TCRAP_Public/140926.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, September 26, 2014, Vol. 17, No. 191


                            Headlines


A U S T R A L I A

DESIGNER VANS: Placed Into Liquidation
EGE FOODS: Vincents Chartered Appointed as Administrators
PETRA CIVIL: In Administration; First Meeting Set October 3
POSTCODE LYGON: Placed in Administration
VAN EYK: ASIC Raids Firm's Offices Following Administration


C H I N A

EVERGRANDE REAL: Fitch Lowers IDR to 'BB-'; Outlook Negative
HONGHUA GROUP: Fitch Assigns 'BB' Rating to USD200MM Sr. Notes
SINOSTEEL CORP: No Default on Loan, ICBC Says


I N D I A

ASHMITA PAPERS: CRISIL Suspends D Rating on IRN280MM Term Loan
BIG SAM: CRISIL Suspends B Rating on INR60MM Cash Credit
CHAITANYA ENTERPRISES: CRISIL Reaffirms B+ Rating on INR30MM Loan
CLIFTON EXPORT: CRISIL Suspends B Rating on INR38.4MM Corp. Loan
D M FABRICS: CRISIL Suspends B+ Rating on INR70MM Cash Credit

EKA CHAKRA: CRISIL Suspends B+ Rating on INR40MM Cash Credit
GCX LIMITED: Moody's Assigns B2 CFR & Rates $350MM Notes 'B2'
GOLD STAR: CRISIL Suspends B+ Rating on INR55MM Cash Credit
GOPALAKRISHNA TEXTILE: CRISIL Puts D Rating on INR97.5M Cash Loan
KIRTI STAMPINGS: CARE Assigns B+ Rating to INR3.36cr Bank Loan

LAHARI HOLIDAY: CRISIL Suspends D Rating on INR78MM Term Loan
MAHAVIR ECO: CRISIL Assigns B+ Rating to INR147.5MM Term Loan
MANASA RICE: CRISIL Suspends B+ Rating on INR46MM Cash Credit
NAGARJUNA FERTILISERS: CARE Ups INR1,481.5cr Loan Rating From C
PIONEER EMBROIDERIES: CARE Reaffirms D Rating on INR82.18cr Loan

PONDICHERRY TEXTILE: CRISIL Suspends D Rating on INR111.5MM Loan
REGENCY EXPORTS: CRISIL Suspends B Rating on INR55MM Bank Loan
ROYAL MARWAR: CARE Assigns B+ Rating to INR40.95cr Bank Loan
SRI KRISHNA: CRISIL Assigns 'D' Rating to INR98.7MM Term Loan
SRI RATNA: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit

STALLION ENTERPRISE: CARE Assigns B+ Rating to INR2.5cr Bank Loan
STANDARD SURFACTANTS: CRISIL Suspends B+ INR80M Cash Loan Rating
SVARN TEX: CRISIL Suspends D Rating on INR144.1MM Term Loan
SWISS PHARMA: CARE Assigns B+ Rating to INR14.15cr Bank Loan
SYMCOM IMPEX: CRISIL Upgrades Rating on INR150M Cash Credit to B+

UNITRACK LOGISTICS: CRISIL Suspends D Rating on INR33MM Term Loan
USHA SPINNERS: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
VIDYAA VIKAS: CRISIL Suspends D Rating on INR188.2MM Term Loan
VVS CONCAST: CRISIL Suspends B+ Rating on INR80MM Cash Credit


I N D O N E S I A

BAKRIE TELECOM: Discloses Proposal to Restructure Bonds Due 2015
BAKRIE TELECOM: Investors Sue Over $380MM Bond Default
BANK MUTIARA: Informal Talks With J Trust Over Stake Buy Starts


N E W  Z E A L A N D

CAPITAL + MERCHANT: Case vs Former Trustee, Stace Hammond Delayed


S O U T H  K O R E A

DONGBU GROUP: Creditors Seek to Write Down Dongbu Steel Capital
* SOUTH KOREA: Ailing Shipbuilders Call For State Support


T A I W A N

WINTEK CORP: Gets Loan Extensions; Seeks New Capital Injection


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


DESIGNER VANS: Placed Into Liquidation
--------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Designer Vans Pty
Ltd has collapsed into liquidation. The business has stopped
trading following the liquidation.

According to the report, the Wangaratta business began
constructing family-style caravans before it moved into
wheelchair-access and off-road caravans. The business employed up
to 6 people during its launch in 2007.

Liquidator Chris Chamberlain is conducting an investigation on the
collapse of the business, Dissolve.com.au notes.


EGE FOODS: Vincents Chartered Appointed as Administrators
---------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of EGE Foods Australia Pty Ltd on
Sept. 22, 2014.

A first meeting of the creditors of the Company will be held at
The Boardroom of Servcorp, Level 56, 19-29 Martin Place, in
Sydney, on Oct. 2, 2014, at 3:00 p.m.


PETRA CIVIL: In Administration; First Meeting Set October 3
-----------------------------------------------------------
Frank Lo Pilato of RSM Bird Cameron Partners was appointed as
administrator of Petra Civil Pty Ltd on Sept. 22, 2014.

A first meeting of the creditors of the Company will be held at
RSM Bird Cameron Partners, Level 1, 103 Northbourne Avenue, in
Turner, on Oct. 3, 2014, at 11:00 a.m.


POSTCODE LYGON: Placed in Administration
----------------------------------------
Peter Goodin -- pgoodin@brookebird.com.au -- and Robyn Erskine --
rerskine@brookebird.com.au -- of Brooke Bird were appointed as
administrators of Postcode Lygon Developments Pty Ltd on
Sept. 23, 2014.

A first meeting of the creditors of the Company will be held at
Brooke Bird, 471 Riversdale Road, in Hawthorn, on Oct. 3, 2014, at
3:30 p.m.


VAN EYK: ASIC Raids Firm's Offices Following Administration
-----------------------------------------------------------
SmartCompany, citing Fairfax, reports that the Australian
Securities and Investments Commission raided the Sydney office of
collapsed funds management business, van Eyk.

SmartCompany says the two raids come just days after van Eyk
entered voluntary administration as a result of the "recent and
sudden closure" of its Blueprint Series of managed funds.

According to SmartCompany, Fairfax said the 25-year-old business
is also facing scrutiny from New Zealand's corporate regulator,
the Financial Markets Authority.

Administrators Moore Stephens said last week the voluntary
administration process will allow it to quarantine and preserve
van Eyk's investment research, consulting and financial advisory
arms while options for capital restructuring are investigated,
adds SmartCompany.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 17, 2014, SmartCompany said that an Australian investment
research, advice and funds management company founded
in 1989 has collapsed.  van Eyk Research called in voluntary
administrator Trent Hancock of Moore Stephens Sydney
Corporate Recovery Group on September 15.  According to the
report, van Eyk Research has four business arms -- investment
research through van Eyk Research, consulting through van Eyk
Consulting, financial advisory through van Eyk Advice and funds
management through van Eyk Blueprint Series -- and the
administrators said in a statement it entered administration
because of the "recent and sudden closure of the Blueprint Series
of managed funds".



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


EVERGRANDE REAL: Fitch Lowers IDR to 'BB-'; Outlook Negative
------------------------------------------------------------
Fitch Ratings has downgraded Chinese homebuilder Evergrande Real
Estate Group Limited's Long-Term Issuer Default Rating (IDR) and
senior unsecured debt rating to 'BB-' from 'BB'. The Outlook on
the IDR is Negative.  Its USD750m senior notes due 2015 have also
been downgraded to 'BB-' from 'BB'.

Evergrande's ratings have been downgraded because a series of
large expenditures on land to adjust its business, new investments
and other cash leakages has led to a large increase in its net
debts.  As a result, Evergrande's leverage as measured by net
debt/adjusted inventory rose to 57%, breaching the 40% level at
which the agency could take negative action on the company's 'BB'
ratings.

The Negative Outlook reflects the very narrow gap between its
credit metrics and the levels that may trigger negative rating
action and the uncertainties with Evergrande's financial
discipline.  Material investments in non-core businesses or
further sharp increases in its land bank acquisition may add
further pressure to its already high leverage.

KEY RATING DRIVERS

Debt Reliant Expansion: Prior to 2013, Evergrande relied more on
its negative working capital for its expansion.  This was
primarily in the form of a rise in payables.  However, beginning
2013 and especially in 1H14, its growth was mostly debt funded.
Its net debt rose by CNY45bn (USD7.3bn) in 2013 and CNY52bn in
1H14 to CNY132bn at end-1H14.  This drove its leverage up to 57%
from 42% at end-2013 and 28% at end-2012.  In 2013, Evergrande
also committed to a record level of land acquisition - a total of
CNY70.7bn - to broaden its product mix by increasing its exposure
in the tier 1 and tier 2 cities.

Geographical Diversification Necessary: Evergrande had to expand
its development property business in tier 1 and tier 2 cities
because residential property sales in the lower tier cities
weakened, especially in 2014.  Sales in tier 3 cities fell to
CNY30.8bn in 1H14 from CNY32.7bn sequentially in H213, even though
it was higher than CNY23.4bn in 1H13.  In contrast, sales in tier
1 and tier 2 cities rose to CNY38.5bn from CNY23.1bn and CNY21.1bn
over the same sequential period.

Weakened Operating Cash Generation: Fitch believes that Evergrande
will have less surplus cash from sales to acquire land because of
rising cash overheads, and this will constrain the pace of its
future growth.  Evergrande's key cash overheads were sales,
general and administrative (SG&A) expenses and interest payments,
which together rose to 18% of contracted sales by 1H14 from 16% in
2013 and 12% in 2012.

The increase in 2013 SG&A expenses to almost 8% of contracted
sales from 6% suggests that the large additional workforce for its
new tier 1 and tier 2 markets has not reached the cost efficiency
level in its existing markets.  Interest paid (including dividends
payable to perpetual securities holders) has also risen to 10% of
contracted sales in 1H14 versus 8% in 2013 and 6% in 2012, due to
the sharp increase in debts.

Shareholder Friendly Moves: Evergrande's weaker credit metrics
were also partly due to the decision by the company to pay a
dividend totalling CNY6.3bn in 2014 and spend HKD5.3bn (USD684m)
in 1H14 to continue its share buyback programme despite sharp
increases in the net debt level.

Large Liquidity Buffer: Evergrande's liquidity position is strong
with CNY64bn in cash and another CNY50bn in unutilised bank
facilities at mid-2014.  Evergrande's preference for cash suggests
that it will keep a high cash level to give it financial
flexibility, especially since the credit environment has been
volatile.  The repayment of two tranches of its 2010 senior notes
totalling USD1,350m (approximately CNY8.5bn) due in January 2015
is well covered by its cash on hand.  Holding such a large amount
of cash, however, means that its gross debt level is elevated.
This was why its contracted sales/gross debt ratio had fallen to
0.7x in 1H14 from 0.8x in 2013 and 1.5x in 2012.

RATING SENSITIVITIES

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

   -- Net debt/adjusted inventory sustained above 60%
   -- Contracted sales/gross debt falls below 0.6x on a sustained
      basis
   -- Tightened liquidity position due to weaker access to
      financing channels

Positive: The current rating is on Negative Outlook.  Fitch does
not anticipate developments with a material likelihood,
individually or collectively, of leading to a rating upgrade.
However, if the above factors do not materialize, then the Outlook
may revert to Stable.


HONGHUA GROUP: Fitch Assigns 'BB' Rating to USD200MM Sr. Notes
--------------------------------------------------------------
Fitch Ratings has assigned Honghua Group Limited's (Honghua;
BB/Stable) USD200m 7.45% senior unsecured notes due 2019 a final
'BB' rating.

The notes are rated at the same level as the senior unsecured debt
rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company.  The final rating is in
line with the expected rating assigned on Sept. 9, 2014, and
follows the receipt of final documents conforming to information
already received.

KEY RATING DRIVERS

Low-Cost Market Leader: Honghua is able to price its rigs at 20%
less than its international peers mainly due to the lower costs of
building the rigs in China and using mainly Chinese-made parts.
The company has gained market share over the years and now ranks
as the largest land rig builder in the world with a 14% market
share in terms of the number of rigs fabricated in 2013.

Positive Market Outlook: The outlook for drilling activities
around the globe is strong with spending on rig equipment at
historically high levels.  In addition, new land rig demand is
shifting from traditional markets in North America to emerging
markets such as Russia, China, Latin America and the Middle East,
where Honghua has already established its reputation.

Improving Working Capital Management: Honghua has implemented a
number of measures to improve its working capital cycle, including
delaying raw material purchase and extending payment terms with
suppliers to match the payment terms given to its customers.  This
resulted in its working capital cycle decreasing to 205 days in
2013 from 288 days in 2012.

Better Counter-Party Risk Management: In 2013, approximately two-
thirds of Honghua's order books were based on aggressive payment
terms, such as 10% down payment and the payment of the remaining
90% upon delivery.  In 2014, this ratio has decreased to less than
20%, with those that have aggressive payment terms mostly new
contracts in the offshore rig segment, which Honghua is trying to
penetrate.  To mitigate counterparty risks, Honghua uses tools
such as insurance and letters of credit on 90% of its orders.

New to Offshore Rigs: Honghua has expanded into offshore drilling
equipment manufacturing.  It builds the offshore equipment onshore
by utilizing an innovative crane that allows the company to reduce
construction lead times and fabrication costs.  While the foray
into offshore rigs presents execution risks, this is partly
alleviated by two recently secured contracts worth USD520m.
However, as a new entrant, Honghua is likely to offer aggressive
payment terms during the initial stage, which will increase its
working capital needs.

Capex Discipline Important: Honghua's capex spending in 2012 and
2013 rose as the company expanded into oilfield services and
manufacturing of offshore drilling equipment.  While this helped
to diversify the company's product offerings, it also put pressure
on the balance sheet.  Fitch expects Honghua to deleverage in 2015
as long as it maintains good discipline in capex going forward

Commodity Risk Exposure: While drilling activity in emerging
markets (where Honghua's main customer base is) generally tends
not to be affected by a sharp downturn in oil and gas prices,
price declines could have an adverse impact on counterparties'
financial strength.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, result in negative rating action:

   -- FFO adjusted net leverage of over 3x (2013: 2.6x) on a
      sustained basis
   -- EBITDA margin below 12% (2013: 11.4%) on a sustained basis
   -- Net working capital days of above 250 days on a sustained
      basis
   -- Significant weakening of its market position in land rigs
      and poor execution of contracts for offshore rigs

Positive: Future developments that may, individually or
collectively, result in positive rating action:

   -- No positive rating actions is envisaged in the next 12-18
      months due to the company's limited scale and evolving
      business model


SINOSTEEL CORP: No Default on Loan, ICBC Says
---------------------------------------------
Xinhua News Agency reports that the Industrial and Commercial Bank
of China (ICBC) said on September 23 that Sinosteel Corporation
and its subsidiaries did not default on its loan.

Sinosteel's outstanding loans from the ICBC accounted for less
than 1.3 percent of the group's total financing raised from
financial institutions, the news agency says.

According to Xinhua, the statement from ICBC came after online
rumors that Sinosteel and its affiliated companies had defaulted
on loans and accrued interest worth tens of billions of yuan.

Xinhua relates that the ICBC and the Bank of Communications
(BOCOM) were reported to be the major lenders. No response has
been made by BOCOM so far, Xinhua says.

Sinosteel, previously one of the Fortune 500 companies, failed to
make the list in the last two years due to falling revenues and
rising debts, notes Xinhua.

Sinosteel Corporation is a central state owned enterprise,
primarily in mining, trading, equipment manufacturing and
engineering, under the supervision of the State-owned Assets
Supervision and Administration Commission.



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


ASHMITA PAPERS: CRISIL Suspends D Rating on IRN280MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ashmita
Papers Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Rupee Term Loan       280        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by APPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, APPL is yet to
provide adequate information to enable CRISIL to assess APPL'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 2008 and promoted by Mr. Tarun Kumar Jain, APPL
trades in industrial papers, fabrics, and textile chemicals. In
January 2012, the company also commenced manufacturing various
grades of kraft paper, which it presently supplies directly to the
lamination industry. APPL has a manufacturing facility near
Ahmedabad (Gujarat).


BIG SAM: CRISIL Suspends B Rating on INR60MM Cash Credit
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Big Sam
Snacks & Foods Pvt Ltd.

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

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

BSPL, part of the TRITON group, was incorporated in 2010 for
branding and distribution of products packaged by group companies-
Indepesca Overseas Private Limited and Indepesca Aquaculture
Private Limited. However, since 2011-12, the company has switched
to marketing processed and frozen meat and vegetarian food, which
is imported. It also deals in other products such as chicken and
vegetable products from Al-kabeer and Vivek Agro, respectively.


CHAITANYA ENTERPRISES: CRISIL Reaffirms B+ Rating on INR30MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of M/s. Chaitanya
Enterprises (CE) continue to reflect, CE's modest scale of
operations in a highly competitive engineering and construction
industry, its average financial risk profile, marked by high
gearing and subdued debt protection metrics, and large working
capital requirements. These rating weaknesses are partially offset
by the extensive industry experience of CE's partners and their
established relationship with customers.


                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          70       CRISIL A4 (Reaffirmed)
   Overdraft Facility      30       CRISIL B+/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has treated the unsecured
loans from partners of INR20 million as neither debt nor equity as
the same are subordinated to debt and will be retained in the
business over the medium term.

Outlook: Stable

CRISIL believes that CE will continue to benefit over the medium
term from the extensive industry experience of its partners and
their established customer relationship. The outlook may be
revised to 'Positive' on case CE reports higher-than-expected cash
accruals, driven by ramp-up in the scale of operations, resulting
in improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in the
financial risk profile, particularly, its liquidity, most-likely
because of lower-than-expected cash accruals or elongation in the
working capital cycle.

Update
For 2013-14 (refers to financial year, April 1 to March 31), CE,
on provisional basis, registered revenues of INR118 million, which
has remained in line with CRISIL's expectations. For the five
months through August 2014, CE's revenues were estimated at INR50
million and are expected to grow at around 25 per cent year-on-
year basis for 2014-15, supported by the healthy order book of
around INR550 million. CE's operating profitability was around 9
per cent during 2013-14, which had marginally improved against the
preceding year, backed by the price escalation clauses for the
contracts undertaken. CE's profitability is expected to remain at
similar level over the medium term.

CE's working capital requirements increased substantially during
2013-14, because of the turnkey nature of contracts, resulting in
high inventory requirements, reflected in its gross current assets
of around 253 days as on March 31, 2014 against 84 days in the
preceding year. With large inventory requirements for its
projects, CE's operations are expected to remain working capital
intensive over the medium term. Despite its large incremental
working capital requirements, its financial risk profile has
remained in line with CRISIL's expectations. CE's financial risk
profile is expected to remain average marked by its high gearing,
resulting from its large working capital requirements and subdued
debt protection metrics, because of its modest cash accruals.
These large working capital requirements are funded through high
reliance on external debt with bank lines utilised at an average
of 96 per cent for 12 months through June 2014. Nevertheless, CE's
liquidity remains supported by its adequate cash accruals against
maturing debt obligations, funding support from the partners and
absence of any debt-funded capital expenditure plans over the
medium term.

CE based in Warangal (Telangana) was established as a proprietary
concern in 1989 by Mr. Akula Nagaraju. CE is engaged in laying of
overhead lines, erection of electrical sub-stations, towers and
transformers and is a class I contracts for Andhra Pradesh
government.


CLIFTON EXPORT: CRISIL Suspends B Rating on INR38.4MM Corp. Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Clifton
Export Pvt Ltd.

                            Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Corporate Loan              38.4     CRISIL B/Stable Suspended
   Export Packing Credit      162.7     CRISIL A4 Suspended
   Foreign Bill Discounting   130       CRISIL A4 Suspended
   Letter of Credit            10       CRISIL A4 Suspended
   Long Term Loan               3       CRISIL B/Stable Suspended
   Proposed Long Term
   Bank Loan Facility          27.1     CRISIL B/Stable Suspended

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

Set up in 2007, CEPL is based in Tirupur (Tamil Nadu) and is
promoted by Mr. B. Nadanasabapathy. The company manufactures
ready-made bodysuits for babies and inner garments for men and
women; it exports these garments mainly to European countries.


D M FABRICS: CRISIL Suspends B+ Rating on INR70MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of D M
Fabrics Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            70        CRISIL B+/Stable Suspended

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

Set up in 1996 by Mr. B N Agarwal, DMF trades in printed cotton
sarees. Based in Kolkata (West Bengal), DMF purchases sarees from
Mumbai (Maharashtra) and Surat (Gujarat). The company has about 50
wholesalers as its customers across West Bengal, Bihar, Orissa,
etc.


EKA CHAKRA: CRISIL Suspends B+ Rating on INR40MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Eka
Chakra Electrical Works.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         60        CRISIL A4 Suspended
   Open Cash Credit       40        CRISIL B+/Stable Suspended

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

Set up in 1993 as a partnership entity by Mr.E.Srinivasa Rao and
family, ECEW is involved in the manufacture and installation of
distribution transformers.


GCX LIMITED: Moody's Assigns B2 CFR & Rates $350MM Notes 'B2'
-------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 corporate
family rating (CFR) to GCX Limited ("GCX") and a definitive B2
instrument rating to its $350 million senior secured guaranteed
notes due July 2019.

The outlook on the ratings is stable.

GCX is a wholly owned subsidiary of Reliance Communications Ltd
(India) ("RCOM", unrated) through an intermediary holding company
Global Cloud Xchange Limited ("GCXL").

This action follows the repayment of $250 million of shareholder
loans (after netting the inter company balances) availed from RCOM
and its subsidiaries to GCX. RCOM in turn used the proceeds to
reduce indebtedness at Reliance Globalcom BV ("RGBV"), its wholly
owned subsidiary, specifically debt outstanding under its million
senior secured bank loan ("SCB loan facility"). This repayment
allowed the release over GCX's and GCXL's equity interests and
assets which were used to as security for the facility. Both
entities were also released as guarantors.

In September, GCX also closed a $30 million revolving credit
facility which will expire in July 2017. The terms and conditions
are largely in line with Moody's expectations.

Ratings Rationale

GCX's B2 CFR continues to reflect its position as one of the
largest privately owned submarine cable network operators
globally, which enables it to benefit from ongoing growth in
global Internet traffic, particularly in the emerging market
corridor in areas such as India and the Middle East.

GCX's underlying sales with respect to its subsea cables are based
on long-term contracts known as Indefeasible Rights of Use (IRU).
These contracts, together with associated operations & maintenance
contracts provide a high degree of revenue visibility accounting
for roughly 90% of its projected revenue for the fiscal year
ending 31 March 2015 (FYE3/2015).

Notwithstanding this, GCX remains exposed to cash flow volatility
resulting from the mismatch between cash flow impact and revenue
recognition of these contracts. Moody's estimates GCX must execute
more than $60 million of new IRU contracts per annum to avoid a
significant working capital outflow and depletion of cash.

GCX signed approximately $37 million of new IRU contracts for
delivery in FYE3/2015 of which around $12.5 million was activated
and billed in the financial quarter ended 30 June.

GCX also remains exposed to an intensely competitive and highly
fragmented operating environment, which suffers from chronic over-
capacity resulting in declining price levels, and which will
continue to pressure its operating performance over the next two
to three years at least.

Moody's remains cautious on GCX's ability to attract new
customers, generate higher occupancy rates, and ramp up its value-
added services, given adverse pricing dynamics and intense
competition in the broader industry.

The stable outlook is based on an expectation that GCX delivers on
its business plan which should arrest historical declines in
revenues and EBITDA. As a result, Moody's expects GCX to generate
EBITDA of at least $135 million by FYE3/2015 and maintain adjusted
debt/EBITDA below 3.5x.

Additionally, Moody's expect GCX to maintain a sufficient cushion
under its financial maintenance covenants that govern the senior
secured working capital facility, including a minimum coverage
(EBITDA/interest) of 3.0x and maximum leverage (debt/EBITDA) of
3.75x.

Furthermore, the stable outlook does not consider any significant
cash payouts with respect to outstanding tax litigation claims.

Upward pressure is unlikely over the near-term but could emerge
should the company's fundamental financial position improve such
that EBITDA is sustained above $175 million and EBITDA margins are
sustained above 30% resulting in adjusted debt/EBITDA below 2.5x.

On the other hand, negative rating pressure could emerge should
GCX fail to execute on its growth ambitions such that its credit
profile erodes. Specific indicators that Moody's would consider
include adjusted debt/EBITDA rising above 4.5x, failure to move
towards operating profit, or a tightening of the company's
liquidity profile such that cash falls below $40-50 million.

Moody's will be concerned if the cushion under the company's
maintenance financial covenants were less than 15% or a sizable
cash settlement was paid with respect to any of its outstanding
legal claims.

The principal methodology used in this rating was the Global
Communications Infrastructure Rating Methodology published in June
2011.

GCX, incorporated in Bermuda in 2014, wholly owns five subsea
cable systems on major data traffic routes. As of 30 June 2014,
these cable systems had a total length of 68,698 kilometers with
46 landing stations in 27 countries. GCX provides data
connectivity solutions to major telecommunications carriers and
large multinational enterprises in the US, Europe, Middle East and
Asia Pacific region with a need for multi-national IP-based
solutions and connectivity.


GOLD STAR: CRISIL Suspends B+ Rating on INR55MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Gold
Star Steel Pvt Ltd (GSSPL; part of the Orissa Concrete group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee       12.5        CRISIL A4 Suspended
   Cash Credit          55          CRISIL B+/Stable Suspended
   Letter of Credit     12.5        CRISIL A4 Suspended

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

CRISIL has combined the business and financial risk profiles of
GSSPL and Orissa Concrete & Allied Industries Ltd (OCAIL). This is
because the two companies, together referred to as the Orissa
Concrete group, share a common management and have operational
linkages. Moreover, GSSPL caters to OCAIL's entire insert
requirement and around 20 per cent of its high-tensile steel (HTS)
wire requirement.

Set up in 1981 by Mr. Chaturbhuj Agarwal and the late Mr. Pramod
Kumar Agarwal, OCAIL manufactures concrete sleepers used in
railway tracks. The company's facility at Raipur (Chhattisgarh)
has capacity to manufacture 0.6 million sleepers per annum. The
Indian Railways accounts for more than 80 per cent of its total
sales. GSSPL manufactures inserts and HTS wires, which are
primarily used by OCAIL.


GOPALAKRISHNA TEXTILE: CRISIL Puts D Rating on INR97.5M Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Gopalakrishna Textile Mills Pvt Ltd. The ratings
reflect instances of delay by GTPL in servicing its term debt; the
delays have been caused by GTPL's weak liquidity.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             49.9        CRISIL D
   Bank Guarantee         2.6        CRISIL D
   Cash Credit           97.5        CRISIL D

GTPL also has a weak financial risk profile marked by weak capital
structure, and modest scale of operations in the fragmented and
competitive textile industry. GTPL, however, benefits from its
promoters' extensive industry experience.

Incorporated in 1953, GTPL is engaged in manufacture of cotton
yarn. Its day-to-day operations are managed by Mr. Y G Madhusudan.

GTPL, on a provisional basis, reported profit after tax of INR7.0
million on net sales of INR398.3 million for 2013-14 (refers to
financial year, April 1 to March 31); the company reported loss of
INR8.2 million on net sales of INR344.3 million for 2012-13.


KIRTI STAMPINGS: CARE Assigns B+ Rating to INR3.36cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Kirti Stampings Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     3.36       CARE B+ Assigned
   Long-term/Short-term Bank     2.50       CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Kirti Stampings
Private Limited (KSPL) are primarily constrained on account of
its modest scale of operations with low networth base, volatility
in operations, sluggish demand from the end-user industry, weak
solvency and moderate liquidity position. The ratings are also
constrained by the risk associated with the fluctuation in raw
material prices.  However, the ratings derive strength from the
highly experienced promoters.

The ability of KSPL to increase its scale of operations, improve
profitability and capital structure while efficiently managing
its working capital requirements is the key rating sensitivity.

Formed as partnership firm in 2006, KSPL was converted to a
private limited company in June 2011. KSPL is promoted by
Mr Anil Kumar Singh, Mr Shiv Kumar Singh and Mr Manoj Kumar Singh.
KSPL is engaged in the manufacturing of Cold Roll Grain Oriented
(CRGO) electrical lamination for transformers. KSPL's plant is
located at Palej, Bharuch and has an installed capacity of 3,000
Metric Tonne Per Annum (MTPA) as on March 31, 2014.

During FY14 (refers to the period April 1 to March 31), KSPL
reported a PAT of INR0.01 crore on a total operating income
(TOI) of INR11.96 crore as against a net loss of INR0.33 crore on
a TOI of INR11.25 crore in FY13.


LAHARI HOLIDAY: CRISIL Suspends D Rating on INR78MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Lahari
Holiday Homes Ltd.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             18.5        CRISIL D Suspended
   Long Term Loan          78.0        CRISIL D Suspended
   Proposed Long Term      15.0        CRISIL D Suspended
   Bank Loan Facility

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

Lahari was set up in 2003 and became operational in 2006. The
company operates a 3-star multi-facility resort, Lahari Resort,
located 28 kilometres from Hyderabad (Andhra Pradesh). Lahari was
promoted by Mr. G Hari Babu, founder and chairman of the
Hyderabad-based Lahari group, which has diversified interest in
real estate, construction, and steel manufacturing.


MAHAVIR ECO: CRISIL Assigns B+ Rating to INR147.5MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Mahavir Eco Projects Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Long Term Loan       147.5        CRISIL B+/Stable

The rating reflects MEPL's susceptibility to implementation- and
technology-related risks in its ongoing project, and its expected
below-average capital structure during its initial stage of
operations. These rating weaknesses are partially offset by the
technical expertise of the company's promoters and their extensive
experience in the chemical intermediates business.

Outlook: Stable

CRISIL believes that MEPL will continue to benefit over the medium
term from its promoters' technical expertise and extensive
experience in the chemical intermediates business. The outlook may
be revised to 'Positive' if the company stabilises operations in a
timely manner at its proposed plant, and achieves substantial
revenue and profitability. Conversely, the outlook may be revised
to 'Negative' if MEPL's liquidity weakens with significant delays
in the commercialisation of its plant, substantially low cash
accruals during the initial phase of its operations, or sizeable
working capital requirements.

MEPL was incorporated in 2012 to set up an integrated waste-
management facility for the textile and chemical industries. The
company is likely to begin commercial production in 2015. It is
being promoted by Mr. Vatsal Naik, who, along with his family, has
extensive experience in the business of manufacturing chemical
intermediates.


MANASA RICE: CRISIL Suspends B+ Rating on INR46MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Manasa
Rice Industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            46         CRISIL B+/Stable Suspended
   Long Term Loan         19         CRISIL B+/Stable Suspended

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

Set up in 2009 as a partnership firm, Manasa is engaged in milling
and processing of paddy into rice, bran, broken rice and husk. The
firm started its commercial operations in 2011-12. Manasa's rice
mill unit is located in Nellore (Andhra Pradesh). The firm is
promoted by Mr. Pulivarthi Malyadri and his wife Mrs. Pulivarthi
Vengamma.


NAGARJUNA FERTILISERS: CARE Ups INR1,481.5cr Loan Rating From C
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Nagarjuna Fertilisers and Chemicals Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   1,481.50     CARE BB Revised
                                            from CARE C

   Short-term Bank Facilities   1,700.11    CARE A4+ Revised
                                            from CARE A4

Rating Rationale

The revision in the ratings take into account the substantial
improvement in the liquidity and working capital position
with reimbursement of significant portion of outstanding
fertilizer subsidy dues and additional funds tied up to shore up
the working capital position. It also factors in improvement in
the financial position, exit of the company from Corporate
Debt Restructuring (CDR) scheme and established track record of
the company in the urea business. The ratings are, however,
constrained by the subdued financial performance during FY14
(refers to the period April 1 to March 31) and Q1FY15, disruption
in natural gas supply, exposure to foreign exchange fluctuation
risk and highly regulated nature of the fertilizer industry. The
ability of the company to sustain the operating performance,
receive uninterrupted natural gas supply and manage its working
capital effectively in the scenario of delayed subsidy
reimbursements are the key rating sensitivities.

Nagarjuna Fertilisers and Chemicals Ltd, belonging to the
Hyderabad-based Nagarjuna group, is engaged in the manufacturing
of urea and operates two urea plants (capacity 1,810 MT per day
each) at its facilities located at Kakinada, Andhra Pradesh. While
Plant I operates entirely on natural gas as the feedstock, Plant
II can use both natural gas and naphtha. However, currently, both
the plants are operating on natural gas. Besides manufacturing,
NFCL is also involved in trading of urea (government pool urea),
specialty fertilizers and agri-inputs [viz, Muriate of Potash
(MOP), Diammonium Phosphate (DAP), other NPK fertilizers].

During FY14, NFCL posted a PBILDT of INR131.51 crore (FY13:
INR536.69 crore) and a net loss of INR239.11 crore (FY13: PAT
of INR81.06 crore) on a total operating income (considering net
trading revenue) of INR2,037.46 crore (FY13: INR2,437.15
crore).

As per the unaudited results for Q1FY15, NFCL posted a PBILDT of
INR26.87 crore (Q1FY14: INR71.18 crore) and a net loss of INR56.38
crore (Q1FY14: INR65.69 crore) on a total operating income
(considering net trading revenue) of INR366.70 crore (Q1FY14:
INR411.24 crore).


PIONEER EMBROIDERIES: CARE Reaffirms D Rating on INR82.18cr Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Pioneer
Embroideries Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Bank Facilities-Fund       39.70      CARE D Reaffirmed
   Based- Long Term

   Bank Facilities- Fund      82.18      CARE D Reaffirmed
   Based- LT-Term Loan

   Bank Facilities- Non-       5.86      CARE D Reaffirmed
   Fund Based- ST- BG/LC

Rating Rationale

The reaffirmation of rating assigned to Pioneer Embroideries
Limited reflects the ongoing delays in debt servicing owing to
strained liquidity position.

Pioneer Embroideries Limited was incorporated in 1991 and is into
embroidered fabrics, laces and dope dyed yarn. The company has
eight plants at different locations. As on December 31, 2013 the
company has installed capacity of Embroidery (2574 mn stitches),
Bobbin Lace (1,87,83,000 mtrs), spun yarn (1341 MT) and dope
dyed yarn (7875 MT). The company also has presence in retail
through its subsidiary Hakoba Lifestyle Limited and operates
outlets under brand name 'Hakoba'.

PEL was referred to Corporate Debt Restructuring (CDR) cell for
debt restructuring during FY12. In FY14, PEL entered into One Time
Settlement with certain banks and financial institutions.

In FY14, PEL generated a total operating income of INR 281.24
crore and PBILDT of INR 27.01 crore as compared to INR 247.22
crore and INR 21.54 crore respectively in FY13.


PONDICHERRY TEXTILE: CRISIL Suspends D Rating on INR111.5MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pondicherry Textile Corporation Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee        15.5        CRISIL D Suspended
   Cash Credit           27          CRISIL D Suspended
   Foreign Bill          21          CRISIL D Suspended
   Purchase
   Letter of Credit      25.2        CRISIL D Suspended
   Packing Credit        45          CRISIL D Suspended
   Purchase Bill          6          CRISIL D Suspended
   Discounting
   Working Capital      111.5        CRISIL D Suspended
   Demand Loan

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

PTCL was set up in the 1898 as a joint stock company under the
name Rodier Mills. In 1956, it was renamed Anglo French Textiles,
which was closed in 1983 because of persistent labour unrest and
obsolete equipment. PTCL, an undertaking of GoP, took over Anglo
French Textiles in 1986. The company has an integrated facility
for converting cotton into garments and made-ups.


REGENCY EXPORTS: CRISIL Suspends B Rating on INR55MM Bank Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Regency
Exports Pvt. Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          2.5        CRISIL A4 Suspended
   Cash Credit            30.0        CRISIL B/Stable Suspended
   Letter of Credit      107.5        CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility     55.0        CRISIL B/Stable Suspended

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

REPL is a private limited company incorporated in 1990 by Mr.
Rajesh Kaura. The company manufactures and exports terry towels
and towelling materials. REPL has been exporting its products for
distribution through retail chains and departmental stores in
Europe for 20 years. REPL has manufacturing units at Solapur
(Maharashtra). It has its own warehouse in Solapur.


ROYAL MARWAR: CARE Assigns B+ Rating to INR40.95cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the long-term bank facilities of
Royal Marwar Hospitality Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     40.95      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Royal Marwar
Hospitality Private Limited (RMH) is primarily constrained by the
execution risk of debt-funded project, marketing and funding risk
as it is highly dependent on monetization of club membership
along-with industry risk.

The rating derives strength from the experience of directors in
the hospitality business and management of hotel by established
hospitality brand and tie-up with Umaid Heritage Project for sale
of club membership.  Going forward, the ability of RMH to complete
the project in a timely manner without any cost overrun and
achieve the targeted sales of membership for the club house is the
key rating sensitivities.

Incorporated in 2004, Royal Marwar Hospitality Private Limited
(RMH) is currently developing a 51 rooms three star property and a
club at Jodhpur, Rajashtan. The hotel will operate under the brand
name "Citrus Jodhpur" and club under the brand name "Royal Marwar
Club". Apart from the hospitality and club operations, the company
also intends to monetize certain portion of additional land around
the club. The total area of the spare plot is 12,447 sq mt
approximately, which is valued to be sold at INR42,500 per sq mt
and is expected to generate revenue of INR52.90 crore for the
company.

The estimated cost for the project amounts to INR73.37 crore is
estimated to be funded by equity (including sub-ordinated
unsecured loans), sale of club membership, term loan and
debentures from promoters in the ratio of 0.27: 0.09: 0.56:
0.08.

As on July 31, 2014, the company has already incurred a cost of
INR39.95 crore (54.45% of the total estimated project cost
including entire land cost), wherein equity and debenture funding
has been received. The remaining sub-ordinate unsecured loans (40%
already infused), term loan (42.17% already received) and sale of
membership (31 % already received).

The construction for club house has commenced in FY10 (refers to
the period April 01 to March 31) and is expected to be operational
by the end of September 2014 as majority of the work has been
completed therein. Moreover, construction for hotel has commenced
in April 2014 and is expected to commence commercial operations
from August 2015.


SRI KRISHNA: CRISIL Assigns 'D' Rating to INR98.7MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Sri Krishna Spg and Wvg Mills Pvt Ltd. The ratings
reflect instances of delay by SKSWML in servicing its term debt;
the delays have been caused by SKSWML's weak liquidity.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Term Loan        98.7         CRISIL D
   Bank Guarantee         0.2         CRISIL D
   Cash Credit/          21.1         CRISIL D
   Overdraft facility

Also, SKSWML has modest scale of operations in the fragmented and
competitive textile industry. SKSWML, however, benefits from its
promoters' extensive industry experience.

SKSWML, incorporated in 1930 and based in Bengaluru, is engaged in
dying and printing of fabric. Its day-to-day operations are
managed by Mr. Y M Vinay.

SKSWML, on a provisional basis, reported profit after tax of
INR6.3 million on net sales of INR469.2 million for 2013-14
(refers to financial year, April 1 to March 31); the company
reported loss of INR5.6 million on net sales of INR     437.8
million for 2012-13.


SRI RATNA: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Ratna Lakshmi
Spinning Mills Pvt Ltd (SRS) continue to reflect SRS's modest
scale of operations in the intensely competitive cotton textiles
industry, and susceptibility of its operating margin to volatility
in raw material prices. The ratings also factor in the company's
below-average financial risk profile, marked by small net worth.
These rating weaknesses are partially offset by the extensive
experience of SRS's promoter in the textiles industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          8        CRISIL A4 (Reaffirmed)
   Cash Credit            70        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       15        CRISIL A4 (Reaffirmed)
   Term Loan              24.7      CRISIL B+/Stable (Reaffirmed)
   Warehouse Financing    37.6      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRS will continue to benefit over the medium
term from its established track record in the textiles industry.
The outlook may be revised to 'Positive' if the company records
considerable improvement in its accruals and capital structure,
resulting in improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' if SRS registers significant
deterioration in its working capital management or if the company
undertakes a large debt-funded capital expenditure (capex)
programme, or if its revenue or profitability declines, resulting
in deterioration in its financial risk profile.

Update
SRS, on a provisional basis, reported operating income of INR
432 million for 2013-14 (refers to financial year, April 1 to
March 31), against INR353 million for 2012-13;  a compounded
growth rate of 21 per cent for four years through 2013-14 owing to
steady offtake from the end-user segment. However, the company's
operating margin declined to an estimated 7.50 per cent in 2013-14
from 9.76 per cent in 2012-13 due to inability to pass on
increased cost to end customers. CRISIL believes that SRS will
continue to benefit from its established relationship with
customers.

SRS's financial risk profile continues to remain below average,
marked by small net worth. The company's net worth and gearing are
estimated to be around INR75 million and 1.56 times respectively,
as on March 31, 2014. SRS benefits from continuous support from
its promoters in the form of unsecured loans which stood at
INR10.3 million as on March 31, 2014. The gearing is expected to
improve due to steady accretion to reserves. The company has
moderate debt protection metrics as reflected in its net cash
accruals to total debt and interest coverage ratios of around 12
per cent and 1.83 times, respectively, for 2013-14. CRISIL
believes that SRS's financial risk profile will remain at similar
levels supported by steady accretions to reserves and minimal debt
funded capex plans.

SRS's liquidity is adequate, marked by sufficient cash accruals to
meet repayment obligations though constrained by high utilisation
of its bank lines. The company is expected to generate cash
accruals of INR16.6 million to INR26 million over the medium term,
which will be adequate to meet its repayment obligations of INR11
million to INR11.2 million. The bank lines were utilised at an
average of 97 per cent for 12 months through June 2014. CRISIL
believes that SRS's liquidity will be adequate over the medium
term given its steady cash accruals and continuous support from
its promoters.

SRS, incorporated in 1994, derives revenue from manufacture of
cotton yarn and sale of fabric. The company's manufacturing unit
is in Kunnathur (Tamil Nadu).


STALLION ENTERPRISE: CARE Assigns B+ Rating to INR2.5cr Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' to the bank facilities of
Stallion Enterprise.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2.50       CARE B+ Assigned
   Long-term/Short-term Bank     5.00       CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Stallion Enterprise
are primarily constrained due to the modest scale of operations,
thin profitability, leveraged capital structure and weak debt
coverage indicators coupled with foreign exchange fluctuation
risk. The ratings are further constrained on account of its short
track record of operations in the fragmented and working capital
intensive agro trading industry and constitution as a partnership
firm.

The ratings, however, derive strength from the promoters
experience and moderate liquidity position.  The ability of SES to
increase its scale of operations with an improvement in
profitability margins along with capital structure and effectively
managing its working capital requirements is the key rating
sensitivity.

Rajkot-based, (Gujarat) Stallion Enterprise (SES) established in
2012 is a partnership firm engaged in the trading of agricultural
commodities like Rice, Indian Raw Cotton, Maize, Yellow Corn,
Millet, Groundnut Kernels, Hulled Sesame Seeds, Natural White
Sesame Seeds, Natural Black Sesame Seeds, Raw Cashew nut, Wheat
and Indian spices. SES is promoted and managed by Mr Praful
Fuletra and Mr Aatman Bhesdadiya. SES supplies the products to
various countries in Africa and Europe with Benin in Africa as its
major export destination. SES generates almost 40% of its revenues
through trading in rice.

SES reported a PAT of INR0.05 crore on a TOI of INR19 crore during
FY14 (refers to the period April 1 to March 31). As per the
provisional results for Q1FY15, SES reported a TOI of INR5 crore.


STANDARD SURFACTANTS: CRISIL Suspends B+ INR80M Cash Loan Rating
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Standard Surfactants Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee        12.5        CRISIL A4 Suspended
   Cash Credit           80          CRISIL B+/Stable Suspended
   Letter of Credit       5          CRISIL A4 Suspended
   Proposed Long Term     2.5        CRISIL B+/Stable Suspended
   Bank Loan Facility

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

SSL, set up in 1989, is promoted by the Kanpur (Uttar Pradesh)-
based Garg family. The company commenced production at its
facility in Rania in Kanpur, and has expanded to three
manufacturing units, located in Rania, Mandideep (Madhya Pradesh),
and Paonta Sahib (Himachal Pradesh). SSL manufactures chemicals
and intermediates for the detergent and pesticides industries. The
company has installed capacity of 19,550 tpa for chemicals and
surface active agents, and 48,000 tpa for detergents. It is also
an authorised distributor for Indian Oil Corporation Ltd (IOCL)
for paraffin wax and sulphur in Uttar Pradesh. SSL is also working
as del credere agent for IOCL for selling polymer products in
Kanpur.


SVARN TEX: CRISIL Suspends D Rating on INR144.1MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Svarn
Tex Prints Pvt Ltd (STPPL; part of the Svarn group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         15        CRISIL D Suspended
   Cash Credit            45        CRISIL D Suspended
   Rupee Term Loan       144.1      CRISIL D Suspended

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

CRISIL has combined the business and financial risk profiles of
STPPL, Svarn Telecom Ltd (STL), Svarn Telecom (ST), and Svarn
Infratel Ltd (SIL). This is because the four entities,
collectively referred to as the Svarn group, share the same
management team, and have intra-group operational linkages and
fungible cash flows. The group's procurement and marketing
functions are carried out at its central corporate office. Three
of the group entities are in the same line of business and use a
common brand name. Furthermore, there are fungible cash flows
among the group companies, where surplus funds available with one
group entity could be utilised for working capital and capital
expenditure requirements of the other group entities.

The Svarn group has been established by the Gupta and Singhal
family. STPPL, part of the Svarn group, was set up in 2008 in
Faridabad (Haryana). It operates a processing house for fabric
dyeing, printing, and processing. The Svarn group manufactures
passive telecom infrastructure and equipment, and operates a
fabric processing house. The group manufactures passive telecom
equipment through ST and STL, and power cables through SIL; it
operates a fabric processing house under STPPL. The Svarn group
supplies its products to telecom entities such as Ericsson India
Pvt Ltd, Nokia India Private Limited, Siemens Ltd (rated 'CRISIL
AAA/Stable/CRISIL A1+'), Bharti Airtel Ltd (CRISIL
AA+/Stable/CRISIL A1+), and Idea Cellular Ltd (CRISIL A1+).


SWISS PHARMA: CARE Assigns B+ Rating to INR14.15cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of
Swiss Pharma Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.15      CARE B+ Assigned
   Short-term Bank Facilities     2.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Swiss Pharma Pvt
Ltd (SPPL) are primarily constrained on account of the modest
scale of operations with moderate liquidity position, moderate
profitability and highly leveraged capital structure. The ratings
are also constrained due to its presence in the competitive
generic formulations and pharma contract manufacturing industry
coupled with low bargaining power with customers and risk
associated with the new project.

The ratings, however, derive strength from the promoters'
experience, long track record of operations and well-equipped
and accredited manufacturing facility.

The ability of SPPL to increase its scale of operations with
achievement of envisaged capacity utilization of expanded
facility and improvement in capital structure along with improving
its profitability margins are the key rating sensitivities.

Incorporated in 1987, Swiss Pharma Pvt Ltd (SPPL) is engaged in
the manufacturing of generic formulations in various dosage forms,
ie, tablets, capsules and dry syrups at its facility at Ahmedabad,
Gujarat, which is ISO certified and WHOGMP compliant. SPPL does
contract manufacturing for large pharma players along-with
manufacturing its own generic products which are sold through its
associate company, ie, Swipha Export Pvt Ltd, which markets the
products in Southeast Asia, Cambodia, Nigeria, Uganda, Tanzania,
Iraq, Iran, etc, forming approximately 17% of the total turnover
in FY14 (refers to the period April 01 to March 31). SPPL is
managed by Dr Sharad Shah and his son, Mr Darshan Shah.

As per the provisional results for FY14, SPPL reported a TOI of
INR23.05 crore and PAT of INR0.38 crore in FY14 as compared with
TOI of INR16.92 crore and PAT of INR0.04 crore in FY13 (audited)
respectively.


SYMCOM IMPEX: CRISIL Upgrades Rating on INR150M Cash Credit to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Symcom Impex Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           150         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Working Capital        93.5       CRISIL B+/Stable (Upgraded
   Demand Loan                       from 'CRISIL B/Stable')

   Proposed Long Term      6.5       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SIPL's average
business risk profile, driven by higher-than-expected growth in
revenue backed by expected increase in the company's trading
activities. The upgrade also reflects the expected improvement in
SIPL's liquidity driven by liquidation of a significant portion of
advances deployed towards group companies.

The rating reflects SIPL's below-average financial risk profile,
marked by weak interest coverage ratio, its susceptibility to
risks related to the highly fragmented nature of the scrap trading
industry, and vulnerability of its operating margin to
fluctuations in steel scrap prices. These rating weaknesses are
partially offset by the extensive experience of SIPL's promoters
in the steel scrap trading industry.

Outlook: Stable

CRISIL believes that SIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company generates
more-than-expected cash accruals, driven most likely by a
sustainable increase in its scale of operations and profitability,
leading to improvement in its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if SIPL's liquidity weakens, driven most likely by
lower-than-expected cash accruals, increase in working capital
requirements, or significant diversion of funds towards group
companies.

SIPL was set up in April 2011. The company is in the business of
disposing scrap obtained by dismantling and demolishing big
industries and workshops such as textile mills, sugar mills, and
steel plants, and of ships. It also trades in scrap.

For 2013-14, SIPL reported a profit after tax (PAT) of INR9
million on net sales of INR483 million, against a PAT of INR3
million on net sales of INR205 million for 2012-13.


UNITRACK LOGISTICS: CRISIL Suspends D Rating on INR33MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Unitrack Logistics Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           25          CRISIL D Suspended
   Term Loan             33          CRISIL D Suspended

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

ULPL was incorporated as a private limited company in 2002, by Mr.
Chanchal Ghosh along with his business acquaintance Mr. Rajesh
Dubey. The company was initially engaged in providing logistics
services such as freight forwarding and customs clearing by air
for various aviation and non-aviation companies. Later, ULPL
entered into trading of oil and lubricants and aircraft repair,
maintenance and modernization business. ULPL has its head office
at Delhi and local offices in other major cities of India such as
Bangalore, Chennai, and Mumbai.


USHA SPINNERS: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
-----------------------------------------------------------------
The rating continues to reflect Usha Spinners' below-average
financial risk profile, marked by high gearing and weak debt
protection metrics, and modest scale of operations in a fragmented
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            100       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      20       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by its promoters'
extensive experience in the textile industry.

CRISIL had upgraded its rating on the long-term bank facilities of
Usha to 'CRISIL B+/Stable' from 'CRISIL B/Stable', via its rating
rationale released on September 12, 2014.

Outlook: Stable

CRISIL believes Usha will maintain its business risk profile over
the medium term on the back of its proprietor's extensive
experience in the textile industry. The outlook may be revised to
'Positive' if the firm reports healthy growth in the scale of
operations and profitability leading to better debt protection
metrics, or its capital structure improves due to infusion of
substantial equity by promoters. Conversely, the outlook may be
revised to 'Negative' if Usha's operating margin declines further
or its financial risk profile deteriorates owing to a stretch in
working capital cycle.

Set up in 1998, Usha is a Ludhiana-based proprietorship concern
that trades in cotton, polyester yarn and cloth. The operations of
the firm is being looked after by Mr. Gautam Thapar.


VIDYAA VIKAS: CRISIL Suspends D Rating on INR188.2MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vidyaa
Vikas Educational and Medical Charitable Trust - Covai (VVEMCT;
part of Vidyaa Vikas group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan         188.2       CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility      40.0       CRISIL D Suspended

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

CRISIL has combined the business and financial risk profiles of
VVEMCT and Vidyaa Vikas Educational and Charitable Trust (VVECT),
collectively referred to as the Vidyaa Vikas group. This is
because both the trusts are in the same lines of business, managed
by common trustees, and have fungible cash flows between them.

Established in 1996 and based in Tiruchengode (Tamil Nadu [TN]),
VVECT runs six educational institutions, including schools,
colleges, and a teacher training institute, imparting education to
around 11,000 students every year.


VVS CONCAST: CRISIL Suspends B+ Rating on INR80MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of VVS
Concast Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            80        CRISIL B+/Stable Suspended

   Proposed Long Term     11.7      CRISIL B+/Stable Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by VVS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VVS is yet to
provide adequate information to enable CRISIL to assess VVS'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 1996 and promoted by Mr. Vijay Kumar Aggarwal, VVS
manufactures cold twisted bars and wire rods in Kanpur.



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


BAKRIE TELECOM: Discloses Proposal to Restructure Bonds Due 2015
----------------------------------------------------------------
Daniel Stanton at International Financing Review reports that
PT Bakrie Telecom has put forward a restructuring proposal to
holders of its US$380 million 11.5% senior notes due 2015, after
it missed a coupon payment in November last year.

The report relates that the proposal calls for the existing notes
to be split into two parts, according to a source who attended a
bondholder meeting on September 24. Around 30% will be exchanged
for a 5-year amortising bond with annual redemptions, a 1% cash
coupon and an extra 3% capitalised payment in kind, IFR relays.

IFR says the other 70% is an equity-like investment -- a "secured
conditional exchange bond" -- with a 6.5-year maturity. It will
pay a 5% coupon only on its sixth anniversary, but carries some
upside if the company is involved in mergers or acquisitions,
according to the report.

IFR notes that the company will hold more meetings with
bondholders to secure approval for the plan, and aims to wrap up
the restructuring by December.  Bakrie Telecom's other creditors,
including Credit Suisse and Huawei, will also need to approve the
proposal, the report notes.

"It seems sensible," the source, as cited by IFR, said. "If they
can deliver on their plan it's good news." The bond was quoted as
low as 9 cents to the dollar before the meeting, the report notes.

Bakrie Telecom did not respond to questions from IFR.

                         About Bakrie Telecom

PT Bakrie Telecom Tbk -- http://www.bakrietelecom.com/-- is an
Indonesia-based telecommunication services provider.  The
Company's services include fixed wireless access using extended-
time division multiple access (E-TDMA) technology, which is a
limited mobility service using code division multiple access
(CDMA) 2000 1x technology. The Company's products consist of
Esia, Wifone, Wimode, EsiaTel and SLI Hemat 009.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2014, Fitch Ratings downgraded Indonesia-based PT Bakrie
Telecom Tbk's (BTEL) Long-Term Foreign- and Local-Currency Issuer
Default Ratings to 'Restricted Default' (RD) from 'C'.  The
USD380m May 2015 bond fully guaranteed by BTEL has also been
affirmed at 'C' while the Recovery Rating on the bond has been
downgraded to 'RR5' from 'RR4'.

Fitch said the downgrade to 'RD' follows the uncured default on a
coupon payment in November 2013 and no subsequent coupon payment
or public announcement about the progress of debt restructuring
discussions with its creditors.


BAKRIE TELECOM: Investors Sue Over $380MM Bond Default
------------------------------------------------------
Eveline Danubrata and Umesh Desai at Reuters report that three
buyers of a $380 million bond issued by a subsidiary of
Indonesia's PT Bakrie Telecom Tbk have filed a lawsuit in the
United States for alleged breach of terms.

Reuters says the investors claim four Bakrie Group companies tied
to the bond have failed to make two interest payments and have
indicated they will continue to default on their obligations.

Bakrie Telecom is the latest Bakrie Group company struggling to
repay debt, Reuters notes. The group, often described as asset-
rich but cash poor, have struggled in recent years due to a slide
in coal prices and over-leveraged balance sheets, according to
Reuters.

Reuters relates that in a filing dated Sept. 22, Universal
Investment Advisory SA, Vaquero Master EM Credit Fund Ltd and
Trucharm Ltd said they were suing Bakrie Telecom Pte Ltd, PT
Bakrie Telecom Tbk, PT Bakrie Network and PT Bakrie Connectivity
in a New York state court.

Bakrie Telecom Pte Ltd, a company organised under the laws of
Singapore, issued the bond, Reuters notes. It, PT Bakrie Network
and PT Bakrie Connectivity are subsidiaries of PT Bakrie Telecom
Tbk.

Reuters says the three plaintiffs, which collectively hold more
than 25 percent of the bond maturing May 2015, claimed the four
Bakrie companies failed to pay interest due in November 2013 and
May 2014.

"Defendants have acknowledged that the default will continue and
no further interest payments will be made while the company
confidentially negotiates with its chosen 'steering committee,'
and a restructuring of the company and the note obligations is
effectuated," the investors said in the filing cited by Reuters.

"Accordingly, there is high probability that defendants will
exacerbate the default and fail to make the next payment due in
November 2014."

Analysts are skeptical about the enforceability of the outcome of
the lawsuit, according to Reuters.

"Judgements of foreign courts, including New York courts, are not
enforceable in Indonesia," Fitch analyst Vicky Melbourne wrote in
a recent report, Reuters relays. "Few creditors have used the
legal bankruptcy process in the past, opting instead for an out of
court consensual restructuring."

                     Mulls Merger With Smartfren

Meanwhile, Reuters says PT Bakrie Telecom Tbk is currently
considering merging with PT Smartfren Telecom Tbk, local media
reported on September 24, quoting a Bakrie Telecom director.

"An M&A looks difficult as the company (Bakrie Telecom) is
continuously losing subscribers and posting weaker financial
performance every quarter," Reuters quotes Nitin Soni, a Fitch
analyst, as saying. But it may pursue a deal with Smartfren as the
companies use similar technology, Soni said, Reuters relays.

                         About Bakrie Telecom

PT Bakrie Telecom Tbk -- http://www.bakrietelecom.com/-- is an
Indonesia-based telecommunication services provider.  The
Company's services include fixed wireless access using extended-
time division multiple access (E-TDMA) technology, which is a
limited mobility service using code division multiple access
(CDMA) 2000 1x technology. The Company's products consist of
Esia, Wifone, Wimode, EsiaTel and SLI Hemat 009.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2014, Fitch Ratings downgraded Indonesia-based PT Bakrie
Telecom Tbk's (BTEL) Long-Term Foreign- and Local-Currency Issuer
Default Ratings to 'Restricted Default' (RD) from 'C'.  The
USD380m May 2015 bond fully guaranteed by BTEL has also been
affirmed at 'C' while the Recovery Rating on the bond has been
downgraded to 'RR5' from 'RR4'.

Fitch said the downgrade to 'RD' follows the uncured default on a
coupon payment in November 2013 and no subsequent coupon payment
or public announcement about the progress of debt restructuring
discussions with its creditors.


BANK MUTIARA: Informal Talks With J Trust Over Stake Buy Starts
---------------------------------------------------------------
Vanesha Manuturi at Jakarta Globe reports that the Financial
Services Authority, or OJK, has started informal talks with
Japan's J Trust on the sale of troubled lender Bank Mutiara,
according to a high-ranking official from the Indonesia Deposit
Insurance Corporation, or LPS.

"We hope that the OJK can reach a decision by early November," the
report quotes Kartika Wirjoatmodjo, chief executive at LPS, as
saying.

Jakarta Globe recalls that LPS had said previously that J Trust
must complete process for the acquisition of the stake by
Nov. 21.

Bank Mutiara, formerly known as Bank Century, was bailed out by
the government during the 2008 financial crisis, according to
Jakarta Globe. LPS has taken over its operations since then.

Jakarta Globe, citing a 2004 law, notes that LPS must sell the
entire shares of a bank it rescues after six years, at most.
Investor Daily reported last week the J Trust agreed on a price
between IDR4.3 trillion ($395 million) to IDR5.7 trillion, quoting
an unnamed source, according to Jakarta Globe.

Kartika decline to confirm the prices, adding that "it would not
be too far from those that has been reported," the report relays.

A public bidding process was initiated April, and J Trust, a
Japanese finance company, was named as the most suitable bidder
for the sale, beating other lenders such as Bank Rakyat Indonesia
and the Hong Kong unit of Bank of China, Jakarta Globe adds.

Based in Jakarta, Indonesia, Mutiara Bank, formerly known as PT
Bank Century Tbk -- http://www.mutiarabank.co.id/-- was a
financial institution.  The Bank's products and services include
deposits, savings, loans, mutual funds, bank notes, export and
import financing, credit and commercial banking.

Bank Century was a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion).  The government took over Bank
Century -- the first such move since the 1997-1998 crisis -- to
save it from collapse and restore confidence in the banking
sector.  The government initially injected IDR1 trillion (US$106
million) to increase liquidity at Bank Century after Indonesia's
Deposit Insurance Corp. seized it on Nov. 21, 2008, over a week
after the bank failed to comply with a IDR5 billion obligation.
Bank Century then received a total capital injection of IDR6.76
trillion from the LPS.



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


CAPITAL + MERCHANT: Case vs Former Trustee, Stace Hammond Delayed
-----------------------------------------------------------------
Victoria Young at NBR Online reports that a claim by the receiver
of Capital + Merchant Finance against its former trustee,
Perpetual Trust, and legal firm Stace Hammond has been delayed.

Media were kept out of court on September 25 morning as lawyers
for KordaMentha's Grant Graham and Brendon Gibson and Perpetual
and Stace Hammond, which acted for Capital + Merchant met Justice
Raynor Asher, according to NBR.

NBR says Messrs Graham and Gibson had filed statements of claim
saying the trustee and lawyers breached duties they owed to the
finance company.

According to the report, Justice Asher on September 23 released a
minute which says it was the defendants who wanted the case
delayed.  According to the minute, the receiver's lawyer, Robert
Stewart QC, did not consent to delaying the case but could not get
advice from his client to oppose it, the report relays.

The judge decided the case could not move forward and asked
counsel for a progress report next week, adds NBR.

NBR relates that the receivers said this is probably the only
remaining potential avenue of recovery for the 7,500 Capital +
Merchant investors owed approximately NZ$167 million at the date
of receivership.

The company holds no further assets that have a realisable value,
the report notes.

NBR says the claim follows a High Court decision last year to
remove Perpetual as trustee for Capital + Merchant and appoint
state-owned Public Trust as a trustee of last resort.

                     About Capital + Merchant

Capital + Merchant Finance Limited was placed into receivership on
Nov. 23, 2007, with the appointment of Timothy Downes and Richard
Simpson of Grant Thornton as Receivers. A second receivership also
commenced on Nov. 29, 2007, with the appointment of Grant Graham
and Brendon Gibson of Korda Mentha as Receivers. The first
receivership was concluded on March 21, 2012, and the second
receivership continues. The Official Assignee was appointed
liquidator of the company on Dec. 15, 2009, on the petition of the
Registrar of Companies.

Three former directors of C+M (Nicholls, Douglas and Tallentire)
were convicted of offences under the Crimes Act and the Securities
Act as a result of prosecutions by the Serious Fraud Office (SFO)
and the Financial Markets Authority (FMA). They received total
prison sentences of between six and eight and a half years'
imprisonment. Two of the directors (Ryan and Sutherland) were
ordered to pay reparation totaling NZ$160,000.



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


DONGBU GROUP: Creditors Seek to Write Down Dongbu Steel Capital
---------------------------------------------------------------
Park Ji-won at The Korea Times reports that the Korea Development
Bank (KDB) and its creditors are seeking to write down Dongbu
Steel's capital as a way of taking over managerial control from
Dongbu Group Chairman Kim Jun-ki.

The Korea Times relates that KDB, the main creditor of the debt-
ridden steelmaker, said on September 23 that it had started
seeking other creditors' approval for the restructuring plan.

According to the report, the capital write-down plan calls for
every 100 shares owned by Kim and other major shareholders to be
cut down to one share. The capital write-down ratio for minor
shareholders is set at four to one, the report says.

The Korea Times notes that creditors are required to reply to the
KDB-initiated restructuring plan by Sept. 30.

The plan also includes turning KRW53 billion of the steelmaker's
debt into equity and for the extension of KRW500 billion in fresh
loans, the report relays.

If the plan gains the approval of creditors and the group,
Chairman Kim will lose management control because Kim and his
allies' combined shares will be worth only about 1 percent what
they are worth today [Sept. 23], according to The Korea Times.

Kim holds a 4.04-percent stake in the company and his eldest son,
Nam-ho, a 7.39-percent stake, the report discloses. Dongbu CNI
holds the largest stake in the company, 11.23 percent.

According to the report, KDB officials said the group was claiming
that the capital write-down ratio was excessive.

The restructuring plan needs endorsement from all creditors, says
the Korea Times.

Creditors' due diligence estimated the steelmaker is worth
KRW2.4 trillion, the report notes.

Dongbu is a South Korean conglomerate corporation which operates
through seven business segments with 42 subsidiaries and 35,000
employees. The Group produces industry, chemical, shipping,
insurance and financial products.


* SOUTH KOREA: Ailing Shipbuilders Call For State Support
---------------------------------------------------------
Park Ji-won at The Korea Times reports that the local shipbuilding
industry on September 19 asked the government to provide
substantial support to save local shipbuilders from continuing
financial decline.

"In order to overcome the current crisis that the local
shipbuilding industry faces, the government should immediately
initialize action plans including heavy financial support," Kim
Oi-hyun, head of the Korea Offshore and Shipbuilding Association
(KOHIPA), told reporters, last week, during a meeting with
executives of the industry, The Korea Times relates.

Mr. Kim is also the CEO of Hyundai Heavy Industries, South Korea's
biggest shipyard. KOHIPA is a private association consisting of
the nation's leading shipbuilders, the report discloses.

Samsung Heavy Industries CEO Park Dae-young, Daewoo Shipbuilding &
Marine Engineering (DSME) Vice President Lee Chul-sang, STX
Offshore & Shipbuilding CEO Ryu Jung-hyung and Hanjin Heavy
Industries CEO Choi Sung-moon were high-profile figures who
attended the meeting, according to The Korea Times.

The report says the shipbuilding industry is experiencing a sense
of urgency after being hit by decreased orders and falling
profits.

The Korea Times notes that the nation's top three shipbuilders --
Hyundai, Samsung Heavy and DSME -- are in the doldrums because
their attempts to diversify their portfolios to offset concerns
over profit margins have been without any compensatory
breakthroughs. Hyundai posted an operating loss of
KRW1.1 trillion ($1.07 billion) in the second quarter, its largest
since it was founded in 1972, the report notes.

According to the report, the second quarter was catastrophic too
for Samsung and DSME in terms of performance amid the continued
bleak market. Samsung posted KRW262.3 billion in operating profits
in the second quarter, down 8.3 percent from a year earlier. The
company also has conflicts between the management and union
members, delaying negotiations on wages. DSME posted KRW102.5
billion in operating profits, down 19.1 percent, the report
discloses.

The Korea Times adds that it is rare for an entire industry to
officially request government support; however, officials said the
plea is no surprise given the current market conditions.



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


WINTEK CORP: Gets Loan Extensions; Seeks New Capital Injection
--------------------------------------------------------------
Lisa Wang at Taipei Times reports that financially strapped Wintek
Corp on September 24 said it has obtained an extension for the
repayment of bank loans due later this month and is seeking new
capital injection to fund its operations, but reassured investors
that the company remains operational.

Taipei Times, citing statements submitted to the Taiwan Stock
Exchange, says Wintek is also planning to revitalize some under-
utilized assets to boost its cash holdings and proposes to cut
costs by streamlining operations and boosting manufacturing
efficiency.

"Wintek will endeavor to execute its restructuring plan to improve
its operational performance and reduce operational expenses,"
company spokesman Jay Huang said in a statement, the report
relays.

According to Taipei Times, Wintek made the comments after the
Chinese-language Next Magazine said the firm had run into
operational difficulties over a credit crunch. The report said
some of Wintek's suppliers complained about delayed payments, the
report says.

Wintek did not deny the report, saying it is negotiating with raw
material suppliers to process payments at a later date, adds
Taipei Times.

Over the first eight months of the year, the Greater Taichung-
based firm repaid NT$1.24 billion (US$41 million) in long-term
debt and slashed short-term debt by NT$3.91 billion, the company,
as cited by Taipei Times, said in a statement

For now, Wintek has NT$5.01 billion in cash and cash equivalence,
but has to pay back NT$17.77 billion in short-term debt and
NT$9.44 billion of debt within a year, Taipei Times discloses.

Wintek has lost NT$15.03 billion over the past three years and
shed a further NT$3.42 billion in the first half of this year, the
report notes.

Based in Taichung, Taiwan, Wintek Corporation (TPE:2384) is
principally engaged in the design, research, development,
manufacture and sale of liquid crystal display (LCD) panels and
liquid crystal modules (LCMs) for indium tin oxide (ITO)
conductive glass, touch panels, light guides, twisted nematic
(TN), super twisted nematic (STN) and thin film transistors
(TFTs).  The company's LCDs and LCMs are used in communication
devices, digital still camera (DSCs), portable navigation devices
(PNDs), moving picture experts group layer-3 audio (Mp3), moving
picture experts group(MPEG) layer-4 audio(MP4), digital photo
frame and ultra-mobile personal computers(UMPCs).  The Company
also offers electronic components, raw materials and semi-finished
products. It distributes its products in Taiwan, Europe, the
Americas and other Asian markets.



===============
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

360 CAPITAL OFFI          TOF            88.94        -33.19
AAT CORP LTD              AAT            32.50        -13.46
AAT CORP LTD              AAT            32.50        -13.46
ATLANTIC LTD              ATI            64.03       -517.87
AUSTRALIAN ZI-PP        AZCCA            14.89        -65.04
AUSTRALIAN ZIRC           AZC            14.89        -65.04
BESRA GOLD -CDI           BEZ            67.38        -22.27
BIRON APPAREL LT          BIC            19.71         -2.22
BLUESTONE GLOBAL          BUE            46.32         -2.40
CLARITY OSS LTD           CYO            13.99        -15.57
KASBAH RESOURCES          KAS            18.24         -0.85
KASBAH RESOUR-NS         KASN            18.24         -0.85
LEGEND MINING             LEG            20.24         -0.66
MACQUARIE ATLAS           MQA         1,643.30     -1,018.14
MIRABELA NICKEL           MBN           158.54       -375.82
NATURAL FUEL LTD          NFL            19.38       -121.51
QUICKFLIX LTD             QFX            12.12         -4.38
QUICKFLIX LTD-N          QFXN            12.12         -4.38
RIVERCITY MOTORW          RCY           386.88       -809.13
SAVCOR GRP LTD            SAV            25.90        -10.32
STERLING PLANTAT          SBI            55.20        -11.32
STONE RESOURCES           SHK            21.01         -5.58
STRAITS RESOURCE          SRQ           185.04        -65.47
TZ LTD                    TZL            12.45        -10.10
VDM GROUP LTD             VMG            17.70         -2.10


CHINA

ANHUI GUOTONG-A            600444        75.69         -6.25
BAIOO                        2100        88.34         -3.21
CHANG JIANG-A                 520        85.63       -803.28
HUNAN TIANYI-A                908        56.58         -1.61
JIANGXI CHANG-A            600228       110.07         -9.15
LUOYANG GLASS-A            600876       203.45         -2.05
LUOYANG GLASS-H              1108       203.45         -2.05
NANNING CHEMIC-A           600301       344.15         -9.59
SHAANXI QINLIN-A           600217       349.25        -14.52
SHANG BROAD-A              600608        35.87         -0.22
SHANGHAI CHAOR-A             2506       577.79       -465.36
TIANGE                       1980       139.51        -13.82
WUHAN BOILER-B             200770       203.68       -218.32


HONG KONG

BEIJINGWEST INDU             2339        28.39        -57.06
BIRMINGHAM INTER             2309        59.86        -21.91
C FOOD&BEV GP                8272        50.10         -4.36
CHINA E-LEARNING             8055        13.33         -4.07
CHINA HEALTHCARE              673        27.19        -12.96
CHINA OCEAN SHIP              651       315.16        -76.51
CNC HOLDINGS                 8356        42.92        -52.59
CROWN INTERNATIO              727        64.61         -5.12
EFORCE HLDGS LTD              943        55.72        -17.55
GR PROPERTIES LT              108        17.83        -52.36
GRANDE HLDG                   186       205.00       -295.25
HARMONIC STR                   33        32.93         -2.03
MASCOTTE HLDGS                136        18.90        -12.88
MEGA EXPO HOLDIN             1360        17.00         -0.53
PALADIN LTD                   495       148.01        -14.35
PROVIEW INTL HLD              334       314.87       -294.85
SINO DISTILLERY                39        72.30         -7.54
SINO RESOURCES G              223        30.65        -17.93
SURFACE MOUNT                 SMT        41.44         -9.21
TITAN PETROCHEMI             1192       422.49     -1,073.54


INDONESIA

APAC CITRA CENT          MYTX           172.86        -12.52
ARPENI PRATAMA           APOL           182.55       -333.91
ASIA PACIFIC             POLY           330.86       -853.09
BAKRIE & BROTHER         BNBR           956.98       -156.77
BAKRIE TELECOM           BTEL           748.76       -111.71
BERLIAN LAJU TAN         BLTA         1,074.01     -1,177.97
BERLIAN LAJU TAN         BLTA         1,074.01     -1,177.97
BUMI RESOURCES           BUMI         6,764.90       -242.51
ICTSI JASA PRIMA         KARW            54.93         -6.88
JAKARTA KYOEI ST         JKSW            23.75        -35.86
MATAHARI DEPT            LPPF           282.58        -74.21
ONIX CAPITAL TBK         OCAP            11.39         -1.66
PRIMARINDO ASIA          BIMA            11.89        -16.86
RENUKA COALINDO          SQMI            17.04         -0.33
SUMALINDO LESTAR         SULI            77.74        -33.80
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            11.64        -10.64
ASHAPURA MINECHE         ASMN           162.39        -16.64
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
BINANI INDUS LTD          BZL         1,163.38        -38.79
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           462.53        -52.19
DISH TV INDI-SLB       DITV/S           462.53        -52.19
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           314.24        -76.26
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            15.26       -304.68
GUPTA SYNTHETICS        GUSYN            44.18         -6.34
HARYANA STEEL            HYSA            10.83         -5.91
HEALTHFORE TECHN         HTEC            14.74        -46.64
HINDUSTAN ORGAN           HOC            57.24        -51.76
HINDUSTAN PHOTO          HPHT            49.58     -1,832.65
HIRAN ORGOCHEM             HO            14.56         -4.59
HMT LTD                   HMT           106.62       -454.42
ICDS                     ICDS            13.30         -6.17
INDAGE RESTAURAN          IRL            15.11         -2.35
INDOSOLAR LTD            ISLR           193.78         -6.91
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         2,856.84       -697.07
JET AIRWAYS -SLB      JETIN/S         2,856.84       -697.07
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
KM SUGAR MILLS           KMSM            19.14         -0.47
KSL AND INDUSTRI        KSLRI           269.42        -14.19
LML LTD                   LML            43.95        -78.18
MADHUCON PROJECT        MDHPJ         1,226.74        -21.90
MADRAS FERTILIZE          MDF           289.78        -34.43
MAHA RASHTRA APE         MHAC            14.49        -12.96
MALWA COTTON             MCSM            44.14        -24.79
MAWANA SUGAR             MWNS           142.07        -32.88
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           127.72       -153.54
QUINTEGRA SOLUTI          QSL            16.76        -17.45
RAMSARUP INDUSTR         RAMI           433.89        -89.28
RATHI ISPAT LTD          RTIS            44.56         -3.93
RELIANCE MED-SLB        RMW/S           276.99        -88.49
RENOWNED AUTO PR          RAP            14.12         -1.25
RMG ALLOY STEEL           RMG            66.61        -12.99
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            53.12        -30.47
SBEC SUGAR LTD          SBECS            92.44         -5.61
SERVALAK PAP LTD         SLPL            61.57         -7.63
SHAH ALLOYS LTD            SA           168.13        -81.60
SHALIMAR WIRES           SWRI            21.39        -24.28
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
SHREE RENUKA SUG         SHRS         2,162.34        -82.52
SHREE RENUKA-SLB       SHRS/S         2,162.34        -82.52
SIDDHARTHA TUBES          SDT            44.95        -15.37
SIMBHAOLI SUGAR          SBSM           268.76        -54.47
SPICEJET LTD             SJET           489.96       -170.22
SQL STAR INTL             SQL            10.58         -3.28
STATE TRADING CO          STC           556.35       -392.74
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
SUZLON ENERG-SLB       SUEL/S         5,061.62        -53.02
SUZLON ENERGY            SUEL         5,061.62        -53.02
TAMILNADU JAI            TNJB            17.07         -1.00
TATA METALIKS             TML           122.76         -3.30
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
WEBSOL ENERGY SY         WESL           105.10        -23.79


JAPAN

GOYO FOODS INDUS             2230        11.93         -1.86
LCA HOLDINGS COR             4798        19.37         -7.17
OPTROM INC                   7824        17.71         -2.66
PIXELA CORP                  6731        15.08         -1.63


KOREA

HYUNDAI CEMENT               6390       454.92       -262.92
SHINIL ENG CO               14350       199.04         -2.53
STX CORPORATION             11810     1,275.13       -484.08
STX ENGINE CO LT            77970     1,170.67        -62.72
TEC & CO                     8900       139.98        -16.61
TONGYANG INC                 1520     1,068.15       -452.52
TONGYANG INC-2PF             1527     1,068.15       -452.52
TONGYANG INC-3RD             1529     1,068.15       -452.52
TONGYANG INC-PFD             1525     1,068.15       -452.52
VERITAS INVESTME            19660        16.04         -0.09


MALAYSIA

DING HE MINING            705            75.97        -26.38
HAISAN RESOURCES          HRB            39.97        -11.83
HIGH-5 CONGLOMER         HIGH            34.30        -46.85
ML GLOBAL BHD             MLG            17.74         -3.63
PERWAJA HOLDINGS         PERH           632.62         -7.46
PETROL ONE RESOU         PORB            51.39         -4.00


PHILIPPINES

CYBER BAY CORP           CYBR            13.72        -23.36
DFNN INC                 DFNN            13.15         -2.31
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            91.11        -40.80
METRO GLOBAL HOL           FC            40.90        -15.77
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
CHINA GREAT LAND          CGL            16.52        -19.01
HL GLOBAL ENTERP         HLGE            83.11         -4.63
OCEANUS GROUP LT        OCNUS            85.03         -5.53
QT VASCULAR LTD          QTVC            10.21        -25.76
SCIGEN LTD-CUFS           SIE            46.71        -55.42
SINGAPORE EDEVEL          SGE            20.68         -9.36
TERRATECH GROUP          TEGP            13.55         -5.24
TT INTERNATIONAL          TTI           399.33        -11.36
UNITED FIBER SYS          UFS            51.61        -76.05


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
BIG CAMERA COP-F        BIG/F            19.86        -13.03
BIG CAMERA CORP           BIG            19.86        -13.03
BIG CAMERA -NVDR        BIG-R            19.86        -13.03
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
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
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
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
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            34.54         -2.57
BEHAVIOR TECH-EC        2341O            34.54         -2.57
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         1,761.34       -296.10
TAIWAN KOL-E CRT        1606U           507.21       -147.14
TAIWAN KOLIN-EN         1606V           507.21       -147.14
TAIWAN KOLIN-ENT        1606W           507.21       -147.14



                             *********

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

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

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


                            *********


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

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

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

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

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



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