TCRAP_Public/140829.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 29, 2014, Vol. 17, No. 171


                            Headlines


A U S T R A L I A

DOBBINS CONTRACTING: Ferrier Hodgson Appointed as Receivers
MIDWEST VANADIUM: S&P Withdraws 'D' CCR at Issuer's Request
NCSS MAINTENANCE: Smith Hancock Appointed as Administrators
QANTAS AIRWAYS: Posts AUD2.84-Bil. Loss For Year Ended June 30
* Queensland Farms Up for Sale Because of Huge Farmer Debt

* ASIC Releases Updated Policy for Externally Administered Firms


C H I N A

COUNTRY GARDEN: Drops Most in Five Months on Rights Offer
HILONG HOLDING: Weak 1H 2014 Results No Impact on Moody's Ba2 CFR
MAOYE INTERNATIONAL: S&P Revises Outlook to Neg.; Affirms BB+ CCR
SOUND GLOBAL: Solid 1H 2014 Results Supports Moody's Ba3 CFR
YINGDE GASES: Fitch Assigns 'BB' Rating to USD250MM Sr. Notes


I N D I A

ADITYA CAR: CRISIL Reaffirms 'B' Rating on INR55MM Cash Credit
ALCHEMIST LTD: CRISIL Reaffirms 'B+' Rating on INR143MM Term Loan
AMRUTVAHINI SHETI: CRISIL Puts 'B' Rating on INR84MM Term Loan
ARC INSULATION: CRISIL Suspends 'D' Rating on INR32.5MM Term Loan
CHARMS CHEM: ICRA Assigns 'C' Rating to INR3.5cr Cash Credit

COSMAS PHARMACLS: INR120M Cash Credit CRISIL C Rating Reaffirmed
COSMAS RESEARCH: CRISIL Reaffirms D Rating on INR510MM Term Loan
ELITE VEHICLES: CRISIL Assigns 'B' Rating to INR90MM Cash Credit
GALAXY MACHINERY: CRISIL Reaffirms B+ Rating on INR73MM Bank Loan
GEETANJALI AGRO: ICRA Reaffirms B Rating on INR7.3cr Cash Credit

GLOBAL NATURE: ICRA Reaffirms B+ Rating on INR6.8cr FB Limit
JIVANDHARA COTTON: ICRA Reaffirms B+ Rating on INR9cr Cash Credit
KARO COILS: CRISIL Assigns 'B-' Rating to INR86.5MM Term Loan
KOHINOOR CARPETS: CRISIL Reaffirms B Rating on INR32.7M Term Loan
LACTON TILES: CRISIL Assigns 'B+' Rating to INR60MM Term Loan

LILA HOSPITALS: ICRA Lowers Rating on INR5.40cr Term Loan to 'D'
MAA ANANDAMOYEE: CRISIL Assigns 'D' Rating to INR67.5MM Term Loan
MAA CHINNAMASTA: CRISIL Assigns B Rating to INR116.3MM Bank Loan
METCUT TOOLINGS: CRISIL Reaffirms D Rating on INR60MM Cash Credit
MITHILANCHAL INDUSTRIES: ICRA Cuts Rating on INR6cr LT Loan to D

MITS MEGA: CRISIL Assigns 'B+' Rating to INR200MM Bank Loan
MITTAPALLI SPINNERS: CRISIL Suspends B- Rating on INR408MM Loan
MJ & SONS: CRISIL Reaffirms D Rating on INR470MM Long Term Loan
NARESH KUMAR: ICRA Suspends B/A4 Ratings on INR16cr FB Limits
OM SAI: CRISIL Reaffirms 'B' Rating on INR100MM Cash Credit

RDS & SONS: CRISIL Assigns 'B' Rating to INR54.8MM Term Loan
UNIQUE GEM: ICRA Downgrades Rating on INR50cr LT FB EBD to 'D'
UTKAL REALTORS: ICRA Suspends 'B' Rating on INR30cr Term Loan
VISHNU CARRIERS: CRISIL Reaffirms D Rating on INR90MM Cash Credit
ZAZSONS EXPORTS: ICRA Ups Rating on INR23.2cr Packing Loan to B+


J A P A N

TAKEFUJI CORP: BofA's Merrill Japan Ordered to Pay Damages


M A L A Y S I A

MALAYSIA AIRLINES: Shares Suspended Ahead of Revamp Announcement
MALAYSIA AIRLINES: Exec Chair Appointment Maybe Included in Plan
MALAYSIA AIRLINES: MAS Denies 'Empty Flight' Report


N E W  Z E A L A N D

METRO BAR: Bar Owner Faces Five-year Ban Bid from Running Cos.
* MALCOLM SHEARER: Settles Debt to Avoid Bankruptcy


S O U T H  K O R E A

MAGNACHIP SEMICONDUCTOR: S&P Lowers CCR to B+; Outlook Negative


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


DOBBINS CONTRACTING: Ferrier Hodgson Appointed as Receivers
-----------------------------------------------------------
Ryan Eagle and Morgan Kelly of Ferrier Hodgson were appointed as
Receivers and Managers to the assets and undertakings of Dobbins
Contracting Pty Limited & Dobcon Group Pty Limited on Aug. 27,
2014.

The Receivers' appointment follows the appointment of Simon Thorn
and Brad Tonks of PKF Lawler as Liquidators of Dobbins Contracting
Pty Limited & Dobcon Group Pty Limited on 25 August 2014.

The Receivers now control the Group's assets and undertakings.

The Group ceased trading prior to the appointment of the
Receivers.



MIDWEST VANADIUM: S&P Withdraws 'D' CCR at Issuer's Request
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
'D' corporate credit rating on Australian mining company Midwest
Vanadium Pty Ltd. and its 'D' issue rating on Midwest's US$335
million senior secured notes due 2018.  The ratings were withdrawn
at the issuer's request.

A fire event saw Midwest failing to pay US$19 million of interest
due in Feb. 2014.  As a result, S&P lowered the ratings to 'D' on
Feb. 20, 2014.  The company subsequently negotiated a standstill
arrangement that suspended the rights of the senior secured
creditors in relation to the payment default until Aug. 2014.  On
Aug. 19, 2014, Midwest's parent Atlantic Ltd. announced that the
February standstill arrangement was extended to Nov. 14, 2014, and
that this agreement will also include the unpaid interest that was
due in Aug. 2014.  S&P's recovery rating on the notes at the time
of the withdrawal was '5', which indicates its expectations for
modest (10% to 30%) recovery for noteholders.


NCSS MAINTENANCE: Smith Hancock Appointed as Administrators
-----------------------------------------------------------
Michael John Morris Smith -- mikes@smithhancock.com.au -- and
Peter Hillig -- peterh@smithhancock.com.au -- of Smith Hancock
were appointed as administrators of NCSS Maintenance Services Pty
Limited on Aug. 27, 2014.

A first meeting of the creditors of the Company will be held at
Chapman Room at Park Royal Hotel, 30 Phillip Street, in
Parramatta, on Sept. 5, 2014, at 11:00 a.m.


QANTAS AIRWAYS: Posts AUD2.84-Bil. Loss For Year Ended June 30
--------------------------------------------------------------
Qantas Airways on August 28 announced an Underlying Loss Before
Tax of AUD646 million and a Statutory Loss After Tax of AUD2.8
billion for the 12 months ended June 30, 2014.

The Underlying PBT result was driven by the cumulative impact of
two years of industry capacity growth ahead of demand, leading to
a AUD566 million decline in FY14 revenue, and by record Australian
dollar fuel costs of AUD4.5 billion - up AUD253 million from FY13.

In response, Qantas is driving an earnings recovery and de-
leveraging the Group's balance sheet to shape a profitable future
and build long-term shareholder value.

The AUD2 billion accelerated Qantas Transformation program
announced in February is permanently reducing costs and laying the
foundations for sustainable growth in earnings.

Transformation benefits totalled AUD440 million in FY14, including
AUD204 million of second-half benefits from the accelerated Qantas
Transformation program.

A further AUD900 million of accelerated transformation projects
are in the implementation phase, with more than AUD600 million of
benefits from these projects to be realised in FY15.

To date, projects equivalent to more than half the AUD2 billion
target have been delivered or are underway.

Unit costs were reduced by 3 per cent over the year, accelerating
from a 2 per cent reduction in the first half to a 4 per cent
reduction in the second half.

Qantas CEO Alan Joyce said the underlying result had been
foreshadowed at the Group's half-year announcement in February.

"There is no doubt today's numbers are confronting, but they
represent the year that is past," Mr. Joyce said.

"We have now come through the worst.  With our accelerated Qantas
Transformation program we are already emerging as a leaner, more
focused and more sustainable Qantas Group.

"There is a clear and significant easing of both international and
domestic capacity growth, which will stabilise the revenue
environment.

"We expect a rapid improvement in the Group's financial
performance -- and a return to Underlying PBT profit in the first
half of FY15, subject to factors outside our control."

Significant one-off costs associated with Qantas Transformation
are recognised in the statutory result, including restructuring
and redundancies (AUD428 million) and primarily non-cash costs
relating to early aircraft retirements (AUD394 million).  Of the
5,000 redundancies announced in February, 2,500 have been
implemented as at 28 August.

At the same time as delivering cost reduction, the Group has taken
action to adjust its capacity and network in response to shifts in
demand and the competitive environment -- while retaining
flexibility to make further adjustments if required.

International competitor capacity growth is expected to be 2.4 per
cent in the first half of FY15 and domestic market capacity growth
is expected to be around 1 per cent, significantly below recent
trends for both markets.

Financial Position

Group liquidity at June 30 was AUD3.6 billion, comprising AUD3
billion in cash -- up around AUD600 million from the half-year --
and AUD630 million in undrawn committed facilities.  With
operating cash flow of AUD1.1 billion, the Group was net free cash
flow neutral in FY14.

The Group significantly extended its debt maturity profile through
two landmark bond issuances totalling AUD700 million, with no
major unsecured refinancing required before April 2016.  Net debt
including operating lease liability was reduced by AUD96 million.

Overall capital investment has been reduced to maximise net free
cash flow for debt reduction, while the Group has maintained
targeted investment in fleet, product and service to sustain brand
and yield premiums for Qantas and Jetstar.

Capital investment was AUD874m in FY14.  Planned capital
investment in FY15 has been reduced from AUD800 million to AUD700
million, with a forecast of AUD800m in FY16.

The Group's average fleet age remains at a 20-year low of 7.7
years, with 35 per cent of the fleet debt-free.  Thirty-one new
debt-free aircraft have been added since FY10, including seven in
FY14.

Outcome of Structural Review

Qantas also announced the outcomes of the structural review that
commenced in December 2013.

The Group has identified, valued and will continue to assess
opportunities to sell non-core assets such as airport terminals,
property and land holdings.  Any proceeds from such sales will be
used to repay debt.

After detailed strategic and structural assessment of Qantas
Loyalty, the decision has been made to retain this highly valuable
business within the existing Group structure.  It was determined
that there was insufficient justification for a partial sale.
Qantas Loyalty continues to offer major profitable growth
opportunities.

No new Jetstar ventures will be established while the Group is
focused on transformation.  Substantial value exists across the
Jetstar Group airlines, to be realised over time.

Since 2012, Qantas' international and domestic airlines have
reported their financial performance as separate segments, to
strengthen accountability and performance.  Following the partial
repeal of the Qantas Sale Act, the Group will establish a new
holding structure and corporate entity for Qantas International.
This decision will create the long term option for Qantas
International to attract external investment and participate in
partnership opportunities in the international aviation market,
with a view to achieving efficiencies and improved returns to
shareholders.

Fleet Writedown

Under accounting standards, the decision to establish a new
holding structure and corporate entity for Qantas International
requires a change to Qantas' Cash Generating Units (CGUs) for
impairment testing. The previous'Qantas Brands' CGU has been split
into four separate CGUs: Qantas International, Qantas Domestic,
Qantas Loyalty and Qantas Freight.

The CGUs for Qantas Domestic, Qantas Loyalty and Qantas Freight
all have strong surpluses.

After being tested on a standalone basis for the first time, the
Qantas International CGU requires a writedown of AUD2.6 billion.
The size of the writedown is largely due to the historic cost of
aircraft purchased with an average exchange rate from Australian
dollars to U.S. dollars of AUD0.68.

This writedown is a non-cash charge, recognised in the statutory
result, with no cash impact on the Group's or Qantas
International's operations.   It is a writedown to the carrying
value of aircraft that Qantas has no intention to sell and intends
to retain in its fleet.

Following the writedown, the carrying value of Qantas
International aircraft will be more reflective of the current
market value of the fleet, and future depreciation expense will be
approximately AUD200 million per year lower as a result of this
change.

CEO Comment

Mr. Joyce said the Group's priority now was to push forward with
the accelerated Qantas Transformation program after a positive
start.

"After an extremely difficult period, we are focused on building
momentum with our turnaround in FY15," Mr. Joyce said.

"Our cash balance and liquidity position is strong, and the
Group's overall financial performance is rapidly improving.  We
are removing costs to drive earnings growth.  And the work we've
done over recent years to renew our fleet and improve service has
been recognised with a string of awards and record customer
satisfaction.

"In February we made a deliberate choice to continue investing in
core initiatives for customers in order to hold our competitive
position, keep our brands strong and maintain a yield premium in a
challenging market.   As we transform our business at pace, our
airlines are providing better service than ever.

"The structural decisions we announce today give the Group maximum
scope to attract capital in a fiercely competitive international
aviation market.  Standing still while the world changes around us
is not an option.

"With our structural review complete, we can move forward with
certainty."

Breakdown of Results

Qantas Domestic

Qantas Domestic reported Underlying EBIT of AUD30 million, down
from AUD365 million in FY13.

Group Underlying EBIT, including Qantas Domestic and Jetstar's
domestic operations, was just below AUD50 million.

The earnings deterioration in FY14 was a result of market capacity
increases ahead of demand, weaker demand in the resources and
government sectors, price pressure in all industries, unrecovered
carbon tax costs and an unfavourable fuel cost of AUD68 million.

In this volatile market, Qantas Domestic's strategy of maintaining
a capacity, frequency and product advantage over the competition
saw it remain Australia's premium carrier of choice.

The airline held an 80 per cent share of the domestic corporate
travel market by revenue, including 48 new accounts, eight
accounts won back from the competition, 10 accounts lost and 182
accounts renewed.

Comparable unit costs were reduced by 3 per cent as Qantas
Transformation benefits began to flow, helping close the cost gap
with the competition.

Both customer satisfaction and customer advocacy were at record
levels in FY14, helped by Qantas Domestic's consistently superior
on-time performance.

Qantas Domestic was Australia's most punctual major domestic
airline every month in FY14 and, as at June 2014, had led the
competition for 18 straight months -- a key factor in winning and
retaining corporate accounts.

Qantas International

Qantas International reported an Underlying EBIT loss of AUD497
million, compared with a loss of AUD246 million in FY13.

The business delivered another strong year of cost reduction,
cutting comparable unit costs by 4 per cent, and has now realised
more than AUD400 million of transformation benefits over the past
two financial years.  However, these benefits were offset in FY14
by competitor capacity growth of 9.5 per cent -- well above demand
-- and record fuel costs.

Fuel price and foreign exchange movements hit Qantas International
hardest of any of the Group's businesses, with an impact of AUD142
million.

Between FY09 and FY14, competitor capacity growth in the
Australian international market was 44 per cent, compared with
global growth of 29 per cent.  Importantly for the Group's
outlook, capacity expansion is now slowing, with expectations for
competitor growth of 2.4 per cent in the first half of FY15.

By optimising its network and fleet, including the retirement of
older Boeing 747s, Qantas International is cutting unit costs
while improving the travel experience for customers.  Retiming the
QF9/10 services to Dubai and London, for example, has freed up an
A380 to operate on the popular Dallas/Fort Worth route and will
lead to a significant increase in asset utilisation.

Customer satisfaction reached record levels in FY14 and customer
advocacy was a record for the year.  New lounges were opened in
Singapore, Hong Kong and Los Angeles, while new and expanded
codeshare agreements were struck with China Southern, LAN and
Bangkok Airways.

These agreements complement the ground-breaking Qantas-Emirates
partnership launched in FY13.  The Dubai route continues to
receive the highest customer satisfaction anywhere on the Qantas
International network, with more than 2 million Qantas customers
having already travelled through the hub since the partnership was
launched.

Qantas International now offers its biggest ever global network,
with 1,200 destinations available with Qantas and its partner
airlines.

Jetstar

The Jetstar Group reported an Underlying EBIT loss of AUD116
million, down from Underlying EBIT of AUD138 million in FY13.

Controllable unit costs were reduced by 2 per cent.  However,
these gains were offset by an unfavourable fuel cost of AUD86
million, a yield decline of AUD113 million across the highly
competitive South East Asian and Australian markets and an
increase in associate start-up losses of AUD20 million. Total
associate start-up losses in Asia were AUD70 million due primarily
to the rapid expansion of Jetstar Japan as it consolidates its
leading LCC position in the Japanese domestic market.

Jetstar's domestic business in Australia remained profitable -- as
it has been every year since launch in 2004 -- and continued to
play its part in the Group's successful two-brand strategy.

Customer satisfaction remains at record levels in Jetstar Airways'
domestic and international operations, helped by continued
improvement in on-time-performance and the introduction of the
Dreamliner on key international routes, including Bali, Phuket and
Bangkok.

The Jetstar Group airlines in Asia, in which Qantas is a minority
investor, remain focused on distinct market priorities:


   * Growth at Jetstar Asia has been suspended in a very
challenging Singapore market that saw capacity expand by 23 per
cent in FY14, but the business made productivity gains, holds a
substantial yield premium to its LCC competitors, and is ranked
the nation's leading LCC.   Its performance is expected to improve
as capacity growth moderates, with market correction already
underway.

   * Jetstar Japan is Japan's largest and fastest growing LCC,
having carried over 5 million passengers since launch and opened a
second domestic base in Osaka.  The launch of operations from the
second base is improving unit cost performance, as a result of
increased asset utilisation from the 24-hour airport in Osaka.
With LCCs still holding just 6 per cent of the Japanese domestic
market, the business has significant growth potential.

   * Vietnam's Jetstar Pacific cut unit costs and increased
customer advocacy in a high-growth market.  The business has
completed its recapitalisation, has begun international services
and will expand its fleet from 7 to 10 aircraft by December 2014.

   * The Board and management of Jetstar Hong Kong continue to
work with local regulators towards gaining approval to begin
operations.

Qantas Loyalty

Qantas Loyalty reported record Underlying EBIT of AUD286 million -
- up from AUD260 million in FY13 -- after a fifth straight year of
double-digit earnings growth.

The business continued to perform strongly in FY14, reaching 10.1
million Qantas Frequent Flyer members by 30 June 2014, and award
redemptions rose 11 per cent to 6.2 million.

Qantas Frequent Flyer billings increased by 8 per cent.  Fourteen
new program partners were added during the year, increasing
options for members to earn points.

Alongside the continued success of Qantas Frequent Flyer, the
broader Qantas Loyalty business expanded into new ventures through
the successful launch of the Aquire loyalty program for SMEs and
the Qantas Cash travel money card.

More than 35,000 businesses have signed up to Aquire and there
have been more than 300,000 Qantas Cash activations since the
product's launch, with AUD500 million in cash loaded onto the
card.   Qantas Cash was also awarded the maximum five-star rating
in its category by CANSTAR.

A new digital channel, Qantaspoints.com, provides a dedicated one-
stop resource for Qantas Frequent Flyer and Aquire members.

Qantas Freight

Qantas Freight reported Underlying EBIT of AUD24 million, compared
with AUD36 million in FY13.

Earnings were lower as a result of the sale of Star Track Express
in FY13, while global air cargo markets remained challenging.
However, the integration of Australian air Express with Qantas
Freight is now complete and full run-rate benefits began to flow
in the second half of FY14.

Outlook

The Group expects a return to an Underlying Profit Before Tax in
the first half of FY15, subject to factors outside its control.

This is based on the following expectations:

  * A target of AUD300 million of Qantas Transformation benefits
to be realised in the first half.

  * A stabilising operating environment, as market capacity growth
subsides.

  * First half fuel costs in line with the first half of FY14.

  * The repeal of the carbon tax.

  * Reduced depreciation costs compared with the first half of
FY14.

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training , catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2014, Moody's Investors Service said Qantas Airways
Limited's half year results to Dec. 30, 2013, are credit negative
though broadly within expectation and have no immediate impact on
its Ba1 corporate family rating, Ba2 senior unsecured long term
rating or non-prime (NP) short term rating. The outlook for
Qantas' ratings remains negative.

The TCR-AP reported on Jan. 27, 2014, that Standard & Poor's
Ratings Services affirmed its'BB+' long-term issue rating on
Qantas Airways Ltd.'s senior unsecured debt, in line with the
corporate credit rating.  At the same time, S&P assigned a
recovery rating of'3', indicating its expectation of meaningful
(50%-70%) recovery for creditors in the event of a payment
default.  S&P has also removed the senior unsecured debt from
CreditWatch with negative implications, where it was placed on
Dec. 5, 2013.


* Queensland Farms Up for Sale Because of Huge Farmer Debt
---------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that a farm in
Meandarra, Queensland, has been placed into receivership and is on
the market as four different properties or individual farm with
their own dams, house and sheds. Agent Ray White has been
appointed by receiver PPB Advisory to sell the properties, the
report says.


* ASIC Releases Updated Policy for Externally Administered Firms
----------------------------------------------------------------
ASIC on Aug. 25, 2014, released a consultation paper on relief for
externally administered companies and registered schemes being
wound up.

ASIC Commissioner, John Price said, "We want public comments on
our proposals to reduce business costs for insolvent or
financially distressed companies and registered schemes while
recognising the information needs of members and creditors of
financially distressed entities. ASIC also wants to ensure that
companies that cease being externally administered comply with
their financial reporting obligations if they are going to
continue to carry on business.

Key points from Consultation Paper 223 Relief for externally
administered companies and registered schemes being wound up:

  * ASIC proposes to update its approach to financial reporting
relief for externally administered companies and registered
schemes being wound up.
  * We want to establish policy settings that appropriately
balance the information needs of members and other users of
financial reports with the financial burden imposed on distressed
entities by financial reporting costs.

  * ASIC is consulting on some possible practical improvements it
can make to our policy to test whether they will achieve that
appropriate balance.

In particular, we are consulting on proposals whether we should:

  * expand our policy to exempt insolvent registered schemes being
wound up from financial reporting

  * expand our policy to exempt public companies from the
obligation to hold an AGM if the company has a liquidator
appointed, and

  * update our guidance on the circumstances in which we will
provide individual relief, including narrowing the circumstances
in which we give exemptive relief and expanding the circumstances
in which we give deferral relief."

Mr. Price said, "Given that external administrations of companies
and the winding up of registered schemes raise competing policy
issues, we have prepared a detailed consultation paper to assist
companies, members, Australian financial services licensees
(including responsible entities), creditors and insolvency
practitioners in providing their feedback. We welcome submissions
from interested parties and hope to finalise our revised
regulatory guide and class order in early 2015."

Submissions close Oct. 20, 2014.



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C H I N A
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COUNTRY GARDEN: Drops Most in Five Months on Rights Offer
---------------------------------------------------------
Joshua Fellman and Michelle Yun at Bloomberg News report that
Country Garden Holdings Co., controlled by China's richest woman
Yang Huiyan, fell the most in five months in Hong Kong trading on
a plan to sell new shares, underscoring liquidity concerns at
Chinese developers amid a slowing housing market.

Shares of Country Garden, based in based in Foshan, Guangdong
province, fell as much as 7.2 percent, the most since March 19, to
HK$3.36, They fell 6.1 percent to HK$3.40 as of 11:02 a.m., August
27. The offering is priced at about a 31 percent discount to
August 26's closing price of HK$3.62 a share.

Bloomberg says Country Garden's rights offer comes as Chinese
developers face difficulties in meeting their sales targets after
sluggish sales and an oversupply in second- and third-tier cities
drove prices lower.  The report relates that the company said on
August 27 it plans to raise HK$3.18 billion ($410 million) in a
discounted share sale to refinance debt, including notes maturing
next month.

"The rights issue sends a negative message to the market about
poor cash and cost management," BNP Paribas SA analysts Ronney
Cheung and Wee Liat Lee said in a note on August 28.

Country Garden will offer investors one new share for every 15
held, or about 1.27 billion new shares, at HK$2.50 each, according
to a Hong Kong stock exchange filing cited by Bloomberg. Country
Garden said it doesn't need shareholders approval to go ahead with
the rights offer, the report notes.

According to Bloomberg, Goldman Sachs Group Inc. and JPMorgan
Chase & Co. (JPM), which are underwriting the share sale, will
loan $400 million to the company to cover the gap between the
Sept. 10 maturity of $375 million of 11.75 percent senior notes
and Oct. 16, when Country Garden said it expects to receive the
rights-offer proceeds.

Bloomberg relates that Country Garden said it plans to repay the
bridge loan immediately on receiving the funds from the stock
sale.

The developer's shares declined 23 percent this year to yesterday
[August 27] and are trading at a price-to-earnings ratio of 5.1
times, according to data compiled by Bloomberg. The benchmark Hang
Seng Index is up 7.3 percent this year and rose 0.4 percent today
[August 28].

Country Garden's 2019 bonds denominated in the U.S. currency had
fallen 0.74 cents on the dollar to 104.28 as of yesterday [August
27] from 105.02 on July 28, their highest since issuance in May,
according to data compiled by Bloomberg.


HILONG HOLDING: Weak 1H 2014 Results No Impact on Moody's Ba2 CFR
-----------------------------------------------------------------
Moody's Investors Service says that Hilong Holding Limited's
weaker financial results in 1H 2014 have no impact on its Ba2
corporate family rating, or stable rating outlook.

"Hilong's financial leverage increased significantly in 1H 2014
due to weaker profit margins and increased debt levels to support
its new offshore engineering services business," says Chenyi Lu, a
Moody's Vice President and Senior Analyst.

"Nevertheless, this increase in financial leverage was largely in
line with Moody's expectation and continues to position the
company in the Ba2 rating category," adds Lu.

Hilong's adjusted debt/EBITDA rose to around 3.1x for the 12
months to 30 June 2014 from 1.7x in 2013, as its adjusted debt
grew to RMB2.2 billion at end-June 2014 from RMB1.3 billion at
end-2013, and adjusted EBITDA margin fell to 27.6% in 1H 2014 from
32.2% in 1H 2013.

The weaker earnings were owing to the costs it incurred related to
its new offshore engineering services business and the acquisition
of Texas Internal Pipe Coating, LLC. (unrated) in March 2014.

Moody's expects Hilong's adjusted debt/EBITDA to remain at around
3.0x over the next 12-18 months, driven by increased earnings and
offset by additional debt to pay for its third installment payment
in 2H 2014 for its acquired vessel.

The increased earnings will be driven by: (1) an expected 10%
year-on-year growth in revenue, which will be underpinned by
increasing project launches in China in 2H 2014; and (2) a slight
improvement in its EBITDA margin in 2H 2014 versus 1H 2014, owing
to higher operating efficiency.

Based on Hilong's results announcement for 1H 2014, its revenue
grew only 1.4% year-on-year to RMB1.18 billion from RMB1.17
billion in 1H 2013, because the solid revenue growth in the
oilfield services business was offset by weakness in the line pipe
technology and services business and the delays in exploration and
production spending by certain oil and gas companies in China.

Hilong's liquidity profile remains adequate, underpinned by its
expected operating cash flows of RMB250 million over the next 12
months and cash and cash equivalents of RMB731 million at end-June
2014. The company also had undrawn committed credit facilities of
RMB1.0 billion at end-June 2014.

These cash sources are sufficient to cover its short-term maturing
debt of RMB642 million and the projected capital expenditure of
RMB1.0 billion over the next 12 months.

The principal methodology used in this rating was Global Oilfield
Services Rating Methodology published in December 2009.

Hilong Holding Limited is an integrated oilfield equipment and
services provider. It has four main businesses: oilfield equipment
manufacturing and services, line pipe technology and services,
oilfield services, and offshore engineering services.

Its shares were listed on the Hong Kong Stock Exchange in 2011.
Mr. Jun Zhang, the chairman and founder of the company, is the
controlling shareholder, with a 59.7% equity interest at end-2013.


MAOYE INTERNATIONAL: S&P Revises Outlook to Neg.; Affirms BB+ CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
China-based department store operator Maoye International Holdings
Ltd. to negative from stable.  At the same time, S&P affirmed its
'BB+' long-term corporate credit rating on Maoye and its 'BB'
long-term issue rating on the company's senior unsecured notes.
In line with the outlook revision, S&P lowered its long-term
Greater China regional scale rating on Maoye to 'cnBBB' from
'cnBBB+' and on the notes to 'cnBBB-' from 'cnBBB'.

S&P revised the outlook because Maoye's leverage has deteriorated
and is unlikely to significantly improve over the next 12 months.
The company's leverage was 3.8x at the end of 2013 and could
breach 4.0x, S&P's downgrade trigger for the rating, at the end of
2014.

"Management's ability to maintain leverage below 4.0x is
uncertain, in our opinion, because of a challenging outlook for
the property sector," said Standard & Poor's credit analyst
Lillian Chiou.  "Slower sales of non-core property projects than
we expected contributed to the increase in leverage.  Maoye's
inventory of completed properties and properties under development
increased 16% to Chinese renminbi (RMB) 5.4 billion at the end of
2013.  These projects are largely debt-funded."

"However, we believe Maoye's management has the flexibility to
adjust capital spending and accelerate property sales to lower its
outstanding debt.  The large and stable cash flow from Maoye's
concessionaire business model and the company's good cost
management are additional supports.  In our base case, we expect
Maoye will manage its property inventory with more moderate
expansion.  Based on these factors, we assess the company's
financial risk profile as "significant" despite the credit metrics
weakening toward the lower end of the range commensurate with the
category," S&P noted.

In S&P's view, Maoye's revenue could increase despite a weak
retail market.  This is mainly because S&P expects the company to
recognize RMB800 million-RMB1,000 million in property sales in
2014.  As a result, the share of property sales in total revenue
will increase to about 20% from 12% in 2013.  S&P expects Maoye's
gross sales proceeds and same-store sales to decline moderately in
2014 due to the weak consumer sentiment, a slowing Chinese
economy, and competition from e-commerce.  The company's high
portfolio of self-owned properties and flexible operations should
temper the impact of weakening sales.

S&P expects Maoye to face higher risk of oversupply of the retail
space because its stores are in lower-tier cities, where the
oversupply is more acute.  S&P has therefore revised its
assessment of the company's business risk profile to "fair" from
"satisfactory."  Besides, the company continues to be exposed to a
highly fragmented retail industry with strong competition.
Maoye's good positions in niche markets and strong operational
cash flow generation from the concessionaire model partly offset
the challenges.

"The negative outlook reflects our view that Maoye's leverage is
unlikely to significantly improve over in the next 12 months and
could exceed 4.0x, our downgrade trigger.  We believe the
management can manage its financial leverage by accelerating
property sales and controlling capital spending.  A prudent
approach to managing property inventory and capital could support
a lower leverage over the next 12 months," Ms. Chiou said.

S&P could lower the rating if Maoye's ratio of debt to EBITDA
remains above 4.0x over the next 12 months.  This could happen if:
(1) the company's propertysales are slower and inventory is higher
than we expect; (2) Maoye takes on more aggressive debt-funded
expansion than our base-case assumption; or (3) EBITDA margin
declines materially because of the competition in the retail
market and a sharp increase in lower-margin property sales.

S&P could revise the outlook to stable if Maoye prudently manages
its inventory and capital, such that its debt-to-EBITDA ratio
stays below 4x and continues to improve.


SOUND GLOBAL: Solid 1H 2014 Results Supports Moody's Ba3 CFR
------------------------------------------------------------
Moody's Investors Service says that Sound Global Limited's solid
1H2014 results support its Ba3 corporate family rating and B1
senior unsecured rating as well as the stable rating outlook.

"Sound Global's solid year-on-year revenue growth and slightly
improved profit margins in 1H 2014 were in line with Moody's
expectations, and were mainly driven by the continued strong
demand for its core water treatment business in China," says
Chenyi Lu, a Moody's Vice President and Senior Analyst.

The company's revenue rose by 10.9 % year-on-year to RMB1.63
billion in 1H 2014, from RMB1.47 billion in 1H 2013. The increase
was underpinned by solid demand for its turnkey engineering,
procurement and construction services regarding water treatment
works, and a greater contribution from its operation and
maintenance business.

Moody's expects the company's revenue to grow around 12% year-on-
year in 2014, given the continued strong demand for water
treatment as environmental protection continues to gain importance
in China.

In addition, Sound Global's adjusted EBITDA margin increased to
29.0% in 1H 2014 from 27.8% in 1H 2013, owing to its improved
operating efficiency. Given its solid market position, Moody's
expects the company to maintain the current level of profitability
in all of 2014.

Sound Global also reduced its debt leverage. The company returned
to a net cash position of RMB196 million at end-June 2014 from a
net debt position of RMB233 million at end-2013, because of the
full conversion of its convertible bonds of RMB573 million in
1H2014.

"Despite a moderate weakening in its financial leverage due to
increased investments, Sound Global's financial profile will
remain in line with its ratings," adds Lu.

Sound Global will increase investments in its build, operate &
transfer projects. As such, Moody's expects Sound Global's
adjusted net debt/EBITDA to return to around 0.5x over the next
12-18 months, which will still support its Ba3 corporate family
rating.

Sound Global's liquidity profile remains strong. At end-June 2014
it had unrestricted cash on hand of RMB3.8 billion, which can
fully cover its short-term maturing debt of RMB1 billion.

The principal methodology used in this rating was Global
Construction Methodology published in November 2010.

Established in 2005, Sound Global Limited is one of the leading
providers of turnkey water and wastewater treatment solutions in
China. The company was listed on the Hong Kong Stock Exchange in
2010 Hong Kong and was founded by Mr. Wen Yibo.


YINGDE GASES: Fitch Assigns 'BB' Rating to USD250MM Sr. Notes
-------------------------------------------------------------
Fitch Ratings has assigned Yingde Gases Group Company Limited's
(Yingde; BB/Stable) USD250m 7.25% senior unsecured notes due 2020
a final rating of 'BB'.  The notes are issued by Yingde Gases
Investment Limited and are unconditionally and irrevocably
guaranteed by Yingde.

This final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on Aug. 21, 2014.

KEY RATING DRIVERS

Utility Type Business: Yingde's on-site gas supply business, which
accounted for 88% of revenue in 2013 (87.9% in 2012), generates
stable cash flow similar to that seen in utility companies.  This
business benefits from the cost pass-through and minimum off-take
mechanisms in the long-term contracts between Yingde and its on-
site customers.  In 2013, Yingde increased the number of its
production facilities from 41 to 57, and expanded its total
installed oxygen capacity by 50% to 1.6 million normal cubic
metres of gas per hour (Nm3/hr).  It is scheduled to increase its
oxygen capacity to 2 million Nm3/hr at end-2014.

Stable Profitability: Yingde enjoys more stable profitability
relative to peers due to the high contribution from its on-site
business.  Operating profit margin was stable at 22% for both 2013
and 2012.  Gross profit has risen in tandem with growing capacity.
Yingde's competitors, in comparison, tend to have more
unpredictable earnings profiles as they have higher exposure to
the merchant gas sales segment, which has higher gross margins but
is subject to more volatile demand and pricing.

Improved Long-term Funding Sources: Yingde's improving access to
various funding sources has given it greater financial flexibility
to fund its projects on hand.  At end-2013, only CNY1.2bn out of
CNY7bn in total borrowings were classified as current, compared
with CNY3.3b out of CNY6.1b in total borrowings a year earlier,
showing that Yingde has significantly improved its access to long-
term funding from lenders.

Negative FCF Constrains Ratings: High capex over the next two to
three years will put Yingde in negative free cash flow (FCF)
before 2016.  Yingde is still at an expansionary stage and its
cash flow will be insufficient to fully fund its capex unless
capex stabilises at CNY2bn by 2016.  The high capex has caused
funds from operations (FFO) net leverage to rise to 4.3x in 2013,
above the 3.5x level at which Fitch may consider negative rating
action.  However, Fitch expects this to be temporary.  Higher
capex in 2012 and 2013 will result in higher cash flow generation
from 2014 and enable Yingde to deleverage to below 3.5x after
2015.

Small by Global Standards: The international industrial gases
sector is dominated by top international players who have strong
market positions in the merchant market and the financial strength
to compete in the on-site business.  Although Yingde has a
stronghold in the Chinese on-site segment, the scale of the
company is still small by global standards.

RATING SENSITIVITIES

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

   -- deterioration of Yingde's business profile demonstrated by
      falling cash gross profit per unit for the on-site gas
      supply business

   -- failure to secure long-term funding for future growth

   -- FFO adjusted net leverage being sustained above 3.5x, or
      higher than 4.5x in any single year

Positive: Positive rating action is not expected in the next 12-18
months due to Yingde's high capex needs and negative FCF.
However, future developments that may, individually or
collectively, lead to positive rating action include:

   -- significant increase in business scale without
      deterioration in financial metrics

   -- positive FCF on a sustained basis



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


ADITYA CAR: CRISIL Reaffirms 'B' Rating on INR55MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Aditya Car
Care Pvt Ltd continues to reflect ACCPL's modest financial risk
profile, marked by high total outside liabilities to total net
worth ratio (TOLTNW), and moderate debt protection measures, its
low bargaining power with its principal, and its exposure to
intense competition in the automobile market. These rating
weaknesses are partially offset by the extensive experience of
ACCPL's promoter in the automobile dealership business in Odisha.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               55      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        10      CRISIL B/Stable (Reaffirmed)
   Term Loan                 60      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACCPL will continue to benefit over the
medium term from its association with its principal, Hyundai Motor
India Ltd (HMIL; rated 'CRISIL A1+'), and its promoter's extensive
experience in the automobile dealership business. The outlook may
be revised to 'Positive' if ACCPL records a larger-than-expected
increase in revenues or profitability, or if there is substantial
equity infusion, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company reports lower-than-expected cash accruals, or
undertakes a large debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile,
particularly its liquidity.

ACCPL, promoted by Mr. Aditya Patra, is a dealer of HMIL vehicles
in Odisha. It has a showroom and service centre in Tamando (near
Bhubaneshwar, Odisha). The company commenced operations in
November 2011. The company also has rural sales outlets in Puri
and Nayagarh.


ALCHEMIST LTD: CRISIL Reaffirms 'B+' Rating on INR143MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Alchemist Ltd (AL; part
of the Alchemist group) continue to reflect the continuous decline
in the Alchemist group's operating profitability, its large
working capital requirements, and its high gearing. These rating
weaknesses are partially offset by the group's long track record
in the food-processing and pharmaceutical industries with an
established clientele, and its healthy debt protection metrics.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              35      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      127      CRISIL B+/Stable (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility       20      CRISIL A4 (Reaffirmed)
   Term Loan               143      CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AL and its subsidiaries, Alchemist
Foods Ltd, Alchemist Enterprise (S) Pte Ltd, Alchemist Hospitality
Group Ltd (AHGL), and Alchemist Infrastructures Pvt Ltd, together
referred to as the Alchemist group. This is because these
subsidiaries are wholly owned by AL, and all the companies are
under a common management.

Outlook: Stable

CRISIL believes that the Alchemist group will continue to benefit
over the medium term from its long track record in the
pharmaceutical and food-processing industries and its well-
diversified operations. The outlook may be revised to 'Positive'
if the group generates higher-than-expected cash accruals, backed
by a significant improvement in its operating margin while
sustaining its revenue growth and improving its working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of lower-than-expected revenue, a further decline in the
group's operating margin, or further weakening of its capital
structure, most likely on account of large debt-funded capital
expenditure. The ratings are also sensitive to the continued
financial support to the Alchemist group from KDS Corporation Pvt
Ltd.

AL was initially established as a private limited company in 1988
by Dr. K D Singh under the name, Toubro Infotech & Industries Ltd
(TIIL). TIPL was reconstituted as AL when it came out with its
initial public offering in 1994. AL has grown into a diversified
corporation with operations in chemical trading, pharmaceuticals,
food-processing, floriculture, and steel.

AFL, a wholly owned subsidiary of AL, was hived off from AL in
2009. AFL is a farm-to-fork company engaged in poultry breeding
and hatching, and sale of raw and value-added meat products
through its retail chain, Republic of Chicken. AFL's portfolio
includes whole birds, eggs, chicken cuts, boneless breasts,
boneless leg meat, sausages and other cold cuts, and ready-to-eat
poultry products.


AMRUTVAHINI SHETI: CRISIL Puts 'B' Rating on INR84MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Amrutvahini Sheti & Shikshan Vikas Sanstha.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                 84        CRISIL B/Stable
   Overdraft Facility        47.5      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        18.5      CRISIL B/Stable

The rating reflects ASSVS's stretched liquidity resulting from
cash flow mismatch on account of delays in receipt of funds from
the Maharashtra government and use of cash accruals mainly to fund
continuous capital expenditure (capex). The rating also factors in
the trust's susceptibility to regulatory changes in the education
sector and to changing student preferences amid intense
competition. These rating weaknesses are partly offset by the
long-standing presence and established position of the trust's
institutes in the education sector and its comfortable capital
structure.

Outlook: Stable

CRISIL believes that ASSVS will benefit from its institutes' long-
standing presence and established position in the education
sector. The outlook may be revised to 'Positive' if ASSVS improves
its liquidity on a sustainable basis, driven by prudent cash flow
management and substantial cash accruals. Conversely, the outlook
may be revised to 'Negative' if the trust undertakes any
considerably large capex programme or witnesses decline in demand,
or if any regulatory ruling adversely affects its operations.

ASSVS was established in 1978 by the late Mr. Bhausaheb Thorat. It
has established 10 educational institutions over a 110-acre campus
in Sangamner (Maharashtra). It provides school, dental,
engineering, and management courses.

For 2013-14 (refers to financial year, April 1 to March 31), on a
provisional basis, ASSVS reported a surplus of INR58.1 million on
total income of INR396.3 million; the trust reported a surplus of
INR36.6 million on total income of INR340.8 million for 2012-13.


ARC INSULATION: CRISIL Suspends 'D' Rating on INR32.5MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
ARC Insulation & Insulators Pvt Ltd.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            16.5       CRISIL D Suspended
   Term Loan              32.5       CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by ARC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ARC is yet to
provide adequate information to enable CRISIL to assess ARC'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 2000, ARC manufactures fibreglass reinforced
plastic (FRP) and glass fibre rebars (GFRP). Its manufacturing
facility is located in Ramdeopur (West Bengal). ARC's daily
operations are looked after by its promoter-director. Mr.Manish
Bajoria.


CHARMS CHEM: ICRA Assigns 'C' Rating to INR3.5cr Cash Credit
------------------------------------------------------------
ICRA has assigned the [ICRA]C rating to the INR3.0 crore Term Loan
facilities and INR3.5 crore Cash Credit facility of Charms Chem
Private Limited.  ICRA has also assigned the [ICRA]A4 rating to
the INR0.5 crore short term non-fund based facilities of CCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term, fund       3.00        [ICRA]C Assigned
   based limits-
   Term Loans

   Long term, fund       3.50        [ICRA]C Assigned
   based limits-
   Cash Credit

   Short term, non-      0.50        [ICRA]A4 Assigned
   fund based limits
   Letter of Credit

The assigned ratings take into consideration niche business
profile of the company giving rise to healthy profitability and
future demand prospects. The ratings are however constrained by
weak financial risk profile of the company characterized by
stretched liquidity position. CCPL has policy of stocking high
inventory and the same coupled with uncertainties in order inflows
has impacted liquidity position of the company. ICRA also takes
note of small scale of operations of the company and vulnerability
to seasonality in raw material prices. Going forward, regularizing
debt servicing and improvement in working capital management will
remain key rating sensitivities.

Charms Chem Private Limited was incorporated in 2001 promoted by
Mr. Milind Honavar and Mrs. Sangeeta Honavar as a producer and
supplier of anti-cancer ingredients to pharmaceutical companies.
The company has two manufacturing units located in Kurkumbh MIDC
and Jejuri near Pune. The Kurkumbh plant was setup in 2001, while
the Jejuri plant was bought by the company in 2009 alongwith all
the existing manufacturing machineries. The intermediates produced
by the company in the Kurkumbh plant are mainly anti-cancer
intermediates used in the production of oncology drugs. In 2007,
the company has setup an office cum R&D facility in Hadapsar area
of Pune. The total employee strength of the company is ~80 on roll
of the company.


COSMAS PHARMACLS: INR120M Cash Credit CRISIL C Rating Reaffirmed
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Cosmas Pharmacls Ltd
(CPL; part of the Cosmas group) continue to reflect CPL's
stretched liquidity on account of significant fund outflow to its
subsidiary Cosmas Research Labs Ltd. CPL also has modest scale of
operations in the intensely competitive pharmaceuticals industry.
These rating weaknesses are partially offset by its promoters'
extensive industry experience.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               120     CRISIL C (Reaffirmed)

   Inland/Import Letter       40     CRISIL A4 (Reaffirmed)
   of Credit

   Proposed Long Term         20     CRISIL C (Reaffirmed)
   Bank Loan Facility

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of CPL and its subsidiary CRL. The two
companies, together referred to as the Cosmas group, are engaged
in similar lines of business, and have financial fungibility and a
common management.

Update
The Cosmas group reported provisional operating income of INR1.1
billion for 2013-14 (refers to financial year, April 1 to
March 31) vis-a-vis INR1.4 billion for 2012-13. The operating
income declined primarily because of limited fund availability
driven by stretched debtors for new orders and the management's
efforts to reduce trading of active pharmaceutical ingredients
(APIs). The group has orders of around INR100 million in hand, to
be executed in three months. The group reported provisional profit
after tax of INR7.5 million for 2013-14, against loss of INR2.9
million for 2012-13. Its operating margin dipped to 9.4 per cent
in 2013-14 from 12.6 per cent in 2012-13 primarily because of
sluggish market conditions and limited bargaining power with
customers.

The group's liquidity is stretched, mainly on account of delay in
operations of CRL's oncology segment (CPL diverted its own funds
to, and contracted a loan for, CRL). The receipt of requisite
approvals for exports is also awaited. The oncology segment is
expected to be operational by January 2015. The group is trying to
introduce strategic investors in CRL (expected to infuse around
INR200 million). The successful commencement of the oncology
segment, and timeliness and extent of infusion of funds will
remain key rating sensitivity factors.

The group generated estimated small net cash accruals of INR50
million and had fully utilised bank lines in 2013-14. Its gearing
is estimated at 2.75 times as on March 31, 2014, and interest
coverage ratio is estimated at 1 time for 2013-14. The group's
working capital requirements are large, marked by debtors of 130
days as on March 31, 2014, and are expected to remain at a similar
level because of its limited bargaining power. Hence, its
financial risk profile is expected to remain below average over
the medium term.

CPL, incorporated in 1995, is involved in contract manufacturing
in the beta lactam segment. Its facility is in Baddi (Himachal
Pradesh). CRL, incorporated in 2010, is involved in contract
manufacturing in the beta lactam segment with facility in Ludhiana
(Punjab). CRL is setting up an oncology segment. Both the entities
are managed by Mr. Punit Jain and Mr. Sanjay Jain.


COSMAS RESEARCH: CRISIL Reaffirms D Rating on INR510MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Cosmas Research Lab Ltd
(CRL; part of the Cosmas group) continues to reflect instances of
delay by CRL in servicing its debt; the delays have been caused by
stretched liquidity driven by stretched debtors.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               130      CRISIL D (Reaffirmed)
   Term Loan                 510      CRISIL D (Reaffirmed)
   Working Capital Term       50      CRISIL D (Reaffirmed)
   Loan

CRL also has limited track record of operations and large working
capital requirements. However, the company benefits from its
promoters' extensive experience in the pharmaceuticals industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Cosmas Pharmacls Ltd. with its and its
subsidiary CRL. The two companies, together referred to as the
Cosmas group. This is because the entities, are engaged in similar
lines of business, and have financial fungibility and a common
management.

Update
The Cosmas group reported provisional operating income of INR1.1
billion for 2013-14 (refers to financial year, April 1 to
March 31) vis-a-vis INR1.4 billion for 2012-13. The operating
income declined primarily because of limited fund availability
driven by stretched debtors for new orders and the management's
efforts to reduce trading of active pharmaceutical ingredients
(APIs). The group has orders of around INR100 million in hand, to
be executed in three months. The group reported provisional profit
after tax of INR7.5 million for 2013-14, against loss of INR2.9
million for 2012-13. Its operating margin dipped to 9.4 per cent
in 2013-14 from 12.6 per cent in 2012-13 primarily because of
sluggish market conditions and limited bargaining power with
customers.

The group's liquidity is stretched, mainly on account of delay in
operations of CRL's oncology segment (CPL diverted its own funds
to, and contracted a loan for, CRL). The receipt of requisite
approvals for exports is also awaited. The oncology segment is
expected to be operational by January 2015. The group is trying to
introduce strategic investors in CRL (expected to infuse around
INR200 million). The successful commencement of the oncology
segment, and timeliness and extent of infusion of funds will
remain key rating sensitivity factors.

The group generated estimated small net cash accruals of INR50
million and had fully utilised bank lines in 2013-14. Its gearing
is estimated at 2.75 times as on March 31, 2014, and interest
coverage ratio is estimated at 1 time for 2013-14. The group's
working capital requirements are large, marked by debtors of 130
days as on March 31, 2014, and are expected to remain at a similar
level because of its limited bargaining power. Hence, its
financial risk profile is expected to remain below average over
the medium term.

CPL, incorporated in 1995, is involved in contract manufacturing
in the beta lactam segment. Its facility is in Baddi (Himachal
Pradesh). CRL, incorporated in 2010, is involved in contract
manufacturing in the beta lactam segment with facility in Ludhiana
(Punjab). CRL is setting up an oncology segment. Both the entities
are managed by Mr. Punit Jain and Mr. Sanjay Jain.


ELITE VEHICLES: CRISIL Assigns 'B' Rating to INR90MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Elite Vehicles Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               90      CRISIL B/Stable
   Term Loan                 25      CRISIL B/Stable

The rating reflects EVPL's weak financial risk profile, marked by
a modest net worth, high external indebtedness, and weak debt
protection metrics. The rating also factors in the company's
modest scale, and working capital intensive nature, of operations,
and the susceptibility of its operating performance to intense
competition in the automobile (auto) dealership industry. These
rating weaknesses are partially offset by the extensive experience
of EVPL's promoter in the auto dealership industry and its
established relationship with its principal, Ford India Pvt Ltd.

Outlook: Stable

CRISIL believes that EVPL will continue to benefit over the medium
term from the extensive industry experience of its promoter and
its established relationship with Ford. The outlook may be revised
to 'Positive' if the company records a significant increase in its
revenue while maintaining its profitability, or if there is
substantial equity infusion, resulting in an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if EVPL reports lower-than-expected cash accruals, or
its working capital management deteriorates, leading to
deterioration in its financial risk profile, particularly its
liquidity.

Incorporated in 2011, EVPL is an authorised dealer of passenger
vehicles and spare parts of Ford. The company, promoted and
managed by Mr. Gurjit Singh, operates a showroom-cum-workshop in
Bengaluru (Karnataka).

EVPL, provisionally, reported a profit after tax (PAT) of INR0.6
million on an operating income of INR501 million for 2013-14
(refers to financial year, April 1 to March 31); it had reported a
net loss of INR11 million on an operating income of INR378 million
for 2012-13.


GALAXY MACHINERY: CRISIL Reaffirms B+ Rating on INR73MM Bank Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Galaxy Machinery Pvt
Ltd continue to reflect its weak financial risk profile, marked by
a small net worth and high gearing.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          10       CRISIL A4 (Reaffirmed)
   Cash Credit             70       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        30       CRISIL A4 (Reaffirmed)
   Long Term Loan          17       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      73       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the susceptibility of GMPL's operating
margin to risks related to volatility in raw material prices and
intense competition in the computer numeric control (CNC) machines
manufacturing segment. These rating weaknesses are partially
offset by the promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that GMPL's financial risk profile will remain
constrained by its small net worth and working-capital-intensive
operations, over the medium term. The outlook may be revised to
'Positive' if the company improves its liquidity with a large
capital infusion, thereby enhancing its net worth. Conversely, the
outlook may be revised to 'Negative' if GMPL's financial risk
profile weakens with a significant decline in its profitability,
or a sizable unanticipated debt-funded capacity expansion
programme.

Update
In 2013-14 (refers to financial year April 1 to March 31), GMPL
registered year-on-year growth of around 50 per cent, with a
turnover of around INR300 million, thus reverting to its historic
scale of operations after a decline in 2012-13. The company's
profitability, however, remained constrained by competitive
pressures.

GMPL has a below-average financial risk profile, marked by a small
net worth of around INR30 million as on March 31, 2014; the
company's debt protection metrics are weak, with its interest
coverage and net cash accruals to total debt (NCATD) ratios at 1.3
times and 0.04 times, respectively, for 2013-14. GMPL's operations
have remained working capital intensive, with gross current assets
(GCAs) of around 145 days as on March 31, 2014. The company has
adequate liquidity, with moderate bank limit utilisation of 84 per
cent on average during the 12 months through June 2014. GMPL will
comfortably meet its debt obligations of INR2.4 million with cash
accruals of around INR10 million, in 2014-15. The company does not
intend to undertake any capital expenditure (capex) over the
medium term; the absence of any capex will support GMPL's
financial risk profile, over the period.

GMPL reported a net loss of INR6.7 million on net sales of
INR212.9 million for 2012-13 against a profit after tax of INR5.5
million on net sales of INR365.3 million for 2011-12.

GMPL, incorporated in 1991, manufactures CNC machines. The company
is promoted by by Mr. S Elango.


GEETANJALI AGRO: ICRA Reaffirms B Rating on INR7.3cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B outstanding to
the INR1.65 crore term loans, INR7.30 crore long-term fund based
facilities and INR4.05 crore proposed long-term fund based
facilities of Geetanjali Agro Industries. ICRA had earlier
suspended the ratings in January 2014 owing to non-cooperation
from the client. The suspension now stands revoked.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-      1.65        [ICRA]B/Reaffirmed;
   Term Loans                          suspension revoked

   Fund Based Limits       7.30        [ICRA]B/Reaffirmed;
   Cash Credit                         suspension revoked

   Fund Based Limits-      4.05        [ICRA]B/Reaffirmed;
   Proposed                            suspension revoked

The rating takes comfort from the promoter's long standing
experience in the rice milling and processing industry, firm's
established distribution channel across domestic market, proximity
of the Firm's milling unit to paddy growing areas in Raichur
(Karnataka) facilitating easy procurement of raw materials and
stable demand outlook with rice being an important part of the
staple Indian diet. The firm's processing plant commissioned
recently and is expected to ramp up its operations in the near
term. The rating, however, remains constrained by the nascent
stage of the Firm's operations, limited value additive nature of
business and high competitive intensity owing to fragmented nature
of the industry resulting in minimal pricing flexibility,
vulnerability of raw material (paddy) availability to the agro-
climatic conditions and stretched financial risk profile of the
Firm marked by high gearing, low cash accruals and weak coverage
indicators. In addition, government regulations in terms of
Minimum Support Price for purchasing raw materials and Milling
Levy Rate for selling a part of the produce also restrict the
bargaining power of the industry players. Going forward, the
firm's ability to scale up, strengthen its margins and improve its
capitalization and coverage indicators would be key rating
sensitivities.

Established in 2011 by Mr. B. Srinivas, Mr. B. Vasanth, Mrs. B.
Prasanna and Mrs. Suchitra, Geetanjali Agro Industries ("the
Firm") is engaged in milling and processing of rice/paddy. The
firm's major products include boiled rice, raw rice, bran, broken
rice and husk. The firm commenced its operations from November,
2013 with a new plant set-up over an area of five acres in Raichur
district of Karnataka with a capacity to process eight tonnes of
paddy per hour. Although, the firm's operations have commenced
only recently, the promoter group has been engaged in similar
business for more than 15 years. The Firm in order to consolidate
its entire rice milling operations under a single entity, the Firm
has also merged a group entity - Geetanjali industries - which has
a paddy processing capacity of three tonnes of paddy per hour.

Recent results
According to the unaudited results, the Firm reported a net profit
of INR0.1 crore on operating income of INR27.2 crore during 2013-
14 with five months of operations during the year.


GLOBAL NATURE: ICRA Reaffirms B+ Rating on INR6.8cr FB Limit
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA] B+ to the
INR6.8 Cr fund based limits of Global Nature Care Sangathan.

                            Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Fund Based Limits (TL)     6.8      [ICRA]B+ reaffirmed

The reaffirmation continues to factor in the diversified revenue
streams of the trust, healthy occupancy levels across the four
colleges of Global Nature Care Sangathan (GNCS) and steady
improvement in profitability and coverage indicators. However, the
rating continues to remain constrained by high dependence on grant
from the state governments to compensate for the subsidised fees
for category students. Any delay in disbursal of the grant can
impact the timeliness in meeting debt obligations of the trust.
The ratings will remain sensitive to the trust's ability to
strengthen the brand image of the colleges and improve their
capacity and occupancy levels.

Global Nature Care Sangathan is engaged in carrying out
educational activities through multiple colleges and institutes.
The institution runs a nursing college in the name of Regional
Institute of Nursing, paramedical college in the name of Balaji
Institute of Paramedical Sciences, Bachelor of Education college
as Sardar Patel Institute of Education and an engineering college
as Global Engineering & Management College. The trust is part of
Global Group, which consists of other trusts managing engineering
colleges outside Jabalpur.


JIVANDHARA COTTON: ICRA Reaffirms B+ Rating on INR9cr Cash Credit
-----------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed for the INR9.00 crore
fund based cash credit facility of Jivandhara Cotton Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           9.00        [ICRA]B+ reaffirmed

The rating continues to be constrained by the firm's weak
financial profile as reflected by adverse capital structure along
with weak debt coverage indicators. The rating also takes into
account the low value additive nature of operations and intense
competition on account of fragmented industry structure leading to
thin profit margins. The rating is further constrained by
vulnerability of profitability to adverse fluctuations in raw
material prices which are subject to seasonal availability of raw
cotton and government regulations on MSP and export quota.
Further, JCI being a partnership firm, any significant withdrawals
from the capital account would affect its net worth adversely.

The rating, however, positively considers the long experience of
the partners in the cotton ginning and pressing industry, positive
demand outlook for cotton and cottonseed and the advantage firm
enjoys by virtue of its location in cotton producing region giving
it easy access to raw cotton.

Established in 2006, Jivandhara Cotton Industries is engaged in
cotton ginning and pressing operations. The business is owned and
managed by Mr. Husain Ibrahim Kadivar, Mr. Ahmed Ibrahim Kadivar,
Mr. Ibrahim Vali Kadivar and Mr. Usman Ibrahim Kadivar. The firm's
manufacturing facility is located at Wankaner in Rajkot. The firm
has 28 ginning machines and one pressing machine having a
cumulative processing capacity of 67 TPD of raw cotton.

Recent Results
For the year ended 31st March, 2014, JCI reported an operating
income of INR131.64 crore and profit after tax of INR0.50 crore.


KARO COILS: CRISIL Assigns 'B-' Rating to INR86.5MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Karo Coils Private Limited.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             15.5      CRISIL B-/Stable
   Term Loan               86.5      CRISIL B-/Stable

The rating of KCPL reflects its weak financial profile, small
scale of operations and vulnerability related with high customer
concentration in revenue profile. These weaknesses are partially
offset by the promoter's experience of the automobile spring
industry.

Outlook: Stable

CRISIL believes that the KCPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in operating income and profitability resulting in
better accruals, thus improving KCPL's financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the KCPL
generates a lower than expected operating margin resulting in low
cash accruals or undertakes significant debt-funded capex over the
medium term, leading to further deterioration in its financial
risk profile.

Incorporated in 2006, Karo Coils Private Limited manufactures Cold
Formed Coil Springs that find application in automobile sector.
The day to day operations are looked after by Mr. Samvit Grover.
The manufacturing facility located at Bhivadi, Rajasthan.


KOHINOOR CARPETS: CRISIL Reaffirms B Rating on INR32.7M Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kohinoor Carpets (KC)
continue to reflect KC's below average financial risk profile,
marked by high gearing, small net worth, and modest debt
protection metrics; the ratings also factor in the firm's small
scale of operations amid intense competition in a highly
fragmented industry. These rating weaknesses are partially offset
by the extensive industry experience of KC's promoter.

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

   Foreign Bill Exchange   70        CRISIL A4 (Reaffirmed)
   Packing Credit          50        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      32.3      CRISIL B/Stable (Reaffirmed)
   Term Loan               32.7      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KC's financial risk profile, especially
liquidity, will remain constrained over the medium term mainly due
to its large working capital requirements and low net cash
accruals. The business risk profile is, however, expected to
benefit from the promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
financial risk profile driven by larger-than-expected net cash
accruals, or a capital infusion by the promoter leading to an
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' if KC's financial risk profile
deteriorates because of a decline in its revenue, or if there are
sizeable capital withdrawals by the promoter, which constrains its
liquidity.

KC was established in 1989 by Mr. Ram Chandar Chutani. The firm
manufactures and exports carpets, doormats, bath mats, and other
floor coverings. KC has its own manufacturing unit for carpets in
Kohand village (district Karnal, Haryana).

For 2013-14, KC reported a profit after tax (PAT) of INR6.3
million on net sales of INR310.9 million, compared to a PAT of
INR6.0 million on net sales of INR307.2 million for 2012-13.


LACTON TILES: CRISIL Assigns 'B+' Rating to INR60MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Lacton Tiles Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 60      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        15      CRISIL B+/Stable
   Bank Guarantee            22.5    CRISIL A4
   Cash Credit               27.5    CRISIL B+/Stable

The ratings reflect LTPL's start-up phase and expected modest
scale of operations in the highly competitive ceramics industry,
and its expected large working capital requirements. These rating
weaknesses are partially offset by the benefits that the company
will derive from its promoters' extensive industry experience and
the strategic location of its upcoming factory.

Outlook: Stable

CRISIL believes that LTPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if LTPL stabilises its operations on time,
leading to substantial cash accruals. Conversely, the outlook may
be revised to 'Negative' in case of low accruals because of low
order flow or profitability, or weakening of financial risk
profile because of substantial working capital requirements or
debt-funded capital expenditure.

Incorporated in 2013, LTPL is promoted by Morbi (Gujarat)-based
Mr. Devendra Bhojani, Mr. Bhavesh Bhimani, and Mr. Vallabhbhai
Fefar. The company is setting up a unit to manufacture digital
wall tiles. It is likely to commence commercial operations in
October 2014.


LILA HOSPITALS: ICRA Lowers Rating on INR5.40cr Term Loan to 'D'
----------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR5.40 crore term loan of Lila Hospitals Private Limited from
[ICRA]B to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   (Term Loan)           5.40         [ICRA]D downgraded

The downward revision in the rating primarily takes into account
LHPL's unsatisfactory track record in timely servicing of debt
obligations, leading to overdue interest on term loan. ICRA notes
that the project has already witnessed a significant delay, which
along with the change in scope of the proposed facilities led to
significant cost overrun. The rating also factors in the risks
arising out of the proposed addition to facilities, not envisaged
at the time of initial project planning, for which the financial
closure is yet to be achieved, and the risks associated with the
hiring and retention of skilled medical personnel and the scaling
up of operations post commissioning. The rating, however, derives
comfort from experience of the promoters in the healthcare
industry and the favourable location of the project considering
the lack of advanced healthcare facilities in the region.

Incorporated in 2011, LHPL is in the process of setting up a 120
bed multi-speciality hospital at Behrampore, in the district of
Murshidabad, West Bengal. The proposed hospital would consist of
outpatient department (OPD), emergency ward, phamacy, in-house
pathological lab, imaging units, dialysis unit, intensive care
unit (ICU), neonatal intensive care unit (NICU), operation
theatres etc.


MAA ANANDAMOYEE: CRISIL Assigns 'D' Rating to INR67.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Maa Anandamoyee Himghar Private Limited (MAHPL). The
ratings reflect instances of delay by MAHPL in servicing term loan
interest obligations; the delays have been caused by the company's
weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                67.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility       33        CRISIL D
   Bank Guarantee            1        CRISIL D
   Cash Credit              28.5      CRISIL D

MAHPL is also exposed to a highly regulated and fragmented cold
storage industry in West Bengal (WB). The rating also factors in
the company's weak financial risk profile, marked by high gearing
and weak debt protection metrics. These rating weaknesses are
partially offset by MAHPL's promoters' extensive experience in the
cold storage business.

Incorporated in July 2013, MAHPL has recently set up cold storage
to provide services to the potato farmers and traders. The company
is based out of Hooghly (West Bengal) and is promoted by Mr. Samir
Bali.


MAA CHINNAMASTA: CRISIL Assigns B Rating to INR116.3MM Bank Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Maa Chinnamasta Food Processor Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       116.3    CRISIL B/Stable
   Bank Loan Facility

The rating reflects the company's high exposure to risks
associated with the implementation of its on-going project, and
its below-average financial risk profile driven by high project
gearing. These rating weaknesses are partially offset by the
promoters' industry experience and their funding support.

Outlook: Stable

CRISIL believes that MCFPPL will benefit from the commencement of
commercial production from December 2014. The outlook maybe
revised to 'Positive' in case of timely completion of project
within the budgeted cost along with better-than-expected cash
accruals during the initial phase of operations. Conversely, the
outlook maybe revised to 'Negative' in case of any unanticipated
delays in commencement of operations or low cash accruals or
significant working capital requirements, putting further pressure
on the company's liquidity.

Established in 2013, MCFPPL is setting up a par-boiled and raw
rice processing unit in Rohtas, Bihar. The company plans to start
commercial operations in December 2014 and is promoted by Mr.
Rahul Kumar and family.


METCUT TOOLINGS: CRISIL Reaffirms D Rating on INR60MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Metcut Toolings Pvt Ltd
continue to reflect instances of delay by the company in servicing
its term debt because of weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              60        CRISIL D (Reaffirmed)
   Letter of Credit         15        CRISIL D (Reaffirmed)

   Long Term Loan           16.8      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       67.7      CRISIL D (Reaffirmed)

MTPL also has a small scale of, and working-capital-intensive,
operations and its business risk profile is susceptible to
slowdown in the demand from the end-user industry and volatility
in raw material prices. These rating weaknesses are partially
offset by the extensive experience of MTPL's promoters in the
carbide cutting tools industry and its moderate financial risk
profile.

Update
MTPL has been continuously delaying on its term debt obligations.
The delays are on account of the company's weak liquidity as
evident from the high bank limit utilisation of about 99.9 per
cent during the 12 months through April 2014. MTPL's net cash
accruals are expected to be insufficient to meet the debt
repayment obligations of around INR15.6 million per annum over the
medium term. CRISIL believes that MTPL's liquidity will remain
weak over the medium term on account of its working-capital-
intensive operations. MTPL reported provisional operating income
of INR89.60 million in 2013-14 (refers to financial year, April 1
to March 31).

Incorporated in 1989, MTPL manufactures carbide cutting tools that
are primarily used in the automotive industry. The company is
promoted by Mr. Kushal J Shetty.


MITHILANCHAL INDUSTRIES: ICRA Cuts Rating on INR6cr LT Loan to D
-----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR1.81
crore term loan facility and INR6.00 crore cash credit facility of
Mithilanchal Industries Private Limited from [ICRA]B to [ICRA]D.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long term: Fund Based      1.81       [ICRA]D Revised from
   Limits (Term loans)                   [ICRA]B

   Long term: Fund Based      6.00       [ICRA]D Revised from
   Limits (Cash Credit)                  [ICRA]B

The revision of rating stakes into account the delays in debt
servicing by the company in the current fiscal, due to its
stretched liquidity position (as evident from high utilisation of
working capital bank facilities) given the high receivables for
the company and the weak financial profile as characterised by
subdued profitability levels, the highly leveraged capital
structure and high working capital intensity of operations. The
ratings are further constrained by the limited track record and
small scale of operations of the company and the vulnerability of
the company's profitability to the fluctuations in the crude-oil
linked prices of raw materials and the cyclicality inherent in the
textile industry. The rating also factors in the intense
competitive forces due to the fragmented nature of the industry.

The rating however continues to draw comfort from the long
presence of the promoters in the field of manufacturing various
jari products and the locational advantage available to the
company by virtue of its presence in Surat, in close proximity to
raw material sources and end customers. ICRA also notes the
backward integration for the company through its group concerns,
which ensures a steady supply of metallised polyester film.

Mithilanchal Industries Private Limited (MIPL) was incorporated in
April 2012 and commenced the commercial production of jari yarn in
April 2013. The company was formed by taking over the operations
of a group concern, viz. Telstar Enterprise (TE), which had been
involved in the production of metallic yarn used in the production
of jari. The operations at the existing unit of TE have meanwhile,
been discontinued.

In FY 2014, TIPL reported a profit before depreciation and tax of
INR0.04 crore on operating income of INR17.01 crore (provisional).


MITS MEGA: CRISIL Assigns 'B+' Rating to INR200MM Bank Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of MITS Mega Food Park Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       200      CRISIL B+/Stable
   Bank Loan Facility

The rating reflects the susceptibility of MITS's business risk
profile to risks related to project implementation, project
offtake, and funding. These rating weaknesses are partially offset
by favourable government policies towards mega food park projects.

Outlook: Stable

CRISIL believes that MITS will benefit from the favourable
government policies towards mega food park projects, over the
medium term. The outlook may be revised to 'Positive' if MITS
commissions its mega food park project without any significant
time or cost overruns and records better-than-expected demand for
its project, resulting in substantial cash accruals. Conversely,
the outlook may be revised to 'Negative' if there are
significantly delays in commencement of the project, thereby
leading to cost overruns or if the demand for the project is lower
than expectations, resulting in a constrained financial risk
profile.

MITS, incorporated in 2011, is a special-purpose vehicle (SPV)
formed to set up an integrated food processing park in Rayagada
(Odisha). The park is being set up under the Mega Food Park Scheme
of the Ministry of Food Processing Industries, Government of
India, which provides operational and financial support to private
players for setting up such facilities. The SPV is promoted by a
group of entities; the primary stakeholder being Basantdevi
Charitable Trust. MITS's day-to-day operations are managed by Mr.
Sriram Panda.


MITTAPALLI SPINNERS: CRISIL Suspends B- Rating on INR408MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mittapalli Spinners Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            10      CRISIL A4 Suspended
   Cash Credit              150      CRISIL B-/Stable Suspended
   Long Term Loan           408      CRISIL B-/Stable Suspended
   Proposed Long Term
   Bank Loan Facility         1.4    CRISIL B-/Stable Suspended

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

MSL, promoted by Mr. M V Koteswara Rao and his family members, has
set up a cotton spinning unit with 24,480 spindles in
Narasaraopet, Guntur (Andhra Pradesh). MSL started commercial
operations from January 2012. The promoters have been in Guntur
for more than four decades, and own five colleges and two rice
mills in the same district.


MJ & SONS: CRISIL Reaffirms D Rating on INR470MM Long Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of MJ & Sons
Distilliery & Breweries Pvt Ltd continues to reflect instances of
delay by MJS in servicing its term debt; the delays have been
caused by cash flow mismatches and low cash accruals vis-a-vis
large repayment obligations, which, in turn, have been caused by
MJS' weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              170      CRISIL D (Reaffirmed)
   Long Term Loan           470      CRISIL D (Reaffirmed)

MJS also has working-capital-intensive operations. However, MJS'
business risk profile is supported by its promoters' industry
experience.

MJS was established in October 2005 by Mr. Shiv Kumar to
manufacture extra neutral alcohol and country liquor from food
grains. The company's plant is located in Patna (Bihar).



NARESH KUMAR: ICRA Suspends B/A4 Ratings on INR16cr FB Limits
-------------------------------------------------------------
ICRA has suspended [ICRA]B and [ICRA]A4 ratings assigned to the
INR16 crore fund based limits and INR2 crore unallocated limits of
M/s. Naresh Kumar Rajendra Kumar. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Naresh Kumar Rajendra Kumar was initially set up as a
proprietorship firm in 1980 by Mr. Mahaveer Prasad Vijay. In 2011,
the firm was converted into partnership firm and Mr Naresh Kumar
Vijay and Mr Rajendra Kumar Vijay (sons of Mr. Mahaveer Prasad
Vijay) joined as partners. The firm is engaged in trading of
various agro commodities mainly wheat. NKRK has its trading office
located at Baran, Rajasthan in close proximity of food grains
market which ensures easy availability of agro commodities. NKRK
has also set up a wheat processing facility at Baran, Rajasthan
for cleaning and packaging of wheat. The processed wheat is sold
under brand name "Lal Badshah" and "Kitchen Queen".


OM SAI: CRISIL Reaffirms 'B' Rating on INR100MM Cash Credit
-----------------------------------------------------------
CRISIL's rating on the long term bank facilities of Om Sai Cotton
Industries (OSCI) continues to reflect OSCI's modest scale of
operations in the fragmented cotton industry and its below-average
financial risk profile marked by small net worth, high gearing,
and subdued debt protection metrics. The rating also factors in
the susceptibility of OSCI's operating margin to fluctuations in
raw material prices. These rating weaknesses are partially offset
by the extensive industry experience of OSCI's promoters.

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

   Proposed Long Term
   Bank Loan Facility         36     CRISIL B/Stable (Reaffirmed)

   Term Loan                  14     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that OSCI will continue to benefit over the medium
term from the experience of its promoters in the cotton industry.
The outlook may be revised to 'Positive' if the company reports
higher-than-expected revenues while maintaining its profitability
and improving its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a decline in OSCI's revenues
or profitability, or if the company undertakes a large, debt-
funded capital expenditure programme, resulting in deterioration
in the company's financial risk profile.

OSCI was set up in 2010 as a partnership firm by Mr. B Parameswar,
Mr. H J Reddy, Mr. H V Reddy, Mrs. C Aruna, and Mrs. G Swathi. The
firm is engaged in cotton ginning and pressing. Mr. B. Parameswar
earlier traded actively in cotton.

OSCI processes raw cotton (kapas) into cotton bales and cotton
seeds, and caters to markets of Kerala, Andhra Pradesh, Telangana,
and Maharashtra. It has a ginning and pressing unit in Warangal
(Telangana).

On a provisional basis, OSCI reported profit after tax (PAT) of
INR8.5 million on net sales of INR647.9 million for 2013-14
(refers to financial year, April 1 to March 31), against PAT of
INR1.0 million on net sales of INR439.5 million for 2012-13.


RDS & SONS: CRISIL Assigns 'B' Rating to INR54.8MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/ Stable' rating to the long-term
bank facilities of RDS & Sons Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              20        CRISIL B/Stable
   Term Loan                54.8      CRISIL B/Stable

The rating reflects RDS's exposure to risks related to the initial
stage of operations. The rating also factors in the company's
below-average financial risk profile, with stretched liquidity,
due to large debt-funded capital expenditure and expected low cash
accruals and large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of
RDS's promoter in the agro products trading and transportation
businesses.

Outlook: Stable

CRISIL believes that RDS will continue to benefit over the medium
term from its promoter's extensive business experience. The
outlook may be revised to 'Positive' if the company successfully
ramps up its operations through timely implementation of its on-
going project and witnesses substantial cash accruals. Conversely,
the outlook may be revised to 'Negative' in case RDS registers
further weakening of its financial risk profile, particularly its
liquidity, due to delay in project implementation, lower ramp up ,
or larger-than-expected working capital requirements.

RDS, set up in 2013, is promoted by Mr. Ram Das Sahu of Palamau
(Jharkhand). The company is setting up an 8-tonne-per-hour rice
milling unit in Palamau; it is expected to commence commercial
production in October 2014.


UNIQUE GEM: ICRA Downgrades Rating on INR50cr LT FB EBD to 'D'
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR50 crore
fund based facilities and INR10 crore unallocated amount of Unique
Gem & Jewellery to [ICRA]D from [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund       50.00         Revised to [ICRA]D
   Based EBD                          from [ICRA]B+

   Sub-limit within    (50.00)        Revised to [ICRA]D
   Fund Based Limit                   from [ICRA]B+
   EBR


   Sub-limit within    (08.00)        Revised to [ICRA]D
   Fund Based Limit-                  from [ICRA]B+
   Forward Contract

   Unallocated Amount   10.00         Revised to [ICRA]D
                                      from [ICRA]B+

The rating revision factors in UGJ's recent instances of delays in
debt servicing reflecting highly stressed liquidity position due
to delays in realizing receivables. The rating also takes into
account the susceptibility of firm's profit margins to foreign
exchange fluctuations and fluctuations in gold and diamond prices.
ICRA also notes the competitive pressures faced by UGJ from
organized and unorganized players in the fragmented gems &
jewellery industry and risks arising from geographically clustered
and concentrated clientele.

The rating however favorably factors in UGJ's procurement process
which is backed by orders, thereby limiting exposure to raw
material price fluctuations and operational support received from
group concern engaged in similar line of business.

Unique Gem and Jewellery (UGJ) is a closely held partnership
company that commenced operations in 2009. Mr. P.H Walia and Mr.
Sanjay Walia as its partners hold 50% share each. UGJ is engaged
in manufacturing and exporting hand crafted diamond studded
jewelleryand has its manufacturing facility at Surat SEZ. The firm
has an associate concern, Blackstone Gem & Jewellery, operational
since 2009 engaged in manufacturing diamond studded gold
jewellery.

Recent Results
UGJ recorded a profit after tax (PAT) of INR2.41 crore on
operating income of INR152.86 crore for the year ending March 31,
2013.


UTKAL REALTORS: ICRA Suspends 'B' Rating on INR30cr Term Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR30.0 crore
term loan of Utkal Realtors Private Limited.  The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


VISHNU CARRIERS: CRISIL Reaffirms D Rating on INR90MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vishnu Carriers Pvt Ltd
continue to reflect the company's overdrawn inventory funding
facility for more than 30 days owing to its weak liquidity.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee            20        CRISIL D (Reaffirmed)
   Cash Credit               90        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility         1        CRISIL D (Reaffirmed)
   Term Loan                  8        CRISIL D (Reaffirmed)

VCPL is susceptible to economic cyclicality, and is exposed to
intense competition in the automobile dealership industry.
However, the company benefits from its promoters' extensive
industry experience in the auto dealership industry.

VCPL was promoted in 1989 by Mr. I Venkat Rao, Mr. G Sanyasi Raju,
Mr. I Vishnu Rao, and Mrs. I Deepa. The company is an authorized
dealer of Tata Motors Ltd for its entire range of light and medium
commercial vehicles. The company has a showroom, a workshop, and
four small marketing-cum-sales offices in Visakhapatnam (Andhra
Pradesh).


ZAZSONS EXPORTS: ICRA Ups Rating on INR23.2cr Packing Loan to B+
----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR23.20
crore packing credit and INR12 crore foreign bill purchase limits
of Zazsons Exports Limited to [ICRA]B+ from [ICRA]B. ICRA has also
reaffirmed [ICRA]A4 rating to the INR2.00 crore non fund based
limits of ZEL.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Packing Credit           23.20       Revised to [ICRA]B+
                                        from [ICRA]B

   Foreign Bill Purchase    12.00       Revised to [ICRA]B+
                                        from [ICRA]B

   Non fund based limits     2.00       Reaffirmed at [ICRA]A4

The rating upgrade takes into account the improved liquidity
position of Zaz group as reflected by healthy and improved
financial risk profile of ZEL's subsidiary Z Square Mall Private
Limited to whom ZEL has given corporate guarantee. The ratings
also derive comfort from the ZEL's experienced management,
improvement in net profit margins and capital structure of company
and its established relationship with key customers and suppliers
in the past .The rating however continues to be constrained by the
intensely competitive nature of footwear industry with presence of
numerous organized and unorganized players which has resulted in
modest profit margins of the company. The ratings also factor in
the weak financial profile of company as reflected by
declining/stagnant revenues in the past three years, weak coverage
indicators and high working capital intensity of the business.
Going forward, ability of the company to increase its scale of
operations in a profitable manner while improving working capital
intensity will be key rating sensitivities.

ZEL was incorporated in 1985 and is promoted by Kanpur-based
Hussain family who has been engaged in the leather business since
1862. The promoters Mr. Zakir Hussain, Mr. Afzal Hussain, and Mr.
Zahid Hussain were initially involved in trading of raw hides and
later founded the ZAZ group. In 1964, the group established its
first tannery, Zaz Tannery. In 2005, the promoters split the group
and currently Mr. Tahir Hussain and his family owns ZEL. ZEL has
the capacity to manufacture finished leather of 1.82 million
pieces per annum, shoe uppers of 1.5 lakh pairs per annum and
finished footwear of around 1.5 lakh pairs per annum. The group
also operates a shopping mall in Kanpur through ZEL's subsidiary,
Z Square Mall Private Limited.

ZEL reported a net profit of INR0.74 crores on an operating income
of INR53.89 crores in FY14 (provisional results) as against net
profit of INR0.46 crores on an operating income of INR53.65 crores
in FY13.



=========
J A P A N
=========


TAKEFUJI CORP: BofA's Merrill Japan Ordered to Pay Damages
----------------------------------------------------------
Takahiko Hyuga at Bloomberg News reports that Bank of America
Corp. Japanese brokerage unit was ordered to pay JPY14.5 billion
($140 million) by the Tokyo High Court for its role in a bond
transaction with failed consumer lender Takefuji Corp.

Bloomberg relates that the court on August 27 ordered Merrill
Lynch Japan Securities Co. and an affiliate to pay compensation
for losses stemming from the 2007 bond deal, overturning a
district court judgment made last year, TFK, an entity responsible
for repaying creditors following Takefuji's 2010 bankruptcy, said
in a statement on its website on August 27.

Merrill Lynch hasn't decided whether it will appeal to the Supreme
Court, said Tsukasa Noda, a Tokyo-based spokesman, according to
Bloomberg. The firm will examine the ruling and make a decision,
he added. Charlotte, North Carolina-based Bank of America acquired
Merrill Lynch in 2009.

Bloomberg says Takefuji sued Merrill Lynch in 2010 for about
JPY29 billion, arguing the brokerage failed to sufficiently
explain the risks in the transaction designed to lower the
consumer lender's interest costs. The deal involved Takefuji
investing JPY30 billion in a credit-linked security that was later
liquidated as the securities backing it slumped, Bloomberg notes.

                       About Takefuji

Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/--
is a Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others.  The Company has eight subsidiaries.

Takefuji filed a bankruptcy petition with the Tokyo District
Court on Sept. 28, 2010, with debts of JPY433.6 billion.
Bloomberg News has said the company has become the biggest
casualty of Japan's four-year crackdown on coercive lending
practices by consumer finance companies.  The lender is seeking
to restructure as borrower claims of overpaid interest are
estimated to exceed JPY1 trillion.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 7, 2011, Bankruptcy Law360 said that Tokyo court confirmed
the company's reorganization plan after most creditors voted in
support of the plan, which will repay 20% of its total debt of
JPY1.5 trillion ($19.8 billion).

Law360 related that 100% of secured creditors voted in favor of
the plan, while 85.43% of unsecured creditors voted for it.
According to the company, it will begin making repayments under
the plan in mid-December.



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


MALAYSIA AIRLINES: Shares Suspended Ahead of Revamp Announcement
----------------------------------------------------------------
Reuters reports that shares in Malaysia Airlines (MAS) have been
suspended today, August 29, ahead of a material announcement.

MAS said its shares were suspended from 9:00 a.m., confirming an
earlier report by Reuters.

Reuters relates that the share suspension comes ahead of the
announcement of the airline's planned restructuring, which could
include job cuts and a change in top management.

Khazanah Nasional, the airline's majority shareholder, will be
holding a press conference on MAS at 3:00 p.m. today, August 29,
says Reuters.

MAS reported a net loss of MYR307.04 million in its second quarter
and said its earnings in the second half will be hit by lower
passenger bookings after the two jet disasters this year, the news
agency adds.

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.

Last year, Malaysia Airlines reported a net loss of MYR1.17
billion ($359 million), its third consecutive year of
net losses, according to The Wall Street Journal. In the first
three months this year, its net loss widened to MYR443 million
from MYR279 million a year earlier, the Journal disclosed.


MALAYSIA AIRLINES: Exec Chair Appointment Maybe Included in Plan
----------------------------------------------------------------
Malaysia Chronicle reports that Malaysia Airlines' major
restructuring could see the reintroduction of the executive
chairman's post, which was abolished after the era of its former
boss, Tan Sri Tajudin Ramli, in the early 2000s.

According to the report, sources said MAS' parent company,
Khazanah Nasional Bhd, is considering the idea to enable the
ailing airline's new head honcho to be involved in both its board
and management.

The current chairman is not directly involved in MAS' daily
operations, the report notes.

Malaysia Chronicle says three names are being considered for the
new post, and they include Tan Sri Ahmad Johan of Airod group.

The report relates that the new executive chairman will have to
work hand-in-hand with MAS' new chief executive officer, who will
replace Ahmad Jauhari Yahya, to helm it back to profitability.

Sources also said the comprehensive restructuring could also see
certain subsidiaries of MAS being spun off and held under a new
holding company, and that some European and Asian routes getting
the chop, Malaysia Chronicle adds.

Malaysia Chronicle says a new business strategy for MAS, and its
subsidiaries, FlyFirefly Sdn Bhd (FireFly) and MAS Engineering Sdn
Bhd, could be put in place.

Firefly may take over MAS' domestic and regional (Asean) network
by reviving its jet operations, while maintaining its turboprop
operations, according to the report.

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.

Last year, Malaysia Airlines reported a net loss of MYR1.17
billion ($359 million), its third consecutive year of
net losses, according to The Wall Street Journal. In the first
three months this year, its net loss widened to MYR443 million
from MYR279 million a year earlier, the Journal disclosed.


MALAYSIA AIRLINES: MAS Denies 'Empty Flight' Report
---------------------------------------------------
Yuen Meikeng at The Star reports that Malaysia Airlines has
de-bunked a report by an Australian news portal that described one
of its planes as nearly empty, saying that the London-KL flight
was actually over 90% full.

The Star relates that the portal -- news.com.au -- had alleged
that the airline was "burning through its cash reserves" to stay
afloat and used pictures in social media by passengers showing
empty seats and check-in lines.

One photograph used by the portal was by MasterChef UK 2014 winner
Catherine Chin Wan Ping Coombes, who later defended MAS, saying
that Flight MH01 was full and that families with children boarded
first, the Star says.

In an e-mail to The Star, MAS said it appreciated the support
given by Ms. Chin.

"The MH01 flight carried 464 passengers. MAS is touched by the
ongoing support of its loyal guests and it strives to provide
world-class service to all its passengers," MAS, as cited by The
Star, said.

The report says Malaysians, who have been on MAS flights after the
MH17 incident on July 17, have also come out to defend the
airline.

According to the Star, communications student Carmen Teoh, who
took a MAS flight to London, said her flights to and from the
British capital were all full.

"The Caucasian lady next to me seemed nervous and even stopped a
steward to ask why the flight route seemed to have deviated but it
was all okay in the end," said the 23-year-old, The Star relays.
"If we Malaysians do not stand by our national carrier, then who
will?" she said.

The Star adds that IT consultant Johari Yusof, 36, said his flight
back to Malaysia from London three days ago was about 80% full.

"When there was turbulence, some could afford to laugh. There were
also more foreign passengers than Malaysians," the report quotes
Mr. Yusof as saying.

According to The Star, senior manager Elly Yusof, 40,
intentionally chose MAS for all her destinations to support the
airline after the MH370 incident and will be flying MAS to
Cambodia this Sunday [August 31].

"Rather than 'abandoning' or bad-mouthing our national airline in
its time of difficulty, we should try to support it instead," Ms.
Yusof, as cited by The Star, said.

Khazanah Nasional will announce today, August 29, its
restructuring plan for MAS, the report adds.

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.

Last year, Malaysia Airlines reported a net loss of MYR1.17
billion ($359 million), its third consecutive year of
net losses, according to The Wall Street Journal. In the first
three months this year, its net loss widened to MYR443 million
from MYR279 million a year earlier, the Journal disclosed.



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


METRO BAR: Bar Owner Faces Five-year Ban Bid from Running Cos.
--------------------------------------------------------------
Hamish McNeilly at Otago Daily Times reports that a former Dunedin
bar owner who left a string of failed hospitality companies behind
him may be banned from running a company for five years.

Otago Daily relates that earlier this year, three hospitality
companies, Metro Bar (Dunedin) Ltd, 2 Mooses Tavern Ltd and The
Church Nightclub Ltd, were placed in liquidation, owing Inland
Revenue almost NZ$230,000.

Bar co-owner Ben Hanssen, along with his business partner, had
interests in Dunedin bars Metro, Monkey Bar, Diamond Lounge-
Rumours and the Clarendon Hotel, the report recalls.

According to Otago Daily, a final report on Metro Bar (Dunedin)
Ltd by liquidators Insolvency Management includes a recommendation
Mr. Hanssen "should be prohibited from being a director of a
company for a period of five years."

Otago Daily says that the liquidators noted the company, which was
incorporated in March 2011 and ceased trading late last year, had
no assets available for the liquidation.

Liquidators were provided with minimal information about the
company and its affairs, as no company financial accounts could be
obtained, the report says.

Otago Daily notes that Don Millis -- don@insolvency.co.nz -- of
Insolvency Management, confirmed a recommendation had been made to
the Registrar of Companies to ban Mr. Hanssen as a director.  That
recommendation was still being investigated, the report adds.

Mr. Millis said Insolvency Management was appointed to deal with
the liquidations of insolvent companies associated with Mr
Hanssen, the report relays.

"We are also aware of other insolvent companies he is associated
with," the liquidators said in their final report cited by Otago
Daily.


* MALCOLM SHEARER: Settles Debt to Avoid Bankruptcy
---------------------------------------------------
The Press reports that Malcolm David Shearer, 60, finds it hard to
stay out of financial trouble.

The Christchurch businessman's name was on the court bankruptcy
list in the High Court in Christchurch again, three years after he
was discharged from his last bankruptcy, according to The Press.

Auckland-based construction company Southern Recon had taken the
proceedings to recover a debt but Mr. Shearer avoided adjudication
by settling, The Press notes.

The report recalls that Mr. Shearer was sentenced in 2012 on five
charges of cheque fraud relating to 2009 when he wrote cheques on
bank accounts which had been closed.  All five people affected by
those frauds were eventually paid.

Mr. Shearer was bankrupted in September 2008 and discharged in
September 2011.

Mr. Shearer's latest venture, house relocation business Aylesbury
Developments Company Ltd, went into liquidation in September last
year with debts of about $350,000, the report notes.

Mr. Shearer claimed lack of working capital and economic
conditions had caused the company failure.



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


MAGNACHIP SEMICONDUCTOR: S&P Lowers CCR to B+; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its long-
term corporate credit and debt ratings on Korea-based analog and
mixed-signal semiconductor manufacturer MagnaChip Semiconductor
Corp. (MagnaChip) to 'B+' from 'BB-'.  The outlook on the long-
term corporate credit rating is negative.

"The downgrade reflects our assessment of the company's management
and governance as weak as a result of growing uncertainties over
the timing and scope of the restatement and filing of its
financial statements," said Hong Kong-based credit analyst JunHong
Park.  "The rating action also reflects a likelihood that the
negative effect on the company's business and financial conditions
will be larger than we had previously expected."

On Aug. 12, 2014, the company announced an expansion of the scope
of an internal review and revealed that it included errors and
adjustments related to revenue recognition, cost of goods sold,
inventory and reserves, and related business practices, for both
distributor and nondistributor customers.  Also, the company
indicated that some of the adjustments could have a material
impact on certain intervals in the restatement periods.

S&P believes the expanded scope of the company's internal review
and the continued delay in financial reporting show substantial
weakness in its internal controls, financial reporting, and
transparency.  Reflecting this, S&P has revised its assessment of
MagnaChip's management and governance to "weak" from "fair."

S&P has also made a somewhat negative revision to its base-case
scenario to reflect the potential for the restatements to have a
higher impact than S&P expected.  Still, S&P sees uncertainties in
the potential for the restatement to lead to a substantial
deviation in S&P's base-case assumptions about revenue and
profitability-related ratios for the company.  However, in S&P's
base case, it do not expect the restatements to substantially
alter the company's cash flows apart from extra interest payments
to holders of US$225 million in its bonds as a result of a
covenant breach.

S&P's base case continues to anticipate that the restatement event
will have a limited negative effect on the company's liquidity,
given that it had cash and equivalents of about $150 million as of
the end of 2013 and no scheduled debt repayments in 2014.
Nonetheless, while a low likelihood, bondholders could choose to
accelerate bond repayments under the bond indenture if the company
fails to deliver its financial statements by Feb. 13, 2015.

S&P continues to assess the company's business risk profile as
"weak," reflecting volatility in the semiconductor industry,
potential variability in the company's operating performance, and
its relatively small scale.  S&P views MagnaChip's financial risk
profile as "significant," reflecting the company's moderate debt
and potential variability in measures of its financial condition.
In S&P's base-case scenario, it anticipates that MagnaChip will be
able to maintain a ratio of debt to EBITDA of about 2.5x-3.0x.

The negative outlook reflects increasing uncertainties about the
timing and scope of the company's financial restatements and the
impact on its business and financial conditions.

S&P may lower the ratings if it sees an increasing likelihood of
an acceleration in bond repayments, such as if the company does
not complete its financial reporting and restatements by late Nov.
of 2014.  S&P could also lower the ratings if the restatement has
a significantly negative financial impact on the company or if its
profitability and cash flows decline substantially due to a
weakening competitive position.  A ratio of debt to EBITDA
exceeding 3.0x could indicate such a deterioration.

S&P may revise the outlook to stable if the restatement does not
materially change the company's profitability and measures of its
cash flow, leading S&P to believe the company could maintain a
level of profitability comparable with the average for its
industry and debt to EBITDA below 3.0x on a sustainable basis.



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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


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

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

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

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

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



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