/raid1/www/Hosts/bankrupt/TCRAP_Public/140815.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, August 15, 2014, Vol. 17, No. 161


                            Headlines


A U S T R A L I A

GAVIN JONES: In Receivership; First Meeting Set For Aug. 19
MCLERNON GROUP: Placed Into Voluntary Administration
PROACTIVE SERVICES: Dimension Data Buys Firm's IP
S CENTRAL: Former CEO to Stand Trial on Deception Charges
VIBE AUSTRALIA: Placed in Receivership


C H I N A

CHINA XD: S&P Affirms 'BB-' CCR; Outlook Stable
COASTAL GREENLAND: Moody's Withdraws B3 Corporate Family Rating


I N D I A

AARNA ENTERPRISES: ICRA Suspends 'B' Rating on INR30cr Bank Loan
AGLAR POWER: ICRA Suspends 'D' Rating on INR15cr Loans
AIRVISION INDIA: CRISIL Assigns 'B-' Rating to INR90MM Loans
ALF TECHNOLOGIES: CRISIL Assigns 'B+' Rating to INR38MM Loans
AMAR GINNING: CRISIL Assigns 'B+' Rating to INR67.5MM Loan

AMTEX SOFTWARE: CRISIL Assigns 'B-' Rating to INR240MM Loans
ANANT ELECTRICALS: ICRA Assigns 'B' Rating to INR5.30cr Loan
BAJAJ PROCESSORS: CRISIL Assigns 'B+' Rating to INR211.4MM Loans
BHARAT BUSINESS: CRISIL Assigns 'B+' Rating to INR50MM Loan
BHUSHAN STEEL: Lenders to Meet on August 18 on Firm's Fate

CHHOTEY LAL: CRISIL Assigns 'B+' Rating to INR55MM Cash Credit
CHINTAWAR AGRO: ICRA Suspends 'B-' Rating on INR6cr Loans
DAEJUNG MOPARTS: CRISIL Suspends 'B+' Rating on INR130.6MM Loans
EAGLE EXTRUSION: ICRA Reaffirms 'B' Rating on INR10.20cr Loans
FRIENDLY AUTO: CRISIL Reaffirms 'B-' Rating on INR68.9MM Loans

GOODWILL MEDICAL: ICRA Assigns 'B+' Rating to INR12.5cr Loan
INDO AUSTRALIAN: ICRA Suspends 'B+/A4' Rating on INR18cr Loan
KALYANI TIMBER: ICRA Suspends 'B-' Rating on INR1.75cr Loans
KINGFISHER AIRLINES: May Be Declared as Wilful Defaulter by Banks
KOLLI RAMAIAH: CRISIL Reaffirms 'D' Rating on INR65MM Loans

MAXFLOW PUMPS: CRISIL Assigns 'B-' Rating to INR36MM Loans
MYSORE PAPER: CRISIL Reaffirms 'D' Rating on INR1.01BB Loans
N.M. ROOF: CRISIL Reaffirms 'B' Rating on INR112.5MM Loan
NOORUL ISLAM: ICRA Cuts Rating on INR153.9cr Loans to 'D'
OM THREADS: ICRA Assigns 'B+' Rating to INR13.85cr Loans

S. G. AGRO: CRISIL Assigns 'B' Rating to INR150MM Loans
SATYA WAREHOUSE: CRISIL Assigns 'B' Rating to INR125MM Loans
SHREE SONIGARA: CRISIL Reaffirms 'D' Rating on INR90MM Loans
SHREE SUNDHA: ICRA Suspends 'D' Rating on INR5.33cr Loan
SHRI GIRI: ICRA Suspends 'D' Rating on INR16cr Loans

SIDDHI VINAYAK: ICRA Assigns 'B+' Rating to INR5.0cr Term Loan
SILICA INFOTECH: CRISIL Suspends 'B+' Rating on INR50MM Loan
SRI MAHALAXMI: ICRA Suspends 'B' Rating on INR10cr Loans
TAURUS THERMOPLASTICS: ICRA Suspends 'B+' Rating on INR6.5cr Loan
VEE TECHNOLOGIES: CRISIL Ups Rating on INR113MM Loans to 'B-'

WONDER FIBROMATS: ICRA Assigns 'B+' Rating to INR12.75cr Loans


I N D O N E S I A

BUMI RESOURCES: S&P Cuts CCR to SD on Missed Principal Repayment


N E W  Z E A L A N D

Q CARD: Fitch Rates NZD15.25MM Class E-2014-1 Notes 'BBsf'


P H I L I P P I N E S

BANCO CARMONA: Placed Under PDIC Receivership


T A I W A N

GLOBAL LIFE: FSC Orders Takeover of Two Ailing Insurance Firms


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


GAVIN JONES: In Receivership; First Meeting Set For Aug. 19
-----------------------------------------------------------
David Levi of Levi Consulting was appointed as receiver of Gavin
Jones Communications Pty Limited on Aug. 7, 2014.

A first meeting of the creditors of the Company will be held at
Commercial Travellers Business Club Ltd, MLC Centre, 19-29 Martin
Place, in Sydney, on Aug. 19, 2014, at 11:00 a.m.


MCLERNON GROUP: Placed Into Voluntary Administration
----------------------------------------------------
Eloise Keating at SmartCompany reports that The McLernon Group, a
family-owned office supplies business that employs 40 people in
Western Australia, has collapsed into voluntary administration.

SmartCompany says the group has a sizeable piece of the Western
Australian office supplies business market through its retail arm
McLernons Everything Business, which is Officeworks' number one
competitor in Perth.

But flat retail conditions in Perth have taken their toll on the
group, which appointed Brent Kijurina, Richard Albarran and
Cameron Shaw of Hall Chadwick as administrators on July 29, the
report relates.

Jarrod Sierocki, managing director of insolvency consulting firm
Insolvency Guardian, which is representing the McLernon Group,
told SmartCompany the group turned over approximately
AUD15 million in 2013.

According to the report, Mr. Sierocki said the group owes
creditors more than AUD2 million, but the recent consolidation of
some of the chain's retail outlets into the one store in Welshpool
has put the McLernon Group in a "really viable position".

SmartCompany relates that Mr. Sierocki said a deed of company
arrangement will be presented to creditors within the next four
weeks and Insolvency Guardian will be recommending the plan, which
will return the company to sole director Peter McLernon.

"We certainly believe the deed of company arrangement will be
settled and it is a far better option than liquidation," the
report quotes Mr. Sierocki as saying.

Mr. Kijurina told SmartCompany the administrators are continuing
to trade the company on a "business as usual" basis and are not
currently looking to sell the business.

SmartCompany relates that Mr. Kijurina said economic conditions in
WA are largely to blame for the company entering administration.

"A downturn in economic conditions in WA, caused by the mining
industry moving from construction to production phase and
resulting in a large number of surplus overheard for the company,
placed the director in a position to embark on a restructure
program many months ago," SmartCompany quotes Mr. Kijurina as
saying.  "The voluntary administration is intended to be the last
mechanism of the restructure process to enable the longevity of
the business."

The McLernon Group was founded in 2000 by Peter McLernon and his
son Allan, who started out selling used office furniture and
fittings under the name of McLernons Everything Business.


PROACTIVE SERVICES: Dimension Data Buys Firm's IP
-------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Dimension Data
Learning Solutions (DDLS), the training arm of Dimension Data
Australia, has purchased the intellectual property of liquidated
ProActive Services.  The latter company was placed into
liquidation on May 6, 2014, the report says. FTI Consulting's Ross
Andrew Blakeley -- ross.blakeley@fticonsulting.com -- was
appointed as liquidator of the company.

Dissolve.com.au relates that as part of the acquisition, DDLS
purchased the Information Technology Infrastructure (ITIL)
courseware, assessment tools, simulations and consulting materials
of ProActive. Such assets would be incorporated into the present
offerings of DDLS, the report relays.

ProActive had been a provider of ITIL consulting and training in
Australia for 25 years.


S CENTRAL: Former CEO to Stand Trial on Deception Charges
---------------------------------------------------------
The former chief executive of a group of IT companies has been
ordered to stand trial on deception charges.

Following a two-day committal hearing in Melbourne Magistrates'
Court that concluded on Aug. 12, 2014, magistrate Mr Goldberg
committed Peter Mavridis for trial in the County Court of
Victoria, which will commence on Sept. 21, 2015.

Mr. Mavridis, 42, of Chadstone, Victoria, first appeared before
court in April 2014 on 24 charges of obtaining financial advantage
by deception, 10 charges of false accounting and one charge of
dishonest use of position as a director.

Mr. Mavridis has pleaded not guilty to all charges.

ASIC brought the charges following an investigation into the
collapse of the S Central group of companies, which provided
information technology services to customers in Victoria,
New South Wales and Queensland.

ASIC alleges that Mr. Mavridis, who was the S Central chief
executive, submitted duplicated and falsely inflated invoices to
National Australia Bank (NAB) in order to secure credit in excess
of AUD3 million for companies within the group.

ASIC also alleges that Mr. Mavridis falsified other documents that
were required by NAB in support of the false invoices that were
submitted.

This matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

In November 2013, the former financial controller of S Central Pty
Ltd (in liquidation) was sentenced to 12 months jail, suspended
for two years, for falsifying the books of companies in the S
Central Group.


VIBE AUSTRALIA: Placed in Receivership
--------------------------------------
David Levi of Levi Consulting was appointed as receiver of
Vibe Australia Pty Limited and Deadly TV Pty Limited on Aug. 7,
2014.

A first meeting of the creditors for each of the companies will be
held at Commercial Travellers Business Club Ltd, MLC Centre, 19-29
Martin Place, in Sydney, on Aug. 19, 2014, at 11:20 a.m. and 11:40
a.m., respectively.



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


CHINA XD: S&P Affirms 'BB-' CCR; Outlook Stable
-----------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on China XD Plastics Co. Ltd.  The outlook
is stable.  S&P also affirmed its 'cnBB+' long-term Greater China
regional scale rating on the China-based manufacturer of modified
plastics for automotive applications.  At the same time, S&P
affirmed its 'BB-' long-term issue rating and 'cnBB+' Greater
China regional scale rating on all the outstanding senior notes
that China XD guarantees.

"We affirmed the ratings because we believe China XD's gradual
shift to higher-value products and stable client relationships
will help generate EBITDA during 2014-2015 despite continued
margin pressure," said Standard & Poor's credit analyst Johnson
Ng.  "In addition, we expect the company to constrain its leverage
over the same period despite a significant hike in capital
expenditure for expansion."

"We expect China XD's product diversity to remain relatively
limited despite a gradual increase in sales of higher-value
products.  The company is still concentrated in commoditized
modified plastics for auto applications.  We also anticipate that
China XD's customer concentration will remain high as the company
leverages its existing customer relationships to expand its market
share.  The customer concentration is decreasing, however.  As of
June 2014, revenue from the top five customers accounts for 74% of
China XD's total sales, down from about 95% in 2012," S&P noted.

Market fragmentation and China XD's limited technology capability
to provide differentiated products could expose the company to
further margin erosion.  Nevertheless, China XD's product
customization service and good cost competitiveness can support
efficient new product developments.  Based on these factors, S&P
continues to view the company's business risk profile as "weak."

"The stable outlook on China XD reflects our expectation that the
company's good cost competitiveness and stable client
relationships will enable it to generate sufficient cash flow and
keep its ratio of debt to EBITDA at 3.0x-3.5x during 2014-2015.
We also anticipate a likely erosion in margins and high capital
expenditure," said Mr. Ng.

S&P could lower the ratings if: (1) China XD's profitability or
competitive position substantially weakens because of competition,
new product substitution, or operational risks such as product
quality defects; or (2) the company expands more aggressively than
we expect, increasing its ratio of debt to EBITDA to more than 4x.

The likelihood of an upgrade over the next 12 months is limited,
given China XD's customer and product concentration, as well as
rising leverage.  However, S&P may raise the rating if the
company: (1) executes its expansion plan in Sichuan and
substantially improves its competitive position by increasing its
market share and reducing customer and product concentration; and
(2) improves its debt leverage, such that the ratio of debt to
EBITDA stays below 3x on a sustainable basis, and at the same time
it can generate sustainable positive free operating cash flow.


COASTAL GREENLAND: Moody's Withdraws B3 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn Coastal Greenland
Limited's B3 corporate family rating with a negative outlook.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Coastal Greenland Ltd is a Chinese property developer focused on
developing residential and commercial properties. Established in
1990, it has operated in China for over 20 years, and exhibits
diversified land banks spread across six major economic areas.

The company was listed on the Hong Kong Stock Exchange in 1997.
Its largest shareholder -- with a 36.6% stake -- is Coastal
International Holdings Limited (unrated), which in turn is a
private company held by its senior management team, and by
Shenzhen Investment Limited (unrated), which owns a 15.1% stake.



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


AARNA ENTERPRISES: ICRA Suspends 'B' Rating on INR30cr Bank Loan
----------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to the
INR30 crore bank facilities of Aarna Enterprises Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


AGLAR POWER: ICRA Suspends 'D' Rating on INR15cr Loans
------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]D' assigned to
INR12.13 crore fund based facility, INR1.30 crore non fund based
facility and INR1.57 crore unallocated limits of Aglar Power
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Aglar Power Limited is a company promoted by Mr. Ashok Reddy, Mr.
Gowri Shankar, Mr. Shyam Sunder Reddy and Mr. G. Ranga Rao to
develop, own and operate a 6 MW mini hydro power (MHP) projects
(referred as Rayat and Lagrasu 3 MW each) in Tehri Garahwal
District of Uttarakhand. The Rayat project is backed by Memorandum
of Understanding (MOU) with Govt of Uttarakhand (GoU) for
implementing of the 3 MW MHP on Aglar river, tributary of Yamuna.
The company would be carrying out the project on "Build Own
Operate & Transfer" (BOOT) basis for a period of 40 years.


AIRVISION INDIA: CRISIL Assigns 'B-' Rating to INR90MM Loans
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Airvision India Private Limited, and has assigned
its 'CRISIL B-/Stable/CRISIL A4' ratings to the company's bank
facilities. CRISIL had, on April 22, 2014, suspended the rating as
AIPL had not provided the necessary information required for a
rating review. The company has now shared the requisite
information, enabling CRISIL to assign a rating to its bank
facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee          14.5      CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit             90        CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit       100        CRISIL A4 (Assigned;
                                     Suspension Revoked)

CRISIL's ratings on the bank facilities of AIPL continue to
reflect its weak financial risk profile, working capital intensive
nature of operations and modest scale of operations. These rating
weaknesses are offset by the benefits that AIPL receives from the
competitive advantage due to its integrated operations for
manufacturing consumer durables.

Outlook: Stable

CRISIL expects AIPL to benefit from the integrated operations of
manufacturing consumer durables. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
the company's revenues and profitability margins from the current
levels, if there is an improvement in its working capital
management or there is substantial increase in net-worth on the
back of equity infusion from promoters. Conversely, the outlook
may be revised to 'Negative' if there is a decline in the
company's revenues or profitability margins from the current
levels or there is further deterioration in its capital structure
on account of larger-than-expected working capital requirements or
large debt-funded capex.

AIPL manufactures TV chassis, assembles TV sets, coolers and
washing machines for major consumer durable industry players like
Videocon, T-Series, Croma, Electrolux and Panasonic.


ALF TECHNOLOGIES: CRISIL Assigns 'B+' Rating to INR38MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of ALF Technologies (India) Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 5       CRISIL B+/Stable
   Cash Credit              33       CRISIL B+/Stable
   Letter of Credit         20       CRISIL A4

The ratings reflect ALF's modest scale of operations in an
intensely competitive industry, and susceptibility to volatility
in raw material prices. These rating weaknesses are partially
offset by the extensive industry experience of ALF's promoters,
and the company's comfortable capital structure.

Outlook: Stable

CRISIL believes that ALF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the company
successfully scales up its operations, while it sustains its
profitability and comfortable capital structure. Conversely, the
outlook may be revised to 'Negative' in case ALF registers
deterioration in its liquidity, most likely because of lower-than-
expected cash accruals, or larger-than-expected working capital
requirement and debt-funded capital expenditure.

ALF, incorporated in 2010, is engaged in business of automotive
batteries and inverters. It is owned and managed by Mr. Mahavir
Jain and his brother, Mr. Gaurav Jain. The company sells the
batteries and inverters under the brand name, AKIYO.

ALF reported, on a provisional basis, a net profit of INR2.3
million on net sales of INR226.5 million for 2013-14 (refers to
financial year, April 1 to March 31), against a net profit of
INR2.0 million on revenue of INR171 million for 2012-13.


AMAR GINNING: CRISIL Assigns 'B+' Rating to INR67.5MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Amar Ginning.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               67.5    CRISIL B+/Stable

The rating reflects AG's modest scale of operations in the highly
competitive cotton industry, large working capital requirements,
and weak financial risk profile marked by high gearing and average
debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of AG's promoters and
proximity of its manufacturing facilities to raw material and
labour sources.

Outlook: Stable

CRISIL believes AG will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company significantly improves its
scale of operations, operating margin and cash accruals, leading
to better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of low accruals because of reduced
profitability, or the firm undertakes any substantial debt-funded
expansion programme or its working capital management weakens,
significantly constraining its financial risk profile.

AG was established as a partnership firm in 1999. The operations
are managed by the Patel family, who have over 10 years of
experience in the cotton industry. The firm in processes raw
cotton to produce cotton bales and crushing of cotton seed to
produce cotton seed oil and cotton seed oil cake.

For 2013-14 (refers to financial year, April 1 to March 31), AG
reported a profit after tax (PAT) of INR2.1 million on net sales
of INR553.0 million, against a PAT of INR1.8 million on net sales
of INR510.6 million for 2012-13. For 2013-14, SSPL reported, on a
provisional basis, net sales of INR136.8 million.


AMTEX SOFTWARE: CRISIL Assigns 'B-' Rating to INR240MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Amtex Software Solutions Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              160      CRISIL B-/Stable
   Proposed Term Loan      60      CRISIL B-/Stable
   Cash Credit             20      CRISIL B-/Stable
   Bank Guarantee          10      CRISIL A4

The ratings reflect Amtex's susceptibility to risks related to the
implementation and stabilisation of its ongoing project, its
modest scale of operations, and below-average financial risk
profile, marked by high gearing. These rating weaknesses are
partially offset by the extensive experience of Amtex's promoter
in the information technology (IT) services sector.

Outlook: Stable

CRISIL believes that Amtex will continue to benefit from its
promoters' extensive experience in the IT services sector. The
outlook may be revised to 'Positive' in case of timely completion
of the project within the budgeted cost and with significant
improvement in the scale of operations leading to higher-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' in case of pressure on its liquidity most likely caused
by significant time and/or cost overrun in project implementation
or lower-than-expected cash accruals caused by demand-side
pressure.

Set up in 2000 in Chennai (Tamil Nadu) as Amtex Infotech Pvt Ltd,
the company was given the current name in 2012. Amtex is engaged
in providing a range of IT services, including software
development, software testing, data mining and business
intelligence, and business process outsourcing services to its US-
based parent company, Amtex Systems Inc, New York (ASI). The
company is currently in the process of setting up a corporate
office in Siruseri IT Park, Chennai.

Amtex reported net profit of INR12 million on revenue of INR196
million for 2012-13 (refers to financial year, April 1 to
March 31) against net profit of INR15.7 million on revenue of
INR186 million for 2011-12.


ANANT ELECTRICALS: ICRA Assigns 'B' Rating to INR5.30cr Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR5.30
crore fund-based limits and short-term rating of [ICRA]A4 to the
INR3.50 crore non fund-based limits of Anant Electricals and
Engineers.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits-    5.30        [ICRA]B assigned
   Cash Credit

   Non Fund based        3.50        [ICRA]A4 assigned
   limits

The ratings are constrained by the firm's small scale of
operations and its weak financial risk profile as characterized by
low profitability and its stretched liquidity profile arising from
large receivables overdue from few customers as well as high
working capital intensity in the business. The firm's
profitability is exposed to volatility in raw material prices
mainly steel and copper as the contracts are mainly fixed priced
in nature; however the risk is partly mitigated on account of
short project execution cycle. Further, outstanding debtors for
more than six month period as on March 2014 remain significantly
high in relation to the net worth and the firm's ability to
recover the same remains extremely crucial from credit
perspective. ICRA also notes that being a partnership firm, any
substantial withdrawal from the capital account would impact the
net worth and thereby the capital structure of the firm.

The ratings, however, favourably factor in the long and
established track record of the firm's partners in the business of
supply & installation of electrical equipments for wind projects
and favourable demand potential for such equipments & systems.

Anant Electricals & Engineers was established as a partnership
firm in 2007 and is engaged in the business of supply, erection,
testing and commissioning of high tension systems transformers,
electrical cables, transmission lines etc, mainly for wind energy
projects in India. The firm has its head office in Thane,
Maharashtra and a godown in Bhiwandi spread over an area of 5000
square feet.

For FY 2013, the company reported Profit after Tax (PAT) of
INR0.47 Cr. on an operating income of INR31.75 Cr. For FY 2014,
the company has reported profit before tax of INR1.01 Cr. on an
operating income of INR42.01 Cr. (provisional).


BAJAJ PROCESSORS: CRISIL Assigns 'B+' Rating to INR211.4MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Bajaj Processors Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan             111.4      CRISIL B+/Stable
   Bank Guarantee          5        CRISIL A4
   Cash Credit           100        CRISIL B+/Stable

The ratings reflect BPL's exposure to intense competition in the
fragmented dyeing and processing segment, its working-capital-
intensive operations and exposure to risks related to project
implementation. These rating weaknesses are partially offset by
the extensive experience of BPL's promoter in the textiles
industry.

Outlook: Stable

CRISIL believes that BPL will continue to benefit over the medium
term from its promoter's extensive experience in the textiles
industry. The outlook may be revised to 'Positive' if the company
successfully implements and stabilizes its backward integration,
leading to improvement in its profitability margins, while
prudently managing its working capital cycle and maintaining its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if BPL reports a time or cost overrun in its proposed
backward integration project or if the improvement in margins is
below expectations, thereby resulting in deterioration in its
liquidity.

BPL is based out of Ahmedabad, Gujarat and was incorporated in
1979. The company is into dyeing and processing of grey cloth and
produces fabrics for suiting's and shirting's, bed linen, hosiery
and dress materials. The company sells the fabric directly into
the market and also does job work for other players in and around
Ahmadabad. The company is promoted by the Bajaj Family.


BHARAT BUSINESS: CRISIL Assigns 'B+' Rating to INR50MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Bharat Business Corporation.

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

The ratings reflect BBC's average financial risk profile marked by
modest debt protection metrics and networth, and modest scale of
operations in mobile distribution business. These weaknesses are
partially offset by the experience of the BBC's promoters in the
mobile distribution business.

Outlook: Stable

CRISIL believes that the BBC will benefit from its established
relationship with key suppliers and its promoters' extensive
experience in the mobile distribution business. The outlook may be
revised to 'Positive' if BBC significantly scales up its
operations while improving its operating profitability leading to
higher cash accruals, or if it strengthens its financial risk
profile, most likely through fresh equity infusion. Conversely,
the outlook may be revised to 'Negative' if the BBC's revenues and
profitability come under pressure, or its working capital cycle
lengthens, or it undertakes any large debt-funded capital
expenditure programme over the medium term.

BBC, set up in 2012, is a proprietorship owned by Nandini Garg,
family member of Mr. Umesh Garg. The firm is the city distributor
of Lava and Micromax mobiles along with other related accessories.
The firm is based in Agra.

BBC reported a book profit of  INR2.08 million on net sales of
INR313.38 million for 2013-14 (refers to financial year, April 1
to March 31) on provisional basis, against a book profit of
INR0.66 million on net sales of  INR206.99 million for 2012-13.


BHUSHAN STEEL: Lenders to Meet on August 18 on Firm's Fate
----------------------------------------------------------
The Times of India reports that lenders led by Punjab National
Bank are beginning a dialogue with the Bhushan Steel management to
ensure that their interests are secured after the arrest of the
company's vice-chairman and managing director Neeraj Singal in an
alleged corruption scandal involving Syndicate Bank chairman S K
Jain, who is now in judicial custody.

TOI relates that the move comes even as lenders are meeting on
August 18 to decide on the future course of action after State
Bank of India chairman Arundhati Bhattacharya last week  suggested
that a management agency could be brought in to oversee the day-
to-day running of the entity.  Bankers, however, said they needed
to have a dialogue with the company since the chairman and founder
Brij Bhushan Singal had nothing to do with the scandal that has
rocked the sector and a professional management was in place, the
report relays.  They said that the management's involvement was
critical to ensure that the company was not adversely impacted by
the current controversy, according to the report.

Ms. Bhattacharya had said that considering Bhushan Steel is a
listed company, the lenders can't ask the management to move out,
the report notes.

"We will try to bring in a management agency, which will look at
the day-to-day running of Bhushan Steel. This is a very good
quality asset, it is running properly and we don't want it getting
into any kind of trouble," she had said, the report relays.

According to the report, bank executives said there are several
independent directors including B B Tandon, a former chief
election commissioner, V K Mehrotra, a former deputy MD of SBI,
and M V Suryanarayana, a former executive director of LIC were on
the company's board. In addition, LIC had a nominee in Sunita
Sharma on the Bhushan Steel board.

Bhushan Steel manufactures auto-grade steel in India.


CHHOTEY LAL: CRISIL Assigns 'B+' Rating to INR55MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Chhotey Lal and Sons Jewellers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               55      CRISIL B+/Stable

The rating reflects its small scale of operations in the highly
fragmented jewellery industry, along with a below-average
financial risk profile, marked by its high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the promoter's extensive experience in the jewellery industry.

Outlook: Stable

CRISIL believes that CLSJ will maintain its business risk profile
over the medium term, backed by the promoter's extensive industry
experience. The outlook may be revised to 'Positive' if the firm
records sizeable cash accruals and geographically diversifies its
revenue profile, or significantly improves its capital structure.
Conversely, the outlook may be revised to 'Negative' if CLSJ's
operating margin or operating income or financial risk profile
deteriorates, because of its sizeable working capital requirements
or any debt-funded capital expenditure.

CLSJ was established as a proprietorship in Delhi in 1973. The
firm retails gold and diamond jewellery from its showroom in Karol
Bagh (Delhi). The promoter, Mr. Raj Khandelwal, manages CLSJ's
daily operations.

CLSJ reported a net profit of INR2.87 million on net sales of
INR281.9 million for 2012-13  (refers to financial year, April 1
to March 31), as against a net profit of INR2.42 million on net
sales of INR180.3 million for 2011-12.


CHINTAWAR AGRO: ICRA Suspends 'B-' Rating on INR6cr Loans
---------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B-' assigned to
INR4.00 crore fund based working capital limits, INR1.25 crore
term loans and INR0.75 crore unallocated limits of M/s Chintawar
Agro Industries. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


DAEJUNG MOPARTS: CRISIL Suspends 'B+' Rating on INR130.6MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Daejung
Moparts Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL B+/Stable Suspended
   Proposed Cash Credit      40      CRISIL B+/Stable Suspended
   Limit
   Proposed Term Loan        40.6    CRISIL B+/Stable Suspended
   Export Packing Credit     17      CRISIL A4 Suspended
   Letter Of Guarantee       21.3    CRISIL A4 Suspended
   Letter of Credit          20      CRISIL A4 Suspended

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

Incorporated in 2003, DMPL manufactures plastic components for air
conditioners and radiators for the automobile industry. DMPL
caters primarily to Visteon Automotive Systems (India) Private
Limited which in-turn supply to Hyundai Motor India Ltd (rated
'CRISIL A1+'). The other key customers of DMPL include Behr India
Limited (rated 'CRISIL BBB+/Negative/CRISIL A2') and Doowon
Automotive Systems India Pvt Ltd. DMPL has its manufacturing
facility in Melrosapuram, Chennai (Tamil Nadu). The company is
managed by Mr. Kiseo Lee, CEO and is a 100 per cent subsidiary of
DHPICL, Korea. DHPICL was set up by Mr. Bae in 1992 and is engaged
in the manufacture of rubber gaskets for the automobile industry.


EAGLE EXTRUSION: ICRA Reaffirms 'B' Rating on INR10.20cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' and the
short-term rating of '[ICRA]A4' to the fund based and non-fund
based limits aggregating to INR10.66 crore of Eagle Extrusion
Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Loan        6.20       [ICRA]B

   Long Term Fund
   Based Limits          4.00       [ICRA]B

   Short Term Non-       0.46       [ICRA]A4
   Fund Based Limits

The reaffirmation of ratings takes into account the small scale of
operations of the company, its highly leveraged capital structure
and the stretched liquidity position, as reflected by the high
working capital bank limit utilisations and low cash flow from
operations. The ratings are further constrained by the
susceptibility of the company's profitability and cash flows to
the volatility in prices of the raw materials and forex
fluctuations and the intensive competitive pressures due to the
highly fragmented nature of the industry.

The ratings, however, draw comfort from the long track record of
the promoters in the field of manufacturing aluminium based
products, the well diversified product portfolio and the
established dealer network employed by the company.

Eagle Extrusion Private Limited was incorporated in the year 2008
and is engaged in the manufacturing of aluminium profiles and
sections, and other industrial products. The company has its
manufacturing unit located in Surat, Gujarat which has a total
capacity of 2,000 MTPA. The main raw materials used in the
manufacturing process are aluminium scraps and ingots which are
melted in a gas fired furnace in order to manufacture aluminium
billets which are further extruded to profiles & sections of
different dimensions depending upon the requirements of the
customers. The product portfolio of the company is comprised of
window frames and sections, pharmaceutical components, embroidery
pipes, heat sinks, electrical panels, irrigation pipes, green
house structure, hardware items, door closure, electric motors,
bus doors and windows, foot rests and carriers. The company's
products are sold to both dealers engaged in the building
construction space, as well as institutional clients,
predominantly in the textile and pharmaceutical industries.

Recent Results

During FY 2014, the company reported a profit before tax of
INR0.20 crore on an operating income of INR26.91 crore
(provisional). During FY 2013, the company had reported a net loss
of INR1.33 crore on an operating income of INR21.73 crore.


FRIENDLY AUTO: CRISIL Reaffirms 'B-' Rating on INR68.9MM Loans
--------------------------------------------------------------
CRISIL ratings on the bank facilities of Friendly Automotives
(India) Pvt Ltd continue to reflect FAIPL's weak financial risk
profile, marked by a negative net worth, high total outside
liabilities to tangible net worth (TOLTNW) ratio, and weak debt
protection metrics. This rating weakness is partially offset by
the extensive experience of the company's promoters in the
automobile dealership business.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        60       CRISIL A4 (Reaffirmed)
   Cash Credit           40       CRISIL B-/Stable (Reaffirmed)
   Long Term Loan        28.9     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that FAIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
significant improvement in its profitability, leading to higher-
than expected cash accruals, and if its gearing improves with
healthy accretion to reserves or through significant capital
infusion, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if FAIPL
undertakes aggressive debt-funded expansions, or contracts more-
than-expected debt to meet its incremental working capital
requirements, leading to deterioration in its financial risk
profile.

Update
FAIPL, on a provisional basis, has reported an operating income of
INR590 million for 2013-14 (refers to financial year, April 1 to
March 31), as against INR313 million reported for 2012-13; the
healthy revenue growth was due to better off take from the end-
user segment. Its revenue is expected to grow at a moderate rate
over the medium term due to healthy demand. Its operating margin
also improved to an estimated 4.20 per cent in 2013-14 from 2.22
per cent in 2012-13, and is expected to be stable over the medium
term with better absorption of fixed costs.

FAIPL's financial risk profile is weak, marked by a high TOLTNW
ratio and a negative net worth of around INR100 Million as on
March 31, 2014. It also had a low interest coverage ratio,
estimated at 0.78 times for 2013-14. CRISIL believes that the
company's financial risk profile will remain weak over the medium
term due to low accretion to reserves and high dependence on bank
debt for funding its incremental working capital requirements.

FAIPL's liquidity is weak, marked by high bank limit utilisation
and inadequate cash accruals to meet its debt obligations. The
company is likely to generate cash accruals of INR6.3 million to
INR13 million per annum over the medium term, which would be
inadequate to meet its annual repayment obligations of INR20
million. However, FAIPL is expected to meet its debt obligations
in a timely manner through need-based fund support from its
promoters. CRISIL believes that the company's liquidity will
remain weak over the medium term due to its weak cash accruals,
though it would it would continue to receive strong financial
support from its promoters.

FAIPL, incorporated in 2011, is the sole authorised dealer in
Bengaluru (Karnataka) for Porsche automobiles manufactured by
Volkswagen India Pvt Ltd. The company is promoted and managed by
Mr. Yashodhar G Nayak and his son, Mr. Raghu Chaitanya Nayak.


GOODWILL MEDICAL: ICRA Assigns 'B+' Rating to INR12.5cr Loan
------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR12.50 crore proposed
long term facilities of Goodwill Medical Centre Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Proposed long         12.50        [ICRA]B+ assigned
   term facilities

The assigned rating takes into account the long standing
experience of the promoter in hospital administration and the
projected financial profile of the company over the medium term.
GMC's businesses have healthy demand potential and the company is
expected to have a diversified revenue base, although a larger
part of revenues are likely to be derived from the medical
equipment distributorship business. ICRA also expects GMC's
working capital intensity to remain comfortable and its accruals,
capitalization and coverage metrics to remain moderate, although
it would depend on the ability of the company to scale up to
projected levels. The rating also takes into account the company's
minimal exposure to forex fluctuations, restricted to the extent
of foreign currency loans and timing differences arising from
payments by customer and the company's payments to its principal
in the refurbished medical equipment business.

The rating is, however, constrained, by the relatively nascent
stages of operations of the company; GMC is yet to commence its
businesses and the respective agreements/approvals are yet to be
in place for some segments. The company also proposes significant
debt funded capex in 2014-15 and the debt for the same is yet to
be tied up; the relatively high debt levels are likely to result
in significant repayment obligations for the company, compared to
anticipated accruals. GMC is likely to witness significant
competition across its various operational segments and is
vulnerable to risk of termination of the agreements signed with
the various principals/hospital owners.

Incorporated in May 2013, Goodwill Medical Centre operated a 15
bed multispecialty hospital (just inpatient centre without
operation theatres) from May 2013 to Dec 2013, apart from project
valuations and business planning consulting work for some
hospitals in Chennai. The company had revenues of INR0.5 crore in
2013-14, according to unaudited financials shared by the
management. The company has closed this hospital and the
aforementioned consulting business and intends to commence the
following lines of businesses during the current fiscal year from
Aug/Sep 2014.

a) 25 bedded pediatric hospital in Mogappair, Chennai
b) A cardiac centre at an existing hospital in Erode, Tamil Nadu
c) Use of an equipment called 'Thermotron RF-8' for radiotherapy
in a hospital in Madurai
d) Exclusive distributorship of 'Thermotron RF-8' in India for the
next three years in India, with marketing rights from Cancure
Medhealth Private Limited; the equipment is manufactured by
Yamamoto Vinita Co Ltd, Japan
e) Exclusive distributorship of Skelley Medical Limited, USA in
India for sale of refurbished medical equipments; the company will
enter into African markets as well from 2015.

GMC will operate in an asset light model, where the company owns
only the infrastructure and equipments required in the first three
cases and the land and building will be provided by promoter, Dr.
G. Ravichandran in the first case and the respective hospitals in
the other two cases, for a lease rental. The agreements (with
revenue/profit sharing ratios) in case of all businesses except
the business c) are in place. However, in case of the new
hospital/Thermotron RF-8 usage in Madurai Hospital, the company is
yet to obtain certain clearances that are required. The customers
for the two distributorship businesses have also not been tied up.


INDO AUSTRALIAN: ICRA Suspends 'B+/A4' Rating on INR18cr Loan
-------------------------------------------------------------
ICRA has suspended the '[ICRA]B+' and '[ICRA]A4' ratings assigned
to the INR18 crore bank facilities of Indo Australian Hose
Manufacturing Pvt. Ltd. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 1999 as a partnership firm, IAHMPL was initially
engaged in the manufacture of various rubber hoses and assemblies,
after which it diversified into the manufacture of other types of
hoses like double wall nylon tubes, from its three factories in
Jamshedpur.


KALYANI TIMBER: ICRA Suspends 'B-' Rating on INR1.75cr Loans
------------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B-' to the
INR1.75 crores fund based bank facilities of Kalyani Timber
Private Limited. ICRA also suspends the short term rating of
[ICRA]A4 to the INR8.00 crores non fund based limits of Kalyani
Timber Private Limited.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund        1.75         [ICRA]B- Suspended
   Based Limits

   Non-Fund Based        8.00         [ICRA]A4 Suspended
   Limits-Short Term

The rating was suspended due to lack of cooperation by the client
to provide any further information.

KTPL is a privately owned company that was incorporated in 2012 as
a private limited company. Directors of the company are Manoj
Kumar, Vikas Goyal, Vipin Goyal, and Aditya Goyal. All the
directors are actively engaged in the working of the business The
company imports timber from Malaysia. The company's Head office
located at Karnal (Haryana) and branch office located at
Gandhidham (Gujarat) is engaged in cleaning and sawing of logs to
make clean squared timber blocks. All the sawn timber produced at
its Gandhidham (Gujarat) factory is sold from its office in Karnal
in Haryana, and Gandhidham in Gujarat.


KINGFISHER AIRLINES: May Be Declared as Wilful Defaulter by Banks
-----------------------------------------------------------------
The Economic Times reports that three major PSU banks SBI, PNB and
IDBI may soon initiate the process to declare Kingfisher Airlines
and others as wilful defaulters after the firms failed to service
their debt, sources said.

ET relates that sources said the Department of Financial Services,
after reviewing top 50 Non Performing Accounts (NPAs) of public
sector banks, has asked the state-owned banks to initiate action
against those defaulters.

Vijay Mallya-promoted Kingfisher Airlines has an outstanding debt
of about INR4,022 crore to a consortium of banks, led by SBI, the
report notes.

United Bank of India, part of the consortium, has already
initiated the process to declare the company a wilful defaulter,
according to ET.

ET notes that once a company is declared wilful defaulter,
criminal proceedings can be initiated against promoters and
directors of the company. Besides, they would not be allowed to
raise fresh funds from banks and set up new ventures for five
years.

As per RBI guidelines, the report says, it would have to be proven
that the borrower had diverted funds which he took from the bank
and was not paying up despite having the ability to pay.

According to the report, Kolkata-based United Bank of India was
the first PSU lender to initiate the process of declaring Vijay
Mallya and three other directors on the grounded Kingfisher
Airlines as wilful defaulter.

The consortium led by SBI has also initiated the process of
recovery, the report says.

ET adds that IDBI Bank said earlier it is not being probed by the
CBI over the INR950-crore loan extended to KFA but investigation
was being carried out against the borrower.

"The preliminary enquiry initiated by the CBI a few months ago is
against the borrower, Kingfisher Airlines Ltd and not against IDBI
Bank," IDBI Bank said in a statement, ET relays.

As part of the recovery process, ET recalls, banks in February
last year decided to sell a portion of the collateral with them,
including shares of group companies United Spirits Ltd and
Mangalore Chemicals & Fertilizers Ltd, Mallya's Goa villa,
Kingfisher House in Mumbai and the Kingfisher brand, which was
valued at over INR4,000 crore at the time it was pledged.

The banks seeking possession and sale of the property are State
Bank of India, Axis Bank Ltd, Bank of Baroda, Bank of India,
Central Bank of India, Corporation Bank, Federal Bank Ltd, IDBI
Bank Ltd, Indian Overseas Bank, Jammu & Kashmir Bank Ltd, Punjab &
Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank,
and United Bank of India, the report discloses.

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).


KOLLI RAMAIAH: CRISIL Reaffirms 'D' Rating on INR65MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term debt facilities of Kolli Ramaiah
Educational Society (KRES) continues to reflect instances of delay
by KRES in servicing its debt; the delays have been caused by
KRES's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long Term Loan           60       CRISIL D (Reaffirmed)
   Overdraft Facility        5       CRISIL D (Reaffirmed)

KRES has modest scale of operations, and a high degree of
geographical concentration in its revenue profile. The society is
also exposed to risks arising from the intense competition and the
regulated nature of the education industry. However, KRES benefits
from the healthy demand prospects for the education sector.

KRES runs one institution Sree Vahini Institute of Science &
Technology which offers courses in engineering and management. The
institute started in 2008, and is based in Tiruvuru in Krishna
district in Andhra Pradesh.


MAXFLOW PUMPS: CRISIL Assigns 'B-' Rating to INR36MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/ CRISIL A4' rating to
the bank facilities of Maxflow Pumps India Private Limited.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term         6      CRISIL B-/Stable
   Bank Loan Facility

   Cash Credit               30      CRISIL B-/Stable

   Bank Guarantee            20      CRISIL A4

   Bills Discount/Cheque      5      CRISIL A4
   Purchase
   Letter of Credit           5      CRISIL A4

The rating reflects small scale of Maxflow's operations and
working capital intensity leading to a below-average financial
risk profile. These rating strengths are partially offset by
extensive industry experience of Maxflow's promoters in the
industry.

Outlook: Stable

CRISIL expects Maxflow's credit profile to be weak over the medium
term on account of its large working capital requirements.   The
outlook may be revised to 'Positive' in case of better than
expected financial risk profile due to improvement in working
capital management or in case of significantly higher revenues &
profitability. Conversely, the outlook may be revised to
'Negative' in case of significant lower revenues and profitability
or in case the company under takes substantial debt-funded
expansions that further deteriorate the capital structure.

Incorporated in 1972 Maxflow is engaged in manufacturing &
installation of pumps. The company is based out of Gurgaon
(Haryana) and the day to day operations are managed by Mr. Naresh
Arora.


MYSORE PAPER: CRISIL Reaffirms 'D' Rating on INR1.01BB Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Mysore Paper Mills
Ltd continue to reflect instances of delays by MPML in servicing
its debt; the delays are on account of the company's stretched
liquidity driven by large operating losses.
                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            10      CRISIL D (Reaffirmed)
   Cash Credit              450      CRISIL D (Reaffirmed)
   Letter of Credit         550      CRISIL D (Reaffirmed)

MPML also has a weak financial risk profile, marked by a negative
net worth and inadequate debt protection metrics. Furthermore, it
has poor operating efficiency and is exposed to risks arising from
the highly competitive and commoditised nature of the paper
industry. However, the company benefits from the financial support
it receives from the Government of Karnataka (GoK).

MPML was founded in May 1936 by the then maharaja of Mysore. In
November 1977, GoK acquired a controlling interest in the company.
As on June 30, 2014, GoK owned 64.7 per cent of MPML's equity
shares; the remainder was held by financial institutions and the
general public.

MPML is an ISO-14001-certified company, producing news print,
writing and printing paper, and sugar at its plant at Bhadravati
in the Shimoga district of Karnataka.


N.M. ROOF: CRISIL Reaffirms 'B' Rating on INR112.5MM Loan
---------------------------------------------------------
CRISIL ratings on the bank loan facilities of N.M. Roof Designers
Ltd continue to reflect NMRDL's modest scale of operations in the
highly fragmented construction industry, its working-capital-
intensive operations, and weak financial risk profile marked by
small net worth, high gearing, and weak debt protection metrics.
These rating weaknesses are partially offset by its promoter's
extensive experience in the construction business and its healthy
order book.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           5        CRISIL A4 (Reaffirmed)
   Cash Credit            112.5      CRISIL B/Stable (Reaffirmed)
   Overdraft Facility      37.5      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that NMRDL will benefit from its promoter's
extensive industry experience and its healthy order book over the
medium term. The outlook may be revised to 'Positive' if its
operating efficiency improves, marked by reduced working capital
requirements, and if its net worth improves backed by equity
infusion by promoter and/or higher than expected accruals
generated in business. Conversely, the outlook may be revised to
'Negative' if its financial risk profile deteriorates, most likely
because of stretch in working capital requirements or large debt-
funded capital expenditure.

Update
NMRDL, on a provisional basis, reported net sales of INR308.7
million for 2013-14 (refers to financial year, April 1 to
March 31) as compared to INR247.4 million a year ago; witnessing
year-on-year growth of around 25 per cent. With order book of
around INR801.7 million, CRISIL believes that NMRDL will witness
moderate sales growth of 25 per cent over the medium term. The
company's operating margin remains healthy, at 18.5 per cent in
2013-14 against 17.9 per cent a year ago, and is expected to
remain healthy over the medium term. NMRDL's operating efficiency
remains constrained by large working capital requirements, with
gross current assets of 336 days as on March 31, 2014, compared to
409 days a year ago. NMRDL receives limited credit support from
suppliers, as reflected in outstanding creditors of 15 days as on
March 31, 2014, compared to 19 days a year ago. Working-capital-
intensive operations, low accruals, and limited credit support
from suppliers have led to high reliance on external debt. NMRDL's
gearing was high, at 3.12 times as on March 31, 2014, compared to
3.23 times a year ago, and is expected to remain high over the
medium term. Its bank limit utilisation averaged 91 per cent for
the 12 months through May 2014. With continued large working
capital requirements, reliance on bank limits is expected to
remain high. NMRDL availed of fresh loan of INR30 million from
SIDBI in 2013-14. The term loan has moratorium of four years, post
which, it has to be repaid in next four years. CRISIL believes
that NMRDL's liquidity will be supported by the SIDBI loan with no
major debt obligation for the next four years.

NMRDL profit after tax (PAT) is estimated at INR9.34 million on
net sales of INR308.7 million for 2013-14, against PAT of INR8.5
million on net sales of INR247.4 million for 2012-13.

NMRDL was established in 1986 by Mr. Deepak Sognai as a private
limited company and reconstituted as a public limited company in
the late 1990s. The company is engaged in construction of malls,
commercial and residential buildings, and industrial and
institutional buildings. It also undertakes project consultancy
and designing of buildings. Its registered office is in Jaipur
(Rajasthan).


NOORUL ISLAM: ICRA Cuts Rating on INR153.9cr Loans to 'D'
---------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR120.78
crore term loan facilities, the INR0.08 crore fund based
facilities, the INR9.50 crore non-fund based facilities and the
INR23.54 crore proposed fund based facilities of Noorul Islam
Trust to [ICRA]D from [ICRA]B+. The rating revision reflects
delays in debt servicing by the Trust owing to tight liquidity
conditions.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loan facilities    120.78      [ICRA]D/downgraded
                                       from [ICRA]B+

   Long-term-Fund based      0.08      [ICRA]D/downgraded
   facilities                          from [ICRA]B+

   Long-term-Non-fund        9.50      [ICRA]D/downgraded
   based facilities                    from [ICRA]B+

   Long-term-Proposed       23.54      [ICRA]D/downgraded
   fund based facilities               from [ICRA]B+

Noorul Islam Trust was founded in 2002 by Mr. K.M. Moosa (the
Chairman of NIT). The Trust has established Al-Azhar Group of
Institutions and all the institutes are located at Idukki (Kerala)
and are spread across an area of 38 acres. During academic year
2013-14, there were seven institutes under the Trust (Al-Azhar
College of Engineering & Technology, Al-Azhar Dental College, Al-
Azhar Arts & Science College, Al-Azhar Teachers Training
Institute, Al-Azhar Training College, Al-Azhar Public School and
Al-Azhar College of Paramedical Science) with ~5,340 students
enrolled.

Mr. K.M. Moosa is also the trustee for Himayathul Muslimin Trust
and Ilahia Trust, which are also running educational institutions.


OM THREADS: ICRA Assigns 'B+' Rating to INR13.85cr Loans
--------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR13.85 crore long term
fund based and non fund based bank facilities of Om Threads
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term: Fund       13.50        [ICRA]B+ Assigned
   Based Limits

   Long Term: Non-        0.35        [ICRA]B+ Assigned
   Fund Based Limits

The assigned rating is constrained by nascent stage of operations
of the company with commercial production commencing from June
2014. While the company has been able to generate satisfactory
production levels during the initial couple of months, ability to
scale up the operations and achieve adequate utilization and
profitability levels would be critical to generate adequate
accruals for debt servicing, given the high project gearing and
scheduled debt repayments which will start from January 2015. The
assigned rating is also constrained by the scale of the company's
operations which is expected to remain modest, given the current
capacity, which shall limit the economies of scale in a
commoditized product and also financial flexibility. Moreover, the
intense competition in a fragmented industry shall limit the
pricing power and keep the profitability under pressure which
shall remain susceptible to movement in prices of cotton & cotton
waste.

Notwithstanding the above concerns, the rating, take into account
the favourable moratorium available on the term loan repayments
from the commencement of operations, which shall provide
sufficient cushion for stabilization and scaling up of the
operations to generate adequate accruals for debt servicing. The
rating also takes into account the fiscal incentives available
under TUFS which shall reduce the cost of borrowing and support
the profitability and accruals over the medium term. As the
company's manufacturing facility is located in Punjab, which is a
textile hub, it provides easy access to both customer and
suppliers.

Going forward, the company's ability to scale up the operations
and achieve adequate capacity utilization and profitability levels
to generate sufficient accruals for debt servicing will be the key
rating sensitivities. Moreover, as the working capital
requirements shall increase with increase in sales, ability to
maintain adequate liquidity, given the scheduled debt repayments
would also be key rating driver.

Om Threads Ltd was incorporated in June 2013 and setup an open end
cotton yarn spinning unit in Patran (Patiala, Punjab) with 1,792
rotors. The production commenced from June 2014 and the current
installed capacity is 7 ton per day (2,555 MTPA) with 23s count
yarn. The promoters of the company are also engaged in production
of cooking oil from rice husk through another group company,
Satnam oils Pvt, Ltd. The promoters had been earlier associated
with other open end yarn manufacturing companies in Patiala before
setting up of the new unit in OTL.


S. G. AGRO: CRISIL Assigns 'B' Rating to INR150MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of S. G. Agro Foods.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              100      CRISIL B/Stable

   Proposed Long Term        50      CRISIL B/Stable
   Bank Loan Facility

The rating reflects modest scale of SGAF's operations in the
highly fragmented industry and average financial risk profile.
These rating strengths are partially offset by extensive industry
experience of SGAF's partners in the rice milling industry and
locational advantage enjoyed by the unit.

Outlook: Stable

CRISIL expects SGAF to maintain a stable business risk profile
over the medium term on the back of promoter's extensive
experience in the rice milling industry. The outlook may be
revised to 'Positive' in case of better than expected financial
risk profile due to equity infusion or better working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of less than expected demand or in case the firm under
takes substantial debt-funded expansions that further deteriorate
the capital structure or any equity with drawl by the partners.

Incorporated in 2005 by Mr Tejinder Singh and his family members
in Amritsar (Punjab), S. G. Agro Foods (SGAF) is engaged in
shelling & milling of rice.


SATYA WAREHOUSE: CRISIL Assigns 'B' Rating to INR125MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Satya Warehouse.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       46.3     CRISIL B/Stable
   Bank Loan Facility

   Term Loan                78.7     CRISIL B/Stable

The rating reflects Satya's start-up phase of operations and its
dependency on timely cash flows from The Haryana State Cooperative
Supply and Marketing Federation Ltd (HAFED) (rated 'CRISIL A-
/Stable') and exposure to high customer concentration risk. These
rating weaknesses are partially offset by the benefits that Satya
is likely to derive from its long-term offtake agreement with
HAFED leading to revenue visibility and comfortable debt service
coverage ratio.

Outlook: Stable

CRISIL believes that Satya will continue to benefit over the
medium term from its offtake agreement with HAFED and will
maintain its comfortable debt service coverage ratio. The outlook
may be revised to 'Positive' in case of substantial cash accruals
leading to improvement in the firm's financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
unexpected termination of lease contract adversely affecting
Satya's cash flows, or in case of debt-funded capital expenditure.

Set up in 2012, Satya is a partnership firm promoted by Mr. Ram
Kumar Yadav, Mr. Ashok Yadav, and their friends. The firm has
constructed a warehouse with capacity of 70,000 tonnes for
agricultural products in Hisar (Haryana). It has signed a 10-year
offtake agreement with HAFED.


SHREE SONIGARA: CRISIL Reaffirms 'D' Rating on INR90MM Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Sonigara
Jewellers continue to reflect instances of delays by SSJ in
servicing its debt; the delays are on account of the firms
stretched liquidity driven by modest accruals and large working
capital requirements.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        29.3    CRISIL D (Reaffirmed)
   Term Loan                 10.7    CRISIL D (Reaffirmed)

The firm has modest scale of operations in the highly fragmented
retail jewellery business and below-average financial risk profile
marked by modest net worth, and subdued debt protection metrics.
However, the firm benefits from the extensive experience of its
proprietor in the jewellery business.

SSJ is a proprietorship concern of Mr. Rahul Sonigara started in
1998. SSJ is engaged in jewellery manufacturing and retailing
through its showroom in Pune.


SHREE SUNDHA: ICRA Suspends 'D' Rating on INR5.33cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR5.33
crore long term fund based facilities of Shree Sundha Cold
Storage. The suspension follows ICRAs inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Shree Sundha Cold Storage started commercial operations from Feb
2011. The firm is located at Deesa, Gujarat; it is engaged in the
business of providing cold storage facility for potatoes. The cold
storage has a total capacity to stock 1,50,000 bags of potato of
50 kg each. SSCS has received capital subsidy of INR1.05 crore
from National Horticulture Board for setting up cold storage and
receives interest subsidy of 6% from Gujarat Agro Industries
Corporation.


SHRI GIRI: ICRA Suspends 'D' Rating on INR16cr Loans
----------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]D' outstanding
on the INR14.00 crore long-term fund based facilities and INR2.00
crore long-term non-fund based facilities of Shri Giri Spinning
Mills (India) Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


SIDDHI VINAYAK: ICRA Assigns 'B+' Rating to INR5.0cr Term Loan
--------------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR5.00 crore
long-term fund based facility of Siddhi Vinayak Developers.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            5.00        [ICRA]B+ assigned

The assigned ratings are constrained by the implementation and
market risks associated with the green field hotel project venture
of the firm; highly leveraged capital structure and possible
stress on debt servicing ability in case of lower than anticipated
occupancy levels and cash flows. The ratings further take into
consideration the highly competitive hotel industry with presence
of a large number of players in Ahmedabad city in addition to high
business concentration risk as the entire revenue will be
dependent on a single property. The ratings, however, favourably
take into account the experience of the key promoter in the hotel
industry and locational advantages by way of the project site
being located close to the industrial belt in the eastern part of
Ahmedabad city.

Established in August 2008, Siddhi Vinayak Developers (SVD) is
setting up a hotel in Odhav, Ahmedabad, Gujarat comprising of 44
rooms (suit, semi deluxe and deluxe rooms). The proposed hotel
would also have a restaurant and a banquet hall with a capacity to
accommodate 500 people. The firm is promoted by Mr. Mahendra Patel
who has more than 20 years experience in the construction industry
in addition to about five years of experience in the hotels and
hospitality business by virtue of owning and operating two hotels
in Ahmedabad city.


SILICA INFOTECH: CRISIL Suspends 'B+' Rating on INR50MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Silica
Infotech Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           20       CRISIL A4 Suspended
   Cash Credit              50       CRISIL B+/Stable Suspended
   Letter of Credit          5       CRISIL A4 Suspended

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

SIPL was set up in 1998 by Mr. Amrendra Kumar and his family
members. The company provides networking and communication
solutions to various government organisations and private
companies. SIPL also provides hardware such as laptops and servers
and undertakes annual maintenance contracts.


SRI MAHALAXMI: ICRA Suspends 'B' Rating on INR10cr Loans
--------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B' assigned to
INR6.00 crore fund based working capital limits, INR3.00 crore
term loans and INR1.00 crore unallocated limits of M/s Sri
Mahalaxmi Cotton Mills. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


TAURUS THERMOPLASTICS: ICRA Suspends 'B+' Rating on INR6.5cr Loan
-----------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR6.50 crore bank facilities of Taurus Thermoplastics Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


VEE TECHNOLOGIES: CRISIL Ups Rating on INR113MM Loans to 'B-'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Vee Technologies Pvt Ltd to 'CRISIL B-/Stable' from
'CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility       64.2     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan                48.8     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by VTPL on
account of improvement in its liquidity. The firm's liquidity has
improved mainly on the back of its increasing accruals and
reduction in its receivables cycle. Cash accruals of around INR35
million in 2013-14 (refers to financial year, April 1 to March 31)
were sufficient to repay its debt obligation of INR5 million in
the same period. Additionally, enhancement in the working capital
bank lines to INR70 million from the previous year's level of
INR35 million and improvement in the receivables period to around
140 days currently from around 230 days as on March 31, 2014 led
to improvement VTPL's liquidity. The upgrade also factors in
CRISIL's belief that VTPL will continue to meet its debt
obligations on time, supported by its healthy net cash accruals.

The rating reflects the risks related to high customer
concentration and dependence on performance of the end-user
industries and its working-capital-intensive operations. These
rating weaknesses are partially offset by the promoters' extensive
experience in business process outsourcing (BPO) services and its
average financial risk profile, marked by comfortable capital
structure and adequate debt protection metrics.

Outlook: Stable

CRISIL believes that VTPL's overall business risk profile will
remain constrained due to its working-capital-intensive
operations. The outlook may be revised to 'Positive' its working
capital cycle improves on sustained basis leading to improvement
in its liquidity. Conversely, the outlook may be revised to
'Negative' in case of a decline in the company's cash accruals, or
if a stretch in its working capital cycle leads to deterioration
in its liquidity or if its undertakes a larger-than-expected debt-
funded capital expenditure programme, thereby adversely impacting
its financial risk profile.

VTPL, incorporated in 2002, is a part of the Sona Valliappa Group
that is based in Bangalore (Karnataka). VTPL has set up a BPO and
provides data services to its customers located in the US,
Australia, India, and Europe. The company has further diversified
its operations to data services for Unique Identification
Authority of India (UIDAI) project of the Government of India.

VTPL reported net profit of INR17.8 million on operating income of
260.2 million in 2012-13 (refers to financial year, April 1 to
March 31) against net profit of INR6.5 million on operating income
of INR152.4 million in 2011-12.


WONDER FIBROMATS: ICRA Assigns 'B+' Rating to INR12.75cr Loans
--------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR12.75 crore fund
based limits of Wonder Fibromats Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term loan             7.50       [ICRA]B+ assigned
   Fund based limits     5.25       [ICRA]B+ assigned

The rating factors in WFPL's nascent stage of its operations with
the commercial production started from June 2014 only and its high
gearing of 4.3 times as on March 31, 2014 owing to the recently
concluded debt funded capex. Further, the debt repayments are
scheduled to commence from October 2014; thus the company's
ability to service the debt obligations in a timely manner will be
closely linked with its ability to profitably ramp-up its
operations in a short time This apart, the rating also takes into
account the low profitability in the ceiling fan industry owing to
low value addition and high competitive intensity.

Nevertheless, the rating favourably factors in the strong
experience of the promoters in fan manufacturing business.
Furthermore, the rating takes comfort from long association of the
group with Usha International, which could also enable Wonder
Fibromats in securing orders from other companies. Going forward
the company's ability to ramp up its operations, achieve adequate
profitability and improve its debt coverage indicators will be
amongst the key rating sensitivities.

Wonder Fibromats Private Limited was incorporated in October 2009
to manufacture ceiling fans. The company has manufacturing plant
in Raipur Induatrial Area, Bhagwanpur, Uttrakhand which has a
capacity to produce 40 lakh fans per annum. The project cost was
INR11.30 crore funded by debt of INR7.50 crore and promoter's
contribution of INR3.80 crore. The production has started in June
2014 and the company has produced 18,025 fans in first month of
operations. The company is promoted by Anand family. The promoters
also have another company named Uttarancha Industries which is
into the same line of business of manufacturing ceiling fans
associated with Usha International from past 15 years.



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


BUMI RESOURCES: S&P Cuts CCR to SD on Missed Principal Repayment
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Indonesia-based thermal coal producer PT Bumi
Resources Tbk. (Bumi) to 'SD' from 'CC'.  S&P also placed its
'CCC-' long-term issue rating on senior secured notes that the
company guarantees on CreditWatch with negative implications.  In
addition, S&P lowered its ASEAN regional scale rating on Bumi to
'SD' from 'axCC'.

The downgrade on Bumi comes after it did not repay the US$375
million principal on convertible bonds that matured Aug. 5, 2014;
a five-day grace period for repayment ended on Aug. 12, 2014.  S&P
understands that Bumi is negotiating with bondholders to
restructure the bonds.

Under S&P's criteria, it considers payments (including the
principal repayment on maturity) on an obligation that are not
made on the date due or within the grace period to be in default.
The missed principal repayment on the convertible bonds is in
"selective default" because S&P has not been informed of Bumi's
failure to service its other debt obligations.

S&P placed its issue rating on Bumi's senior secured bonds on
CreditWatch with negative implications because Bumi's inability to
restructure the convertible bonds could result in the trustee for
the bonds calling it a default.  This will trigger an event of
default for all Bumi's rated bonds because of a cross-default
clause between Bumi's other debt obligations and its rated bonds.
In such a scenario, S&P will lower the rating on Bumi and its
bonds to 'D'.

"We believe the coming interest payments on Bumi's rated bonds are
manageable because these interest payments are small compared with
the large principal repayments due over the next six months," said
Standard & Poor's credit analyst Vishal Kulkarni.  The interest on
rated bonds is due only in Oct. and Nov. 2014.  S&P believes Bumi
will continue to face large refinancing risks on its debt.

"We plan to raise our corporate credit rating on Bumi when the
company completes restructuring the convertible bonds and we
believe Bumi's other debt obligations are not in default.  If Bumi
defaults on its other debts, we will lower our rating on Bumi to
'D'," Mr. Kulkarni said.



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


Q CARD: Fitch Rates NZD15.25MM Class E-2014-1 Notes 'BBsf'
----------------------------------------------------------
Fitch Ratings has assigned final ratings and Outlooks to the Q
Card Trust, which is backed by New Zealand consumer receivables.
The final ratings include:

NZD0.0m VFN notes: 'AAAsf'; Outlook Stable
NZD58.0m Class A-2014-1 notes: 'AAAsf'; Outlook Stable
NZD58.0m Class A-2014-2 notes: 'AAAsf'; Outlook Stable
NZD58.0m Class A-2014-3 notes: 'AAAsf'; Outlook Stable
NZD27.5m Class B-2014-1 notes: 'AAsf'; Outlook Stable
NZD19.25m Class C-2014-1 notes: 'Asf'; Outlook Stable
NZD13.75m Class D-2014-1 notes: 'BBBsf'; Outlook Stable
NZD15.25m Class E-2014-1 notes: 'BBsf'; Outlook Stable
NZD5.25m Class F-2014-1 notes: not rated
NZD28.25m Class S notes: not rated

The notes have been issued by The New Zealand Guardian Trust
Company Limited in its capacity as trustee of the Q Card Trust.

The transaction established a revolving, asset backed note
programme that features a multi class structure that will purchase
eligible receivables from the sellers on a revolving basis.
Purchases of eligible receivables will be funded through the
issuance of multiple classes of notes and subject to issuance
conditions being satisfied the trustee is able to issue additional
series of notes from time to time.  Each series of notes has a
soft bullet maturity date at which time they may be repaid in
full.  If the trustee is unwilling or unable to repay the relevant
series in full, that series will enter a controlled amortisation
period, during which one twenty fourth of the face value of that
series will be repaid on each payment date following the soft
bullet date.

To protect investors from deterioration in the credit quality of
the portfolio, the transaction features several performance
triggers that either trap a share of excess spread or cause early
amortisation of the notes at any point in time.  In the event of
early amortisation, all principal collections and excess spread
will first be used to pay down the notes in full before they can
be passed on to the subordinated seller note holder.

At the cut-off date the collateral pool consisted of NZD275m in
consumer receivables, comprised of approximately 160,000 active
customers with an average balance outstanding of approximately
NZD2,500.  The receivables were originated by Consumer Finance
Limited, a subsidiary of Fisher & Paykel Finance Limited (FPF)
which is owned by Fisher & Paykel Appliances Ltd, controlled by
the Haier Group - a Chinese appliance manufacturer.  The revolving
receivables pool is subject to eligibility criteria, which
includes a maximum individual exposure of NZD50,000 and
origination in the ordinary course of business in compliance with
New Zealand consumer credit laws.

KEY RATING DRIVERS

Base Case Reflects Performance: Fitch has analyzed the
originator's historical performance for key portfolio metrics,
yield, charge-offs and monthly payment rates.  Base cases have
been set for each of these metrics to permit analysis of the
overall receivables portfolio.

Sufficient Credit Enhancement: The initial VFN and class A
subordination of 36.7% consists of note subordination and an
excess spread account that will initially be funded to an amount
equivalent to all portfolio arrears greater than 180 days.  All
classes of notes benefit from both note subordination and the
excess spread account.

Performance Triggers Provide Protection: The transaction benefits
from several performance triggers that, if breached can lead to
excess spread trapping or early amortization of the transaction to
prevent exposure to further deterioration in asset performance.

Experienced Originator and Servicer: FPF has been managing
consumer receivables for over a decade and has used securitization
for funding another receivables portfolio.  Fitch conducted a
review of FPFs underwriting and servicing capabilities in July
2014 and found their capabilities satisfactory.

RATING SENSITIVITY

Fitch has modeled three different scenarios when evaluating the
rating sensitivity compared to expected performance for the Q Card
Trust: 1) increased charge-offs; 2) a reduction in the yield, and
3) a reduction in the monthly purchase rate.

The rating sensitivity indicates sensitivity to an increase in
defaults and a reduction in monthly payment rates, with less
sensitivity to yield reduction. Rating sensitivities are more
pronounced at higher rating stress levels.



=====================
P H I L I P P I N E S
=====================


BANCO CARMONA: Placed Under PDIC Receivership
---------------------------------------------
The Monetary Board (MB) placed the Banco Carmona, Inc., under the
receivership of the Philippine Deposit Insurance Corporation
(PDIC) by virtue of MB Resolution No. 1181.A dated Aug. 1, 2014.
As Receiver, PDIC took over the bank on Aug. 1, 2014.

Banco Carmona is a two-unit rural bank with Head Office located at
J.M. Loyola St., Carmona, Cavite. Its lone branch is also located
in Carmona, Cavite. Based on the Bank Information Sheet as of June
30, 2014 submitted to the PDIC, Banco Carmona had 2,260 accounts
with total deposit liabilities of PHP40.5 million. A total of
2,257 deposit accounts or 99.9% of the accounts fall within the
PHP500,000 maximum deposit insurance coverage. Estimated total
insured deposits amounted to P39.8 million or 98.2% of the total
deposits.

Despite efforts to locate the owners, officers and employees of
the bank, they could not be located nor have they coordinated with
the PDIC for the proper turnover of the records and assets of the
bank, to date. PDIC is currently sifting through records and files
found in the bank premises. So far the records have been found to
be incomplete and not updated. The PDIC explained that, in
processing deposit insurance claims, PDIC should establish the
correct deposit balances as of closure of the bank as well the
correct loan balances of each depositor, if any. Validation of
booking and funding of a deposit account from the records of the
bank is a requirement under Section 4(f) of RA 3591, as amended,
otherwise known the PDIC Charter.

The PDIC further explained that for a bank of this size, payment
to depositors with deposit balances of PHP50,000 and below would
have started within two weeks upon takeover of the bank by the
PDIC, while on-site claims settlement operations for those with
balances higher than PHP50,000, within four weeks. Given the
circumstances in Banco Carmona, standard payout operations may not
be adopted and payment of claims would be delayed. PDIC is doing
its best to find the owners and officers of Banco Carmona to
require them to cooperate and turn over all bank records to hasten
the validation of the accounts.

Based on the latest General Information Sheet (GIS) filed on April
2, 2013 with the Securities and Exchange Commission, the bank is
owned by Rowena Rodis (18.70%), Perseveranda Isla (15.93%), Arturo
Poblete (14.96%), Ma. Cristina Creencia (9.16%), Salome Landas
(7.22%), Olivia Asia (6.47%), Elena Levardo (5.71%), Irene Zarraga
(4.89%), Teresita Vidallon (3.07%), Evelyn Encarnacion (2.92%),
Vilma Encarnacion (2.92%), Ressureccion Teano (2.48%),
Gloria/Cesar Casal (1.85%), Maria Alona Poblete (1.31%) and Arnell
Ilas (1.13%). Its President is Nicasio Dela Pena, Jr. The bank's
Directors are Filor Atangan, Perseveranda Isla, Olivia Asia and
Elena Levardo. Other officers are Evelyn Camilon (Corporate
Secretary), Nelita Catimbang (Compliance Officer), and Irene
Zarraga (General Cashier).



===========
T A I W A N
===========


GLOBAL LIFE: FSC Orders Takeover of Two Ailing Insurance Firms
--------------------------------------------------------------
Ted Chen at The China Post reports that Financial Supervisory
Commission (FSC) Chairman Tseng Ming-chung on August 12 announced
that the commission has ordered the Taiwan Insurance Guaranty Fund
to take over two troubled insurance carriers, namely
Global Life Insurance Co. and Singfor Life Insurance Co.

The Post relates that Mr. Tseng emphasized that the move is
designed to ensure that the two companies will be able to meet all
obligations to their clients and preserve the interests of all
affected policyholders and employees.

According to the report, FSC findings indicate that the two
companies' financial conditions have been deteriorating rapidly
since 2005, and have been lacking progress toward improvement.

Global Life's net worth has declined from 2006's minus NT$100
million to minus NT$8.3 billion in 2008 and minus NT$25.2 billion
as of the end of June this year, while Singfor Life's net worth
has deteriorated from 2005's minus NT$100 million, to minus
NT$16.4 billion in 2008 and to minus NT$23.9 billion in June this
year, the Post discloses. The net worth of the two companies has
continued to tumble on a quarterly basis, the report notes.

In particular, the Post relates, the FSC deemed a capital
injection plan by Global Life via a land trust scheme as
unfeasible, citing the inadequate cash contribution by
shareholders proposed by the company.

Mr. Tseng stated as early as 2005 and 2006 that the two companies'
financial conditions had met international criteria for government
takeovers, however, time was extended for the Global Life and
Singfor Life to produce improvements, the report relays. The two
companies, however, failed to furnish tangible results, said Mr.
Tseng, adding that since becoming flagged by the regulator, it had
continued to perform below expectations. In addition, since
becoming flagged, the two companies have received numerous
citations over inadequacies in their operations, including capital
allocation management, corporate governance, internal auditing
processes and overseas investment planning, according to the Post.

The Post adds that Mr. Tseng noted that while the takeover
officially took place at 5:30 p.m. on August 12, regulatory
officials have been embedded at the two companies for the past two
years, monitoring them.

Meanwhile, the FSC noted that it is mulling over relevant
amendments to the Insurance Act that will enable regulators to
take swift intervention measures against ailing financial
institutions before their conditions deteriorate further, the
report adds.



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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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



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