TCRAP_Public/140808.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, August 8, 2014, Vol. 17, No. 156


                            Headlines


A U S T R A L I A

BLUESTONE GLOBAL: Workers Set For New Jobs
BUCCANEER ENERGY: U.S. Case is Foreign Main Proceeding
CHASSIS BRAKES: BDO Appointed as Administrators
HARD ROCK: In Administration; First Meeting Set For Aug. 12
NORTHSIDE COURIERS: Norman Convicted for Managing While Banned

P.G. & N. ENTERPRISES: Ex-Director Gets 2-Year Jail Sentence
REBEK PTY: Placed in Administration
SEAFORD PLASTICS: Placed in Administration


C H I N A

CHINA RAILWAY: Launches Major Restructuring Plan
GREENTOWN CHINA: Moody's Affirms B1 CFR; Outlook Now Stable
TONGJI HEALTHCARE: Incurs $19,000 Net Loss in Second Quarter
ZHONG JUN: Fights Liquidation Bid; Says It's Able to Repay Bank


I N D I A

AGARWAL METALS: CRISIL Suspends 'D' Rating on INR250MM Loans
ASHA RICE: CRISIL Suspends 'D' Rating on INR60MM Loans
BELL MATCH: CRISIL Suspends 'D' Rating on INR210MM Loans
BHAGWAT TEXTILES: CRISIL Suspends 'D' Rating on INR100MM Loan
CHANAKYA TECHNOS: CRISIL Suspends 'B-' Rating on INR15.8MM Loans

DEV BHUMI: CRISIL Suspends 'D' Rating on INR215MM Loans
DIMENSION STEEL: CRISIL Suspends 'B+' Rating on INR290MM Loan
EMERALD INDUSTRIES: CRISIL Suspends D Rating on INR168.5MM Loans
HRITASHA INFRA: CRISIL Suspends 'D' Rating on INR180MM Loans
I P VIJAYA: CRISIL Suspends 'D' Rating on INR120MM Term Loan

KATALINE INFRAPRODUCTS: CRISIL Suspends D Rating on INR80MM Loans
LOGIX MICROSYSTEMS: CRISIL Suspends 'D' Rating on INR150MM Loans
N Y HOSPITALITIES: CARE Assigns 'C' Rating to INR17cr Loan
PRINCE RICE: CRISIL Suspends 'D' Rating on INR205MM Loans
PVS APARTMENTS: CRISIL Suspends 'C' Rating on INR80MM Bank Loan

RATNA CAFE: CRISIL Suspends 'D' Rating on INR150MM Loans
SANMATI EDIBLE: CARE Reaffirms 'B' Rating on INR5.9cr Bank Loan
SARVA MANGALAM: CARE Revises Rating on INR14.5cr Loan to 'B+'
SHREE CONVEYOR: CRISIL Suspends 'D' Rating on INR330MM Loans
SIDDHIVINAYAK DEVELOPERS: CARE Ups Rating on INR3.43cr Loan to B+

SIRIUS OVERSEAS: CRISIL Suspends 'D' Rating on INR1.73BB Loans
SMS VIDHYUT: CRISIL Suspends 'D' Rating on INR200MM Loan
SOURABH ROLLING: CRISIL Suspends 'D' Rating on INR194MM Loans
SPORTS INTERNATIONAL: CARE Assigns 'B+' Rating to INR8.28cr Loan
SUNDAR TIMBER: CARE Reaffirms 'B' Rating on INR1cr Bank Loan

SUPER GLOBAL: CRISIL Suspends 'D' Rating on INR170MM Loans
TEJA SHIPPING: CRISIL Suspends 'D' Rating on INR99.9MM Loans
TUNGABHADRA POWER: CRISIL Suspends 'D' Rating on INR415MM Loan
YASH AGRO: CRISIL Suspends 'D' Rating on INR320MM Loans
ZEAL SILK: CRISIL Suspends 'D' Rating on INR65MM Loans


I N D O N E S I A

BUMI RESOURCES: Expects Resolution This Week With Bondholders


N E W  Z E A L A N D

AVANTI FINANCE: S&P Revises Outlook to Pos. & Affirms 'BB/B' ICR
NZF GROUP: Noteholders' Meeting Fails to Reach Quorum


S O U T H  K O R E A

SSANGYONG ENGINEERING: To Pick Manager to Sell Stake


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BLUESTONE GLOBAL: Workers Set For New Jobs
-------------------------------------------
The Bluestone Group on August 5 entered into an agreement with
Hoban Recruitment as the preferred party to engage with the
Bluestone Recruitment businesses.

The agreement means that the vast majority of Bluestone's 3,500
on-hire staff and 180 employees will be back in work almost
immediately.

On August 5, an agreement was reached for more than 330 of
Bluestone subsidiary ResCo's workforce in the Hunter Valley of NSW
to transfer to other labour hire companies. This represented more
than 95% of the ResCo on-hire workers in the Hunter.

The separate agreement reached with Hoban Recruitment applies to
about 20 sites outside the Hunter in Queensland, NSW, Victoria,
South Australia, Western Australia and the Northern Territory. The
Bluestone companies offer a range of services and labour to the
private and public sectors.

Under the Agreement, Hoban will offer employment to all Bluestone
branch office permanent staff. Hoban will also offer a welfare and
assistance programme for the staff, including a no-interest loan
facility for those affected by the Administration. On-hire casual
staff who are deployed in client sites will also be employed by
Hoban.

As part of the agreement, KordaMentha will work with Hoban
Recruitment and the former Bluestone staff, candidates and clients
to make sure that a seamless transition is achieved. Hoban will
also be granted access to all of Bluestone's databases, records
and domain names.

Joint Liquidator and Administrator Craig Shepard said that he was
pleased with the Hoban proposal. "Our primary objective has been
to minimise disruption to clients, staff and candidates. This
agreement will facilitate an orderly transition of employees and
client contracts on a 'business as usual basis' which is
particularly pleasing given the difficult circumstances," he said.

Hoban Recruitment is part of the Beddison Group of Companies and
is considered to be one of the largest privately-owned recruitment
firm in Australia. The business is long established and supplies
blue chip corporations and governments with high quality staff
across Australia.

Chairman Tony Beddison said:  "Bluestone is a broad based staffing
service with a large geographic spread and a very loyal client
base. Its people have excellent experience and high competency. It
is a good fit for Hoban, staff and the clients."

Bluestone Global was placed into voluntary administration on
August 4. The labour hire, mining services and professional
recruitment company appointed Craig Shepard and Mark Uebergang of
KordaMentha Restructuring following the failure of the Company's
proposed Right issue in May 2014.


BUCCANEER ENERGY: U.S. Case is Foreign Main Proceeding
------------------------------------------------------
Buccaneer Resources LLC, et al., notified the U.S. Bankruptcy
Court for the Southern District of Texas, Victoria Division, that
on July 2, 2014, the Federal Court of Australia issued a judgment
finding that the bankruptcy case of Buccaneer Energy Limited is a
foreign main proceeding.

                      About Buccaneer Energy

Buccaneer Resources, LLC, and eight affiliates, including
Buccaneer Energy Ltd. sought Chapter 11 bankruptcy protection in
Victoria, Texas (Bankr. S.D. Tex. Lead Case No. 14-60041) on
May 31, 2014.  Buccaneer listed assets of up to $50,000 and
liabilities between $50 million and $100 million in its petition.

Founded in 2006, Buccaneer Energy, Ltd. is a publicly traded
independent oil and gas company listed on the Australian
Securities Exchange under the symbol "BCC".  Although BCC is an
Australian listed entity, the company operates exclusively through
its eight U.S. subsidiary debtors, each of which are headquartered
in the U.S. and which maintain offices in Houston and Dallas,
Texas, and Kenai and Anchorage, Alaska.

The Debtors' primary business is the exploration for and
production of oil and natural gas in North America.  Operations
have historically focused on both onshore and offshore
opportunities in the Cook Inlet of Alaska as well as the
development of offshore projects in the Gulf of Mexico and onshore
oil opportunities in Texas and Louisiana.

CEO Curtis Burton was terminated in May 2014.  Manning the
Debtors' operations is Conway MacKenzie senior managing director
John T. Young, who was appointed chief restructuring officer in
March 2014.

The bankruptcy cases are assigned to Judge David R Jones.  The
Debtors have sought and obtained an order authorizing joint
administration of their Chapter 11 cases.

The Debtors have tapped Robert Andrew Black, Esq., Jason Lee
Boland, Esq., Robert Bernard Bruner, and William R Greendyke,
Esq., at Fulbright Jaworski LLP as counsel.  Norton Rose Fulbright
Australia will render legal services related to cross-border
insolvency and general corporate and litigation matters to
Buccaneer Energy Ltd.  Epiq Systems is the claims and notice
agent.


CHASSIS BRAKES: BDO Appointed as Administrators
-----------------------------------------------
Atle Crowe-Maxwell and James White of BDO were appointed as
administrators of Chassis Brakes International Castings Pty Ltd on
Aug. 4, 2014.

A first meeting of the creditors of the Company will be held at
BDO, Level 11, 1 Margaret Street, in Sydney on Aug. 14, 2014, at
3:00 p.m.


HARD ROCK: In Administration; First Meeting Set For Aug. 12
-----------------------------------------------------------
Paul Vartelas of B.K. Taylor & Co. was appointed as administrator
of Hard Rock Concrete Construction Pty Ltd on Aug. 4, 2014.

A first meeting of the creditors of the Company will be held at
B.K. Taylor & Co. Meeting Room, Level 8, 608 St. Kilda Road, in
Melbourne, on Aug. 12, 2014, at 11:30 a.m.


NORTHSIDE COURIERS: Norman Convicted for Managing While Banned
--------------------------------------------------------------
Colin Norman, of Carseldine, Queensland, has been convicted in the
Sandgate Magistrates Court after an Australian Securities and
Investment Commission investigation led to him pleading guilty to
one charge of managing a corporation while disqualified.

Mr. Norman pleaded guilty on July 3, 2014, to managing Brisbane-
based company, Northside Couriers Pty Ltd, between Sept. 20, 2011,
and Feb. 28, 2013, while he was disqualified. Mr Norman was fined
AUD3,000.

On November 18, 2010, trustees were appointed to the bankrupt
estate of Mr. Norman upon acceptance of a debtor's petition by the
then Insolvency and Trustee Service Australia. Mr Norman was
automatically banned from managing a corporation for three years
from the date of the trustees' appointment.

ASIC's investigation found Mr. Norman made decisions that affected
the whole, or a substantial part, of the business of the
corporation. He also exercised the capacity to affect
significantly the corporation's financial standing while being
disqualified from doing so.

Since July 1, 2011, ASIC investigations have led to 10 individuals
being convicted for managing a company while disqualified.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.


P.G. & N. ENTERPRISES: Ex-Director Gets 2-Year Jail Sentence
------------------------------------------------------------
Bill Katsabis, a former director of P.G. & N. Enterprises Pty Ltd
(in liquidation) has been sentenced to two years and three months
imprisonment following an Australian Securities and Investment
Commission investigation.

Appearing in the County Court in Melbourne on July 9, 2014,
Mr. Katsabis was ordered to be released after serving six months
on a recognisance release order for a period of 21 months on a
recognisance of AUD1,000.

Mr. Katsabis was also ordered to repay a total of AUD241,218 to
the company.

Mr. Katsabis was charged with one count of dishonestly using his
position as a director and one count of failing to disclose the
transfer of company property to the liquidator.

ASIC's investigation found that Mr. Katsabis, of Melbourne,
Victoria, used his position as director of P.G. & N to authorise
the withdrawal of over AUD500,000 in company funds for purposes
unrelated to the business of the company. He also failed to
disclose to the liquidator of the company the transfer of the
company's motor vehicle to his wife.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.


REBEK PTY: Placed in Administration
-----------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Rebek Pty Ltd on Aug. 4, 2014.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, Queensland, on Aug. 15, 2014, at
10:30 a.m.


SEAFORD PLASTICS: Placed in Administration
------------------------------------------
Cara Waters at SmartCompany reports that Seaford Plastics has
collapsed into administration, a further victim of the downturn in
the car industry.

Cassandra Mathews -- cmathews@kordamentha.com -- Craig Shepard and
Scott Kershaw of KordaMentha were appointed as administrators on
August 1.

Seaford Plastics manufactured plastic moulding which was custom
made for the automotive sector and was also used in wheelie bins.

The factory employed 44 people but the administrators have stopped
work, the report notes.

Michael Smith, spokesperson for KordaMentha, told SmartCompany it
was too early to say what will happen to the business but it will
probably end up in liquidation.

"A few workers have been retained to help the administrators but
we will probably need to sell stock to try and raise money for
staff entitlements," SmartCompany quotes Mr. Smith as saying.

SmartCompany says the collapse follows the warning by automotive
product manufacturers that Toyota's decision to cease
manufacturing in Australia was likely to lead to an industrial
domino effect hitting hundreds of small businesses.

The report relates that Mr. Smith said Seaford Plastics was not a
supplier to Toyota but was affected by the malaise in the
industry.

"I guess the general downturn in the auto industry has hit that
part of the business and it just couldn't succeed," Mr. Smith told
SmartCompany.

A creditors' meeting will be held on August 12.



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


CHINA RAILWAY: Launches Major Restructuring Plan
------------------------------------------------
WantChinaTimes.com, citing the website of Shanghai's China
Business News, Yicai.com, reports that China Railway Engineering
Corporation, or China Railway Group, is launching a major
restructuring plan.

WantChinaTimes.com relates that CREC spokesperson Yu Tengchun said
the changes aim to find the best way for the company to deploy its
resources and talent to make it more competitive; it is a regular
and normal adjustment for the company.

"We will complete the reform within the shortest time and I can
only tell you that everything is on track," the report quotes
Mr. Yu as saying.

According to the report, Wang Mengshu, the company's deputy
engineer-in-chief, said there were two major reasons for the
reform -- too many overlapping business areas and too much debts.
He said the state-run company may go bankrupt if it does not
restructure, the report relays.

WantChinaTimes.com relates that Mr. Wang said the company has
debts of approximately CNY200 billion (US$32 billion) and that
approximately 90% of its subsidiaries are also in debt.  He said
CREC plans to launch a new subsidiary, China Railway Wuhan
Electrification System Corp, now that the most of the group's
debts came from electrification system projects, the report
states.

WantChinaTimes.com adds that the group is also planning to merge
related departments and companies to save money. The group is
currently made up of 17 divisions and operates more than 30
subsidiaries.

China Business News reported that the group's reform plan may make
the company the latest model for other state-owned companies, as
the State-owned Assets Supervision and Administration Commission
has told state companies to restructure if they are too unwieldy
and inefficient, according to WantChinaTimes.com.


GREENTOWN CHINA: Moody's Affirms B1 CFR; Outlook Now Stable
-----------------------------------------------------------
Moody's Investors Service has changed the outlook for Greentown
China Holdings Limited's B1 corporate family rating and B2 senior
unsecured rating to stable from positive following the company's
profit warning announcement.

At the same time, Moody's has affirmed Greentown's B1 corporate
family rating and B2 senior unsecured rating.

Ratings Rationale

"The change in outlook to stable from positive reflects Moody's
expectation that Greentown's profit margins will continue to be
under pressure in the next 12-18 months given the current
challenging sales environment," says Kaven Tsang, a Moody's Vice
President and Senior Analyst.

"As a result, the original expectation of an improvement in its
key financial metrics, including EBITDA/interest to above 3.5x-
4.0x and adjusted debt/capitalization below 50%-55%, becomes
unlikely in the near term," adds Tsang.

On 4 August 2014, Greentown announced that it would record a
decline in its consolidated net profit of more than 65% for the
six-month period ended 30 June 2014 compared with the same period
last year.

This net profit decline for 1H 2014 is mainly driven by: (1) the
absence of one-off gains in 1H 2014, compared to a RMB704 million
gain in 1H 2013; (2) a contraction in Greentown's gross profit
margin by around 6% from 29.7% in 1H 2013; and (3) reported losses
from Greentown's joint ventures and associates in 1H 2014,
compared to gains in 1H 2013.

The weaknesses in Greentown's profit margin and in the performance
of its joint ventures and associates reflect the company's
aggressive pricing strategy to accelerate sales, particularly in
low-tier cities, to preserve liquidity, as well as its efforts to
realign its business focus on first-tier and major second-tier
cities.

In 1H 2014, Greentown achieved RMB27.6 billion in contracted sales
(including sales from joint ventures and associates), representing
42% of its RMB65 billion sales target.

Given the challenging sales environment, it is likely that the
company will keep its current strategy in order to preserve
liquidity and meet its sales target.

Such strategy will constrain the company's profit margins and
financial metrics at levels more appropriate for its B1 corporate
family rating in the next 12-18 months.

Moody's expects Greentown's EBITDA margin will stay between 15%-
20% and EBITDA/interest around 2.0x in the next 12-18 months.

At the same time, Greentown's B1 corporate family rating continues
to reflect its well-established market position in property
development in Zhejiang province, with a long operating track
record, sound brand name, quality products, and large land bank.

The B1 rating also considers the strategic ownership by Wharf
(Holdings) Limited (unrated). With Wharf's involvement, the
company's shift towards a more prudent financial management and
expansion strategy has supported its current rating.

Nevertheless, downward rating pressure could emerge if Greentown
(1) reports materially weaker-than-expected results for 1H 2014,
with a substantial deterioration in liquidity such that its cash
holdings fall below 75% of short-term debt; (2) shows a further
contraction in its profit margin and reports material losses from
joint ventures and associates, causing its EBITDA margin to fall
below 15%-20% and EBITDA/interest under 1.5x-2.0x on sustained
basis.

On the other hand, upward rating pressure could emerge if
Greentown (1) establishes a track record of acceptable credit
metrics -- adjusted debt/capitalization below 50%-55% and
EBITDA/interest above 3.5x-4.0x; (2) continues to show good sales
execution, such that it meets it presales targets; and (3)
maintains an adequate liquidity position due to prudent financial
and land investment management.

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

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou city and Zhejiang
province. As of 2013, the company had 104 projects with a total
gross floor area of 38.89 million square meters. Of this total,
21.50 million square meters were attributable to the company.


TONGJI HEALTHCARE: Incurs $19,000 Net Loss in Second Quarter
------------------------------------------------------------
Tongji Healthcare Group, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $18,983 on $669,760 of total operating revenue for
the three months ended June 30, 2014, as compared with a net loss
of $37,775 on $627,986 of total operating revenue for the same
period in 2013.

For the six months ended June 30, 2014, the Company reported a net
loss of $81,996 on $1.21 million of total operating revenue as
compared with a net loss of $127,963 on $1.11 million of total
operating revenue for the same period last year.

The Company's balance sheet at June 30, 2014, showed $16.59
million in total assets, $18.62 million in total liabilities and a
$2.02 million total stockholders' deficit.

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

                        http://is.gd/x0geCv

                       About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.

Tonji Healthcare reported a net loss of $729,685 on $2.37 million
of total operating revenue for the year ended Dec. 31, 2013, as
compared with a net loss of $1.20 million on $2.77 million of
revenue for the year ended Dec. 31, 2012.

Anton & Chia, LLP, in Newport Beach, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.

"The Company's ability to continue as a going concern ultimately
is dependent on the management's ability to obtain equity or debt
financing, attain further operating efficiencies, and achieve
profitable operations.  Over the past years, the Company had been
successful in raising funds from related parties to fund the
operation and new hospital construction.  The consolidated
financial statements do not include any adjustments relating to
the recoverability and classification of recorded asset amounts or
amounts and classification of liabilities that might be necessary
should the Company not be able to continue as a going concern,"
the filing stated.



ZHONG JUN: Fights Liquidation Bid; Says It's Able to Repay Bank
---------------------------------------------------------------
Reuters reports that Zhong Jun Resources (S) PTE, the overseas arm
of a Chinese firm linked to a suspected metal financing fraud at
Qingdao Port, has asked a court in Singapore to reject a
liquidation order sought by HSBC Holdings, saying it has enough
cash and assets to repay banks.

The lawsuits relating to the complex funding transactions are
being closely watched by banks and trading firms doing business in
China, the world's top commodities buyer, the report says.

In an affidavit to the court seen by Reuters, metal trading firm
Zhong Jun said it is a profitable business.

The company and its unit in Hong Kong have US$86.4 million (HK$673
million) of goods held at bonded warehouses at Qingdao Port as
well as properties in Singapore worth some US$18.4 million, it
said, Reuters relays.

"Based on the value of the goods, it is likely that the goods,
upon being sold, would generate enough cash to repay liabilities
owing to each of the financing banks," it said.

According to Reuters, Zhong Jun is linked to Chen Jihong, whose
Chinese firm Decheng Mining is at the center of a probe into
whether it used fake warehouse receipts at Qingdao Port to obtain
multiple loans.

Mr. Chen and his brother, Chen Jilong, are directors of Singapore-
registered Zhong Jun Resources, Reuters discloses.

Zhong Jun said it owed a total of US$61.9 million to HSBC, ABN
Amro and Standard Chartered, adds Reuters.



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


AGARWAL METALS: CRISIL Suspends 'D' Rating on INR250MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Agarwal
Metals & Alloys.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              240      CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility        10      CRISIL D Suspended

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

Agarwal Metals, set up in 1996 as a partnership firm, was promoted
by Mr. Sital Kumar Agarwal and his brother, Mr. Vinod Kumar
Agarwal. The firm manufactures non-ferrous metal alloys, primarily
aluminium ingots from scrap aluminium.


ASHA RICE: CRISIL Suspends 'D' Rating on INR60MM Loans
------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Asha Rice Mill Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            1       CRISIL D Suspended
   Cash Credit              27.5     CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility       18.5     CRISIL D Suspended
   Term Loan                13       CRISIL D Suspended

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

Incorporated in 2007, ASPL was promoted by Mr. Biswanath Chowdhury
and family. ASPL is in the rice milling industry. The company has
a paddy milling capacity of 100 tonnes per day. The facility of
the company is at Katwa (West Bengal).


BELL MATCH: CRISIL Suspends 'D' Rating on INR210MM Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of The
Bell Match Company.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit        8         CRISIL D Suspended
   Long Term Loan         75.5       CRISIL D Suspended
   Packing Credit         50         CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility     76.5       CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by BMC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BMC is yet to
provide adequate information to enable CRISIL to assess BMC'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 as a partnership firm in 1998, Sivakasi (Tamil Nadu)-
based BMC manufactures safety matches for clients based in Europe,
Middle East, and the US. The firm currently derives around 98 per
cent of its revenues from exports. The France-based Flamup, USA-
based Admatch Corporation, and Dubai-based Joma Trading Company
are BMC's major customers.

BMC is part of the Bell group of companies, which has interests in
a wide range of industries, ranging from hospitality to fireworks.
The day-to-day operations of the company are managed by the
promoter, Mr. Vasant Rajasingh.


BHAGWAT TEXTILES: CRISIL Suspends 'D' Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bhagwat
Textiles Private Limited (BTPL; part of the First Winner group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               100     CRISIL D Suspended

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

CRISIL has combined the business and financial risk profiles of
First Winner Industries Ltd, its three wholly owned subsidiaries-
Ramshyam Textile Industries Ltd, First Winner Lifestyle Ltd, and
Pal Trading Company Private Limited; and its five associates-
Rikosh Fashions Pvt Ltd, Solitaire Texfeb & Traders Pvt Ltd, First
Winner Textiles (India) Pvt Ltd (formerly, Kassi Trading Company
Pvt Ltd), BTPL, and Starwood Exports Pvt Ltd. This is because all
these companies, together referred to as the First Winner group,
have significant operational, management, and financial synergies
with each other.

Set up by Mr. Rinku Patodia and his wife, Mrs. Anita Patodia, the
First Winner group trades in textile fabrics and also undertakes
weaving of fabrics on a job-work basis.


CHANAKYA TECHNOS: CRISIL Suspends 'B-' Rating on INR15.8MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chanakya Technos Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           62.5     CRISIL A4 Suspended
   Cash Credit              10       CRISIL B-/Stable Suspended
   Standby Line of Credit    1.5     CRISIL B-/Stable Suspended
   Term Loan                 4.3     CRISIL B-/Stable Suspended

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

CTPL was set up as a partnership concern in 1990 by Mr. Ravi
Shankar Pathak and his brother, Mr. Mani Shankar Pathak. The firm
was reconstituted as a private limited company in 2002. CTPL
undertakes civil construction activities in the nature of
construction of roads and bridges in Bihar.


DEV BHUMI: CRISIL Suspends 'D' Rating on INR215MM Loans
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Dev Bhumi Ispat (DBI; part of the Dev Bhumi group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              130       CRISIL D Suspended
   Letter of Credit           5       CRISIL D Suspended
   Rupee Term Loan           80       CRISIL D Suspended

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

CRISIL has combined the business and financial risk profiles of
Nalagarh Steel Rolling Mill Pvt Ltd (NSRMPL), Dev Bhumi Steel
(DBS), Shree Kangra Steel Pvt Ltd (SKSPL), and DBI. This is
because these entities, collectively referred to as the Dev Bhumi
group, are in similar lines of business and have strong
operational and financial linkages with each other. All the
entities have common promoters and the same management team.

The Dev Bhumi group manufactures mild steel ingots, thermo-
mechanically-treated (TMT) bars, and structured steel products
such as angles, beams, channels, and flats. Its manufacturing
facility is in Nalagarh (Himachal Pradesh). The Dev Bhumi group is
a family-run business, promoted by Mr. Surendra Bansal. While
SKSPL and DBS manufacture mild-steel ingots, NSRMPL and DBI
manufacture TMT bars and structural products such as flats,
angles, and beams.


DIMENSION STEEL: CRISIL Suspends 'B+' Rating on INR290MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Dimension Steel & Alloys Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------   -------
   Cash Credit              290      CRISIL B+/Stable Suspended
   Letter of Credit         100      CRISIL A4 Suspended
   Revolving Letter
   of Credit                 14.5    CRISIL A4 Suspended

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

Incorporated in 2005 by Kolkata-based Mr. Bajrang Lal Mittal,
DSAPL manufactures ferro alloys. DSAPL's commenced commercial
operations recently in October 2011. The company currently
manufactures silico manganese and markets the same in West Bengal.


EMERALD INDUSTRIES: CRISIL Suspends D Rating on INR168.5MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Emerald
Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           18       CRISIL D Suspended
   Cash Credit              47       CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility       26.4     CRISIL D Suspended
   Term Loan                65.5     CRISIL D Suspended
   Working Capital
   Term Loan                11.6     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
Emerald with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Emerald is yet
to provide adequate information to enable CRISIL to assess
Emerald'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 1974 by its managing partner Mr. Anil Bhansali and his
brothers, Emerald is currently engaged in mining and extraction of
stone boulders, supply of crushed stone aggregates, and site
preparation and road development activities. The firm has four
leased stone quarries, along with four stone-crushing units in
Gwalior (Madhya Pradesh). Emerald also has a stone-crushing unit
in Rajasthan.


HRITASHA INFRA: CRISIL Suspends 'D' Rating on INR180MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Hritasha Infra Projects Private Limited.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            20      CRISIL D Suspended
   Cash Credit               10      CRISIL D Suspended
   Proposed Cash Credit
   Limit                     10      CRISIL D Suspended
   Proposed Short Term
   Bank Loan Facility       111      CRISIL D Suspended
   Term Loan                 29      CRISIL D Suspended

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

Hritasha Infra Projects Private Limited (HIPPL) was established in
2006 by Mr. Rajasekhar and his family members, an engineer by
profession and a first-generation entrepreneur. The company
manufactures ready-mix concrete required by infrastructure and
realty companies. Also, the company is undertaking contracts
awarded by Hyderabad Municipal Corporation and Tirupati Municipal
Corporation for laying of concrete roads. HIIPL's manufacturing is
facility located in Uppal and Tirupati (Andhra Pradesh). HIPPL's
total installed capacity is 120 cubic meters per hour.


I P VIJAYA: CRISIL Suspends 'D' Rating on INR120MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of I P
Vijaya Multiplex Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                120      CRISIL D Suspended

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

IPV was set up in 2009 by Mr. Manish Kumar to develop a multiplex-
cum-shopping mall at Varanasi (Uttar Pradesh). The mall has two
movie screens with capacity of 625 seats, and a total developed
area of 4377 square metres. The total leasable area is 24,000
square feet (sq ft), of which, IPV has leased out an area of
18,000 sq ft only. Out of the total leased area, 12,000 sq ft has
been leased to Bikanervala Foods Pvt Ltd (the Indian sweets and
foods brand) at INR70 per sq ft; the remaining 6000 sq ft has been
leased to different franchises at an average rate of INR    95 to
INR100 per sq ft.


KATALINE INFRAPRODUCTS: CRISIL Suspends D Rating on INR80MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kataline Infraproducts Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         2.5      CRISIL D Suspended
   Cash Credit           10        CRISIL D Suspended
   Letter of Credit      50        CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility    17.5      CRISIL D Suspended

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

KIP, incorporated in 2008, is promoted by its director, Mr. Amit
Thatte, and his wife, Mrs. Ketki Thatte. It manufactures road
marking paints and application equipment. The company's day-to-day
operations are handled by Mr. Amit Thatte.


LOGIX MICROSYSTEMS: CRISIL Suspends 'D' Rating on INR150MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Logix
Microsystems Ltd (Logix; part of the Logix group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            5       CRISIL D Suspended
   Cash Credit              10       CRISIL D Suspended
   Letter of Credit          5       CRISIL D Suspended
   Long Term Loan           20       CRISIL D Suspended
   Packing Credit          110       CRISIL D Suspended

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

CRISIL has combined the business and financial profiles of Logix
and its subsidiaries in the US, Europe, and Singapore, namely,
Homestar LLC, IzmoCRM Inc, Midrange Software Pte Ltd, Logix
Americas Inc, Izmo Media USA, Homestar Systems Inc, and Izmo
Europe BVBA. All the entities, collectively referred to as the
Logix group, provide automotive business solutions.

Incorporated in 1995 by Mr. Sanjay Soni, Logix provides software
and web solutions to automotive dealers in Europe and the US. The
company provides customised web marketing platforms, including
online stores, car animation and graphics, and online marketing
tools under its brand, Izmocars.


N Y HOSPITALITIES: CARE Assigns 'C' Rating to INR17cr Loan
----------------------------------------------------------
CARE assigns 'CARE C' ratings to the bank facilities of N Y
Hospitalities & Holdings Private Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Non-Convertible Debentures     17        CARE C Assigned

Rating Rationale

The rating assigned to N Y Hospitalities & Holdings Private Ltd is
constrained by past instances of delays in servicing the debt
obligations by the promoters of NYHPPL and insufficient expected
cash-flows based on current status of leasing for redemption of
NCDs. The rating also take into account the revenue concentration
from single property and off-take risk associated with the
remaining area to be leased.

The rating, however, derives strength from the favourable location
of the property and low loan to value ratio.

Going forward, the company's ability to lease out the remaining
five floors of the property within the estimated timeframe
and at the envisaged lease rental would remain the key rating
sensitivities.

N Y Hospitalities & Holdings Private Ltd was incorporated on
December 21, 2009 for the purpose of leasing, subleasing of
commercial properties. The company is promoted by Mr. Narayana
Yellareddy Neraluru and his son Mr Sahanesh Narayan, collectively
owning several commercial properties.

The promoters of NYHHPL and three other family members own a
commercial property of the total land area of 1,43,367
sq ft in Bangalore. The property has a total leasable area of
3,07,660 sq ft out of which 1,28,616 sq ft is occupied by
OnMobile Global Ltd and the remaining is yet to be leased.
NYHHPL, a debt-free company, has proposed to issue Non Convertible
Debentures in order to raise funds to the extent of INR17 crore
for a tenure of maximum 18 months from the date of disbursement.
The aforesaid amount would be utilized to pay-off the existing
outstanding loans of approximately INR14 crore (the loans are in
the personal name of the promoters) and the balance would be
utilized for furnishing of the remaining five floors of the
commercial property.

There would be a tripartite agreement amongst the property owners
and the lenders where the rentals from the property
would be transferred to the escrow account which would then be
utilized for the redemption of debentures.


PRINCE RICE: CRISIL Suspends 'D' Rating on INR205MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Prince
Rice Mills Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             70      CRISIL D Suspended
   Term Loan              135      CRISIL D Suspended

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

PRMPL, incorporated in 2008 and based in Burdwan (West Bengal),
has set up a rice mill to process non-basmati raw and parboiled
rice. The company has also set up a captive power plant. PRMPL is
owned by Mr. Ram Prasad Bhattacharya, Mr. Subrata Koner, and their
families.


PVS APARTMENTS: CRISIL Suspends 'C' Rating on INR80MM Bank Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of PVS
Apartments.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term        80        CRISIL C Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by PVS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PVS is yet to
provide adequate information to enable CRISIL to assess PVS'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 as a partnership concern in 1991, PVS is promoted by
Mr. P V Gangadharan, his sister-in-law, Mrs. P V Hemalatha, and
his nephew, Mr. P V Nidhish, all of whom have an equal share in
the partnership. PVS, based in Calicut (Kerala), undertakes real
estate construction for residential purposes. The firm has
constructed residential apartments across different cities in
Kerala. Some of the projects, completed and sold, include PVS
Nakshatra and PVS Park; recently constructed projects include
Pearl Park I; while ongoing projects include Pearl Park II, Iris,
and PVS Fortune.


RATNA CAFE: CRISIL Suspends 'D' Rating on INR150MM Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ratna
Cafe.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         104        CRISIL D Suspended
   Overdraft Facility      17.5      CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility      28.5      CRISIL D Suspended


The suspension of ratings is on account of non-cooperation by RC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RC is yet to
provide adequate information to enable CRISIL to assess RC'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 1948 by Mr. Trilok Gupta, Ratna Cafe operates a chain of
restaurants under the brand Ratna Cafe in Chennai (Tamil Nadu
[TN]). Mr. Rajendra Gupta (nephew of Mr. Trilok Gupta) and his
wife, Mrs. Rani Gupta, wholly acquired RC from Mr. Trilok Gupta in
2002. Besides running four outlets, the firm also caters to
corporate clients.

In 2011, RC commissioned its centralised kitchen in Kottivakkam
(TN). The total cost of construction was INR115 million, funded by
a debt-equity mix of 3:1. The firm is currently constructing its
fifth outlet in Pondy Bazaar, Chennai for a total capital
expenditure of INR36 million funded by a debt-equity mix of 7:3.
The new outlet is expected to be commissioned by the end of 2012.


SANMATI EDIBLE: CARE Reaffirms 'B' Rating on INR5.9cr Bank Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sanmati Edible Oils Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.90       CARE B Reaffirmed

Rating Rationale

The rating continues to remain constrained on account of the weak
financial risk profile of Sanmati Edible Oils Private
Limited marked by thin profitability, weak solvency position and
working capital intensive nature of operations along with its
presence in the highly competitive and fragmented edible oil
industry. The rating further remains constrained on account of the
sensitivity of the company's profitability to fluctuations in the
raw material prices.

The rating, however, continues to draw strength from the long
standing experience of the promoters with its established
track record of operations of more than two decades in the edible
oil processing business and location advantage by way
of proximity to the mustard seeds-producing region.

SEOPL's ability to increase its scale of operation while improving
profitability in light of the volatile raw material prices,
improvement in the solvency position and efficient management of
working capital are the key rating sensitivities.

SEOPL was formed in 1992 as a partnership firm name Sanmati Oil
Industries by Jaipur-based (Rajasthan) Jain family.

Subsequently, in March 1999, the firm converted its constitution
into a private limited company and assumed its current name. SEOPL
is primarily engaged in the business of extraction of crude edible
oil and De-Oiled Cake (DOC) from mustard seeds as well as trading
of crude edible oil and DOC. The processing plant of the company
is located at Jaipur with a processing capacity of around 15,000
Metric Tonnes Per Annum (MTPA) as on March 31, 2014. It procures
mustard seeds from the local market through brokers and sells
majority of its produce in Jharkhand, Bihar, Orissa and West
Bengal through already established network of traders.

The key promoters of the company, Mr Suresh Chand Jain, Mr Suresh
Kumar Jain and Mr Ramesh Kumar Jain have long standing experience
of more than two decades in the edible oil industry and have
established good relations with its customers resulting in
continuous flow of repeat orders. The promoters have also promoted
S K Solvex Private Limited engaged in manufacturing of mustard oil
and DOC, Sanjay Containers Private Limited, engaged in the
manufacturing of empty tin containers and Shri Vikas Industries,
engaged in the trading of mustard oil and DOC.

As per provisional results for FY14 (refers to the period April 1
to March 31), SEOPL has reported a total operating income
of INR96.67 crore (FY13: INR60.73 crore), with a PAT of INR0.07
crore (FY13: INR0.04 crore).


SARVA MANGALAM: CARE Revises Rating on INR14.5cr Loan to 'B+'
-------------------------------------------------------------
CARE revises and reaffirms rating assigned to the bank facilities
of Sarva Mangalam Gajanan Steel Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    14.50       CARE B+ Revised
                                            From CARE B

   Short term Bank Facilities    0.20       CARE A4 Reaffirmed

Rating Rationale

The revision in the rating for the bank facilities of Sarva
Mangalam Gajanan Steel Pvt Ltd takes into cognizance the improved
financial performance of the company in FY14 (Provisional: refers
to the period April 1 to March 31) in terms of improvement in the
scale of operation, profitability levels, leverage ratios and debt
service coverage. However, the ratings continued to remain
constrained by its small scale of operation, lack of backward
integration vis-…-vis volatility in raw material prices, low
capacity utilization, customer concentration risk, highly
competitive, fragmented and cyclical nature of the steel industry.
These factors far outweigh the benefits derived from the
satisfactory experience of the promoters and proximity of its
plant to raw material sources.

The ability of the company to scale up the level of operation with
an improvement in profitability margins and effective management
of the working capital would be the key rating sensitivities.

Asansol-based (West Bengal) Sarva Mangalam Gajanan Steel Pvt Ltd
(SMGS) incorporated in 2004 was promoted by Mr Binod Kumar Kedia,
Mrs Madhu Devi Kedia, Mr Vikash Kedia and Mr Vishal Kedia. SMGS is
engaged in the manufacturing of steel angles, flats, bars, rounds
and channels with its sole manufacturing facility located at
Kalipahari (Asansol) with an installed capacity of 20,000 MTPA.
The company procures raw materials (Ingot and scrap) from the open
market through local players and sells its product in the states
of West Bengal, Assam and Tripura.

During FY14 (provisional), the company reported a total operating
income of INR43 crore (FY13: INR39.6 crore) and a PAT of INR1.3
crore (FY13: INR0.3 crore).


SHREE CONVEYOR: CRISIL Suspends 'D' Rating on INR330MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Conveyor Systems Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           180      CRISIL D Suspended
   Cash Credit               42      CRISIL D Suspended
   Letter of Credit          20      CRISIL D Suspended
   Term Loan                 88      CRISIL D Suspended

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

Incorporated in 1990, SCSPL was established by Mr. V S Madan, the
company manufactures material-handling and mineral-processing
equipment, systems, and components. The company undertakes turnkey
projects, which involve detailed study, designing, engineering,
manufacturing, and commissioning.


SIDDHIVINAYAK DEVELOPERS: CARE Ups Rating on INR3.43cr Loan to B+
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facility of
Siddhivinayak Developers.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facility       3.43       CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Siddhivinayak Developers was primarily on account of progress in
the construction work in the ongoing real estate project,
increased booking status along with the prepayment of term loan
installments.

The rating continues to remain constrained on account of the high
project gearing, project implementation and salability
risk associated with its on-going residential real estate project
and its presence in a highly competitive and cyclical real
estate industry.

The rating, however, continues to derive strength from the wide
experience of the promoters in the real estate industry. The
ability of SVD to execute the project within the envisaged cost
and time parameters and timely receipt of the sale proceeds at the
envisaged prices in light of the competitive nature of the
industry are the key rating sensitivities.

Incorporated in November 2011, SVD is a partnership firm, formed
by eight partners, having experience in the real estate sector for
the purpose of constructing housing projects as well as commercial
building projects. Under the project named 'Vinayak Heights' (VH),
SVD is constructing a high-rise residential complex having twin
towers at Junagadh (Gujarat). Two towers are proposed to have 12
floors each, with aggregate of 72 units (all 3 BHK) of the total
saleable area of 105,048 square feet. The construction work of the
project commenced in March 2012 and the completion of the project
is now envisaged by February 2015 as against the earlier estimate
of December 2014.


SIRIUS OVERSEAS: CRISIL Suspends 'D' Rating on INR1.73BB Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sirius
Overseas Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            70         CRISIL D Suspended
   Corporate Loan        430         CRISIL D Suspended
   Funded Interest
   Term Loan             430         CRISIL D Suspended
   Proposed Term Loan    177.6       CRISIL D Suspended
   Term Loan             625         CRISIL D Suspended

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

SOPL was incorporated in 1998 at Tanuku, Andhra Pradesh, by Mr. B
Ramachandra Rao and his sons, Mr. B Venkata Krishna Rao and Mr.
BVVSK Govind. The company is in the rice milling business. The
promoters have been in this for the past six decades. The company
set up an integrated rice plant in Peddapuram (near Kakinada),
Andhra Pradesh, at a total project cost of INR1 billion in 2008-09
(refers to financial year, April 1 to March 31), funded by term
loans of INR0.62 billion, and by equity and unsecured loans. The
company was referred to the Board for Industrial and Financial
Reconstruction (BIFR) in March 2010.


SMS VIDHYUT: CRISIL Suspends 'D' Rating on INR200MM Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of SMS
Vidhyut Pvt Ltd.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             200        CRISIL D Suspended

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

SMSVPL was formed as a special-purpose vehicle. Its project
sponsor and majority shareholder is SMS Infrastructure Ltd. SMSVPL
has two ongoing hydropower projects on the Pench river, Pench RBC
and Pench LBC.


SOURABH ROLLING: CRISIL Suspends 'D' Rating on INR194MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sourabh
Rolling Mills Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            160      CRISIL D Suspended

   Proposed Long Term
   Bank Loan Facility       4.5    CRISIL D Suspended

   Term Loan               29.5    CRISIL D Suspended

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

SRMPL was set up in 2004 in Raipur (Chhattisgarh) by Mr. Mahendra
Kumar Gupta. The company manufactures steel ingots and thermo-
mechanically-treated bars. It was acquired by the Pankaj Ispat
group in June 2012 from its previous promoter-director, Mr.
Mahendra Kumar Gupta. SRMPL is currently being managed by Mr.
Lalit Agrawal and Mr. Pankaj Agrawal.


SPORTS INTERNATIONAL: CARE Assigns 'B+' Rating to INR8.28cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sports International.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.28       CARE B+ Assigned
   Short-term Bank Facilities    0.40       CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Sports
International (SI) are primarily constrained on account of its
relatively small scale of operations in the highly competitive and
fragmented footwear industry and its weak financial risk profile
marked by leveraged capital structure and stressed liquidity
position. The ratings are further constrained on account of the
sensitivity of the firm's profitability to fluctuations in raw
material prices, implementation risk associated with the pre-
dominantly debt-funded on-going capex and its constitution as a
proprietorship concern.

The ratings, however, derive strength from the vast experience of
the proprietor in the footwear industry with strong group support
and its moderate profitability.

The ability of the firm to increase its scale of operations while
improving profitability in light of volatile raw material prices
and improvement in solvency position coupled with timely
completion of the project are the key rating sensitivities.

SI was formed in 2009 as a proprietorship firm by Mr Saurabh
Bairathi and commenced its operation during FY10 (refers
to the period April 1 to March 31). SI is engaged in the
manufacturing and trading of footwear. The firm manufactures
Thermoplastic Rubber (TPR) based, Ethylene Vinyl Acetate (EVA)
based and rubber-based sports footwear. It also manufactures
leather footwear, Poly Urethane (PU) sole footwear, formal shoes,
sandals and slippers. Its plant is located at Jaipur (Rajasthan)
with a total installed capacity of 14 Lakh Pairs Per Annum (LPPA).
The firm markets its product under the brand name 'Bosco'. SI
sells its products mainly in Rajasthan, Gujarat, Madhya Pradesh,
Punjab, Karnataka, Tamil Nadu and Uttar Pradesh and generated 70%
of Total Operating Income (TOI) from sales to Rajasthan, Gujarat
and Madhya Pradesh in FY13.

SI's group concern, Bairathi Shoe Company Private Limited, was
incorporated in 1980 and is engaged in the same line of business.
BSCPL sells its products under 'Bairathi' brand in the domestic
market.

During FY13 (refers to the period April 1 to March 31), SI has
reported a total operating income of INR25.45 crore (FY12:
INR14.12 crore), with a PAT of INR0.51 crore (FY12: INR0.18
crore).


SUNDAR TIMBER: CARE Reaffirms 'B' Rating on INR1cr Bank Loan
------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Sundar
Timber Products.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       1        CARE B Reaffirmed
   Short term Bank Facilities      7        CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Sundar Timber
Products (STP) continue to remain constrained on account of
its low net-worth base, operations in a highly fragmented
industry, constitution as a proprietorship firm, thin
profitability, weak solvency position and susceptible to
volatility in the raw material prices and foreign exchange rate.
The ratings are further constrained on account of decline in its
turnover, cash accruals and deterioration in its debt coverage
indicators during FY14 (provisional; refers to the period April 1
to March 31).

However, the ratings continue to derive strength from the
experience of the proprietor and location advantage by way of
proximity to the Kandla Port.

The ability of STP to increase its scale of operations, improve
its profitability along with its capital structure, debt
coverage indicators and liquidity position will remain the key
rating sensitivities.

STP, a proprietorship firm incorporated in the year 1977, is
promoted by Mr Mahabir Prasad Agarwal at Kolkata (West
Bengal). The firm is engaged in the import of round timber logs
which is subsequently sawn and sized at its saw mill into
various commercial sizes as per the requirement of its customers.
The facilities are located in Gandhidham in Kutch district of
Gujarat with a total sawing capacity of 15,000 Cubic Meters Per
Annum (CMPA) as on March 31, 2014. The firm procures its raw
material through imports mainly from New Zealand and Singapore.
The timber processed by STP finds large scale use in the packaging
of various products apart from use in infrastructure, building
construction, interior designing, woodwork, transportation and
furniture.

During FY14 (Provisional), STP reported a PBT of INR0.09 crore on
a total operating income (TOI) of INR25.51 crore as against a PBT
of INR0.15 crore on a TOI of INR27.35 crore in FY13.


SUPER GLOBAL: CRISIL Suspends 'D' Rating on INR170MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Super
Global Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL D Suspended
   Rupee Term Loan          100      CRISIL D Suspended

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

SGL was incorporated in September 2008 by Mr. Pritpal Singh
Chandok and his family, and started commercial operations in June
2012. The company manufactures mild steel billets, which are used
in manufacturing thermo-mechanically treated bars and other
structural steel products.


TEJA SHIPPING: CRISIL Suspends 'D' Rating on INR99.9MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Teja
Shipping (Teja).

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       14.9     CRISIL D Suspended
   Bank Loan Facility
   Term Loan                85       CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by Teja
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Teja is yet to
provide adequate information to enable CRISIL to assess Teja'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 as a proprietorship firm by Mr. Sitaram Goankar in 2010,
Teja was reconstituted as a partnership firm in the same year. It
commenced its operations in November 2010 by deploying its barges
on charter basis to the iron-ore exporting entity. However,
currently, the firm is non-operational on account of ban on the
mining activities in Goa.


TUNGABHADRA POWER: CRISIL Suspends 'D' Rating on INR415MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tungabhadra Power Company Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long Term Loan           415      CRISIL D Suspended

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

TPCPL, incorporated in 1999, obtained licence from the Government
of Karnataka (GoK) to produce power from the mini-hydel project
(part of the Singatalur lift irrigation scheme) proposed over the
Singatalur barrage near Thimmalapur village in Bellary District
(Karnataka). The plant has capacity of 18 megawatts (MW; four
units of 4.5 MW each). The project cost of around INR650 million
was funded in a debt-to-equity ratio of 65:35. Work on the power
plant project commenced in February 2005, and the plant was to be
commissioned in February 2007. There was a time overrun of nearly
23 months because of delay in completion of the Singatalur barrage
by the irrigation department of GoK, and floods in River
Tungabhadra, leading to a halt in the plant construction work. The
plant was finally constructed in December 2008. However, TPCPL was
unable to start production, initially because of village agitation
against the resettlement and rehabilitation offered by government
and, later, because of delay in government approval for lower of
dam gate and storage of water. Recently, TPCPL has received all
the requisite approvals and electricity production is expected to
commence from the onset of the monsoon.


YASH AGRO: CRISIL Suspends 'D' Rating on INR320MM Loans
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Yash Agro Energy Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              44       CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility       79.1     CRISIL D Suspended
   Term Loan               196.9     CRISIL D Suspended

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

YAE, formed in 1992, deals in the business of power generation
through its biomass (rice husk)-based co-generation unit; it has
an 8-megawatt power plant at Village Kolari in the Chandrapur
district (Maharashtra).  The company is promoted by Mr. Uday
Kamat, Mr. Sunil Pedgaonkar and Mr. Ravindra Chinchwadkar.


ZEAL SILK: CRISIL Suspends 'D' Rating on INR65MM Loans
------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Zeal
Silk Saree Impex Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              55       CRISIL D Suspended
   Letter of Credit         10       CRISIL D Suspended

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

ZSSIPL was incorporated in 2008 under the directorship of Mr.
Samir Das and his wife Mrs. Sulekha Das to take over the business
of three units owned by them. The company was created by the
amalgamation of two proprietorship firms: M/s Zeal Exports, M/s
Aishwarya Saree Creation and Mayukh Collections. ZSSIPL has two
manufacturing units in Serampore (West Bengal). A majority of the
sarees are sold from its wholesale unit in Barabazar in Kolkata.



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


BUMI RESOURCES: Expects Resolution This Week With Bondholders
-------------------------------------------------------------
David Yong at Bloomberg News reports that PT Bumi Resources
expects to reach an agreement with creditors to restructure
$375 million of convertible bonds this week after the notes'
original due date passed Aug. 5.

"We expect a resolution this week and will inform the market as
soon as possible," Jakarta-based director Dileep Srivastava said
in an e-mail August 7, declining to elaborate.

Asia's most indebted coal mining company has an Aug. 12 deadline
to either repay or restructure the 9.25 percent notes, Bloomberg
says. It sent a sweetened debt-exchange offer to bondholders last
month after an initial proposal failed at a June 20 meeting in
Singapore, the report relays.  A default would be Indonesia's
largest since PT Bakrie Telecom missed a payment on $380 million
of bonds in December, according to Bloomberg-compiled data.

Bumi, in a letter to bondholders last month, a copy of which was
obtained by Bloomberg News, is proposing the $375 million of notes
be split into two tranches. Tranche one would include $225 million
of debt due April 2018 paying a 6 percent coupon and convertible
into Bumi shares at IDR300 ($0.03) each after Aug. 5, 2015.
Tranche two would comprise $150 million of April 2018, 8.5 percent
straight debt, yielding 9.25 percent.

Bumi, a Bakrie family-controlled group, faces more than
$1 billion of obligations over the coming 18 months, including the
convertibles and a first semi-annual payment of $150 million on a
loan from China Development Bank Corp. that was due Aug. 6,
Moody's Investors Service said on Aug. 1, according to Bloomberg.

Without new financing, Bumi will need to sell some of its mining
assets or get lenders to modify debt maturities, Moody's
Singapore-based analyst Brian Grieser said in the report.

Bloomberg adds that the company has held talks with some
bondholders about the sweetened terms, according to its letter,
including a committee representing investors Nan Fung Investment
Advisors Ltd. and funds managed by Pine River Capital Management
LP and JPMorgan Chase & Co.

PT Bumi Resources Tbk (JAK:BUMI) -- http://www.bumiresources.com/
-- is an Indonesia-based company engaged exploration and
exploitation of coal deposits, including coal mining, and oil
exploration activities.  It has four core business segments: coal
mining, which comprises exploration and exploitation of coal
deposits, including mining and selling coal; services, which
represent marketing and management services; oil and gas, which
covers the exploration of oil and gas, and gold, which covers the
exploration of gold.  The Company and its subsidiaries are
operating in Indonesia, the United Kingdom, Japan and Australia.
On July 17, 2008, the Company acquired the Australia-based Herald
Resources Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
July 8, 2014, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating and ASEAN regional
scale rating on Indonesia-based thermal coal producer PT Bumi
Resources Tbk. to 'SD' from 'CC' and 'axCC', respectively.  S&P
also affirmed its 'CC' long-term issue rating on senior secured
notes that the company guarantees.



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


AVANTI FINANCE: S&P Revises Outlook to Pos. & Affirms 'BB/B' ICR
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on New Zealand-based finance company Avanti Finance Ltd.
to positive, from stable.  The issuer credit ratings are affirmed
at 'BB/B'.

"The revised outlook reflects Avanti's strategy of diversifying
into new, lower-risk prime residential mortgages and expanding its
existing business with the support of already embedded funding
facilities provided by Westpac New Zealand Ltd. (Westpac)," said
credit analyst Harry Hu.  "We believe the new initiatives should
improve business stability, and that it is supportive of a higher
rating if the finance company's financial profile -- particularly
its credit metrics and capital level -- are maintained."

Avanti is a New Zealand finance company that specializes in
lending to high-risk retail segments, and is at the early stages
of entering the prime residential mortgage business.  It is
geographically concentrated in Auckland, and its receivables
profile inherently carries a high level of arrears.  Nevertheless,
Avanti has a more stable credit risk profile relative to most
domestic peers, and S&P expects key credit-quality metrics to
improve upon increased diversification into lower-risk prime
residential mortgages.  Avanti has already--prudently, in S&P's
opinion--secured larger and longer-dated warehouse trust funding
containing substantial headroom for anticipated high loan growth
over the coming years.

The positive outlook reflects S&P's expectation that Avanti's
business stability is likely to improve under its new strategy to
diversify into lower-risk prime residential mortgages and expand
its existing business by obtaining the necessary funding first.

"A rating uplift from the current level would require demonstrated
receivable growth and diversification, supported by sustainable
business volumes under newly acquired distribution channels and
evidence of stable profitability," said Mr. Hu.  "A higher
assessment is conditional upon Avanti maintaining its financial
profile, in particular its credit metrics and capital level.  We
also expect the ongoing support of its banker under this
scenario."

Notwithstanding the current positive outlook, S&P may--and this is
unlikely -- lower the rating if Avanti's credit quality
significantly worsens from the current level, or if any other
factor results in a loss of confidence from its key funding
provider, Westpac.  S&P could also lower the rating if the
likelihood of default worsens for other creditors, notwithstanding
the performance of the Westpac facility.


NZF GROUP: Noteholders' Meeting Fails to Reach Quorum
-----------------------------------------------------
Paul McBeth at BusinessDesk reports that NZF Group has delayed a
special meeting of noteholders for a fortnight after failing to
raise a quorum Thursday [August 7].

According to the report, the Auckland-based financial services
firm's board sought to liquidate the company earlier this year,
and was blocked when a major noteholder asked for a special
meeting to try and squeeze more value from the firm. Investors
holding about 24.1 percent attended the meeting, falling short of
the 25 percent required for a quorum, and the event has been
adjourned for 14 working days, NZF said, BusinessDesk relays.

BusinessDesk says Nessock Custodians Ltd, which held more than 10
percent of the NZF's NZ$18 million in capital notes, is asking
noteholders to delay liquidation until the end of August to try
and find more value in the business, limit NZF's expenses to
NZ$50,000 a month until Sept. 30, while granting directors a
further NZ$50,000 to look at a transaction to boost NZF's value,
and hold another meeting in September to make a final decision.

NZF's board didn't make a recommendation on the resolutions, the
report notes.

The NZDX-listed notes, paying annual interest of 6 percent, last
traded in June last year at a yield of 260 percent. NZF's shares
last traded at 1 cent, valuing the firm at NZ$1.1 million, the
report discloses.

BusinessDesk states that the firm's board has suspended all action
to wind up NZF until the special meeting has been held, and
expects to call the meeting within five weeks.

In April, the report recalls, NZF's board decided to liquidate the
firm after the resignation of auditor RSM Prince scuttled a deal
for a major restructure and was unable to find a replacement.

The extended lifeline means NZF will have to complete and file
audited financial statements for the 2014 financial year, and it
has hired accountancy firm William Buck Christmas Gouwland to do
so, BusinessDesk notes.

In November, the regulatory arm of stock exchange operator NZX
fined NZF Group NZ$35,000 and censured the company after a delay
in filing its 2013 annual report, which saw trading in the shares
suspended, recounts BusinesDesk.

At the time NZF Group said it was unable to fully value its
divestment in its 50 percent stake in MPMH, a holding company for
Mike Pero Mortgages, as it no longer had access to the financial
statements, the report adds.

NZF Group Limited (NZE:NZF)-- http://www.nzf.co.nz/-- is a
provider of financial services.  The Company provides a
diversified range of services including investment, lending,
insurance and mortgage broking. NZF operates in four divisions:
property finance, home loans, consumer finance and financial
services distribution.



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


SSANGYONG ENGINEERING: To Pick Manager to Sell Stake
----------------------------------------------------
Yonhap News reports that Ssangyong Engineering & Construction Co.
said on August 6 that it will select an underwriter that will
manage the sale of its controlling stake by the end of this month.

Yonhap notes that South Korea's 19th-largest builder by
construction capacity has been under court protection since early
this year due to a credit crunch sparked by a slowdown in the
global economy that affected the construction sector as a whole.
It had undergone a debt rescheduling program from June 2013.

Yonhap relates that the company said last month that its actual
debt stood at some KRW850 billion (US$822.4 million).

According to the news agency, the latest action comes after it
received formal approval for its comprehensive rehabilitation
program from its creditors on July 25, which removed any remaining
obstacles to a future merger and acquisition deal.

Firms interested in managing the stake sale are required to submit
their applications by Aug. 13, after which the court will screen
and pick the most capable contender to handle the task, says
Yonhap.  A notice for the sale of the builder is expected to go
out by late September, after the underwriter has examined how best
to handle the sale, according to Yonhap.

"The entire process should take about six months from start to
finish, although this could be pushed forward if a buyer emerges
earlier than expected," Yonhap quotes a company source as saying.

Ssangyong E&C and the court hope to finalize the stake sale by
early next year, the report adds.

Based in Seoul, Korea, Ssangyong Engineering & Construction Co.,
Ltd. -- http://www.ssyenc.com/eng/-- is involved in the areas of
construction and engineering.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 3, 2014, The Korea Times said Ssangyong Engineering &
Construction (E&C) has filed for court protection as its creditors
refused to finance the cash-strapped builder.  Ssangyong E&C said
it held a board meeting Dec. 30 to ask the Seoul Central District
Court to lead a debt-rescheduling program after one of its major
creditors, the Military Mutual Aid Association, raised an
objection to additional financial support to it.

Ssangyong became the first Korean builder which filed for court
protection since the 1998 financial crisis that severely hit the
construction sector. Back then, major contractors such as Hyundai
Engineering & Construction and Daewoo Engineering & Construction
went through a debt workout program.



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


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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
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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