TCRAP_Public/140709.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

           Wednesday, July 9, 2014, Vol. 17, No. 134


                            Headlines


C H I N A

CLEANTECH INNOVATIONS: Accumulated Deficit at $16M as of March 31
LONKING HOLDINGS: S&P Affirms and Withdraws 'BB-' CCR


I N D I A

ADHIKARY ELECTROCHEM: CRISIL Suspends 'D' Rating on INR75MM Loans
GALCO EXTRUSIONS: CRISIL Puts 'B+' Rating on INR156.5MM Loans
HARPAT RAI: CRISIL Suspends 'B-' Rating on INR30MM Loan
INDO-GERMAN INT'L: CRISIL Reaffirms 'B+' Rating on INR150MM Loan
K. B. ZAVERI: CRISIL Suspends 'B' Rating on INR210MM Loan

NAVLOK EXHIBITORS: CRISIL Suspends 'B-' Rating on INR110MM Loans
OXFORD AUTOMOTIVE: CRISIL Suspends B- Rating on INR200MM Loans
SAND DUNE: CRISIL Reaffirms 'B+' Rating on INR400MM Loans
SABER PAPER: CRISIL Suspends 'D' Rating on INR2.06BB Loans
SHREE VENTURES: CRISIL Assigns 'B+' Rating to INR60MM Loans

SUJAN INDUSTRIES: CRISIL Assigns 'B+' Rating to INR140MM Loan
V & V PHARMA: CRISIL Reaffirms 'D' Rating on INR96.4MM Loans


I N D O N E S I A

BUMI RESOURCES: S&P Raises CCR to 'CC'; Outlook Negative


                            - - - - -



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


CLEANTECH INNOVATIONS: Accumulated Deficit at $16M as of March 31
-----------------------------------------------------------------
CleanTech Innovations, Inc., filed its quarterly report on Form
10-Q, disclosing that it had accumulated deficit of $16.18
million as of March 31, 2014.  In addition, the Company had
promissory notes of $10 million and $50,000 that are past due.
Through a new line of credit agreement entered with the same
lender on Aug. 17, 2013, the default promissory note of $10
million became payable upon the note-holder's request.  As of
March 31, 2014, the Company had an outstanding balance of $0.65
million including accrued interest under this credit line and
$453,992 under short term payable currently in default.  The
Company has been unable to raise funds from the U.S. markets to
pay off these obligations.  During the quarter ended March 31,
2014, the Company's shareholder who is also the CEO of the
Company lent $929,679 for Company's operating needs.  These
conditions raise a substantial doubt as to whether the Company
may continue as a going concern, according to the regulatory
filing.

The Company reported net income of $450,956 on $1.93 million of
net sales for the three months ended March 31, 2014, compared
with a net loss of $909,841 on $252,819 of net sales for the same
period in 2013.

The Company's balance sheet at March 31, 2014, showed
$28.77 million in total assets, $19.31 million in total
liabilities, and stockholders' equity of $9.46 million.

A copy of the Form 10-Q is available:

                       http://is.gd/55wOZK

CleanTech Innovations, Inc., manufactures structural towers for
megawatt-class wind turbines and highly engineered metal
components for clean energy purposes.  The Liaoning Province,
China-headquartered Company services the steel and coke,
petrochemical, highly-voltage electricity transmission and
thermoelectric industries.


LONKING HOLDINGS: S&P Affirms and Withdraws 'BB-' CCR
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating and 'cnBB+' Greater China
regional scale rating on China-based construction machinery
manufacturer Lonking Holdings Ltd.  S&P also affirmed its 'B+'
long-term issue rating and 'cnBB' Greater China regional scale
rating on the company's senior unsecured notes.  S&P then
withdrew the ratings at the company's request.  The outlook on
the corporate credit rating was stable at the time of the
withdrawal.

S&P assessed Lonking's business risk profile as "weak" to reflect
the company's smaller revenue base than its major domestic and
global peers', its limited geographic and product diversity, and
its exposure to government policies on infrastructure spending.

S&P assessed Lonking's financial risk profile as "aggressive"
because it had yet to see any meaningful improvement in its
working capital management.  A weakening domestic economy and the
deteriorating creditworthiness of Lonking's customers could
heighten credit risks.  Nevertheless, S&P noted that the company
has tightened its credit underwriting policies and collections
since late 2011.

S&P considered the company to be at the stronger end of its
business risk profile and financial risk profile categories.  S&P
applied a one-notch uplift to Lonking's 'B+' anchor rating based
on our comparable rating analysis.

The stable outlook on Lonking reflected S&P's expectation that
the company was likely to maintain its operational performance
and financial strength over the next 12 months.  It also
reflected S&P's view of Lonking's improved and "adequate"
liquidity over the next 12 months.  However, S&P had yet to see a
material improvement in Lonking's working capital management
despite its tightened credit policy since 2011.



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I N D I A
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ADHIKARY ELECTROCHEM: CRISIL Suspends 'D' Rating on INR75MM Loans
-----------------------------------------------------------------
http://www.crisil.com/Ratings/RatingList/RatingDocs/Adhikary_Elec
trochem_Industries_Limited_June_30_2014_RR.html


CRISIL has suspended its ratings on the bank facilities of
Adhikary Electrochem Industries Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            36       CRISIL D Suspended

   Proposed Long Term
   Bank Loan Facility      1       CRISIL D Suspended

   Term Loan              38       CRISIL D Suspended

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

AEIL, incorporated in 2001, is promoted by Mr. Subrato Adhikary.
The company manufactures lead acid batteries for automotives and
invertors under the AEC brand. AEIL's manufacturing facility is
in Magra, Hooghly.


GALCO EXTRUSIONS: CRISIL Puts 'B+' Rating on INR156.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Galco Extrusions Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              31        CRISIL B+/Stable
   Cash Credit            70        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     55.5      CRISIL B+/Stable

The rating reflects GEPL's below-average financial risk profile
marked by a modest net worth, high gearing and sub-par debt
protection metrics and its modest scale of operations in an
intensely competitive industry. These rating weaknesses are
partially offset by the promoter's extensive experience in the
aluminium extrusions industry and their funding support.

Outlook: Stable

CRISIL believes that GEPL will continue to benefit over the
medium term from its promoters' extensive industry. The outlook
may be revised to 'Positive' in case of significantly better cash
accruals or substantial equity infusion leading along with
efficient working capital management. Conversely, the outlook
maybe revised to 'Negative' in case of further pressure on the
company's liquidity emanating from  lower than expected cash
accruals, or larger than expected working capital requirements,
or large debt-funded capital expenditure.

Incorporated in 2007, GEPL manufactures aluminium extrusions
since 2010. The company is headquartered in Ahmednagar
(Maharashtra) and is owned and managed by Mr. Sandesh Lodha and
family.


HARPAT RAI: CRISIL Suspends 'B-' Rating on INR30MM Loan
-------------------------------------------------------
http://www.crisil.com/Ratings/RatingList/RatingDocs/Harpat_Rai_Ti
mbers_Private_Limited_June_30_2014_RR.html


CRISIL has suspended its ratings on the bank facilities of
Harpat Rai Timber Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B-/Stable Suspended
   Letter of Credit       95       CRISIL A4 Suspended

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

HRTPL, set up in 2003 by Mr. Suresh Kumar and his son, Mr. Sunny
Gupta, is engaged in trading of timber. The firm mainly imports
teakwood from Myanmar. The company is also engaged in trading of
petrochemicals. HRTPL has its warehouses in New Delhi and
Gujarat.


INDO-GERMAN INT'L: CRISIL Reaffirms 'B+' Rating on INR150MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Indo-German
International (P) Ltd reflect IGIPL's weak business risk profile,
marked by volatile revenues and operating margins and high
customer concentration in IGIPL's revenue profile. These rating
weaknesses are partially offset by the extensive experience of
IGIPL's promoters in the steel trading business and the company's
efficient working capital management.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Packing Credit        150       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that IGIPL will benefit over the medium term from
its promoters' extensive industry experience and its efficient
working capital management. The outlook may be revised to
'Positive' if IGIPL witnesses sustained growth in revenue and
improvement in its profitability margins while diversifying its
customer profile. Conversely, the outlook may be revised to
'Negative' if IGIPL's financial risk profile weakens because of
delay in receivables or deterioration in its profitability or
revenue.

Incorporated in December 1994, IGIPL is jointly promoted by the
Somani group and ThyssenKrupp AG, which holds a 49.99 per cent
stake in the company. IGIPL trades in steel, ferroalloys, and
steel-making raw materials. The Somani group is run by Mr. D K
Somani and his son Mr. T K Somani, who oversees the daily
operations of IGIPL.

IGIPL reported a profit after tax (PAT) of INR2.7 million on net
sales of INR918.1 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT INR2.8 million on net sales
of INR1105 million for 2011-12.


K. B. ZAVERI: CRISIL Suspends 'B' Rating on INR210MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
K. B. Zaveri.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           210       CRISIL B/Stable Suspended

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

KB was established in 1988 by Mr. Kanchanbhai Patel. The
proprietor has been in the jewelry business for the past 24
years. Initially, the firm manufactured wholesale jewellery and
also catered to the retail segment. However, in the past decade,
the firm discontinued wholesale manufacturing and the thrust has
been on the retail segment.


NAVLOK EXHIBITORS: CRISIL Suspends 'B-' Rating on INR110MM Loans
----------------------------------------------------------------
http://www.crisil.com/Ratings/RatingList/RatingDocs/Navlok_Exhibi
tors_Pvt_Ltd_June_30_2014_RR.html


CRISIL has suspended its ratings on the bank facilities of Navlok
Exhibitors Pvt Ltd.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Term Loan     41       CRISIL B-/Stable Suspended
   Term Loan              67       CRISIL B-/Stable Suspended

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

NEPL was incorporated in 1973 by members of the Mukhija family.
The company is presently executing a commercial real estate
project in Bhilwara (Rajasthan). Previously, the company operated
a cinema theatre, Jaswant Cinema, in Pech area, Bhopalganj,
Bhilwara. The company is now converting this movie theatre into a
commercial complex, which will also include a multiplex. The name
of the project is City Center and has a total saleable area of
1,08,259 square feet. The complex will have four floors. The
ground, first, and second floor will house 117 shops, and the
third and fourth floor will have the movie multiplex.


OXFORD AUTOMOTIVE: CRISIL Suspends B- Rating on INR200MM Loans
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Oxford Automotive Pvt Ltd.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Inventory Funding     132.5    CRISIL B-/Stable Suspended
   Facility

   Proposed Long Term
   Bank Loan Facility     53.5    CRISIL B-/Stable Suspended

   Term Loan              14      CRISIL B-/Stable Suspended

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

OAPL, incorporated in May 2009, is an authorised dealer for
Nissan Motors India Private Limited in Pune (Maharashtra). OAPL
is promoted by the Seolekar family, the owners of the Oxford
group, Pune. Besides automobiles, the Oxford group also has
business interests in real estate and hospitality.


SAND DUNE: CRISIL Reaffirms 'B+' Rating on INR400MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' short term rating to the bank
facilities of Sand Dune Construction Pvt Ltd while reaffirming
the long term rating to 'CRISIL B+/Stable'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            70        CRISIL B+/Stable (Reaffirmed)
   Term Loan             330        CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility    100        CRISIL A4 (Assigned)

The rating continues to reflect SDCPL's exposure to risks
inherent in the real estate sector reflected in its modest
offtake along with geographic concentration. These rating
weaknesses are partially offset by its promoters' extensive
experience in the real estate industry, as well as their track
record and financial support.

Outlook: Stable

CRISIL believes that SDCPL will continue to benefit over the
medium term from its promoters' extensive experience in the
residential real estate industry. The outlook may be revised to
'Positive' if the company successfully completes its ongoing
projects within the stipulated timeline, and generates higher-
than-expected profitability margins. Conversely, the outlook may
be revised to 'Negative' if SDCPL undertakes any substantial
debt-funded expansions, or there is any time or cost overrun in
its projects, resulting in weak financial risk profile.

SDCPL, incorporated in 1991 in Jaipur (Rajasthan), develops
residential and commercial real estates. It is promoted by Mr.
Ravi Mathur, Mr. Anuj Mathur, Mrs. Sheena Mathur, and Mrs. Rini
Mathur. The company is constructing several real estate projects
in Jaipur.

For 2013-14, SDCPL is estimated to report a profit after tax
(PAT) of INR28.8 million on sales of INR527.1 million, against a
PAT of INR14.7 million on sales of INR461.8 million for 2012-13.


SABER PAPER: CRISIL Suspends 'D' Rating on INR2.06BB Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Saber
Paper Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit          461.3      CRISIL D Suspended

   Letter of credit &
   Bank Guarantee       420.0      CRISIL D Suspended

   Term Loan          1,178.7      CRISIL D Suspended

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

SPL was established in October 2007 by Mr. Dinesh Soin and
family. The company has set up a 225 tonnes per day-(tpd) semi-
integrated writing & printing paper plant at Haroli in Una
(Himachal Pradesh). SPL manufactures cream wove, maplitho, and
copier papers, with maplitho being the largest contributor to
sales.


SHREE VENTURES: CRISIL Assigns 'B+' Rating to INR60MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Shree Ventures- Nagpur (SV).

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

   Proposed Long Term
   Bank Loan Facility     10       CRISIL B+/Stable

The rating reflects SV's below-average financial risk profile
marked by modest networth and high external indebtedness,
susceptibility of its operating margins to volatility in prices
of traded goods and large working capital requirements. These
rating weaknesses are partially offset by the extensive
experience of the proprietor in the agricultural products trading
business.

Outlook: Stable

CRISIL believes that SV will maintain its business risk profile
over the medium term backed by the proprietor's extensive
industry experience. The outlook may be revised to 'Positive' if
the concern achieves sustainable growth in its accruals and
reduces its receivable collection period leading to an
improvement in its financial risk profile Conversely, the outlook
may be revised to 'Negative' in case of lower than expected
revenues and profitability, or lengthening of its working capital
cycle or any withdrawals by the proprietor, leading to
deterioration in financial risk profile.

SV was formed in 2011 as a Proprietorship concern of Mr. Ujwal
Pagariya. It is engaged in wholesale trading of agricultural
products. The concern is based out of Nagpur (Maharashtra).

SV reported a profit after tax (PAT) of INR11.2 million on net
sales of INR344.8 million for 2013-14 (refers to financial year,
April 1 to March 31); the concern reported a PAT of INR13.5
million on net sales of INR331.8 million for 2012-13.


SUJAN INDUSTRIES: CRISIL Assigns 'B+' Rating to INR140MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sujan Industries-Bangalore.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         30        CRISIL A4
   Cash Credit           140        CRISIL B+/Stable

The ratings reflect its large working capital requirements, and
moderate scale of operations in the intensely competitive
precision components segment. These rating weaknesses are
partially offset by the extensive industry experience of the
promoters, and the firm's above-average financial risk profile,
marked by its moderate gearing and healthy debt protection
metrics.

Outlook: Stable

CRISIL believes that SI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenue and
operating profitability improve significantly, while maintaining
its capital structure, resulting in improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' if SI
generates lower-than-expected cash accruals, or undertakes any
debt-funded capital expenditure (capex) programme, or if its
working capital management deteriorates, resulting in weakening
of its financial risk profile.

SI was established in Bengaluru (Karnataka) in 2008. The firm
manufactures precision turned components, and is a part of the
Sujan group. SI is promoted and managed by Mr. B S
Padmanabhachar.

The firm reported a profit after tax (PAT) of INR3.1 million on
an operating income of INR340.8 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR2.3
million on an operating income of INR213 million for 2011-12.


V & V PHARMA: CRISIL Reaffirms 'D' Rating on INR96.4MM Loans
------------------------------------------------------------
CRISIL ratings continues to reflect the delays in debt servicing
by V & V Pharma Industries owing to its stretched liquidity
position stemming from working capital intensive operations.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              10       CRISIL D (Reaffirmed)
   Export Packing Credit    15       CRISIL D (Reaffirmed)
   Long Term Loan           71.4     CRISIL D (Reaffirmed)

V&V's risk profile continues to be marked by modest scale of
operations and modest financial risk profile marked by low
networth. These rating weaknesses are partially offset by the
extensive industry experience of V&V's promoters


V&V was set up in 2001 by Mr. Vishwas Ghare for the supply of
drug intermediates. V&V is engaged in production of pharma
intermediaries and bulk chemicals. Firm's plant is located in
Maharashtra.

V&V is expected to report a net profit of INR0.6 million on net
sales of INR94 million for 2013-14, against a net profit of
INR0.4 million on net sales of INR124 million for 2012-13.



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


BUMI RESOURCES: S&P Raises CCR to 'CC'; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Indonesia-based thermal coal
producer PT Bumi Resources Tbk. (Bumi) to 'CC' from 'SD'.  The
outlook is negative.  At the same time, S&P raised the long-term
ASEAN regional scale rating on the company to 'axCC' from 'SD'.
S&P also raised its long-term issue rating on senior secured
notes that the company guarantees to 'CCC-' from 'CC'.

The rating action follows Bumi's completion of a major part of
its debt-for-equity swap with key lender China Investment Corp.
(CIC). S&P assess the transaction as a distressed exchange.  The
remaining steps in the transaction are likely to be completed by
September 2014 and will not affect the rating.

"Our rating on Bumi reflects the likelihood of another distressed
exchange in the next few weeks in the form of a restructuring of
US$375 million in convertible bonds that Bumi guarantees," said
Standard & Poor's credit analyst Vishal Kulkarni.  "We will lower
the rating to SD (selective default) if the convertible bonds are
restructured as proposed."

Bumi is seeking to extend the maturity and lower the interest
rate on the bonds that are due August 2014.  S&P considers the
restructuring as a distressed exchange because the new terms are
less beneficial to lenders than under the original proposal.

"We raised the rating on Bumi's guaranteed notes because we
believe the likelihood of an imminent default on the notes has
reduced," said Mr. Kulkarni.  "This is because the CIC
transaction and the proposed restructuring of the convertible
bonds will lower the burden on Bumi's cash flow."

However, S&P sees a one-in-two chance of a payment default on the
notes over the next six months.

S&P believes that Bumi will benefit from lower interest expenses
and leverage once the CIC transaction is complete and the
convertible bonds are restructured.  The lower EBITDA because
Bumi has transferred its partial equity ownership in coal
operating company PT Kaltim Prima Coal to CIC will temper the
gains.

S&P views Bumi's liquidity as "weak," as its criteria define the
term.  S&P expects the company's sources of liquidity to be
significantly below its uses in 2014.

The negative outlook reflects the likelihood that S&P will lower
the rating to 'SD' once Bumi's proposed restructuring of its
convertible bonds is completed.  Failure to restructure the
convertible bonds will result in a payment default, triggering a
cross default for other debt obligations.

Once the convertible bonds are restructured, S&P will review
Bumi's credit profile after assessing the company's operating
cash flows, debt maturity profile, debt interest coverage and
leverage ratios, and liquidity.  Bumi's repayment of amortizing
debt and interest payments will be key factors in S&P's rating
analysis.



                             *********

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
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likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
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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
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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
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                            *********


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
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