TCRAP_Public/140704.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, July 4, 2014, Vol. 17, No. 131


                            Headlines


A U S T R A L I A

ACL BEARING: Shuts Down With Loss of 136 Jobs
LIMINTON DESIGN: Placed in Administration
SCAR TOP: BDO Appointed as Administrators
SPOTLESS GROUP: S&P Raises CCR to 'BB' Following Sale of Shares


I N D I A

AMBICA TIMBER: ICRA Reaffirms 'B+' Rating on INR2.70cr Loan
BHADIYADRA GEMS: CRISIL Reaffirms B+ Rating on INR38.9MM Loans
BOARDWALK HOSPITALITIES: CRISIL Suspends D Rating on INR95MM Loan
CHERISH AGRO: CRISIL Assigns 'B' Rating to INR55MM Loans
CRESCENT GEMS: CRISIL Suspends 'D' Rating on INR77.3MM Loans

DAMATI PLASTICS: CRISIL Suspends 'B-' Rating on INR130MM Loans
DC WOVENSACK: ICRA Assigns 'B' Rating to INR9.85cr Loans
ETCO DENIM: CRISIL Suspends 'B' Rating on INR2.4BB Loans
GANGOTRI IRON: ICRA Suspends 'D' Rating on INR123.48cr Loan
HARI KRISHNAA: CRISIL Reaffirms 'B+' Rating on INR225.6MM Loans

KANDALAA: ICRA Reaffirms 'B+' Rating on INR18cr Loan
KOHINOOR REFINED: CRISIL Suspends 'B' Rating on INR50MM Loan
KRISHANAMURTI ISPAT: ICRA Suspends 'D' Rating on INR6cr Loan
LA HOSPIN: CRISIL Suspends 'D' Rating on INR76.5MM Loans
LAXMINARAYAN FIBER: CARE Revises Rating on INR8.25cr Loan to 'B+'

MEHEK OVERSEAS: CRISIL Suspends 'D' Rating on INR320MM Loan
MOKSH ORNAMENTS: ICRA Upgrades Rating on INR13cr Loan to 'B+'
MS SOLVEX: CRISIL Assigns 'B+' Rating to INR240MM Loans
NV DISTILLERIES: CRISIL Suspends 'D' Rating on INR1.40BB Loans
PARAJ TRADING: CRISIL Reaffirms 'B' Rating on INR69.2MM Loans

PRECISION ELECTRONICS: CARE Assigns 'B' Rating to INR2.8cr Loan
PRIME IT: ICRA Assigns 'D' Rating to INR30cr Loans
SAN IMPEX: ICRA Suspends 'B' Rating on INR22cr Loan
SARGAM METALS: ICRA Upgrades Rating on INR23.5cr Loans to 'B+'
SHIVAM HOSPITAL: CRISIL Suspends 'B-' Rating on INR100MM Loans

SHREE MAHALAXMI: CRISIL Ups Rating on INR111MM Loans to 'B-'
SHRI MAHADEV: CRISIL Assigns 'B' Rating to INR53.9MM Loans
SHRINATHJI SPINTEX: ICRA Revises Rating on INR12.20cr Loans to B
SRI CHANDRAKANTHA: CRISIL Suspends 'D' Rating on INR60MM Loan
STEELMAN ROLLING: CRISIL Reaffirms 'B+' Rating on INR70MM Loans

UNITED ENGINEERING: CRISIL Suspends 'C' Rating on INR6.5MM Loans
VANDANA TRACTORS: CRISIL Suspends 'B' Rating on INR175MM Loans
VARUN EXPORTS: CRISIL Lowers Rating on INR87.1MM Loans to 'B'
VISION PIPES: ICRA Raises Rating on INR14cr Loans to 'B+'
VRIKSH TRANSWORLD: ICRA Cuts Rating on INR4.90cr Loan to 'B+'


I N D O N E S I A

INDONESIA: S&P Rates Benchmark-Size Euro-Denom. Notes 'BB+'


M A L A Y S I A

MALAYSIAN AIRLINE: State Fund Plans to Take Carrier Private


M O N G O L I A

TRADE AND DEVELOPMENT: S&P Affirms 'B' Rating on MTN Program


N E W  Z E A L A N D

BLUE 9: End of Road for Another Rout Firm
SOUTHERN CROSS: In Receivership, Cuts 60 Job in Thames
* FMA Files Charges vs. Directors Over Late Financial Reporting


S O U T H  K O R E A

DONGBU GROUP: Creditors Urge Owner to Put Stake as Collateral


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ACL BEARING: Shuts Down With Loss of 136 Jobs
---------------------------------------------
ABC News reports that workers at Tasmanian car parts maker ACL
Bearing have downed tools for the last time after the company's
long period in receivership.

The Launceston factory, which began life as Repco in 1937, has
been in receivership since 2009, according to the report.

The report relates that the critical blow came with the demise of
Ford, a key customer for ACL, which will close its Australian
operations in 2016.

The report notes that the company has employed more than 6,500
people in Launceston and supplied Ford, Holden, Toyota and
Mitsubishi.

But in the past decade a reduction in Australia's car
manufacturing and the global financial crisis have forced the
company to shed workers, the report discloses.

A multi-million-dollar Federal Government bailout was not enough
to keep the company going, the report relates.

"Production has now finished and tomorrow the final 136 jobs will
go," report ABC News.

Most ACL workers will return to apply for the Federal Government's
entitlements scheme, the report relays.

A few will help strip equipment from the plants over the next few
week, marking the end of another component from Australia's
shrinking car industry, the report discloses.

                Long-term Workers Hit Hardest

The report discloses that long-serving workers expect it to be a
tough goodbye.  Many at the factory worked alongside direct family
members or extended kin, the report relates.

Bob Salt left the close-knit workplace in 2011 and predicted
plenty of sadness for departing workers, the report noted.

"[It's] difficult, a lot of people have left in the last couple of
years.  It's like family, ACL," the report quoted Mr. Salt saying
saying.

"It's going to be difficult to a certain extent, the economy is
not as well as it could be going, but hopefully everyone will find
opportunities," Mr. Salt added, the report notes.

ACL worker Paul Hill noted that the future would be especially
difficult for the long-term employed, the report relates.

Maree Tetlow, from the Launceston Chamber of Commerce, said the
absence of so many paypackets would deliver a significant blow to
Launceston's economy, the report discloses.

The receivers are negotiating with companies around the world to
buy ACL Bearing's equipment, processes and name, the report adds.


LIMINTON DESIGN: Placed in Administration
-----------------------------------------
Christopher Powell -- cpowell@kordamentha.com -- and
Nicholas Gyss -- ngyss@kordamentha.com -- of KordaMentha were
appointed as administrators of Liminton Design Australia Pty Ltd
on July 2, 2014.

A first meeting of the creditors of the Company will be held at
Level 4, 70 Pirie Street, in Adelaide, South Australia, on
July 11, 2014, at 10:00 a.m.



SCAR TOP: BDO Appointed as Administrators
-----------------------------------------
Atle Crowe-Maxwell -- Atle.Crowe-Maxwell@bdo.com.au -- and
James White -- james.white@bdo.com.au -- of BDO were appointed as
administrators of Scar Top Joinery Pty Ltd on July 2, 2014.

A first meeting of the creditors of the Company will be held at
BDO, Level 11, 1 Margaret Street, in Sydney on July 11, 2014, at
10:00 a.m.


SPOTLESS GROUP: S&P Raises CCR to 'BB' Following Sale of Shares
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Spotless Group Ltd. to 'BB'
from 'B', following the sale of ordinary shares and listing (IPO)
of Spotless Group Holdings Ltd. on the Australian Stock Exchange
(ASX).  The outlook is stable.  S&P also removed the rating from
CreditWatch with positive implications, where it was placed on May
8, 2014.  Subsequently, S&P withdrew the ratings at the request of
Spotless.  The rating withdrawal follows the repayment of all
outstanding rated debt."

"Spotless Group Holdings Ltd.'s IPO has meaningfully improved
Spotless' financial risk profile," Standard & Poor's credit
analyst Graeme Ferguson said.  "Although we will continue to
classify Spotless as a financial sponsor-controlled company, we
believe that the public listing has resulted in a step-change in
the financial risk appetite of the company."

Furthermore, S&P views the appointment of an experienced
independent board as strengthening corporate governance and
reducing financial risk.  S&P's classification of Spotless as a
financial sponsor-controlled company caps the financial risk
profile at "significant", and S&P expects Spotless to operate
comfortably within expectations for a 'significant' financial risk
profile.  S&P assess the company's liquidity as "adequate".

In S&P's view, Spotless Group has a "fair" business risk profile,
underpinned by its strong brand recognition and leading position
in the Australian facilities services market.  Spotless is one of
the few facility service providers capable of offering integrated
services across a broad complement of business services.  Since
Spotless' delisting in August 2012, the new management team has
implemented an ambitious restructuring program that has materially
improved Spotless' profitability.  Restructuring initiatives
emphasize operating costs, as well as the review and monitoring of
contract performance targeting productivity enhancements.
Spotless has achieved a considerable turnaround over a short
period of time.

An important rating consideration and driver of future credit
quality will be the overall sustainability of these cost
reductions, as well as the impact of these restructuring
initiatives on contract retention and forecast revenue growth.
The long-term credit rating could strengthen further if the
financial sponsor's shareholding, including co-investors and
management, fell below 40% and if Spotless sustained credit
metrics consistent with an "intermediate" financial risk profile
or stronger.



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


AMBICA TIMBER: ICRA Reaffirms 'B+' Rating on INR2.70cr Loan
-----------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed to the INR2.70 crore
(enhanced from INR2.25 crore) cash credit facility of Ambica
Timber Mart. The rating of [ICRA]A4 has also been reaffirmed to
the INR15.00 crore (enhanced from INR10.00 crore) short-term non-
fund based facilities of ATM.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           2.70       [ICRA]B+ reaffirmed
   Letter of Credit     15.00       [ICRA]A4 reaffirmed

The reaffirmation of the ratings continues to take into account
the relatively small scale of operations as well as exposure of
firm's profitability to volatility in timber price movements and
currency exchange rates. Further, the ratings are also constrained
by highly competitive business environment due to low entry
barriers, the limited value addition in the trading business and
the very high working capital intensity of operations on account
of stretched receivables and high inventory levels. ICRA also
notes that ATM is a partnership firm and any significant
withdrawals from the capital account would affect its capital
structure. The ratings, however, continue to draw comfort from the
established track record of the promoters in the business of
timber trading, diversified customer base resulting in a moderate
customer concentration risk and stable demand outlook for imported
timber in the country.

Ambica Timber Mart was incorporated in 1969 by Mr. Gangarambhai V
Patel. In 1989, his son, Mr. Chandrakant Patel, joined the
business and currently the business is run by his younger brother
Mr. Kaushal Patel. The firm works as a trader buying imported wood
and selling it to retailers and saw mills. The firm's facilities
are located at Ahmedabad (Gujarat) and ATM also has a land area on
lease near Kandla port.

Recent Results

In FY 2014 (provisional unaudited financials), ATM reported an
operating income of INR10.34 crore (as against INR14.50 crore
during FY 2013) and profit before depreciation and tax of INR1.36
crore (as against profit after tax of INR0.62 crore during FY
2013).


BHADIYADRA GEMS: CRISIL Reaffirms B+ Rating on INR38.9MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhadiyadra Gems
continue to reflect the firm's large working capital requirements,
and the susceptibility of its profitability margins to volatility
in diamond prices and to fluctuations in foreign exchange rates.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Foreign Bill
   Discounting            51        CRISIL A4 (Reaffirmed)

   Post Shipment Credit   10        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     38.9      CRISIL B+/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility    100        CRISIL A4 (Reaffirmed)

The ratings of the firm are also constrained on account of its
average financial risk profile marked by its modest net worth,
high total outside liabilities to tangible net worth ratio, and
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the firm's
promoters in the diamond industry, and its established
relationship with customers.

Outlook: Stable

CRISIL believes that Bhadiyadra Gems will continue to benefit over
the medium term from its partners' extensive experience in the
diamond industry and its established relations with customers. The
outlook may be revised to 'Positive' if there is a sustained
improvement in the firm's working capital management, or there is
a substantial improvement in its capital structure on the back of
sizeable capital additions by its partners. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the firm's profitability margins, or significant deterioration in
its capital structure caused most likely because of a stretch in
its working capital cycle.

Bhadiyadra Gems, a partnership firm established in 1993, is
engaged in cutting and polishing of diamonds. The firm has its
manufacturing unit in Surat, Gujarat. The firm has five partners '
Mr. Mukesh Bhadiyadra, Mr. Dhiraj Bhadiyadra, Mr. Bhagavan
Kajavadra, Mr. Jitesh Kajavadra, and Mr. Sanjay Kajavadra.


BOARDWALK HOSPITALITIES: CRISIL Suspends D Rating on INR95MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Boardwalk Hospitalities and Developers Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Long Term Loan         95         CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
Boardwalk with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Boardwalk is yet to provide adequate information to enable CRISIL
to assess Boardwalk'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'

Boardwalk was set up in 2010 by Mr. Rajan Iyer and his friends.
During the same year, it commenced construction of a four-star
hotel call Log Inn in Kakkanad. The company plans to launch the
hotel under the participating holiday scheme, which entails roping
in investors by giving them a lien on the space occupied by the
hotel rooms. Log Inn is expected to commence operations in 2013.


CHERISH AGRO: CRISIL Assigns 'B' Rating to INR55MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Cherish Agro Impex Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Packing Credit         50         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      5         CRISIL B/Stable

The ratings reflect Cherish's below-average financial risk
profile, marked by a high total outside liabilities to tangible
net worth (TOLTNW) ratio and modest debt protection metrics, low
profitability and high customer concentration. These rating
weaknesses are partially offset by Cherish's prudent risk
management practices and extensive experience of its promoters in
the rice industry along with their funding support.

Outlook: Stable

CRISIL believes that Cherish will continue to benefit from its
prudent risk management practices and the extensive experience of
its promoters over the medium term. The outlook may be revised to
'Positive' if the company significantly improves its capital
structure and reports higher-than-expected cash accruals, driven
by an improvement in its sales and profitability. Conversely, the
outlook may be revised to 'Negative' if Cherish reports
significantly low cash accruals, or if its working capital
management deteriorates, leading to stretched liquidity.

Cherish was established in 2011 as a proprietorship firm 'Cherish
Foods Impex' and reconstituted in its present form in 2013. It
primarily trades and exports basmati rice to Middle East and
Europe. It is managed by Mr Raj Sareen and is based in New Delhi.


CRESCENT GEMS: CRISIL Suspends 'D' Rating on INR77.3MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Crescent Gems LLP.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Packing Credit            4.0       CRISIL D Suspended
   Post Shipment Credit     11.0       CRISIL D Suspended
   Standby Line of Credit    2.3       CRISIL D Suspended
   Term Loan                60.0       CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
Crescent with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Crescent
is yet to provide adequate information to enable CRISIL to assess
Crescent'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'

Crescent is a limited liability partnership formed in 2010. The
firm has set up manufacturing facility at Jaipur special economic
zone (SEZ) for manufacturing industrial diamonds. Crescent was
established as a limited liability partnership by Mr. Gaurav
Bardiya, Mr. Rajneesh Bhandari and Mr. N. N. Bhandari. Prior to
the establishment of the concern, the partners have an experience
in diversified industries which includes real estate development,
gem stones and civil construction for more than a decade through
various entities.


DAMATI PLASTICS: CRISIL Suspends 'B-' Rating on INR130MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Damati
Plastics (DP).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          10         CRISIL A4 Suspended
   Cash Credit             20         CRISIL B-/Stable Suspended
   Export Packing Credit   10         CRISIL B-/Stable Suspended
   Foreign Letter
   of Credit               63.7       CRISIL B-/Stable Suspended
   Letter of Credit        10         CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility       5.1       CRISIL B-/Stable Suspended
   Term Loan               31.2       CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by DP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DP is yet to
provide adequate information to enable CRISIL to assess DP'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'

DP was established as a partnership firm in 2003 by Mr. Sunil
Parawni, his father Mr. Kanaiyalal Parawni, and other family
members. The firm manufactures injection-moulded plastic chair
components and plastic disposable food containers. It sells
plastic chair components to chair manufacturers in India. The food
containers produced by the firm are exported primarily to Dubai,
Sweden, and the UK. DP's manufacturing facility is in Daman and
Diu.


DC WOVENSACK: ICRA Assigns 'B' Rating to INR9.85cr Loans
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the fund-based
limits of DC Wovensack Private Limited aggregating to INR9.85 Cr.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-     6.60        [ICRA]B assigned
   Term Loan

   Fund based limit-     3.25        [ICRA]B assigned
   Cash credit

The rating assigned is constrained on account of company's limited
track record in operations & risks associated with stabilization
of plant which has recently commenced operations. The ratings are
further constrained by company's leveraged capital structure due
to debt funded capital expenditure and intensely competitive
nature of business environment which limits the pricing power of
the company. The rating also takes into account vulnerability of
the profitability and cash flows to adverse fluctuations in raw
material prices and working capital intensive nature of
operations. ICRA notes that ability to scale up the operations
while maintaining the profitability remains crucial from the
ratings perspective.

The rating, however, favorably factors in the experience of the
company's promoters in the woven fabric processing segment and the
locational advantage due to company's proximity to raw material
sources and fabric processing units.

DC Wovensack Private Limited was incorporated in 2012 and
commenced operations in April 2014. The company, promoted by Mr.
Navlkumar Agarwal, has established a polypropelene (PP) woven
fabric manufacturing unit at Village Pipodara in Mangrol district
of Surat (Gujarat) with annual installed capacity of 4372.50
metric tonnes of woven fabric. Woven fabric is used to produce
woven sacks used as packaging material for fertilizer, cement,
food, sugar and chemical industries. The project cost for
establishing the manufacturing unit is INR11.65 crore, which is
funded through a term loan of INR6.60 crore, equity of INR2.95
crore and unsecured loans of INR2.10 crore.


ETCO DENIM: CRISIL Suspends 'B' Rating on INR2.4BB Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Etco Denim Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan            2,400       CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by EDPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EDPL is yet to
provide adequate information to enable CRISIL to assess EDPL'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'

Promoted by Mr. Ramesh D Shah, EDPL is setting up a completely
integrated denim manufacturing unit. EDPL's project, located in
Bijapur (Karnataka), will have capacity to manufacture 40 million
meters per annum.


GANGOTRI IRON: ICRA Suspends 'D' Rating on INR123.48cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR 107.48
crore, long term loan and cash credit facility & [ICRA]D rating
assigned to the INR16.00 crore, short term, non fund based letter
of credit of Gangotri Iron & Steel Company Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


HARI KRISHNAA: CRISIL Reaffirms 'B+' Rating on INR225.6MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hari Krishnaa Spinning
Mills Pvt Ltd continue to reflect HKSMPL's weak financial risk
profile marked by small net worth, high gearing, and weak debt
protection metrics. The ratings also reflect the susceptibility of
the company's margins to volatility in raw material prices and
power costs. These rating weaknesses are partially offset by its
promoters' extensive experience in the textile industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        5.6        CRISIL A4 (Reaffirmed)
   Cash Credit          50          CRISIL B+/Stable(Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    0.6        CRISIL B+/Stable (Reaffirmed)
   Term Loan           175          CRISIL B+/Stable(Reaffirmed)

Outlook: Stable

CRISIL believes that HKSMPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up operations, resulting in better-than-expected cash
accruals, and consequently, improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if HKSMPL
reports low revenue and cash accruals, or if its capital structure
weakens because of large debt-funded capital expenditure (capex).

Update
HKSMPL started commercial operations in September 2013 and
reported, on a provisional basis, low operating revenue of INR85
million for 2013-14 (refers to financial year, April 1 to
March 31). With steady ramp-up in operations, revenue is expected
to increase to over INR350 million per annum over the medium term.
The operating margin is expected to be healthy, at around 13 to 14
per cent, with healthy demand for cotton yarn in the domestic
market.

HKSMPL's weak financial risk profile is marked by high gearing and
weak debt protection metrics. The gearing was 2.34 times as on
March 31, 2014, and is expected to improve to less than 2.00 times
over the medium term with healthy accretion to reserves and
absence of capex plans.

HKSMPL's liquidity remains moderate, marked by moderate bank limit
utilisation and adequate cash accruals vis-a-vis debt obligations.
The company's bank limit utilisation averaged 44 per cent over the
five months through May 2014. It is likely to generate annual cash
accruals of INR23 million to INR26 million against annual term
debt obligations of INR19 million to INR20 million over the medium
term. CRISIL believes that HKSMPL will maintain its moderate
liquidity over the medium term, in the absence of debt-funded
capex plans.

HKSMPL, incorporated in September 2011, is engaged in spinning of
cotton yarn (predominantly in the 30s count). The company
commenced commercial operations in September 2013. It is promoted
by Mr. N Balakrishnan.


KANDALAA: ICRA Reaffirms 'B+' Rating on INR18cr Loan
----------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ outstanding
on the INR18.0 crore fund based facilities of Kandalaa.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term fund        18.0       [ICRA]B+/re-affirmed
   based facilities

The re-affirmation in rating takes into account the robust revenue
growth and growing brand presence of the Firm driven by niche
target segmentation and increasing revenue contribution from high
value segments like diamonds and precious gems. The rating also
continues to factor in the wide variety of designs offered by the
firm with a strong in-house designing team (having professionally
qualified gold, diamond and colour stone designers); financial
support from promoters with other profitable businesses owned by
them and favourable long term prospects for jewellery retailing in
India. The rating is, however, constrained by the Firm's stretched
financial profile characterized by weak capital structure and
inadequate coverage indicators; high working capital intensity
inherent to the jewellery industry leading to negative fund flow
from operations; intense competitive pressures exerted by larger
regional/pan-India players which limits the pricing flexibility to
an extent and the Firm's exposure to volatility in the gold price
with entire price risk carried in the inventory.

Established in 2011 by Mr. K.G. Subbaraj, his son Mr. Srikanth and
other family members, Kandalaa is engaged in retailing of gold and
diamond jewellery. The firm was set-up as an ancillary business to
the promoter's primary venture of pharmaceutical distribution
under a separate entity Avenues Pharmaceuticals Associates (rated
[ICRA]BB+ (Stable)) with initial operations carried out from the
same premise as Avenues Pharmaceuticals Associates. With healthy
response by the customers to its jewellery retailing business, the
promoters set up an exclusive showroom during October 2012. The
Firm currently operates out of its single retail showroom located
at Jayanagar in Bangalore on a leased premise of 7,000 sq ft
(comprising of 6,000 sq ft of display area and 1000 sq ft of
administrative area). The firm's retail store sells both readymade
and customized jewellery. In addition to jewellery retailing and
pharmaceutical distribution, the promoter group also has interests
in real estate.


KOHINOOR REFINED: CRISIL Suspends 'B' Rating on INR50MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kohinoor Refined Flour Mills Pvt Ltd.

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

The suspension of ratings is on account of non-cooperation by
KRFMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KRFMPL is yet to
provide adequate information to enable CRISIL to assess KRFMPL'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'

KRFMPL processes wheat into food articles such as whole wheat
flour, maida, suji, and rava; maida forms 50 per cent of the
output produced.  The company was set up by Mr. Ali Mohammad
Panjwani and Mr. Bhaskar N Mahajan in 2008-09 (refers to financial
year, April 1 to March 31). KRFMPL has capacity of around 36,000
tonnes per annum. The company's manufacturing facilities are in
Nanded (Maharashtra) over a 10-acre plot. KRFMPL supplies to local
manufacturers of bread and bakery products.


KRISHANAMURTI ISPAT: ICRA Suspends 'D' Rating on INR6cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR6 crore fund
based limits of Krishanamurti Ispat Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in the year 2009, Krishanamurti Ispat Private Limited
is a privately owned company engaged in manufacturing of Mild
Steel (M.S) Ingots. The project is under implementation and the
operations of the company have not yet commenced. The company has
an induction furnace for manufacturing of steel ingots with an
annual capacity of 15,000MT. The manufacturing facility of the
company is located in Shamli, Uttar Pradesh.


LA HOSPIN: CRISIL Suspends 'D' Rating on INR76.5MM Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
La Hospin Hotels and Resorts Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           1.5         CRISIL D Suspended
   Term Loan            75           CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by La
Hospin with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, La Hospin is yet
to provide adequate information to enable CRISIL to assess La
Hospin'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'

La Hospin operates a hotel in Rajahmundry in East Godavari
District of Andhra Pradesh. The company is promoted by Mr.
Chowdhary Garapati and his wife V Renuka, who acquired the
property from its previous owners in 2008. The hotel has been in
operation since 1984, under the name of Mahalakshmi Residency and
later as Soujanya Hotels, before being renamed as La Hospin by the
current promoters. The promoters undertook renovation of the hotel
after the acquisition; La Hospin has 69 rooms, of which 40 are
currently operational and 29 are under renovation. It also has two
banquet halls and three restaurants, which have been operational
since 2010. The renovation of the property is expected to be
completed by September 2012.


LAXMINARAYAN FIBER: CARE Revises Rating on INR8.25cr Loan to 'B+'
-----------------------------------------------------------------
CARE revises the long-term rating assigned to bank facilities of
Laxminarayan Fiber Pvt. Ltd.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long term Bank Facility    8.25       CARE B+ Revised
                                         from CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Laxminarayan Fiber Pvt Ltd was on account of the stabilization of
operations during FY14 (refers to the period April 1 to March 31)
along with moderate solvency and liquidity indicators. However,
the rating continues to remain constrained on account of its short
track record of operations, exposure to raw material price
fluctuation risk, working capital intensive nature of operations
and presence in the highly fragmented and competitive cotton
ginning industry with exposure to adverse changes in government
policy.

The rating continues to derive strength from the long standing
experience of its promoters in the cotton ginning business and
location advantage.

The ability of LFPL to increase its scale of operations, improve
its profitability and capital structure along with the effective
working capital management will be the key rating sensitivities.

LFPL was incorporated on May 22, 2012 by six promoters of Goyal &
Tayal family at Barwani district, Madhya Pradesh with the vision
to engage in the cotton ginning and pressing business with an
installed capacity of 54,000 bales of cotton and 15,400 metric
tonne per annum (MTPA) of cotton seed per annum. The manufacturing
unit of LFPL is located at Jalana district, Maharashtra wherein
the commercial production commenced from December 2012.

During FY14 (provisional), LFPL registered a total operating
income (TOI) of INR42.71 crore with PBT of INR0.26 crore as
compared with a TOI of INR19.77 crore with PBT of INR0.06 crore
during FY13.


MEHEK OVERSEAS: CRISIL Suspends 'D' Rating on INR320MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mehek
Overseas Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Post Shipment Credit    320        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by MOPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MOPL is yet to
provide adequate information to enable CRISIL to assess MOPL'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'

MOPL, incorporated in 2005 by Mr. Jitendra Thakkar and his son Mr.
Jatin Thakkar, is engaged in export of agro commodities such as
sugar, maize, bajra, jowar, soy, and groundnuts.


MOKSH ORNAMENTS: ICRA Upgrades Rating on INR13cr Loan to 'B+'
-------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B
for the INR13.00 crore fund-based working capital facilities of
Moksh Ornaments Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund-      13.00       Upgraded to [ICRA]B+
   based working                     from [ICRA]B
   capital facilities

The rating upgrade takes into account improvement in operating
margins along with ease in regulatory curbs in gold procurement
leading to better availability of raw material. The ratings
however, continue to remain constrained by the company's stretched
financial profile as indicated by thin margins, high gearing
levels and strained coverage indicators. The ratings are further
constrained by susceptibility of margins to a fall in the price of
gold and severe competition from players in the organized as well
as unorganized sector. Regulatory risks on account of curbs on
gold imports and subsequent availability at competitive prices
remain a key sensitivity area from credit perspective. The ratings
favorably factor in the long standing experience of the promoters
in gems and jewellery industry.

Incorporated in 2012, Moksh Ornaments Private Limited is engaged
in carrying the business of manufacturing of gold ornaments and
trading in gold Bars. The company is promoted by Mr. Amrit Shah
who has been carrying on this business under a proprietorship
concern since the 1990s.

Recent results

MOPL reported a profit after (PAT) of INR0.13 crore on an
operating income of INR81.36 crore in FY14 as against a PAT of
INR0.03 crore on an operating income of INR77.34 crore in FY13.


MS SOLVEX: CRISIL Assigns 'B+' Rating to INR240MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of MS Solvex Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           60         CRISIL B+/Stable
   Term Loan            180         CRISIL B+/Stable

The rating reflects MS Solvex's exposure to off-take and
implementation risks associated with its ongoing solvent
extraction and refining unit project. The rating weakness is
partially offset by extensive industry experience of the
promoters.

Outlook: Stable

CRISIL believes that MS Solvex will maintain a stable credit
profile over the medium term on back of extensive experience of
its promoters in the edible oil industry. The outlook may be
revised to 'Positive' in case of successful completion of the
project coupled with strong revenue and profitability generation.
Conversely, the outlook may be revised to 'Negative' in case of
delays in completion of the project or lower than expected revenue
or profitability resulting in further weakening of its financial
risk profile and debt servicing metrics.

MS Solvex, incorporated in December 2012, is promoted by Mr.
Sanjay Kumar Chopra, Manish Chopra, Ankit Agrawal and Mr. Naveen
Agrawal. The company is currently setting up a 400 tonnes per day
(TPD) solvent extraction plant, 100 TPD refining unit and 3.5 TPD
lecithin powder plant at Village Jamunia Khurd, Neemuch (Madhya
Pradesh).


NV DISTILLERIES: CRISIL Suspends 'D' Rating on INR1.40BB Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
NV Distilleries Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            250       CRISIL D Suspended
   Foreign Currency
   Term Loan              250       CRISIL D Suspended
   Rupee Term Loan        900       CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by NVD
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NVD is yet to
provide adequate information to enable CRISIL to assess NVD'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'
About the Company

NVD was incorporated by Mr. Ashok Jain in 1998. The company set up
a distillery with a capacity of 75 kilo litre per day (klpd) at
Ambala (Haryana), which became operational in November 2008. The
company uses food grains to manufacture extra neutral alcohol
(ENA), country liquor (CL), and Indian made foreign liquor (IMFL).


PARAJ TRADING: CRISIL Reaffirms 'B' Rating on INR69.2MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Paraj Trading Mini Rice
Mill (PTMR) continues to reflect PTMR's weak financial risk
profile, marked by weak capital structure and debt protection
metrics, and its small scale of operations in the fragmented rice-
milling industry. These rating weaknesses are partially offset by
the extensive industry experience of the firm's promoters.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         2          CRISIL A4 (Reaffirmed)
   Cash Credit           47          CRISIL B/Stable (Reaffirmed)
   Term Loan             22.2        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PTMR will continue to benefit over the medium
term from the extensive experience of its promoters in the rice
milling industry. The outlook may be revised to 'Positive' in case
of improvement in the firm's capital structure or accruals,
thereby leading to a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' if PTMR undertakes any
significant debt-funded expansions, its profitability declines
substantially, or its working capital cycle lengthens, leading to
deterioration in its financial risk profile, particularly its
liquidity.

Established in 2004, PTMR processes rice at its facility in Paraj
(West Bengal). PTMR is a partnership firm of Mr. Tapas Kumar Kesh,
Mr. Abdus Salam Mondal, Mr. Anowar Hossain Mondal, Mr. Bangsi
Badan Sam, and Mr. Sabir Ahammed Mondal. The firm sells its
produce to Food Corporation of India Ltd (rated 'CRISIL AAA
(SO)/Stable') and also in the open market through brokers.

For 2012-13 (refers to financial year, April 1 to March 31), PTMR
reported a profit after tax (PAT) of INR0.11 million on net sales
of INR258.2 million, against a PAT of INR0.47 million on net sales
of INR177.3 million for 2011-12.


PRECISION ELECTRONICS: CARE Assigns 'B' Rating to INR2.8cr Loan
---------------------------------------------------------------
CARE reaffirms 'CARE B' and 'CARE A4' ratings to bank facilities
of Precision Electronics Limited.

                              Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long term Bank Facilities    2.80      CARE B Assigned
   Long term/ Short term
   Bank Facilities              5.00      CARE B/CARE A4 Assigned

Rating Rationale

The ratings continue to be constrained by continued operating
losses registered in FY14 (refers to the period April 1 to
March 31) and low debt coverage indicators of the company. The
rating also factors in PEL's low bargaining power with
its customers, fluctuating trend of its revenues largely
attributable to tender-driven business, limited control over
timely execution of projects impacted by lengthy testing and
approval process and vulnerability of profitability due to high
fixed overheads.

The ratings, however, continue to derive strength from the
qualified and experienced promoter, established track record
of operations and technological tie-ups with reputed international
players.

Going forward, the ability of the company to achieve the envisaged
revenue and profitability while maintaining its capital structure.
and growth in order book would be the key rating sensitivities.

Precision Electronics Limited was incorporated in May 1979 as a
private limited concern having registered office at New Delhi.
Later, in 1989 PEL was converted into a public limited company and
got listed on Bombay Stock Exchange (BSE) in 1991. Mr Ashok
Kanodia, Managing Director and Mr Pradeep Kanodia, Executive
Director are the key promoters of PEL and both have more than
three decades of experience. PEL is engaged in the business of
designing and manufacturing of telecom transmission systems,
military communication systems, electronic warfare systems and
C4I2SR systems. PEL's operations are mainly order-based and orders
are acquired through tendering process. PEL has two manufacturing
facilities located at Noida (U.P.) and Roorkee (Uttarakhand)
established in 1989 and 2007 respectively.

Key results updates

The company achieved total operating income of INR11.78 crore in
FY14 (Prov) which had increased from INR7.88 crore in FY13
reflecting a growth of ~49%. However, the company had losses at
operating level amounting to INR3.88 crore in FY14 owing to high
fixed overhead expenses which mainly included employee costs.
Capital structure remained comfortable reflected by overall
gearing ratio of below 0.50x as on March 31, 2014. However,
coverage indicators remained stressed reflected by negative
interest coverage ratio and total debt to GCA in FY14.


PRIME IT: ICRA Assigns 'D' Rating to INR30cr Loans
--------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR16.4
crore fund-based bank facilities, INR13.4 crore non-fund-based
bank facilities and INR0.2 crore proposed bank facilities of Prime
IT Solutions Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-based bank
   facilities             16.4       [ICRA]D; assigned

   Non-Fund-based
   bank facilities        13.4       [ICRA]D; assigned

   Proposed bank
   Facilities              0.2       [ICRA]D; assigned

The rating assigned factors in the irregularities observed in
debt-servicing by the company, owing to cash-flow mismatches
resulting from company's complete reliance on receipt of
collaboration payments for debt-servicing and financial
mismanagement in the form of diversion of funds for other
purposes. Although execution of collaboration agreements for the
project components has reduced risks associated with execution,
marketing and collection efficiency of the project; it has made
the company completely reliant on timely receipt of funds from the
collaborator for debt-servicing in light of no direct sales being
undertaken by the company at present. Further, the company
continues to remain exposed to execution and funding risk
associated with one of the project components (part of group
housing society) which is planned to be executed in-house.
Going forward, receipt of funds under the collaboration agreement
in a timely manner as well as proper financial management in the
form of use of proceeds for debt-servicing, will be crucial for
debt-servicing as per the scheduled dates of payment. Further, the
company's ability to mobilize adequate financial resources at
favourable terms for its own project (proposed to be developed in-
house) without diverting funds from the collaboration agreement
will also be the key rating sensitivities.

Prime IT Solutions Private Limited is a Delhi-based company which
together with other entities in the group held ~40 acre land
parcel in Sector-37 Gurgaon (Haryana). The land parcel was
proposed to be used to develop an integrated real-estate project
comprising of several components including group housing society,
low-cost group housing society, IT Park and commercial projects.
Of the above-mentioned components, Prime IT had significant
financial interests in low-cost group housing, commercial projects
and part of group housing society. While the company has entered
into separate collaboration agreements for low-cost group housing
project and commercial projects with external investors; it
proposes to develop group housing society in-house.

Recent Results
The company reported an operating income of INR 36.79 crore and
PAT of INR 1.54 crore in FY13.


SAN IMPEX: ICRA Suspends 'B' Rating on INR22cr Loan
---------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR22 crore fund
based limits of San Impex. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in the year 2009, San Impex (SI) is a proprietorship
firm engaged in the trading and export of various products
including Computer Hardware (mainly routers), Mink Blankets,
Garments and Steel Pipes. The firm has been promoted by Mr. Ankush
Singla and operates out of Ludhiana, Punjab.


SARGAM METALS: ICRA Upgrades Rating on INR23.5cr Loans to 'B+'
--------------------------------------------------------------
ICRA has upgraded the long-term rating outstanding on the INR5.00
crore term loan facilities and the INR18.50 crore fund based
facilities of Sargam Metals Private Limited to [ICRA]B+ from
[ICRA]B. ICRA has reaffirmed the short-term rating of [ICRA]A4
outstanding on the INR2.00 crore fund based (sub-limit) facilities
and the INR12.50 crore (enhanced from INR12.00 crore) non-fund
based facilities of SMPL.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Term loan facilities    5.00      Upgraded to [ICRA]B+
                                      from [ICRA]B

   Fund based facilities  18.50      Upgraded to [ICRA]B+
                                      from [ICRA]B

   Fund based (sub-limit) (2.00)     [ICRA]A4 reaffirmed/assigned
   facilities

   Non-fund based         12.50      [ICRA]A4 reaffirmed/assigned
   facilities

The upgrade in the long term reflects the moderation in debt
level, supported by realization of long pending
receivables/advances and proceeds from sale of stake in an
erstwhile group entity. The ratings also consider the established
relationship of the company with some of its key customers, which
is likely to drive business growth; and the vast experience of its
promoters in the business of non-ferrous alloy manufacturing.
Further, the ratings consider SMPL's stretched financial profile,
characterised by nominal profits, aggressive capital structure and
stretched coverage indicators; SMPL's operations in a highly
fragmented and competitive industry, which restricts scope for
margin expansion; and the susceptibility of its accruals to
adverse movements in foreign exchange rates, in the absence of
hedging. While SMPL's accruals are likely to be exposed to the
sluggish demand prevailing in the automobile industry, the long
term demand outlook remains favourable.

SMPL is primarily engaged in the manufacture of aluminium ingots,
which are used as raw materials in foundries for the production of
castings. The Company is also engaged in manufacture of zinc and
manganese ingots, in smaller volumes, and cathodic protection
products, which finds application in ships, off-shore structures
such as platforms, sub-sea pipelines and structures such as jetty,
wharves and barges.

SMPL, which was established as a partnership firm in 1968, was
converted into a private limited company in 1970. The Company has
its alloy production capacity in Manapakkam (Tamil Nadu) and is in
the process of shifting its manufacturing facility to SIPCOT
Industrial estate in Cheyyar (Tamil Nadu). The Company is managed
by Mr. S Arun and is closely held by the promoter/promoter group.

Recent results
SMPL reported a net profit of INR0.3 crore on an operating income
of INR97.0 crore during 2013-14 (according to unaudited results),
against a net profit of INR0.5 crore on an operating income of
INR91.6 crore during 2012-13.


SHIVAM HOSPITAL: CRISIL Suspends 'B-' Rating on INR100MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shivam
Hospital.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            17         CRISIL B-/Stable Suspended
   Term Loan              83         CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by SH
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SH is yet to
provide adequate information to enable CRISIL to assess SH'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'

SH was set up in 2010 by Dr. Raj Kumar Vasal, Mr. Sanjeev Vasal,
Mr. Sunder Sham Arora, and Mr. Shadi Lal. It has different
departments, such as neurosurgery, neurology, cardiology,
cardiothoracic surgery, urology, nephrology, medicine, ear-nose-
throat, orthopedic, plastic surgery, and general surgery, and a
well-equipped investigation lab with computerised tomography (CT)
scan and X-ray facilities. SH is located at Phagwara Road in
Hoshiarpur (Punjab); it has capacity of 170 beds. The hospital
commenced operations on April 27, 2011.


SHREE MAHALAXMI: CRISIL Ups Rating on INR111MM Loans to 'B-'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Shree Mahalaxmi Himghar Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         3        CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit           42        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Cash Credit           24        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Cash Credit           45        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects the timely servicing of its debt
obligation backed by improvement in cash accruals against low debt
levels of the company. CRISIL believes the company's cash accruals
to remain adequate because of full repayment of term loan and in
absence of any major debt-funded capital expenditure (capex) plans
by the company over the medium term.

The ratings, however, continue to reflect SMHPL's modest scale of
operation in highly regulated and intensely competitive cold
storage industry in West Bengal. The rating also factors in
SMHPL's weak financial risk profile, marked by a high gearing and
weak debt protection metrics. These rating weaknesses are
partially offset by the benefits that SHMPL receives from its
promoters' extensive experience in the industry.
Outlook: Stable

CRISIL believes that SHMPL will benefit over the medium term from
its promoter's extensive experience in the cold storage industry.
The outlook may be revised to 'Positive' if the company reports
considerably high revenue and profitability, resulting in better
cash accruals from operations which further improves its capital
structure and liquidity. Conversely, the outlook may be revised to
'Negative', if the company achieves less-than-expected revenue or
lower profit margins or it undertakes any substantially large,
debt-funded capex, resulting in weak financial risk profile,
particularly liquidity.

SMHPL was initially set up as a partnership firm in 1979, named
Shree Mahalaxmi Cold Storage, with a cold storage facility, in
Kolkata (West Bengal) by Mr. Madan Dolui and family; it was
subsequently reconstituted as a private limited company under its
current name. SMHPL is being managed by Mr. Madan Dolui and his
sons, Mr. Arup Dolui and Mr. Anup Dolui. The company has cold
storage facilities in Paschim Mednipur (West Bengal) for the
potato traders and farmers of West Bengal. SMHPL has a cold
storage capacity of 421,093 quintals with 7 chambers. The
facility's average utilisation during the storage season was 90 to
95 per cent over the three years through 2010-11 (refers to
financial year, April 1 to March 31). However, during the storing
season in 2012 (February to March), the utilisation was lower, at
60 per cent.


SHRI MAHADEV: CRISIL Assigns 'B' Rating to INR53.9MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long term
bank facilities of Shri Mahadev Silk Mills Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           27.5        CRISIL B/Stable
   Long Term Loan        26.4        CRISIL B/Stable

The rating reflects SMSMPL's exposure to intense competition in
the fragmented dyeing and processing segment and its large working
capital requirements. The above mentioned rating weaknesses are
partially offset by the extensive experience of the promoters in
the industry.

Outlook: Stable

CRISIL believes the company will maintain a stable credit risk
profile over the medium term, backed
by its promoters extensive experience in the industry. The outlook
may be revised to 'Positive', if SMSMPL achieves a healthy growth
in its scale of operations, while prudently managing its working
capital cycle and maintaining its financial risk profile.
Conversely, the outlook may be revised to 'Negative', if SMSMPL's
accruals decline, or if its working capital requirements lengthen
further, leading to deterioration in financial risk profile and
liquidity.

Surat (Gujarat ) based SMSMPL is engaged in the business of dyeing
and processing of man made
fabrics. The company caters majorly to the textile players in and
around the city of Surat. SMSMPL has been engaged in this business
for more than 10 years. SMSMPL is promoted by Mr. Nandkishore
Rathi and his family.

In 2012-13, the company generated net profit of INR0.2 million on
net sales of INR135 million as against net loss of INR1 million on
net sales of INR123 million.


SHRINATHJI SPINTEX: ICRA Revises Rating on INR12.20cr Loans to B
----------------------------------------------------------------
ICRA has revised the long term rating assigned to INR4.50 crore
cash credit facility and to the INR7.70 crore term loan facility
of Shrinathji Spintex Private Limited from [ICRA]B+ to [ICRA]B.
ICRA has also reaffirmed the [ICRA]A4 rating to INR1.50 crore
export packaging facility (sub-limit of cash credit facility) of
SSPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             7.70       Revised to [ICRA]B
                                    from [ICRA]B+

   Cash Credit           4.50       Revised to [ICRA]B
                                    from [ICRA]B+

   Export Packaging      1.50       [ICRA]A4 Reaffirmed
   Limit

The rating revision reflects the stress on the liquidity position
of the company caused due to the high working capital intensity in
the business coupled with large on-going scheduled repayments.
ICRA further notes that any adverse movement in raw cotton and
yarn prices can further weaken the liquidity position given the
high inventory holding. The ratings also continue to reflect, the
company's modest scale of operations and vulnerability to demand
uncertainties in the spinning industry given the significant
overcapacities existing in the industry as well as high
competitive intensity with the presence of numerous small players
industry resulting in pressure on margins.

The ratings, however positively considers the extensive experience
of the promoters in the cotton ginning and spinning industry,
presence in cotton ginning supporting raw material supply for yarn
production as well as revenue diversification and location
advantage resulting in easy access to raw material sources;
further backward integration with the group concern engaged in
cotton ginning business, ensures easy and cost effective delivery
of raw materials.

Shrinathji Spintex Private Limited, promoted by Mr. Dilip N
Marakana, was incorporated in November 2010 and is engaged in the
business of producing carded yarn ranging between 20s to 40s
counts. The manufacturing facility of the company is located at
Gondal, Gujarat with an installed capacity of 10,000 spindles
translating to 5 tons of yarn per day.


SRI CHANDRAKANTHA: CRISIL Suspends 'D' Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Chandrakantha Marine Exports.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Packing Credit         60         CRISIL D Suspended

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

Set up in 1999 by Mr. Venkateswara Rao, SCME traded in black tiger
shrimps, and had its facilities in West Godavari district (Andhra
Pradesh). The firm used to procure shrimp from Nellore, East
Godavari, and Ongole regions of the state. The firm has,
currently, discontinued its operations.


STEELMAN ROLLING: CRISIL Reaffirms 'B+' Rating on INR70MM Loans
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Steelman
Rolling Mills Pvt Ltd continues to reflect SMPL's small scale of
operations, weak financial risk profile, marked by below-average
debt protection metrics and high gearing, and working-capital-
intensive operations in the highly competitive steel industry.
These rating weaknesses are partially offset by the extensive
industry experience of SMPL's promoters and the financial support
it receives from them.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B+/Stable (Reaffirmed)
   Term Loan              10       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SMPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a more-than-
expected increase in the company's revenue and profitability,
coupled with an improvement in its capital structure. Conversely,
the outlook may be revised to 'Negative' if SMPL's financial risk
profile deteriorates, most likely due to large debt-funded capital
expenditure or a decline in cash accruals.

Update
SMPL is estimated to report revenue of around INR422.3 million for
2013-14 (refers to financial year, April 1 to March 31), slightly
higher than INR405.1 million reported for 2012-13. Its operating
margin is estimated at around 3.84 per cent for 2013-14, which is
in line with past trends. The company's operations remain working-
capital-intensive with gross current assets estimated at 112 days
as on March 31, 2014, also in line with past trends.

SMPL's financial risk profile remained weak, with below-average
debt protection metrics, in 2013-14; its interest coverage and net
cash accruals to total debt ratios are estimated at 1.6 times and
0.07 times, respectively, for the year. However, its gearing is
estimated to have improved to 1.77 times as on March 31, 2014,
from 1.96 times as on March 31, 2013, with partial repayment of
its corporate debt.

SMPL's liquidity has remained constrained with high utilisation of
bank lines at around 95 per cent on account of the working-
capital-intensive nature of its operations. However, the company
is estimated to have generated sufficient cash accruals of INR4.8
million against debt repayment obligations of INR3.3 million in
2013-14. Also, its liquidity is expected to be supported by
unsecured loans from promoters.

For 2012-13, SMPL reported a profit after tax (PAT) of INR2.9
million on net sales of INR405.1 million, against a PAT of INR2.2
million on net sales of INR337 million for 2011-12. The company is
estimated to report sales of around INR422.3 million for 2013-14.

Incorporated in 1994, SMPL manufactures steel rounds. The company,
promoted by Mr. Inderjit Singh Khurana and his family, has at its
facilities in Ludhiana, (Punjab).


UNITED ENGINEERING: CRISIL Suspends 'C' Rating on INR6.5MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of United
Engineering Eastern Corporation (UEEC).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           16         CRISIL A4 Suspended
   Foreign Bill Purchase     5         CRISIL A4 Suspended
   Packing Credit           23.5       CRISIL A4 Suspended
   Proposed Short Term
   Bank Loan Facility       19         CRISIL A4 Suspended
   Working Capital
   Term Loan                 6.5       CRISIL C Suspended

The suspension of ratings is on account of non-cooperation by UEEC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, UEEC is yet to
provide adequate information to enable CRISIL to assess UEEC'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 1951, UEEC primarily manufactures machinery for the
edible oil industry. UEEC is a partnership firm which is presently
managed by Mr. R K Gandhi and Mr. Rabindra Gandhi.


VANDANA TRACTORS: CRISIL Suspends 'B' Rating on INR175MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vandana
Tractors Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            49        CRISIL B/Stable Suspended
   Proposed Long Term
   Bank Loan Facility    126        CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by VTPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VTPL is yet to
provide adequate information to enable CRISIL to assess VTPL'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 1999, VTPL is promoted by Mr. Sukhdev Gohil and his
wife, Mrs. Usha Gohil. The company has three main businesses. It
is a channel partner for distribution of New Holland Tractors
(NHT) for Rajkot district and also Kalavad Tehsil of Jamnagar in
Gujarat (contributes 45 to 50 per cent of its revenues). It is
also a channel partner of Case Construction India (CCI) for
distribution of loader backhoe and vibrating compactors, which is
used in the mining and construction sectors, for the Saurashtra
region of Gujarat (except Bhavnagar district)'this business
contributes to 45 to 50 per cent of VTPL's revenues. VTPL also
sells loaders manufactured by its group entity, US Industries,
under the brand, Vandana'this segment contributes 5 to 10 per cent
of its revenues. VTPL is also currently planning to set up its own
loader-manufacturing capacity.


VARUN EXPORTS: CRISIL Lowers Rating on INR87.1MM Loans to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Varun Exports to 'CRISIL B/Stable' from 'CRISIL B+/Stable',
while reaffirming its rating on the short-term facilities at
'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Letter Of Guarantee     0.5       CRISIL A4 (Reaffirmed)

   Letter of Credit        2         CRISIL A4 (Reaffirmed)

   Line of Credit         75         CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term     12.1       CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in VE's business risk
profile marked by decline in sales, and weakened liquidity due to
withdrawal of funds by promoters. The scale of operations has
declined over the past two years, to INR100 million estimated in
2013-14 (refers to financial year, April 1 to March 31) and INR110
million in 2012-13, from the historical range of INR170 million to
INR200 million. This is because of lower demand from the European
market, which accounts for the largest chunk of revenue for VE.
Also, the firm's revenue is expected to remain subdued with lower
demand from the key market in Europe. Although the firm has
started diversifying by exploring new markets such as the USA, the
UK, and the Netherlands, this is yet to show any major benefit.
The liquidity is stretched with high gross current assets of 382
days, minimal cash accruals, and withdrawal by promoters. VE's
liquidity has deteriorated due to low cash accruals of about INR1
million, on account of withdrawal by promoters of INR30 million to
INR40 million estimated in 2013-14.

CRISIL's ratings reflect VE's small scale of operations and weak
financial risk profile, marked by a small net worth, weak net cash
accruals to total debt ratio, and moderate gearing. The ratings
also factor in the firm's highly working-capital-intensive
operations. These rating weaknesses are partially offset by the
benefits that VE derives from its partners' extensive experience
in the footwear industry.

Outlook: Stable

CRISIL believes that VE's business risk profile will remain
constrained over the medium term by its small scale of operations.
The outlook may be revised to 'Positive' if the firm scales up its
operations substantially, while maintaining its profitability,
capital structure, and liquidity. Conversely, the outlook may be
revised to 'Negative' in case VE does not arrest its revenue
decline, or if it undertakes a large debt-funded capital
expenditure programme, or if a further increase in its working
capital requirements results in deterioration in its financial
risk profile, particularly its liquidity.

Set up as a partnership firm in 1985, VE manufactures leather
footwear in Agra (Uttar Pradesh). The firm's day-to-day operations
are managed by Mr. Arun Ahluwalia and his son, Mr. Varun
Ahluwalia.

For 2012-13, VE reported a profit after tax (PAT) of INR0.67
million on net sales of INR102.1 million, against a PAT of INR3.3
million on net sales of INR176.8 million for 2011-12. The firm is
estimated to report net sales of INR100.9 million in 2013-14.


VISION PIPES: ICRA Raises Rating on INR14cr Loans to 'B+'
---------------------------------------------------------
ICRA has upgraded the long-term rating of Vision Pipes Private
Limited from [ICRA]B to [ICRA]B+ for INR14 crore* fund based
facilities. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 for INR11.00 crores non-fund based facilities of VPPL.
The rating suspension done in August 2013 has been revoked.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Working Capital       13.50       [ICRA]B+ Upgraded
   Limits                            from [ICRA]B

   Term Loan              0.50       [ICRA]B+ Upgraded
                                     from [ICRA]B

   LC/BG                 11.00       [ICRA]A4 Reaffirmed

The ratings upgrade factors in increase in scale of operations of
the company in manufacturing of PVC (Polyvinyl chloride) Pipes and
healthy growth in revenues in the past two years. The rating also
draws comfort from the long experience of the promoters in pipes
industry; VPPL's diversified client base and its established
distribution network. However, the rating concerns emanates from
low profitability of the company due to higher trading operations
and high gearing levels due to funding of increased working
capital requirements through bank borrowings. The rating also
takes into account highly competitive and fragmented nature of the
pipes industry and vulnerability of VPPL's profitability to raw
material price volatility given the fact that the procurement for
the company is not order backed.

Incorporated in the year 2007, Vision Pipes Private Limited (VPPL)
is a private company engaged in the manufacturing of PVC Pipes and
Water Tanks, largely for agriculture and construction sectors. The
company is also involved in trading of PVC Resin. The company has
been promoted by Mr. Pardeep Mittal and his family members. VPPL
has its manufacturing facilities situated in Bahadurgarh, Haryana.

Recent Results

The company reported a net profit after tax of INR0.64 crore on an
operating income of INR129.82 crore in FY2014 (as per provisional
numbers) as against net profit of INR0.45 crore on an operating
income of INR98.70 crore in FY2013.


VRIKSH TRANSWORLD: ICRA Cuts Rating on INR4.90cr Loan to 'B+'
-------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR4.90
crore fund based facilities of Vriksh Transworld Holdings Limited
to [ICRA]B+ from [ICRA]BB-. ICRA has re-affirmed the short-term
rating outstanding on the INR15.10 crore non-fund based facilities
at [ICRA]A4.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based facilities    4.90       Revised to [ICRA]B+
                                       from [ICRA]BB-

   Non-fund based           15.10      [ICRA]A4 reaffirmed
   facilities

The revision of long-term rating takes into account the
deterioration in company's liquidity profile owing to stretched
receivables position, leading to instances of devolvement of
Letter of Credit (LC) in the last few months and high utilisation
of working-capital limits. Further, the ratings are constrained by
VTHL's stretched credit profile, reflected in high total-outside
liabilities to tangible net worth and susceptibility of the
company's operating margin to demand cyclicality inherent in the
steel trading business. The ratings are also constrained by the
stiff competition in the domestic market and exchange rate
fluctuations which exert pressure on profit margins. The ratings,
nevertheless, factor in the promoter's long-standing experience in
the steel industry and their well-established supplier and
customer relationships which supports the business prospects of
the Company.

Vriksh Transworld Holdings Limited was incorporated in 1995 and is
closely held by the promoters and their family. The Company is
engaged in trading of TMT (Thermo-mechanically-treated) bars,
steel scraps and steel products. The company sources TMT bars from
domestic manufacturers while steel scrap is imported mainly from
traders based in USA and Europe.

Recent Results

As per the provisional results for period Apr'13-Feb'14, VTHL
reported Operating Income (OI) of INR66.8 crore. According to
audited results for the financial year 2012-13, VTHL's operating
income (OI) and profit after tax (PAT) stood at INR65.3 crore and
INR0.2 crore respectively, compared to OI and PAT of INR65.3 crore
and INR0.3 crore for the previous year 2011-12.



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


INDONESIA: S&P Rates Benchmark-Size Euro-Denom. Notes 'BB+'
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating to benchmark-size euro-denominated global notes that
Indonesia (BB+/Stable/B; axBBB+/axA-2) proposes to issue as part
of its US$25 billion global medium-term notes program.  The notes
will constitute the direct, unconditional, unsubordinated and
unsecured obligations of Indonesia.

The sovereign credit ratings on Indonesia reflect the economy's
low per capita income, developing structural and institutional
foundations, weak policy environment, and rising external
leverage.  These rating constraints are weighed against the
country's cautious and well-entrenched fiscal management, modest
general government debt and interest burden, and moderately strong
economic growth.

The stable outlook on the sovereign rating reflects S&P's view
that Indonesia's moderately weak governance and effectiveness of
government policies, low GDP per capita, and external
vulnerability are generally balanced against a conservative fiscal
policy, favorable debt trajectory, and the country's moderately
strong growth prospects.



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


MALAYSIAN AIRLINE: State Fund Plans to Take Carrier Private
-----------------------------------------------------------
Malaysian state investor Khazanah Nasional Bhd plans to take
Malaysian Airline System Bhd (MAS) private as the first step in a
major restructuring of the loss-making airline following the
disappearance of its Flight MH370, two people with direct
knowledge of the matter told Reuters.

A de-listing would pave the way for Khazanah to revive the ailing
carrier, possibly by selling off its profitable engineering,
airport services or budget airline units, trimming its bloated
payroll and installing a new management team, Reuters reports.

Reuters notes that the restructuring and potential sale of MAS is
politically fraught due to heavy opposition to job losses from its
powerful labor union, which has hampered previous revival plans,
and its status as Malaysia's national flag-carrier.

At MAS's current price of 21 sen per share, majority shareholder
Khazanah would need to pay only MYR1.05 billion ($328 million) for
the 30.6 percent of shares it does not already own, according to
Reuters calculations.

Reuters relates that Khazanah's board, chaired by Prime Minister
Najib Razak, is expected to meet at the end of July to discuss the
plan, one of the people said, adding that an announcement would be
made by the end of this year.

The sources declined to be identified because of the sensitivity
of the issue, Reuters notes.

The state investor is working with CIMB Investment Bank on the
restructuring, the sources added, but cautioned that the plan, and
its details, are subject to change depending on the ultimate
decision by the government, Reuters relays.

According to Reuters, Khazanah said last month it was considering
all options and would unveil plans within 6-12 months to
restructure the airline, which has been squeezed into three
straight years of losses by intense competition locally and on
long-haul flights.

Hit by slumping ticket sales in the wake of the baffling
disappearance of MH370 on March 8, the company turned in its worst
quarterly performance in two years in the January-March period and
is currently burning through its operating cash, Reuters says. Its
shares have fallen 16 percent since the disappearance compared to
a 2.8 percent gain in the benchmark stock exchange index, adds
Reuters.

MAS's chief executive said last week that the business needed to
embrace "radical or sweeping" change to survive, Reuters reports.

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.



===============
M O N G O L I A
===============


TRADE AND DEVELOPMENT: S&P Affirms 'B' Rating on MTN Program
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term and
'B' short-term issue ratings to a proposed medium-term notes (MTN)
program under which Trade and Development Bank of Mongolia LLC
(TDB; B/Negative/B) may issue notes up to a maximum of
US$1 billion.  S&P also affirmed its 'B' long-term issue rating
assigned to a proposed drawdown under the program on the same
date.  All the ratings, which S&P assigned on June 17, 2014, are
still subject to its review of the final issuance documentation.

"Our rating affirmations follow our review of the program's
recently updated terms and conditions.  We note that the program
and the drawdown are no longer backed by a letter of support (LoS)
from the Mongolian government, acting through the Ministry of
Finance.  Nonetheless, the absence of a LoS does not have any
major rating implication on the issue ratings.  That's because we
do not view the letter as a guarantee and therefore have not
equalized the long-term issue rating on the MTN program with the
sovereign credit rating on Mongolia (B+/Stable/B)," S&P said.

S&P has equalized the issue ratings on the proposed MTN program
and drawdown with the issuer credit ratings on TDB.  All notes
issued under the program will rank equally among themselves and
with all other present and future unsecured and unsubordinated
obligations of the bank, except obligations required to be
preferred by law.  TDB intends to use the bond proceeds for the
bank's general corporate purpose and refinancing of foreign-
currency denominated debt.

TDB may issue index-linked notes under the program.  Under
Standard & Poor's criteria, S&P do not rate bonds if principal
payments are linked to fluctuations in equity or commodity prices,
or equity or commodity indices.



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


BLUE 9: End of Road for Another Rout Firm
-----------------------------------------
Debbie Jamieson at the Southland Times reports that the business
that Queenstown contractor Steve Rout used to buy the assets of
his last failed companies has been placed into liquidation.

Blue 9 bought the business and assets of two previous earthmoving
companies run by Rout, which went into receivership in 2011,
according to the Southland Times.

Iain Nellies -- iain@insolvency.co.nz -- confirmed he was
appointed liquidator of Blue 9 on June 26.  The other liquidator
was Wayne Deuchrass -- wayne@insolvency.co.nz -- of Christchurch.

Mr. Nellies said they were still working to gather the necessary
information together to establish the company's position,
according to the report.

It was an Inland Revenue Department application that led to the
liquidation.

The report discloses Jesse Rout confirmed the company had ceased
trading before the liquidation.  Mr. Rout was working in the
Philippines, he said, the report notes.

One of Mr. Rout's earlier companies, Rout Bros Contracting Ltd,
was placed in liquidation in 2002.  The other company director was
his brother Richard.

Then, in 2011, Steve Rout Contracting went into liquidation and
was found to owe more than $5.3 million to creditors including
$595,000 to unsecured creditors who were unlikely to get any
dividends, the report discloses.

It was one of three Frankton businesses run by Rout and son Stacey
as an earthmoving contractor, materials supplier and digger hirer
and employing about 45 people, the report relates.

East South was placed in receivership and Southern LC, in
receivership and liquidation, the report notes.

Business and assets of East South and Steve Rout Contracting,
including cement tankers, trucks and cement stock, were sold to
Blue 9, according to Company Office documents, the report
discloses.  They are unclear where the Southern LC assets ended
up. That company had traded as Procure Concrete and its assets
included a concrete plant, six mixer trucks, cement and
intellectual property, the report relates.

According to Company Office documents, Rout stepped down as a
director of another company, Nuroad Ltd, in October last year and
ceased to be a shareholder two weeks before the liquidation of
Blue 9, the report relays.  His wife, Jane, and son Jesse have
been appointed directors and shareholders, the report discloses.

In other recent changes, he ceased being a director of Queenstown
Hardfill Management Co Ltd in May this year, notes the report.
Sons Jesse and Stacey were earlier appointed as directors.  Shares
are held by Steve Rout Contracting Ltd and Faulkes Enterprises Ltd
(in receivership).

The only operating company of which Rout remains a director is
Central Crushing Ltd, the report adds.


SOUTHERN CROSS: In Receivership, Cuts 60 Job in Thames
------------------------------------------------------
Waikato Times reports that moves are afoot to help up to 60
workers laid off after a Thames sawmill went into receivership.

The job losses at Southern Cross Forest Products were announced,
according to Waikato Times.

The report relates that the plant has been in receivership since
March after the operation was sold to Profiles Woodproducts Ltd,
receivers KordaMentha said.

A spokesperson for the receivers said Profiles Woodproducts was
planning to reduce the current two shifts to one, resulting in the
loss of up to 60 jobs, the report notes.

Thames-Coromandel Mayor Glenn Leach said the restructure would
affect the community, the report discloses.

"It's distressing whether there are 10, 20 or 30 job losses," the
report quoted Mr. Leach as saying.

"The town will survive, however the main impact will be on the
workers and their families," Mr. Leach said, the report relates.

The council has offered the services of its community development
officer to liaise with staff to ensure they have as smooth a
transition as possible, the report relates.

"The council will support the families affected by this.  The
individual families are most important," Mr. Leach said, the
report adds.

                        About Southern Cross

Southern Cross Forest Products is a Dunedin-based sawmill company.
It employed about 400 staff and has about NZ$100 million in annual
sales.

Brendon James Gibson and Michael Peter Stiassny were appointed
Joint and Several Receivers and Managers of the assets and
undertaking of Southern Cross Forest Products Limited, Rosebank
Forest Products Limited, Kauri Timber Products Limited And Pine
Resources (NZ) Limited on March 3, 2014.


* FMA Files Charges vs. Directors Over Late Financial Reporting
---------------------------------------------------------------
The Financial Markets Authority (FMA) has filed charges against
the directors of eight companies that raise funds from the public,
for breaches of the Financial Reporting Act (FRA).

"Filing financial statements on time is a basic requirement for
companies that issue securities to the public and failure to
comply has serious consequences," said Belinda Moffat, FMA,
Director of Enforcement and Investigations.

"The FMA hopes these cases will help encourage better conduct and
increase confidence in the fair and transparent operation of our
financial markets."

The FMA on July 3 released its review of non-filing of financial
statements by companies who issued securities to investors. The
review is based on the financial reporting of 416 limited
liability companies with a 31 March 2013 balance date.  It shows
that 305 companies, or 73 per cent, had filed their financial
statements on time. However, despite reminder notices being sent,
43 entities, or 10 per cent of the total, still had outstanding
accounts at November 2013.

Following further reminder notices to each of these entities, FMA
started court prosecutions against the directors of seven entities
that had persistently failed to file.  Proceedings were also
initiated for the directors of one other entity with a September
2013 balance date that had repeatedly not filed financial
statements.

The charges have been filed following FMA's monitoring activity of
the companies.

Belinda Moffat said directors were responsible for ensuring their
companies filed financial statements in an accurate and timely
way. "FMA decided on court action because these entities had
persistently failed to file and presented the greatest harm to the
market. This is determined either in terms of the number of
investors, the amount of money involved in the companies, or an
apparent disregard for the importance of ensuring that this
important information is available."

FMA's concern is that failure to comply with filing obligations
limits the availability of information to investors, the market
and the regulator. This information is critical for an investor to
make informed and timely investment decisions and for FMA to
oversee compliance.

"We are sending a strong message to issuers of securities that
there are serious consequences for failing to meet their filing
obligations," said Ms. Moffat.

NZ Herald says the eight companies are:

   * Prosper Hills (2004) Limited;
   * Prosper Hills (2006) Limited;
   * NZFIL 3 Limited;
   * Applefields Limited;
   * Heritage Park Taupo Limited;
   * Prudential Real Estate Investments Limited;
   * SPI Capital Limited; and
   * SPI Property Limited.



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


DONGBU GROUP: Creditors Urge Owner to Put Stake as Collateral
-------------------------------------------------------------
Choi Kyong-ae at The Korea Times reports that creditor banks are
mounting pressure on debt-ridden Dongbu Group's owner family to
put their assets up as collateral for financial support.

Backing the state-run Korea Development Bank (KDB) and nine other
creditors, the financial authorities have urged the owner family
to offer a controlling stake in a flagship affiliate as security
for fresh loans from creditors, The Korea Times says.

"To receive a fresh loan, Dongbu Group is required to provide the
14.06 percent stake (held by the group's Chairman Kim Jun-ki's
eldest son Nam-ho) in Dongbu Insurance," a KDB official said by
telephone, asking not to be named, the report relays.

But Dongbu Group has balked at the request, saying the stake in
Dongbu Insurance "has nothing to do with the ongoing restructuring
in its non-financial operations," according to The Korea Times.

The report notes that if the Kim family gives the Dongbu Insurance
stake as collateral, it means they will lose control of overall
financial affiliates. That's why Dongbu has stuck to the stake
despite persistent requests from the authorities and creditors.

"As large shareholders are responsible for the current financial
status of Dongbu Group, they are also in charge of putting the
debt-ridden group back on track," the report quotes an official at
the Financial Supervisory Service as saying.

On June 30, KDB Chairman and Chief Executive Hong Kyttack told
reporters that there was a good reason for the junior Kim's stake
to be offered as collateral for financial support, the report
says. "The junior Kim is not a self-made man. Most of his assets
come from his father," he said.

On June 23, KDB asked the construction-to-finance conglomerate to
accept a drastic restructuring led by creditors for the revival of
Dongbu Steel, The Korea Times recalls. In late June, Dongbu Steel
accepted the offer and the process will begin on July 7, the
spokesman said.

"Creditors will conduct due diligence on Dongbu Steel for three to
four months before they come up with a plan to revive the
steelmaker," he said, notes the report. "The plan are likely to
ask the owner family to share the financial burden for the
restructuring of the steel unit."

The Korea Times notes that the acceptance came after POSCO
withdrew its plan to buy Dongbu Steel's cold-rolled steel plant in
Incheon and Dongbu Power's operations in Dangjin in a packaged
deal offered by KDB.  The report adds that POSCO said it dropped
out of the bidding for the Dongbu units due to financial reasons
and lack of synergy effects it can expect from the acquisition.

Meanwhile, The Korea Times discloses that Dongbu's five affiliates
-- Dongbu Steel, Dongbu CNI, Dongbu Metal, Dongbu Engineering &
Construction and Dongbu Farm Hannong -- have a total KRW424.4
billion worth of debt maturing this year. Dongbu Group, which runs
64 affiliates under its wing, has a similar amount of debt
maturing next year.

The group currently has a total debt of KRW5.7 trillion, slightly
down from KRW6.3 trillion at the end of last year, the report
discloses.

In November, Dongbu announced a self-help plan to raise
KRW3 trillion through the sale of assets by 2015. With the funds,
it plans to pay outstanding debt worth KRW2.35 trillion as of the
same month, says The Korea Times.

Dongbu is a South Korean conglomerate corporation which operates
through seven business segments with 42 subsidiaries and 35,000
employees. The Group produces industry, chemical, shipping,
insurance and financial products.



===============
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.



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