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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, June 13, 2014, Vol. 17, No. 116


                            Headlines


A U S T R A L I A

EVOLUTION 5: In Administration; First Meeting Set For June 20
PROFILE MARKETING: Cor Cordis Appointed as Administrators
QUICKFLIX LTD: Shareholders Vote Against Board Spill
SARGENT SECURITY: Placed in Administration
SIGANTO & STACEY: BDO Appointed as Administrators


C H I N A

E-LAND FASHION: Moody's Downgrades Corp. Family Rating to Ba3


H O N G  K O N G

PACNET LIMITED: Moody's Says 1Q 2014 Results Supports B2 CFR


I N D I A

ACCURATE AUTO: CRISIL Suspends 'B+' Rating on INR60MM Loans
AKM ENTERPRISES: CRISIL Suspends 'D' Rating on INR1.20BB Loans
ALLIANCE OVERSEAS: CRISIL Reaffirms 'B' Rating on INR114MM Loans
ALLWELD ENGINEERS: CRISIL Suspends 'B' Rating on INR52.8MM Loans
AMARTEX INDUSTRIES: ICRA Withdraws 'B+' Rating on INR165cr Loan

AMBICA INT'L: CRISIL Suspends 'B' Rating on INR65MM Loans
ARCHIMEDIS LABS: CRISIL Reaffirms 'B+' Rating on INR92.4MM Loans
ARIHANT PRINTERS: CRISIL Assigns 'B+' Rating to INR13.8MM Loans
ASANSOL POLYFABS: CRISIL Suspends 'B-' Rating on INR55MM Loans
ASHTAVINAYAK AUTO: CRISIL Suspends 'B+' Rating on INR75MM Loan

AWLESH KUMAR: CARE Assigns 'B+' Rating to INR3.75cr Bank Loan
BAJAJ CARPET: ICRA Suspends 'D' Rating on INR15cr Bank Loan
BAJAJ STEELS: CRISIL Suspends 'B+' Rating on INR130MM Loans
BHADRASHREE STEEL: CRISIL Suspends 'B+' Rating on INR225MM Loans
COBB APPARELS: CRISIL Suspends 'B+' Rating on INR150MM Loans

EVERGREEN BOARDLAM: ICRA Suspends B/A4 Rating on INR19.55cr Loan
GOVINDAM FOOD: CRISIL Upgrades Rating on INR105MM Loans to 'B+'
JAGDISH AGRO: CRISIL Assigns 'B' Rating to INR55.7MM Loans
K K DUPLEX: ICRA Suspends 'B+' Rating on INR13r Loan
K. PATEL: CRISIL Assigns 'B+' Rating to INR98.8MM Demand Loan

KAMADGIRI FABRICS: ICRA Reaffirms 'B-' Rating on INR8cr Loan
MDH TRUCKS: CRISIL Reaffirms 'D' Rating on INR75MM Loan
MOHAN TRACTORS: CRISIL Reaffirms 'B+' Rating on INR270.7MM Loan
PREMIER METAL: CRISIL Rates INR70MM Cash Credit at 'B+'
SAINATH ESTATES: CRISIL Reaffirms 'D' Rating on INR1.95BB Loans

SURANA METACAST: CRISIL Ups Rating on INR199.5MM Loans to 'B+'
SRI VANI: CRISIL Reaffirms 'D' Rating on INR100MM Loans
TUNGNATH EDUCATIONAL: CRISIL Reaffirms D Rating on INR66.6MM Loan
UBIQUITY DIGITAL: ICRA Downgrades Rating on INR35cr Loans to D
VANTAGE SPINNERS: CRISIL Cuts Rating on INR540MM Loans to 'D'

VRUNDAVAN CERAMIC: CRISIL Reaffirms B Rating on INR227.5MM Loans


M A L A Y S I A

MALAYSIAN AIRLINES: State to Ready Restructuring Within 6-12 Mos.


N E W  Z E A L A N D

AREDDY PRIVATE: Nearly NZ$1MM Missing, Liquidator Says


T H A I L A N D

TRUE CORPORATION: Moody's Places Caa1 CFR on Review for Upgrade


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


EVOLUTION 5: In Administration; First Meeting Set For June 20
-------------------------------------------------------------
Stephen Robert Dixon -- stephen.dixon@au.gt.com -- and
Laurence Andrew Fitzgerald -- laurie.fitzgerald@au.gt.com -- of
Grant Thornton were appointed as administrators of Evolution 5
International Pty Ltd on June 10, 2014.

A first meeting of the creditors of the Company will be held at
The Rialto, Level 30, 525 Collins Street, in Melbourne, Victoria,
on June 20, 2014, at 3:30 p.m.


PROFILE MARKETING: Cor Cordis Appointed as Administrators
---------------------------------------------------------
Glenn J Spooner -- gspooner@corcordis.com.au -- and Daniel P
Juratowitch -- djuratowitch@corcordis.com.au -- of Cor Cordis
Chartered Accountants were appointed as administrators of Profile
Marketing Pty Ltd on June 6, 2014.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, on June 19, 2014, at 1:00 p.m.


QUICKFLIX LTD: Shareholders Vote Against Board Spill
----------------------------------------------------
The Australian reports that Quickflix Ltd shareholders have
defeated a proposal to spill the board and install US media
executives at the online DVD rental and movie streaming company.

The report says Quickflix executive chairman Stephen Langsford
earlier had expressed confidence he had the numbers to repel the
group of US raiders seeking to spill the board and take control.

According to the report, the proposal put to investors in the
video streaming and DVD rental company would have seen
Mr. Langsford and co-founder Simon Hodge replaced by three US and
British media executives, along with Matthew Joynes of the US
turnaround firm Tournament Field.

The Australian relates that Mr. Joynes had claimed support from
Quickflix shareholders accounting for 30-40 per cent of the
company's capital.

Mr. Langsford dismissed that claim as "absolute rubbish" last
week.

"They've made crazy statements right from the start of this
farce," the report quotes Mr. Langsford as saying.  "When I'm not
distracted by these US raiders, I'm flat out progressing the
business because we're back in growth mode."

The Australian notes that Quickflix is modelled on the hugely
successful US giant Netflix, which has 33 million subscribers
globally.

According to the report, Netflix is yet to spread its tentacles to
Australia, but it has long been rumoured to be close to launching
and customers have been fudging their address details to get
access anyway.

The Australian says Foxtel's Presto service is the latest local
alternative, with the Nine and Seven free-to-air networks looking
to join the party.

The Australian relates that amid all this activity, Quickflix,
which like Netflix launched as a DVD mail-out service 11 years
ago, has struggled to get serious traction, although it reported a
16 per cent increase in paying customers to almost 119,000 in the
March quarter.

Part of the raiders' line of attack had been Quickflix's poor
financial performance, the report says.

The Australian notes that the company's December half-year
accounts were qualified by auditor Grant Thornton, which pointed
to a AUD4.9 million deficiency in net assets and accumulated
losses of AUD46.2 million.

According to the report, Mr. Joynes said last week he wasn't sure
Quickflix could be saved.

The raiders had proposed a strategic U-turn, with Quickflix
closing its DVD mail-out service, launching its own set-top box
and focusing on video streaming, says The Australian.

With these and other measures, the group was aiming to increase
revenue to AUD150 million within five years, the report discloses.

Mr. Langsford said the raiders' plans demonstrated they had no
understanding of the local market, the report adds.

Quickflix Limited (ASX:QFX) -- http://www.quickflix.com.au/--
engages in the development and operation of an online movie
rental subscription and retail service. It provides online movie
subscription service in Australia. Its subscribers have access to
a range of over 50,000 movies and television titles over the
Internet. It operates in the online digital video disc (DVD)
business segment.


SARGENT SECURITY: Placed in Administration
------------------------------------------
Kirsten Robb at SmartCompany reports that a security company with
annual turnover of AUD20 million has collapsed for the second
time.

Sargent Security, founded in 1998, slipped into receivership for
an 11-day period in January this year and was forced to shut down
its NSW operations, Fairfax Media reported in February,
SmartCompany relates.

This month the company entered administration, with Deloitte's
Neil Robert Cussen -- ncussen@deloitte.com.au -- and Ezio Marco
Senatore -- esenatore@deloitte.com.au -- appointed administrators
on June 5, the report discloses.

A meeting of creditors is due to be held in Sydney on June 18,
says SmartCompany.

The company, which had offices in Sydney, Brisbane, Melbourne and
Canberra, is now advertising all its business assets, contracts,
goodwill and intellectual property, according to the report.

SmartCompany notes that Sargent Security's high profile clients
include Hungry Jacks, Hugo Boss, Aldi, The Good Guys and Chemist
Warehouse, as well as contracts with the Queensland and NSW
governments.

In 2012, the report recalls, the company won a contract with the
NSW Department of Education and Training to provide 24-hour alarm
response and after-hour patrols across 935 Sydney public schools,
according to Fairfax. This ceased when the company's licence was
revoked after it had been placed under external control in
February, SmartCompany notes.

According to SmartCompany, Fairfax also reported the firm had been
the subject of a police probe that uncovered a host of alleged
workplace breaches, including the hiring of unlicensed guards and
off-the-book cash payments totalling hundreds of thousands of
dollars.

SmartCompany contacted Deloitte, but did not receive a response
prior to publication. Sargent Security was also contacted, but
SmartCompany was told no one was available for media comment.


SIGANTO & STACEY: BDO Appointed as Administrators
-------------------------------------------------
Andrew Fielding -- andrew.fielding@bdo.com.au -- and David Whyte
-- david.whyte@bdo.com.au -- of BDO were appointed as
administrator of Siganto & Stacey Pty. Ltd. and Tabrook Pty
Limited on June 10, 2014.

A first meeting of the creditors of the Company will be held at
BDO, Level 10, 12 Creek Street, in Brisbane, Queensland on
June 19, 2014, at 3:00 p.m.



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


E-LAND FASHION: Moody's Downgrades Corp. Family Rating to Ba3
-------------------------------------------------------------
Moody's Investors Service has downgraded E-Land Fashion China
Holdings Limited's corporate family rating to Ba3 from Ba2.

The rating outlook is negative.

Ratings Rationale

"The rating action primarily reflects Moody's concerns regarding
the increased cash leakage to E-Land Fashion China's parent, E-
Land World Ltd (unrated), owing to more aggressive shareholder
returns and the extension of intercompany loans," says Chris Park,
a Moody's Vice President and Senior Credit Officer.

E-Land Fashion China's dividend payout ratio climbed to about 40%
in 2013 from about 22% in 2011 and is expected to remain elevated
over the next 1-2 years.

Its loans to related parties -- comprising mostly of loans to E-
Land World -- also increased to RMB593 million at end-2013 from
RMB184 million at end-2011.

In Moody's view, the current regulatory and contractual ring fence
mechanisms provide only limited protection to note investors of E-
Land Fashion China.

"The rating action also reflects Moody's expectation that E-Land
Fashion China's key credit metrics will weaken and remain weak for
its Ba3 rating over the next 12-18 months," adds Park.

E-Land Fashion China's unadjusted operating income declined by
about 15% year-on-year in 2013 and its adjusted EBITA margin fell
to 23.1% in 2013 from 27.6% in 2012.

The decline was mainly due to cost hikes as well as a slowdown in
revenue growth that was driven by a softening in consumer
spending.

E-Land Fashion China's adjusted debt/EBITDA grew to 4.9x in 2013
from 4.5x in 2012. Moody's expects the ratio to grow to 5.0x-5.5x
over the next 1-2 years on the expectation of sluggish earnings
growth and a continued increase in lease-adjusted debt. This level
will be weak for its Ba3 rating.

At the same time, the Ba3 rating acknowledges E-Land Fashion
China's growing presence in the highly fragmented women's apparel
industry in China and its moderate balance sheet debt.

E-Land Fashion China's liquidity profile remains adequate,
supported by its cash holdings of RMB1.7 billion at end-2013. This
level of liquidity will be sufficient to cover RMB347 million in
maturing debt and any negative free cash flow in 2014.

The negative outlook reflects Moody's expectation that E-Land
Fashion China's overall credit profile will remain weak for its
Ba3 rating over the next 12-18 months, given the increased
contagion risk from its parent and a weakening in its financial
profile.

The negative outlook could return to stable if (1) E-Land Fashion
China significantly reduces its financial assistance to its
parent; (2) E-Land Fashion China implements protective covenants
that can safeguard against potential material cash leakages; or
(3) E-Land World's credit profile improves significantly while E-
Land Fashion China maintains adjusted debt/EBITDA at below 5x.

On the other hand, the rating could be downgraded if (1) E-Land
Fashion China continues to provide material financial assistance -
- such as cash dividends or intercompany loans -- to E-Land World;
(2) E-Land World's credit profile deteriorates significantly; or
(3) E-Land Fashion China adjusted debt/EBITDA exceeds 5.0x-5.5x on
a sustained basis.

The principal methodology used in this rating was the Global
Retail Industry methodology published in June 2011.

E-Land Fashion China Holdings Limited is one of the leading
women's apparel companies in China. The company designs,
distributes, and markets casual wear brands mainly through its
directly managed shops in department stores.



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


PACNET LIMITED: Moody's Says 1Q 2014 Results Supports B2 CFR
------------------------------------------------------------
Moody's Investors Service says Pacnet Limited's 1Q 2014 results
support its B2 corporate family and senior secured ratings.

The ratings outlook is negative.

"While revenues in 1Q 2014 were lower than the previous quarter,
reported adjusted EBITDA remained above $28 million; a result
which is in line with Moody's expectations for operating
performance in 2014," says Annalisa Di Chiara, a Moody's Vice
President and Senior Analyst.

Reported revenue in 1Q 2014 totaled USD112.2 million, around an 8%
decrease from USD121.7 million in 4Q 2013 and USD 119.9 million in
1Q2013.

The company's gross profit margin of 59% in 1Q 2014 was similar to
the level achieved in the prior quarter, and which was a marked
improvement from the 52% reported in 1Q 2013.

In addition, while Pacnet's 1Q 2014 EBITDA of $28.6 million was
lower than the $33.2 million recorded in 4Q 2013, the result was
still an improvement over the $25.7 million reported in 1Q 2013.

"The year-over-year improvement in EBITDA reflects the benefits of
the company's restructuring in 2013, including cost saving
initiatives, the discontinuation of some lower margin businesses,
and a focus on growing its data center business," says Ms. Di
Chiara.

Moody's estimates that Pacnet's adjusted debt/EBITDA was around
4.0x for the last 12 months ended 31 March 2014.

"Pacnet's leverage remains in line with Moody's expectations for
its B2 rating. Moody's also expect EBITDA to trend at or above $30
million per quarter for the second half of 2014, reflecting the
positive effects of the company's expanding data center business,"
adds Ms. Di Chiara.

However, the negative outlook continues to reflect the company's
small size in a highly competitive environment.

Moody's also expects Pacnet's debt-servicing obligations and
capital expenditure to modestly exceed its operating cash flow in
2014. Such a situation will become more pronounced if the company
cannot book additional IRU sales for the rest of 2014.

Nonetheless, Moody's expects the company to maintain an
appropriate level of liquidity, with cash on balance sheet of at
least USD40 million. Moody's also expects that the company will
comply with its bank covenants.

While upwards ratings pressure is unlikely, given the negative
outlook, the outlook could return to stable if quarterly EBITDA
trends consistently towards USD30 million per quarter as evidence
of more robust cash flow generation. Moody's would also like to
see a minimum cash balance of USD75 million as evidence of
Pacnet's improving liquidity position, given that the company does
not maintain any working capital facilities.

Further negative pressure will arise if EBITDA stays below USD20-
USD25 million on a quarterly basis, or if debt/EBITDA exceeds
5.0x, or the company's cash position falls below USD40 million.

The principal methodology used in this rating was the Global
Communications Infrastructure Rating Methodology published in June
2011.



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


ACCURATE AUTO: CRISIL Suspends 'B+' Rating on INR60MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Accurate Auto Comps (AAC).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit            55       CRISIL B+/Stable Suspended
   Proposed Long Term
   Bank Loan Facility      5       CRISIL B+/Stable Suspended

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

AAC is a partnership firm established in 2003-04 (refers to
financial year, April 1 to March 31) by Mr. I S Makkar and Mr. H S
Bhatia. In 2007-08, Mr. H S Madan joined the firm as partner and
the firm set up its own manufacturing unit at Chakan (Pune). The
firm mainly manufactures cold drawn welded (CDW) steel
tubes/pipes, which are used in the automobile industry. Currently,
AAC has pipe drawing capacity of around 4800 tones per annum
(tpa), with almost 90 per cent capacity utilisation. The firm
supplies steel tubes and pipes to Tier I and Tier II suppliers of
Bajaj Auto Ltd, Tata Motors Ltd and Mahindra and Mahindra Ltd. AAC
presently derives around 65 per cent of its revenues from sales
Bajaj Auto Ltd's ancillaries.


AKM ENTERPRISES: CRISIL Suspends 'D' Rating on INR1.20BB Loans
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of AKM
Enterprises Pvt Ltd.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          --------      -------
   Proposed Long Term     274.8      CRISIL D Suspended
   Bank Loan Facility

   Term Loan              925.2      CRISIL D Suspended

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

AKM, is part of the MBD group. The company is currently operating
a mall each in Ludhiana and Jalandhar. AKM is also constructing an
83-room five-star hotel in Ludhiana, which will be operational
from December 2012, under the franchise of the Raddisson group.
AKM has secured more than 90 per cent tenants for its two malls,
including anchor tenants, Cinepolis Cinema for the Ludhiana mall
and PVR Cinema for the Jalandhar mall.


ALLIANCE OVERSEAS: CRISIL Reaffirms 'B' Rating on INR114MM Loans
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Alliance Overseas Pvt
Ltd continues to reflect AOPL's exposure to intense competition in
a fragmented textile industry, and below-average financial risk
profile, marked by a small net worth and weak debt protection
metrics. These weaknesses are partially offset by the promoter's
extensive experience in textile business.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit           70        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    30        CRISIL B/Stable (Reaffirmed)

   Term Loan             14        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AOPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the company's scale
of operations and profitability improve considerably, leading to
better-than-expected cash accruals and liquidity.  Conversely, the
outlook may be revised to 'Negative' in case of any further
pressure on its financial risk profile due to larger-than-expected
working capital requirement or large debt-funded capital
expenditure plan.

Situated in Panipat (Haryana), AOPL sells woollen and polyester
blankets. These blankets are imported from China in its raw form,
after which the company processes them. AOPL's plant has a
capacity to process 3000 blankets per day.

AOPL reported a profit after tax (PAT) of INR0.8 million on net
sales of INR 285.8 million for 2012-13, against a PAT of INR11.6
million on net sales of INR323.3 million for 2011-12.


ALLWELD ENGINEERS: CRISIL Suspends 'B' Rating on INR52.8MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Allweld
Engineers Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        17.2       CRISIL A4 Suspended
   Cash Credit           45         CRISIL B/Stable Suspended
   Long Term Loan         2.8       CRISIL B/Stable Suspended
   Proposed Long Term
   Bank Loan Facility     5.0       CRISIL B/Stable Suspended

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

Allweld was incorporated in 1993, promoted by Mr. J K Mohapatra.
The company initially was involved in job-work for hydraulic
cylinders. In 1998, it started manufacturing hydraulic cylinders,
and in 2006, it started making engineering assemblies. The company
has also been undertaking project work since 2004. Its
manufacturing unit is in Bengaluru (Karnataka) and it has around
40 employees. 90 to 95 per cent of Allweld's revenues come from
original equipment manufacturers (OEMs) of engineering machineries
and the remaining comes from servicing of already executed
projects or assemblies. The company's main business segments
include hydraulic cylinders and engineering assemblies systems
(contributed 62 per cent of total revenue in 2010-11 [refers to
financial year, April 1 to March 31]), project work (30 per cent)
and conversion activities (8 per cent).


AMARTEX INDUSTRIES: ICRA Withdraws 'B+' Rating on INR165cr Loan
---------------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]B+ assigned to
INR165.0 crore bank facilities of Amartex Industries Limited. As
per ICRA's policy on withdrawals, ICRA can withdraw the rating in
case the rating remains suspended for more than three years.


AMBICA INT'L: CRISIL Suspends 'B' Rating on INR65MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ambica
International.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            15        CRISIL B/Stable Suspended

   Import Letter of
   Credit Limit           55        CRISIL A4 Suspended

   Proposed Long Term
   Bank Loan Facility     50        CRISIL B/Stable Suspended

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

Established in 2009, AI trades in PVC resin and timber. The firm
is based in New Delhi and is managed by Mr. Praveen Bansal.


ARCHIMEDIS LABS: CRISIL Reaffirms 'B+' Rating on INR92.4MM Loans
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Archimedis Laboratories Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            60        CRISIL B+/Stable (Reaffirmed)

   Foreign Letter
   of Credit              25        CRISIL A4 (Reaffirmed)

   Long Term Loan         32.4      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect ALPL's modest scale of operations
in the intensely competitive bulk drugs industry and its working
capital intensive nature of operations. These rating weaknesses
are partially offset by the benefits that ALPL derives from its
promoters' extensive experience in the pharmaceuticals business
and its moderate financial risk profile albeit constrained by low
networth base.

Outlook: Stable

CRISIL believes that ALPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company improves its scale of
operations and profitability on a sustained basis coupled with
improvement in working capital management, leading to improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in its financial
risk profile on account of aggressive debt-funded expansions or
weakening of liquidity due to delay in receivables or subdued cash
accruals.

Incorporated in 2004, ALPL is engaged in manufacturing of bulk
drugs and intermediaries. The company is promoted by Mr. M.V.
Reddy.

ALPL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR361 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR 1.7 million on net
sales of INR233 million for 2011-12.


ARIHANT PRINTERS: CRISIL Assigns 'B+' Rating to INR13.8MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Arihant Printers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             3.8        CRISIL B+/Stable
   Letter of Credit     59          CRISIL A4
   Bank Guarantee        2.2        CRISIL A4
   Cash Credit          10          CRISIL B+/Stable

The ratings reflect the firm's working-capital-intensive
operations and weak financial risk profile. These rating
weaknesses are partially offset by the promoters' extensive
experience in the printing segment, along with established
relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that Arihant Printers will benefit from its
promoters' extensive industry experience and their established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' if the firm substantially increases its
scale of operations, maintains its profitability and improves its
liquidity. Conversely, the outlook may be revised to 'Negative' if
Arihant Printers' profitability declines or its capital structure
deteriorates because of sizeable debt-funded capital expenditure.
The outlook may also be revised to 'Negative' if the firm's
liquidity weakens with a stretch in its working capital cycle.

Arihant Printers was set up as a partnership in 2005 by the
Kolkata-based Jain family. The firm prints packaging and
advertisement material for various industries including fast
moving consumer goods, pharmaceuticals, hosiery, and cement.
Arihant Printers has a printing facility in Kolkata.


ASANSOL POLYFABS: CRISIL Suspends 'B-' Rating on INR55MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Asansol
Polyfabs Private Limited.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            --------      -------
   Bank Guarantee            3         CRISIL A4 Suspended
   Cash Credit              50         CRISIL B-/Stable Suspended
   Standby Line of Credit    5         CRISIL B-/Stable Suspended

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

Asansol Group, established by the Kolkata based Bansal family,
comprises of Shri Maa Polyfabs Pvt Ltd and Asansol Polyfabs Pvt
Ltd. Both the companies are engaged in manufacturing of
Polypropylene (PP) and High Density Polyethylene (HDPE) woven
sacks and fabrics.

APPL, established in 2002, is engaged in manufacturing of
Polypropylene (PP) and High Density Polyethylene (HDPE) woven
sacks and fabrics. The company generates around 95 per cent of its
revenues from woven sacks while the balance 5 per cent is from
woven fabrics. The major end-user segments are fertilizers,
cement, polymers, chemicals, textiles, machinery and automobile
parts etc. The manufacturing facility of APPL is located in
Asansol, West Bengal with an installed capacity of 2400 tonnes per
annum.


ASHTAVINAYAK AUTO: CRISIL Suspends 'B+' Rating on INR75MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ashtavinayak Auto Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            75        CRISIL B+/Stable Suspended

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

Incorporated in 2007 by Mr. Puneet Kumar and his father, Mr. Lalit
Kumar, AAPL is an authorised dealer for Chevrolet cars in Mumbai
(Maharashtra). AAPL operates through a showroom in Andheri and a
service workshop in Oshiwara (both in Mumbai). The showroom is
owned by a group company, AVK Automart Pvt Ltd (AVKA), while the
service centre is on a rental basis. AVKA is also a dealer of
Chevrolet in Mumbai and together with AAPL, is the only dealer for
Chevrolet for the region extending from Andheri (West) to Borivali
(Mumbai). AVKA operates two showrooms in Goregaon and Vasai (both
in Mumbai) and two service centres in Kandivali and Dahisar (both
in Mumbai). AVKA recorded a turnover of around INR1200 million in
2010-11 (refers to financial year, April 1 to March 31).


AWLESH KUMAR: CARE Assigns 'B+' Rating to INR3.75cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Awlesh Kumar Singh.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Long term Bank Facilities   3.75      CARE B+ Assigned

   Long-term/Short-term Bank   6.00      CARE B+/CARE A4 Assigned
   Facilities

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

Rating Rationale

The ratings assigned to the bank facilities of Awlesh Kumar Singh
are primarily constrained by its small and fluctuating scale of
operations with low net-worth base, working capital intensive
nature of operations, stretched liquidity position, leveraged
capital structure and concentrated order book. The ratings are
further constrained by its constitution being a partnership firm
and presence in a highly competitive industry.

The ratings, however, draw comfort from the experienced partners
and healthy order book position.  Going forward, AKS's ability to
execute the contracts within the envisaged time and cost and
increase in the scale of operations while managing its working
capital requirements efficiently shall be the key rating
sensitivities.

Awlesh Kumar Singh (AKS) is a partnership firm established in 1993
by Mr Awlesh Kumar and Ms Neelam Singh having 70% and 30% share in
profit and loss respectively. The firm was initially established
as a proprietorship firm in 1987 and was subsequently converted to
a partnership firm in 1993. The firm is engaged in executing
contracts for the Indian Railways (IR) and the scope of work
includes track linking, ballast supply, earthwork, blanketing,
platforms and bridge construction. The firm is an IR approved
category - I contractor. AKS mainly operates in the Uttar Pradesh
state and gets contracts through a competitive bidding process
(tender basis).

During FY13 (refers to the period April 1 to March 31), AKS
achieved a total operating income of INR17.36 crore with a
Profit After Tax (PAT) of INR0.69 crore. Furthermore, based on the
provisional results, the firm has achieved a total operating
income of around INR22 crore in FY14.


BAJAJ CARPET: ICRA Suspends 'D' Rating on INR15cr Bank Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR15.0 crores
bank limits of Bajaj Carpet Industries Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


BAJAJ STEELS: CRISIL Suspends 'B+' Rating on INR130MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bajaj
Steels and Industries Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           100        CRISIL B+/Stable Suspended
   Proposed Long Term
   Bank Loan Facility     30        CRISIL B+/Stable Suspended

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

Incorporated in 1972, BSIL manufactures stainless steel sheets,
which are used in manufacturing utensils and other kitchenware.
The company's manufacturing facility is located in Jalaun (Uttar
Pradesh) and has capacity of 2000 tonnes per annum. BSIL is owned
and managed by Mr. Praveen Agarwal and his relatives, Mr. Rahul
Sood and Mr. Pradeep Tayal.


BHADRASHREE STEEL: CRISIL Suspends 'B+' Rating on INR225MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhadrashree Steel and Power Ltd (BSPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           50         CRISIL B+/Stable Suspended
   Term Loan            175         CRISIL B+/Stable Suspended

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

BSPL commenced commercial production in July 2010, and has a
manufacturing facility in Koppal (Karnataka) for production of
sponge iron. The company has total capacity of 200 tonnes per day.
BSPL is promoted by Mr. Mukesh Goel and his cousin, Mr. Vinod
Mittal. The promoters' other business interests include education,
as well as trading in vinyl flooring, hardware goods, and sanitary
ware; they have been in the steel business for the past 25 years.


COBB APPARELS: CRISIL Suspends 'B+' Rating on INR150MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Cobb
Apparels Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            110       CRISIL B+/Stable Suspended

   Proposed Long Term      40       CRISIL B+/Stable Suspended
   Bank Loan Facility

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

Incorporated in the year 2007 by Mr. Ram Niwas Singla, CAPL is
engaged in manufacturing of readymade garments which include
formal & casual shirts, T-shirts, trousers, jackets and
accessories. All the products are marketed under the brand 'COBB'
through a network of more than 100 exclusive retail outlets spread
across India. The day-to-day operations of the company are managed
by Mr. Ram Niwas Singla along with other family members, Mr. Atul
Singla, Mr. Arindem Singla, Mr. Arvind Goel and Mr. Deepak Singla.
CAPL has its manufacturing facility located at Delhi with a
capacity to manufacture 1.2 million garments annually.


EVERGREEN BOARDLAM: ICRA Suspends B/A4 Rating on INR19.55cr Loan
----------------------------------------------------------------
ICRA has suspended '[ICRA]B' and '[ICRA]A4' ratings assigned to
the INR19.55 crore of bank limits of Evergreen Boardlam Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

The company is promoted by Mr. Jitendra Limbani, Mr. Uttamkumar
Patel, Mr. Vitthalbhai Patel and Mr. Mitesh Patel who have
interests in various common and individual businesses in the
timber and plywood industry. The management has also attributed
location advantage in terms of easy availability of major raw
materials (i.e. bagasse) as one of the prime reason for venturing
into the current business of manufacturing of particle board. The
unit is located in Bardoli area of Surat, which is in proximity to
a number of sugar mills, and therefore easy access to bagasse,
which is a by-product of the sugar industry.


GOVINDAM FOOD: CRISIL Upgrades Rating on INR105MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Govindam Food Products Pvt Ltd to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            35        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Corporate Loan         10        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan              20        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Standby Line of         5        CRISIL B+/Stable (Upgraded
   Credit                           from 'CRISIL B/Stable')


   Proposed Long Term     35        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The upgrade reflects an improvement in GFPPL's business risk
profile, driven by an increase in its scale of operations, and
accruals. In 2013-14 (refers to financial year, April 1 to March
31), GFPPL's revenue increased by 95 per cent and is estimated to
be INR205 million; the company's operating margin is estimated to
be moderate at around 4.3 per cent during the same period. CRISIL
believes that GFPPL's revenue could increase with better capacity
utilisation over the medium term, driven by its continued focus on
the addition of new customers. The upgrade also factors in the
company's improved liquidity profile on the back of its efficient
working capital management, growth in its cash accruals, and the
absence of any large debt-funded capital expenditure (capex).

The ratings on GFPPL's bank facilities reflect its below-average
financial risk profile, marked by its small net worth, and modest
scale of operations in the intensely competitive wheat flour
industry. These rating weaknesses are partially offset by the
promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that GFPPL will continue to benefit over the
medium term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its revenue and profitability, and maintains a
comfortable capital structure. Conversely, the outlook may be
revised to 'Negative' if GFPPL's financial risk profile weakens,
with large, debt-funded capex or a sharp decline in its revenue or
profitability, resulting in inadequate cash accruals to meet its
maturing term debt obligations.

GFPPL was incorporated in Kolkata (West Bengal) in 2010. The
company processes wheat to produce wheat flour (atta), refined
wheat flour (maida), cattle feed (chokar), and wheat semolina
(suji). The company is owned and managed by Mr. Rajesh Bansal, Mr.
Vikram Rajoria, and Mr. Pradeep Khemka, and has a manufacturing
facility in Dhanbad (Jharkhand).


JAGDISH AGRO: CRISIL Assigns 'B' Rating to INR55.7MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Jagdish Agro Foods.

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

   Proposed Long Term
   Bank Loan Facility       0.7      CRISIL B/Stable

   Bank Guarantee           1.6      CRISIL A4

   Cash Credit             35        CRISIL B/Stable

   Term Loan               10        CRISIL B/Stable

The ratings reflect the firm's expected weak financial risk
profile, marked by high gearing and weak debt protection metrics,
susceptibility of its profitability to volatility in raw material
prices, and its initial phase and modest scale of operations in
the intensely competitive rice-sorting industry. These rating
weaknesses are partially offset by the extensive experience of the
firm's promoters in the rice industry, leading to established
relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that JAF will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm stabilises its operations in a
timely manner, leading to higher-than-expected accruals or if
there is substantial capital infusion, resulting in improvement in
the capital structure. Conversely, the outlook may be revised to
'Negative' if its cash accruals are lower than expected, its
working capital cycle is significantly stretched, or it undertakes
a substantial debt-funded capital expenditure programme, leading
to further deterioration in its financial risk profile.

Set up in 2013, JAF is a partnership firm promoted by Dilipkumar
Kella, Niranjanlal Pdaar, and Suresjkumar Nathuram Goyal. It is
setting up a rice-sorting mill in Gandhidham (Gujarat), with
processing capacity of 4 tonnes per hour. The firm is expected to
start operations from June 2014. The day-to-day operations are
managed by Mr. Kella, who has vast experience in the rice
industry.


K K DUPLEX: ICRA Suspends 'B+' Rating on INR13r Loan
----------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR13.0 crore
bank lines of K K Duplex & Paper Mills (P) Limited. The suspension
follows ICRA's inability to carry out a rating due to lack of
cooperation from the company.

KK Duplex & Paper Mills (P) Limited is engaged in the
manufacturing of duplex paper since 1995. The company is owned by
the Aggarwal family and is managed by Mr. Bharat and Mr. Suneel
Aggarwal who also been in the business of trading of waste paper.
The company's manufacturing facility is located in Muzzaffarnagar,
Uttar Pradesh which has an annual installed capacity of 4500 MT.
The company is in the process of expanding the capacity to 20,000
MT at a project cost of INR13 crore.


K. PATEL: CRISIL Assigns 'B+' Rating to INR98.8MM Demand Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facility of K. Patel & Co. Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Working Capital
   Demand Loan           98.8       CRISIL B+/Stable

The rating reflects KPCPL's exposure to risks related to timely
completion of its project and to off take risk. These rating
weaknesses are partially offset by the long-standing track record
of KPCPL's promoters in the real estate sector and the company's
limited exposure to funding risk.

Outlook: Stable

CRISIL believes that KPCPL will continue to benefit over the
medium term from its promoters' successful track record in the
real estate sector. The outlook may be revised to 'Positive' if
the company successfully completes the construction and sale of
its project on schedule, generating adequate cash flows to meet
funding requirements and debt obligations. Conversely, the outlook
may be revised to 'Negative' in case of delays in project
execution or low customer acquisition leading to lower than
expected cash accruals, affecting KPCPL's debt servicing
capability.

KPCPL is based in Mumbai and is engaged in real estate
development, primarily in Mumbai. The company was incorporated in
1973 and is managed by Mr. Meghjibhai Patel and his family
members.


KAMADGIRI FABRICS: ICRA Reaffirms 'B-' Rating on INR8cr Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B- rating assigned to the INR8.00
crore (enhanced from INR6.00 crore) fund based limits of Kamadgiri
Fabrics. The earlier suspension of the rating, dated
November 2013, stands revoked.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     8.00         [ICRA]B- reaffirmed

The rating reaffirmation takes into account the long track record
and extensive experience (of more than a decade) of the proprietor
in the textile industry and the favourable location of the weaving
facilities, which provides easy accessibility of raw materials due
to proximity of the unit near Nepal border. The rating however
continues to remain constrained on account of KF's modest scale of
operation; intense competition within the fragmented synthetic
fabrics industry and KF's weak financial profile with gearing
levels of 6.99 times as on FY13 end and NCA/Debt of 4% for FY13.
ICRA also notes that Kamadgiri Fabrics is constituted as a
proprietorship firm, which limits it's fund raising capability in
the future and exposes it to risk of capital withdrawal. Going
forward the ability of the company to scale up its operation,
improve its profitability and efficiently manage its working
capital intensity will remain critical to its credit profile.

Kamadgiri Fabrics is a proprietorship firm started by Mr. Subrat
Jalan in the year 2000. The firm is involved into manufacturing
and trading of synthetic fabrics. Mr. Subrat Jalan has an
experience of more than a decade in the textile industry.
Kamadgiri Fabrics is mainly engaged in manufacturing of grey and
finished fabric for readymade garment players at its unit in
Gorakhpur. At present, the firm has 168 CIMCO looms.

Recent Results
Kamadgiri Fabrics reported net profit of INR0.09 crore on total
revenues of INR44.00 crore in FY 13 as against net profit of
INR0.08 crore on total revenues of INR41.32 crore in FY12.


MDH TRUCKS: CRISIL Reaffirms 'D' Rating on INR75MM Loan
-------------------------------------------------------
CRISIL rating on the long-term bank facilities of MDH Trucks
Private Limited continue to reflect the overdrawls in the
company's cash credit limits; the overdrawls have been caused by
the company's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            75        CRISIL D (Reaffirmed)

MDH has a below-average financial risk profile marked by its small
net-worth, high total outside liabilities to tangible net-worth,
and weak debt protection metrics. The company is also susceptible
to economic cyclicality, and is exposed to intense competition in
the automotive dealership industry. However, the company benefits
from its promoter's extensive experience in the automobile
dealership business.

MDH was set up in 2011 by Mr. S M D Naveed. The company is an
authorised dealer of Tata Motors Ltd for its entire range of
commercial vehicles. MDH operates through its showroom-cum-
workshop in Kadapa district in Andhra Pradesh.


MOHAN TRACTORS: CRISIL Reaffirms 'B+' Rating on INR270.7MM Loan
---------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Mohan Tractors
Pvt Ltd continues to reflect MTPL's weak financial risk profile,
marked by a significantly high total outside liabilities to
tangible net worth (TOLTNW) ratio and average debt protection
metrics, and susceptibility to intense competition in the
automobile dealership market. These rating weaknesses are
partially offset by the extensive experience of MTPL's promoters
in the auto dealership business, and its diversified supplier base
including Ashok Leyland Ltd (ALL), Eicher Motors Ltd (EML), and
JCB India Ltd (JCB).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit          270.7       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MTPL will continue to benefit from its
association with ALL, EML, and JCB over the medium term; however
its financial risk profile is expected to remain weak over this
period due to its extremely high TOL-TNW ratio. The outlook may be
revised to 'Positive' in case of a significant improvement in its
capital structure, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
further weakening of MTPL's financial risk profile, driven most
likely by implementation of further debt-funded capital
expenditure or deterioration in its working capital management.

Update
MTPL, on provisional basis, reported net sales of INR2840.0
million for 2013-14 (refers to financial year, April 1 to
March 31) vis-a -vis net sales of INR1988.0 million for 2012-13.
The company's net sales have shown an increasing trend, with a
compound annual growth rate of 38 per cent over the five years
through 2013-14, mainly on account of addition of new dealership
and territories for ALL. MTPL's operating margin is estimated to
be low at 3.0 per cent in 2013-14, as compared to 4.4 per cent in
2012-13, due to increase in selling expenses on account of higher
sales tax in Haryana (contributes 50 per cent of sales) for
commercial vehicles which compelled the company to reduce prices
to some extent. CRISIL believes that the operating profitability
will remain stable at around 3 per cent over the medium term.

MTPL's working capital requirements improved in 2013-14, with
gross current assets (GCAs) of 70 days as on March 31, 2014,
vis-a-vis 99 days a year earlier, due to decrease in debtor and
inventory levels which stood at 40 days and 30 days respectively,
compared to 58 days and 31 days a year earlier. Consequently, the
company's utilisation of its fund-based bank limits is moderate at
85 per cent on average over the twelve months through March 2014.

The company's financial risk profile continues to remain weak,
marked by a small net worth and high TOLTNW ratio estimated at
INR42 million and over 12 times as on March 31, 2014. The debt
majorly represents working capital limits for its dealership
business. The rest represent vehicles loans taken by MTPL for its
logistics business. MTPL is likely to generate sufficient cash
accruals of around INR55 million and INR62 million in 2014-15 and
2015-16 respectively, to meet its maturing debt obligations
estimated at about INR30 million in each period.

MTPL reported a profit after tax of INR1.4 million on net sales of
INR1988.0 million for 2012-13, as against a net loss of INR2.0
million on net sales of INR1559.6 million for 2011-12.

MTPL was originally set up in 1978 by Mr. Jagmohan Mittal as a
partnership frim; it was reconstituted as a private limited
company in 1991. MTPL is currently managed by Mr. Gopal Mittal,
son of Mr. Jagmohan Mittal. The company is an authorised dealer
for ALL (light, medium, and heavy commercial vehicles) in Haryana
and New Delhi. In addition, it is a dealer for JCB and EML
(trucks). MTPL started the logistics business in February 2011,
wherein it transports vehicles for manufactures such as Maruti
Suzuki India Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+'), Mahindra
& Mahindra Ltd (rated 'CRISIL AA+/Stable/CRISIL A1+'), and Toyota
Motor Corporation.


PREMIER METAL: CRISIL Rates INR70MM Cash Credit at 'B+'
-------------------------------------------------------
CRISIL has assigned its CRISIL B+/Stable/CRISIL A4 ratings to the
bank facilities of Premier Metal Products.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            70        CRISIL B+/Stable

   Foreign Letter
   of Credit              20        CRISIL A4

The ratings reflect the firm's small, working-capital-intensive
operations, and it's below average financial risk profile. These
rating weaknesses are partially offset by the extensive experience
of PMP's promoters in the aluminium industry and their established
relationship with customers and suppliers.

Outlook: Stable

CRISIL believes PMP will continue to benefit from the long
industry experience of its promoters. The outlook may be revised
to 'Positive' upon improvement in liquidity along with
substantially high top-line and operating margin. Conversely the
outlook may be revised to 'Negative' upon significant weakening in
financial risk profile because of deterioration in operating
margin or large debt-funded capital expenditure and pressure on
liquidity because of considerably high investment in group
companies or increase in working capital requirements.

Incorporated in 1976, PMP is engaged in the manufacturing of
aluminium deoxidant castings in addition to aluminium PP Caps and
Aluminium Die Castings, having applications in steel casting
industries. Based in Howrah (West Bengal). It is owned and managed
by Kolkata-based Bagaria Family.


SAINATH ESTATES: CRISIL Reaffirms 'D' Rating on INR1.95BB Loans
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Sainath Estates Pvt
Limited continue to reflect the company's overdrawn cash credit
limits for more than 30 days as a result of its weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee       1,250       CRISIL D (Reaffirmed)
   Cash Credit            650       CRISIL D (Reaffirmed)
   Letter of Credit        50       CRISIL D (Reaffirmed)

The ratings continue to reflect SEPL's large working capital
requirements, and its exposure to intense competition in the civil
construction industry. These rating weaknesses are partially
offset by the extensive industry experience of SEPL's promoters in
the construction industry.

SEPL was set up in 1993 by Mr. K Premsagar Rao. The company
undertakes residential and commercial real estate projects for the
central and state governments. The company's day-to-day operations
are managed by Mr. S Sathyanarayana Rao (son of Mr. K Premsagar
Rao). The company is based out of Hyderabad, Andhra Pradesh.


SURANA METACAST: CRISIL Ups Rating on INR199.5MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Surana
Metacast (India) Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           110        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Proposed Long Term     29.1      CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

   Term Loan              60.4      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's expectation that SMPL's business
risk profile will register improvement over the medium term
supported by increase in scale and improvement in profitability.
The operations have stabilized in 2013-14 (refers to financial
year April 1 to March 31, first full year of operations) with SMPL
achieving sales of INR290 million and operating margin of 13.2 per
cent.  The company generated accruals of around INR20 million
during the year 2013-14. SMPL is expected to register healthy
growth of more than 30 per cent over the medium term with
improvement in the capacity utilization. The accruals are also
expected to improve with sustained profitability thereby improving
the liquidity of the company. The upgrade also factors in CRISIL's
expectation that SMPL is not expected to undertake any large debt
funded capex over the medium term, keeping the financial risk
profile and liquidity comfortable.

The ratings continue to reflect SMPL's small scale of operations
in the intensely competitive steel industry, average capital
structure and vulnerability of the company's operating margin to
volatility in raw material prices. These rating weaknesses are
partially offset by the benefits that SMPL derives from its
promoters' extensive experience in the steel industry.

Outlook: Stable

CRISIL believes that SMPL will continue to benefit over the medium
term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' in case the
company scales up its operations significantly with sustained
profitability, resulting in higher-than-expected accruals.
Conversely, the outlook may be revised to 'Negative' in case SMPL
records a lower-than-expected operating margin leading to pressure
on accruals or its financial risk profile deteriorates due to
stretch in working capital cycle or any large debt funded capex.

SMPL, incorporated in 2011, is promoted by the Gujarat-based
Surana family. The company manufactures mild steel billets/ingots
and rounds at Mandali near Mehsana (Gujarat).

For 2012-13, SMPL reported a net loss of INR3.5 million on net
sales of INR29 million.


SRI VANI: CRISIL Reaffirms 'D' Rating on INR100MM Loans
-------------------------------------------------------
CRISIL's rating on the long-term debt facilities of Sri Vani
Educational Society continues to reflect instances of delay by
SVES in servicing its debt; the delays have been caused by SVES's
weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           10         CRISIL D (Reaffirmed)
   Term Loan             90         CRISIL D (Reaffirmed)

SVES has a high degree of geographical concentration in its
revenue profile, and is exposed to high regulatory risks in
education sector. However, SVES benefits from the healthy demand
prospects for the education sector.

SVES was registered in 2008, with its first academic year being
2009-10 (June 1 to April 30). The society operates three
institutions - Sri Vani School of Engineering, Sri Vani School of
Pharmacy, and Sri Vani School of Management. These institutes are
located in an integrated campus at Chevuturu (Andhra Pradesh).


TUNGNATH EDUCATIONAL: CRISIL Reaffirms D Rating on INR66.6MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Tungnath
Educational Society continues to reflect instances of delays by
TES in servicing its debt; the delays have been caused by the
society's weak liquidity, driven by low enrolment levels for its
courses.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan            66.6        CRISIL D (Reaffirmed)

TES also has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics. These
rating weaknesses are partially offset by funding support from
promoters and benefits expected from the healthy demand prospects
for the education sector.

Incorporated in 2007, and promoted by the Kiran group, SPIPL
manufactures electrical insulators from its facilities in Bhachau
(Gujarat).


UBIQUITY DIGITAL: ICRA Downgrades Rating on INR35cr Loans to D
--------------------------------------------------------------
ICRA has revised the rating assigned earlier to the INR35.00
crore, fund-based limits of Ubiquity Digital Card Systems Limited
from [ICRA]B to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             32.50        [ICRA]D downgraded
   Unallocated            2.50        [ICRA]D downgraded

The revision in rating takes into account the delays in servicing
of debt obligations by UDCSL in making interest payment. The fund
generation from its only project has remained nil as company has
not started taking bookings for the saleable/leasable area. As a
result UDCSL remains dependent on the promoters to support the
debt servicing. ICRA expects the company to continue to remain
dependent on promoters for debt repayments which are scheduled to
start from end of Q1, FY15. ICRA however notes that the project is
in final stages of implementation and is expected to be completed
in another three months post which project could generate funds
enabling it to service debt on its own. Nevertheless with zero
bookings as on date, the exposure to market risk remains very high
given the high competition in the commercial real estate industry.
Going forward, timely servicing of debt obligations and ability to
achieve satisfactory booking for the project will remain the key
rating sensitive factors.

Ubiquity Digital Card Systems Ltd. was incorporated on 4th August
1999 and is developing its first project (Brilliant Titanium) at
Plot No.9 of Scheme No.78 Part II, Indore (Madhya Pradesh). This
project will be a commercial complex made on the land area of
71,882 sq. ft. having saleable area of 306,225 sq. ft. As on Jan
2014, company has incurred ~90% of the total estimated project
cost of INR67.0 crore with completion expected by August 2014.
The Company is an associate of M/s Brilliant Estates Ltd. which is
promoted by Mr. Sanjay Choudhary who has successfully completed
many commercial projects in Indore. The Group is focused on
constructing commercial premises for Indian corporates, Multi-
national companies and IT/ITES companies and has successfully
constructed and leased about a million square feet area of
commercial space. Some of the existing customers include Oracle,
Mphasis, CSC, Xerox, IBM, HDFC bank and Govt. of M.P.


VANTAGE SPINNERS: CRISIL Cuts Rating on INR540MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vantage Spinners Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit          262.5       CRISIL D (Downgraded
                                    from 'CRISIL B-/Stable')

   Long Term Loan       256.1       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Proposed Cash         21.4       CRISIL D (Downgraded from
   Credit Limit                    'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by VSPL in
servicing its term debt; the delays have been caused by the
company's weak liquidity.

VSPL has large working capital requirements, is exposed to intense
competition in the cotton yarn industry, and its profitability
margins are susceptible to volatility in cotton prices. The
company also has a below-average financial risk profile marked by
its high gearing and below-average debt protection metrics.
However, the company benefits from the extensive experience of its
promoters in the cotton yarn industry.

VSPL was incorporated in 2006, by Mr. Potluru Mohana Murali
Krishna, Mr. Potluru Soma Sekhar, and Ms. Nandamuri Meenalatha.
VSPL manufactures cotton yarn and its spinning unit is located in
Krishna District of Andhra Pradesh.


VRUNDAVAN CERAMIC: CRISIL Reaffirms B Rating on INR227.5MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vrundavan Ceramic Pvt
Ltd (VCPL; part of the Vrundavan group) continue to reflect the
Vrundavan group's exposure to intense competition in the floor and
wall tiles industry, working-capital-intensive operations, average
financial risk profile, and significant exposure to group
companies and associates. These weaknesses are partially offset by
its promoters' extensive industry experience.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Bank Guarantee         22.5       CRISIL A4 (Reaffirmed)

   Cash Credit            97.5       CRISIL B/Stable (Reaffirmed)

   Funded Interest        33         CRISIL B/Stable (Reaffirmed)
   Term Loan

   Proposed Long Term      7         CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Working Capital        90         CRISIL B/Stable (Reaffirmed)
   Term Loan

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Vrundavan with its group entity
Gangotri, together referred to as the Vrundavan group. This is
because the companies have common promoters and management, are in
the similar line of business, and have strong operational
synergies and fungible finances. CRISIL had earlier combined the
business and financial risk profiles of other group companies
including Ganga Glazed Tiles Pvt Ltd (Ganga), Gokul Ceramics Pvt
Ltd (Gokul), and Vraj Ceramics Pvt Ltd (Vraj). The change in
analytical approach is due to absence of any business linkages
between Vrundavan and Gangotri with other group entities. The
change in the analytical approach has also been driven by the
management's strong stance that the group entities will be
independently managed and any business transactions done will be
at arm's length.

Outlook: Stable

CRISIL believes the Vrundavan group will maintain its established
market position in the floor and wall tiles industry and will
continue to benefit from its promoters' financial support over the
medium term. The outlook may be revised to 'Positive' in case the
group's liquidity improves, most likely driven by a significant
improvement in its operating margin and working capital
management. Conversely, the outlook may be revised to 'Negative'
in case the group undertakes any large, debt-funded capital
expenditure programme, leading to weak capital structure, its
profit margins decline sharply driven by intense competition, or
its promoters are reluctant in infusing more funds.

VCPL, incorporated in Morbi (Gujarat) as a limited company in
2000, was promoted by Mr. O T Patel. It was reconstituted as a
private limited company in 2003. VCPL manufactures floor and wall
tiles that are sold under the Vrundavan and Spaniso brands.
Gangotri is a partnership firm engaged in the same line of
business.



===============
M A L A Y S I A
===============


MALAYSIAN AIRLINES: State to Ready Restructuring Within 6-12 Mos.
-----------------------------------------------------------------
Yantoultra Ngui at Reuters reports that Malaysia will unwrap plans
to restructure loss-making Malaysian Airlines within six to 12
months, a state investor said, as a slump in business since the
disappearance of Flight MH370 leaves the carrier set to exhaust
its cash reserves by mid-2015.

Reuters says moves to rescue Malaysian Airline System Bhd (MAS)
have been expected by investors since ticket sales slumped after
the unexplained loss of MH370 on March 8. Already squeezed into
three years of losses by intense local and longer-haul
competition, MAS turned in its worst quarterly performance in two
years in January-March, the news agency relates.

According to the report, Azman Mokhtar, managing director of state
investor Khazanah, which owns 69 percent of the airline, said the
government is committed to formulating a revival plan for the
airline within a year because its operating cash reserves are on
course to run out by then.

"Malaysian Airlines has a special shareholder, which is the
government," said Azman, speaking to reporters on June 10 at an
investment conference, Reuters relates. "I think the final
decision will be made by the special shareholder."

Reuters notes that shares in MAS have fallen 28 percent since the
aircraft went missing carrying 239 passengers and crew, with
investor confidence undermined by the slide in the airline's
traffic and uncertainty over how Khazanah and the government plan
to rescue the company. Its market value has tumbled 85 percent
over the past five years -- giving it a value of 3 billion
Malaysian ringgit ($937 million) -- while the broader Malaysian
market has risen nearly 80 percent, Reuters discloses.

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  MAS is the flag carrier airline of
Malaysia.



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


AREDDY PRIVATE: Nearly NZ$1MM Missing, Liquidator Says
------------------------------------------------------
Radio New Zealand News reports that the liquidator of Areddy
Private, the company behind a Bollywood show that left lenders out
of pocket, said nearly NZ$1 million is missing.

About 4,000 people attended the Temptation Reloaded show,
featuring some of Bollywood's hottest stars, at Auckland's Vector
Arena in October, the report says.

Radio NZ relates that promoter Agastya Pesara's company, Areddy
Private, was put into liquidation last month after he failed to
repay NZ$450,000 in loans used to fund the show.

According to the report, Mr. Pesara said the money was an
investment that cannot be repaid because the show did not sell
enough tickets and lost nearly NZ$1 million.

He said all the suppliers bar two were paid, as were the
performers. But Mr. Pesara said the loans were investments, and
therefore he couldn't repay because the investment went badly,
Radio NZ relays.

The court appointed liquidator, Digby Noyce --
digby@rescorporate.co.nz -- said that was not true, the report
notes.

"There are loan agreements with the creditors that make it clear
that these were loans, not investments," the report quotes Mr.
Noyce as saying.

Radio NZ adds that Mr. Noyce said they were following a number of
leads but the investigation had been hampered by a lack of
documents and banks' statements.

He said it appeared around NZ$400,000 had been channelled through
bank accounts not linked to the company and they were trying to
find out where the money ended up, the report relates.

"It's not clear whether the promoter has just done a bad job and
lost the money or whether he has left investors high and dry. It
appears to be the latter because the show sold well and it should
have made a profit," Mr. Noyce, as cited by Radio NZ, said.

Mr. Noyce said all up nearly NZ$1 million had yet to be accounted
for and he is urging anyone with information to come forward, the
report adds.



===============
T H A I L A N D
===============


TRUE CORPORATION: Moody's Places Caa1 CFR on Review for Upgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the
Caa1 corporate family rating of True Corporation Public Company
Limited, as well as the Caa1 corporate family and senior unsecured
bond ratings of its consolidated subsidiary, True Move Company
Limited.

Ratings Rationale

"The rating actions follow True Corp's announcement on 9 June that
it plans to raise additional capital funds of about THB65 billion
(approximately $2.0 billion) through a rights offering to its
existing shareholders and a private placement to China Mobile
Limited (Aa3, stable). This transaction, if successful, would help
the company to significantly improve its leverage and restore its
equity base," says Yoshio Takahashi, a Moody's Assistant Vice
President and Analyst.

True Corp plans to use approximately 80% of the projected THB65
billion in cash proceeds to reduce its debt. As a result, the
company expects pro forma March 2014 reported debt to decrease
from THB95 billion to THB43 billion.

Based on its plan, Moody's estimates that its adjusted debt/EBITDA
would fall below 4.0x-4.5x in December 2014.

Prior to the announcement of the transaction, Moody's had expected
adjusted debt/EBITDA to increase to 6.5x-7.0x in December 2014
from 4.8x for the 12 months to March 2014, given 1) True Corp's
ongoing negative free cash flow (FCF) -- due in turn to a high
level of investments in 3G and 4G -- and 2) the expected increase
in operating lease payments to its infrastructure fund.

Moody's makes operating lease adjustments to estimate True Corp's
adjusted debt levels.

The planned transaction could also allow the company to improve
its weak equity base. Its reported shareholders' equity could
increase to over THB70 billion from THB8.6 billion as of March
2014 having been eroded after several years of net losses.

Post the transaction, China Mobile will hold 18% of the total
issued and outstanding shares of True Corp and become its second
largest shareholder. China Mobile will also have the right to
nominate 2 of 18 board members according to True Corp.
Furthermore, True Corp and China Mobile intend to explore business
cooperation after the completion of the transaction.

"The business cooperation with China Mobile would provide True
Corp with an opportunity to leverage on China Mobile's technology
and scale. China Mobile is a leader in time division-long-term
evolution (TD-LTE) technology and the world's largest mobile
operator by subscriber numbers," says Takahashi, the Lead Analyst
for True Corp and China Mobile.

The Charoen Pokphand Group (CP Group, unrated) will remain the
largest shareholder in True Corp with a stake of approximately
50%. CP Group has stated its intention to underwrite any
unsubscribed shares under the rights offering.

True Corp expects to complete the transaction by the end of August
or early September after shareholder and any necessary regulatory
approvals have been obtained.

Based on True Corp's disclosures it plans on repaying all of its
outstanding bank debt, which should remove all financial covenant
tests. Should there be any delay in the planned transactions, then
True Corp may have to obtain covenant waivers when covenant tests
on its bank facilities commence in September 2014.

Moody's review will focus on the financial impact of the planned
transaction on True Corp (including compliance with covenants) as
well as the details of the strategic partnership and business
collaboration with China Mobile. Given True Corp's improved
financial condition, Moody's will also seek clarity on the
company's proposed shareholder return policies.

If True Corp completes the transaction as outlined and uses
proceeds to repay bank debt such that leverage reduces to below
4.0x and concerns over compliance with financial covenants fall
away, then the review could result in the ratings being upgraded
by at least two notches.

Moody's notes that True Move is rated at the same level as True
Corp, largely because True Move's bank debt and bonds are
guaranteed by True Corp's mobile subsidiaries that offer mainly 3G
services. In addition, given the strategic importance of the
mobile business, Moody's believes that True Corp will support True
Move, in times of need.

The principal methodology used in these ratings was the Global
Telecommunications Industry published in December 2010.

Headquartered in Bangkok, True Corp is an integrated provider of
fixed-line, broadband, mobile and pay TV services.

True Move, which is 99.4%-owned by True Corp, is a mobile company
providing 2G services.



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


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

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

AUSTRALIA


AAT CORP LTD             AAT               32.50       -13.46
ANITTEL GROUP LT         AYG               18.43        -0.26
ATLANTIC LTD             ATI              490.17       -25.68
AUSTRALIAN ZI-PP         AZCCA             77.75        -2.57
AUSTRALIAN ZIRC          AZC               77.75        -2.57
BIRON APPAREL LT         BIC               19.71        -2.22
BOUNTY MINING LT         BNT               10.54        -0.94
CLARITY OSS LTD          CYO               33.12       -11.66
CMA CORP LTD             CMV              127.41       -51.00
CWH RESOURCES LT         CWH               10.71        -3.03
IDM INTERNATIONA         IDM               30.99       -23.62
LIONHUB GROUP LT         LHB               19.21       -26.52
MIRABELA NICKEL          MBN              335.09      -179.03
NATURAL FUEL LTD         NFL               19.38      -121.51
PACT GROUP HOLDI         PGH            1,120.30      -982.11
PENRICE SODA HOL         PSH              122.46       -26.85
RIVERCITY MOTORW         RCY              386.88      -809.13
RUBICOR GROUP LT         RUB               45.20       -75.31
STERLING PLANTAT         SBI               59.08        -6.07
STIRLING RESOURC         SRE               16.53        -8.12
STRAITS RESOURCE         SRQ              208.51       -29.73
SWAN GOLD MINING         SWA               36.43        -9.08
TZ LTD                   TZL               12.88        -8.73


CHINA

ANHUI GUOTONG-A          600444            79.12       -10.53
CHANG JIANG-A            520              770.91      -176.56
CHINA GREAT LAND         CGL               16.52       -19.01
CHINA OILFIELD T         COT               22.00       -16.71
FORGAME HOLDINGS         484               83.73       -21.92
HEBEI BAOSHUO -A         600155           114.00      -104.15
HULUDAO ZINC-A           751              507.79      -532.25
HUNAN TIANYI-A           908               59.37        -1.14
JIANGSU ZHONGDA          600074           338.59       -29.88
NANNING CHEMIC-A         600301           391.41       -43.60
QINGDAO YELLOW           600579           122.36       -71.04
QINGHAI SUNSHI-A         600381           394.70       -78.28
SHENZ CHINA BI-A         17                28.50      -283.65
SHENZ CHINA BI-B         200017            28.50      -283.65
SHIJIAZHUANG D-A         958              241.31      -111.50
SHUNFENG PHOTOVO         1165             411.73       -51.06
TAIYUAN TIANLO-A         600234            63.28       -17.71
WUHAN BOILER-B           200770           217.13      -213.03
WUHAN XIANGLON-A         600769            77.45      -103.43
YUNNAN JINGGU FO         600265            84.92        -2.90


HONG KONG

BIRMINGHAM INTER         2309              59.95       -12.80
BUILDMORE INTL           108               17.36       -70.34
CHINA ENVIRONMEN         986               66.65        -0.87
CHINA HEALTHCARE         673               34.76        -0.75
CHINA OCEAN SHIP         651              248.21      -106.72
CNC HOLDINGS             8356              99.16        -9.03
CROSBY CAPITAL           8088              16.40       -20.27
EFORCE HLDGS LTD         943               60.73        -9.56
GRANDE HLDG              186              255.10      -208.18
INNO-TECH HLDGS          8202              84.54      -116.82
LANGHAM -SS              1270             684.55       -86.21
LONG SUCCESS INT         8017              50.05        -7.44
MASCOTTE HLDGS           136               57.51       -81.70
MEGA EXPO HOLDIN         1360              17.00        -0.53
MELCOLOT LTD             8198              13.69       -28.83
NORSTAR FOUNDERS         2339              21.97       -56.33
PALADIN LTD              495              159.65        -9.17
PROVIEW INTL HLD         334              314.87      -294.85
SINO RESOURCES G         223               29.34       -24.77
SURFACE MOUNT            SMT               32.88       -10.68
VXL CAPITAL LTD          727               74.79        -0.16


INDONESIA

APAC CITRA CENT          MYTX             176.66        -6.99
ARPENI PRATAMA           APOL             249.84      -319.77
ASIA PACIFIC             POLY             375.58      -815.83
BUMI RESOURCES           BUMI           7,027.47       -18.17
ICTSI JASA PRIMA         KARW              56.41        -6.12
JAKARTA KYOEI ST         JKSW              24.92       -34.90
MATAHARI DEPT            LPPF             209.66       -89.74
ONIX CAPITAL TBK         OCAP              13.22        -1.03
RENUKA COALINDO          SQMI              15.84        -0.48
SUMALINDO LESTAR         SULI              95.14       -18.99
UNITEX TBK               UNTX              18.83       -18.53


INDIA

ABHISHEK CORPORA         ABSC              53.66       -25.51
AGRO DUTCH INDUS         ADF               85.09       -22.81
ALPS INDUS LTD           ALPI             201.29       -41.70
AMIT SPINNING            AMSP              12.85        -7.68
ARTSON ENGR              ART               11.81       -10.16
ASHAPURA MINECHE         ASMN             161.89       -51.58
ASHIMA LTD               ASHM              63.23       -48.94
ATV PROJECTS             ATV               48.47       -43.93
BELLARY STEELS           BSAL             451.68      -108.50
BENZO PETRO INTL         BPI               26.77        -1.05
BHAGHEERATHA ENG         BGEL              22.65       -28.20
BLUE BIRD INDIA          BIRD             122.02       -59.13
CELEBRITY FASHIO         CFLI              24.96        -8.26
CHESLIND TEXTILE         CTX               20.51        -0.03
CLASSIC DIAMONDS         CLD               66.26        -6.84
COMPUTERSKILL            CPS               14.90        -7.56
DCM FINANCIAL SE         DCMFS             18.46        -9.46
DFL INFRASTRUCTU         DLFI              42.74        -6.49
DIGJAM LTD               DGJM              99.41       -22.59
DISH TV INDIA            DITV             579.01       -28.55
DISH TV INDI-SLB         DITV/S           579.01       -28.55
DUNCANS INDUS            DAI              122.76      -227.05
ENSO SECUTRACK           ENSO              15.57        -0.46
EURO CERAMICS            EUCL             110.62        -6.83
EURO MULTIVISION         EURO              36.94        -9.95
FERT & CHEM TRAV         FCT              311.92       -35.19
GANESH BENZOPLST         GBP               44.05       -15.48
GANGOTRI TEXTILE         GNTX              54.67       -14.22
GOKAK TEXTILES L         GTEX              46.36        -0.29
GOLDEN TOBACCO           GTO               97.40       -18.24
GSL INDIA LTD            GSL               29.86       -42.42
GSL NOVA PETROCH         GSLN              16.53        -1.31
GUJARAT STATE FI         GSF               10.26      -303.64
GUPTA SYNTHETICS         GUSYN             44.18        -6.34
HARYANA STEEL            HYSA              10.83        -5.91
HEALTHFORE TECHN         HTEC              14.74       -46.64
HINDUSTAN ORGAN          HOC               74.72       -24.07
HINDUSTAN PHOTO          HPHT              49.58    -1,832.65
HMT LTD                  HMT              108.71      -572.12
ICDS                     ICDS              13.30        -6.17
INDAGE RESTAURAN         IRL               15.11        -2.35
INTEGRAT FINANCE         IFC               49.83       -51.32
JCT ELECTRONICS          JCTE              80.08       -76.70
JENSON & NIC LTD         JN                16.49       -71.70
JET AIRWAYS IND          JETIN          3,368.77      -335.45
JET AIRWAYS -SLB         JETIN/S        3,368.77      -335.45
JOG ENGINEERING          VMJ               45.90        -5.28
KALYANPUR CEMENT         KCEM              23.39       -42.66
KERALA AYURVEDA          KERL              13.97        -1.69
KIDUJA INDIA             KDJ               11.16        -3.43
KINGFISHER AIR           KAIR             515.93    -2,371.26
KINGFISHER A-SLB         KAIR/S           515.93    -2,371.26
KITPLY INDS LTD          KIT               14.77       -58.78
KLG SYSTEL LTD           KLGS              40.64       -27.37
LML LTD                  LML               43.95       -78.18
MADRAS FERTILIZE         MDF              167.72       -56.20
MAHA RASHTRA APE         MHAC              14.49       -12.96
MAHANAGAR TELE           MTNL           4,845.41      -511.72
MAHANAGAR TE-SLB         MTNL/S         4,845.41      -511.72
MALWA COTTON             MCSM              44.14       -24.79
MILTON PLASTICS          MILT              17.67       -51.22
MODERN DAIRIES           MRD               38.61        -3.81
MOSER BAER INDIA         MBI              727.13      -165.63
MOSER BAER -SLB          MBI/S            727.13      -165.63
MTZ POLYFILMS LT         TBE               31.94        -2.57
MURLI INDUSTRIES         MRLI             262.39       -38.30
MYSORE PAPER             MSPM              87.99        -8.12
NATL STAND INDI          NTSD              22.09        -0.73
NAVCOM INDUS LTD         NOP               10.19        -3.53
NICCO CORP LTD           NICC              71.84        -4.91
NICCO UCO ALLIAN         NICU              23.25       -83.90
NK INDUS LTD             NKI              141.35        -7.71
NRC LTD                  NTRY              63.70       -53.01
NUCHEM LTD               NUC               24.72        -1.60
PANCHMAHAL STEEL         PMS               51.02        -0.33
PARAMOUNT COMM           PRMC             124.96        -0.52
PARASRAMPUR SYN          PPS               99.06      -307.14
PAREKH PLATINUM          PKPL              61.08       -88.85
PIONEER DISTILLE         PND               53.74        -5.62
PREMIER INDS LTD         PRMI              11.61        -6.09
PRIYADARSHINI SP         PYSM              20.80        -2.28
QUADRANT TELEVEN         QDTV             150.43      -137.48
QUINTEGRA SOLUTI         QSL               16.76       -17.45
RAMSARUP INDUSTR         RAMI             433.89       -89.28
RATHI ISPAT LTD          RTIS              44.56        -3.93
RELIANCE BROADCA         RBN               86.97        -0.59
RELIANCE MEDIAWO         RMW              425.22       -21.31
RELIANCE MED-SLB         RMW/S            425.22       -21.31
RENOWNED AUTO PR         RAP               14.12        -1.25
RMG ALLOY STEEL          RMG               66.61       -12.99
ROLLATAINERS LTD         RLT               22.97       -22.24
ROYAL CUSHION            RCVP              14.70       -75.18
SAAG RR INFRA LT         SAAG              12.54        -4.93
SADHANA NITRO            SNC               16.74        -0.58
SANATHNAGAR ENTE         SNEL              49.23        -6.78
SANCIA GLOBAL IN         SGIL              78.82       -25.13
SBEC SUGAR LTD           SBECS             92.44        -5.61
SCOOTERS INDIA           SCTR              19.75       -13.35
SERVALAK PAP LTD         SLPL              61.57        -7.63
SHAH ALLOYS LTD          SA               168.13       -81.60
SHALIMAR WIRES           SWRI              22.79       -27.18
SHAMKEN COTSYN           SHC               23.13        -6.17
SHAMKEN MULTIFAB         SHM               60.55       -13.26
SHAMKEN SPINNERS         SSP               42.18       -16.76
SHREE GANESH FOR         SGFO              44.50        -2.89
SHREE KRISHNA            SHKP              14.62        -0.92
SHREE RAMA MULTI         SRMT              38.90        -4.49
SIDDHARTHA TUBES         SDT               75.90       -11.45
SIMBHAOLI SUGAR          SBSM             268.76       -54.47
SITI CABLE NETWO         SCNL             219.45        -9.68
SPICEJET LTD             SJET             563.64       -41.19
SQL STAR INTL            SQL               10.58        -3.28
STATE TRADING CO         STC              826.29      -276.56
STELCO STRIPS            STLS              14.90        -5.27
STI INDIA LTD            STIB              21.69        -2.13
STL GLOBAL LTD           SHGL              30.73        -5.62
STORE ONE RETAIL         SORI              15.48       -59.09
SUPER FORGINGS           SFS               14.62        -7.00
SURYA PHARMA             SUPH             370.28        -9.97
TAMILNADU JAI            TNJB              17.07        -1.00
TATA METALIKS            TML              156.70        -5.36
TATA TELESERVICE         TTLS           1,311.30      -138.25
TATA TELE-SLB            TTLS/S         1,311.30      -138.25
TODAYS WRITING           TWPL              18.58       -25.67
TRIUMPH INTL             OXIF              58.46       -14.18
TRIVENI GLASS            TRSG              19.71       -10.45
TUTICORIN ALKALI         TACF              19.86       -19.58
UDAIPUR CEMENT W         UCW               11.38       -10.53
UNIFLEX CABLES           UFCZ              47.46        -7.49
UNIWORTH LTD             WW               149.50      -151.14
UNIWORTH TEXTILE         FBW               22.54       -35.03
USHA INDIA LTD           USHA              12.06       -54.51
VANASTHALI TEXT          VTI               14.59        -5.80
VENUS SUGAR LTD          VS                11.06        -1.08
WANBURY LTD              WANB             141.86        -3.91


JAPAN

FLIGHT HOLDINGS          3753              10.10        -2.62
GOYO FOODS INDUS         2230              11.79        -1.51
HARAKOSAN CO             8894             186.55        -8.07
IDEA INTERNATION         3140              23.66        -0.08
KANMONKAI CO LTD         3372              42.64        -0.81


KOREA

DVS KOREA CO LTD         46400             17.40        -1.20
ORIENTAL PRECISI         14940            224.92       -79.83
ROCKET ELEC-PFD          425              111.09        -0.42
ROCKET ELECTRIC          420              111.09        -0.42
SHINIL ENG CO            14350            199.04        -2.53
SSANGYONG ENGINE         12650          1,231.13      -119.47
STX OFFSHORE & S         67250          7,627.42    -1,124.38
TEC & CO                 8900             139.98       -16.61
TONGYANG NETWORK         30790            311.91       -36.46
WOONGJIN HOLDING         16880          2,197.34      -635.50


MALAYSIA

HAISAN RESOURCES         HRB               41.31       -11.54
HIGH-5 CONGLOMER         HIGH              41.63       -34.19
HO HUP CONSTR CO         HO                59.28       -16.64
PETROL ONE RESOU         PORB              51.39        -4.00
SUMATEC RESOURCE         SMTC             169.12       -26.18
VTI VINTAGE BHD          VTI               17.74        -3.63


NEW ZEALAND

NZF GROUP LTD            NZF NZ Equity     11.69        -4.60
PULSE ENERGY LTD         PLE NZ Equity     11.29        -3.44


PHILIPPINES

CYBER BAY CORP           CYBR              14.14       -21.59
FIL ESTATE CORP          FC                40.90       -15.77
FILSYN CORP A            FYN               23.11       -11.69
FILSYN CORP. B           FYNB              23.11       -11.69
GOTESCO LAND-A           GO                21.76       -19.21
GOTESCO LAND-B           GOB               21.76       -19.21
LIBERTY TELECOMS         LIB              108.53       -19.42
MRC ALLIED INC           MRC               27.06        -2.56
PICOP RESOURCES          PCP              105.66       -23.33
STENIEL MFG              STN               21.07       -11.96
UNIWIDE HOLDINGS         UW                50.36       -57.19


SINGAPORE

ADVANCE SCT LTD          ASCT              19.68       -22.46
CEFC INTL LTD            SUNE              95.25        -0.31
HL GLOBAL ENTERP         HLGE              83.11        -4.63
IGG INC                  8002              21.53       -55.84
SCIGEN LTD-CUFS          SIE               68.70       -42.35
SUNMOON FOOD COM         SMOON             20.26       -17.36
TT INTERNATIONAL         TTI              298.35       -82.84
UNITED FIBER SYS         UFS               65.52       -56.60


THAILAND

ABICO HLDGS-F            ABICO/F           15.28        -4.40
ABICO HOLDINGS           ABICO             15.28        -4.40
ABICO HOLD-NVDR          ABICO-R           15.28        -4.40
ASCON CONSTR-NVD         ASCON-R           59.78        -3.37
ASCON CONSTRUCT          ASCON             59.78        -3.37
ASCON CONSTRU-FO         ASCON/F           59.78        -3.37
BANGKOK RUBBER           BRC               77.91      -114.37
BANGKOK RUBBER-F         BRC/F             77.91      -114.37
BANGKOK RUB-NVDR         BRC-R             77.91      -114.37
CALIFORNIA W-NVD         CAWOW-R           28.07       -11.94
CALIFORNIA WO-FO         CAWOW/F           28.07       -11.94
CALIFORNIA WOW X         CAWOW             28.07       -11.94
CIRCUIT ELEC PCL         CIRKIT            16.79       -96.30
CIRCUIT ELEC-FRN         CIRKIT/F          16.79       -96.30
CIRCUIT ELE-NVDR         CIRKIT-R          16.79       -96.30
DATAMAT PCL              DTM               12.69        -6.13
DATAMAT PCL-NVDR         DTM-R             12.69        -6.13
DATAMAT PLC-F            DTM/F             12.69        -6.13
ITV PCL                  ITV               36.02      -121.94
ITV PCL-FOREIGN          ITV/F             36.02      -121.94
ITV PCL-NVDR             ITV-R             36.02      -121.94
K-TECH CONSTRUCT         KTECH             38.87       -46.47
K-TECH CONSTRUCT         KTECH/F           38.87       -46.47
K-TECH CONTRU-R          KTECH-R           38.87       -46.47
KUANG PEI SAN            POMPUI            17.70       -12.74
KUANG PEI SAN-F          POMPUI/F          17.70       -12.74
KUANG PEI-NVDR           POMPUI-R          17.70       -12.74
MANGPONG 1989 PC         MPG               11.83        -0.91
MANGPONG 1989 PC         MPG/F             11.83        -0.91
MANGPONG 19-NVDR         MPG-R             11.83        -0.91
PATKOL PCL               PATKL             52.89       -30.64
PATKOL PCL-FORGN         PATKL/F           52.89       -30.64
PATKOL PCL-NVDR          PATKL-R           52.89       -30.64
PICNIC CORP-NVDR         PICNI-R          101.18      -175.61
PICNIC CORPORATI         PICNI            101.18      -175.61
PICNIC CORPORATI         PICNI/F          101.18      -175.61
SAHAMITR PRESS-F         SMPC/F            27.92        -1.48
SAHAMITR PRESSUR         SMPC              27.92        -1.48
SAHAMITR PR-NVDR         SMPC-R            27.92        -1.48
SHUN THAI RUBBER         STHAI             19.89        -0.59
SHUN THAI RUBB-F         STHAI/F           19.89        -0.59
SHUN THAI RUBB-N         STHAI-R           19.89        -0.59
SUNWOOD INDS PCL         SUN               19.86       -13.03
SUNWOOD INDS-F           SUN/F             19.86       -13.03
SUNWOOD INDS-NVD         SUN-R             19.86       -13.03
TONGKAH HARBOU-F         THL/F             62.30        -1.84
TONGKAH HARBOUR          THL               62.30        -1.84
TONGKAH HAR-NVDR         THL-R             62.30        -1.84
TRANG SEAFOOD            TRS               15.18        -6.61
TRANG SEAFOOD-F          TRS/F             15.18        -6.61
TRANG SFD-NVDR           TRS-R             15.18        -6.61
TT&T PCL                 TTNT             589.80      -223.22
TT&T PCL-NVDR            TTNT-R           589.80      -223.22
TT&T PUBLIC CO-F         TTNT/F           589.80      -223.22
WORLD CORP -NVDR         WORLD-R           15.72       -10.10
WORLD CORP PCL           WORLD             15.72       -10.10
WORLD CORP PLC-F         WORLD/F           15.72       -10.10


TAIWAN

BEHAVIOR TECH CO         2341S             30.90        -0.22
BEHAVIOR TECH-EC         2341O             30.90        -0.22
HELIX TECH-EC            2479T             23.39       -24.12
HELIX TECH-EC IS         2479U             23.39       -24.12
HELIX TECHNOL-EC         2479S             23.39       -24.12
POWERCHIP SEM-EC         5346S          2,036.01       -52.74
TAIWAN KOL-E CRT         1606U            507.21      -147.14
TAIWAN KOLIN-EN          1606V            507.21      -147.14
TAIWAN KOLIN-ENT         1606W            507.21      -147.14



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***