TCRAP_Public/140812.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, August 12, 2014, Vol. 17, No. 158


                            Headlines


A U S T R A L I A

AEGA PTY: Clifton Hall Appointed as Liquidators
DSG HOLDINGS: Remaining Retail Stores to Close End of this Month
KIRRIBILLI CLUB: May Sell Lavender Bay Premises
MARK YOUNG: SellersMuldoonBenton Appointed as Administrators
TAPESTRY SYSTEMS: Goes Into Liquidation

TORRENS 2005-1: Fitch Affirms 'BBsf' Rating on Class B Notes
* Tiger Capital Launches Sydney-Based Asset Advisory Firm


C H I N A

CHINA TELETECH: To Buy 51% of Shenzhen Jinke's Assets
JINGRUI HOLDINGS: Fitch Puts Final 'B' Rating on USD150MM Notes
SUNTECH POWER: Acting Chief Financial Officer Departs
TIMES PROPERTY: Moody's Assigns B2 Rating on RMB900MM Sr. Notes


I N D I A

AMIT REALTY: ICRA Assigns 'B+' Rating to INR22.5cr Cash Credit
BHIMA SAHAKARI: CARE Assigns 'B' Rating to INR7.50cr Bank Loan
BIDESH PLYWOOD: CRISIL Reaffirms 'B+' Rating on INR77MM Loans
DAMARA GOLD: ICRA Suspends 'B+' Rating on INR4.42cr Loans
EFFICIENT ENGINEERS: CRISIL Cuts Rating on INR148.5MM Loans to D

FOREL LABS: ICRA Assigns 'B+' Rating to INR8.0cr Loan
JET AIRWAYS: Pilots Warn of Agitation Over Salary Arrears
JOSEPH LESLIE: ICRA Reaffirms 'B+' Rating on INR5.33cr Loans
KASTURCHAND FERTILISERS: CRISIL Suspends B+ Rating on INR80M Loan
KINGFISHER AIRLINES: CBI Launches Probe Into IDBI Bank Loan

KIRAN PLASTICS: CRISIL Suspends 'D' Rating on INR64.4MM Loans
KRANTI COTTON: ICRA Assigns 'B' Rating to INR5.85cr Loans
MIM COMPONENTS: ICRA Reaffirms 'B-' Rating on INR9.34cr Loans
NATIONAL SCHOOL: CRISIL Lowers Rating on INR121.6MM Loans to D
OSWAL KNIT: ICRA Assigns 'C' Rating to INR21.30cr LT Loan

RITU CARGO: CARE Assigns 'B+' Rating to INR18.49cr Bank Loan
SANTHI PROCESSING: CRISIL Suspends 'D' Rating on INR98.3MM Loans
SONA FOOD: CRISIL Upgrades Rating on INR60MM Loans to 'B+'
SPECTRA EQUIPMENTS: ICRA Suspends 'D' Rating on INR11.5cr Loan
SRI VENKATESWARA: CRISIL Suspends 'D' Rating on INR50MM Term Loan

STEELWORKS AND POWER: CRISIL Assigns 'B+' Rating to INR37MM Loans
TIGER SONS: CRISIL Suspends 'D' Rating on INR209MM Loans
TULSI COLD: CARE Assigns 'B+' Rating to INR4.20cr Bank Loan
USHA TUBES: ICRA Suspends 'D' Rating on INR15.5cr Loans
VICHITRA PRESTRESSED: CRISIL Suspends 'B+' Rating on INR50MM Loan

VIJAY DEEP: CARE Reaffirms 'B+' Rating on INR8cr Bank Loan
VINAYAK RAIL: CRISIL Suspends 'B-' Rating on INR99.5MM Loans
INDIA: To Liquidate Seven Money Circulation Firms


N E W  Z E A L A N D

RENAISSANCE CORP: Shareholders Back Resolution to Liquidate


S I N G A P O R E

* K.G.Tan & Co. Wins Award in Singapore Accountancy Awards (SAA)


S O U T H  K O R E A

LEO MOTORS: Sells $961,540 of Convertible Promissory Notes
PANTECH: To File for Court Receivership by Next Week


S R I  L A N K A

PEOPLE'S LEASING: Fitch's Issuer Default Ratings Remain at 'B+'


X X X X X X X X

* BOND PRICING: For the Week August 4 to August 8, 2014


                            - - - - -


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A U S T R A L I A
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AEGA PTY: Clifton Hall Appointed as Liquidators
-----------------------------------------------
Mark Hall and Daniel Lopresti of Clifton Hall were appointed Joint
and Several Liquidators of AEGA Pty Ltd on Aug. 7, 2014.

A meeting of creditors will be held at 11:00 a.m. on Aug. 15,
2014, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


DSG HOLDINGS: Remaining Retail Stores to Close End of this Month
----------------------------------------------------------------
Eloise Keating at SmartCompany reports that the remaining Crazy
Clark's and Sam's Warehouse retail stores are expected to close by
the end of August, after receivers KordaMentha were unable to find
a buyer for the troubled discount retail chain.

As of next Sunday, August 17, there will be just 15 outlets still
operating in the Retail Adventures chain, the parent company of
which, DSG Holdings, was placed in administration at the start of
July, SmartCompany relates.

But receiver Rohul Goyal said in a statement late last week "there
has been no buyer for the group or any sizeable part of the group"
and the last of the chain's stores will close on August 31,
according to the report.

While a spokesperson for KordaMentha told SmartCompany on
August 11 it is possible someone may purchase one or a few of the
remaining outlets, 90% of the chain's stores have already been
closed or are in the process of closing.

SmartCompany relates that the latest round of store closures,
announced on August 7, brings the total number of stores closures
to 128 and the total number of employees affected to nearly 1,800.

KordaMentha has also closed the DSG Holdings distribution centre
at the Port of Brisbane, where 30 people worked, SmartCompany
notes.

According to SmartCompany, the receivers previously said they hope
to pay employee entitlements, amounting to AUD10 million, by the
end of September.

While Retail Adventures has survived two previous administrations,
with former BRW Rich Lister Jan Cameron buying the company out of
administration on two occasions, it appears the chain, which
relied on a high-volume, low-price strategy, has come to the end
of its line, SmartCompany states.

Brian Walker, chief executive of the Retail Doctor Group, told
SmartCompany the result isn't surprising, as general discount
retailers such as Crazy Clark's and Sam's Warehouse rely on a
"fragile model" of "high volume and low overheads, in good
locations".

While Mr. Walker said these chains may have had "some good
performing stores with good numbers", strong results in a few
locations are often not enough to carry a whole chain, the report
relays.

"They have such thin margins to start with, and faced with rising
costs, it is very hard to differentiate themselves against the big
players with bigger advertising muscle," SmartCompany quotes Mr.
Walker as saying.

Mr. Walker says the likes of Target and Big W have made "inroads"
in the discount market through their pricing and merchandising
strategies, in much the same way the supermarket sector is now
dominated by Coles and Woolworths.  "And then we have the whole
world of online," Mr. Walker told SmartCompany.

DSG Holdings Australia Pty Limited operates retailers Crazy Clarks
and Sam's Warehouse.  It employs approximately 2,500 people across
143 retail outlets, has a distribution centre in Queensland and a
head office at North Ryde.

David Winterbottom and Rahul Goyal of KordaMentha Restructuring
have been appointed Receivers and Managers of DSG Holdings
Australia Pty Limited.  This follows the appointment of Steve
Nicols of Nicols + Brien as Voluntary Administrator of DSG.


KIRRIBILLI CLUB: May Sell Lavender Bay Premises
-----------------------------------------------
InsolvencyNews reports that The Kirribilli Club is considering its
option to sell off Lavender Bay premises in a bid to alleviate the
mounting debt.

Seven years ago the Club went through a significant upgrade to the
premises, the report recalls. It had about AUD5 million of debt at
the time it commenced the upgrades but ended up with AUD11.2
million after the completion, the report notes.

Although membership numbers doubled to about 14,000, the Club
still faces AUD9 million of debt, according to the report.

InsolvencyNews says the Club's chief executive pointed out that a
number of factors led the Club to consider the option to sell the
premises including the new site's start up costs and the global
financial crisis. He added that the Club had spent a considerable
amount of money on gaming and fit out of the premises, the report
relays.

Other attempts to help the Club like finding an amalgamation
partner was unsuccessful and a membership fund raising only raised
AUD50,000 which was far short of their AUD1 million target,
InsolvencyNews relates.

According to the report, the Club has presented the proposed deal
AUD15.5 million between the NSW Harness Racing Club to its members
which would include a 25 year leaseback.

The report notes that the Club's chief executive had said that the
proposed sale was the only viable option to prevent the Club from
appointing an administrator.

"It is concerning that a growing number of clubs in NSW have
raised their hands for help in recent times. An important question
that arises is how improvements can be made in the way clubs are
run and maintaining the identity of the club for the benefit of
the local communities," the report quotes Jamieson Louttit of
Insolvency and Advisory firm Jamieson Louttit & Associates, as
saying.


MARK YOUNG: SellersMuldoonBenton Appointed as Administrators
------------------------------------------------------------
Justin Howlett and Ken Sellers of SellersMuldoonBenton were
appointed as administrators of Mark Young Racing Pty Ltd on
Aug. 7, 2014.

A first meeting of the creditors of the Company will be held at
SellersMuldoonBenton, Level 1, 27-31 Myers Street, in Geelong, on
Aug. 19, 2014, at 11:00 a.m.


TAPESTRY SYSTEMS: Goes Into Liquidation
---------------------------------------
Timothy Clifton and Simon Miller of Clifton Hall were appointed
Joint and Several Liquidators of Tapestry Systems Pty Ltd on
Aug. 7, 2014.

A meeting of creditors will be held at 10:00am on Monday, 18
August 2014 at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


TORRENS 2005-1: Fitch Affirms 'BBsf' Rating on Class B Notes
------------------------------------------------------------
Fitch Ratings has affirmed six classes of notes from three Torrens
series.  The transactions are securitizations of Australian
conforming residential mortgages originated by Bendigo and
Adelaide Bank Limited ('A-'/Stable/'F2').  The rating actions are
as follows:

Series 2005-1 TORRENS Trust:

AUD71.3m Class A-2 affirmed at 'AAAsf'; Outlook Stable
AUD32.0m Class B affirmed at 'BBsf'; Outlook Stable

TORRENS Series 2006-1(E):

EUR41.0m Class A-1 affirmed at 'AAAsf'; Outlook Stable
AUD61.8m Class A-2 affirmed at 'AAAsf'; Outlook Stable
AUD46.5m Class B affirmed at 'BBsf'; Outlook Stable

TORRENS Series 2014-1 Trust:

AUD425.8m Class A notes affirmed at 'AAAsf'; Outlook Stable

KEY RATING DRIVERS

The affirmations reflect Fitch's view that the available credit
enhancement is able to support the Class A notes' current ratings,
the stable credit quality and performance of the pools and Fitch's
expectations of Australia's economic conditions.  The underlying
pools are covered by lenders' mortgage insurance (LMI) provided by
QBE Lenders Mortgage Insurance Ltd. (Insurer Financial Strength
Rating: AA-/Stable) and Genworth Financial Mortgage Insurance Pty
Ltd.

At June 30, 2014, 30+ day arrears for Series 2005-1 TORRENS Trust
and TORRENS Series 2006-1(E) of 4.0% and 2.5% were above Fitch's
Dinkum RMBS index of 1.21%.  Series 2005-1 TORRENS Trust recorded
losses of 0.07% of the original pool balance, with LMI covering
over 97% of all losses to date, while TORRENS Series 2006-1(E)
recorded losses of 0.04%, with LMI covering over 79% of all losses
to date.  All losses not covered by mortgage insurers have been
covered by excess spread.  TORRENS Series 2014-1 Trust recorded
30+ days arrears of 0.7% and no losses as at June 30, 2014.

TORRENS Series 2014-1 Trust closed in March 2014 with weighted
average seasoning of 28 months at the end of June 2014.  The two
remaining pools are well seasoned, with weighted average seasoning
at over nine years.  As a result, Series 2005-1 TORRENS Trust's
Fitch-calculated weighted average indexed loan-to-value ratio
(LVR) is 45.20%, compared with 58.92% before indexation, while
Torrens Series 2006-1(E)'s weighted average indexed LVR reduced to
46.93%, from 59.45% before indexation.

RATING SENSITIVITIES

The prospect for downgrades is considered remote given the level
of subordination available to the Class A notes.  A significant
and unexpected increase in delinquencies, defaults and losses
would be necessary before any negative rating action would be
considered.  Credit enhancement levels for the 'AAAsf' rated notes
can support many multiples of arrears levels.

Initial Key Rating Drivers and Rating Sensitivities for TORRENS
Series 2014-1 Trust are further described in the New Issue report,
published on March 4, 2014.

A comparison of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) to those of typical RW&Es for this
asset class is available by accessing the reports and/or links
given under Related Research.


* Tiger Capital Launches Sydney-Based Asset Advisory Firm
---------------------------------------------------------
Tiger Capital Group has announced the launch of an Australian-
based venture focused on bringing leading-edge asset advisory,
valuation and liquidity services, as well as debt and equity
capital, to the Australian marketplace. The launch of Tiger Asset
Group marks the first time a U.S. asset advisory firm has
established a permanent presence in Australia to offer consulting
and capital liquidity services, said Daniel Kane, Tiger Group's
Principal and Managing Member.

"Over the past few years, restructuring, advisory, and private
equity firms in Australia have been increasingly calling on Tiger
for operational and strategic advice on a broad range of retail,
wholesale and industrial opportunities," said Mr. Kane. "After
years of consultation, we have responded to this growing market
need by partnering with seasoned, long-established restructuring
professionals in Australia."

Tiger Asset Group, which is headquartered in Sydney and plans to
open offices across the country, will offer consulting services,
formal appraisals, asset disposition services and capital
infusions for operating businesses ranging from mining and factory
equipment to luxury retail inventories. In addition to providing
equity capital and debt financing as needed, the new entity will
work to help Australian operators respond to rising competition
from ecommerce and the influx of global chains. Appraisals will
cover all categories of consumer goods and industrial assets,
including machinery and equipment and intellectual property. In
addition, Tiger will provide liquidity to businesses with excess
or non-productive assets through auction advisory services, lease
renegotiations, and wind-down services when needed.

"The Australian marketplace is in the midst of rapid change,"
noted Damian McCarthy, CEO of Tiger Asset Group and former
Executive Director of GraysOnline, the Australian online retailer
and auctioneer. McCarthy has more than 23 years of experience as a
Chartered Accountant, restructuring professional and director of
distressed asset advisory firms.

"As a direct result of rising competition, companies now see an
acute need to expand their borrowing bases," he said. "With its
multidisciplinary team of experts on the ground in Australia and
the support of Tiger's U.S. professionals and financing, Tiger
Asset Group is uniquely positioned to help these companies
aggressively leverage the value of their underutilized or
unproductive assets, including inventory, machinery and equipment,
real estate, and intellectual property."

In addition to McCarthy, key Australian executives include another
GraysOnline alumnus, Steven Laws, who has 30 years of experience
in working with distressed assets, and Fraser Ronald, an
experienced restructuring professional, workout banker and
financier, who most recently served as Head of Asset Management
for GE Capital in Sydney. Ronald has also held senior positions
with Grant Thornton LLP and KordaMentha, both major players in the
Australian restructuring scene. Bob DeAngelis, Tiger Capital Group
Executive Managing Director, will serve as Chairman of the new
venture's Board of Directors.

                     About Tiger Capital Group

Tiger Capital Group -- http://www.TigerGroup.com-- provides asset
valuation, advisory and disposition services to a broad range of
retail, wholesale, and industrial clients. Tiger's seasoned
professionals help clients identify the underlying value of
assets, monitor asset risk factors and, when needed, provide
capital or convert assets to capital quickly and decisively. Tiger
operates main offices in Boston, Los Angeles, and New York.



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CHINA TELETECH: To Buy 51% of Shenzhen Jinke's Assets
-----------------------------------------------------
China Teletech Holding, Inc., entered into a cooperation agreement
with Shenzhen Jinke Energy Development Co., Ltd., pursuant to
which the Company will purchase, in an aggregate, 51% of all the
assets of SJD, with purchase price to be paid in two installments
as follows:

   (i) the Company will issue to SJD 20 million shares (the
       "First Stock Issuance") of the Company's common stock,
       par value $0.01 per share in exchange for the 16% of all
       the assets of SJD; and

  (ii) the Company will, upon completion of a financing, purchase
       the additional 35% of the assets of SJD in consideration
       of (x) such amount of the shares of Common Stock to be
       issued to SJD as proportionate to the First Stock Issuance
       (approximately 43.75 million shares, the "Second Stock
       Issuance"), or (y) such amount of cash as equivalent to
       the fair market value of the Second Stock Issuance, in
       both cases, subject to adjustment based on result of the
       due diligence.

A copy of the Cooperation Agreement, dated as of June 30, 2014, by
and among the Company and Shenzhen Jinke Energy Development Co.,
Ltd., is available for free at http://is.gd/F4LajP

                       About China Teletech

Tallahassee, Fla.-based China Teletech Holding, Inc., is a
national distributor of prepaid calling cards and integrated
mobile phone handsets and a provider of mobile handset value-added
services.  The Company is an independent qualified corporation
that serves as one of the principal distributors of China Telecom,
China Unicom, and China Mobile products in Guangzhou City.

On June 30, 2012, the Company strategically sold its wholly-owned
subsidiary, Guangzhou Global Telecommunication Company Limited
("GGT"), to a third party.  GGT was engaged in the trading and
distribution of cellular phones and accessories, prepaid calling
cards, and rechargeable store-value cards.

China Teletech reported a net loss of $1.96 million on $30.87
million of sales for the year ended Dec. 31, 2013, as compared
with net income of $53,542 on $26.62 million of sales in 2012.
As of Dec. 31, 2013, the Company had $1.15 million in total
assets, $1.59 million in total liabilities and a $439,187 total
stockholders' deficit.

WWC, P.C., in San Mateo, California, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013, citing that the Company has incurred
substantial losses which raise substantial doubt about its ability
to continue as a going concern.

As reported by the TCR on Aug. 7, 2014, China Teletech dismissed
WWC, P.C., effective July 31, 2014.  The Company engaged Albert
Wong & Co. LLP as the Company's new independent registered public
accountant.


JINGRUI HOLDINGS: Fitch Puts Final 'B' Rating on USD150MM Notes
---------------------------------------------------------------
Fitch Ratings has assigned China-based residential property
developer Jingrui Holdings Limited's (Jingrui; B/Stable) USD150m
13.625% senior unsecured notes due 2019 a final rating of 'B' and
Recovery Rating of 'RR4'.  The assignment of the final rating
follows the receipt of documents conforming to information already
received.  The final rating is in line with the expected rating
assigned and confirmed on May 7, 2014, and Aug. 1 2014,
respectively.

The notes are rated at the same level as Jingrui's senior
unsecured rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.

KEY RATING DRIVERS

Challenging Sales Target: Fitch expects Jingrui's sales in 2014 to
increase from 2013's, although it will be challenging for the
company to reach its 2014 sales target of CNY12.8bn.  Jingrui
achieved contracted sales of CNY3.0bn in 1H14, representing a
year-on-year increase of 30%.  The company's contracted sales in
1H14 were 23% of its full-year target, less than the 28% achieved
in 2013.

High Leverage among Peers: Jingrui's leverage is a key constraint
on its ratings.  Fitch expects Jingrui's leverage, measured by net
debt over adjusted inventory, to increase to nearly 55% at end-
June 2014 from 44% at end-2013.  The company's expenditure on land
acquisitions of about CNY3bn in 1H14 was high relative to its
contracted sales of CNY3bn, which contributed to the higher
leverage.  In comparison, most of the other residential developers
rated 'B' or 'B+' had leverage of below 40%.  As Jingrui is
expanding, Fitch believes that its leverage will rise in 2014 but
is likely to remain below 60% (above which negative rating action
may be considered), unless it acquires land aggressively in 2H14.

Fast Churn-Out Lowers Margins: Jingrui adopted the fast churn-out
model in 2013 by starting construction and launching project
presales three months and six months after land acquisitions
respectively.  For example, it launched the presales of a Hangzhou
project in December 2013, 148 days after it purchased the land.
This model helped Jingrui increase sales by a strong 76% to
CNY8.3bn in 2013.  However, the fast churn-out model reduces
profit margins, as developers benefit less from property price
appreciation and have to sell at competitive prices to ensure high
sell-through rates.  Fitch expects Jingrui's gross profit margin
to remain low at 20%-25% in the next two to three years.

Low Market Penetration: Jingrui currently has between one and
three projects that mostly have less than CNY1bn in annual
contracted sales in each of the 15 cities in Jiangsu and Zhejiang
provinces where it has operations.  Fitch believes that Jingrui
could enjoy economies of scale and higher profit margins if it
concentrates on building its market presence and brand name in a
few of these cities.

Heavy Cash Outlay: Jingrui has a small landbank of 5.5 million
square metres.  As such, Fitch expects Jingrui to spend
significant amounts on land acquisitions and project construction
in order to support its target of strong sales growth over the
next few years.  Jingrui relies heavily on cash flow from
contracted sales and banks' construction loans to finance its
operations.  The ambitious expansion plan may increase the risk of
liquidity crunch in times of property market slowdown or liquidity
tightening.  Jingrui will consider developing projects with JV
partners to lower its capital outlay.

Sufficient Liquidity to Repay Debt: At end-2013, Jingrui had cash
of CNY3.4bn and undrawn credit facilities of CNY565m, which should
be sufficient to cover short-term debt of CNY3bn maturing in 2014.

RATING SENSITIVITIES

Positive: Future developments that may collectively lead to
positive rating actions include:

   -- Net debt/adjusted inventory sustained below 40% (end-2013:
      44.2%); and

   -- EBITDA margin sustained above 18% (2013: 12%); and

   -- Maintaining its current strategy of fast churn-out model,
      such that contracted sales/total debt is sustained at over
      1.3x (2013: 1.1x).

Negative: Factors that may, individually or collectively, lead to
negative rating action include:

   -- Net debt/ adjusted inventory sustained above 60%
   -- EBITDA margin sustained below 15%
   -- Contracted sales/total debt sustained below 1.0x.


SUNTECH POWER: Acting Chief Financial Officer Departs
-----------------------------------------------------
Suntech Power Holdings Co., Ltd.'s Joint Provisional Liquidators
said Aug. 5 that Deyong He, acting Chief Financial Officer ("CFO")
of the Company, on June 25, 2014, submitted a letter of
resignation, effective July 1, 2014.  Mr. He will maintain his
position as a member of the Board of Directors of the Company.
With the departure of Mr. He, the Company's global accounting
functions will leverage off existing resources, as directed by the
JPLs.  The JPLs are proposing to restructure the Company's global
accounting functions, and manage the functions of the CFO until a
candidate is selected to fill the vacancy.

                           About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are
represented by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP,
in White Plains, New York.

Suntech Power on Jan. 31, 2014, disclosed that it has signed a
Restructuring Support Agreement relating to the petition for
involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code.  Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.

On Feb. 21, 2014, David Walker and Ian Stokoe, the joint
provisional liquidators of Suntech Power Holdings Co., Ltd.,
appointed by the Grand Court of the Cayman Islands, commenced a
Chapter 15 proceeding (Bankr. S.D.N.Y. Case No. 14-10383).  The
Chapter 15 Petitioners are represented by Jennifer Taylor, Esq.,
and Diana Perez, Esq., at O'Melveny & Myers LLP.  According to the
Chapter 15 petition, Suntech has more than $1 billion in both
assets and debts.


TIMES PROPERTY: Moody's Assigns B2 Rating on RMB900MM Sr. Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 rating to
Times Property Holdings Limited's RMB900 million, 10.375%, 3-year
senior unsecured notes, due 16 July 2017.

The outlook for the ratings is stable.

Ratings Rationale

Moody's definitive rating on this debt obligation follows Times
Property Holdings Limited 's completion of its RMB note issuance,
the final terms and conditions of which are consistent with
Moody's expectations.

The provisional rating was assigned on 9 July, and Moody's ratings
rationale was set out in a press release published on the same
day.

The proceeds from the bond will be used to refinance existing
indebtedness of the company and fund general working capital.

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

Times Property Holdings Limited is a small-to-mid-sized property
developer based in Guangdong Province. It focuses on the
development of mass-market housing for end-user demand. At end-
2013, it had 22 property projects in five cities in Guangdong
Province, including Guangzhou, as well as Changsha in Hunan
Province, with a total land bank of around 8.17 million square
meters.



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AMIT REALTY: ICRA Assigns 'B+' Rating to INR22.5cr Cash Credit
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR22.50 crore cash
credit facility of Amit Realty Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     22.50        [ICRA]B+ assigned
   (Cash Credit)

The assigned rating takes into account the delay witnessed in
execution of the project within the scheduled timeframe and
significant funding risk as a major portion of promoters'
contribution in the form of unsecured loan is yet to be brought
in. The rating also takes note of ARPL's high project
concentration risks, with the current project being the only
revenue source for the company. The rating, however, derives
comfort from the experience of the promoters in the real estate
business and the favorable location of the shopping mall cum
multiplex in close proximity to the central business area of
Bokaro, Jharkhand, which strengthens the project attractiveness.
Although, the real estate sector remains susceptible to the
economic cycles, substantial level of bookings of the property
mitigates off-take risks to a large extent. While assigning the
rating, ICRA also takes into account the risks related to the
ability of the company to achieve required occupancy level and
profitability out of its hotel operations, post completion of the
project.

Incorporated in 2007, ARPL is currently developing a shopping
mall-cum-multiplex at Bokaro, Jharkhand. The proposed shopping
mall would host an anchor store, a multiplex, restaurants, food
court, shops, offices and a three star hotel. The shopping mall
will be partially leased out and the balance portion will be put
on rent; whereas the hotel will be operated by the company under a
management tie-up.


BHIMA SAHAKARI: CARE Assigns 'B' Rating to INR7.50cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Bhima
Sahakari Sakhar Karkhana Limited.

                               Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities    7.50       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Bhima Sahakari
Sakhar Karkhana Limited is constrained by its financial risk
profile marked by volatile operating margins, highly leveraged
capital structure, working capital intensive nature of operations
and seasonal and cyclical nature of the sugar industry.

The rating, however, derives strength from the long and
established track record of the promoters of over three decades
in the cyclical sugar industry, qualified and experienced second-
tier management, fully-integrated business model of sugar mill
resulting in de-risking of the core sugar business to a certain
extent and strategic location of the sugar factory.

The ability of BSSKL to procure the envisaged volume of sugar cane
at the envisaged price, improve its profitability and debt
protection metrics and effectively manage working capital cycle
are the key rating sensitivities.

Bhima Sahakari Sakhar Karkhana Limited was incorporated in
December 1976 by the late Mr Madhukarrao Gangajirao Shitole as a
co-operative society to undertake the manufacturing of sugar and
sugar related production. The first crushing season of factory was
conducted in the Sugar Season (SS) 1979-80 with an installed
crushing capacity of 1,250 tonnes of cane crushed per day (TCD),
which was subsequently enhanced in stages, with the capacity as on
March 31, 2014 at 5,000 TCD. In year 2010, BSSKL commissioned a 45
kilo-liters per day (KLPD) distillery unit, which commenced
commercial production from FY11 (refers to the period April 1 to
March 31). During FY11-12, BSSKL installed a bagasse fired co-
generation unit with an installed capacity of 19.5 mega-watts (MW)
and started commercial operations of the same from
November 2012.

Presently, the society is spearheaded by Mr Rahul Shubhash Kul
(chairman) and Mr Ashok Patil (managing director). The fully
integrated sugar plant of BSSKL is located in village
Madhukarnagar, Patas, Taluka Daund, Maharashtra.

During FY14 (as per provisional results), BSSKL achieved sugar
sales of INR229.40 crore (as against INR240.58 crore in FY13) on
the back of crushing of 6.38 lakh metric tonnes (MT) of sugar cane
(as against 6.20 lakh MT in FY13) and selling 82,184 MT (FY14) as
against 84,502 MT in FY13.

During FY14 (provisional), BSSKL reported a PAT of INR2.81 crore
on a total operating income of INR287.62 crore as against PAT of
INR0.97 crore on a total operating income of INR287.73 crore in
FY13.


BIDESH PLYWOOD: CRISIL Reaffirms 'B+' Rating on INR77MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bidesh Plywood Factory
Pvt Ltd reflect the company's supplier concentration risk, along
with the susceptibility of its operating margin to risks related
to volatility in foreign exchange (forex) rates, intense market
competition and adverse impact of regulatory changes. The ratings
also factor in BPFL's working-capital-intensive operations. These
rating weaknesses are partially offset by the promoter's extensive
experience in the plywood industry, the established presence of
Raffel brand, large dealer network, and proximity to forest,
enabling seamless supply.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          5       CRISIL A4 (Reaffirmed)
   Cash Credit            40       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      180       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     37       CRISIL B+/Stable (Reaffirmed)
   Standby Letter of
   Credit                 18       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that BPFL will continue to benefit from its
promoter's extensive experience in the plywood segment. The
outlook may be revised to 'Positive' if the company improves its
financial risk profile and liquidity with an enhanced working
capital cycle, and maintains its scale of operations and net cash
accruals. Conversely, the outlook may be revised to 'Negative' if
BPFL's capital structure and liquidity are adversely affected by
its stretched working capital cycle, or significantly low revenue
and profitability, or sizeable debt-funded capital expenditure
(capex).

Update
BPFL's revenue could decline by around 10 per cent to INR547
million for 2013-14 (refers to financial year April 1 to March
31), because of low demand and intense competition. The operating
margin was 5.4 per cent during the year, and could remain
vulnerable to fluctuations in forex rates over the medium term.

The company's working capital requirements are large, with its
gross current assets (GCAs) of around 198 days, commensurate with
inventory of 98 days as on March 31, 2014. BPFL stocks inventory
from December to April, resulting in large working capital
requirements over the period, and consequently high bank limit
utilisation at around 91 per cent on average for the 12 months
ended June 30, 2014.

BPFL's net worth was estimated at INR124 million as on March 31,
2014, thereby limiting its financial flexibility in the event of
an exigency. Moreover, the company has high total indebtedness
because of its working capital requirements. Therefore, the total
outside liabilities to tangible net worth (TOLTNW) ratio was
estimated at 1.81 times as on March 31, 2014.

The debt protection metrics are moderate with interest coverage
and net cash accruals to total debt (NCATD) ratios at 2.17 times
and 0.17 times, respectively, in 2013-14. CRISIL believes that
BPFL's net worth will remain modest, given its small scale of
operations and low accretions to reserves.
About the Company

BPFL was established in 1992, by Mr. Roshan Lal Agarwal. The
company has a unit near Dhupguri in Siliguri (West Bengal) and
manufactures plywood, block board, and veneers.

BPFL reported a profit after tax (PAT) of INR6 million on net
sales of INR547 million for 2013-14, as against a PAT of INR3
million on net sales of INR607 million for 2012-13.


DAMARA GOLD: ICRA Suspends 'B+' Rating on INR4.42cr Loans
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR4.42 Crore
long term fund based bank facilities of Damara Gold Private
Limited. ICRA has also suspended [ICRA]A4 rating assigned to the
INR31.50 crore short term non fund based bank facilities of DGPL.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


EFFICIENT ENGINEERS: CRISIL Cuts Rating on INR148.5MM Loans to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Efficient Engineers (I) Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          25      CRISIL D (Downgraded
                                   from 'CRISIL A4')

   Cash Credit             50      CRISIL D (Downgraded
                                   from 'CRISIL B/Stable')

   Letter of Credit        73.5    CRISIL D (Downgraded
                                   from 'CRISIL A4')

The ratings downgrade reflects EEPL's cash credit limit which has
been continuously overdrawn for more than 30 consecutive days, and
the delays by the company in meeting the interest obligations on
its term loan; the overdrawn limit and the delays in debt
servicing have been caused by the company's weak liquidity.

EEPL also has a modest financial risk profile, marked by a small
net worth and weak debt protection metrics, a small scale of
operations, and large working capital requirements. However, the
company benefits from its promoter's extensive industry
experience.

EEIPL, incorporated in 1992 in Ahmedabad (Gujarat), is promoted by
Mr. Ketan Patel. It is an ISO 9001-2000-certified company and it
undertakes electromechanical contracts. It also carries out small
civil work contracts for government entities.


FOREL LABS: ICRA Assigns 'B+' Rating to INR8.0cr Loan
-----------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR8.00
crore* fund based limits of Forel Labs Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     8.00       [ICRA]B+ assigned

The credit concerns and strengths pertaining to FLPL remain the
same as highlighted in ICRA's earlier.

Rationale issued in March 2014, available at the following link:
http://www.icra.in/Files/Reports/Rationale/Forel%20Labs_r_14032014
.pdf

Forel Labs Private Limited was incorporated in the year 2011 and
is into manufacturing of bulk drugs. The company is constructing a
bulk drug manufacturing facility in Thannam village in
Visakhapatnam District in Jawaharlal Nehru Pharma City which has
been developed by Government of Andhra Pradesh along with Ramky
Group. The total cost of the project is expected to be INR29 crore
funded by a debt to equity ratio of 1.76:1. The facility will used
for manufacturing of 4 products namely Zidovudine, Phenylepherine
Hcl, Olmesartan and Clopidogrel Bisulfate with a capacity of 24
TPA for each product. The unit is expected to start commercial
operations in August 2014.


JET AIRWAYS: Pilots Warn of Agitation Over Salary Arrears
---------------------------------------------------------
The Press Trust of India reports that Jet Airways pilots have
warned the management of agitation if the airline fails to offer a
concrete plan on payment of arrears amounting to INR100 crore by
August 20, sources said.

When contacted, Jet Airways denied having received any such
ultimatum from pilots, the report says.

The threat came a day ahead of the airlines' annual general
meeting and announcement of first quarter earnings on Monday
[August 11].  The AGM was to be attended by chairman Naresh Goyal
and Etihad chief executive and president James Hogan.

PTI says Jet Airways, in which the Gulf carrier Etihad had
invested INR2,058 crore for 24% stake, has 1,100 pilots on the
roll.  Its pilots have struck work for weeks in 2009 against
sacking of two of their colleagues, the report recalls.

"The pending arrears have not been paid even after the management
saying at every meeting that they would be paid. During the past
15 months, we have had four chief executives and each one of them
had asked us to be patient.

"But this time around, we are not going to be cajoled by them any
more and if they don't give us a firm date to clear the arrears
running into INR90-100 crore by August 20, we will be forced to
resort to industrial action," a senior Jet Airways source told
PTI.

The airline has been apprised of this decision during a recent
meeting, the source, as cited by PTI, added.

"There is no such ultimatum that has been received," a Jet Airways
spokesperson said.

Of the 1,100 pilots on the rolls, as many as 600 are commanders
and the rest first officers, the news agency adds.

"Jet Airways owes around Rs 15 lakh to each commander and another
INR7 lakh to each co-pilot. At the time of taking Etihad on board,
the management had shown us a rosy picture going forward, but that
remains to be translated into reality," the source said, the
report relays.

Meanwhile, PTI said that Jet Airways said in a statement that no
ultimatum has been served on the airline and the management will
meet the pilots on August 20 and discuss all the matters.

                         About Jet Airways

Jet Airways (India) Ltd -- http://www.jetairways.com/-- provides
air transportation.  The geographic segments of the company are
domestic and international.  The company has a frequent flyer
program named Jet Privilege wherein the passengers who uses the
services of the airline become services of the airline become
members of Jet Privilege and accumulates miles to their credit.
The company's subsidiaries include Jet Lite (India) Limited,
Jetair Private Limited, Jet Airways LLC, Trans Continental e
Services Private Limited, Jet Enterprises Private Limited, Jet
Airways of India Inc., India Jetairways Pty Limited and Jet
Airways Europe Services N.V.  On April 20, 2007, the company
acquired Sahara Airlines Limited.

                          *     *     *

Jet Airways posted three consecutive consolidated net losses of
INR9.6 billion, INR4.2 billion, and INR858.4 million for the
years ended March 31, 2009 through 2011.


JOSEPH LESLIE: ICRA Reaffirms 'B+' Rating on INR5.33cr Loans
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR0,88
crore long term loans and INR4.45 crore (enhanced from INR3.95
crore) long term fund based facilities of Joseph Leslie & Company
LLP. ICRA has also reaffirmed the [ICRA]A4 rating assigned to the
INR2.10 crore, short term non-fund based facilities of the
company.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-Term loans         0.88       [ICRA]B+ reaffirmed

   Long-term, fund-based
   bank facilities         4.45       [ICRA]B+ reaffirmed

   Short-term, non-fund    2.10       [ICRA]A4 reaffirmed
   based bank facilities

The ratings continue to favorably reflect the vast experience and
the technical expertise of the promoters in the industrial
personal protection industry, which has in turn aided the company
in building a favorable market position in the domestic market.
This is further supported by the increase in the exclusive
distributorship the company possesses for the domestic market
which strengthens the reputation of JLC as well boosts the growth
in revenues. The scale of operations of the company however,
continues to remain low, with the growth stagnant for the last two
years. This coupled with the increase in spend of marketing and
employee expenses has resulted in constrained profit margins for
FY2013. The presence of a large unorganised segment and
counterfeit products further limits the bargaining power of JLC.
In addition, the low awareness of the importance of PPE has
necessitated the company to provide favourable terms to its
customers, in order to promote its products. This has resulted in
higher working capital intensity for the company, which coupled
with the stretched coverage and capitalisation indicators,
constrains the ratings. Nonetheless, adjusting the gearing for the
interest free unsecured loans form the promoters provides comfort
to an extent. The commencement of exports coupled with the
diversification of the product profile is likely to boost growth
in the future. The company's ability to scale up its operations
will remain key to improving its financial profile going forward.

Joseph Leslie & Company LLP was formed as a partnership company in
1933 to engage in trading activities, and was later converted into
a limited liability partnership in January 2011. The company is
engaged in manufacturing Industrial Personal Protection Equipment
and has also taken up the agency of various global safety
equipment manufacturers to distribute their products in India.
Currently, JLC manufactures helmets, and masks from its plants
located in Vasai, Maharashtra and Panvel, Maharashtra and has tie-
ups with~11 companies for exclusive distributorship of gloves, ear
plugs, protective clothing, industry vehicles and various other
safety equipments.

Recent Results
For the twelve months ending March 31, 2013 , JLC reported profit
after tax (PAT) of INR0.02 crore on revenues of INR16.12 crore as
against a PAT of INR0.31 crore on revenues of INR15.80 crore for
the twelve months ending March 31, 2012


KASTURCHAND FERTILISERS: CRISIL Suspends B+ Rating on INR80M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kasturchand Fertilisers Pvt Ltd.

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

   Proposed Long Term     20      CRISIL B+/Stable Suspended
   Bank Loan Facility

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

KFPL was incorporated in 1995. It manufactures nitrogen-
phosphorous-potassium (NPK) mixture fertilisers and granulated
single super phosphate (GSSP). The company is promoted by Mr.
Munnalal Agrawal and his son, Mr. Abhay Agrawal. The company has
capacity of 66,000 tonnes per annum (tpa) at its unit in
Gadchiroli district (Maharashtra). KFPL sells its fertilisers
under the Krushidhan brand, primarily in the Vidarbha region.


KINGFISHER AIRLINES: CBI Launches Probe Into IDBI Bank Loan
-----------------------------------------------------------
The Times of India reports that the Central Bureau of
Investigation has reactivated a preliminary investigation into the
Kingfisher Airline default case and has called for fresh
information from IDBI bank and other lenders that have an exposure
to the defunct airline.

According to the report, the resumption of investigation comes a
week after the bureau arrested Syndicate Bank chairman SK Jain on
allegations of graft. In the case of KFA the bureau appears to be
chasing the money trail and as of now no charges have been made
against individual officers.

Speaking to ToI, Raghavan, chairman of IDBI said that a
preliminary enquiry was started on the KFA matter a couple of
years ago. The case was dormant for some time and the CBI has
again raised some queries. "This is not a fresh PE, the enquiry
was started a couple of years ago. We believe that information has
been sought from other banks as well," said Raghavan.

Incidentally, the matter refers to the amount lent to liquor baron
Vijay Mallya's Kingfisher before 2010, the report says.
In May 2010, IDBI was the first lender to recall its entire long-
term loan of INR750 crore to the airline after it defaulted on a
maturity payment of INR150 crore. IDBI has a total exposure of
INR900 crore, the report discloses.

Lenders have been attempting to recover dues of INR5,773 crore of
which INR1,580 crore is due to State Bank of India alone,
according to ToI.

The report relates that after KFA defaulted on its obligations and
IDBI recalled its loans in 2010, the consortium of lenders
restructured loans made out to KFA.  According to the report, the
restructuring package included converting debt into equity, grant
of working capital loans and fresh guarantees. However, the
airline went deeper into the red and dues to banks mounted.

Lenders have said that there is not enough security to cover the
loans, ToI notes. Although they have sold a few shares in some of
the liquor companies they held as pledge bulk of the loans remain
unpaid. Recently SBI chairman Arundhati Bhattacharya said that
most of the bank's attempts to recover through sale of assets are
being stymied by legal cases, according to ToI.

ToI says CBI lodges a preliminary enquiry when it either receives
a complaint or information which indicates serous misconduct on
the part of a public servant but when the information is not
adequate to justify registration of a regular case under section
154 of the CrPC. When the verification of the complaint reveals a
prima facie cognizable offence the PE is converted into a regular
case, says ToI.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past six years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile.

For 2012-13 (refers to financial year, April 1 to March 31),
KFAL reported a net loss of INR83.5 billion (INR23.3 billion for
2011-12) on net sales of INR5 billion (INR54.85 billion). For the
six months ended September 30, 2013, it reported a net loss of
INR18.72 billion (INR14.04 billion for the corresponding period
of 2012-13) on net revenues of INR0.0 (INR5.01 billion).


KIRAN PLASTICS: CRISIL Suspends 'D' Rating on INR64.4MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ravi
Kiran Plastics Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         0.5      CRISIL D Suspended
   Cash Credit           47.5      CRISIL D Suspended
   Term Loan             16.4      CRISIL D Suspended

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

RKPPL was incorporated in 1999 by Mr. Yogesh Patel when the
company took over the operations of Ravi Kiran Plastics, which was
established in 1996 as a partnership firm by Mr. Yogesh Patel and
his brother, Mr. Gopal Patel. The company manufactures injection-
moulded plastic parts, which are used in air coolers, automobile
parts, electrical parts, and drip irrigation systems. The company
has a manufacturing facility in Vadodara (Gujarat).


KRANTI COTTON: ICRA Assigns 'B' Rating to INR5.85cr Loans
---------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR4.50 crore cash
credit cum ODBD (Overdraft against Book Debt) facility and INR1.35
crore term loan facility of Kranti Cotton and Oil Industries.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based- Cash      4.50       [ICRA]B; assigned
   Credit cum ODBD

   Fund Based- Term      1.35       [ICRA]B; assigned
   Loan

The assigned rating is constrained by Kranti Cotton and Oil
Industries' (KCOI)'s limited track record of operations and its
financial profile characterised by thin profits, weak debt
protection indicators as well as stretched capital structure,
given the debt-funded nature of the project. The rating also takes
into account the vulnerability to fluctuation in raw material
prices as well as the exposure to regulatory risks with regard to
export policies and MSP for raw cotton fixed by the Government of
India. The rating is also constrained by the highly competitive
and fragmented nature of the industry which further exerts
pressure on margins. Also, being a partnership firm, any
substantial withdrawal by the partners can have an adverse impact
on the capital structure of the firm.

The rating, however, positively considers the experience of the
key managerial partners in the cotton industry as well as the
favourable location of the firm giving it easy access to high
quality raw cotton. The rating also factors in the favourable
demand outlook for cotton and cottonseed in domestic and overseas
markets.

Kranti Cotton and Oil Industries was established in August 2013 as
a partnership firm promoted by Mr. Shaileshbhai Kavar and nine
other partners. The management of the firm is handled by eight
partners namely Mr. Mavjibhai Sherashiya, Mr. Mahendarabhai Kavar,
Mr. Shaileshbhai Kavar, Mr. Shaileshbhai Kakasaniya, Mr.
Deepakbhai Kakasaniya, Mr. Vijaybhai Kavar, Mr. Manilal Kasundra
and Mr. Narendrabhai Saradva. The manufacturing plant of the firm
is situated at Morbi, Gujarat. The plant is equipped with 24 jumbo
double roller ginning machines and one pressing machine
(automatic) with an installed capacity of producing 225 cotton
bales per day (24 hours operation). The firm commenced commercial
production in March 2014.

Recent Results
In FY14, KCOI reported an operating income of INR1.24 crore and
net loss of INR0.25 crore. Further, the firm has reported an
operating profit of INR0.24 crore on an operating income of
INR15.54 crore as on 30th June 2014.


MIM COMPONENTS: ICRA Reaffirms 'B-' Rating on INR9.34cr Loans
-------------------------------------------------------------
ICRA has assigned a long- term rating of '[ICRA]B-' to the INR8.20
crores term loans and INR1.14 Cr Cr fund based limits and a short
term rating of '[ICRA]A4' to the INR0.66 Cr non fund-based limits
of MIM Components (Bangalore) Pvt Ltd.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term Fund based     8.20       [ICRA]B- (Reaffirmed)
   Limits - Term Loans

   Long term Fund based     1.14       [ICRA]B- (Reaffirmed)
   Limits - Cash Credit

   Short term non fund      0.66       [ICRA]A4 (Reaffirmed)
   based limits

The ratings action take into account the lack of prior track
record of the company, since commercial operations are yet to
commence; the modest credit profile over the medium term while
operations stabilize; the debt funded nature of the project and
the vulnerability of the company towards adverse raw material
price fluctuations due to the nascent stage of operations.

ICRA's ratings factor in the project implementation risks
associated with the green-field Metal Injection Moulding (MIM)
components plant being set up in Bangalore, limited experience of
the promoters in MIM components industry and vulnerability of
project returns to variability in raw material prices, which the
company may not be able to pass onto the customers. Moreover, the
debt funded nature of the capex is likely to put pressure on the
capitalisation and coverage indicators of the company in the
initial period. While reaffirming the rating, ICRA has noted that
the company has now obtained necessary approvals for commencement
of the project. The rating draws comfort from the tie-up with a
US-based entity for the purpose of sharing technical know-how as
well as an exclusive marketing and distribution agreement for the
purpose of exports. Going forward, the company's ability to
complete the project without any further time and cost overruns
and generate adequate returns from the project will be the key
rating drivers.

MIM Components (Bangalore) Pvt. Ltd. is a private limited company
established in February 2008. The company proposes to manufacture
Metal Injection Molding (MIM) Components using the latest MIM
Technology. The company has entered into an exclusive distribution
agreement with a moulding company based out of USA for marketing
and distribution of its products. The proposed manufacturing unit
is established in Dabaspet, Tumkur District. The company has
already acquired 1 Acre of land at the KIADB Industrial Area. The
total cost of the project is INR12.31 crores which is being funded
in a debt equity ratio of 3.92 (after considering unsecured loans
as debt).


NATIONAL SCHOOL: CRISIL Lowers Rating on INR121.6MM Loans to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of National School of Management Studies (NSMS) to 'CRISIL D' from
'CRISIL B/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       41.6     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan                80       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects NSMS's delay in repayment of its
term loans for more than 30 days; the delay has been caused by the
company's weak liquidity due to low accruals.

NSMS also has geographical concentration in its revenue profile, a
small scale of operations with limited course offerings, and
limited flexibility to increase student intake. Furthermore, it is
exposed to intense competition in the education sector. However,
the institute benefits from its established market position, the
extensive experience of its promoters in the education sector, and
the healthy demand prospects for the sector in India.

Established in 2002, NSMS imparts education in hospitality and
hotel management. The institute also offers computer application
and business management courses. It was established by National
School of Management Studies-Durgapur Chapter. NSMS is affiliated
to West Bengal University of Technology and is approved by the
Council for Technical Education, West Bengal. The institute also
has collaboration with and membership of the Federation of Hotel
and Restaurant Association of India, New Delhi, and Hotel and
Restaurant Association of Eastern India, Kolkata.


OSWAL KNIT: ICRA Assigns 'C' Rating to INR21.30cr LT Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]C to the INR21.30
crore fund-based facilities of Oswal Knit India Limited. ICRA has
also assigned a short-term rating of [ICRA]A4 to the INR16.70
crore non-fund based limits of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Limits      21.30      [ICRA]C assigned
   Short Term Limits     16.70      [ICRA]A4 assigned

The ratings reflect the high financial risk profile of OKIL
characterized by its stretched liquidity position and high working
capital intensity, low profit margins and weak debt coverage
indicators.

While assigning the rating, ICRA has also taken into account the
consistent over drawings in the company's CC limit due to its
stressed liquidity and the lack of financial flexibility available
to the company. The possibility of future support being extended
by it to other stressed promoter companies, which have close
linkages with OKIL, is also a rating concern.

Nevertheless, the ratings take into account the experience of
nearly three decades of the management in the textile industry and
established distribution network of OKIL. Other promoter companies
provide for integration of the production activity to a certain
extent -- mainly for purchase of raw materials and outsourced job
work.

Going forward, OKIL's ability to absorb adverse fluctuations in
input costs and achieve improvement in profitability margins and
liquidity position will be the key rating sensitivities.

Oswal Knit India Limited, established in 1992, is engaged in the
manufacturing and marketing of winter knitwears/garments under two
brands 'Casablanca' (since 1992) and 'Gadoni' (since 2009). OKIL
is a closely held company promoted by Mr. Jangi Lal Oswal and is
part of the Malwa Group of companies which has been in the textile
industry for over three decades.

Recent Results
As per FY14 provisional figures, OKIL has reported a net profit of
INR0.62 crore on an operating income of INR123.26 crore for the
year ending March 31, 2014.


RITU CARGO: CARE Assigns 'B+' Rating to INR18.49cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ritu Cargo
Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    18.49       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Ritu Cargo Private
Limited is primarily constrained on account of the nascent stage
of operations with large debt-funded capex done for fleet
acquisition. The rating is further constrained due to the highly
competitive nature of transportation business, susceptibility of
the company's profitability to increase in toll taxes/levies and
unrecoverable costs with customer concentration risk.

The rating, however, derives strength from the experienced
promoters with the established presence of 'Ritu Group' in
the transportation business.

The ability of the company to increase its scale of operations,
diversify its client base and maintain high operational
utilization of the fleet along with improvement in solvency
position and efficient management of working capital are the
key rating sensitivities.

Jodhpur-based (Rajasthan) RCPL was formed as a private limited
company by the Ritu group in July 2013. The Ritu group
is engaged in the transportation services since 1991 and has about
550 owned carriers/tankers as on June 30, 2014, running in the
transportation of oil, lubricants, bitumen, emulsion and
commercial vehicles.

RCPL was promoted with an objective to transport goods from port
to various plants and vice versa and have a fleet size of 75
vehicles as on March 31, 2014. RCPL has made an arrangement with
Mumbai-based Om Shree Ganesh Containers Private Limited (OMPL,
engaged in the transportation business) in September 2013 for
transportation of goods in the state of Maharashtra with imported
raw materials and coming back with finished goods export material
for a time period of three years.

As per provisional results for FY14 (refers to the period April 1
to March 31), RCPL reported a total operating income of INR2.18
crore and PAT of INR0.05 crore.


SANTHI PROCESSING: CRISIL Suspends 'D' Rating on INR98.3MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Santhi
Processing Unit Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          5       CRISIL D Suspended
   Cash Credit            60       CRISIL D Suspended
   Letter of Credit       10       CRISIL D Suspended
   Long Term Loan         23.3     CRISIL D Suspended

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

SPUPL was set up as a firm in 1983 by Mr. S Duraisamy; it was
reconstituted as a private limited company in 2000. It
manufactures dyed fabric, and has capacity of 600,000 meters per
month.


SONA FOOD: CRISIL Upgrades Rating on INR60MM Loans to 'B+'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sona Food Products to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             45      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term       3.9    CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan               11.1    CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects the sustainable improvement in SFP's
liquidity, supported by substantial funding by its promoters,
comfortable cash generation from business, and availability of
unutilised bank lines. The promoters have extended long-term
unsecured loans of about INR7 million over the past two years.
Moreover, the firm has efficiently managed its working capital
cycle, with average gross current assets of around 138 days, which
has helped it to manage its growth with limited incremental
working capital requirements. Consequently, the sanctioned fund-
based bank limits have had moderate utilisation, at an average of
about 85 per cent during the 12 months through March 2014.  The
upgrade assumes that SFP will maintain its working capital cycle,
and that its promoters will continue to infuse funds to maintain
its liquidity, over the medium term.

The rating reflects SFP's modest scale of operations in the highly
fragmented rice milling industry, and its weak financial risk
profile, marked by a small net worth and high gearing. These
rating weaknesses are partially offset by the extensive industry
experience of the firm's partners.
Outlook: Stable

CRISIL believes that SFP will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
scales up its operations, while improving its capital structure
and working capital cycle. Conversely, the outlook may be revised
to 'Negative' if SFP's financial risk profile deteriorates, most
likely because of a sharp decline in its profitability or revenue,
substantial debt-funded capital expenditure, or deterioration in
its working capital cycle.
About the Firm

Established in 2007, SFP is engaged in milling and processing of
paddy into rice, rice bran, broken rice, and husk. The firm
commenced commercial operations in December 2008 at its processing
unit in Nagpur. Its day-to-day operations are managed by its
promoters, Mr. Vimal Zamtani and Mr. Kishor Zamtani.

For 2013-14 (refers to financial year, April 1 to March 31), SFP
is likely to report a profit after tax (PAT) of INR5.4 million on
net sales of INR350 million; it had reported a PAT of INR3.7
million on net sales of INR243 million for 2012-13.


SPECTRA EQUIPMENTS: ICRA Suspends 'D' Rating on INR11.5cr Loan
--------------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR11.50
crore long-term fund based and non fund based limits of Spectra
Equipments Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


SRI VENKATESWARA: CRISIL Suspends 'D' Rating on INR50MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Venkateswara Charitable Trust.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan               50      CRISIL D Suspended

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

SVCT, based in Anathapur (Andhra Pradesh), was established as a
charitable trust in 2009 by Mr. Prasad Reddy and his friend, Mr.
Rammaiah Reddy. Currently, the trust runs one engineering college,
Sri Venkateshwara Engineering College, in Sonipat (Haryana). The
total intake capacity of the engineering institute is 750
students, while the current strength is around 450 students. The
engineering college is duly approved by the All India Council for
Technical Education.


STEELWORKS AND POWER: CRISIL Assigns 'B+' Rating to INR37MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Steelworks and Power Engineers Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 7       CRISIL B+/Stable
   Cash Credit              30       CRISIL B+/Stable
   Letter Of Guarantee     153       CRISIL A4

The ratings reflect SWPEPL's modest scale of operations in a
competitive industry and its below-average capital structure
driven by working-capital-intensive operations. These rating
weaknesses are partially offset by the benefits that SWPEPL
derives from its promoters' extensive experience in the
fabrication and erection of steel structures, and its adequate
debt protection measures driven by moderate profitability.

For arriving at the rating, CRISIL has treated SWPEPL's unsecured
loans of INR13.5 million from promoters as on March 31, 2013, as
neither debt nor equity as they are expected to be retained in the
business.

Outlook: Stable

CRISIL believes that SWPEPL will benefit from its promoters'
extensive experience and funding support. The outlook may be
revised to 'Positive' if the company scales up its operations
significantly and records substantial cash accruals while
improving its working capital cycle. Conversely, the outlook may
be revised to 'Negative' if the company generates lower than
expected cash accruals or undertakes a large debt-funded capital
expenditure programme or if its working capital cycle lengthens,
weakening its financial risk profile, especially liquidity.

SWPEPL, incorporated in 1983 by Mr. Vinod Kumar, is engaged in
fabrication and erection of steel structures. The company has two
manufacturing facilities in Siliguri (West Bengal) and Hanumangarh
(Rajasthan). The company undertakes fabrication of steel
structures for hydel projects, tunnel works, and steel bridges for
government departments and public sector undertakings.

SWPEPL reported a profit after tax (PAT) of INR15.9 million on net
sales of INR284 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR3.6 million on net sales
of INR163.7 million for 2011-12.


TIGER SONS: CRISIL Suspends 'D' Rating on INR209MM Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Tiger
Sons Glass Industries Private Limited.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            50      CRISIL D Suspended
   Letter of Credit       29      CRISIL D Suspended
   Term Loan             130      CRISIL D Suspended

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

TIPL was originally set up as a partnership firm, Tiger Sons, in
1970 by Mr. Ram Kishore Gupta and Mr. Dharmendra Mohan Gupta; the
firm was reconstituted as a private limited company with the
current name in 1997. The company's manufacturing plant is located
at Firozabad (Uttar Pradesh). It manufactures glass bulb shells
and lead glass tubes, which are used in the electronic industry.
It is now venturing into the manufacture of glass bottles for the
packaging industry.


TULSI COLD: CARE Assigns 'B+' Rating to INR4.20cr Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of
Tulsi Cold Storage.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.20       CARE B+ Assigned
   Short-term Bank Facilities    2.42       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Tulsi Cold Storage
are primarily constrained on account of its nascent stage of
operations and its constitution as a partnership firm. The ratings
are further constrained on account of stabilization risk
associated with its debt-funded capital expenditure project,
competition from other local players and its dependence on
vagaries of nature and seasonality associated with the potato cold
storage business.

The aforementioned constraints far outweigh the benefits derived
from the experience of the promoters and its proximity to the
potato-growing region of Gujarat.

The ability of TCS to stabilize the operations and achieve the
envisaged revenue and profitability are the key rating
sensitivities.

Established in 2013 as a partnership firm, TCS is engaged in
providing cold storage facility for storing potatoes on a rental
basis. The firm commenced the commercial operations from April
2014. The firm has controlled-atmosphere cold storage facility
located at Dhansura; Gujarat having a capacity to store 7,581
Metric Tonne (MT) of potatoes. The firm is being managed by Mr
Rameshkumar R. Kachhava, Mr Jigneshkumar P Patel, Mr Gajanand A
Patel and Mr Gautamkumar S Patel.

TCS is implementing a completed debt-funded project for setting up
cold storage with an total envisaged cost of INR6.14 crore to be
funded from a term loan of INR4.20 crore (including subsidy of
INR1.65 crore) and the remaining from the promoter contribution.
TCS has already incurred INR5.60 crore up to March 31, 2014 and
has commenced the partial operations.


USHA TUBES: ICRA Suspends 'D' Rating on INR15.5cr Loans
-------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR15.50
crore*, long term loans & working capital facilities of Usha Tubes
& Pipes Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

Usha Tubes and Pipes Private Limited, Visakhapatnam based company,
was engaged in manufacturing of steel pipes and tubes, which was
incurring losses and acquired by ATR Group in 2005. ATR group
acquired UTPPL for INR14.00 crore as it had a huge land of 18.28
acre. The land bank of UTPPL is used to build warehouses and the
warehousing space of around 3 lakh sqft is leased for companies to
stock their products. ATR Group was founded by Mr. A.T Rayudu, and
currently managed by the founder and his son, Mr. Avnash Anumolu.
ATR Warehousing Private Limited is the flagship Company of the
group and controls all other group companies through direct or
indirect holdings.


VICHITRA PRESTRESSED: CRISIL Suspends 'B+' Rating on INR50MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vichitra Prestressed Concrete Udyog Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        200      CRISIL A4 Suspended
   Cash Credit            50      CRISIL B+/Stable Suspended

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

VPC, set up in 1991, undertakes water supply, sewage and
trenchless works in telecom sectors for which it used to
manufacture and market Reinforced Concrete pipes (RCC) and other
allied products. Over the period of time, it has entered into
manufacture of Prestressed Concrete Pipe (PSC) and specialises in
execution of water supply projects, laying of optical fibre cables
and Trenchless works.  It is based out of Delhi and has been
promoted by Mr. Ram Agarwal and his wife, who has been in this
line of business for the last 20 years.


VIJAY DEEP: CARE Reaffirms 'B+' Rating on INR8cr Bank Loan
----------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Vijay Deep
Silk Mills Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.00       CARE B+ Reaffirmed

Rating Rationale

The rating continues to remain constrained on account of the
modest scale of operations of Vijay Deep Silk Mills Private
Limited, low net profitability margin, leveraged capital structure
and high working capital intensity of operations.

The rating is further constrained on account of its presence in
the highly fragmented fabric processing industry with
limited presence in the textile value chain.

The rating, however, continues to derive strength from the vast
experience of the promoters in the textile industry, its
established track record of operations coupled with established
marketing and distribution network and its location
advantage by way of proximity to its raw material.

The ability of VDSM to increase its scale of operations with an
improvement in its profitability margin and strengthen its
capital structure are the key rating sensitivities.

Vijay Deep Silk Mills Private Limited, incorporated in 1987, is
promoted by Mr Banshi Lal Kothari and Mr Krishna Gopal Kothari in
the textile city of Rajasthan, Bhilwara. VDSM is engaged in the
business of weaving of grey fabrics from Polyester Viscous
(PV)/Texturised yarn and gets processed work done on a job-work
basis. The company sells grey as well as finish fabrics and also
does weaving on a job-work basis. It is also does trading of
finished fabrics. The company procures raw material from the local
markets of Bhilwara and markets its products through a network of
20 agents/dealers in Rajasthan, Kolkata, Mumbai and Ahmedabad.
VDSM has its manufacturing facilities located at Bhilwara with an
installed capacity of 84 Lakh Meters Per Annum (LMPA) for
manufacturing of grey fabric as on March 31, 2014.  Currently, the
company operates through 92 looms at its manufacturing units.

As per the provisional results for FY14 (refers to the period
April 1 to March 31), VDSM has reported a total operating income
of INR34.90 crore as against INR 29.53 crore during FY13 and PAT
of INR0.18 crore during FY14 as against INR0.03 crore during FY13.


VINAYAK RAIL: CRISIL Suspends 'B-' Rating on INR99.5MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vinayak
Rail Track Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long Term Loan         34.5     CRISIL B-/Stable Suspended
   Proposed Long Term
   Bank Loan Facility     65.0     CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by
VRTPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VRTPL is yet to
provide adequate information to enable CRISIL to assess VRTPL'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 on July 2, 2009, and based in Kolkata (West Bengal),
VRTPL is a contractor and undertakes general fabrication and
railway track laying operations. The company is promoted by Mr.
Naresh Agarwal and his wife, Mrs. Neelam Agarwal.


INDIA: To Liquidate Seven Money Circulation Firms
-------------------------------------------------
Times of India reports that the Union government has decided to
liquidate properties of seven multi-state credit cooperative
societies, operating in Odisha, for their illegal money
circulation business, official sources said.  The report notes
that some of these are under CBI scanner for chit fund scam.

The Central Registrar of Cooperative Societies (CRCS) under the
ministry of agriculture has appointed two liquidators Brahmanand
Bhue and Balabhadra Patra, both joint registrar of cooperative
societies (Odisha), according to Times of India.  The report
relays that they have been asked to finalize the liquidation
proceedings in three months.

The report notes the CRCS Raj Singh's order issued on July 28
revealed that the Center has cleared shutting down of Artha Tatwa,
Swastik India, Mideast, Utkal, SLB, Kishore and Rajiv Gandhi
Memorial Multi State.

State registrar of cooperative societies Biswanath Mullick
confirmed the development, the report relays.  "The liquidation
process will start soon in accordance with the norms," the report
quoted Mr. Mullick as saying.

The CRCS order said the state government on January 16 had
recommended the Centre to take action against these societies for
their dubious dealings, the report notes.  The CRCS had called
representatives of these entities for personal hearing on January
28. However, none of them turned up, the report discloses.  The
government had issued advertisements in April, asking the
societies to respond, but they did not turn up, the CRCS said,
reports Times of India.

The state government had recommended action against these
companies after an inspection by the cooperation department
between August and November last year in the wake of illegal chit
fund and money laundering businesses by several organizations
coming to light in the state, the report says.

During the inspection, the government found Artha Tatwa office
locked while no offices in the names of Sai Kishore, Mideast, SBL,
Utkal Multi State and Rajiv Gandhi Memorial Multi State existed in
their registered addresses in Bhubaneswar, the report adds.



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


RENAISSANCE CORP: Shareholders Back Resolution to Liquidate
-----------------------------------------------------------
Paul McBeth at BusinessDesk reports that shareholders in
Renaissance Corp have backed a resolution to wind-up the failed
retailer and education group, and have appointed a liquidator to
the company.

According to BusinessDesk, Renaissance said investors agreed to
the resolution to appoint Andrew McKay and Justin Bosley of
Corporate Finance as liquidators. The vote comes after the company
this year sold its operating assets and signalled a capital return
before an eventual close down, the report notes.

NZX-listed Renaissance, which lost its monopoly on Apple products
sold in New Zealand, has been selling businesses for the past two
years. In May it warned it would likely miss a $1 million earn-out
from the Yoobee School of Design, as it earnings were tracking
below expectations, the report recalls.

Trading in the shares was suspended on Aug. 5, and they last
traded at 14.6 cents, valuing Renaissance at $6.37 million,
BusinessDesk discloses.

Based in Christchurch, New Zealand, Renaissance Corp Limited
(NZE:RNS) -- http://www.renaissance.co.nz/-- engages in the
retail of Apple and third party products in New Zealand. It
markets and sells Apple products, and associated peripheral
hardware and computer software to its digital technology consumers
through its YOOBEE retail outlets and online stores. It operates
approximately 10 stores.



=================
S I N G A P O R E
=================


* K.G.Tan & Co. Wins Award in Singapore Accountancy Awards (SAA)
----------------------------------------------------------------
Alliott Group Member K.G.Tan & Co. Pac are honoured to be the
recipient of the award "Excellence in Productivity & Innovation"
in the SAA Awards. The Singapore Accountancy Awards (SAA)
recognises outstanding practices and individuals in the
profession. Supported by the Accounting and Corporate Regulatory
Authority (ACRA) and the Singapore Accountancy Commission (SAC),
the SAA is the first of its kind within the local accountancy
sector and is intended as a platform to recognise business and
individual excellence, promote good practices and strengthen
branding of the profession and industry.

Alliott Group -- http://www.alliottgroup.net-- is a worldwide
alliance of independent accounting, law and consulting firms. With
more than 160 member firms in some 60 countries, the group meets
the local and cross-border needs of its members and their clients.

About K.G.Tan & Co. PAC K.G. Tan & Co. PAC --
http://portal.kgtan.com/-- is a Certified Public Accounting (CPA)
firm with a team of dedicated and competent accounting
professionals. It specialises in audit, tax, accounting, advisory
and other corporate services.



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


LEO MOTORS: Sells $961,540 of Convertible Promissory Notes
----------------------------------------------------------
Leo Motors, Inc., sold three convertible promissory notes for an
aggregate principal amount of $961,540 to two Korean accredited
investors pursuant to a Securities Purchase Agreement on July 31,
2014.

Each note has a maturity date which is three years after the date
of issuance.  Each Note has an interest rate of four percent per
annum.  Each note is convertible into restricted shares of the
Company's common stock at any time on the date that is three
months after the date that Note was issued at an exercise price
equal to $0.10 per share, which may be adjusted, subject to
certain terms and conditions, to a price equal to the greater of
(i) par value of the Common Stock, or (ii) 75% of the average
trading price of the Common Stock for the 3 months immediately
preceding the date of conversion.  The Company is permitted to
repay the Note at any time after the date that is three months
after the date of issuance.

                          About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million.  During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.

Leo Motors reported a net loss of $1.24 million on $0 of revenues
for the year ended Dec. 31, 2013, as compared with a net loss of
$1.88 million on $25,605 of revenues during the prior year.  The
Company's balance sheet at March 31, 2014, showed $1.14
million in total assets, $1.80 million in total liabilities and a
$656,382 total deficit.

John Scrudato CPA, in Califon, New Jersey, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has incurred significant losses since inception
of $16,871,850.  This and other factors raise substantial doubt
about the Company's ability to continue as a going concern.


PANTECH: To File for Court Receivership by Next Week
----------------------------------------------------
Korea IT Times reports that Pantech will finally file for workout
after weeks of desperate calls for help to the government and
mobile service operators.

"We have no way of paying back the 22-billion-won debt coming due
on the 10th and had to apply for court receivership.  By the next
week at the latest we will file for the receivership," the report
quoted an unnamed Pantech official as saying.

The report notes that as late as the end of July, the company had
glimmers of hope as its creditors agreed on the resumption of the
handset maker's workout program.  But it was unable to withstand
the pressure from the crushing debt estimated at KRW65 billion
including KRW43 billion in unpaid accounts payable, the report
relays.

Earlier on August 5, Pantech's suppliers had sent a letter to the
President asking for help as the 550 partner firms, as well as
their 80,000 employees, would be out of business unless Pantech
gets financial support from the government, the report discloses.

In late July, the three mobile operators, including SK Telecom,
KT, and LG U+, to which Pantech owes KRW180 billion agreed to
extend the grace period for debt repayment two more years instead
of agreeing to a debt-to-equity swap, effectively rescuing Pantech
from the brink of court receivership, the report says.

But they declined to take the additional delivery of mobile phones
for reasons that they still have too much inventory, the report
notes.

However, the report relays, Pantech and its suppliers insisted
that the three mobile service operators immediately take the
delivery of 13,000 new phones worth KRW90 billion (US$87.4
million) because without it there would be no point for workout.

Pantech is Korea's third-largest mobile handset manufacturer after
Samsung and LG.



================
S R I  L A N K A
================


PEOPLE'S LEASING: Fitch's Issuer Default Ratings Remain at 'B+'
---------------------------------------------------------------
Fitch Ratings has assigned People's Leasing & Finance PLC's (PLC,
B+/AA-(lka)/Stable) proposed senior unsecured debentures of up to
LKR3bn an expected National Long-Term 'AA-(lka)(EXP)' rating.

The final rating is contingent on the receipt of the final
documents conforming to information already received.

The issue is expected to have tenors of three and four years with
fixed-rate coupon payments.  PLC expects to use the proceeds for
working capital purposes.

The proposed debenture is rated in line with PLC's National Long-
Term Rating of 'AA-(lka)', given that the issue is expected to
rank equally with the company's senior unsecured creditors.

KEY RATING DRIVERS - NATIONAL RATINGS AND DEBT

PLC's National Long-Term Rating reflects Fitch's view that PLC's
parent, the state-owned and systemically important People's Bank
(PB, AA+(lka)/Stable), has a high propensity but limited ability
to provide extraordinary support to PLC if required, because PLC
is strategically important to PB and due to other linkages.

These linkages include PB's majority ownership and board
representation, a common brand and PLC's association with PB's
franchise.  In 2013, PLC accounted for over 11% of PB's group
assets, and contributed to over 25% of its post-tax profits.
Apart from its own branches, PLC also operates 109 window offices
within PB's branches.

It is likely that state support will flow to PLC through PB, due
to their strong linkages.  PLC's association with the PB brand and
therefore with the state, and the consequent reputational risk to
the state should PLC fail, also supports Fitch's view.

PB's limited ability to provide support to PLC stems from its own
'AA+(lka)' rating, which is in turn derived from the government of
Sri Lanka's (BB-/Stable) high propensity but moderate ability to
provide support to the bank under extraordinary situations.

The two-notch differential between the National Long-Term ratings
of PLC and PB reflect Fitch's view that timely support from the
state may be constrained by regulatory restrictions between the
entities (such as maximum exposure limits) or administrative
delays usually seen in layered support structures.

PLC's outstanding senior unsecured redeemable debentures are rated
in line with its National Long-Term Rating, because the
instruments do not have any going concern- or gone-concern loss-
absorbing features, and are therefore expected to be repaid in
line with PLC's other senior creditors in the event of a
liquidation.

RATING SENSITIVITIES - NATIONAL RATINGS AND DEBT

PLC's ratings may be downgraded if PB gives up its majority stake
in PLC, or if PB's ability to provide support weakens, or if PLC's
strategic importance to PB diminishes over time.

Fitch does not expect PLC's standalone credit profile to improve
above its Long-Term IDRs, primarily due to higher business and
financial risks than companies that are rated higher than PLC.
Therefore, Fitch does not expect PLC's ratings to be upgraded,
unless PB's ratings are upgraded.

A full list of PLC's ratings:

Long-Term Foreign-Currency IDR: 'B+'; Stable Outlook Long-Term
Local-Currency IDR: 'B+'; Stable Outlook National Long-Term
Rating: 'AA-(lka)'; Stable Outlook Outstanding Senior unsecured
debentures: 'AA-(lka)'
Proposed Senior unsecured debentures: 'AA-(lka)(EXP)'
National short-term commercial paper rating: 'F1+(lka)'



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


* BOND PRICING: For the Week August 4 to August 8, 2014
-------------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MAN    7.00     04/01/21    USD    74.65
BOART LONGYEAR MAN    7.00     04/01/21    USD    76.36
GRIFFIN COAL MININ    9.50     12/01/16    USD    70.88
GRIFFIN COAL MININ    9.50     12/01/16    USD    70.88
MIDWEST VANADIUM P   11.50     02/15/18    USD    41.55
MIDWEST VANADIUM P   11.50     02/15/18    USD    44.58
MIRABELA NICKEL LT    8.75     04/15/18    USD    23.25
MIRABELA NICKEL LT    8.75     04/15/18    USD    24.00
NEW SOUTH WALES TR    0.50     09/14/22    AUD    74.30
NEW SOUTH WALES TR    0.50     10/07/22    AUD    74.09
NEW SOUTH WALES TR    0.50     10/28/22    AUD    73.90
NEW SOUTH WALES TR    0.50     12/16/22    AUD    73.86
NEW SOUTH WALES TR    0.50     11/18/22    AUD    73.70
NEW SOUTH WALES TR    0.50     02/02/23    AUD    73.97
NEW SOUTH WALES TR    0.50     03/30/23    AUD    72.86
RELIANCE RAIL FINA    2.97     09/26/20    AUD    71.75
RELIANCE RAIL FINA    2.97     09/26/20    AUD    71.75
TREASURY CORP OF V    0.50     11/12/30    AUD    52.38
TREASURY CORP OF V    0.50     08/25/22    AUD    75.09
TREASURY CORP OF V    0.50     03/03/23    AUD    73.44


CHINA
-----

CHANGCHUN CITY DEV    6.08     03/09/16    CNY    70.52
CHANGCHUN CITY DEV    6.08     03/09/16    CNY    70.57
CHANGZHOU SMALL &     6.18     11/29/14    CNY    60.21
CHINA GOVERNMENT B    1.64     12/15/33    CNY    64.28
DANYANG INVESTMENT    6.30     06/03/16    CNY    70.00
GUANGXI XINFAZHAN     5.75     11/30/14    CNY    39.86
KUNSHAN ENTREPRENE    4.70     03/30/16    CNY    69.28
KUNSHAN ENTREPRENE    4.70     03/30/16    CNY    69.32
QINGZHOU HONGYUAN     6.50     05/22/19    CNY    49.92
QINGZHOU HONGYUAN     6.50     05/22/19    CNY    49.18
ZHENJIANG CITY CON    5.85     03/30/15    CNY    70.13
ZHENJIANG CITY CON    5.85     03/30/15    CNY    70.41
ZHUCHENG ECONOMIC     7.50     08/25/18    CNY    57.16
ZIBO CITY PROPERTY    5.45     04/27/19    CNY    59.08
ZOUCHENG CITY ASSE    7.02     01/12/18    CNY    70.75


INDONESIA
---------

DAVOMAS INTERNATIO   11.00     12/08/14    USD    19.38
DAVOMAS INTERNATIO   11.00     12/08/14    USD    19.38
INDONESIA TREASURY    6.38     04/15/42    IDR    74.87
PERUSAHAAN PENERBI    6.75     04/15/43    IDR    74.80
PERUSAHAAN PENERBI    6.10     02/15/37    IDR    70.50


INDIA
-----

3I INFOTECH LTD       5.00     04/26/17    USD    41.13
CORE EDUCATION & T    7.00     05/07/15    USD     9.25
COROMANDEL INTERNA    9.00     07/23/16    INR    16.12
DEWAN HOUSING FINA    5.50     09/24/23    INR    72.32
GTL INFRASTRUCTURE    2.53     11/09/17    USD    36.49
INDIA GOVERNMENT B    0.23     01/25/35    INR    20.06
JCT LTD               2.50     04/08/11    USD    20.00
MASCON GLOBAL LTD     2.00     12/28/12    USD    10.00
PYRAMID SAIMIRA TH    1.75     07/04/12    USD     1.00
REI AGRO LTD          5.50     11/13/14    USD    55.88
REI AGRO LTD          5.50     11/13/14    USD    55.88
SHIV-VANI OIL & GA    5.00     08/17/15    USD    25.99


JAPAN
-----

ELPIDA MEMORY INC     0.70     08/01/16    JPY    13.13
ELPIDA MEMORY INC     0.50     10/26/15    JPY    14.25
ELPIDA MEMORY INC     2.10     11/29/12    JPY    14.25
ELPIDA MEMORY INC     2.29     12/07/12    JPY    16.13
ELPIDA MEMORY INC     2.03     03/22/12    JPY    14.38
JAPAN EXPRESSWAY H    0.50     03/18/39    JPY    70.43
JAPAN EXPRESSWAY H    0.50     09/17/38    JPY    70.92


KOREA
-----

EXPORT-IMPORT BANK    0.50     10/23/17    TRY    72.39
EXPORT-IMPORT BANK    0.50     12/22/17    BRL    66.85
EXPORT-IMPORT BANK    0.50     12/22/17    TRY    71.05
EXPORT-IMPORT BANK    0.50     12/22/16    BRL    75.16
EXPORT-IMPORT BANK    0.50     11/21/17    BRL    68.31
GREAT KODIT SECURI   10.00     09/29/14    KRW    73.16
HYUNDAI MERCHANT M    7.05     12/27/42    KRW    45.45
KIBO ABS SPECIALTY   10.00     08/22/17    KRW    32.34
KIBO ABS SPECIALTY   10.00     02/19/17    KRW    29.82
KIBO ABS SPECIALTY   10.00     09/04/16    KRW    30.47
KOREA LAND & HOUSI    3.99     03/26/44    KRW    73.90
SINBO CONSTRUCTION   10.00     09/29/14    KRW    73.16
SINBO SECURITIZATI    5.00     03/14/16    KRW    72.39
SINBO SECURITIZATI    8.00     02/02/15    KRW    74.88
SINBO SECURITIZATI    5.00     02/02/16    KRW    73.03
SINBO SECURITIZATI    8.00     03/07/15    KRW    74.20
SINBO SECURITIZATI    5.00     12/07/15    KRW    72.51
SINBO SECURITIZATI    5.00     01/19/16    KRW    72.45
SINBO SECURITIZATI    5.00     09/13/15    KRW    73.10
SINBO SECURITIZATI    5.00     09/13/15    KRW    62.52
SINBO SECURITIZATI    5.00     08/24/15    KRW    70.81
SINBO SECURITIZATI    5.00     07/19/15    KRW    70.93
SINBO SECURITIZATI    5.00     05/27/16    KRW    30.16
SINBO SECURITIZATI    5.00     10/05/16    KRW    29.83
SINBO SECURITIZATI    5.00     09/28/15    KRW    70.77
SINBO SECURITIZATI    5.00     10/05/16    KRW    29.83
SINBO SECURITIZATI    5.00     12/13/16    KRW    29.66
SINBO SECURITIZATI    5.00     07/26/16    KRW    29.94
SINBO SECURITIZATI    5.00     07/26/16    KRW    29.94
SINBO SECURITIZATI    5.00     01/29/17    KRW    29.57
SINBO SECURITIZATI    5.00     06/29/16    KRW    30.05
SINBO SECURITIZATI    5.00     02/21/17    KRW    27.95
SINBO SECURITIZATI    5.00     08/16/16    KRW    30.08
SINBO SECURITIZATI    5.00     08/31/16    KRW    29.85
SINBO SECURITIZATI    5.00     08/31/16    KRW    29.85
SINBO SECURITIZATI    5.00     08/16/17    KRW    30.07
SINBO SECURITIZATI    5.00     08/16/17    KRW    30.07
SINBO SECURITIZATI    5.00     05/27/16    KRW    30.16
SINBO SECURITIZATI    4.60     06/29/15    KRW    72.45
SINBO SECURITIZATI    4.60     06/29/15    KRW    72.45
SINBO SECURITIZATI    5.00     02/21/17    KRW    29.45
SINBO SECURITIZATI    5.00     03/13/17    KRW    29.47
SINBO SECURITIZATI    5.00     07/08/17    KRW    30.27
SINBO SECURITIZATI    5.00     07/08/17    KRW    30.27
SINBO SECURITIZATI    5.00     03/13/17    KRW    29.47
SINBO SECURITIZATI    5.00     06/07/17    KRW    27.47
SINBO SECURITIZATI    5.00     06/07/17    KRW    27.47
TONGYANG CEMENT &     7.50     04/20/14    KRW    70.00
TONGYANG CEMENT &     7.50     07/20/14    KRW    70.00
TONGYANG CEMENT &     7.50     09/10/14    KRW    70.00
TONGYANG CEMENT &     7.30     06/26/15    KRW    70.00
TONGYANG CEMENT &     7.30     04/12/15    KRW    70.00
U-BEST SECURITIZAT    5.50     11/16/17    KRW    29.85
WOONGJIN ENERGY CO    2.00     12/19/16    KRW    60.89


SRI LANKA
---------

SRI LANKA GOVERNME    5.35     03/01/26    LKR    65.49


MALAYSIA
--------

BANDAR MALAYSIA SD    0.35     02/20/24    MYR    64.13
BANDAR MALAYSIA SD    0.35     02/22/21    MYR    74.96
BRIGHT FOCUS BHD      2.50     01/22/31    MYR    68.57
BRIGHT FOCUS BHD      2.50     01/24/30    MYR    69.97
SENAI-DESARU EXPRE    1.35     12/31/29    MYR    57.32
SENAI-DESARU EXPRE    1.15     06/30/23    MYR    70.04
SENAI-DESARU EXPRE    1.35     06/29/29    MYR    58.21
SENAI-DESARU EXPRE    1.35     06/30/28    MYR    60.04
SENAI-DESARU EXPRE    1.15     12/30/22    MYR    71.64
SENAI-DESARU EXPRE    1.35     12/31/30    MYR    55.57
SENAI-DESARU EXPRE    1.35     12/29/28    MYR    59.13
SENAI-DESARU EXPRE    1.15     06/30/25    MYR    64.52
SENAI-DESARU EXPRE    1.35     06/30/27    MYR    61.99
SENAI-DESARU EXPRE    1.15     12/31/24    MYR    65.71
SENAI-DESARU EXPRE    1.10     06/30/22    MYR    72.91
SENAI-DESARU EXPRE    1.35     12/31/25    MYR    65.07
SENAI-DESARU EXPRE    1.35     06/30/31    MYR    54.71
SENAI-DESARU EXPRE    1.35     06/28/30    MYR    56.47
SENAI-DESARU EXPRE    1.15     06/28/24    MYR    66.99
SENAI-DESARU EXPRE    1.15     12/29/23    MYR    68.50
SENAI-DESARU EXPRE    1.35     06/30/26    MYR    63.99
SENAI-DESARU EXPRE    1.35     12/31/26    MYR    62.99
SENAI-DESARU EXPRE    1.35     12/31/27    MYR    61.01


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

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


SINGAPORE
---------

BAKRIE TELECOM PTE   11.50     05/07/15    USD    11.10
BAKRIE TELECOM PTE   11.50     05/07/15    USD     9.25
BLD INVESTMENTS PT    8.63     03/23/15    USD    30.00
BUMI CAPITAL PTE L   12.00     11/10/16    USD    52.45
BUMI CAPITAL PTE L   12.00     11/10/16    USD    50.02
BUMI INVESTMENT PT   10.75     10/06/17    USD    49.75
BUMI INVESTMENT PT   10.75     10/06/17    USD    50.53
ENERCOAL RESOURCES    9.25     08/05/14    USD    35.03
INDO INFRASTRUCTUR    2.00     07/30/10    USD     1.88


THAILAND
--------

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





                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***