TCRAP_Public/130419.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, April 19, 2013, Vol. 16, No. 77



RETAIL ADVENTURES: Admin. Report Possible Insolvent Trading
SAPPHIRE VI: Fitch Affirms 'B+' Rating on Class CA Trust
* Bankruptcies Down to 1996 Levels, says Insolvency and Trustee


GOLDEN WHEEL: Fitch Assigns 'B' Issuer Default Rating
XINYUAN REAL: S&P Places 'B+' Corp. Credit Rating; Outlook Stable


CHANDRALOK TEXTILE: ICRA Places 'C' Ratings on INR9.16cr Loans
CMI LIMITED: ICRA Revises Rating on INR15cr Loan to 'BB-'
DS TEXTILES: ICRA Assigns 'B+' Ratings To INR7.8cr Loans
DURGA MONOLITHICS: ICRA Assigns 'C+' Ratings to INR5.5cr Loans

GIMPEX LIMITED: ICRA Reaffirms 'BB+' Ratings on INR395cr Loans
JAMNA AUTO: ICRA Upgrades Ratings on INR69.64 Loan to 'BB+'
KUMAR MOTOR: ICRA Cuts Ratings on INR5.6cr Loans to 'B+'
PARTHASARATHY CNC: ICRA Assigns 'B-' Ratings to INR17.5cr Loans
REI AGRO: S&P Assigns 'B' Corporate Credit Rating; Outlook Stable

RIVER ENGINEERING: ICRA Reaffirms 'BB' Rating on INR11.49cr Loan
SABOO ENGINEERS: ICRA Reaffirms 'BB+' Rating on INR2cr Loan
TATA STEEL: Moody's Affirms Ba3 CFR; Outlook Remains Negative


BAKRIE TELECOM: S&P Puts 'B-' CCR on CreditWatch Negative
JAPFA COMFEED: Fitch Assigns 'BB-' LT Issuer Default Rating
JAPFA COMFEED: S&P Assigns 'BB-' CCR; Outlook Stable


* JAPAN: Posts JPY362.4 Billion Trade Deficit in March
* Fitch Downgrades 9 Japanese CMBS Deals to 'D'

N E W  Z E A L A N D

PIKE RIVER: Found Guilty on All Charges Under Employment Act
SOUTH CANTERBURY: Judge Delays Fraud Trial by a Month
TARARUA FORESTS: Council to Liquidate NZ$1.8 Million Forest Asset


MMI INTERNATIONAL: Fitch Rates US$230MM Term Loan at 'BB-'


* APAC Structured Finance Mostly Stable in Q113, Fitch Says
* Asia Pacific Corporate Financial Profile Weakens, Fitch Says
* Moody's Looks at ABS Markets in Australia, Korea and Japan
* Large Companies with Insolvent Balance Sheets

                            - - - - -


RETAIL ADVENTURES: Admin. Report Possible Insolvent Trading
Yolanda Redrup at SmartCompany reports that administrators for Jan
Cameron's Retail Adventures have informed the Australian
Securities and Investments Commission the company may have been
trading while insolvent.

Administrators informed a meeting of creditors on April 12 they
had informed the corporate watchdog of possible breaches, the
report relates.

According to SmartCompany, the administrators reported there is
"compelling evidence the company traded whilst insolvent" and they
will be receiving advice from their lawyers.

Investigations have also revealed 90% of a AUD98 million debt
incurred by Retail Adventures was formed within five months of the
administrators being appointed, says SmartCompany.

SmartCompany relates that a statement from the administrators
emphasised investigations had not yet been finalised and they will
"continue to investigate whether RAPL traded while insolvent".

The company's professional indemnity insurers have also been "put
on notice regarding the administrators' intention to lodge a claim
under the directors' and officer's liability insurance policy",
according to the minutes from the creditors' meeting obtained by

                      About Retail Adventures

Retail Adventures Pty Ltd is an Australia-based discount variety
retailer and operates nationally under brand names Chickenfeed,
Go-Lo, Crazy Clark's, and Sam's Warehouse. The company operates
around 270 stores across the four brands.

Deloitte Restructuring Services Partners Vaughan Strawbridge,
David Lombe and John Greig have been appointed Joint Voluntary
Administrators of Retail Adventures Pty Limited, effective
Oct. 26, 2012.

Mr. Strawbridge said a license agreement is in place between
Retail Adventures Pty Ltd and DSG Holdings Australia Pty Ltd for
them to manage the 238 Crazy Clark's and Sam's Warehouse stores.

About 20 Chickenfeed stores in Tasmania have been closed and
staff paid entitlements.

SAPPHIRE VI: Fitch Affirms 'B+' Rating on Class CA Trust
Fitch Ratings has upgraded eight classes of the Sapphire Series
transactions and affirmed 35. The transactions are Sapphire VI
Series 2004-2 Trust (Sapphire VI), Sapphire VII Series 2005-1E
Trust (Sapphire VII), Sapphire VIII Series 2005-2 Trust (Sapphire
VIII), Sapphire IX Series 2006-1 Trust (Sapphire IX), Sapphire X
Series 2007-1 Trust (Sapphire X), and Sapphire XI Series 2007-2
Trust (Sapphire XI). At the same time, Fitch upgraded the rating
of the Sapphire VII BA1 currency swap obligation. The transactions
are securitisations of Australian non-conforming residential
mortgages originated by Bluestone Group Pty Limited (Bluestone).

Key Rating Drivers

Increased credit enhancement provided by junior unrated notes and
stabilised asset performance have resulted in upgrades to eight of
the notes and the associated currency swap obligation of Sapphire
VII. Overall, performance has remained largely in line with
Fitch's expectations.

Defaults and losses have stabilised in Sapphire VI through IX, and
these seasoned pools have experienced loss severities in line with
expected levels. Arrears remain high, as is common in the non-
conforming market, but are relatively stable and largely below
Fitch's non-conforming low-doc Dinkum index. Available income has
continued to be strong and this has more than offset the impact of
realised losses to date. Credit enhancement has continued to build
as the rated notes have amortised, to levels where some upgrades
were appropriate. There are no charge-offs on the transactions'
Class D notes and available income has been sufficient to cover
losses to date. However, as the mortgage portfolios reduce in
size, the risk of principal losses resulting from the concentrated
default of large loans becomes an increasing driver for Fitch's
analysis, especially in Sapphire VI which has a pool of only 74

Defaults and losses remain high in Sapphire X and Sapphire XI and
have not yet stabilised. However, excess spread has also been

The Outlook Negative on Class CA notes issued by Sapphire X has
been revised to Stable as excess spread over the last 12 months to
December 2012 has been in the 3%-5.5% range. 30+days arrears have
been high but relatively stable around the 15% for the 12 months
to January 2013. There are no charge-offs to the Class D notes.

Defaults and losses have not yet stabilised in Sapphire XI.
Moreover, 30+days arrears in the mortgage pool of Sapphire XI
remain very high at 22%, including five of the largest seven loans
in 30+days arrears as at end January 2013. As of February 2013,
the Class D notes were charged-off for AUD249,811, compared with
AUD1,018,480 at February 2012. As of January 2013, these were the
only notes in any Sapphire securitisation of Australian mortgages
to have an outstanding charge-off. However, the unrated Class CZ
and D notes currently provide significant subordination of AUD9.5m
and AUD 3.4m respectively. The significant subordination provided
by the unrated notes as the pool has continued to amortise is
sufficient to warrant the revision of Outlooks on Sapphire XI's
classes BA, BZ and CA to Stable from Negative, and upgrades of the
Class MZ and BA notes to 'A+sf' from 'Asf', and 'BBB+sf' from
'BBBsf' respectively. This is despite the transaction performing
worse than the other Australian Sapphire transactions.

Rating Sensitivities

Fitch believes the likelihood of a downgrade of the senior notes
is remote, based on transaction performance and credit
enhancement. Junior rated notes are more susceptible to downgrade
in the event of increased losses, however the protection provided
by the unrated notes is increasing as the transactions continue to

Credit enhancement is expected to continue to build in the more
recent transactions, while concentration risk constrains further
upgrades in older transactions such as Sapphire VI and VII.

Fitch would expect to see stabilization of losses and reductions
in arrears levels in Sapphire X and XI before considering further
upgrades in these transactions.

A cash flow analysis was performed on each transaction, stressing
a combination of interest rates, defaults, default timings,
prepayment rates and recovery lags.

The rating actions are:

Sapphire VI Series 2004-2 Trust
AUD4.9m Class BA (AU300SAP7054) upgraded to 'Asf' from 'A-sf';
Outlook Stable

AUD4.6m Class BZ (AU300SAP7062) affirmed at 'BBB-sf'; Outlook

AUD2.8m Class CA (AU300SAP7070) affirmed at 'B+sf'; Outlook Stable

Sapphire VII Series 2005-1E Trust
EUR6.5m Class MA1 notes (XS0223702274) affirmed at 'AA+sf';
Outlook Stable

AUD2.7m Class MA2 notes (AU300SAP8029) affirmed at 'AA+sf';
Outlook Stable

EUR6.2m Class MZ1 notes (XS0223702357) affirmed at 'AA-sf';
Outlook Stable

AUD2.8m Class MZ2 notes (AU300SAP8037) affirmed at 'AA-sf';
Outlook Stable

EUR3.8m Class BA1 notes (XS0223702514) upgraded to 'BBB+sf' from
'BBBsf'; Outlook Stable

AUD6.3m Class BA2 notes (AU300SAP8045) upgraded to 'BBB+sf' from
'BBBsf'; Outlook Stable

AUD7.7m Class BZ notes (AU300SAP8052) affirmed at 'BBsf'; Outlook

AUD0.5m Class CA notes (AU300SAP8060) affirmed at 'Bsf'; Outlook

BA1 currency swap obligation upgraded to 'BBB+sf' from 'BBBsf';
Outlook Stable

Sapphire VIII Series 2005-2 Trust
AUD9.7m Class AA notes (AU300SAP9019) affirmed at 'AAAsf'; Outlook

AUD1.2m Class AM notes (AU300SAP9027) affirmed at 'AAAsf'; Outlook

AUD0.8m Class AZ notes (AU300SAP9035) affirmed at 'AAAsf'; Outlook

AUD10.2m Class MA notes (AU300SAP9043) affirmed at 'AA+sf';
Outlook Stable

AUD8.6m Class MZ notes (AU300SAP9050) upgraded to 'AA-sf' from
'A+sf'; Outlook Stable

AUD7.9m Class BA notes (AU300SAP9068) upgraded to 'BBB+sf' from
'BBBsf'; Outlook Stable

AUD7.3m Class BZ notes (AU300SAP9076) affirmed at 'BBsf'; Outlook

AUD1.5m Class CA notes (AU300SAP9084) affirmed at 'Bsf'; Outlook

Sapphire IX Series 2006-1 Trust
AUD47.6m Class AA notes (AU300SAPA010) affirmed at 'AAAsf';
Outlook Stable;

AUD6.1m Class AM notes (AU300SAPA028) affirmed at 'AAAsf'; Outlook

AUD4.1m Class AZ notes (AU300SAPA036) affirmed at 'AAAsf'; Outlook

AUD5.3m Class MA notes (AU300SAPA044) affirmed at 'AAsf'; Outlook

AUD4.5m Class MZ notes (AU300SAPA051) affirmed at 'A+sf'; Outlook

AUD4.3m Class BA notes (AU300SAPA069) affirmed at 'BBB+sf';
Outlook Stable;

AUD4.2m Class BZ notes (AU300SAPA077) affirmed at 'BBsf'; Outlook

AUD1.3m Class CA notes (AU300SAPA085) upgraded to 'Bsf' from 'B-
sf'; Outlook Stable

Sapphire X Series 2007-1 Trust
AUD76.9m Class AA notes (AU3FN0001939) affirmed at 'AAAsf';
Outlook Stable;

AUD12.3m Class AM notes (AU3FN0001947) affirmed at 'AAAsf';
Outlook Stable;

AUD6.4m Class AZ notes (AU3FN0001954) affirmed at 'AAAsf'; Outlook

AUD10.3m Class MA notes (AU3FN0001962) affirmed at 'AAsf'; Outlook

AUD7.1m Class MZ notes (AU3FN0001970) affirmed at 'A+sf'; Outlook

AUD6.6m Class BA notes (AU3FN0001988) affirmed at 'BBB+sf';
Outlook Stable;

AUD7.2m Class BZ notes (AU3FN0001996) affirmed at 'BB-sf'; Outlook

AUD3.5m Class CA notes (AU3FN0002002) affirmed at 'B-sf'; Outlook
revised to Stable from Negative

Sapphire XI Series 2007-2 Trust
AUD19.7m Class AA notes (AU3FN0004404) affirmed at 'AAAsf';
Outlook Stable;

AUD7.9m Class AM notes (AU3FN0004412) affirmed at 'AAAsf'; Outlook

AUD5.6m Class AZ notes (AU3FN0004420) affirmed at 'AAAsf'; Outlook

AUD8.6m Class MA notes (AU3FN0004438) affirmed at 'AAsf'; Outlook

AUD9.3m Class MZ notes (AU3FN0004446) upgraded to 'A+sf' from
'Asf'; Outlook Stable;

AUD6.9m Class BA notes (AU3FN0004453) upgraded to 'BBB+sf' from
'BBBsf'; Outlook revised to Stable from Negative;

AUD3.4m Class BZ notes (AU3FN0004461) affirmed at 'BBsf'; Outlook
revised to Stable from Negative;

AUD4.6m Class CA notes (AU3FN0004479) affirmed at 'Bsf'; Outlook
revised to Stable from Negative.

* Bankruptcies Down to 1996 Levels, says Insolvency and Trustee
Yolanda Redrup at Property Observer reports that bankruptcies are
at their lowest level in 17 years but rather than signalling
improving economic conditions, experts believe it's become harder
for businesses to chase debtors, according to new quarterly
figures revealed by the Insolvency and Trustee Service of

The numbers released April 10 indicated the national number of new
bankruptcies fell 13.9% to 4,774 -- the lowest number for the
quarter since March 1996, Property Observer relays.

According to the report, total personal insolvencies also declined
by 11.11% to 7,214 compared with this time last year. The largest
decline of personal insolvencies was in Tasmania, where 17.96%
fewer people declared insolvency, the report notes.

Property Observer says insolvency experts offered varying opinions
why the insolvency figures were reduced, with some believing the
increase in court filing fees for creditors makes chasing debtors
too expensive, and others believing the process of tracking down
an individual person is too difficult.


GOLDEN WHEEL: Fitch Assigns 'B' Issuer Default Rating
Fitch Ratings has assigned China-based homebuilder Golden Wheel
Tiandi Holdings Company Limited (GWTH) a Long-Term Local Currency
Issuer Default Rating of 'B' with a Stable Outlook and a local
currency senior unsecured rating of 'B'.

Fitch has also assigned GWTH's proposed senior unsecured CNY notes
an expected 'B(EXP)'. The final rating is contingent on the
receipt of final documents conforming to information already
received. The notes' rating is in line with GWTH's local currency
senior unsecured of 'B' as the notes will represent direct,
unconditional and unsecured obligations of the company.

Key Rating Drivers

Small scale: GWTH's business scale is smaller than B-rated peers,
as reflected by recognized sales of only CNY863m in 2012. Cash
flow and sales performance can be volatile, due to concentration
on only five to six major projects at any one time. In addition,
its focus on small commercial projects linked to metro stations
may also curb the speed of expansion of business scale.

Limited diversification: GWTH has not diversified meaningfully
outside of its home base in Nanjing. In 2012, projects in Nanjing
accounted for 65% of its land bank. This, together with its small
scale, exposes GWTH to potential competition from larger regional
or national players which may affect margins, and, eventually,

Unique model mitigates: GWTH has a proven track record in
developing small-sized commercial projects linked to metro
stations mainly in Nanjing. The unique locations and commercial
projects have the potential to boost the value of its investment
properties. They also allow the company to make superior margins;
at end-2012 it recorded a 52% gross profit margin and 45% EBITDA
margin. As China builds more subways in second tier cities, GWTH's
business model should remain sustainable. These factors mitigate
risks posed by its small scale.

Healthy financial position: GWTH's prudent financial management is
demonstrated by the low 7.5% net debt/adjusted inventory ratio at
end-2012. Fitch expects the ratio will rise to 15% at end-2013
following an increase in debt to fund new projects.

Investment properties strengthen profile: GWTH's recurring EBITDA
from its investment property portfolio provided a 1.7x coverage of
its gross interest expense in 2012. Fitch expects that this ratio
will range around 0.5x over the next three years, as debt increase
outpaces rental income growth. Nonetheless, its investment
property portfolio, valued at CNY3.1 billion at 2012, provides
financial flexibility.

Rating Sensitivities

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

- A significant year-on-year decrease in contracted sales plus
  sales after completion

- EBITDA margin falling below 25% on a sustained basis

- Net debt/ adjusted inventory rising above 30% on a sustained

- Deviation from the current focus on metro-linked projects

Positive: No positive rating action is expected over the next 12-
18 months given the current small scale. However, positive rating
action may result from

- Increase in the value of investment properties to over CNY5bn
  and annual contracted sales plus sales after completion to

- Recurrent EBITDA interest coverage rising over 1x on a
  sustained basis

XINYUAN REAL: S&P Places 'B+' Corp. Credit Rating; Outlook Stable
Standard & Poor's Ratings Services said that it had assigned its
'B+' long-term corporate credit rating to China-based real estate
developer Xinyuan Real Estate Co. Ltd.  The outlook is stable.
S&P also assigned its 'cnBB' long-term Greater China regional
scale rating to the company.  At the same time, S&P assigned its
'B+' issue rating and 'cnBB' Greater China regional scale rating
to Xinyuan's proposed issue of U.S.-dollar-denominated senior
unsecured notes.  The rating on the proposed notes is subject to
S&P's review of the final issuance documentation.

"The rating on Xinyuan reflects our view of the company's small
land bank, and revenue and geographic concentration risk stemming
from a limited number of projects," said Standard & Poor's credit
analyst Dennis Lee.  "The rating also reflects the potential
execution risk associated with Xinyuan's domestic and overseas
expansion.  The company's disciplined financial management,
established market position in Zhengzhou, and established
operating record temper these risks."

S&P views Xinyuan's business risk profile as "weak" and its
financial risk profile as "aggressive," as S&P's criteria define
these terms.

In S&P's view, Xinyuan's small land reserve constrains the
company's operating flexibility and could put pressure on its
profit margin going forward.  Any material delay in land
replenishment, a significant increase in land acquisition costs,
or project underperformance could significantly weaken Xinyuan's
sales and profitability.

S&P expects the company will accelerate its land replenishment and
project development as many of its existing projects are completed
and sold in the coming two years.

Xinyuan could face execution risk when expanding to other second-
and third-tier cities in China and the U.S.  This is because most
of the company's projects on sale in 2014 and beyond will be new.

S&P expects Xinyuan to maintain disciplined financial management
when pursing expansion in the next two years.  In the past, the
company has maintained low leverage, a net cash position, and
positive free operating cash flows.  This is rare among developers
in China.

In S&P's view, Xinyuan has a good market position and local
knowledge in Zhengzhou, with a track record of more than 10 years.
The company has completed 16 projects and has six under
development in the city.  S&P also believes Xinyuan's focus on
mass-market products and the company's high asset turnover model
help it to weather market uncertainties, such as the effects of
the government's policy tightening.  Xinyuan's contract sales grew
about 30% in 2011 and 10% in 2012, even though the overall market
sentiment was weak in 2011.

S&P has equalized the issue rating to the corporate credit rating
because it believes Xinyuan's ratio of priority debt to total
assets will likely remain below its notching threshold of 15% for
speculative-grade issuers.  S&P notes that the company targets to
increase the proportion of offshore debt and manage its cash flows
and on-shore debt to keep the ratio below 15%.

"The stable outlook reflects our expectation that Xinyuan will
maintain stable property sales in the next 12 to 24 months," said
Mr. Lee.  "We also anticipate that the company will expand its
land bank and continue to demonstrate disciplined financial

S&P may lower the rating if Xinyuan's debt-funded expansion is
more aggressive than it anticipates or the company's contract
sales in 2013 are substantially below S&P's expectation.  A
downgrade trigger could be the debt-to-EBITDA ratio exceeding 5x.

Upgrade potential in the next 12 months is limited.  Nevertheless,
S&P may raise the rating if Xinyuan materially expands its scale
and improves its diversity, while maintaining its operating
performance and disciplined financial management.


ICRA has assigned the long term rating of '[ICRA]BB' to INR33.50
crore fund based limits of Aggarsain Fibres Limited.  The outlook
on the long term rating is 'Stable'.

Facilities             (INR Cr)   Ratings
----------             --------   -------
Fund based limits-       33.50    [ICRA]BB(Stable) assigned
Cash Credit

The assigned rating takes into account the modest scale of
operations of AFL which restricts scale economies and has resulted
in low profitability and weak return on capital indicators of the
company. Given the high working capital intensity of operations,
reliance on short term debt levels has increased over the last two
years which coupled with less than commensurate improvement in
profitability margins have resulted in a moderate financial
profile characterized by subdued debt coverage indicators
(interest cover of 1.5x for FY12 and Total Debt/OPBDITA of 4.4x as
on March 31, 2012). While AFL has reported improved capacity
utilization during 9M' FY13, the scale of operations continues to
remain modest which coupled commoditized nature of product and
fragmented industry structure have resulted limited pricing power
and pressure on margins. The rating, however favorably takes into
account long standing track record of the promoter Group in
textile business as well as the favorable industry scenario with
stable cotton prices and steady yarn realizations.

The ability of the firm to improve its profitability and reduce
its working capital cycle, would be a key determinant for debt
coverage indicators and hence would be key rating sensitivities
going forward

Aggarsain Fibres Limited was incorporated in the year 2004 (with
commercial operations commencing in FY2007-08) and is engaged in
the manufacturing of carded cotton yarn (counts of 30-32).The
manufacturing facility of the company is located in Samana
(Punjab) and has a total installed capacity of 19,872 spindles
(-4,000 MT) per annum.

Recent Results

AFL reported net profit of INR0.10 crore on an operating income of
INR35.33 crore in FY12 as against net profit of INR0.21 crore on
an operating income of INR42.27 crore in FY11. As per the 11
months unaudited results of FY13, company report profit before tax
of INR0.37 crore on an operating income of INR45.45 crore.

CHANDRALOK TEXTILE: ICRA Places 'C' Ratings on INR9.16cr Loans
ICRA has assigned a long-term rating of '[ICRA]C' to the INR 9.16
crore fund based bank facilities of Chandralok Textile Industries
Private Limited.

   Facilities                (INR Cr)     Ratings
   ----------                 --------    -------
   Long Term Fund Based        0.91       [ICRA]C Assigned
   Limit-Term Loans

   Long Term Fund Based        8.25       [ICRA]C Assigned
   Limit-Cash Credit

The assigned ratings are constrained by the company's weak
financial profile characterized by low profitability, leveraged
capital structure tight liquidity position as reflected in delays
in debt servicing in the past six months. ICRA also takes into
consideration the company's exposure to high degree of competition
and low value addition in its nature of business which has
resulted in low profitability levels.

The ratings however, favorably factor in the promoter's experience
in textile industry and the location advantage due to its presence
in the textile belt of Bhiwandi with proximity to customers and
raw material sources.

CTIPL was incorporated in the year 2003 and is engaged in the
business of processing grey cloth in order to produce fabric that
is used to make suiting, shirting and dress materials. The company
has a registered office in Mumbai and its manufacturing unit is in
Bhiwandi (Thane).

Recent Results

CTIPL recorded a net profit of INR 0.53 crore on an operating
income of INR 51.02 crore for the year ending March 31, 2012.

CMI LIMITED: ICRA Revises Rating on INR15cr Loan to 'BB-'
ICRA has revised the long term rating of CMI Limited from
'[ICRA]BB' to '[ICRA]BB-' for INR 15 crore fund based limits
(enhanced from INR 10 crore). The outlook on long term rating is
Stable. ICRA has also reaffirmed '[ICRA]A4' rating assigned to INR
20 crore non fund based facilities (enhanced from INR 10 crore) of
CMI Limited.

   Facilities               (INR Cr)    Ratings
   ----------               --------    -------
   Working Capital Limits     15        [ICRA]BB-(Stable) revised
                                        from [ICRA]BB (Stable)
   LC                         10        [ICRA]A4 reaffirmed
   BG                         10        [ICRA]A4 reaffirmed

The rating revision factors in decline in operating margins of the
company in the business of manufacturing cables which primarily
find application in signalling and instrumentation. Rising cost of
production in addition to increased competition has resulted in
pressure on profitability for the company. Debt levels too have
risen with increased working capital funding. Increased debt
levels and subdued profitability has resulted in decline in
coverage indicators. Company's liquidity too remains stretched.
The rating concerns also emanate from risks arising out of modest
scale of operations of CMI Limited which results in limited
economies of scale and bargaining power vis--vis customers or
suppliers, and intense competitive pressures in the cable
industry. These factors have resulted in modest profitability
indicators and this situation is unlikely to change materially in
the medium term. However ICRA draws comfort from company's long
track record of operations, diversified and reputed client base,
and tangible entry barriers in supply of signalling and
instrumentation cables to railways. The rating also draws comfort
from the fact that the company has no long term debt repayment

CMI Limited, an ISO 9001 company, was incorporated in 1967
originally under the name of Choudhari Metal Industries Private
Limited. CMI Limited manufactures a variety of cables that include
Signalling, Instrumentation, Control, Power and Jelly Filled
Telecom cables. However, the main source of revenue is the supply
of signalling cables and other safety cables to Railways and other
government agencies. The company is an approved vendor for supply
of signalling cables to Railways.

Recent Results

CMI Limited has achieved an operating income of 72.91 crore
registering a growth of 23% yoy. However with slight decline in
margins, the PAT was at INR2.16 crore in FY 2012 as against
INR2.02 crore in FY 2011.

DS TEXTILES: ICRA Assigns 'B+' Ratings To INR7.8cr Loans
ICRA has assigned an '[ICRA]B+' rating to the INR 7.80 crore long-
term fund based bank facilities and '[ICRA]A4' rating to the INR
0.04 crore short-term non-fund based bank facility of D. S.
Textiles.  ICRA has also assigned [ICRA]B+ and/or [ICRA]A4 ratings
to the INR 2.16 crore proposed bank facilities of the firm.

   Facilities                   (INR Cr)      Ratings
   ----------                    --------     -------
   Term Loan                      4.30        [ICRA]B+ Assigned

   Long-term fund based           3.50        [ICRA]B+ Assigned

   Short-term non-fund based      0.04        [ICRA]A4 Assigned

   Proposed facilities            2.16        [ICRA]B+/[ICRA]A4

The assigned ratings are constrained by the small scale of
operations of the entity at present as well as its largely debt
funded capital expenditure incurred in the past, which has
resulted in subdued net profitability and high gearing profile of
6.39 times as on March 31, 2012. The working capital cycle of DST
is high following delayed payments from customers and high
inventory which adversely impacts its liquidity position as also
evident from its high bank limit utilization pattern. ICRA notes
that firm's revenues are vulnerable to fluctuations in yarn
prices, although order backed purchases limit the risk to an
extent. Also the firm is susceptible to the risks associated with
the entity's status as a proprietorship firm including the risk of
capital withdrawal. The assigned ratings, however, favorably
factor in the proprietor's experience in the manufacture of
jacquard fabric and the firm's healthy operating margins as well
as the proposed capacity expansion and stable demand from the end-
user industries which is likely to boost revenues going forward.

Established as a proprietorship firm by Mr. Rakesh Dharamdas
Talreja in 2009, D. S. Textiles (DST) is engaged in the
manufacture of jacquard fabrics.

DST has its registered office in Kalbadevi and manufacturing
facility at Bhivandi.

Recent Results

As per its audited financials for FY 12, DST recorded a net profit
of INR 0.16 crore on an operating income of INR 8.25 crore.

DURGA MONOLITHICS: ICRA Assigns 'C+' Ratings to INR5.5cr Loans
ICRA has assigned an '[ICRA]C+' rating to the INR 2.50 crore
working capital demand loan and INR 3.00 crore cash credit
facilities of Durga Monolithics Private Limited. ICRA has also
assigned an '[ICRA]A4' rating to the INR 1.50 crore non-fund based
bank facilities of DMPL.

   Facilities                     (INR Cr)   Ratings
   ----------                     --------   -------
   Fund Based Limits (Working       2.50       [ICRA]C+ assigned
   Capital Demand Loan)

   Fund Based Limits                3.00       [ICRA]C+ assigned
   (Cash Credit)

   Non-Fund Based Limits            1.00       [ICRA]A4 assigned
   (Inland/Foreign Letter
    of Credit)

   Non-Fund Based Limits            0.50       [ICRA]A4 assigned
   (Bank Guarantee)

The ratings take into account DMPL's small scale of current
operations and substantial debt service requirements that may have
an adverse effect on the cash flows of the company going forward.
The financial profile of the company is characterized by low net
profitability, nominal cash accruals, an aggressive capital
structure and depressed level of coverage indicators. The ratings
are, further, constrained by the high working capital intensity of
the business, adversely impacting the liquidity, leading to
unsatisfactory track record in honouring its debt obligations in a
timely manner in the past. The ongoing weakness in the steel
industry, to which it primarily caters to, is likely to affect the
business prospect of DMPL in the near term at least. The ratings,
however, derive comfort from the experience of the promoter in the
refractory business and established relationship with the existing
clients, minimizing counter-party risks to a large extent.

Incorporated in 1993, DMPL is engaged in the manufacturing of
alumunia and magnesite based refractory materials with an
installed capacity of around 17,750 MTPA (metric tonne per annum).
The manufacturing facilities of the company are located at
Rourkela, Odisha. The company also has a processing unit at
Vishakapatnam Special Economic Zone.

Recent Results

During the first nine months of 2012-13, the company reported a
profit after tax of INR 0.09 crore (provisional) on an operating
income of INR 10.47 crore (provisional). The company reported a
net profit of INR 0.09 crore on an operating income of INR10.15
crore in 2011-12.

GIMPEX LIMITED: ICRA Reaffirms 'BB+' Ratings on INR395cr Loans
ICRA has reaffirmed the long-term rating of '[ICRA]BB+'
outstanding on the INR255.00 crore fund based facilities and the
INR170.00 crore non-fund based facilities (enhanced from INR140.00
crore) of Gimpex Limited.  The outlook on the long-term rating is

   Facilities                (INR Cr)   Ratings
   ----------                --------   -------
   Fund based facilities       255      [ICRA]BB+ (Stable)

   Non-fund based facilities   140      [ICRA]BB+ (Stable)

The reaffirmation of ratings considers the long-standing
experience of promoters for about four decades in the mineral
export business; the growth in turnover, profits / cash accruals
in recent year; the favorable demand-supply gap for barite
globally; its diversified product portfolio, with sales across
geographies; and the established relationships with some of the
renowned customers which is expected to support business growth
going forward. The ratings also consider the corporate guarantee
of INR56.0 crore extended by Gimpex to its group entity, which has
a weak financial profile; therefore, any invocation of the
guarantee extended by Gimpex is expected to adversely impact its
liquidity position. Further, the ratings consider Gimpex's high
gearing, moderate coverage metrics and high working capital
intensity; and the vulnerability of its accruals to volatilities
in commodity prices and foreign exchange rates. While supplier
concentration remains high for barite sourcing in India, Gimpex
sources about 25% of its barite purchases from China too.

Incorporated in 1974, Gimpex Limited is primarily engaged mainly
in sales of barite, coal, iron ore, mill scale, clinker and
bentonite. It has a barite grinding unit at Andhra Pradesh, which
has an installed capacity of 0.09 mtpa. It is engaged in
processing of mill scale, and is also engaged in mining/processing
of bentonite. The Company is engaged in both export and domestic
sales, with exports contributing to a major portion of its

Recent results

According to unaudited results, Gimpex reported a profit before
tax of INR18.0 crore on an operating income of INR634.4 crore
during the six months ended September 30, 2012. The Company
reported a net profit of INR22.2 crore on an operating income of
INR1026.5 crore during 2011-12.

JAMNA AUTO: ICRA Upgrades Ratings on INR69.64 Loan to 'BB+'
ICRA has upgraded the rating for long-term, fund based bank
facilities of Jamna Auto Industries Limited from '[ICRA]D' to
'[ICRA]BB+'.  The outlook on the long-term rating is 'stable'.
ICRA has also upgraded the rating for short-term, fund-based and
non-fund based bank facilities of the company from '[ICRA]D' to

Facilities             (INR Cr)   Ratings
----------             --------   -------
Term loans              69.64     Upgraded to [ICRA]BB+(stable)

Working Capital        269.75     Upgraded to [ICRA]BB+(stable)/
facilities                        [ICRA]A4+

Unallocated              5.79     Upgraded to [ICRA]BB+(stable)/

The upgrade in JAI's ratings reflects the regularization of debt
servicing by the company, expected improvement in cash flows
coupled with systems proposed to be put in place for management of
working capital limits. Based on information provided by the
management, the company has been regular in servicing its debt
obligations over the last six months and has been making efforts
to improve its liquidity position.

ICRA also takes note of the company's efforts to de-risk its
business from the cyclicality associated with CV OEMs by
increasing presence in the replacement market. Further, higher
share of parabolic springs and plant modernisation initiatives
undertaken in recent past are expected to support the JAI's
profitability metrices, which have otherwise been subdued due to
weak demand scenario. The ratings are however constrained by JAI's
high segment and client concentration, as well as significant debt
repayments falling due over the medium term. Going forward,
efficient working capital management and improvement in liquidity
position would be a key rating sensitivity.

While arriving at the rating, ICRA has considered the consolidated
operations of JAI, and Jai suspension systems limited liability
partnership (JSS; in which JAI is 99.9975% partner) due to
ownership structure of JSS, and strong business synergy between
the two entities.

JAI, promoted in 1955, is engaged in manufacturing and sale of
multi-leaf and parabolic springs to automobile manufacturers
especially CVs and trailer segments. The company is India's
largest and among the world's five largest commercial vehicle
spring manufacturer. The manufacturing facilities are located at
Yamuna Nagar (Haryana), Chennai (Tamil Nadu), Malanpur (Madhya
Pradesh) and Jamshedpur (Jharkhand). JAI is also a majority
partner in Jai Suspension Systems LLP which has its plant at
Pantnagar (Uttarakhand).

KUMAR MOTOR: ICRA Cuts Ratings on INR5.6cr Loans to 'B+'
ICRA has revised the rating assigned to the INR 2.85 crore term
loans (reduced from INR 4.60 crore) and INR 2.75 crore long term
fund based facilities of Kumar Motor Corporation Private Limited
from '[ICRA]BB-' to '[ICRA]B+'.

   Facilities           (INR Cr)       Ratings
   ----------           --------       -------
   Term Loan              2.85         Revised from [ICRA]BB- to

   Long-term Fund
   Based Limits           2.75         Revised from [ICRA]BB- to

   Short-Term Non
   Fund Based Limits     11.00         Re-affirmed at [ICRA]A4

ICRA has also re-affirmed the rating assigned to INR11.00 crore
(enhanced from INR 5.00 crore) short-term non fund based
facilities of the company at '[ICRA]A4'.  The downward revision in
the rating takes into account the deterioration in the company's
financial profile as reflected in weak profitability (net loss
during 2011-12 and H1 2012-13), increase in gearing and weakening
of coverage indicators; continued weak demand sentiments owing to
unfavorable macro-economic scenario with high interest rates and
increasing fuel prices and high competitive intensity from other
dealers with pressure to pass on price discounts to customers.
Moreover, the automobile dealership business remains characterized
by thin margins, weak bargaining position and high working capital
requirements. The ratings also factor in the company's exposure to
inherent cyclicality of the Indian passenger car industry.
Nevertheless, the ratings derive comfort from the long-standing
experience of the promoters in automobile dealership business
spanning more than two decades; strong brand recognition of
"Volkswagen" in India and absence of competition from other
Volkswagen dealers in the catchment area (i.e. North Karnataka).

Kumar Motors Corporation Private Limited incorporated in 2009, is
an authorized dealer for passenger cars of Volkswagen India
Private Limited for the entire North Karnataka. Although
incorporated in 2009, the company commenced its operations only in
January 2011. KMCPL presently has two showrooms (one each at Hubli
and Belgaum) with 3S (i.e. sales, spares and service) facility. In
addition, the company also has two stockyards (one each at Hubli
and Belgaum). The company has been promoted by Mr Shashikumar
Desai who has more than 22 years of experience in the automotive
dealership business.

Recent results

For 2011-12, the company reported an operating income of
INR44.8 crore with a net loss of INR0.3 crore as against an
operating income of INR10.4 crore and a PAT of INR0.04 crore in
2010-11. As per provisional results, the company has reported an
operating income of INR17.9 crore with a net loss of 0.2 crore for
H1 2012-13.

PARTHASARATHY CNC: ICRA Assigns 'B-' Ratings to INR17.5cr Loans
ICRA has assigned a long-term rating of '[ICRA]B-' to the INR15.95
crore term loan facilities and the INR1.55 crore fund based
facilities of Parthasarathy CNC Technology Private Limited.

   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Term loan facilities      15.95     [ICRA]B- assigned
   Fund based facilities      1.55     [ICRA]B- assigned

The assigned ratings consider the healthy operating margins; the
favorable long-term outlook for the capital goods sector, which is
expected to drive business growth going forward; and the
demonstrated financial support from promoters, through infusion of
unsecured loans. The ratings also consider the net losses incurred
during the period 2007-08 till 2010-11, which has almost eroded
the company's net worth; its highly geared capital
structure/stretched coverage metrics; and the small scale of its
operations which restrict financial flexibility. While the large
debt-funded capital expenditure plan is expected to exert further
pressure on capital structure going forward, the ongoing economic
slowdown/slowdown in investments in capital goods is expected to
adversely impact revenue growth and profitability at least in near

Incorporated in 2007, PCTPL is primarily engaged in the
manufacture of casings for gear boxes and manufacture of
components which find application in capital goods. The Company
also undertakes job work activities. Its manufacturing facility is
located in Coimbatore (Tamil Nadu).

Recent results

According to unaudited results, PCTPL reported an operating income
of INR2.9 crore during the period April 01, 2013 to
March 27, 2013. The Company reported a net profit of INR0.1 crore
on an operating income of INR2.0 crore during 2011-12.

REI AGRO: S&P Assigns 'B' Corporate Credit Rating; Outlook Stable
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to India-based Basmati rice producer REI
Agro Ltd.  The outlook is stable.  S&P also assigned its 'B' issue
rating to proposed notes that REI Agro guarantees.  Ammalay
Commoditiess JLT, a Dubai-based wholly owned subsidiary of REI
Agro, will issue the notes.  The rating on the notes is subject to
S&P's review of the final notes documentation.

The rating on REI Agro reflects the company's concentration on
Basmati rice production, "highly leveraged" financial risk
profile, and exposure to climate risk associated with the agri-
commodities business.  REI Agro's robust paddy procurement and
distribution network, integrated operations, and use of modern
equipment and technology temper the weaknesses.  S&P assess the
company's business risk profile as "weak."

S&P believes REI Agro's financial risk profile is unlikely to
improve materially over the next 12 months.  A substantial portion
of REI Agro's debt is in the form of short-term floating rate bank
loans targeted to fund its working capital needs.  S&P assess REI
Agro's liquidity as "less than adequate," as defined in its

"We expect the proposed notes to lower the company's reliance on
short-term funding," said Standard & Poor's credit analyst Xavier
Jean.  "Nonetheless, high leverage and debt servicing will
continue to weaken REI Agro's cash flows. Working capital
investments in the company's rice and other commodity trading
businesses could lead to negative free operating cash flows for
the next 12 months."

The Basmati rice producing industry is highly fragmented and
competitive.  REI Agro generates more than 90% of its revenues
from sale of the rice.  Basmati, being a premium variety of rice,
offers better profitability than other types of rice.
Nevertheless, the land and climate suitable for its cultivation is
limited to some parts of north India.  This constrains REI Agro's
rice-procurement options.

REI Agro is the largest Basmati rice producer in India with a
trained team of paddy evaluators and network of middlemen that
reach out to farmers and numerous paddy auction markets.  REI
Agro's dealer and wholesaler network in India, and the company's
relationships with large overseas buyers provide stability and
visibility to sales.

"We assess REI Agro's profitability to be stronger than its
peers', given the company's focus and investments in branding,"
Mr. Jean said.

The stable outlook reflects S&P's expectation that REI Agro will
maintain its business risk profile, such that its revenue grows in
low double digits and its EBITDA margin is about 16% over the next
12 months at least.  The outlook also assumes that the company
will be able to periodically roll over its working capital

S&P may raise the rating if: (1) REI Agro's revenue growth is
better than it expected and its profitability improves, such that
the ratio of FFO to debt is more than 12% and the debt-to-EBITDA
ratio is less than 4.5x on a sustainable basis; and (2) the
company's successful diversification and increased branded
sales in overseas markets bolster its competitive position.

S&P may lower the rating if: (1) REI Agro faces difficulty in
rolling over the working capital lines with its relationship
banks; or (2) the company's competitive position and profitability
weaken due to lower Basmati rice production, lower sales as a
result of changing customer preference, and lesser success in
overseas expansion than we expected.

RIVER ENGINEERING: ICRA Reaffirms 'BB' Rating on INR11.49cr Loan
ICRA has re-affirmed the long term rating of '[ICRA]BB' assigned
to INR 11.49 crore bank facilities of River Engineering Pvt Ltd.

   Facilities          (INR Cr)   Ratings
   ----------          --------   -------
   Fund Based Limits    11.49     [ICRA]BB Re-affirmed; Stable
                                  outlook re-affirmed

   Non Fund Based        1.98     [ICRA]A4+ Revised

The long term rating continues to carry a stable outlook. Further,
ICRA has upgraded the short-term rating to '[ICRA]A4+' from
'[ICRA]A4' assigned to INR1.98 crore bank facilities of REPL. The
upgrade of short-term rating takes into account healthy order-
booking and acquisition of new customers by the company which have
together resulted in healthy growth in revenues from INR13.14
crore in FY2011 to INR46.05 crore in FY2012 and further to -INR54
crore in FY2013. ICRA notes that although the operating margins
remained range-bound growth, the growth in revenues has supported
operating profits which is reflected in improvement in debt
service indicator as is reflected by Total Debt / OPBITDA
improving from 5.00x in FY2011 to 1.35x in FY2012.

Further, the rating continues to favorably factor in REPL's close
association with its customers like Autometers Alliance Limited
(AAL), rated [ICRA]A- and [ICRA]A1 by ICRA and Barco Electronics
Systems (Barco) and REPL's technical agreement with international
players for a variety of its products. Further, ICRA also takes
into consideration relative diversification of REPL's client base
which has aided in scaling up of company's revenues. The
capitalization level as indicated by gearing improved from 4.42x
as on March 31, 2011 to 1.72x as on March 31, 2012.

However, the ratings continue to be constrained by sizeable client
concentration risk with more than 60% of the current order-book is
attributed to one client. ICRA also notes that the company has
incrementally secured sizeable orders from PSU clients, the
payment behavior of which will be a critical determinant of
working capital intensity for the company. This coupled with capex
plans in the medium term is expected to keep the debt levels high
and capitalization and coverage indicators at moderate level.
Further, the ratings continue to be weakened by volatility in
profitability owing to altering product portfolio and exposure to
adverse movement in raw material prices.

Going forward, REPL's ability to sustain steady inflow of orders
from new customers, protect its profitability in the backdrop of
altering product mix, effectively manage its working capital cycle
and prudently fund the proposed capex will remain the key rating

Incorporated in 2007, River Engineering Private Limited is engaged
in manufacturing precision engineering components/assemblies for
industrial use. Broadly, products can be classified under two
heads, mechanical components and magnetic components. REPL's
machine shop includes CNC machining centres, CNC lathe machines,
gear hobbing machines, jig boring machine, multi-spindle drilling
machine, cylindrical grinding machine, vibro-benz vibratory de-
burring machine, ultrasonic cleaning machine, and many others for
the production of mechanical components with high repeatability.

In FY2012, the company reported a turnover of INR 46.05 crore and
a PAT of INR3.19 crore.

SABOO ENGINEERS: ICRA Reaffirms 'BB+' Rating on INR2cr Loan
ICRA has reaffirmed the long-term rating of '[ICRA]BB+' to the
INR2.00 crore cash credit facilities of Saboo Engineers Private
Limited. The outlook on the long term rating is stable. ICRA has
also reaffirmed a short-term rating of '[ICRA]A4+' to the INR6.50
crore fund based facilities of SEPL.

   Facilities          (INR Cr)   Ratings
   ----------          --------   -------
   Cash Credit           2.00     [ICRA]BB+ (stable) reaffirmed
   Export Packing        6.50     [ICRA]A4+ reaffirmed

The reaffirmation of the rating continues to take into account
long track record of the promoters as EPC contractor for cement
plants and group support derived out of other companies which are
in the similar business. The ratings also takes into account
healthy operating margins in the business and adequate liquidity
as evidenced by strong cash balance as on March 31, 2012.

The rating however continues to be constrained by the raw material
price risk, since majority of its contracts are of fixed price
nature with long execution period. The rating is also constrained
by high concentration risk as majority of SEPL's contracts are of
export oriented nature which also results in foreign exchange risk
on export receivables.

Going forward the company's ability to execute the projects in a
timely manner and maintain its profitability will be key the
rating drivers.

Saboo Engineers Pvt. Ltd. was established in the year 1990 by Mr.
S.G. Saboo to act as a turnkey contractor for installing cement
plant The Company's manufacturing facility for cement plants, Lime
hydration and calcinations plant, bauxite calcinations and allied
mineral processing machinery is located in the Jodhpur Industrial
area. The group consists of similar business through a group
company, Saboo Cemtech Engineers Private Limited.

Recent Results:

SEPL reported a net profit of INR2.92 crores on an operating
income of INR50.59 crores for the year ended March 31, 2012 and a
net profit of INR2.78 crores on an operating income of INR46.06
crores for the year ended March 31, 2011.

TATA STEEL: Moody's Affirms Ba3 CFR; Outlook Remains Negative
Moody's Investors Service affirmed the Ba3 corporate family rating
of Tata Steel Limited, the B3 corporate family rating of Tata
Steel UK Holdings Ltd and the B3-PD/ B3/LGD 3(49%) of TSUKH's term
loan facility. The outlook on all ratings remains negative.

Ratings Rationale:

"The performance of Tata Steel since we assigned the negative
outlook in August 2012 has been broadly in-line with our
expectations, with TSUKH struggling with the moribund state of the
European steel industry while the Indian operations have increased
output but are experiencing margin pressure in the face of slower
Indian GDP growth," says Alan Greene, a Moody's Vice President --
Senior Credit Officer.

Moody's expectation is for the year ended March 2013 to reflect
the nadir of Tata Steel's credit metrics. The results for the nine
month period to December 2012 saw group revenues grow by 1.2%,
even as steel deliveries declined to 17.6 million tons from 18
million tons and with pre-tax profit 65% lower for the group,
period on period.

However, in any year, the fourth quarter is usually strong and it
is no different for the three months just finished. Ramp-up of the
Jamshedpur expansion has seen total Tata Steel India deliveries
grow by 13% to 7.48 million tons for FY13, and following the
relighting of the Port Talbot blast furnace in February, Moody's
expects TSUKH's deliveries to have recovered to at least 3.5
million tons in Q4 and to over 13 million tons for the year. Q4 is
also the period when working capital is reduced as much as
possible, a particularly important factor for TSUKH where
covenants for its borrowings are based on a cash flow coverage

"Nevertheless, with no let up in the weak demand and overcapacity
seen in Europe, there is a risk that the weakening of Tata Steel's
credit metrics continues into FY2014. We expect consolidated
adjusted debt/EBITDA to have been around 5.8x for FY13 and are
looking for an improvement to 5.5x in FY14. However, further
erosion of credit metrics could precipitate a rating downgrade,"
says Greene.

While these leverage numbers are higher than the threshold levels
Moody's had established for a downgrade of the rating, it believes
that the steel cycle, at least in India, is past the worst. If
this is the case and Tata Steel India can return towards a
sustained EBITDA of $300/ton or more - which is one of the best
margins seen among Moody's entire rated steel industry coverage -
then the burden of TSUKH can probably be borne, without forcing
the rating lower, assuming it can sustain positive EBITDA.

Moody's will therefore closely monitor the direction of the
industry and Tata Steel's performance over the next six to nine
months to see if it is tracking Moody's estimates. In particular,
TSUKH operations must make steady progress towards achieving
EBITDA/ton of $50 in FY14.

TSUKH remains a challenge for the group. The rate of amortization
of the EUR2.2 billion tranche of its senior facility agreement
(SFA) accelerates in FY14 and FY15 with some EUR570 million due
over this period. At the same time, capital expenditure to renew
plant and improve efficiency is still needed and at a rate of
GBP350 million to 400 million, is close to matching the
depreciation charge.

"The European steel industry as a whole is suffering from
underutilized capacity and TSUKH along with others is looking to
higher added value products and cost efficiencies in order to
survive. However, in FY 2015 when the covenant on TSUKH's SFA
moves to a leverage measure, TSUKH must be profitable in its own
right and cannot rely on the group's support of its working
capital which helps it meet the current covenant package," says

TSUKH's B3 rating factors in two notches of support from TSL,
reflecting TSUKH's strategic importance within the group and
expectations of continued support. TSL's incremental investments
in Tata Steel Holdings Pte Ltd., which is the link with the
procurement entities and non-Indian operations, are ultimately the
mechanism for providing the support to TSUKH.

However, Moody's notes that the debt service coverage ratio
reported by Tata Steel standalone had fallen to 1.04x as of 30th
September 2012. While the support of TSUKH has an adverse impact
on Tata Steel's free cash flow, the main demands of late have been
to fund the new 6 million ton per annum (mtpa) integrated steel
plant being constructed in Odisha at an expected total cost of
some INR400 billion ($7 billion). Expenditure up to 31st December
2012 on the first 3mtpa phase amounts to $1.2 billion.

Moody's understands that TSL has been seeking INR230 billion of
project finance for the new steelworks, which would ease the
pressure on the standalone balance sheet. It also has other small
holdings in various Tata group companies that it can monetize.
However, given the superior returns of the Indian steel
operations, due in large part to their high raw material self-
sufficiency, further investment in TSUKH seems difficult to

"The emergence of funding constraints affecting the expansion of
the profitable parts of Tata Steel, due to TSUKH's losses,
suggests that further action, along the lines of the disposal of
Teeside Cast Products in 2011 is needed in order to reverse
TSUKH's cash outflow," adds Greene.

However, Moody's is aware that corporate activity with respect to
TSUKH has the added complication of addressing the impact, if any,
on the GBP17 billion worth of pension funds.

Tata Steel's ratings are unlikely to go up in the near future, but
could return to a stable outlook. The financial metrics Moody's
would consider are as follows:

For TSUKH, Moody's would look for positive free cash flow
generation (i.e operating cash flow less dividends and capex) and
for adjusted debt/EBITDA to fall below 7.0x on a sustained basis.

For Tata Steel, adjusted debt/EBITDA would be expected to fall
below 3.5x to 4.0x and EBIT interest coverage improve to at least
3.0x on a sustained basis.

Negative rating pressure could develop in the event of a worsening
in the operating environment beyond Moody's expectations over the
next 6 months.

The B3 rating for TSUKH could be considered for a downgrade, if
EBITDA is negative in FY14 or if a revised level of support from
the Group is apparent or the assumptions behind Moody's expected
recovery rate are further pressured.

The Ba3 rating for Tata Steel could go down, if adjusted
debt/EBITDA exceeds 5.0x to 6.0x or if EBIT interest coverage
falls below 2.0x to 2.5x on a sustained basis.

The principal methodology used in these ratings was the Global
Steel Industry Methodology published in October 2012.

Tata Steel UK Holdings is the 100%-owned subsidiary of Tata Steel
Ltd and is the holding company for the European steel operations
that principally comprise the former Corus Group. Tata Steel Ltd,
is an integrated steel company headquartered in Mumbai, India. The
Tata Steel Group is the world's 12th largest steelmaker producing
24.03 million tons of crude steel in FY2012.


BAKRIE TELECOM: S&P Puts 'B-' CCR on CreditWatch Negative
Standard & Poor's Ratings Services said that it had placed its
'B-' long-term corporate credit rating and 'axB' long-term ASEAN
regional scale rating on Indonesia-based limited mobility wireless
operator PT Bakrie Telecom Tbk. (BTEL) on CreditWatch with
negative implications.  S&P also placed its 'B-' issue rating on
the senior unsecured notes due 2015 that Bakrie Telecom Pte. Ltd.
issued on CreditWatch with negative implications.  BTEL guarantees
the notes.

"We placed the ratings on CreditWatch to reflect BTEL's mounting
liquidity pressure," said Standard & Poor's credit analyst Mehul
Sukkawala.  We believe BTEL has "weak" liquidity, as defined in
our criteria.  The company's liquidity sources are likely to cover
uses by 0.6x in the next 12 months.

The company failed to adequately fund an interest reserve account
that was required under the terms of its senior unsecured notes.
The company therefore received a notice from the trustee for the
notes.  However, S&P do not believe the trustees will accelerate
repayment of the notes' principal because it expects BTEL to
continue to meet its interest payments due in May 2013.

BTEL faces a higher funding shortfall than S&P expected.  As of
Dec. 31, 2012, the company needs to pay for a hedge termination
cost of Indonesian rupiah (IDR) 167 billion, fund a IDR100 billion
shortfall in the interest reserve account, and partly meet the
cost of tower-lease cancellations.  In addition, BTEL will
continue to face a funding gap in 2014 because US$35 million of
bank loans mature in March.  It remains unclear as to how the
company plans to meet this funding shortfall.

S&P do not expect BTEL's operating performance to significantly
improve in the next 24 months because competitive pressures in the
company's voice and short message service business will offset
growth in the broadband wireless business.  S&P estimates BTEL's
EBITDA at about IDR1 trillion annually for the next two years
after factoring cost efficiency measures.  This would result in an
EBITDA interest coverage of about 1.5x and a ratio of funds from
operations to debt of about 5%.

S&P believes the company will not be able to meet the incurrence
covenant on its senior unsecured notes for the next 12 to 24
months.  However, S&P believes the covenant will curtail BTEL's
flexibility to meet its obligations.

"We aim to resolve the CreditWatch after the company releases its
financial results for the quarter ended March 31, 2013, and we
review the company's plans to bridge its funding gap," said Mr.

S&P is likely to lower the rating if the company's funding plans
remain tenuous.  Conversely, S&P could affirm the rating if the
company addresses its near-term liquidity pressure.

JAPFA COMFEED: Fitch Assigns 'BB-' LT Issuer Default Rating
Fitch Ratings has assigned Indonesia-based PT Japfa Comfeed
Indonesia Tbk a Long-Term Issuer Default Rating of 'BB-' with a
Stable Outlook. At the same time, the agency has assigned Japfa a
senior unsecured rating of 'BB-' and the company's proposed senior
unsecured USD notes due in 2018 a 'BB-(EXP)' rating. On April 15
2013, Fitch affirmed Japfa's National Long- Term rating at
'A+(idn)' with a Stable Outlook, and its IDR1.5trn 2012 bonds due
in 2017 at 'A+(idn)'.

The final rating of the proposed USD notes is contingent upon
receiving final documentation conforming to information already

Key Rating Drivers

Market leadership: The ratings reflect Japfa's position as
Indonesia's second-largest supplier of animal feed and day-old-
chicks (DOC) by market share and its established track record.
This provides the company with flexibility to pass onto customers
increases in raw material costs and foreign exchange fluctuations
to protect profit margins. Japfa benefits from low procurement
costs relative to peers as it sources about 70% of its corn
requirement domestically.

Period of high capex: Japfa is entering a period of high
investments as it plans to spend about IDR3.9trn on capex over the
next two years. About 40% of this capex is allocated for expanding
DOC breeding farms, which will accordingly drive expansion in feed
production capacity. By 2014, Japfa expects DOC and feed capacity
to increase by 34% and 19%, respectively. Fitch views this
expansion positively on the back of a continued favorable demand
for poultry products in Indonesia; as well as the necessity for
Japfa to defend its market share.

With most of capex funded by debt, Fitch expects leverage - as
measured by net debt/EBITDA - will increase to above 2.5x in the
next 24 months (2012: 1.9x). Fitch takes comfort from the
company's ability to scale back capex plans if necessary and from
its well-distributed debt maturity profile with the bulk of debt
not due until 2017. As the capex plans run their course, Fitch
expects the company to deleverage to below 2.5x, and maintain a
financial profile consistent with its ratings.

Inherent industry risks: The ratings are constrained by the
cyclicality of main raw materials and business sensitivity to
disease outbreaks. Nevertheless, flexibility to pass on raw
material costs and improved health security measures as well as
diversified breeding locations are important mitigating factors.

Rating Sensitivities

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

- increase in the leverage to above 2.5x on a sustained basis
- decrease in EBITDA margin to below 8% (end-2012: 10.9%) on a
  sustained basis
- Inability to pre-fund capex plans

Positive: Positive rating action is not expected over the medium-
term due to inherent industry risks and capex plans.

JAPFA COMFEED: S&P Assigns 'BB-' CCR; Outlook Stable
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to PT Japfa Comfeed Indonesia Tbk, an
Indonesia-based poultry feed and commercial farming company.  The
outlook is stable.  At the same time, S&P assigned its 'axBB+'
ASEAN regional scale rating to the company.

Standard & Poor's also assigned its 'BB-' long-term rating to a
proposed issue of up to US$200 million in unsecured notes that
Japfa guarantees.  Comfeed Finance B.V., a special-purpose vehicle
that Japfa fully owns, will issue the notes.  The rating on the
notes is subject to S&P's review of the final notes documentation.

"The rating on Japfa reflects the company's high concentration in
the poultry industry and exposure to fluctuations in the
Indonesian rupiah and raw material prices," said Standard & Poor's
credit analyst Xavier Jean.  "Japfa's aggressive expansion plans
and reliance on short-term working capital financing also
constrain the rating."

The company's strong domestic market share in the poultry feed and
breeding segments, partial vertical integration, and positive
industry prospects partly offset the rating weaknesses.  The
company's business risk profile is "weak" and its financial risk
profile "aggressive," as defined in S&P's criteria.

Japfa's high concentration in the poultry industry exposes the
company's cash flows to risk of diseases affecting the chicken,
soft volume growth for poultry products, and weak product pricing.
Japfa's bio-security measures and asset diversity mitigate disease
risk, in S&P's opinion.

S&P considers Japfa's growth plans as aggressive.  The company's
proposed capacity growth over the next three years significantly
exceeds S&P's expectations for the sector in Indonesia.  This will
likely limit a substantial improvement in product pricing in
poultry breeding and commercial farming over the next two years.

"Any temporary slowdown in demand could add to the downside risk.
We acknowledge that Japfa can trim its capital spending plan
depending on market conditions.  Nevertheless, we expect the
company to increase capacity to protect its market share," Mr.
Jean said.

S&P expects Japfa to maintain its strong domestic market position
in the poultry-feed and breeding segments over the next two to
three years.  The company benefits from a large nationwide
distribution network, good brand recognition, and economies of
scale.  Japfa's large scale provides it some control over prices
in the poultry-feed division and margin stability.  Yet, the
company has limited control over product prices in the breeding,
commercial farming, and cattle divisions, in S&P's view.

In S&P's base-case scenario, it expects Japfa's growing exposure
to low-margin commercial farming to limit its EBITDA margin to
8.5%-9.5% over the next two years, compared with 10.3% in 2012.
The company is exposed to volatility in corn and soya prices and
to currency fluctuations.  S&P believes Japfa's partial
integration into poultry feed, breeding, and commercial farming
partly temper the impact of volatility in raw material costs.

S&P expects Japfa's capital structure to remain weak in 2013 and
2014 as the company finances its investments with proceeds from
the proposed notes.  S&P expects Japfa's deleveraging to be slow
because the company's aggressive debt-funded capital spending plan
until 2014 will result in negative free operating cash flows over
the period in S&P's base-case scenario.

Japfa plans to use proceeds from its proposed notes to finance
capital spending and repay existing debt.  The notes have
relatively light covenants.

The stable outlook reflects S&P's expectation that Japfa will
maintain its strong competitive position in the poultry feed and
breeding segments in Indonesia.

S&P may lower the rating if Japfa's financial risk profile
weakens, such that the ratio of debt to EBITDA increases above
4.5x on a sustained basis.  This could materialize if: (1) the
company makes greater use of debt than S&P expects for its
expansion or for related-party transactions; or (2) Japfa's cash
flows weaken because of lower-than-expected product demand and
pricing, with EBITDA margin falling below 7.5%.

S&P may also downgrade Japfa if its market position weakens in its
poultry feed and breeding operations, either because of
significant additional capacity or an erosion of its cost

The lack of diversity in Japfa's business limits the rating upside
in the next few years.  Beyond that, S&P may raise the rating if
Japfa executes its expansion in line with S&P's expectations and
improves its cost efficiency while maintaining the ratio of debt
to EBITDA at less than 2.5x on a sustained basis.


* JAPAN: Posts JPY362.4 Billion Trade Deficit in March
Japan Today reports that Japan's trade deficit more than
quadrupled on year to JPY362.4 billion in March, government data
showed Thursday, as a weaker yen inflated import costs.

Finance ministry data showed that the monthly trade deficit
expanded from the year-before shortfall of JPY81.8 billion,
according to the report.

The heavy deficit was still smaller than JPY480 billion economists
predicted in a poll by the Nikkei business daily, the report says.

Exports rose 1.1% to JPY6.27 trillion while imports climbed 5.5%
to JPY6.63 trillion, the report discloses.

According to the report, the data showed the yen's average rate
was 94.08 to the dollar in March against 81.04 in March 2012,
meaning the value of the Japanese currency fell by 16% on year.

A lower yen helps exporters but pushes up import bills, the report

* Fitch Downgrades 9 Japanese CMBS Deals to 'D'
Fitch Ratings said eight Japanese structured finance (SF) tranches
were affirmed in Q113, and 11 tranches from CMBS transactions were
downgraded during the quarter.

Seven tranches from two CMBS and one RMBS transactions were
affirmed in Q113.

Elsewhere, one Japanese structured credit transaction was affirmed
with its Outlook being revised to Negative from Stable following
similar action on its underlying asset.

Nine of the downgrades were to 'Dsf' from 'Csf', following the
expected write-down of the notes principal after workouts on
defaulted loans resulted in partial losses. Collection activities
on defaulted Japanese CMBS underlying loans are approaching their
final phase and workouts on approximately 20 defaulted loans have
been completed over the past six months. As a result, five CMBS
transactions, including one which was paid in full, were
terminated in Q113. A further two CMBS tranches were downgraded to
'CCsf' and 'Csf' during the quarter, from 'CCCsf' and 'CCsf',
respectively. The actions reflected the increased probability of
default as workout progressed.

N E W  Z E A L A N D

PIKE RIVER: Found Guilty on All Charges Under Employment Act
A New Zealand judge has found Pike River Coal Limited guilty of
all nine charges under the Health and Safety in Employment Act.

PricewaterhouseCoopers Partners John Fisk, David Bridgman and
Malcolm Hollis, Receivers of Pike River Coal Limited note the
District Court's judgment on April 18 in the prosecution of PRCL.

Judge Farish has found PRCL guilty of all nine charges under the
Health and Safety in Employment Act.

The Receivers advised the Court in July last year they would not
be taking any steps in relation to the charges brought against
PRCL by the Department of Labour.

Mr. Fisk says, "The Receivers had no direct knowledge of the
matters which were the subject of the Department of Labour's
prosecution as they all occurred prior to the Receivers'

"Given the amounts owing to creditors, the Receivers did not
consider it in the economic interest of creditors to spend the
limited funds available to the company on any defences to the
charges. This was a pragmatic decision in the circumstances.

"The Receivers therefore did not participate in the formal proof
hearing against PRCL in March this year, and have no comment to
make on the judgment against PRCL."

The Receivers understand a sentencing hearing has been set for
July 4 and July 5, 2013. The Receivers will be providing
information to the Court and prosecution in relation to the
company's financial position and current status in order to assist
the Court in sentencing.

"The Receivers do not intend to take any position in relation to
what may be an appropriate sentence. This is a matter for the
Court," adds Mr. Fisk.

                        About Pike River

Pike River Coal Limited (NZE:PRC) -- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd was placed into receivership in December 2010
after 29 miners died in a series of explosions on Nov. 19, 2010.
New Zealand Oil & Gas, the company's largest shareholder,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and NZ Oil &
Gas.  Pike River Coal also owed another estimated NZ$10 million
to NZ$15 million to contractors, including some of the men who
lost their lives in the disaster.

SOUTH CANTERBURY: Judge Delays Fraud Trial by a Month

The New Zealand Herald reports that South Canterbury Finance fraud
trial has been delayed a month and won't start until next March.

The Herald relates that Justice Paul Heath in the High Court at
Timaru on April 17 released a document after a hearing last week
on the case against five people charged in relation to the
collapse of South Canterbury Finance.

Edward Oral Sullivan, Robert Alexander White, Lachie John McLeod,
Terrence William Hutton and Graeme Robert Brown are charged over
the case which is set to be heard in Timaru on March 12, instead
of February 10, the Herald says.

According to the report, former SCF chief executive Lachie McLeod
also applied for a discharge without conviction and the judge said
that would be heard during the week of August 5 in the High Court
at Timaru.

An attempt to have parts of the case shifted from Timaru to
Christchurch failed, the report notes.

The Herald says some counsel for the defendants requested pre-
trial applications be heard in Christchurch but the judge said not
everyone had agreed to that.

"In those circumstances, the pre-trial applications will be heard
in Timaru," Justice Heath ruled.

During the week of August 5, he said he would establish a "generic
timetable" to allow all pre-trial applications to be addressed,
the Herald reports.

The report says the five have denied 21 charges brought against
them by the Serious Fraud Office and a telephone conference was
held to resolve the Crown's application to adjourn the trial date.

"On March 26, the Crown applied to defer commencement of the
hearing due to difficulties faced by senior and second counsel who
have involvement in other proceedings in February and March,
2014," the judge, as cited by the Herald, wrote.

Justice Heath said Colin Carruthers, QC, for the Crown had a two-
week trial starting in late February, the report adds.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.

TARARUA FORESTS: Council to Liquidate NZ$1.8 Million Forest Asset
Lucy Townend at Manawatu Standard reports that Tararua District
Council is looking to liquidate part of its forestry assets,
Tararua Forests Ltd, which will return nearly NZ$1.8 million.

"[We have] a strategic position to exit from forestry activities,
except for the purposes of road-side stabilisation and water
quality," the report quotes council manager of strategy and
district development Peter Wimsett as saying.

According to the report, the plan was to voluntarily liquidate
Tararua Forests Ltd, a council-owned forestry company, later this
year in a bid to "simplify the structure", reduce ongoing costs
and focus on the council's core business.

The Standard says Tararua Forests' main forestry resource, Birch
North Forest, a radiata pine plantation 50 kilometres east of
Dannevirke, is being harvested but likely to be bare in two to
three years.  The report relates that Mr. Wimsett said it would be
decades before harvesting activity was possible again.

The liquidation of Tararua Forests would see the NZ$1.2 million
tree value and NZ$600,000 land value, which is for 553 hectares of
freehold property, returned to the council, the report notes.

The Standard notes that the liquidation process was touted as part
of the Tararua Forests Ltd 2013/14 Draft Statement of Intent,
delivered to the council last month, but it was put on hold until
after harvesting.

"A company cannot be liquidated at the same time it is trading
simply because creditors need to be given time to identify
themselves. This means we will choose a window of time [later on],
when we are not harvesting, to liquidate the company."


MMI INTERNATIONAL: Fitch Rates US$230MM Term Loan at 'BB-'
Fitch Ratings has assigned MMI International Limited (MMI, BB-
/Stable) a foreign-currency senior secured rating of 'BB-' and its
proposed guaranteed senior secured USD230 million term loan due
2020 an expected rating of 'BB-(EXP)'.

The term loan is fully guaranteed by MMI's parent, Precision
Capital Private Limited, and certain other subsidiaries of MMI
based outside China. The final rating of the proposed term loan is
contingent upon the receipt of documents conforming to information
already received. The proceeds from the proposed term loan will be
used to refinance the existing senior secured term loan of the
same amount.

In common with MMI's USD300m 8% guaranteed senior secured 2017
notes, the proposed USD230m term loan is structurally subordinated
to the existing and future liabilities of certain MMI
subsidiaries, particularly those based in China, which do not
guarantee the notes and term loan. Such subsidiaries contributed
48% of MMI's consolidated revenue for FY12 but represented just
16% and 9% of MMI's assets and liabilities respectively.

The ratings of the notes and term loan may be downgraded if MMI
issues structurally super-senior debt at the non-guarantor
subsidiaries, or if creditors' claims on such subsidiaries rise to
a level that threatens expected recovery on secured debt. The term
loan document carries similar incurrence covenants to the notes.

Key Rating Drivers

Revenue to decline: Fitch expects MMI's FY13 (ending June) revenue
to decline by mid-single digits. This is due to lower hard disk
drive (HDD) shipment volumes on slower demand from the personal
computer (PC) industry - largest market for HDDs. Weaker PC demand
in the US and Europe is mainly due to fragile economic conditions,
substitution of PCs by media tablets and a lower-than-expected
uptake of Windows 8. During H1FY13, MMI's revenue declined 11% yoy
to USD387m.

Weaker profitability: MMI's FY13 operating EBITDAR margins could
fall to 16%-17% (FY12: 19.5%) due to a likely decrease in average
selling price (ASP), as the supply of HDD components returns to
the levels prior to the Thai floods in October 2011. H1FY13
operating EBITDAR margin deteriorated to 18% in line with the
agency's expectations. However, Fitch expects ASPs to stabilise in
the medium term, benefitting from the HDD industry's consolidation
in 2012, which reduced the number of HDD manufacturers to three
from five.

Net adjusted debt to fall: MMI's lease-adjusted net debt would
come down in FY13 due to free cash flow (FCF) of USD30-40m
(FCF/revenue: 4%-5%), supported by low capex requirements net of
insurance claims (FY13 capex/revenue: 5%-6%). Liquidity will
improve, following the finalisation of the proposed seven-year
term loan, and average debt maturity will increase to 5.3 years
from the existing 2.7 years.

Dependence on Seagate: MMI has customer concentration risk as US-
based Seagate Technology PLC (Seagate, BB+/Positive) contributed
about 79% of its revenue in H1FY13. However, the risk is mitigated
by high inter-dependence between MMI and Seagate, as MMI is
Seagate's largest supplier for three key HDD components. MMI's
ratings also benefit from moderate-to-high barriers to entry in
the HDD component manufacturing industry.
Acquisition risk: MMI has a track record of inorganic growth
including the acquisition of three smaller component makers in
FY11. Although Fitch does not rule out the risk of further debt-
funded acquisitions, it expects the company to maintain its net
debt/EBITDA target of 3.0x.

Rating Sensitivities

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

- FFO-adjusted leverage rising above 4x (FY12: 3.1x) on a
  sustained basis

- FFO interest coverage falling below 3.0x (FY12: 6.4x) on a
  sustained basis

- Significant fall in cost per gigabyte differential between sold
  state drives (SSDs) and HDDs, resulting in lower demand for
  HDDs, or if Seagate moves its production capacity towards SSDs

Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

- FFO-adjusted leverage falling below 3.0x on a sustained basis
- FFO interest coverage rising above 8.0x on a sustained basis
- Upgrade of Seagate's IDR to 'BBB-'


* APAC Structured Finance Mostly Stable in Q113, Fitch Says
Fitch Ratings says Asia Pacific structured finance transactions
were mostly affirmed in Q113, with Japan being the only country
that witnessed downgrades.

Japan saw 11 tranches from four CMBS transactions downgraded in
the quarter, all from already distressed levels, ie. 'CCCsf' and

Australia saw 256 affirmations from 73 transactions in Q113, most
of which were from the ABS (auto loans and leases) and prime RMBS
sectors. The robust economy and healthy labour market continue to
support Australian consumer asset performance.

The rest of APAC saw 10 prime RMBS and four credit card ABS
reviewed in South Korea, and one single borrower CMBS in
Singapore. All were affirmed at 'AAAsf' with Stable Outlooks.

In Japan, nine of the downgrades were to 'Dsf' from 'Csf' as
losses were realised after the completion of workout activities
which did not achieve full recoveries of the underlying loans.

The Outlooks on most ratings remain Stable, with six Australian
and New Zealand non-conforming RMBS and two Japanese CMBS tranches
having Negative Outlooks. One RMBS and two CMBS tranches have
Positive Outlooks.

* Asia Pacific Corporate Financial Profile Weakens, Fitch Says
Fitch Ratings says the financial profile of the median corporate
rated by Fitch in Asia-Pacific weakened over 2010 to 2012 due to
slowing revenue growth, shrinking margins and rising capex.

Revenue growth slowed substantially to around 5% in 2012 from well
above 10% in 2011, and Fitch expects that continued anemic
economic growth in developed markets will restrict the median APAC
corporate's revenue growth at 5% in 2013 and 2014.

The agency expects to see a small overall improvement in the
median corporates financial profile in 2013 and 2014 due to a
stabilisation in both margins and capital expenditure. Median free
cash flow (FCF) generation should move into positive territory in
2013 and 2014, albeit marginally. Key risks to Fitch's financial
forecasts include the possibility of slower-than-expected growth
in China, and zero to negative GDP growth in some major developed

The analysis in the report is based on a sample of 184 corporates
with international ratings, spanning 15 countries across APAC and
containing a consistent sample of both historical and forecast
data over 2010 to 2014.

The first half of the report contains key analysis on Fitch's 2013
and 2014 financial forecasts for the overall sample APAC corporate
portfolio. The second half of the report contains specific
analysis and commentary on the agency's 2013 and 2014 forecasts
for eight major corporate sectors in APAC as below:

China fixed-asset investment
Electricity/gas utilities
Greater China property
Oil & Gas

The full report "Asia-Pacific Corporates: Financial Forecast
Update - Revenue Growth Falling, Margins Under Pressure, FCF
Fragile" is available at

* Moody's Looks at ABS Markets in Australia, Korea and Japan
Moody's Investors Service released a new report that compares the
asset-backed securities (ABS) markets for auto loans in Australia,
Korea and Japan, the most active markets in Asia Pacific.

"We compare the three markets in terms of the characteristics of
securitized auto loans, the structural features of auto ABS
transactions and the historical performance of auto ABS deals,"
says Kan Leung, a Moody's Assistant Vice President and Analyst.

Leung was speaking on a just-released Moody's report titled, "Asia
Pacific Auto ABS Comparison - Australia, Korea and Japan."

According to the report, Australian transactions have a higher
level of cumulative defaults because of their exposures to small-
and medium-sized enterprises, in addition to large corporate and
individual borrowers.

Korean and Japanese auto pools, on the other hand, contain loans
made primarily to individual borrowers, and are affected by
unemployment rates and household leverage.

In terms of vehicle types, Korean transactions have better credit
quality than those of the other Asian markets because they are
backed exclusively by new vehicles. Because new-car borrowers are
generally more creditworthy than used-car borrowers, Korea has the
lowest cumulative defaults.

In Japan and Australia, transactions are backed by both used and
new cars.

Comparing balloon payments suggests that Australian deals have a
greater risk of default than Japanese deals. Korean deals do not
have this risk because all securitized auto loans are amortizing
and do not have balloon payments.

In addition, Korean transactions have revolving periods and are
therefore exposed to risks arising from newly purchased loans.
However, Australian and Japanese transactions are mostly static
and their pool characteristics are essentially fixed at close.

Korean auto ABS deals usually have a two-year revolving period.
The originator can use principal collections to purchase
additional auto loans, subject to eligibility criteria.

"As such, investors, who otherwise get paid by principal
collections in static portfolios, are exposed to potentially
higher risks from new receivables in revolving portfolios," Leung

While these markets have some overlapping attributes, each market
has its own unique features that have either credit positive or
credit negative implications on its auto ABS investors.

* Large Companies with Insolvent Balance Sheets

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


AACL HOLDINGS LT           AAY            39.61        -4.66
AAT CORP LTD               AAT            32.50       -13.46
AAT CORP LTD               AAT            32.50       -13.46
ARASOR INTERNATI           ARR            19.21       -26.51
AUSTRALIAN ZI-PP           AZCCA          77.74        -2.57
AUSTRALIAN ZIRC            AZC            77.74        -2.57
BECTON PROPERTY            BEC           267.47       -15.73
BIRON APPAREL LT           BIC            19.71        -2.22
BOWEN ENERGY LTD           BWN            10.06        -1.19
CLARITY OSS LTD            CYO            28.67        -8.42
CNPR GROUP                 CNP        15,483.44      -349.73
CWH RESOURCES LT           CWH            12.09        -1.29
HAOMA MINING NL            HAO            25.26       -27.35
MACQUARIE ATLAS            MQA         1,618.82      -941.02
MISSION NEWENER            MBT            22.05       -27.72
NATURAL FUEL LTD           NFL            19.38      -121.51
ORION GOLD NL              ORNDC          10.91        -0.31
QUICKFLIX LTD              QFX            15.84        -1.91
REDBANK ENERGY L           AEJ           295.35       -13.08
RENISON CONSOLID           RSN            10.50        -9.23
RENISON CONSO-PP           RSNCL          10.50        -9.23
RIVERCITY MOTORW           RCY           386.88      -809.14
RUBICOR GROUP LT           RUB            60.12       -61.63
STERLING PLANTAT           SBI            37.84       -10.78


ANHUI GUOTONG-A            600444         70.61        -3.64
BAOCHENG INVESTM           600892         42.73        -3.58
CHANG JIANG-A              520         1,387.12       -64.68
CHENGDU UNION-A            693            26.99       -26.74
CHIFENG JILONG-A           600988         14.83        -3.52
CHINA KEJIAN-A             35             61.36      -211.36
DONGXIN ELECTR-A           600691         13.31       -35.40
HEBEI BAOSHUO -A           600155        107.75       -89.29
HUASU HOLDINGS-A           509            84.22       -18.79
HUBEI MAIYA CO-A           971           133.45        -1.85
HULUDAO ZINC-A             751         1,025.01      -104.94
HUNAN TIANYI-A             908            62.99        -4.40
JILIN PHARMACE-A           545            31.52        -6.57
JINCHENG PAPER-A           820           113.20      -102.79
QINGDAO YELLOW             600579        163.31      -103.32
SHANDONG HELON-A           677           726.23      -199.92
SHANG BROAD-A              600608         38.89       -11.05
SHANXI GUANLU-A            831           263.65       -38.86
SHENZ CHINA BI-A           17             28.69      -271.45
SHENZ CHINA BI-B           200017         28.69      -271.45
SHENZ INTL ENT-A           56            260.84       -53.74
SHENZ INTL ENT-B           200056        260.84       -53.74
SHIJIAZHUANG D-A           958           211.99      -123.23
SICHUAN GOLDEN             600678         71.51      -107.85
TAIYUAN TIANLO-A           600234         65.61       -14.45
TIANJIN GLOBAL-A           600800        134.90        -2.42
TIANJIN MARINE             600751         49.95       -92.48
TIANJIN MARINE-B           900938         49.95       -92.48
TIBET SUMMIT I-A           600338         91.79       -14.79
TOPSUN SCIENCE-A           600771        125.72      -115.82
WUHAN BOILER-B             200770        173.56      -191.42
WUHAN GUOYAO-A             600421         10.41       -27.07
WUHAN XIANGLON-A           600769        168.96        -5.24
XIAMEN OVERSEA-A           600870        274.55      -133.44
XIAN HONGSHENG-A           600817         95.47      -241.46
XINJIANG CHALK-A           972           667.59       -46.89
YANBIAN SHIXIA-A           600462        106.82      -136.87
YIBIN PAPER IN-A           600793        127.35        -4.70
YUEYANG HENGLI-A           622            34.87       -25.93


ASIA COAL LTD              835            20.25        -9.45
BEP INTL HLDGS L           2326           12.99        -0.37
BUILDMORE INTL             108            16.92       -45.22
CHINA HEALTHCARE           673            33.18       -15.21
CHINA OCEAN SHIP           651           408.06       -51.68
CROSBY CAPITAL             8088           22.66       -12.05
FIRST NTUL FOODS           1076           17.52       -56.24
FU JI FOOD & CAT           1175           73.43      -389.20
GRANDE HLDG                186           255.10      -208.18
MELCOLOT LTD               8198           36.29       -86.21
MITSUMARU EAST K           2358           22.77       -20.63
PALADIN LTD                495           173.10       -13.20
PROVIEW INTL HLD           334           314.87      -294.85
SINO RESOURCES G           223            38.67       -23.83
SUNLINK INTL HLD           2336           17.79       -36.13
SURFACE MOUNT              SMT            64.14       -29.40
U-RIGHT INTL HLD           627            14.80      -204.65


APAC CITRA CENT            MYTX          187.46        -3.73
ARGO PANTES                ARGO          154.01        -3.12
ARPENI PRATAMA             APOL          416.73      -206.52
ASIA PACIFIC               POLY          371.81      -836.19
JAKARTA KYOEI ST           JKSW           29.81       -41.48
MATAHARI DEPT              LPPF          254.86      -270.94
MITRA INTERNATIO           MIRA        1,076.79      -446.64
MITRA RAJASA-RTS           MIRA-R2     1,076.79      -446.64
PANASIA FILAMENT           PAFI           30.93       -21.52
PANCA WIRATAMA             PWSI           31.13       -38.63
PRIMARINDO ASIA            BIMA           11.11       -20.32
RENUKA COALINDO            SQMI           15.30        -0.51
SEKAR BUMI TBK             SKBM           18.90        -0.90
SUMALINDO LESTAR           SULI          166.28       -18.26
TOKO GUNUNG AGUN           TKGA           13.22        -1.15
TOKO GUNUNG-RTS            TKGA/R         13.22        -1.15
UNITEX TBK                 UNTX           15.58       -20.80


ABHISHEK CORPORA           ABSC           58.35       -14.51
AGRO DUTCH INDUS           ADF           105.49        -3.84
ALPS INDUS LTD             ALPI          215.85       -28.22
AMIT SPINNING              AMSP           16.21        -6.54
ARTSON ENGR                ART            16.52        -3.14
ASHAPURA MINECHE           ASMN          167.68       -67.64
ASHIMA LTD                 ASHM           63.23       -48.94
ATV PROJECTS               ATV            60.17       -54.25
BELLARY STEELS             BSAL          451.68      -108.50
BHAGHEERATHA ENG           BGEL           22.65       -28.20
BLUE BIRD INDIA            BIRD          122.02       -59.13
CAMBRIDGE TECHNO           CTECH          12.77        -7.96
CELEBRITY FASHIO           CFLI           27.59        -8.60
CFL CAPITAL FIN            CEATF          12.36       -49.56
CHESLIND TEXTILE           CTX            20.51        -0.03
COMPUTERSKILL              CPS            14.90        -7.56
CORE HEALTHCARE            CPAR          185.36      -241.91
DCM FINANCIAL SE           DCMFS          18.46        -9.46
DFL INFRASTRUCTU           DLFI           42.74        -6.49
DHARAMSI MORARJI           DMCC           21.44        -6.32
DIGJAM LTD                 DGJM           99.41       -22.59
DISH TV INDIA              DITV          517.02       -18.42
DISH TV INDI-SLB           DITV/S        517.02       -18.42
DUNCANS INDUS              DAI           122.76      -227.05
FIBERWEB INDIA             FWB            16.51        -7.98
GANESH BENZOPLST           GBP            49.24       -21.14
GOLDEN TOBACCO             GTO           109.72        -5.01
GSL INDIA LTD              GSL            29.86       -42.42
GUJARAT STATE FI           GSF            10.26      -303.64
GUPTA SYNTHETICS           GUSYN          52.94        -0.50
HARYANA STEEL              HYSA           10.83        -5.91
HINDUSTAN PHOTO            HPHT           74.44    -1,519.11
HINDUSTAN SYNTEX           HSYN           11.46        -5.39
HMT LTD                    HMT           123.83      -517.57
ICDS                       ICDS           13.30        -6.17
INDAGE RESTAURAN           IRL            15.11        -2.35
INTEGRAT FINANCE           IFC            49.83       -51.32
JCT ELECTRONICS            JCTE          104.55       -68.49
JD ORGOCHEM LTD            JDO            10.46        -1.60
JENSON & NIC LTD           JN             16.65       -75.51
JOG ENGINEERING            VMJ            50.08       -10.08
JYOTHY CONSUMER            JYOC           69.07       -31.72
KALYANPUR CEMENT           KCEM           24.64       -38.69
KDL BIOTECH LTD            KOPD           14.66        -9.41
KERALA AYURVEDA            KERL           13.97        -1.69
KINGFISHER AIR             KAIR        1,782.32      -997.63
KINGFISHER A-SLB           KAIR/S      1,782.32      -997.63
KITPLY INDS LTD            KIT            37.68       -45.35
KM SUGAR MILLS             KMSM           19.14        -0.47
LLOYDS FINANCE             LYDF           14.71       -10.46
LLOYDS STEEL IND           LYDS          510.00       -48.98
LML LTD                    LML            50.66       -70.76
MADRAS FERTILIZE           MDF           158.91       -64.91
MAHA RASHTRA APE           MHAC           22.23       -15.85
MARKSANS PHARMA            MRKS           76.23       -31.89
MILTON PLASTICS            MILT           17.67       -51.22
MODERN DAIRIES             MRD            32.97        -3.87
MTZ POLYFILMS LT           TBE            31.94        -2.57
MURLI INDUSTRIES           MRLI          275.90       -20.19
MYSORE PAPER               MSPM           97.02       -15.69
NATH PULP & PAP            NPPM           14.50        -0.63
NATL STAND INDI            NTSD           22.09        -0.73
NICCO CORP LTD             NICC           78.28        -4.14
NICCO UCO ALLIAN           NICU           25.42       -79.20
NK INDUS LTD               NKI           141.35        -7.71
NRC LTD                    NTRY           73.10       -51.18
NUCHEM LTD                 NUC            24.72        -1.60
PANCHMAHAL STEEL           PMS            51.02        -0.33
PARASRAMPUR SYN            PPS            99.06      -307.14
PAREKH PLATINUM            PKPL           61.08       -88.85
PIONEER DISTILLE           PND            48.76        -1.44
PREMIER INDS LTD           PRMI           11.61        -6.09
QUADRANT TELEVEN           QDTV          188.57      -116.81
QUINTEGRA SOLUTI           QSL            16.76       -17.45
RAJ AGRO MILLS             RAM            10.21        -0.61
RATHI ISPAT LTD            RTIS           44.56        -3.93
RELIANCE MEDIAWO           RMW           354.99      -105.00
RELIANCE MED-SLB           RMW/S         354.99      -105.00
REMI METALS GUJA           RMM           101.32       -17.12
RENOWNED AUTO PR           RAP            14.12        -1.25
ROLLATAINERS LTD           RLT            22.97       -22.24
ROYAL CUSHION              RCVP           14.42       -73.93
SADHANA NITRO              SNC            16.74        -0.58
SANATHNAGAR ENTE           SNEL           39.67       -11.05
SAURASHTRA CEMEN           SRC            89.32        -6.92
SCOOTERS INDIA             SCTR           19.43       -10.78
SEN PET INDIA LT           SPEN           11.58       -26.67
SHAH ALLOYS LTD            SA            213.69       -39.95
SHALIMAR WIRES             SWRI           25.78       -38.78
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           35.96        -1.80
SHREE RAMA MULTI           SRMT           49.29       -25.47
SIDDHARTHA TUBES           SDT            75.90       -11.45
SITI CABLE NETWO           SCNL          110.69       -14.26
SOPAF SPA                  SSZ           153.76       -24.22
SOUTHERN PETROCH           SPET          210.98      -175.98
SPICEJET LTD               SJET          386.76       -30.04
SQL STAR INTL              SQL            10.58        -3.28
STATE TRADING CO           STC         1,279.23      -219.37
STELCO STRIPS              STLS           14.90        -5.27
STI INDIA LTD              STIB           24.64        -0.44
STORE ONE RETAIL           SORI           15.48       -59.09
SUN PHARMA - PP            SPADVPP        16.81       -13.07
SUN PHARMA ADV             SPADV          16.81       -13.07
SUPER FORGINGS             SFS            16.31        -5.93
TAMILNADU JAI              TNJB           19.13        -2.69
TATA TELESERVICE           TTLS        1,311.30      -138.25
TATA TELE-SLB              TTLS/S      1,311.30      -138.25
TODAYS WRITING             TWPL           44.08        -5.32
TRIUMPH INTL               OXIF           58.46       -14.18
TRIVENI GLASS              TRSG           24.23       -12.34
TUTICORIN ALKALI           TACF           20.48       -16.78
UNIFLEX CABLES             UFC            47.46        -7.49
UNIFLEX CABLES             UFCZ           47.46        -7.49
UNIWORTH LTD               WW            159.14      -146.31
UNIWORTH TEXTILE           FBW            21.44       -34.74
USHA INDIA LTD             USHA           12.06       -54.51
VANASTHALI TEXT            VTI            25.92        -0.15
VENTURA TEXTILES           VRTL           14.33        -1.91
VENUS SUGAR LTD            VS             11.06        -1.08


DDS INC                    3782           19.54        -1.03
FUJITSU COMP LTD           6719          388.54       -11.97
HARAKOSAN CO               8894          193.09        -4.52
HIMAWARI HD                8738          288.37       -50.80
ISHII HYOKI CO             6336          144.19       -23.48
KANMONKAI CO LTD           3372           55.07        -3.19
MISONOZA THEATRI           9664           64.39        -5.55
NIS GROUP CO LTD           NISZ          444.72      -158.85
PROPERST CO LTD            3236          305.90      -330.20
T&C HOLDINGS INC           3832           12.42        -2.66
TAIYO BUSSAN KAI           9941          148.45        -1.49
WORLD LOGI CO              9378           42.96       -73.74


CHIN HUNG INT-2P           2787          571.91        -9.34
CHIN HUNG INTL             2780          571.91        -9.34
CHIN HUNG INT-PF           2785          571.91        -9.34
CORENTEC CO LTD            104540         27.48        -4.53
DAISHIN INFO               20180         740.50      -158.45
DVS KOREA CO LTD           46400          17.40        -1.20
KOREA PACIFIC 05           93400          19.23        -3.67
KOREA PACIFIC 06           93410          11.56        -2.37
KOREA PACIFIC 07           99210          26.66        -7.95
NAMKWANG ENGINEE           1260          762.58       -56.69


HAISAN RESOURCES           HRB            41.05       -10.24
HO HUP CONSTR CO           HO             45.56       -16.24
LFE CORP BHD               LFE            39.08        -0.85
PETROL ONE RESOU           PORB           51.39        -4.00
PUNCAK NIA HLD B           PNH         4,315.38       -21.35
SILVER BIRD GROU           SBG            44.30       -30.68
SUMATEC RESOURCE           SMTC          201.52        -2.77
VTI VINTAGE BHD            VTI            16.01        -3.34


ALLIED FARMERS             ALF            27.12        -2.16
NZF GROUP LTD              NZF           142.71        -0.26


CYBER BAY CORP             CYBR           14.62      -102.98
FIL ESTATE CORP            FC             40.90       -15.77
FILSYN CORP A              FYN            23.11       -11.69
FILSYN CORP. B             FYNB           23.11       -11.69
GOTESCO LAND-A             GO             21.76       -19.21
GOTESCO LAND-B             GOB            21.76       -19.21
PICOP RESOURCES            PCP           105.66       -23.33
STENIEL MFG                STN            21.07       -11.96
SWIFT FOODS INC            SFI            24.36        -0.25
UNIWIDE HOLDINGS           UW             50.36       -57.19
VICTORIAS MILL             VMC           176.29        -5.33


ADVANCE SCT LTD            ASCT           48.74        -2.27
CEFC INTL LTD              SUNE           12.67        -0.90
HL GLOBAL ENTERP           HLGE           83.35        -5.01
NEW LAKESIDE               NLH            19.34        -5.25
SCIGEN LTD-CUFS            SIE            68.70       -42.35
SUNMOON FOOD COM           SMOON          19.33       -14.30
TRANSCU GROUP LT           TSCU           19.86        -1.38
TT INTERNATIONAL           TTI           231.48       -88.02


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
ANANDA DEV PCL             ANAN          283.54        -3.55
ANANDA DEVELOP-F           ANAN/F        283.54        -3.55
ANANDA DEVE-NVDR           ANAN-R        283.54        -3.55
ASCON CONSTR-NVD           ASCON-R        59.78        -3.37
ASCON CONSTRUCT            ASCON          59.78        -3.37
ASCON CONSTRU-FO           ASCON/F        59.78        -3.37
BANGKOK RUBBER             BRC            77.91      -114.37
BANGKOK RUBBER-F           BRC/F          77.91      -114.37
BANGKOK RUB-NVDR           BRC-R          77.91      -114.37
CALIFORNIA W-NVD           CAWOW-R        28.07       -11.94
CALIFORNIA WO-FO           CAWOW/F        28.07       -11.94
CALIFORNIA WOW X           CAWOW          28.07       -11.94
CIRCUIT ELEC PCL           CIRKIT         16.79       -96.30
CIRCUIT ELEC-FRN           CIRKIT/F       16.79       -96.30
CIRCUIT ELE-NVDR           CIRKIT-R       16.79       -96.30
DATAMAT PCL                DTM            12.69        -6.13
DATAMAT PCL-NVDR           DTM-R          12.69        -6.13
DATAMAT PLC-F              DTM/F          12.69        -6.13
ITV PCL                    ITV            36.02      -121.94
ITV PCL-FOREIGN            ITV/F          36.02      -121.94
ITV PCL-NVDR               ITV-R          36.02      -121.94
K-TECH CONSTRUCT           KTECH          38.87       -46.47
K-TECH CONSTRUCT           KTECH/F        38.87       -46.47
K-TECH CONTRU-R            KTECH-R        38.87       -46.47
KUANG PEI SAN              POMPUI         17.70       -12.74
KUANG PEI SAN-F            POMPUI/F       17.70       -12.74
KUANG PEI-NVDR             POMPUI-R       17.70       -12.74
M LINK ASIA CORP           MLINK          83.61        -7.85
M LINK ASIA-FOR            MLINK/F        83.61        -7.85
M LINK ASIA-NVDR           MLINK-R        83.61        -7.85
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
PONGSAAP PCL               PSAAP          11.83        -0.91
PONGSAAP PCL               PSAAP/F        11.83        -0.91
PONGSAAP PCL-NVD           PSAAP-R        11.83        -0.91
SAHAMITR PRESS-F           SMPC/F         27.92        -1.48
SAHAMITR PRESSUR           SMPC           27.92        -1.48
SAHAMITR PR-NVDR           SMPC-R         27.92        -1.48
SHUN THAI RUBBER           STHAI          19.89        -0.59
SHUN THAI RUBB-F           STHAI/F        19.89        -0.59
SHUN THAI RUBB-N           STHAI-R        19.89        -0.59
SUNWOOD INDS PCL           SUN            19.86       -13.03
SUNWOOD INDS-F             SUN/F          19.86       -13.03
SUNWOOD INDS-NVD           SUN-R          19.86       -13.03
THAI-DENMARK PCL           DMARK          15.72       -10.10
THAI-DENMARK-F             DMARK/F        15.72       -10.10
THAI-DENMARK-NVD           DMARK-R        15.72       -10.10
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


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


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

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

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, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2013.  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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