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shree Radha Govind
Agro Industries are primarily constrained on account of its modest
scale of operations coupled with low net-worth base, declining
trend in the PBILDT margin, leveraged capital structure, weak debt
coverage indicators and moderate liquidity position. Furthermore,
the ratings are also constrained by the ongoing pre-dominantly
debt funded capex, risk associated with operations in a seasonal
and fragmented industry and geographical concentration of
operations.

The ratings, however, draw strength from the experienced promoters
with long business trackrecord and proximity to the paddy growing
region of Gujarat.

The ability of SRGAI to increase its scale of operation and
improve its profitability and capital structure with efficient
working capital management are the key rating sensitivities.

SRGAI is a partnership firm incorporated on April 20, 1988 by Mr
Kamleshbhai Patel and Mr Bhagyeshbhai Patel. SRGAI processes rice
from paddy and is also a merchant of rice and wheat. Its plant is
situated at Bavla and SRGAI is operational for more than 25 years
and has an established customer base in the city. Presently, SRGAI
has an installed capacity of 45 tons per day for milling & boiling
activities.

Till 9MFY14, SRGAI achieved a TOI of INR12.67 crore.


TIARA JEWELS: CRISIL Assigns 'B+' Rating to INR150MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Tiara Jewels Pvt Ltd.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             120         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       30         CRISIL B+/Stable

The rating reflects TJPL's small scale of operations in the
fragmented and competitive gems and jewellery industry, and its
large working capital requirements. The rating also reflects
TJPL's weak financial risk profile, marked by high total outside
liabilities to tangible net worth (TOLTNW) ratio and below-average
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of TJPL's promoters in the gems
and jewellery industry.

Outlook: Stable

CRISIL believes that TJPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if TJPL improves its capital structure
either through equity infusion or higher-than-expected cash
accruals, backed by improvement in scale of operations or working
capital management. Conversely, the outlook may be revised to
'Negative' if TJPL's financial risk profile deteriorates on
account of decline in revenue and profitability, or if the company
undertakes a large debt-funded capital expenditure programme, or
if its liquidity weakens significantly on account of increase in
working capital requirements.

TJPL was incorporated in 2009 by Chandigarh-based Jain family. Mr.
Jawahar Lal Jain and his sons, Mr. Rohit Jain and Mr. Neeraj Jain,
are the company's key promoters and are engaged in its day-to-day
operations. TJPL is engaged in retailing of gold, diamond,
platinum, and silver jewellery through its single showroom in
Chandigarh.

TJPL reported a net profit of INR4.67 million on net sales of
INR200.98 million for 2012-13 (refers to financial year, April 1
to March 31), vis-a-vis a net profit of INR6.39 million on net
sales of INR169.25 million for 2011-12.


VAISHALI EXPORT: ICRA Assigns 'B' Rating to INR7.59cr Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to INR4.20 crore
fund based limits and INR3.39 crore term loan of Vaishali Export
House. ICRA has also assigned a short term rating of [ICRA]A4 to
INR0.10 crore non fund based limits of VEH.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        4.20         [ICRA]B assigned
   Based Limits

   Long Term Loan        3.39         [ICRA]B assigned

   Short Term Non
   Fund Based Limits     0.10         [ICRA]A4 assigned

The rating action factors in VEH's modest scale of operations in
its business of manufacturing of light fixtures and handicrafts
(operating income of INR6.89 crore in FY13); limited pricing
flexibility given the highly competitive and fragmented nature of
the industry; and vulnerability of firm's profitability to adverse
movement in foreign exchange rates, given that majority of the
revenue is contributed by exports. These factors further coupled
with limited value add nature of operations has led to low profit
margins for the firm. Additionally the ratings are also
constrained by high working capital requirements of the business
owing to high inventory levels, which has led to increased
reliance on debt. This further combined with the a modest capital
base and ongoing capex towards setting up an additional
manufacturing unit which is likely to result in an increase in
firm's gearing levels and moderation of the debt coverage
indicators. ICRA however draws comfort from the firm's established
operational track record and long experience of promoters in the
industry; VEH's established relations with its customers,
resulting in repeat orders; and export benefits available to the
firm. These factors have enabled VEH to register steady revenue
growth in recent years. Further the commissioning of the
additional manufacturing facility during FY15, is expected to
drive the firm's future revenue growth.

Going forward, timely commissioning of the ongoing capex programme
without any time or cost overrun and increase in the firm's scale
of operations will remain the key rating sensitivities.

Vaishali Export House was established in 2007 as a partnership
firm, promoted by members of Shodhan family. Prior to this,
promoters were operating it as a proprietorship firm since 1985.
The firm is engaged in manufacturing of light fixtures like
chandeliers, lamp shades etc and brass/glass/nickel platted
handicrafts. VEH exports its products to countries like USA,
Germany, France etc.

Recent Results
VEH has reported a profit before tax (PBT) of INR0.15 crore on an
operating income of INR6.89 crore in FY 2013 as compared to PBT of
INR0.12 crore on an operating income of INR6.05 crore in FY 2012.



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


MNC INVESTAMA: S&P Affirms 'BB-' CCR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating on PT MNC Investama Tbk.
The outlook is stable.  S&P also affirmed its 'axBB+' long-term
ASEAN regional scale rating on the Indonesia-based media company.
At the same time, S&P affirmed its 'BB-' long-term issue rating on
the U.S.-dollar-denominated senior secured notes that MNC
Investama guarantees.

"The rating affirmation reflects our view that MNC Investama will
maintain steady operating performances in its key media businesses
over the next 12-24 months," said Standard & Poor's credit analyst
Katsuyuki Nakai.  "The affirmation also reflects our expectation
that MNC Investama will maintain its adequate liquidity position
at the holding company level, backed by its effective control over
the dividend policies of the group companies."

MNC Investama's market position and favorable industry outlook
continue to support the company's "fair" business risk profile.
S&P expects MNC Investama to maintain its strong market position
in the media industry over the next few years.  This is given the
company's firm relationships with key advertisers and content
producers, and its in-house content development capability.

MNC Investama's "significant" financial risk profile reflects its
holding company structure.  S&P has adjusted its approach to
assessing the group's financial statements.  S&P now consolidates
the group's key media subsidiaries on a proportionate basis to
reflect cash flow leakage to minority shareholders through
dividend payouts from Media Nusantara Citra and MNC Sky Vision.
S&P factors in MNC Investama's effective ownership of 35.5% in
Media Nusantara Citra and 46.2% in MNC Sky Vision in S&P's
analysis.  S&P excludes the group's financial services division,
PT MNC Kapital Indonesia Tbk., from its financial ratio
calculation.

S&P revised its assessment of MNC Investama's capital structure to
"negative" from "neutral."  In S&P's view, the company faces high
foreign currency exchange risk, given its significant foreign
currency borrowings despite most of its revenues being in
Indonesian rupiah (IDR).

S&P also revised its assessment of MNC Investama's management and
governance to "fair" from "weak."  This is because S&P's
evaluation of MNC Investama's capital structure and its
proportionate consolidation of the group's financial statements
already capture some of the risks related to the company's group
structure.

"The stable outlook reflects our expectation that MNC Investama's
financial performance will improve over the next 12-24 months,
backed by steady cash flows at the company's media business," said
Mr. Nakai.  S&P also assumes that MNC Investama will improve the
liquidity buffer through interim dividend at the holding company
toward the end of 2014.  S&P estimates interest coverage from
dividends at the holding company to be sufficiently higher than
1.2x in 2014.

S&P could lower the rating if: (1) MNC Investama's market position
significantly weakens because of increased competition, an
economic slowdown, or tighter regulations; (2) the company's
earnings decline materially or capital requirements increase
significantly in its coal mining and financial services segments;
(3) highly aggressive debt-funded acquisitions push MNC
Investama's debt-to-EBITDA ratio above 4x for an extended period;
or (4) the group fails to maintain adequate liquidity at the
holding company level.

Rating upside is remote at this stage, in S&P's view, given MNC
Investama's lack of a track record in new businesses, such as coal
mining.  S&P may raise the rating if it thinks that the company's
discretionary cash flow will remain positive on a sustainable
basis, supporting deleveraging, backed by steady cash flows and a
conservative strategic spending policy.  S&P considers this
scenario as unlikely in the next 12 months.


PERUSAHAAN GAS: S&P Assigns 'BB+' Rating to Proposed USD$ Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue rating
to the proposed issue of U.S. dollar-denominated senior unsecured
notes by Indonesia-based gas transmission and distribution
utility, PT Perusahaan Gas Negara (Persero) Tbk. (PGN;
BB+/Stable/--; axBBB+/--).

The rating on the proposed notes is subject to S&P's review of the
final issuance documentation.  PGN plans to use the proceeds from
the proposed notes to refinance existing obligations, capital
expenditure, working capital requirements, and other general
corporate purposes.  The rating on PGN reflects the company's
dominant position in gas distribution and transmission in
Indonesia, stable cash flows supported by sales that S&P expects
to be robust, and insulation from price risks.  The company's
exposure to Indonesia's country, macroeconomic and regulatory
risks, reducing natural gas reserves, and counterparty risks
temper these strengths.

S&P expects PGN's cash flows to remain stable even if the company
incurs debt to fund its capital expenditures and investments.  The
company earns a stable cash margin on gas sales in its
distribution business.  Hence, any increase in gas supply to PGN's
network is likely to contribute to cash flows immediately as
demand remains strong.  An increase in gas prices in Indonesia is
unlikely to affect PGN's margins because the company has a track
record of being able to pass the higher costs on to consumers
while maintaining a sustainable margin of about US$3.5-US$4 per
unit volume of gas.

The stable rating outlook on PGN reflects the outlook on the
sovereign credit rating on Indonesia (BB+/Stable/B; axBBB+/axA-2),
the likelihood of continued government support for the company,
and S&P's expectation that PGN's "minimal" financial risk profile
will remain stable in the next 12-18 months.  S&P also anticipates
that the company's "satisfactory" business risk profile will not
weaken as the company looks to secure gas supplies in Indonesia.

S&P could raise the rating on PGN if it upgrades Indonesia; PGN's
stand-alone credit profile (SACP) remains at 'bbb-' or higher
while the company undertakes new projects or invests in upstream
gas assets; and S&P's assessment of government support does not
weaken.

S&P could lower the rating if it downgrades Indonesia, or PGN's
SACP weakens by five notches or more from the current 'a-'
assessment, assuming the rating on the government remains at
'BB+', and S&P's assessment of government support does not change.
S&P may also lower the rating if: (1) a significant decline in gas
exploration and production in Indonesia diminishes the reliability
of gas supplies or lowers pipeline utilization rates and weakens
PGN's SACP; (2) significant delays or cost overruns in PGN's
capital expenditure plan materially weaken the company's financial
measures; and (3) PGN's interest coverage weakens beyond S&P's
expectation due to higher debt incurrence and weaker cash flows.
A ratio of funds from operations to debt of about 50% would
characterize such a scenario.



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


TOKYO ELECTRIC: Loses Up to 20% Large-Lot Clients in 2013
---------------------------------------------------------
The Japan Times reports that Tokyo Electric Power Co. lost around
8,450 large-lot customers in fiscal 2013, up some 20 percent from
the year before, according to sources.

The Japan Times relates that the sources said the contracted
electricity supply of those clients totaled 1.2 million kilowatts,
equivalent to the output of a large nuclear reactor.

According to the report, the sources said Tepco's rate hike for
corporate users in April 2012 spurred an exodus to newcomers in
the electricity sector. Thanks to the gradual liberalization of
the market since March 2000, clients with contracts for at least
50 kilowatts can freely choose their own power suppliers.

Of the roughly 220,000 customers in Tepco's service area covered
by the liberalization moves, 30,900 abandoned the utility between
March 2000 and this March 31, the end of fiscal 2013. Their
departure represents 6 million kw, the report relays.

Since customers tend to change contracts at the turn of the fiscal
year, the utility lost an additional 1,300 customers who needed
200,000 kw on April 1, the Japan Times says.

                      About Tokyo Electric

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.



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


PANAMA ROAD DEVELOPMENTS: Goes Into Receivership
------------------------------------------------
Hamish Fletcher at NZ Herald reports that a company developing one
of New Zealand's biggest, most intensive affordable housing
estates has been put in receivership.

More than 420 apartments and townhouses are planned for the
Springpark estate on a 10.5ha site in Auckland's Mt Wellington and
the first stage of the development is expected to be completed
next year, according to NZ Herald.

NZ Herald relates that Springpark is seen as an affordable homes
project, with townhouses in stage one priced from NZ$399,000 to
NZ$554,000.  Most of stage one has already sold.

One of the companies developing Springpark, Panama Road
Developments, was put in receivership this week by Crown Finance,
said to be owed NZ$2 million, the report relates.  But Panama Road
Developments director Tony Gapes said the receivership didn't put
the project in doubt, the report notes.

"We began this project with a joint venture partner Crown Finance,
who is a finance company.  For various reasons we decided not to
proceed with Crown but mainly because they tried to change the
terms of the [joint venture] on us which was hugely detrimental to
us . . . Crown are owed around $2 million and I imagine they have
put [the company] into receivership, which they are entitled to do
as a secured creditor, to put us under pressure to get them repaid
as soon as possible," the report quoted Mr. Gapes as saying.

NZ Herald notes that resource consent had been obtained and a
contract with a "major residential house builder" was almost
finalized.  It was agreed with the site's current owner, Zealandia
Horticulture, that the land would be split into three parts so the
business on it could continue to operate and progressively move
off, the report relates.

Mr. Gapes, the report discloses, said they were waiting for the
three separate titles to be issued so they could settle the
purchase for stage one and begin construction.  Funds to buy the
land and develop stage one were being finalized with a major bank,
the report notes.

Mr. Gapes expected the titles to be issued and the land to be
settled, after which Crown would be repaid and the development
proceed, the report adds.


RESTAURANT LTD: In Liquidation, Owes Unsec. Creditors NZ$500,000
----------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that the parent
company of a firm that sold controversial currency trading
software racked up a NZ$109,000 debt for food and drink at a flash
Auckland restaurant it part-owned before the venue shut down,
according to a liquidators' report.

Restaurant Ltd, now in liquidation, operated the Brownstone
Restaurant and Cocktail Lounge in Ponsonby Rd, according to The
New Zealand Herald.

The report notes that the restaurant was previously known as
Nostalgia and before that Prohibition.  The report relates that it
opened in August 2008 after an 18-month refurbishment costing
NZ$2.9 million.

Prohibition began trading as a "premium fine dining restaurant"
but was hampered by "various unfavorable rumors, in particular
that it was owned by the Russian mafia or that it was a
gentleman's club", company director Colin Gardner told liquidators
last year, the report recalls.

Prohibition opened as the global financial crisis hit and later
was adversely affected by new restaurants popping up for the 2011
Rugby World Cup, Mr. Gardner said, the report says.

An Auckland firm, Phoenix Group Ventures, bought a controlling
interest in the company in February last year for NZ$100,000 with
an undertaking they would financially support it, the report
discloses.

Phoenix appointed a new general manager at the restaurant, who
changed the name to Brownstone and altered the interior, exterior
and menu, the report relays.

But by September, Phoenix was no longer going to provide financial
support for the restaurant and it was put into liquidation owing
almost NZ$5 million, the liquidators' first report said, The New
Zealand Herald notes.

A second report prepared by co-liquidator Stephen Lawrence
released says Restaurant Ltd is owed NZ$109,118 by Phoenix Group
Ventures, The New Zealand Herald discloses.

Phoenix is disputing this debt and says it has counter-claims,
according to the report, The New Zealand Herald relates.

The liquidators say they are considering what further action could
be taken but Lawrence could not provide any further details about
what type of action might be pursued, The New Zealand Herald says.

According to the liquidators' first report, issued last October,
Gardner had contributed NZ$4.8 million to Restaurant Ltd and a
trust associated with him holds a general security agreement (GSA)
over the company's property, The New Zealand Herald notes.

The trustees of this trust say the GSA is valid and claim their
secured debt is NZ$4.8 million but Phoenix Group Ventures asserts
the GSA is invalid or secures no money, the latest liquidation
report said, The New Zealand Herald says.

The report said 36 claims from unsecured creditors, totaling
NZ$449,396, had been received, The New Zealand Herald discloses.
The liquidators do not expect there will be funds to make a payout
to these creditors, The New Zealand Herald relates.

Last October's liquidation report said Restaurant Ltd had fixed
assets with a book value of NZ$1.6 million, The New Zealand Herald
notes.

The latest report said the liquidators received almost NZ$50,000
from the sale of assets but did not detail exactly what was sold,
The New Zealand Herald relates.

Mr. Lawrence said there was "very little if any" money left to be
realized from these assets, The New Zealand Herald relays.
Shareholders and the other creditors are therefore in line to lose
more than NZ$5 million.

The month before Phoenix Group Ventures withdrew financial support
for Brownstone's operator, the Financial Markets Authority had
warned the public away from one of its subsidiaries, Phoenix
Forex, The New Zealand Herald notes.



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


* BOND PRICING: For the Week April 28 to May 2, 2014
----------------------------------------------------

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


  AUSTRALIA
  ---------

GRIFFIN COAL M      9.50    12/01/16      USD       71.38
GRIFFIN COAL M      9.50    12/01/16      USD       71.38
MIDWEST VANADI     11.50    02/15/18      USD       54.00
MIDWEST VANADI     11.50    02/15/18      USD       54.75
MIRABELA NICKE      8.75    04/15/18      USD       22.13
MIRABELA NICKE      8.75    04/15/18      USD       22.13
NEW SOUTH WALE      0.50    09/14/22      AUD       71.58
NEW SOUTH WALE      0.50    03/30/23      AUD       70.83
NEW SOUTH WALE      0.50    11/18/22      AUD       70.92
NEW SOUTH WALE      0.50    10/28/22      AUD       71.15
NEW SOUTH WALE      0.50    10/07/22      AUD       71.36
NEW SOUTH WALE      0.50    12/16/22      AUD       71.89
NEW SOUTH WALE      0.50    02/02/23      AUD       71.99
TREASURY CORP       0.50    11/12/30      AUD       49.27
TREASURY CORP       0.50    08/25/22      AUD       73.06
TREASURY CORP       0.50    03/03/23      AUD       72.31


CHINA
-----

CHINA GOVERNME      1.64    12/15/33      CNY       60.44
CHINA DEVELOPM      3.80    10/30/36      CNY       73.90


INDIA
-----

DAVOMAS INTERN     11.00    12/08/14      USD       19.50
DAVOMAS INTERN     11.00    12/08/14      USD       19.50


INDIA
-----

3I INFOTECH LT      5.00    04/26/17      USD       30.00
CORE EDUCATION      7.00    05/07/15      USD       11.80
COROMANDEL INT      9.00    07/23/16      INR       15.77
DEWAN HOUSING       5.50    09/24/23      INR       73.75
GTL INFRASTRUC      2.53    11/09/17      USD       30.75
INDIA GOVERNME      0.23    01/25/35      INR       18.04
JCT LTD             2.50    04/08/11      USD       20.00
MASCON GLOBAL       2.00    12/28/12      USD       10.00
PRAKASH INDUST      5.25    04/30/15      USD       45.00
PRAKASH INDUST      5.63    10/17/14      USD       56.50
PYRAMID SAIMIR      1.75    07/04/12      USD        1.00
REI AGRO LTD        5.50    11/13/14      USD       56.00
REI AGRO LTD        5.50    11/13/14      USD       56.00
SHIV-VANI OIL       5.00    08/17/15      USD       26.63
SUZLON ENERGY       5.00    04/13/16      USD       48.19
SUZLON ENERGY       7.50    10/11/12      USD       68.88
VIDEOCON INDUS      6.75    12/16/15      USD       72.84


JAPAN
-----

ELPIDA MEMORY       0.70    08/01/16      JPY       10.13
ELPIDA MEMORY       0.50    10/26/15      JPY       12.13
ELPIDA MEMORY       2.29    12/07/12      JPY       15.38
ELPIDA MEMORY       2.03    03/22/12      JPY       15.25
ELPIDA MEMORY       2.10    11/29/12      JPY       12.13
JAPAN EXPRESSW      0.50    03/18/39      JPY       70.74
JAPAN EXPRESSW      0.50    09/17/38      JPY       71.28


KOREA
------

2013 KIBO SECU     10.00    02/19/17      KRW       29.61
2013 KIBO SECU     10.00    09/04/16      KRW       30.25
ACE AUTO INVES      3.24    07/21/14      KRW       69.71
ACE AUTO INVES      3.28    09/19/14      KRW       23.74
ACE AUTO INVES      2.92    12/22/14      KRW       10.91
ACE AUTO INVES      2.91    10/22/14      KRW       34.98
ACE AUTO INVES      2.86    09/26/14      KRW       58.46
ACE AUTO INVES      2.91    04/27/15      KRW       28.46
ACE AUTO INVES      2.85    02/06/15      KRW       65.22
ACE AUTO INVES      3.02    09/07/15      KRW       20.34
ACE AUTO INVES      2.92    12/05/14      KRW       64.74
ACE AUTO INVES      2.93    01/06/15      KRW       71.99
ACE AUTO INVES      3.00    04/06/15      KRW       38.17
ACE AUTO INVES      3.07    07/06/15      KRW        7.67
ACE AUTO INVES      2.82    08/06/14      KRW       74.72
ACE AUTO INVES      2.87    10/06/14      KRW       28.46
ACE AUTO INVES      3.11    09/04/15      KRW        8.39
ACE AUTO INVES      3.16    11/06/15      KRW        8.94
ACE AUTO INVES      3.22    01/06/16      KRW       19.37
ACE AUTO INVES      2.78    07/07/14      KRW       55.21
ACE AUTO INVES      2.79    09/05/14      KRW       73.65
ACE AUTO INVES      2.80    10/07/14      KRW       10.33
ACE AUTO INVES      2.83    12/05/14      KRW       18.02
ACE AUTO INVES      2.87    03/06/15      KRW        9.51
ACE AUTO INVES      2.96    07/07/15      KRW       34.40
ACE AUTO INVES      3.07    11/06/15      KRW        2.76
ACE AUTO INVES      2.84    07/25/14      KRW       43.04
ACE AUTO INVES      3.05    11/17/15      KRW       12.10
ACE AUTO INVES      3.10    02/17/16      KRW        3.81
ACE AUTO INVES      3.15    05/17/16      KRW        6.55
ACE AUTO INVES      2.84    11/24/14      KRW       36.83
ACE AUTO INVES      2.85    12/24/14      KRW       70.78
ACE AUTO INVES      2.88    02/24/15      KRW       62.24
ACE AUTO INVES      2.89    03/24/15      KRW       62.20
ACE AUTO INVES      2.98    09/24/15      KRW       48.14
ACE AUTO INVES      3.03    11/24/15      KRW       14.70
ACE AUTO INVES      3.08    01/22/16      KRW       41.37
ACE AUTO INVES      2.90    12/22/14      KRW       68.18
ACE AUTO INVES      2.99    06/22/15      KRW       21.74
ACE AUTO INVES      2.82    08/22/14      KRW       56.24
ACE AUTO INVES      2.85    09/22/14      KRW       48.76
ACE AUTO INVES      3.30    06/22/16      KRW       23.36
ACE AUTO INVES      2.89    01/16/15      KRW       72.20
ACE AUTO INVES      2.91    02/17/15      KRW       48.69
ACE AUTO INVES      2.99    08/17/15      KRW       33.77
AUTOPIA SECURI      6.32    08/18/14      KRW       43.93
AUTOPIA SECURI      6.25    06/18/14      KRW       74.85
AUTOPIA SECURI      6.36    09/18/14      KRW        9.43
AUTOPIA SECURI      6.39    10/18/14      KRW       49.61
AUTOPIA SECURI      6.45    01/18/15      KRW       44.96
AUTOPIA SECURI      6.50    03/18/15      KRW       23.73
AUTOPIA SECURI      3.00    07/18/15      KRW        7.57
AUTOPIA SECURI      3.02    08/18/15      KRW       74.69
AUTOPIA SECURI      3.04    09/18/15      KRW        1.32
AUTOPIA SECURI      3.05    10/18/15      KRW        4.94
AUTOPIA SECURI      3.12    02/18/16      KRW       67.82
AUTOPIA SECURI      3.14    03/18/16      KRW        0.57
AUTOPIA SECURI      3.16    04/18/16      KRW        0.46
AUTOPIA SECURI      3.18    05/18/16      KRW       64.98
AUTOPIA SECURI      3.22    07/18/16      KRW        1.21
AUTOPIA SECURI      3.23    08/18/16      KRW        2.00
AUTOPIA SECURI      3.24    09/18/16      KRW       61.72
AUTOPIA SECURI      3.25    10/18/16      KRW        0.48
AUTOPIA SECURI      3.28    02/18/17      KRW        0.48
AUTOPIA SECURI      3.31    05/18/17      KRW       53.56
AUTOPIA SECURI      3.32    06/18/17      KRW        1.01
AUTOPIA SECURI      3.07    11/18/15      KRW       71.20
AUTOPIA SECURI      3.09    12/18/15      KRW        1.94
AUTOPIA SECURI      3.10    01/18/16      KRW        3.42
AUTOPIA SECURI      3.20    06/18/16      KRW        0.47
AUTOPIA SECURI      3.26    11/18/16      KRW        0.45
AUTOPIA SECURI      3.27    12/18/16      KRW        1.71
AUTOPIA SECURI      3.27    01/18/17      KRW       57.50
AUTOPIA SECURI      3.29    03/18/17      KRW        0.46
AUTOPIA SECURI      3.30    04/18/17      KRW        1.56
AUTOPIA SECURI      3.32    07/18/17      KRW        0.46
AUTOPIA SECURI      2.90    07/18/15      KRW        7.38
AUTOPIA SECURI      2.91    08/18/15      KRW       73.60
AUTOPIA SECURI      2.92    09/18/15      KRW        1.27
AUTOPIA SECURI      2.93    10/18/15      KRW       70.90
AUTOPIA SECURI      2.95    11/18/15      KRW        0.61
AUTOPIA SECURI      2.96    12/18/15      KRW        3.64
AUTOPIA SECURI      2.97    01/18/16      KRW        1.68
AUTOPIA SECURI      2.98    02/18/16      KRW       65.55
AUTOPIA SECURI      2.99    03/18/16      KRW        0.54
AUTOPIA SECURI      3.00    04/18/16      KRW        1.59
AUTOPIA SECURI      3.01    05/18/16      KRW       61.66
AUTOPIA SECURI      3.03    06/18/16      KRW        0.44
AUTOPIA SECURI      3.04    07/18/16      KRW        1.12
AUTOPIA SECURI      3.04    08/18/16      KRW        1.80
AUTOPIA SECURI      3.06    11/18/16      KRW        0.42
AUTOPIA SECURI      3.05    09/18/16      KRW        1.71
AUTOPIA SECURI      3.05    10/18/16      KRW       40.08
AUTOPIA SECURI      3.06    12/18/16      KRW        0.44
AUTOPIA SECURI      3.07    01/18/17      KRW        0.42
AUTOPIA SECURI      3.07    02/18/17      KRW        1.43
AUTOPIA SECURI      3.08    04/18/17      KRW       47.64
AUTOPIA SECURI      3.09    05/18/17      KRW        0.91
AUTOPIA SECURI      3.08    03/18/17      KRW        0.42
AUTOPIA SECURI      3.09    06/18/17      KRW        1.34
AUTOPIA SECURI      2.89    06/18/15      KRW       51.22
AUTOPIA SECURI      2.77    08/18/14      KRW       59.73
AUTOPIA SECURI      2.86    02/18/15      KRW       27.64
AUTOPIA SECURI      2.90    05/18/15      KRW       12.03
AUTOPIA SECURI      2.98    08/18/15      KRW       12.68
AUTOPIA SECURI      3.11    02/18/16      KRW       12.37
AUTOPIA SECURI      3.15    05/18/16      KRW        5.21
AUTOPIA SECURI      3.29    11/18/16      KRW        1.06
AUTOPIA SECURI      3.33    02/18/17      KRW        1.08
AUTOPIA SECURI      3.41    08/18/17      KRW        2.44
AUTOPIA SECURI      3.45    11/18/17      KRW       15.19
AUTOPIA SECURI      3.59    02/18/18      KRW        2.74
AUTOPIA SECURI      4.42    05/18/18      KRW        3.33
AUTOPIA SECURI      7.13    08/18/18      KRW       27.23
BS CAPITAL CO       3.13    05/22/15      KRW        6.55
BS CAPITAL CO       3.10    09/19/14      KRW       39.89
CJ KOREA EXPRE      2.93    06/21/18      KRW        5.79
COMMERCIAL AUT      4.86    08/18/14      KRW       14.71
COMMERCIAL AUT      4.81    06/18/14      KRW       67.97
COMMERCIAL AUT      4.88    09/18/14      KRW       44.95
COMMERCIAL AUT      4.95    12/18/14      KRW       18.39
COMMERCIAL AUT      4.97    01/18/15      KRW       26.81
COMMERCIAL AUT      5.00    03/18/15      KRW       19.39
COMMERCIAL AUT      5.12    06/18/14      KRW       74.39
COMMERCIAL AUT      5.19    09/18/14      KRW       34.82
COMMERCIAL AUT      5.21    10/18/14      KRW        5.72
COMMERCIAL AUT      5.25    11/18/14      KRW       33.76
COMMERCIAL AUT      5.32    02/18/15      KRW       20.11
COMMERCIAL AUT      5.34    03/18/15      KRW        5.54
COMMERCIAL AUT      5.37    04/18/15      KRW       18.23
COMMERCIAL AUT      2.82    08/18/14      KRW       68.28
COMMERCIAL AUT      2.86    11/18/14      KRW       13.53
COMMERCIAL AUT      2.97    05/18/15      KRW       62.89
COMMERCIAL AUT      3.05    08/18/15      KRW        2.59
COMMERCIAL AUT      3.13    11/18/15      KRW        9.37
COMMERCIAL AUT      3.39    11/18/16      KRW        1.10
COMMERCIAL AUT      3.18    02/18/16      KRW        6.98
COMMERCIAL AUT      3.55    08/18/17      KRW        2.62
COMMERCIAL AUT      3.61    11/18/17      KRW       19.18
COMMERCIAL AUT      6.90    05/18/18      KRW        5.17
COMMERCIAL AUT     10.00    08/18/18      KRW        5.93
DAPSIMNI SECUR      3.26    10/11/14      KRW       42.41
DOOSAN CAPITAL      3.08    12/15/14      KRW       21.71
DOOSAN CAPITAL      3.11    03/13/15      KRW       27.09
DOOSAN CAPITAL      3.03    08/05/14      KRW       44.20
DOOSAN CAPITAL      3.08    10/02/14      KRW       29.66
DOOSAN CAPITAL      3.36    12/04/15      KRW       20.75
DOOSAN CAPITAL      3.52    06/03/16      KRW        4.17
DOOSAN CAPITAL      3.30    09/04/15      KRW       26.77
DY CHANGJEON 3      3.84    04/25/17      KRW        2.39
EXPORT-IMPORT       0.50    10/23/17      TRY       68.74
EXPORT-IMPORT       0.50    01/25/17      TRY       74.10
EXPORT-IMPORT       0.50    12/22/17      BRL       64.46
EXPORT-IMPORT       0.50    12/22/17      TRY       67.28
EXPORT-IMPORT       0.50    10/27/16      BRL       74.40
EXPORT-IMPORT       0.50    11/28/16      BRL       73.55
EXPORT-IMPORT       0.50    09/28/16      BRL       74.84
EXPORT-IMPORT       0.50    11/21/17      BRL       64.93
EXPORT-IMPORT       0.50    12/22/16      BRL       72.68
FN HYUNSEOK SE      3.35    03/20/16      KRW        4.41
GANGWONDO DEVE      3.75    11/28/14      KRW       17.53
GARDEN PARK AB      3.55    10/02/16      KRW        2.39
GREAT KODIT SE     10.00    09/29/14      KRW       65.73
GS CALTEX CORP      3.09    03/21/18      KRW        7.25
HAN KOOK CAPIT      3.35    07/23/14      KRW       69.06
HANA SK CARD C      5.62    01/24/17      KRW       68.54
HANA SK CARD C      5.62    01/31/17      KRW        3.16
HANA SK CARD C      5.00    01/09/17      KRW        3.11
HANA SK CARD C      4.39    09/22/14      KRW       40.85
HANA SK CARD C      3.88    06/22/17      KRW        1.70
HANA SK CARD C      5.34    02/14/17      KRW        7.57
HANA SK CARD C      3.69    06/22/15      KRW       44.37
HYUNDAI CAPITA      3.29    04/02/18      KRW       44.80
HYUNDAI CAPITA      3.31    01/06/17      KRW       21.92
HYUNDAI CAPITA      3.56    02/01/19      KRW        1.01
HYUNDAI CAPITA      2.89    06/21/18      KRW        2.72
HYUNDAI CAPITA      3.31    03/21/18      KRW        5.02
HYUNDAI CAPITA      2.78    04/24/15      KRW       59.42
HYUNDAI CAPITA      3.38    03/15/19      KRW        2.44
HYUNDAI CAPITA      3.65    01/18/19      KRW       14.59
HYUNDAI CAPITA      3.31    03/20/18      KRW       35.95
HYUNDAI CAPITA      3.16    04/02/18      KRW       14.90
HYUNDAI CAPITA      3.26    09/21/17      KRW        6.90
HYUNDAI CAPITA      3.32    02/09/17      KRW        2.14
HYUNDAI CAPITA      4.84    06/22/16      KRW        5.72
HYUNDAI CAPITA      3.11    05/02/18      KRW        1.07
HYUNDAI CAPITA      3.25    08/05/16      KRW       26.36
HYUNDAI CAPITA      3.07    05/02/18      KRW        1.05
HYUNDAI CAPITA      3.08    03/21/18      KRW        4.38
HYUNDAI CAPITA      3.02    10/30/15      KRW        0.95
HYUNDAI CAPITA      4.74    06/20/16      KRW        9.73
HYUNDAI CAPITA      4.40    03/20/16      KRW        2.45
HYUNDAI CAPITA      4.46    10/06/16      KRW        3.04
HYUNDAI CAPITA      3.25    11/04/16      KRW        0.89
HYUNDAI CAPITA      4.22    09/22/14      KRW       72.14
HYUNDAI CAPITA      3.19    05/13/16      KRW        1.40
HYUNDAI CAPITA      4.46    12/18/14      KRW       32.63
HYUNDAI CAPITA      4.70    06/21/16      KRW       13.61
HYUNDAI CAPITA      3.21    03/04/16      KRW        8.98
HYUNDAI CARD C      3.19    11/28/16      KRW       29.83
HYUNDAI CARD C      3.23    01/20/17      KRW        2.28
HYUNDAI CARD C      4.03    03/23/15      KRW       32.23
HYUNDAI CARD C      3.27    04/03/17      KRW       15.63
HYUNDAI CARD C      3.58    09/21/18      KRW        7.76
HYUNDAI CARD C      3.16    05/29/18      KRW        0.12
HYUNDAI CARD C      3.13    01/15/16      KRW       32.29
HYUNDAI CARD C      3.05    01/29/16      KRW        0.95
HYUNDAI CARD C      3.51    07/13/17      KRW        1.39
HYUNDAI CARD C      3.19    05/13/16      KRW        1.40
HYUNDAI CARD C      3.00    03/25/16      KRW        4.50
HYUNDAI CARD C      3.16    04/02/18      KRW        9.18
HYUNDAI CARD C      3.40    01/10/17      KRW        1.44
HYUNDAI CARD C      4.05    12/22/14      KRW       62.92
HYUNDAI COMMER      3.00    02/26/16      KRW        1.80
HYUNDAI COMMER      2.97    12/26/14      KRW       70.29
HYUNDAI COMMER      3.11    09/25/15      KRW       28.91
HYUNDAI COMMER      3.37    12/21/17      KRW       13.64
HYUNDAI COMMER      3.32    03/22/18      KRW        7.75
HYUNDAI COMMER      3.22    12/04/15      KRW       11.31
HYUNDAI MERCHA      7.05    12/27/42      KRW       46.64
HYUNDAI SECURI      3.16    03/22/18      KRW        7.00
HYUNDAI STEEL       3.27    03/21/18      KRW       36.64
INCHEON DEVELO      3.12    06/10/14      KRW       29.26
INCHEON DEVELO      3.60    12/21/17      KRW        5.05
IPARK SAM-SONG      3.18    04/10/15      KRW       40.77
IPARK SAM-SONG      3.27    08/10/15      KRW        7.56
IPARK SAM-SONG      3.37    02/10/16      KRW       29.98
JB WOORI CAPIT      2.82    08/14/14      KRW       48.80
JB WOORI CAPIT      2.86    11/14/14      KRW       26.78
JB WOORI CAPIT      2.95    05/15/15      KRW        0.87
JB WOORI CAPIT      3.01    08/14/15      KRW        0.59
JB WOORI CAPIT      2.86    07/25/14      KRW       64.79
JB WOORI CAPIT      3.09    06/26/15      KRW       61.81
JB WOORI CAPIT      3.24    06/11/15      KRW       51.23
JB WOORI CAPIT      3.22    11/30/14      KRW        3.15
JEONBUK BANK        3.41    01/06/19      KRW       32.60
KB CAPITAL CO       5.70    01/10/19      KRW       10.22
KB CAPITAL CO       3.42    12/22/17      KRW        6.35
KB CAPITAL CO       3.09    03/28/16      KRW        4.07
KB CAPITAL CO       2.96    12/19/14      KRW       64.96
KB KOOKMIN CAR      3.92    03/24/15      KRW       41.55
KB KOOKMIN CAR      4.18    03/22/17      KRW        1.79
KB KOOKMIN CAR      3.18    12/11/15      KRW       25.27
KB KOOKMIN CAR      3.32    02/17/17      KRW        2.41
KB KOOKMIN CAR      4.20    09/21/16      KRW        1.20
KB KOOKMIN CAR      3.05    03/21/18      KRW        1.74
KB KOOKMIN CAR      3.10    05/02/18      KRW        1.07
KB KOOKMIN CAR      3.75    06/22/15      KRW        1.29
KB KOOKMIN CAR      3.93    06/20/17      KRW        1.24
KB KOOKMIN CAR      3.88    06/22/17      KRW        1.29
KB KOOKMIN CAR      3.24    12/21/17      KRW        3.61
KB KOOKMIN CAR      3.65    06/22/15      KRW       23.92
KB KOOKMIN CAR      3.65    06/23/15      KRW       23.85
KB KOOKMIN CAR      3.64    09/22/15      KRW       30.40
KB KOOKMIN CAR      3.33    09/22/17      KRW       14.45
KB KOOKMIN CAR      3.46    09/21/17      KRW       19.95
KB KOOKMIN CAR      4.00    12/22/14      KRW       55.84
KDB CAPITAL CO      3.10    04/15/16      KRW        4.56
KDB CAPITAL CO      3.25    12/24/15      KRW       35.27
KDB CAPITAL CO      3.01    07/14/14      KRW       66.53
KDB CAPITAL CO      3.14    12/22/14      KRW       64.62
KOREA DEVELOPM      3.70    02/29/24      KRW        3.16
KOREA HOUSING       2.94    09/15/18      KRW       68.39
KOREA LAND & H      3.99    03/26/44      KRW       68.57
KOREA LAND & H      3.40    09/21/18      KRW        5.50
KOREA LAND & H      2.93    03/20/18      KRW        1.71
KOREA LAND & H      3.17    10/02/17      KRW        1.21
KOREA LAND & H      2.87    06/21/18      KRW       69.67
KOREA LAND & H      2.86    06/21/18      KRW        5.54
KOREA LAND & H      3.44    10/21/18      KRW       70.08
KOREA LAND & H      3.30    12/21/18      KRW        6.72
KOREA LAND & H      2.76    06/21/18      KRW        7.75
KOREA RAIL NET      2.95    10/22/15      KRW       11.37
KT CAPITAL COR      3.47    03/22/18      KRW        5.76
KT CAPITAL COR      3.65    09/22/17      KRW       34.10
KT RENTAL CORP      2.98    06/21/18      KRW        2.81
LG ELECTRONICS      3.11    03/21/18      KRW        4.69
LG ELECTRONICS      3.29    05/24/20      KRW        2.06
LG HAUSYS LTD       3.11    06/21/18      KRW        5.98
LH ABS SECURIT      2.95    12/22/15      KRW       10.70
LOTTE CAPITAL       4.54    03/22/17      KRW        2.15
LOTTE CAPITAL       3.40    12/16/16      KRW       14.45
LOTTE CAPITAL       3.67    02/25/19      KRW        2.84
LOTTE CAPITAL       3.00    06/21/18      KRW        5.59
NATIONAL FEDER      2.75    12/01/14      KRW       63.77
NEW STAR ABS S      3.93    01/26/17      KRW       26.66
NEW STAR SUKKW      4.92    03/30/15      KRW       36.08
NEWSTAR SIN-GI      4.84    01/30/15      KRW        3.21
NH CAPITAL CO       5.02    01/14/18      KRW       30.24
NH CAPITAL CO       5.88    01/14/17      KRW       23.29
NONGHYUP BANK       4.06    05/28/22      KRW        3.33
NONGHYUP BANK       3.33    10/15/20      KRW        1.76
OLLEHKT SECURI      3.04    12/31/15      KRW        0.95
OLLEHKT SECURI      2.72    06/27/14      KRW       74.84
OLLEHKT SECURI      3.71    06/30/14      KRW       54.33
OLLEHKT SECURI      3.71    07/30/14      KRW       43.47
OLLEHKT SECURI      3.73    10/30/14      KRW       56.06
OLLEHKT SECURI      3.74    11/28/14      KRW       18.38
OLLEHKT SECURI      3.91    01/29/16      KRW       15.48
OLLEHKT SECURI      2.82    09/26/14      KRW       48.98
OLLEHKT SECURI      2.83    03/26/15      KRW       57.27
OLLEHKT SECURI      2.83    04/24/15      KRW       34.41
OLLEHKT SECURI      2.83    05/26/15      KRW       57.43
OLLEHKT SECURI      2.84    07/24/15      KRW       48.02
OLLEHKT SECURI      2.84    08/26/15      KRW       18.23
OLLEHKT SECURI      2.84    09/25/15      KRW       48.49
OLLEHKT SECURI      2.91    11/25/16      KRW        2.49
OLLEHKT SECURI      3.15    10/24/14      KRW       59.65
OLLEHKT SECURI      3.33    08/26/16      KRW        2.17
OLLEHKT SECURI      4.12    11/26/15      KRW       15.99
OLLEHKT SECURI      2.88    10/24/14      KRW       20.24
OLLEHKT SECURI      2.89    12/26/14      KRW       51.34
OLLEHKT SECURI      3.04    10/26/16      KRW        1.08
OLLEHKT SECURI      2.87    09/26/14      KRW       57.67
OLLEHKT SECURI      2.90    03/26/15      KRW       30.93
OLLEHKT SECURI      2.91    04/24/15      KRW       72.10
OLLEHKT SECURI      2.92    06/26/15      KRW       22.65
OLLEHKT SECURI      2.93    07/24/15      KRW        4.47
OLLEHKT SECURI      2.97    12/24/15      KRW       12.89
OLLEHKT SECURI      3.05    05/30/14      KRW       45.79
OLLEHKT SECURI      3.09    11/28/14      KRW        1.18
OLLEHKT SECURI      3.19    01/30/15      KRW        2.14
OLLEHKT SECURI      3.13    04/30/15      KRW       10.19
OLLEHKT SECURI      3.12    07/25/14      KRW       56.51
OLLEHKT SECURI      3.15    11/26/14      KRW       27.82
OLLEHKT SECURI      3.17    02/26/15      KRW       52.80
OLLEHKT SECURI      3.20    04/24/15      KRW       49.42
OLLEHKT SECURI      3.25    09/25/15      KRW       29.18
OLLEHKT SECURI      3.07    08/29/14      KRW        6.17
OLLEHKT SECURI      3.08    09/30/14      KRW        2.57
OLLEHKT SECURI      3.09    12/31/14      KRW       68.20
OLLEHKT SECURI      3.13    05/29/15      KRW        0.86
OLLEHKT SECURI      3.72    11/28/14      KRW       28.63
OLLEHKT SECURI      3.73    12/26/14      KRW       25.20
OLLEHKT SECURI      3.77    03/27/15      KRW       55.00
OLLEHKT SECURI      3.86    02/26/16      KRW        5.61
OLLEHKT SECURI      3.05    10/02/14      KRW       28.57
OLLEHKT SECURI      3.06    11/03/14      KRW       22.84
OLLEHKT SECURI      3.19    05/03/16      KRW        1.51
OLLEHKT SECURI      2.97    08/28/14      KRW       47.23
OLLEHKT SECURI      2.99    09/26/14      KRW       74.62
OLLEHKT SECURI      3.01    11/28/14      KRW       29.73
OLLEHKT SECURI      3.03    12/26/14      KRW       24.66
OLLEHKT SECURI      3.05    01/28/15      KRW       58.69
OLLEHKT SECURI      3.09    03/27/15      KRW       46.67
OLLEHKT SECURI      3.11    04/28/15      KRW       24.24
OLLEHKT SECURI      3.13    05/28/15      KRW       47.14
OLLEHKT SECURI      3.16    07/28/15      KRW       12.92
OLLEHKT SECURI      3.17    08/28/15      KRW       43.01
OLLEHKT SECURI      3.19    09/25/15      KRW       29.38
OLLEHKT SECURI      3.20    10/28/15      KRW       28.39
OLLEHKT SECURI      3.21    11/27/15      KRW       16.00
OLLEHKT SECURI      3.25    01/28/16      KRW       31.05
OLLEHKT SECURI      3.43    01/26/17      KRW        1.85
OLLEHKT SECURI      3.04    11/27/15      KRW        3.68
OLLEHKT SECURI      3.06    12/29/15      KRW        2.32
OLLEHKT SECURI      3.18    05/27/16      KRW        3.01
OLLEHKT SECURI      2.83    08/22/14      KRW       47.26
OLLEHKT SECURI      2.89    11/24/14      KRW       27.24
OLLEHKT SECURI      2.96    02/24/15      KRW       69.72
OLLEHKT SECURI      3.03    07/24/15      KRW       11.86
OLLEHKT SECURI      3.05    08/24/15      KRW       37.78
OLLEHKT SECURI      3.08    10/23/15      KRW       15.95
OLLEHKT SECURI      3.14    04/22/16      KRW       24.25
OLLEHKT SECURI      3.16    05/24/16      KRW       14.57
OLLEHKT SECURI      3.20    07/22/16      KRW       20.96
OLLEHKT SECURI      3.42    07/24/17      KRW       12.13
OLLEHKT SECURI      2.84    11/28/14      KRW       49.28
OLLEHKT SECURI      2.81    09/30/14      KRW        3.87
OLLEHKT SECURI      2.95    05/29/15      KRW        1.03
OLLEHKT SECURI      3.00    08/31/15      KRW       19.17
OLLEHKT SECURI      2.88    12/31/14      KRW        2.88
OLLEHKT SECURI      3.15    06/30/16      KRW        0.90
OLLEHKT SECURI      3.28    05/31/17      KRW        0.86
OLLEHKT SECURI      2.73    05/30/14      KRW       36.06
OLLEHKT SECURI      2.80    08/29/14      KRW       73.96
OLLEHKT SECURI      2.86    11/28/14      KRW        3.17
OLLEHKT SECURI      2.90    01/30/15      KRW       64.91
OLLEHKT SECURI      3.09    03/31/16      KRW       19.46
OLLEHKT SECURI      2.79    06/27/14      KRW       54.77
OLLEHKT SECURI      2.85    01/29/15      KRW       39.88
OLLEHKT SECURI      2.88    03/27/15      KRW       33.18
OLLEHKT SECURI      2.96    07/29/15      KRW        5.00
OLLEHKT SECURI      2.98    08/28/15      KRW       21.02
OLLEHKT SECURI      3.36    03/29/17      KRW        5.56
OLLEHKT SECURI      2.86    02/27/15      KRW       36.27
OLLEHKT SECURI      2.80    07/29/14      KRW       42.83
OLLEHKT SECURI      2.82    09/29/14      KRW       26.41
OLLEHKT SECURI      3.03    05/27/16      KRW        2.51
OLLEHKT SECURI      3.06    08/26/16      KRW        4.08
OLLEHKT SECURI      2.77    09/26/14      KRW       48.18
OLLEHKT SECURI      2.78    10/28/14      KRW        8.31
OLLEHKT SECURI      2.81    12/26/14      KRW       46.54
OLLEHKT SECURI      2.85    03/27/15      KRW        8.46
OLLEHKT SECURI      2.88    06/26/15      KRW       62.82
OLLEHKT SECURI      2.92    09/25/15      KRW        4.11
OLLEHKT SECURI      2.95    11/27/15      KRW        9.42
PLAN-UP BOK-HY      3.99    08/10/14      KRW       35.84
PURUN WOORI SE      3.63    03/20/15      KRW       19.90
SAENGGAKDAERO       3.93    12/31/15      KRW       17.14
SAMSUNG CARD C      3.08    02/28/15      KRW       66.78
SAMSUNG CARD C      3.50    05/30/19      KRW        1.97
SAMSUNG CARD C      3.16    09/21/17      KRW       15.79
SAMSUNG CARD C      3.14    03/21/18      KRW        0.96
SAMSUNG CARD C      3.17    12/20/17      KRW        5.58
SBY BUPYEONG5       3.20    01/29/15      KRW       58.87
SH CORP OF THE      3.12    07/03/15      KRW       16.43
SH CORP OF THE      3.10    01/22/16      KRW       42.13
SHINHAN CAPITA      3.51    12/09/16      KRW        1.45
SHINHAN CAPITA      4.48    09/22/14      KRW       75.09
SHINHAN CAPITA      4.01    06/22/17      KRW       16.29
SHINHAN CAPITA      3.81    09/23/15      KRW       19.46
SHINHAN CARD C      3.28    04/09/18      KRW       10.63
SHINHAN CARD C      3.46    06/20/19      KRW        6.00
SHINHAN CARD C      3.35    09/02/16      KRW        1.37
SHINHAN CARD C      3.56    02/07/19      KRW        1.19
SHINHAN CARD C      3.16    09/21/17      KRW        6.55
SHINHAN CARD C      3.19    09/20/17      KRW        9.17
SHINHAN CARD C      3.74    06/23/15      KRW       10.51
SHINHAN CARD C      2.87    10/02/17      KRW        7.50
SHINHAN CARD C      3.88    06/22/17      KRW       15.99
SHINHAN CARD C      3.62    06/21/15      KRW       13.80
SHINHAN CARD C      2.78    06/21/18      KRW        4.79
SHINHAN CARD C      3.27    03/26/18      KRW        5.47
SHINHAN CARD C      3.64    06/23/15      KRW       44.71
SHINHAN CARD C      3.30    09/22/17      KRW       20.33
SHINHAN CARD C      2.93    06/21/18      KRW       69.48
SINBO CONSTRUC     10.00    09/29/14      KRW       65.73
SINBO SECURITI      5.00    07/08/17      KRW       29.92
SINBO SECURITI      5.00    07/08/17      KRW       29.92
SINBO SECURITI      5.00    07/19/15      KRW       70.84
SINBO SECURITI      5.00    07/26/16      KRW       29.81
SINBO SECURITI      5.00    07/26/16      KRW       29.81
SINBO SECURITI      4.60    06/29/15      KRW       72.40
SINBO SECURITI      4.60    06/29/15      KRW       72.40
SINBO SECURITI      5.00    05/27/16      KRW       30.04
SINBO SECURITI      5.00    05/27/16      KRW       30.04
SINBO SECURITI      8.00    02/02/15      KRW       74.85
SINBO SECURITI      5.00    02/02/16      KRW       72.97
SINBO SECURITI      5.00    01/19/16      KRW       72.39
SINBO SECURITI      5.00    12/07/15      KRW       72.45
SINBO SECURITI      8.00    03/07/15      KRW       74.16
SINBO SECURITI      5.00    03/14/16      KRW       72.32
SINBO SECURITI      5.00    06/29/16      KRW       29.93
SINBO SECURITI      5.00    09/13/15      KRW       73.02
SINBO SECURITI      5.00    09/13/15      KRW       61.55
SINBO SECURITI      5.00    09/28/15      KRW       70.67
SINBO SECURITI      5.00    08/31/16      KRW       29.72
SINBO SECURITI      5.00    08/31/16      KRW       29.72
SINBO SECURITI      5.00    08/24/15      KRW       70.71
SINBO SECURITI      5.00    03/13/17      KRW       29.35
SINBO SECURITI      5.00    03/13/17      KRW       29.35
SINBO SECURITI      5.00    02/21/17      KRW       27.85
SINBO SECURITI      5.00    12/13/16      KRW       29.53
SINBO SECURITI      5.00    01/29/17      KRW       29.44
SINBO SECURITI      5.00    10/05/16      KRW       29.71
SINBO SECURITI      5.00    10/05/16      KRW       29.71
SINBO SECURITI      5.00    02/21/17      KRW       29.35
SINBO SECURITI      5.00    06/07/17      KRW       28.51
SINBO SECURITI      5.00    06/07/17      KRW       28.51
SMALL & MEDIUM      3.69    02/08/24      KRW        4.48
SMALL & MEDIUM      5.24    12/09/14      KRW       69.82
SMALL & MEDIUM      5.16    12/09/14      KRW       69.55
SMALL & MEDIUM      4.77    12/09/15      KRW       12.29
SMALL & MEDIUM      3.17    03/15/17      KRW        2.17
SMALL & MEDIUM      5.15    09/09/15      KRW       48.61
SMALL & MEDIUM      5.15    12/09/15      KRW        9.24
SMORE SECURITI      3.09    02/29/16      KRW        0.41
SYSINGIL ABS S      3.95    08/22/15      KRW       18.67
TONGYANG CEMEN      7.30    04/12/15      KRW       70.00
TONGYANG CEMEN      7.50    04/20/14      KRW       70.00
TONGYANG CEMEN      7.50    09/10/14      KRW       70.00
TONGYANG CEMEN      7.50    07/20/14      KRW       70.00
TONGYANG CEMEN      7.30    06/26/15      KRW       70.00
UPLUS LTE SECU      2.77    12/05/14      KRW       14.38
UPLUS LTE SECU      2.80    02/06/15      KRW       74.34
UPLUS LTE SECU      2.97    02/05/16      KRW       18.34
UPLUS LTE SECU      3.06    08/05/16      KRW        9.84
UPLUS LTE SECU      2.64    06/05/14      KRW       66.64
UPLUS LTE SECU      2.72    08/07/15      KRW        5.71
UPLUS LTE SECU      2.77    02/05/16      KRW        0.36
UPLUS LTE SECU      2.78    10/07/16      KRW        0.73
UPLUS LTE SECU      2.94    04/10/15      KRW       46.67
UPLUS LTE SECU      2.97    08/12/15      KRW        0.48
UPLUS LTE SECU      3.00    12/11/15      KRW        1.79
UPLUS LTE SECU      3.09    09/05/14      KRW       69.57
UPLUS LTE SECU      3.11    12/05/14      KRW       54.26
UPLUS LTE SECU      3.07    12/04/15      KRW       18.54
UPLUS LTE SECU      3.23    06/03/16      KRW        3.19
UPLUS LTE SECU      2.89    12/05/14      KRW       14.08
UPLUS LTE SECU      3.01    06/05/15      KRW       74.33
UPLUS LTE SECU      3.15    12/04/15      KRW       18.90
UPLUS LTE SECU      3.27    06/03/16      KRW        6.44
UPLUS LTE SECU      3.32    08/05/16      KRW       10.52
UPLUS LTE SECU      3.54    06/05/17      KRW        0.97
UPLUS LTE SECU      2.82    12/05/14      KRW       54.57
UPLUS LTE SECU      3.35    02/06/17      KRW        0.93
UPLUS LTE SECU      2.86    12/05/14      KRW       54.83
UPLUS LTE SECU      2.89    02/06/15      KRW       59.90
UPLUS LTE SECU      2.88    10/02/14      KRW       60.92
UPLUS LTE SECU      3.03    12/04/15      KRW       21.06
WOONGJIN ENERG      2.00    12/19/16      KRW       59.37
WOORI CARD CO       3.39    11/11/16      KRW        1.06
WOORI CARD CO       3.15    03/04/16      KRW        8.46
WOORI CARD CO       3.07    09/04/15      KRW       26.64


SRI LANKA
---------

SRI LANKA GOVE      5.35    03/01/26      LKR       65.04


  MALAYSIA
  --------

BANDAR MALAYSI      0.35    02/20/24      MYR       65.87


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

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


SINGAPORE
---------

BAKRIE TELECOM     11.50    05/07/15      USD       11.97
BAKRIE TELECOM     11.50    05/07/15      USD       12.88
BLD INVESTMENT      8.63    03/23/15      USD       30.13
BUMI CAPITAL P     12.00    11/10/16      USD       51.28
BUMI CAPITAL P     12.00    11/10/16      USD       48.52
BUMI INVESTMEN     10.75    10/06/17      USD       50.00
BUMI INVESTMEN     10.75    10/06/17      USD       48.69
ENERCOAL RESOU      9.25    08/05/14      USD       54.60
INDO INFRASTRU      2.00    07/30/10      USD        1.88


THAILAND
--------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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