TCRAP_Public/130517.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, May 17, 2013, Vol. 16, No. 97



ABC LEARNING: Judge Allows Eddy Groves to Leave Australia


CITIC PACIFIC: Perpetual Securities Issue No Impact on Ba1 CFR
HIDILI INDUSTRY: Operational Disruptions Trigger Rating Cuts
LDK SOLAR: Widens Net Loss to $1.05-Bil. in 2012
MGM RESORTS: Loan Repricing a Credit Positive; CFR Remains at B2
SUNTECH POWER: Agrees on New Forbearance Deal with Note Holders

YANLORD LAND: Moody's Assigns Ba3 Rating to New RMB Bond Issue

H O N G  K O N G

NETWORK CN: Incurs $1.2-Mil. Net Loss in 2012


AASHIRWAD EQUIPMENTS: ICRA Cuts Rating on INR12.35cr Loan to 'D'
BK THRESHERS: ICRA Assigns 'B' Ratings to INR240cr Loans
DBR & SK: ICRA Assigns 'B' Rating to INR19cr Fund Based Limits
HARMAN COTTEX: ICRA Reaffirms 'B-' Rating on INR12.50cr Loans
HB ESTATE: ICRA Downgrades Rating on INR150cr Loan to 'D'

JAIPUR INTEGRATED: ICRA Reaffirms 'BB' Rating on INR25cr Loan
JEEVAN SAAR: ICRA Rates INR19cr Fund Based Limits at 'C+'
KANAKA INFRATECH: ICRA Cuts Ratings on INR61.72cr Loans to 'D'
MAULI COTEX: ICRA Assigns 'B' Rating to INR5cr Long-Term Loan
PATRON INDUSTRIES: ICRA Assigns 'B+' Ratings to INR16cr Loans

PLASTO INDIA: ICRA Assigns 'B+' Rating to INR3.5cr Loan
REGAL STEEL: ICRA Assigns 'B' Rating to INR7cr Proposed Loan
SFPL CROP: ICRA Lowers Ratings on INR7.5cr Loans to 'D'
SHEKHADA COT-GIN: ICRA Upgrades Rating on INR7.75cr Loans to 'B+'
SHREE GANESH: ICRA Assigns 'C+' Rating to INR227.49cr Loans

SWARNA HOSPITAL: ICRA Assigns 'C' Ratings to INR17.20cr Loans
TATA STEEL: $1.6-Bil. Write-Down No Impact on Moody's Ba3 Rating
TATA STEEL: Charge Highlights Industry's European Troubles
YES BANK: Moody's Affirms Baseline Credit Assessment at ba1


JLOC XXX: Moody's Downgrades Ratings on Certs. from Two Issuers
KK ATAMI: Moody's Cuts Rating on Class B Notes to Ba1
SHARP CORP: Names Takahashi as New President and CEO


* Moody's Outlook on Malaysia's Banking Sector Remains Stable


MONGOLIAN MINING: S&P Lowers CCR to 'B'; Outlook Negative

S O U T H  K O R E A

STX GROUP: Creditors Press Chairman to Sell Private Assets
* Moody's Sees More Negative Rating Actions on Corporate Issuers
* SOUTH KOREA: Government Recoups 62.5% of Bailout Funds


* Large Companies with Insolvent Balance Sheets

                            - - - - -


ABC LEARNING: Judge Allows Eddy Groves to Leave Australia
--------------------------------------------------------- reports that Justice John Logan allowed ABC
Learning chief Eddy Groves to leave Australia after the latter
asked the federal court to review the travel conditions that his
bankruptcy trustee imposed.  Mr. Groves argued that it is onerous
to pay AUD500,000 security bond to go abroad.

According to the report, Justice Logan said while such
circumstances can be faced by any judicial officer who is aware of
the potential of another Christopher Skase, Mr. Grove had been
able to show his willingness to cooperate with authorities. The
court's order suggested that Mr. Grove does not have to pay the
bond to leave Australia. relates that Mr. Grove then can go to Canada to
join his wife who is starting an educational business. However,
the court emphasized that Mr. Grove should be back to Australia to
attend a court public examination which may happen in August.
Also, the failed childcare tycoon must constantly inform his
trustee of any potential changes to his address in Canada.

                         About ABC Learning

Based in Australia, ABC Learning Centres Limited provided
childcare services and education in more than 1,200 centers in
Australia, New Zealand, the United States and the United Kingdom.

In November 2008, ABC Learning Centres Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.

The Administrators filed a Chapter 15 petition for the Company
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010.  Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Petitioners in the Chapter 15 case.  ABC's debts and assets were
estimated to be between US$100 million and US$500 million.

A separate Chapter 15 petition was filed for affiliate A.B.C.
USA Holdings Pty Ltd., listing assets and debts of at least
US$100 million.

In June 2010, ABC Learning creditors in Australia voted to wind
up the failed childcare provider.


CITIC PACIFIC: Perpetual Securities Issue No Impact on Ba1 CFR
Moody's Investors Service says that CITIC Pacific Ltd.'s plan to
issue perpetual securities has no immediate impact on its Ba1
corporate family and senior unsecured bond ratings, or on the
negative ratings outlook.

Moody's anticipates that the proceeds of the issuance will be used
partially for the refinancing of debt falling due in 2013 and also
for additional capital spending on its Sino Iron project.

"If the perpetual securities are issued, it would be mildly credit
positive for CITIC Pacific as it will improve the company's debt
maturity and liquidity profiles," says Alan Gao, a Moody's Vice

"In addition, we consider the proposed perpetual securities as
hybrid instruments. Given the partial equity treatment applied to
these securities, the hybrid issuance will help maintain CITIC
Pacific's adjusted debt/capital ratio at around 60%," adds Gao.

"However, we expect that CITIC Pacific will need to take on more
debt in the next one to two years, in addition to its planned
perpetual securities, in order to complete its Sino Iron project.
Its adjusted fund flow from operations /debt will likely remain
below 5% in next two years, which is weak for its standalone
credit strength," adds Gao.

The company's Ba1 ratings continue to factor in a three-notch
parental uplift, reflecting CITIC Group's (Baa2 stable) strong
track record of support.

CITIC Pacific Limited's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's compared
these attributes against other issuers both within and outside
CITIC Pacific Limited's core industry and believes CITIC Pacific
Limited's ratings are comparable to those of other issuers with
similar credit risk.

Other Factors used in this rating are described in Analytical
Considerations in Assessing Conglomerates published in September

CITIC Pacific Ltd, listed in Hong Kong, is a conglomerate that is
57.5% owned by the CITIC Group. It was one of the first Chinese
companies to list and invest in overseas markets. It is engaged in
a range of businesses, including special steel manufacturing, iron
ore mining, property development and investment, power generation,
aviation, infrastructure, communications, and distribution. As of
end-2012, it had total consolidated assets of HKD247 billion.

The CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by China's State Council. As of
end-2011, it had total consolidated assets of RMB3.3 trillion.

HIDILI INDUSTRY: Operational Disruptions Trigger Rating Cuts
Moody's Investors Service has downgraded Hidili Industry
International Development Limited's corporate family rating to B3
from B2 and its senior unsecured debt ratings to Caa1 from B3.

At the same time, Moody's continues to review both ratings for

This concludes the rating review which commenced on 28 March 2013.

Ratings Rationale:

"The downgrade is driven by the ongoing operational disruptions to
Hidili's coal mining activities in China following a series of
mining accidents at other companies in Southwest China," says Alan
Gao, a Moody's Vice President and Senior Analyst.

Hidili's raw coal production dropped by 69% to 302,000 tons in 1Q
2013 from 960,000 in 1Q 2012, mainly due to production losses in
Sichuan and Yunnan provinces, where the accidents prompted the
local governments to halt production for the whole region to
assess safety measures.

The resumption of operations has been further delayed as another
accident in an unrelated coal mine in Sichuan on 11 May 2012 has
led to further government action on the whole industry.

"Such disruptions have severely hampered the ramp-up of
production, and which has in turn compromised its cash flow-
generation capability and weakened its already stretched credit
profile," adds Gao who is also the lead analyst for Hidili .

As a result, Moody's expects Hidili's total production to remain
low at only 3.3-3.5 million tons in 2013 compared to 3.5 million
tons in 2012. Given the 16% drop year-on-year drop in coal prices
in 1Q 2013, EBITDA in 2013 likely will be in the range of
RMB600million -- RMB700 million.

Without meaningful deleveraging through asset disposals, Hidili's
credit profile will continue to be stretched. Moody's considers
that its credit metrics -- adjusted debt/EBITDA of 10.0x and
EBITDA/Interest coverage ratio of around at 1.0x -- in 2013 match
those in the B3 level.

"The downgrade is also based upon Hidili's weak liquidity," says

Moody's estimates that Hidili has utilized most of its RMB1.8
billion in cash, as reported at end-2012, to repay RMB1.7 billion
in convertible bonds in January 2013. Thus the company's liquidity
position is tight, especially as it has to refinance short-term
debt of around RMB2.6 billion.

Such a high level of liquidity risk warrants a further review for
downgrade of Hidili's ratings. Moody's will review its ability to
complete asset disposals and/or refinancing to secure additional
funding to maintain its operations.

If Hidili is unable to resolve its liquidity problem in the near
term, further downgrade actions could be possible.

The principal methodology used in this rating was the Global
Mining Industry Methodology published in May 2009.

Hidili is a vertically-integrated coal mining enterprise in
southwestern China that supplies coking coal products to the
domestic steel industry. Hidili was listed on the Hong Kong Stock
Exchange in September 2007.

LDK SOLAR: Widens Net Loss to $1.05-Bil. in 2012
LDK Solar Co., Ltd., filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F disclosing a net loss of
$1.05 billion on $862.88 million of net sales for the year ended
Dec. 31, 2012, as compared with a net loss of $608.95 million on
$2.15 billion of net sales for the year ended Dec. 31, 2011.

The Company's balance sheet at Dec. 31, 2012, showed
$5.02 billion in total assets, $5.20 billion in total liabilities,
$323.29 million in redeemable noncontrolling interest, $15.88
million in ordinary shares, $18.41 million in noncontrolling
interest and a $502.76 million total deficit.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.

A copy of the Form 20-F is available for free at:


                           About LDK Solar

LDK Solar Co., Ltd. -- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

MGM RESORTS: Loan Repricing a Credit Positive; CFR Remains at B2
Moody's Investors Service commented that MGM Resorts
International's announcement that it has re-priced its existing
$1.75 billion term B bank loan is a credit positive. The
transaction reduces the interest margin by 75 bps to LIBOR + 250
bps (with a 1.0% floor) from LIBOR + 325 bps (with a 1.0% floor)
with no change to maturity, covenants or total debt. MGM's B2
Corporate Family Rating, Ba2 senior secured rating, B3 unsecured
rating and stable outlook are unaffected.

MGM Resorts International owns and operates 14 wholly-owned
properties located in Nevada, Mississippi and Michigan, and has
investments in three other properties in Nevada, New Jersey and
Illinois. MGM has a 51% interest in MGM Macau, a hotel-casino
resort in Macau S.A.R. and a 50% interest in CityCenter, a multi-
use resort in Las Vegas, Nevada. MGM generates annual net revenue
of approximately $9.0 billion on a consolidated basis and
approximately $6.2 billion excluding Macau.

SUNTECH POWER: Agrees on New Forbearance Deal with Note Holders
Suntech Power Holdings Co., Ltd. said that it has agreed on a new
forbearance agreement with the majority of the holders of the
Company's 3% Convertible Notes, for which a principal payment of
US$541 million was due on March 15, 2013. Under the new
forbearance agreement, the signing bondholders agree not to
exercise their rights under the Notes and the related indenture
until June 28, 2013, subject to certain market-standard early
termination events.

David King, Suntech's CEO, said, "This new forbearance agreement
demonstrates bondholders' continued support for Suntech. The
agreement will enable Suntech to continue to work with bondholders
towards achieving a consensual restructuring."

                         About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,
Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.

As reported by the TCR on March 20, 2013, Suntech Power Holdings
Co., Ltd., has received from the trustee of its 3% Convertible
Notes a notice of default and acceleration relating to Suntech's
non-payment of the principal amount of US$541 million that was due
to holders of the Notes on March 15, 2013.  That event of default
has also triggered cross-defaults under Suntech's other
outstanding debt, including its loans from International Finance
Corporation and Chinese domestic lenders.

YANLORD LAND: Moody's Assigns Ba3 Rating to New RMB Bond Issue
Moody's Investors Service has upgraded Yanlord Land Group
Limited's senior unsecured debt rating to Ba3 from B1, and has
assigned Ba3 rating to the RMB bond to be issued by Yanlord Land
(HK) Co., unconditionally guaranteed by Yanlord Land Group

At the same time, Moody's has affirmed Yanlord's Ba3 corporate
family rating.

The outlook on all ratings remains stable.

The proceeds of the RMB bonds will be used to finance existing and
new projects.

Rating Rationale:

"In view of Yanlord management's commitment to keep its onshore
secured borrowings below 15% of total assets, through continued
expansion of its offshore borrowings, Moody's has removed the
notching relating to subordination risk because of priority debt,"
says Lina Choi, a Moody's Vice President and Senior Analyst.

As of December 2012, Yanlord's subsidiary and secured debt/total
asset ratio was 11%. With additional onshore borrowings to fund
increasing scale, Moody's expects the ratio to increase to 14.5% -
15% in the next 12 -- 18 months, a level which supports removing
notching due to subordination risk.

"The proposed RMB bonds will provide funding for Yanlord to
deliver on its 2013 sales targets and to replenish its land bank,"
says Choi who is also the lead analyst for Yanlord.

"But the proposed bonds will not have any significant financial
impact on Yanlord's Ba3 ratings," adds Choi.

Yanlord will step up construction to meet its higher sales targets
-- under a stable market -- in the next 12 -18 months.
Consequently, it will assume more debt. But Moody's expects
Yanlord will remain prudent in its financial management. Its
credit metrics --EBITDA/interest of 2.5x -- 3.0x and Adjusted
debt/total capitalization of 40% - 45% -- in the next 12 -- 18
months will remain consistent with its Ba3 rating level.

Yanlord's Ba3 rating continues to reflect its business model,
which focuses on high-quality properties that generate margins at
the higher end of industry ranges. It also considers Yanlord's
ability to access the debt and capital markets and its history of
raising equity to fund development.

Also supporting the Ba3 rating is Yanlord's prudent financial
management, as evidenced by debt deleveraging during the
challenging period of 2012 when sales of deluxe properties were

Its Ba3 rating is constrained by (i) the concentration of its
revenue sources in a few major cities, particularly Shanghai; and
(ii) the slow turnover of its deluxe products. Although the
company offered selective price reductions in 2012 -- so as to
monetize inventory for the purposes of raising liquidity -- its
inventory level, measured by inventory (including completed and
worked-in-progress) to revenue, was high at 3.7-4.0x.

Yanlord's liquidity profile has also improved, as it has monetized
more inventory on-hand and seen higher cash flow from growing
contract sales. At December 2012, the company had cash on hand of
RMB3.5 billion versus short-term loans of RMB2.7 billion. In
addition, its cash collection was high at RMB2.18 billion for 1Q
2013, or 91% of reported contract sales of RMB2.38 billion, which,
in turn, represent 18.3% of its full-year target of RMB13 billion.

The stable outlook reflects Moody's expectation that Yanlord can
continue to adjust its business model to generate more sales from
the mass market and that it will continue to improve its
liquidity. In addition, Moody's expects Yanlord to maintain its
cautious strategy on land acquisitions and its good financial

Upgrade pressure could emerge if the company: (1) demonstrates
stable sales growth and substantially achieves its presales
target; (2) maintains a prudent strategy on land acquisitions; (3)
shows improvements in liquidity and reductions in inventory, and
(4) achieves EBITDA/interest coverage above 3.0x--3.5x and
adjusted debt/capitalization below 50%, both on a sustained basis.

On the other hand, downgrade pressure could arise if Yanlord: (1)
fails to execute its sales plan; (2) shows increased liquidity
risk due to the absence of proactive actions to refinance its
short-term debt; or (3) aggressively acquires land funded by debt.

Downgrade pressure could be indicated by EBITDA/interest under
2.0x for a sustained period.

The principal methodology used in these ratings was the Global
Homebuilding Industry Methodology published in March 2009.

Yanlord Land Group Limited is one of the major property developers
in China. It operates in the major cities of Shanghai, Nanjing,
Suzhou, Shenzhen, Tianjin, Zhu Hai and Chengdu. It was established
in 1993 and was listed on the Singapore Stock Exchange in 2006.

H O N G  K O N G

NETWORK CN: Incurs $1.2-Mil. Net Loss in 2012
Network CN Inc. filed on May 10, 2013, its annual report on Form
10-K for the year ended Dec. 31, 2012.

Union Power Hong Kong CPA Limited, in Hong Kong SAR, expressed
substantial doubt about Network CN's ability to continue as a
going concern.  The independent auditors noted that the Company
has incurred net losses of $1.2 million, $2.1 million and
$2.6 million for the years ended Dec. 31, 2012, 2011, and 2010,

"Additionally, the Company used net cash in operating activities
of $582,753, $388,278 and $1.6 million for the years ended
Dec. 31, 2012, 2011, and 2010, respectively.  As of Dec. 31, 2012,
and 2011, the Company recorded stockholders' deficit of
$4.0 million and $5.1 million, respectively."

The Company reported a net loss of $1.2 million on $1.8 million of
revenues in 2012, compared with a net loss of $2.1 million on
$1.8 million of revenues in 2011.

The Company's balance sheet at Dec. 31, 2012, showed $1.7 million
in total assets, $5.8 million in total liabilities, and a
stockholders' deficit of $4.0 million.

A copy of the Form 10-K is available at

Causeway Bay, Hong Kong-based Network CN Inc. provides out-of-home
advertising in China, primarily serving the needs of branded
corporate customers.


AASHIRWAD EQUIPMENTS: ICRA Cuts Rating on INR12.35cr Loan to 'D'
ICRA has revised the rating assigned to the INR12.35 crores long
term fund based limits of Aashirwad Equipments Private Limited
from '[ICRA]C+' to '[ICRA]D'.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits       12.35    Revised from [ICRA]C+ to

The rating revision takes into account the stretched liquidity
position of the company which has led to delay in debt servicing.
The rating is also constrained by AEPL's modest scale of
operations, high gearing levels of the company due to debt-funded
capital expenditure incurred in recent years for purchasing
equipment, vulnerability of the company's profitability to diesel
price variation (in case of diesel usage is higher than the
permissible levels) and regulatory risks associated with mining
operations. Nevertheless, ICRA takes note of the long track record
of the company in overburden removal and coal mining services and
moderate entry barriers for new players on account of stringent
technical and financial qualification criteria.

Aashirwad Equipments Private Limited was established in the year
2004 and is engaged in business of overburden removal and coal
excavation contract works. The company was taken over by the
current promoters (Mr. Pradeep Bishnoi and Mr. Laxmi Rai) in 2010.
The company's operations are concentrated in coal mining areas of
South-eastern India primarily in Jharkhand.

Recent Results

The company reported a net profit of INR0.68 crores on an
operating income of INR23.37 crores in FY12 as against net profit
of INR0.66 crores on an operating income of INR15.25 crores in

BK THRESHERS: ICRA Assigns 'B' Ratings to INR240cr Loans
ICRA has assigned long-term rating of '[ICRA]B' to INR230.00 crore
fund based limits of BK Threshers Private Limited. ICRA has also
assigned ratings of '[ICRA]B/[ICRA]A4' to INR5.00 crore non-fund
based limits and INR5.00 crore unallocated limits of BKTPL.

   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund based limits        230.00    [ICRA]B assigned
   Non-fund based limits      5.00    [ICRA]B/[ICRA]A4 assigned
   Unallocated limits         5.00    [ICRA]B/[ICRA]A4 assigned

The assigned rating is constrained by the high working capital
intensive nature of the tobacco trading & processing business
primarily driven by high inventory levels; debt funded threshing
plant construction coupled with high working capital borrowings
resulting in high gearing & weak coverage indicators for FY2012
and high client concentration risk with top customer accounting
for more than 50% of sales in FY2012. The ratings are further
constrained by the moderate capacity utilization levels of the
plant and regulatory risks such as tobacco production quantity
regulated by tobacco board & India's need to reduce tobacco
production over the long term with India being signatory of WHO's
Framework Convention on Tobacco Control. The assigned ratings
however favorably factor in the longstanding promoter experience
in tobacco trading & exports business; established relationship
with international buying agents & domestic cigarette
manufactures; and operational efficiencies resulting from captive
threshing unit with the company owning one of the largest
threshing plant (installed capacity of 14 tons per hour) in India.
Further, the rating favorably factors in the firm demand and price
inelasticity for tobacco.

Incorporated in 2009, BK Threshers Private Limited is promoted by
Mr. Bellam Kotaiah and his family members with the main object of
carrying tobacco exports, threshing & re-drying of tobacco. The
company setup a 14 tph (tons per hour) threshing plant at
Kalikivai, near Tangutur on NH5 and the plant commenced operations
from April 2012. The total project cost is INR176.54 crore which
is funded by term loan of INR95.00 crore and the remaining
INR81.54 crore from promoters. The project was delayed by 1 year
as per the schedule and has commissioned in April 2012. However,
the company started tobacco trading & exports from April 2010. It
purchases various types of tobacco (Flue Cured Virginia (FCV) and
non-Virginia tobacco) from Andhra Pradesh and Karnataka tobacco
auction platforms (conducted by Government of India), processes
and sells it to domestic / overseas clients.

Recent Results

For FY2012, the company reported operating income of INR139.72
crore, operating profits of INR4.90 crore and net loss of INR3.26

DBR & SK: ICRA Assigns 'B' Rating to INR19cr Fund Based Limits
ICRA has assigned a long-term rating of '[ICRA]B' to the INR19.00
crore bank facilities of DBR & SK Super Speciality Hospital.

   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Fund based limits        19.00    [ICRA]B assigned
   (Long term)

The assigned rating is constrained by the small scale of
operations of DBRSKPL in the past and the gestation period that is
required for the operational parameters to improve at the newly
constructed 150 bed facility. The rating is also constrained by
the weak financial profile of the company with high gearing and
poor debt coverage indicators resulting from the large debt funded
capital expenditure (cap-ex) undertaken for construction of the
new facility. ICRA also notes that the ability of the hospital to
recruit and retain medical talent is yet to be demonstrated and
its ability to scale up its operations will remain critical for
timely debt servicing given the large, debt repayment obligations
in the medium term. However, the assigned rating favorably factors
in the experience of the promoters, established reputation of
DBRSKPL as a quality health care provider in Tirupati and the
benefits accrued from being an early mover amongst the corporate
hospitals in the region with presence of latest equipment and
modern facilities for treatment, even though across only a few
departments.  Going forward, the ability of the hospital to build
up its scale of operations and maintain its profitability margins
will remain critical for timely debt servicing.

DBRSKPL was incorporated in February 2005 in Tirupati by Dr. D
Gopi Krishna Reddy who has 15 years of experience as a Surgical
Gastroenterologist and his wife Dr. P. Vani who has 12 years of
experience as a Gynecologist. The hospital also engages the
services of few other reputed doctors in departments like
Cardiology, Orthopedics and General Medicine. DBRSPL constructed a
150 bed, 3892 newly constructed hospital in Koraguntla area
of Tirupati and has been operating out of the new premises
starting March 2013.

Recent Results

In FY2012, DBRSKPL has reported an operating income of INR1.93
crore at an operating profit of INR0.41 crore as against an
operating income of INR1.57 crore at an operating profit of
INR0.35 crore in FY2011.

HARMAN COTTEX: ICRA Reaffirms 'B-' Rating on INR12.50cr Loans
ICRA has reaffirmed the long term rating assigned to INR12.50
Crore (enhanced from INR6.50 crore) bank facilities of Harman
Cottex and Seeds Private Limited at '[ICRA]B-'.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term Fund          12.0     [ICRA]B- (Reaffirmed)
   Based Limits

   Long Term Non Fund       0.5     [ICRA]B- (Reaffirmed)
   Based Limits

The rating continues to be constrained by small scale of
operations in a low value added trading business, which coupled
with intense competition on account of fragmented nature of
industry results in low profitability margins. Further, the
primary business of the company is exposed to dynamic regulatory
environment; thus lending unpredictability to the operations. The
rating is also constrained on account of significant amount of
funds locked in a distressed asset by way of rights purchased to
financial assets of Maikaal Fibers Limited. Notwithstanding the
long track record of promoters in textile sector, the ability to
monetize this investment in near term remains uncertain. Moreover,
ICRA notes that this investment has been primarily funded with
inter corporate loans; thus, weakening the capital structure as
reflected in high leverage and weak debt coverage indicators like
Total Debt/OPBITDA of 15.3 times as on March 2012. The rating
however favorably factors in benefits accruing by virtue of being
part of experienced promoter group i.e. Puneet Group of Khargone,
Madhya Pradesh.

Going forward, HCSPL's ability to monetize the investment in
distressed asset and adequately capitalize the operations with
equity funding while improving profitability and scale of
operations will remain key rating sensitivities.

Incorporated in 2009, Harman Cottex & Seeds Private Limited is
promoted by Puneet Group of Khargone, Madhya Pradesh, and is
primarily engaged in cotton trading and seed processing with
cotton trading being the core activity. The operations of the
company can be divided into four business divisions; namely
trading in cotton lint, trading in agricultural seeds (makka,
arhar, soyabean, wheat), fabric trading and cotton seed oil
extraction. In 2011-12, HCSPL reported turnover of INR85.35 crore
and PAT of INR0.52 crore against turnover of INR98.15 crore and
PAT of INR0.80 crore achieved in 2010-11.

Recent Results

As per provisional results for 2012-13, HCSPL has achieved
turnover of INR93.98 crore and PAT of INR0.87 crore against
turnover of INR85.35 crore and PAT of INR0.52 crore reported
previous year.

HB ESTATE: ICRA Downgrades Rating on INR150cr Loan to 'D'
ICRA has revised the rating outstanding for the INR150 crore, term
loan programme of HB Estate Developers Limited to '[ICRA]D' from
'[ICRA]BB' earlier.

   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund-based facilities    150.00    [ICRA]D; Downgraded

The rating revision factors in the irregularities observed in
debt-servicing by the company owing to significant delays in
commencement of operations of its hotel project and consequent
lapse of the moratorium period on the debt availed. With the
moratorium period getting exhausted and the property still being
in stabilisation period; the company has been completely reliant
on promoters' contribution for its funding requirements. Though
ICRA has taken a note of promoters' demonstrated funding support
to the company in funding -43% cost-over run (-Rs 130 crore)
experienced in the project and servicing of debt obligations;
however, pending generation of cash profits from operations, the
promoters' ability to provide timely funding support on consistent
basis remains to be seen.

In ICRA's view, the company's ability to take steps to combat the
liquidity pressures such as by selling commercial space inventory
and/or by refinancing the existing liabilities by taking a longer-
tenure debt; and to achieve healthy average room revenues (ARRs)
and occupancies, will be the key rating sensitivity.

HBEDL is a part of the Delhi-based HB Group with a predominant
presence in the financial services sector. The company was formed
as a result of a demerger of the erstwhile HB Stockholdings
Limited. HBSL was initially incorporated under the name of HB
Portfolio Leasing Limited in July 1985 with the main objective of
providing financial services. Later, the company also made a foray
in real estate development. The name of the company was
subsequently changed to HBSL on February 19, 1997. Pursuant to a
Scheme of Arrangement sanctioned by the Delhi High Court in 1996,
the company's operations were restructured by the demerger of the
real-estate division to HB Estate Developers Limited and the
Merchant and Investment Banking Division to HB Portfolio Limited.

HBEDL currently serves as the real-estate arm of the group. The
company owns a five-star business hotel in Sector 44, Gurgaon
(Haryana) that commenced commercial operations in February 2013.
The hotel is being operated by the Indian Hotels Company Limited
under its brand "Vivanta by Taj". Besides this hotel, the company
has two completed commercial projects in its portfolio, namely, HB
Twin Tower in Pitampura (Delhi) and HB Grandeur in Gurgaon

JAIPUR INTEGRATED: ICRA Reaffirms 'BB' Rating on INR25cr Loan
ICRA has reaffirmed the rating of '[ICRA]BB' assigned to the
INR25.00 Crore bank facilities of Jaipur Integrated Texcraft Park
Private Limited.  The outlook on long term rating is stable.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan                25     [ICRA]BB (Stable) (Reaffirmed)

The rating reaffirmation takes into account significant physical
progress achieved since last rating exercise, whereby commercial
operations for the project commenced in December 2012; though
after a significant time and cost over run against originally
envisaged timeline of April 2010. Further, leave and license
agreements have been signed with 95% of members, thereby providing
flexibility in structure by allowing replacement of non performing
members. However, it is noted that despite the commencement of
textile park's operations in December 2012, the occupancy levels
continue to be very low on account of pending environmental
clearances for individual units. This delay in transfer of
operations to the textile park has also resulted in delay in
disbursement of last tranche of government grant, which coupled
with pending project cost of about INR4 crore exposes the company
to funding risk. Notwithstanding the aforementioned delay in
project execution and handover, the rating continues to take
comfort from liquidity support available with company by way of
six month of debt servicing reserve account (DSRA) and planned
common debt servicing fund (CDSF) to be established by collecting
additional 10% of member's monthly dues towards the SPV. Also,
ICRA notes that the SPV has been successfully collecting dues from
unit holders since April 2012, whereby debt servicing has been
happening in timely manner despite the delay in commencement of
operations. Notwithstanding this track record of timely
collections from members over past one year, the ability of the
unit holders to pay combined annual charges of about INR8 crore
towards fixed and variable charges in timely manner over a longer
term remains untested; especially in the backdrop of the fact that
these members are yet to shift their operations to the textile

Going forward, ability of the individual members to secure
environmental clearances and commence operations at the park
without significant delays, thereby supporting the SPV to secure
pending GOI grant and incur pending project cost would remain key
rating sensitivities besides the timely collection of dues from
unit holders.

Jaipur Integrated Texcraft Park Private Limited is a special
purpose vehicle promoted by existing hand block printers and
garment manufacturers having operations in and around Jaipur,
Rajasthan with the specific objective of implementing an
Integrated Textile Park, and constitutes of 20 members. The
implementation includes development, operations and maintenance of
the project. The project has been sanctioned under the Scheme for
Integrated Textile Park, and the Government of India grant for 40%
of the project cost (excluding pre-operative expenses) has been
approved. After having witnessed time over run of almost three
years, and cost overrun of INR15 crore against originally planned
project cost of INR48 crore, the commercial operations of the
Textile Park commenced in December 2012. As on March 2013, 94% of
the project cost has been incurred and 80% of the GOI grant has
been received. Further, 15% of the members have shifted their
operations to the park.

JEEVAN SAAR: ICRA Rates INR19cr Fund Based Limits at 'C+'
ICRA has assigned the long term rating of '[ICRA]C+' to INR19.00
fund based facilities of Jeevan Saar Educational Society

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits       19.00    [ICRA]C+ assigned

The assigned rating takes into account modest enrolments witnessed
by the school in the first year of its operations, which in the
backdrop of fixed cost structure and debt servicing obligations
has resulted in stretched liquidity position as evident by cash
losses witnessed by the society. While the school does benefit
from its association with Child Education Society (which owns the
Bal Bharati Brand) and gains from their vast management and
operational experience in running educational institutes, the
ability of the society to attract student remains to be seen,
especially given the presence of large number of schools in the
Bhiwadi region. In the event of continued weakness in future
enrolments, the cash accruals and liquidity position is expected
to remain stretched and hence will necessitate additional funding.

While ICRA takes note of the deferred repayment schedule,
improvement in the enrolments as well society's ability to fund
any shortfall that might arise during the initial phase of
operations would be critical for debt servicing and hence would be
the key rating sensitivities going forward.

Jeevan Saar Educational Society manages Bal Bharati Public School
in Bhiwadi, Rajasthan. The school became operational in the
academic session AY2012-13 and at present caters to 39 students
till Vth Standard. The school proposes to commence admissions for
Standard VI and VII from AY 2013-14

Recent Results

As per the six months unaudited results of FY13, society collected
INR0.19 crore of gross receipts and incurred cash losses of
INR1.25 crore.

KANAKA INFRATECH: ICRA Cuts Ratings on INR61.72cr Loans to 'D'
ICRA has revised the long term rating assigned to the INR50 crore
fund based limits and the short term rating assigned to INR11.72
crore non fund based limits of Kanaka Infratech Limited to
'[ICRA]D' from '[ICRA]B+' and '[ICRA]A4' respectively.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund-based limits       50.00    Revised to [ICRA]D from

   Non-Fund based limits   11.72    Revised to [ICRA]D from

The rating revision takes into account the weak liquidity position
of the company due to delayed receivables which lead to instances
of overdrawals for more than 30 days on the fund based working
capital facility of the company.

Mr. Jaykrishna Shetty commenced business in 1993 through
Jaykrishna Electrification Pvt. Ltd which, following a series of
name changes resulted in the incorporation of Mumbai-based Kanaka
Infratech Limited in March 2007. KIL, entirely held by Mr. Shetty
and his family members, is a turnkey construction company involved
in civil, electrical and interior construction. KIL wins contracts
and then breaks down the entire work into different components
(like civil work, plumbing, electrical, interiors including
painting and flooring and tiling) which are then entirely sub-

MAULI COTEX: ICRA Assigns 'B' Rating to INR5cr Long-Term Loan
ICRA has assigned '[ICRA]B' rating to the INR5.00 crore long term
fund based credit facilities of Mauli Cotex Private Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term Fund          5.00     [ICRA]B assigned
   Based Limits

The assigned rating factors in the weak financial profile of the
company as reflected by modest scale of operations, low profit
margins, high gearing and weak coverage indicators. The ratings
are further constrained by vulnerability of profitability to raw
material prices, which are subject to seasonality and crop harvest
and regulatory risks, as well as absence of refining facilities,
which limits further value addition. The ratings, however,
positively consider the business experience of the promoters and
favorable location of the company (Parbhani, Maharashtra) which
gives it easy access to raw cotton.

Mauli Cotex Private Limited was incorporated in 2008 for carrying
out cotton ginning and pressing operations at Selu Taluka in
Parbhani District in Maharashtra. The company is promoted by the
Baheti, Parthani, Kabra, Binayake & Surwase families. The ginning
unit is equipped with 36 Gins and one fully automatic press.

Recent Results

As per provisional financials, MCPL is expected to report INR0.40
crore net profits on INR10.0 crore operating income for the
financial year ending March 2013. The company holds INR1.0 crore
inventories as on March 2013.

PATRON INDUSTRIES: ICRA Assigns 'B+' Ratings to INR16cr Loans
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR1.09
crore term loans and a short-term rating of '[ICRA]A4' to the
INR4.00 crore short-term non-fund-based limits of Patron
Industries Private Ltd.  Further, ratings of [ICRA]B+/[ICRA]A4
have been assigned to the INR10.75 crore fund-based limits and
INR4.16 crore proposed limits of PIPL.

   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Term Loans                1.09    [ICRA]B+ assigned

   Long-term/Short-term:    10.75    [ICRA]B+/[ICRA]A4 assigned
   Fund-based limits

   Long-term/Short-term:     4.16    [ICRA]B+/[ICRA]A4 assigned
   Short-term:Non-fund-      4.00    [ICRA]A4 assigned
   based limits

The assigned ratings are constrained by the high competitive
intensity in the PVC resins distribution business and copper wire
drawing business, the weak financial profile of the company
characterized by low profitability, leveraged capital structure
and weak debt coverage indicators. The ratings are further
constrained by the limited track record and low capacity
utilisation in the copper wire manufacturing business, the
vulnerability of the profitability to any adverse fluctuations in
the prices of raw materials/traded goods as well as the exposure
to currency fluctuations. The ratings, however, reflect favorably
the experience of the promoters and established track record of
the company in the trading of PVC resin and its established
customer base, and the diverse revenue streams of the company.

Patron Industries Private Limited was founded by Mr. Pradeep Rohra
in the year 1991 in Mumbai as a consignment agent of DCW Ltd. for
PVC resin. In 2005-06, the promoter also set up a company viz.
MEPCAB FZCO in Dubai (MEPCAB), to trade in cables in the Middle
East market. Subsequently, MEPCAB FZCO set up its own cable
manufacturing facility at the Jebel Ali Free Zone in Dubai in
2008. PIPL also set up its own copper wire drawing facility of
capacity of 1725 metric tonnes per annum (MTPA) in Silvassa in
2008 to act as a feeder factory for MEPCAB's unit in Dubai. At
present, PIPL has two distinct lines of business: i)
Trading/distribution of PVC resin from DCW Ltd, and ii)
manufacture and export of copper wire for exclusive supply to its
own group concern viz. MEPCAB in Dubai.

For the year-ended March 31, 2012, the company reported an
operating income (OI) of INR38.26 crore and Profit after Tax (PAT)
of INR0.07 crore. For the nine-months-ended December 31, 2012
(provisional results), the company reported an OI of INR29.54
crore and Profit before Tax of INR0.11 crore.

PLASTO INDIA: ICRA Assigns 'B+' Rating to INR3.5cr Loan
ICRA has assigned the long-term rating of '[ICRA]B+' to the
INR3.50 crore fund based bank facilities of Plasto India Private
Limited and a short-term rating of '[ICRA]A4' to the INR7.50 crore
non-fund based facilities of the company.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term Fund          3.50     [ICRA]B+/Assigned
   Based Limits

   Short Term Non-         7.50     [ICRA]A4/Assigned
   Fund Based Limits

The assigned rating favorably takes into account promoters'
experience of more than a decade in import and distribution of
advertising material in India. While the scale of operations is
modest and profitability of operations is low (operating profits
of 1-3% in the past few years) on account of trading nature of
business, the company has long and stable relationship for more
than a decade with LG Hausys (Korea), for which PIPL is the
authorized distributor of products in northern, central and
eastern India. However, there is high supplier concentration as
around 75% of the revenues are from sale of products supplied by
LG Hausys (Korea) in FY13. Further, despite low gearing, rating in
constrained on account of low profit margins, which results in
weak financial profile as characterized by weak debt coverage
indicators of TD/OOPBDITA of 5.19x, interest coverage of 1.25x and
NCA/TD of 4% as on March 2012. ICRA also takes into account the
nature of advertising industry, which is highly linked to economic
cycles, thus making the company's turnover susceptible to economic
downturns. Further, advertising industry is highly unorganized and
competitive with presence of various fragmented local, regional
and national players, which limits the bargaining power and thus
profitability of operations.

Going forward, the ability of the company to improve its scale of
operations and profitability while diversifying its supplier base,
would be the key rating sensitivities.

Incorporated in September 2002, Plasto India Pvt. Ltd. (PIPL) is
promoted by Mr. Naresh Mittal and his nephew Mr. Rishi Jain. PIPL
is authorized distributor of ad-materials for LG Hausys (Korea) in
northern, central and eastern India from the past one decade. In
October 2012, the company also became a distributor for Ilshin
Tarpaulin (Korea).

Recent Results:

For the year ending March 2012, PIPL had net profit of INR0.07
crore on operating income of INR18.97 crore as against net profit
of INR0.13 crore and operating income of INR21.97 crore and for
the year ending March 2011.

REGAL STEEL: ICRA Assigns 'B' Rating to INR7cr Proposed Loan
ICRA has assigned '[ICRA]B' rating to the INR7.00 crores proposed
fund based limits and '[ICRA]A4' rating to the INR2.00 crores
proposed non fund based limits of Regal Steel Rolling Mills.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Proposed Fund            7.00    [ICRA]B assigned
   based limits

   Proposed Non Fund        2.00    [ICRA]A4 assigned
   based limits

The assigned rating takes into account the highly competitive and
low value additive nature of the company's core business of
manufacture of mild steel products, which coupled with the modest
size of the operations of the entity, resulting in low economies
of scale, have resulted in weak profitability indicators. This
coupled with relatively high debt levels have resulted in weak
coverage indicators. Further, the profitability margins of the
company remain vulnerable to volatility in steel prices. The
rating however positively considers the long track record of RSRM
in the business and its established relationships with customers
and suppliers.

Regal Steel Rolling Mills was established in the year 1995 as a
partnership firm and it is engaged in manufacturing of MS angles
and flats from MS Ingots. The manufacturing facility of the firm
is located at Khanna in Punjab, with an installed capacity of
20,000 TPA.

The firm reported a net profit of INR0.16 crores on an operating
income of INR54.15 crores in FY13 as against net profit of INR0.08
crores on an operating income of INR37.75 crores in FY12.

SFPL CROP: ICRA Lowers Ratings on INR7.5cr Loans to 'D'
ICRA has downgraded the long term rating assigned to the fund
based facilities, aggregating to INR7.00 crore, of SFPL Crop Life
Science Pvt Ltd from '[ICRA]B' to '[ICRA]D'. ICRA has also
downgraded the short term rating of non fund based limits,
aggregating to INR0.50 crore from '[ICRA]A4' to '[ICRA]D'.

   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Fund Based Limits-       2.50     [ICRA]D (downgraded from
   Term Loan                         [ICRA]B)

   Fund Based Limits-       4.50     [ICRA]D (downgraded from
   Cash Credit                       [ICRA]B)

   Non-Fund Based Limits-   0.50     [ICRA]D (downgraded from
   Bank Guarantee                    [ICRA]A4)

The rating revision takes into account the regular delays in debt
servicing by SCLSPL arising on account of stretched liquidity
position. The ratings are further constrained by the company's
small scale of operations and weak financial risk profile as
indicated by low profitability margins, highly stretched capital
structure and weak debt-protection metrics. ICRA further notes
that the company's operations remain exposed to agro-climatic
risks and regulatory risks, also demonstrated by the low plant
utilisation levels both in the gluconate based micronutrients and
fertilizer segments. Further, the competitive pressures in the
gluconate based micronutrients remain intense.

However, ICRA takes into account the technical and operational
support extended by the parent-Krishidhan Seeds Ltd (KSL) which is
an established player in the agricultural community and favorable
demand potential for micronutrient products. Going forward, timely
servicing of debt obligations and ability to scale up the
operations while improving the profitability and cash flow remain
key rating sensitivities.

SFPL Crop Life Science Pvt. Ltd [formerly Subhash Fertilizers Pvt
Limited] was incorporated in 1999 as a 100% subsidiary of
Krishidhan Seeds Limited (Rated at [ICRA]BB+ (stable) which is
engaged in the production and marketing of seeds for the
commercial seed market. SCLSPL is involved in the production of
NPK fertilizers and plant nutrition products viz. micronutrients
products, plant growth promoters, plant growth regulators etc. The
company also undertakes marketing of few grades of seeds
manufactured by KSL.

Recent Results

For FY 2012 (October 2011 - September 2012), the company reported
profit after tax of INR0.73 crore on an operating income of
INR21.57 crore.

SHEKHADA COT-GIN: ICRA Upgrades Rating on INR7.75cr Loans to 'B+'
ICRA has upgraded the rating assigned to INR7.00 crore fund based
cash credit facility and INR0.75 crore term loan of Shekhada Cot-
Gin Private Limited from '[ICRA]B' to '[ICRA]B+'.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit              7.00    [ICRA]B+ upgraded
   Term Loan                0.75    [ICRA]B+ upgraded

The rating upgrade factors in the successful commissioning of its
manufacturing facility and stabilization of its operations along
with moderate capacity utilization levels.

The rating continues to remain constrained by SCPL's limited track
record of operations; weak financial profile reflected in thin
profitability, adverse capital structure and weak debt coverage
indicators. The rating is further constrained by limited earning
prospects resulting from low value addition and highly competitive
and fragmented ginning industry on account of low entry barriers.
The rating further considers vulnerability of profitability to
adverse movement in raw material prices since these are linked to
the seasonal nature of cotton industry and government regulations
regarding MSP of raw cotton as well as export of cotton bales.

The rating, however, continues to factor in the experience of
promoters spanning over two decades in cotton ginning & pressing
and strategic location of the plant in cotton producing belt of
India giving it easy access to raw cotton. Company Profile SCPL
was incorporated in 2011, to engage in cotton ginning & pressing
of raw cotton to produce cotton lint and cotton seed. It is
promoted jointly by Mr. Paresh Shekhada, Mr. Virag Shekhada and
Mr. Bharat Shekhad. The company's works is located in Jamnagar
(Gujarat) with processing capacity to manufacture 115 cotton lint
bales and 34 MT cotton seeds per day.

Recent Results

During FY 2013 (unaudited provisional financials), the company
reported an operating income of INR49.71 crore and profit before
tax of INR0.64 crore.

SHREE GANESH: ICRA Assigns 'C+' Rating to INR227.49cr Loans
ICRA has assigned a long term rating of '[ICRA]C+' to the
INR227.49 crore fund based bank facilities of Shree Ganesh
Metaliks Limited. ICRA has also assigned a short term rating of
'[ICRA]A4' to the INR11.50 crore non fund based facility of SGML.

   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund Based Limit-        24.02    [ICRA]C+ assigned
   Cash Credit

   Fund Based Limit-       203.47    [ICRA]C+ assigned
   Term Loan

   Non Fund Based           11.50    [ICRA]A4 assigned

The ratings take into account, the weak liquidity profile of SGML
as a result of the high working capital required in the business
and the loss making operations, leading to delays in debt
servicing, which has been restructured recently, the weak business
and financial risk profile as characterized by the considerable
delay in the project execution, suspension of the manufacturing
operations of the company for a major part of the financial year
2012-13 and the low margins in the sponge iron trading business.
The ratings also take into consideration, the exposure of the
company to the inherent cyclicality associated with the steel
industry which is likely to keep the profitability and cash flows
volatile. The ratings, however, favorably factor in the long track
record and the established presence of the promoters in the sponge
iron manufacturing business, SGML is expected to benefit from the
savings in the power cost due to the commissioning of the 18 MW
waste heat recovery based power plant, once the proposed induction
furnace, which is planned to be commissioned by the company
shortly, becomes operational.

Incorporated in 2003, SGML is engaged in the manufacturing of
sponge iron with an installed capacity of manufacturing 400 Tons
Per Day (TPD) of sponge iron. The plant of the company is located
near Rourkela in the state of Odisha.

SGML, had undertaken a capital expenditure plan for installing a
18 MW waste heat recovery based (WHRB) power plant, 14 MW FBC
based power plant, 30 MTPA induction furnace and a 150 MTPA coal
washery plant with a total project cost of more than INR230

Recent Results

SGML reported a profit after tax (PAT) of (Rs 24.34) crore in
2011-12 on the back of an operating income (OI) of INR104.86 crore
as against a PAT of INR10.53 crore on an OI of INR109.96 crore in

SWARNA HOSPITAL: ICRA Assigns 'C' Ratings to INR17.20cr Loans
ICRA has assigned a long term rating of '[ICRA]C' to the INR14.60
crore term loan and INR2.60 crore cash credit facility of Swarna
Hospital Pvt. Ltd.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits-      2.60     [ICRA]C assigned
   Cash Credit

   Fund Based Limits-     14.60     [ICRA]C assigned
   Term Loan

The rating primarily takes into account the liquidity crunch being
faced by the company on account of delay in project commissioning
and debt service obligation falling due. The rating is also
adversely impacted by the considerable delay in commencement of
the hospital on account of enhancement in project scope. This has
led to a substantial increase in the overall project outlay from
INR26.79 crore to INR41.74 crore. The delay in commissioning of
the project as envisaged earlier led to a cash flow mismatch for
SHPL, resulting in a consequent delay in servicing debt as per
terms. The rating also takes into consideration the capital
intensive nature of operations and the low occupancy levels at
present, making it critical for the hospital to achieve higher
occupancy for an acceptable level of profitability. ICRA notes
that the project being in a nascent stage of operation has high
off take risks which is contingent on the ability of the hospital
to attract and retain reputed consultants. The existence of
established hospitals within close proximity of the project site
increases demand risks. The rating is further constrained by the
stretched capital structure as indicated by a high gearing, which
is expected to deteriorate further on account of additional debt
taken to fund the enhanced project cost. The rating favorably
factors in the vast experience of the promoters in the health care
industry, low execution risk as around 80% of the project cost has
been incurred and attainment of financial closure for the enhanced
project cost.

SHPL was incorporated in 2005 by Dr. C.R. Das, who had been
running a 20 bed nursing home by the name of "Swarna Nursing Home"
since the last 21 years. The company is setting up a 162 bed multi
speciality hospital in Bhubaneswar in Odisha. The total budgeted
project cost is INR41.74 crore, which is funded by INR27.42 crore
of debt and INR5.84 crore of equity, the rest being unsecured
loans from promoters. The hospital commenced operation in August
2011 with 75 beds, which has been increased to 90 as on date.

Recent Results

SHPL has registered a profit after tax (PAT) of INR0.06 crore on
an operating income (OI) of INR3.31 crore in 2011-12 as against a
PAT of INR0.21 crore on an OI of INR1.05 crore in 2010-11.

TATA STEEL: $1.6-Bil. Write-Down No Impact on Moody's Ba3 Rating
Moody's Investors Service says that the decision by Tata Steel
(Ba3 negative) to write off $1.6 billion in goodwill related
largely to its investment in Tata Steel UK Holdings (TSUKH, B3
negative) has no immediate impact on its ratings. However, the
announcement highlights the structural challenges in the European
steel market, and the continued poor performance at TSUKH, which
are incorporated in both entities' negative rating outlooks.
Indeed, failure to stem the losses at TSUKH could lead to
sustained rating pressures that could ultimately result in a

"As TSUKH continues to struggle with overcapacity and sluggish
demand from Europe, and with FYE March 2013 likely to reflect the
nadir of Tata Steel's credit metrics, the write-down does not come
as a surprise", says Alan Greene, Vice President -- Senior Credit
Officer at Moody's.

"TSUKH generated negative EBITDA per tonne of $26 in the third
quarter ending December 2012 and we expect it to barely break even
over the full year", adds Greene, who is also lead analyst for
Tata Steel and TSUKH.

In stark contrast, Tata Steel India's EBITDA per tonne was $243 in
the same period, a recent low point, on the back of a slower
Indian economy, though still amongst the highest of all Moody's
rated steel companies. Moody's notes that steel prices in India
remain depressed and with producers still adding capacity it
believes the return of Tata Steel's Indian business towards a
sustained EBITDA of USD300/tonne or more, may take some quarters
to emerge.

"Nevertheless, with no letup 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. Moody's expects 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.

TSUKH's burgeoning debt level 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.

TSUKH's B3 rating factors in two notches of support from Tata
Steel, reflecting TSUKH's strategic importance within the group
and expectations of continued support. Tata Steel'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.

Moody's will be looking to the upcoming full-year results
announcement and subsequent quarters to ascertain whether a
gradual turn-around of TSUKH's performance can be achieved. This
would include in particular its ability to generate positive free
cash flow and EBITDA. 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 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.

The principal methodology used in these ratings was 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.

TATA STEEL: Charge Highlights Industry's European Troubles
Tata Steel's US$1.6 billion write-down on its European operations
highlights the weak medium-term growth prospects for all steel
producers in the region and the difficulty producers have in
adjusting to changes in demand, Fitch Ratings says.  Tata
attributed the write-down to a prolonged fall in demand, which the
company said was down nearly 8% in FY13 and almost 30% since 2007.
For the sector as a whole, we expect growth in the major Western
European markets to remain anaemic over the medium term, even as
the eurozone recovers from its current weakness. Demand from
emerging European markets will be stronger, driven by faster
economic growth and higher investment.

"The three largest steel-consuming sectors in Western Europe are
construction, automotive and mechanical engineering. For 2013, we
expect construction volumes to fall a further 5%-10%, while
automotive demand is likely to fall marginally. Mechanical
engineering has been a bright-spot due to emerging-market export
orders, but growth started to slow in early 2012 and is likely to
be marginal in 2013," Fitch says.

"The weak demand outlook for European steel-makers has driven some
producers to idle or retire higher-cost facilities. However,
longer-term adjustments are typically slow and costly. The sector
has high exit costs, given significant capital investment levels,
high decommissioning costs and labour notice periods. Recently,
steel producers have also faced increased government opposition to
plans that would lead to large-scale job cuts.

"We set out our assessment of the world's main steel producing
markets and our expectations for the sector in the "Global Steel
Handbook," published in March and available at"

YES BANK: Moody's Affirms Baseline Credit Assessment at ba1
Moody's Investors Service has affirmed a baseline credit
assessment of ba1 and foreign and local currency bank deposit
rating of Baa3/Prime-3 to Yes Bank Ltd. This affirmation reflects
its sound asset quality, consistent profitability, and relatively
small, but rapidly growing franchise.

Furthermore, Yes Bank maintains adequate liquidity, with a
significant reliance on corporate deposits, although retail
deposits have grown recently.

Capitalization is lower than that of its regional peers,
particularly given its recent growth, but it can access the
capital markets and would do so to support further growth.

Ratings Rationale:

For the past 4 years, Yes Bank has grown at a compound annual
growth rate (CAGR) of 39% in terms of loans, including an annual
growth rate of almost 80% in FY2010, as it established a larger
presence in corporate lending in the wake of the global financial

While its high loan growth and concentration in the corporate
sector carry inherent risks, these are mitigated by its gross non-
performing loan (NPL) ratio of less than 1% for each of the past
five years. Its NPL coverage ratio is also the highest among rated
banks in India.

Yes Bank has kept profitability largely in line with other Indian
private-sector banks, with a pre-provision income as a percent of
risk weighted assets (RWA) at 3.59% for FY2013. Given the
competitive nature of corporate lending, its net interest margin
(NIM) of 2.7% is lower than the 3.2% average for Moody's-rated
private-sector banks. However, it has a relatively low cost-to-
income ratio of 38% for FY2013 and low cost of credit, which
contribute to a relatively high net income to RWA ratio of 2.18%.

Yes Bank's rating also reflects the challenge of enhancing its
small- and medium-sized and retail customer deposit base --
considering its more corporate-lending-focused business profile --
within a competitive environment in India.

It lags in terms of lower-cost current accounts and savings
accounts deposits (CASA), with a CASA to total deposits ratio of
19% -- significantly below 34% for the broader banking industry in
India. Going forward, Yes Bank's management has targeted to raise
this ratio to 30% by March 2015.

When compared to global peers, Yes Bank's capitalization is
relatively low, with a Tier 1 ratio of 9.5% as of March 2013.
However, it demonstrates relatively high returns on RWA, which
have supported growth since its last capital raising. In 2012,
management obtained board approval to issue up to $500 million in
equity via global depository receipts or American depository
receipts, providing further confidence in management's readiness
to access external sources of capital to support further growth.

As Yes Bank is seeking to become a more "visible" bank -- aiming
for a network of 750 branches by March 2015 from 430 as of March
2013 -- Moody's expects continued operational and credit risks to
accompany growth. It will also take some time to fully stabilize a
larger business franchise and start reaping the benefits of
economies of scale.

Moody's assigns a global local currency (GLC) deposit ratings of
Baa3/ Prime-3 to Yes Bank. The GLC deposit ratings incorporate
Moody's assessment of a moderate probability that systemic support
would be extended to Yes Bank, should the need arise, based on the
high country support guideline assigned to India. Therefore, based
on India's Baa2 systemic support indicator, Yes Bank's receives a
one-notch uplift from its BCA. The probability of systemic support
in the event of a stress situation is judged as moderate due to
Yes Bank's national market share and relative importance to
India's banking system.

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June

Yes Bank, headquartered in the Mumbai, had assets of INR0.99
trillion as of March 31, 2013.


JLOC XXX: Moody's Downgrades Ratings on Certs. from Two Issuers
Moody's Japan K.K. has downgraded the ratings on the Class B
through D Trust Certificates issued by JLOC XXX Trust and the
Class 1 and Class 2 Trust Certificates issued by JLOC XXX
Satellite Trust.

The affected ratings are as follows:

Issuer: JLOC XXX Trust

Class B Trust Certificates, downgraded to B3 (sf); previously on
February 24, 2011, downgraded to Ba3 (sf)

Class C Trust Certificates, downgraded to Ca (sf); previously on
February 24, 2011, downgraded to B3 (sf)

Class D Trust Certificates, downgraded to C (sf); previously on
February 24, 2011, downgraded to Caa3 (sf)

Issuer: JLOC XXX Satellite Trust

Class 1 Trust Certificates, downgraded to C (sf); previously on
February 24, 2011, confirmed at Caa3 (sf)

Class 2 Trust Certificates, downgraded to C (sf); previously on
February 24, 2011, confirmed at Caa3 (sf)

Deal Name: JLOC XXX Trust/ JLOC XXX Satellite Trust

Classes: Class B through D Trust Certificates for the JLOC XXX
Trust, and Class 1 and Class 2 Trust Certificates for the JLOC XXX
Satellite Trust

Issue Amount (initial): JPY 108.2 billion for JLOC XXX Trust, and
JPY 9.3 billion for JLOC XXX Satellite Trust

Dividend: Floating/Fixed

Issue Date: May 9, 2006

Final Maturity: April, 2014

Underlying Asset (initial): For JLOC XXX Trust, five TMK bonds
backed by properties and the Senior Trust Certificate issued by
JLOC XXX Satellite Trust, and for JLOC XXX Satellite Trust, one
TMK bond backed by properties

Originator: Morgan Stanley Japan Securities Co, Ltd. (as of the
issue date)

Arranger: Morgan Stanley Japan Securities Co, Ltd. (as of the
issue date)

Rating Rationale:

The rating actions on the trust certificates were prompted by
Moody's expectation that they will likely incur losses after
taking into consideration the potential recovery from special
servicing of the underlying hotel portfolio.

The transactions are currently secured by two bonds under special
servicing. One bond is backed by office buildings and the other is
backed by hotels.

Based on the servicer's report as of April 30, the potential
recovery proceeds from the bond backed by hotels will fall short
of Moody's assumptions made at the last rating action in February
2011, while the recovery from the bond backed by office buildings
will result in the amount that Moody's expected at the time of the
last rating action.

The stressed recovery rate in the hotel portfolio is caused, in
part, by the sale of properties in a depressed market last year
before the hotel industry started to recover.

The low quality of some of the hotels and the concerns regarding
the ownership structure of the properties exacerbated the
volatility in prices.

Moody's key assumptions regarding uncertainties in the commercial
real estate market are based on the current macroeconomic
environment, especially relating to occupancy rates and rents of
the underlying properties and the lending position of the banks.

In the hotel sector, occupancy rates and room rates were
negatively impacted by Japan's earthquake and tsunami in 2011,
however, they have almost recovered. The large depreciation in the
JPY has attracted inbound visitors, resulting in increased
revenues for hotels.

Moody's did not conduct any additional cash flow analysis or
stress scenarios, because the ratings rely on the potential
recovery proceeds from the special servicing of the underlying

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
published in June 2010.

KK ATAMI: Moody's Cuts Rating on Class B Notes to Ba1
Moody's Japan K.K. has downgraded the ratings of the notes issued
by KK Atami Beach Line Funding 2 and Atami Beach Line Mezzanine
Funding Limited. The ratings remain under review for further

Both deals are backed by the Atami Beach Line Motor Road (Atami
Beach Line) and its toll revenues. The road is used by tourists
and locals in Atami and the surrounding areas.

The affected ratings are as follows:

Deal Name: KK Atami Beach Line Funding 2

Class A-2 notes, downgraded to A1 (sf) and placed under review for
downgrade; previously on July 8, 2010 downgraded to Aa1 (sf)

Class B notes, downgraded to Ba1 (sf) and placed under review for
downgrade; previously on July 8, 2010 downgraded to A2 (sf)

Class C notes, downgraded to B1 (sf) and placed under review for
downgrade; previously on July 8, 2010 downgraded to Baa3 (sf)

Deal Name: Atami Beach Line Mezzanine Funding Limited

Mezzanine notes, downgraded to Caa1 (sf) and placed under review
for downgrade; previously on July 8, 2010 downgraded to Ba2 (sf)

Deal Name: KK Atami Beach Line Funding 2

Class: Class A-2 Notes, Class B Notes, Class C Notes (senior

Issue Amount: JPY5.5 billion, JPY1.2 billion, JPY1.2 billion

Coupon: Fixed, Fixed, Fixed

Final Maturity Date: May 31, 2015

Deal Name: Atami Beach Line Mezzanine Funding Limited

Class: Mezzanine Notes

Issue Amount: JPY3.5 billion

Coupon: Fixed

Final Maturity Date: May 31, 2030

Underlying Asset: Atami Beach Line (toll road)

Seller, Lessee, and Toll Road Operator: GRANVISTA Hotels & Resorts
Co., Ltd. (formerly known as Mitsui Kanko Development Co., Ltd.)

Underwriter/Refinance Agent: Citigroup Global Markets Japan Inc.

Rating Rationale:

The ratings downgrade reflects Moody's view that the probability
of fully refinancing all of the senior notes is decreasing.
Furthermore, the rating levels reflect Moody's view on expected
recovery scenarios, if the senior notes cannot be refinanced.

While the increase in the fare of the toll road in February 2013
will have a positive impact on the debt service coverage ratio
(DSCR) and consequently the probability of the notes being
refinanced, it will not fully offset Moody's growing concerns over
the refinance risk.

Although the maturity of the mezzanine notes is in May 2030, their
rating was also affected because in the event that the senior
notes are not refinanced, the special purpose company will need to
sell the toll road.

The ratings of the notes remain under review for further
downgrade. During the review period, Moody's will monitor the
refinancing prospects for the notes, and conduct further analysis
on recovery scenarios, if the senior notes cannot be refinanced.

If the refinancing is unlikely, Moody's would downgrade the rating
of the Class A-2 notes by at least two notches. Moody's could also
downgrade the ratings of the Class B, Class C notes and the
mezzanine notes if the expected recovery rate for the rated
tranches declines. Moody's intends to conclude the rating review
within three months.

The primary sources of assumption uncertainty are: the usage of
the Atami Beach Line and the expenses required to maintain the

Moody's analysis is based mainly on: 1) the projected cash flow
from the Atami Beach Line, including the toll increase in February
2013 and the ensuing impact on traffic volume; 2) the notes
amortization mechanism; 3) the credit support provided by the
senior/subordinated structure, as illustrated by the loan-to-value
(LTV) ratio and the level of stressed DSCR; and 4) the legal and
structural integrity of the transaction.

The key parameters in Moody's analysis are the cash flow generated
by the Atami Beach Line and the value assessment for the road.
These parameters help determine the DSCR and the LTV levels for
each of the rated class.

Moody's analysis also considers stress scenarios. In determining
the DSCR, Moody's considered different stressed levels for
interest rates. Similarly, in determining the valuation of the
toll road, Moody's considered different levels of capitalization
rates. Therefore, Moody's analysis encompasses an assessment of
stress scenarios.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
published in June 2010.

SHARP CORP: Names Takahashi as New President and CEO
Japan Today reports that Sharp Corp named a new president Tuesday,
reshuffling its top management to help restore profitability after
reporting a record loss.

According to the report, the Osaka-based maker of Aquos TVs said
that Kozo Takahashi, currently an executive vice president, will
become its president and CEO as of June 25. His appointment is
part of a business reorganization aimed at returning to the black
in the fiscal year ending March 2014 after years of losses, the
report relates.

Japan Today notes that the company also said it would reduce its
capital to help improve its balance sheet and "make a fresh start"
by shedding its legacy of cumulative losses.

In a business plan issued Tuesday, Japan Today relates, the
company said it planned to beef up its loss-making LCD panel
business, which embodies its prized technology, as part of its
alliance with South Korea's Samsung Electronics Co.

However, Sharp plans to cut capital investment by 3% to
JPY80 billion after trimming it by nearly 31% in the last fiscal
year, according to the report.

The new president, Mr. Takahashi, comes from the company's product
development group and has also been in charge of Sharp's
American's division. He replaces Takashi Okuda, who will become
Sharp's chairman.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) -- manufactures and sells electronic
telecommunication devices, electronic machines and components.

Fitch Ratings this month said it is maintaining Sharp's Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of
'B-' on Rating Watch Negative (RWN).

The RWN reflects growing risks to Sharp's liquidity position in
the short-term, due to its upcoming debt maturities and limited
access to the capital markets, as the technology company struggles
to turn around its business. Sharp's cash balance was JPY164bn at
end-December 2012, significantly short of the JPY908bn debt and
commercial paper maturing in 2013.

Although Sharp succeeded in raising JPY360bn secured loans from
its major banks in September 2012, continuing support from these
creditors may not be forthcoming when the loans fall due in
June 2013. In addition the company has a JPY200bn convertible bond
due in September 2013.


* Moody's Outlook on Malaysia's Banking Sector Remains Stable
Moody's Investors Service announced that it maintains its stable
outlook for the Malaysian banking system for the next 12 to 18
months in its most recent Banking System Outlook published on
May 15, 2013.

The stable outlook reflects Moody's expectation of a stable
operating environment that will allow the banks to maintain their
good asset quality, as well as strong capitalization levels and
funding profiles.

At the same time, Moody's cautions over the looming risk posed by
the twin trends of household leveraging and house price
appreciation, which could, in less favorable conditions, undermine
asset quality. But the rating agency says that this risk is
unlikely to materialize within the timing horizon of its outlook.

Explaining Moody's view on the favorable operating conditions,
Simon Chen, a Moody's Analyst and the report's author, indicates
that he expects post-election continuity, including the
maintenance of accommodative government policies that will support
robust growth in GDP, which Moody's estimates will be 5% in 2013.
He also sees bank loans growing by 10% during the same period.

"The key policies supporting this scenario feature government
disbursements to implement infrastructure projects already in the
pipeline, as well as accommodative monetary policies -- globally
and domestically -- that will attract private sector investments,
employment and consumption", says Chen.

Moody's report also says that because impaired assets are at
record low levels, any further improvement in this area is

"While pockets of the consumer sector may be taking on too much
leverage, the associated credit risks should be contained for as
long as interest rates remain low," says Chen.

As the report notes, any upward movement in current low official
interest rates would have a negative effect on various asset
classes, such as export-oriented manufacturers, high loan-to-
valuation mortgages, and highly-leveraged households. Moody's
estimates that these asset classes account for less than 20% of
all loans in the banking system.

Yet, Moody's stress testing analysis indicates that the loss-
absorbing buffers of Moody's-rated banks would allow them to
sustain a considerable deterioration in asset quality, while
maintaining core equity tier 1 ratio above regulatory minimum.

Furthermore, capitalization levels are highly unlikely to fall
below current levels, as the banks manage their balance sheet
growth against the higher capital requirements specified under
Basel III, which will lock in existing buffers.

On liquidity, the report says Moody's expects the banking system
to maintain robust levels, given that the banks have managed well
their funding profiles, characterized by: 1) a stable average
overall loan-to-deposit ratio of 79%, and 2) the availability of
longer-term funding that the banks may obtain from the debt
capital markets.

Moody's rates eight commercial banks in Malaysia, which, at end-
2012, held a combined 82% of total banking system assets.


MONGOLIAN MINING: S&P Lowers CCR to 'B'; Outlook Negative
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Mongolia-based coal mining
company Mongolian Mining Corp. (MMC) to 'B' from 'B+'.  The
outlook is negative.  At the same time, S&P lowered its issue
rating on MMC's senior unsecured notes to 'B' from 'B+'.

"We downgraded MMC to reflect our view that the company's cash
flow adequacy ratios will likely be weaker than we had earlier
anticipated for the rest of 2013 and 2014," said Standard & Poor's
credit analyst Xavier Jean.

S&P now expects MMC's ratio of funds from operations (FFO) to debt
to be between negative 2.5% and 0% and the company's debt-to-
EBITDA ratio to exceed 15x for the next 12 months.  These ratios
are consistent with a "highly leveraged" financial risk profile,
compared with S&P's previous assessment that the company's
financial risk profile is "aggressive."  S&P's assessment is
despite its expectation that MMC's absolute debt will reduce after
the company repays about US$167 million in convertible bonds and
bank loans in 2013.

S&P lowered its projections of MMC's EBITDA to US$50 million-
US$60 million and S&P's FFO forecast to about negative
US$10 million in 2013.  Demand growth in China's steel end markets
is recovering slower than S&P had anticipated.  Market sentiment
has not yet turned and the pace of supply rationalization appears
to have slowed.

MMC's cash flow adequacy ratios are likely to remain weak in 2014,
even if S&P factors in a possible improvement in coal prices.  S&P
estimates that MMC's debt-to-EBITDA ratio will remain slightly
above 6x, assuming 7 million tons-7.5 million tons of coking coal
sales and an increase in hard coking coal prices to US$115-US$120
per ton.  This ratio would be commensurate with a "highly
leveraged" financial risk profile.

MMC's sizeable debt due in the first half of 2014 has reduced its
liquidity buffer to absorb a decline in coal prices.  S&P expects
MMC's cash balance to continue to decline to about US$45 million-
US$65 million by the end of 2013 because of debt repayments,
working capital requirements, and limited internal cash accruals.
This compares with a US$284 million cash balance at the beginning
of 2013.  The lower cash balance will leave MMC with limited
cushion against elements mostly beyond the company's control,
notably further price declines or working capital swings, for the
rest of the year.

The rating on MMC also reflects the company's mineral
concentration in coking coal, customer concentration risks, and
its exposure to an untested and evolving regulatory environment in
Mongolia.  MMC's reduced project development risk and a fair cost
position partly offset these weaknesses.

MMC's liquidity is "less than adequate," as S&P's criteria define
the term.  S&P expects MMC's liquidity sources to exceed its
liquidity needs by about 1.1x over the next 12 months.

"The negative outlook on MMC reflects the company's declining
liquidity buffer against a persisting weakness in coal prices,"
said Mr. Jean.  "The outlook also reflects our view that the
company's cash flow adequacy ratios will likely remain weak in

S&P could lower the rating if MMC's liquidity weakens further.
This could materialize if: (1) average selling prices for hard
coking coal drop below US$95 per ton for more than four months;
(2) MMC's working capital requirements rise unexpectedly, possibly
due to delays in customer receivables; or (3) the company faces
difficulties or delays in refinancing or postponing maturities in
the first half of 2014.

S&P could revise the outlook to stable if it considers MMC's
liquidity risk and refinancing risk to have diminished.  This
could happen if the company rebuilds its liquidity buffer by
refinancing or postponing debt due in 2014, and coking coal prices
sustainably increase above US$115 per ton.

S O U T H  K O R E A

STX GROUP: Creditors Press Chairman to Sell Private Assets
Creditors of STX Group are pressuring the group chief to take all
possible actions including the disposal of his private assets to
keep the troubled shipbuilding conglomerate afloat, sources said

According to Yonhap, sources said creditors and the local
financial regulator are putting pressure on STX Group Chairman
Kang Duk-soo to show strong willingness to do whatever action is
needed in return for receiving acute liquidity.

The creditors of STX Group's troubled units provided liquidity or
are reviewing the liquidity supply in exchange for voluntary debt-
relief and restructuring efforts.

"The group head should give up his own assets to help the group
survive," an official at the financial authorities, asking not to
be named, told Yonhap.

Yonhap discloses that Chairman Kang holds a 9.9 percent stake in
the holding company, which has 10 affiliates, including STX Pan
Ocean Co. and STX Offshore & Shipbuilding Co., under its wing.

"I am ready to do whatever it takes and put up with any
difficulties," Mr. Kang said in an e-mail to his employees, the
report relates.

STX Group, a South Korean shipbuilding conglomerate, has seen its
major affiliates struggling from liquidity shortages as they have
been suffering from mounting debt due to the downturn in the
shipbuilding and shipping sectors, Yonhap News disclosed.

STX Corp., the group's holding company, and its two affiliates
have asked main creditor Korea Development Bank to inject
liquidity in return for a voluntary debt relief process to salvage
the firm from insolvency.

STX Corp. has 11 affiliates including STX Pan Ocean and STX
Offshore & Shipbuilding under its wing.

IT service provider ForceTec, in which group chief Kang Duk-soo
holds 69.4 percent stake, has a 23.1 percent stake in STX Corp.
Mr. Kang also holds a 25 percent interest in STX Construction,
which applied for a court receivership on April 26, Yonhap added.

Yonhap, citing industry data, notes that the group has debts worth
KRW1 trillion (US$897.9 million) that come due within this year,
of which KRW500 billion comes to maturity this month.

* Moody's Sees More Negative Rating Actions on Corporate Issuers
Moody's Investors Service says the credit quality of many Korean
private-sector corporate issuers will remain pressured, and
therefore negative rating actions will continue to outnumber
positive ones over the next 12 months.

"The main reasons for the pressure will be weak growth in key
export markets, subdued domestic consumer spending, the Korean
won's appreciation against the USD and JPY, and some companies'
aggressive investment strategies," says Chris Park, a Moody's Vice
President and Senior Credit Officer.

"As a reflection of this challenging environment, Moody's notes
that 38% of Korean non-government-owned corporate ratings had a
negative outlook at end-April 2013, up from 32% at end-2012 and
25% at end-2011," says Park.

Park presented his views in greater detail at a Moody's briefing
in Seoul.

"Specifically, sluggish demand growth in developed markets and
China will hinder recovery of the profitability and cash flow of
many Korean exporters of commodity products, particularly of steel
and chemicals," says Park.

Moody's also notes that this situation will be exacerbated by
China's ongoing capacity expansion, particularly in the chemical
and refinery sectors.

With the won's rise, auto makers, chemical companies and
construction companies are most vulnerable because of their large
exports in USD.

And steel and electronics companies are most susceptible to the
won's rise against the JPY, because they compete with Japanese
companies which also export from their home country on a large

By contrast, the impact of a strong won is neutral or even
positive for utilities and refiners, given that their energy
imports are denominated in USD.

Forecasted weakness in domestic demand will hurt retailers in
particular, given high household debt, the decline in home prices,
and various other issues, such as the increasing proportion of
low-wage jobs. Tightened regulations, as highlighted by mandatory
closure of hypermarket stores twice a month, will also weaken
their revenue and earnings.

Nonetheless, some companies such as Samsung Electronics Co Ltd (A1
stable) and Hyundai Motor Company (Baa1 stable) can weather these
adverse operating conditions, owing to the improving
competitiveness of their products and the presence of robust
cushions in terms of margins and leverage.

In terms of liquidity, most Korean corporates have moderate to
weak liquidity, but Moody's is not concerned, given their strong
access to domestic financial market, which is expected to remain

* SOUTH KOREA: Government Recoups 62.5% of Bailout Funds
Yonhap News reports that South Korea has recouped 62.5 percent of
the public funds it spent to bail out troubled financial firms
during the 1997-1998 Asian financial crisis, the financial
regulator said Thursday.

The Financial Services Commission (FSC) the country has retrieved
KRW105.4 trillion (US$94.6 billion) in public funds as of the end
of March, according to the news agency.

Yonhap relates that the FSC said the March recovery rate stayed
unchanged from the previous tally, and had a 7.1 percent gain
compared to the end of 2008, the FSC said. In the January-March
period, it recouped KRW76.5 billion.

According to Yonhap, the South Korean government has poured a
total of KRW168.7 trillion in taxpayer money into local financial
institutions since 1997 to rescue them from bankruptcy.

Meanwhile, Yonhap reports, the regulator said the country has
recovered KRW4.23 trillion, or 68.5 percent, of the KRW6.18
trillion pumped into the financial system to stave off market
instability in the aftermath of the 2008 global credit crunch. In
the first quarter, the government retrieved KRW390.2 billion.

The report says South Korea manages two tranches of public funds.
The latter, created in 2009, aims to bolster the health of the
local financial sector through purchases of soured loans and
assets of bankrupt firms.


* 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
ANAECO LTD                ANQ              12.09      -16.38
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
CLARITY OSS LTD           CYO              28.67       -8.42
CWH RESOURCES LT          CWH              12.09       -1.29
HAOMA MINING NL           HAO              23.85      -33.70
LANEWAY RESOURCE          LNY              10.84      -11.48
MACQUARIE ATLAS           MQA           1,643.35   -1,018.17
MISSION NEWENER           MBT              10.95      -25.02
NATURAL FUEL LTD          NFL              19.38     -121.51
QUICKFLIX LTD             QFX              15.84       -1.91
REDBANK ENERGY L          AEJ             295.35      -13.08
RENISON CONSO-PP          RSNCL            10.84      -11.48
RIVERCITY MOTORW          RCY             386.88     -809.14
RUBICOR GROUP LT          RUB              60.12      -61.63
STERLING PLANTAT          SBI              37.84      -10.78
TZ LTD                    TZL              26.01       -1.69


ANHUI GUOTONG-A           600444           73.14       -9.75
ATLANTIC NAVIGAT          ATL              89.78       -6.98
CHANG JIANG-A             520             818.55     -122.68
CHENGDU UNION-A           693              24.18      -30.53
CHINA KEJIAN-A            35               49.24     -299.06
CHINA OILFIELD T          COT              18.84      -19.88
HEBEI BAOSHUO -A          600155          101.91     -102.90
HUASU HOLDINGS-A          509              73.01      -35.36
HULUDAO ZINC-A            751             471.13     -546.12
HUNAN TIANYI-A            908              58.94      -11.50
JIANGSU ZHONGDA           600074          351.03       -9.74
JILIN PHARMACE-A          545              32.98       -6.85
QINGDAO YELLOW            600579          139.12      -58.98
SHENZ CHINA BI-A          17               26.30     -279.51
SHENZ CHINA BI-B          200017           26.30     -279.51
SHENZ INTL ENT-A          56              334.77      -70.20
SHENZ INTL ENT-B          200056          334.77      -70.20
SHIJIAZHUANG D-A          958             212.89     -118.63
TAIYUAN TIANLO-A          600234           63.16      -15.00
WUHAN BOILER-B            200770          214.39     -201.83
WUHAN XIANGLON-A          600769           83.73      -85.75
XIAN HONGSHENG-A          600817          138.05      -60.58


ASIA COAL LTD             835              20.37      -11.89
BIRMINGHAM INTER          2309             63.14       -6.89
BUILDMORE INTL            108              16.89      -47.61
CELEBRATE INTERN          8212             17.15       -3.56
CHINA E-LEARNING          8055             22.22       -2.95
CHINA HEALTHCARE          673              32.51      -25.02
CHINA OCEAN SHIP          651             339.71      -56.14
CHINA ORIENTAL            2371             14.94       -1.53
EFORCE HLDGS LTD          943              63.68       -4.62
FU JI FOOD & CAT          1175             26.40     -153.32
GRANDE HLDG               186             255.10     -208.18
HAO WEN HOLDINGS          8019             20.40       -0.60
ICUBE TECHNOLOGY          139              20.70       -4.03
MASCOTTE HLDGS            136             176.50     -142.02
MELCOLOT LTD              8198             13.19      -28.51
PALADIN LTD               495             162.31       -3.89
PROVIEW INTL HLD          334             314.87     -294.85
SINO RESOURCES G          223              38.67      -23.83
SURFACE MOUNT             SMT              32.88      -10.68
TLT LOTTOTAINMEN          8022             20.48       -3.75
U-RIGHT INTL HLD          627              16.58     -204.32


APAC CITRA CENT           MYTX            187.16       -6.32
ARPENI PRATAMA            APOL            416.73     -206.52
ASIA PACIFIC              POLY            410.59     -809.94
ICTSI JASA PRIMA          KARW             56.78       -1.30
MATAHARI DEPT             LPPF            232.55     -190.10
PANCA WIRATAMA            PWSI             28.67      -35.63
PERMATA PRIMA SA          TKGA             10.70       -1.55
RENUKA COALINDO           SQMI             14.81       -1.35


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              11.81      -10.16
ASHAPURA MINECHE          ASMN            167.68      -67.64
ASHIMA LTD                ASHM             63.23      -48.94
BELLARY STEELS            BSAL            451.68     -108.50
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              13.22       -9.70
GANESH BENZOPLST          GBP              43.90      -18.27
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 SYNTEX          HSYN             11.46       -5.39
HMT LTD                   HMT             123.83     -517.57
INDAGE RESTAURAN          IRL              15.11       -2.35
INTEGRAT FINANCE          IFC              49.83      -51.32
JAGJANANI TEXTIL          JAGT             10.69       -1.88
JCT ELECTRONICS           JCTE             88.67      -72.23
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
KANCO ENTERPRISE          KANE             10.59       -4.93
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
LML LTD                   LML              50.66      -70.76
MADRAS FERTILIZE          MDF             158.91      -64.91
MAHA RASHTRA APE          MHAC             22.23      -15.85
MALWA COTTON              MCSM             44.14      -24.79
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
MYSORE PAPER              MSPM             87.99       -8.12
NATL STAND INDI           NTSD             22.09       -0.73
NICCO CORP LTD            NICC             71.84       -4.91
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
PARAMOUNT COMM            PRMC            124.96       -0.52
PARASRAMPUR SYN           PPS              99.06     -307.14
PAREKH PLATINUM           PKPL             61.08      -88.85
PIONEER DISTILLE          PND              53.74       -5.62
PREMIER INDS LTD          PRMI             11.61       -6.09
QUADRANT TELEVEN          QDTV            150.43     -137.48
QUINTEGRA SOLUTI          QSL              16.76      -17.45
RATHI ISPAT LTD           RTIS             44.56       -3.93
RELIANCE BROADCA          RBN              86.71       -0.35
RELIANCE MEDIAWO          RMW             425.22      -21.31
RELIANCE MED-SLB          RMW/S           425.22      -21.31
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             19.75      -13.35
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 RAMA MULTI          SRMT             49.29      -25.47
SIDDHARTHA TUBES          SDT              75.90      -11.45
SITI CABLE NETWO          SCNL            110.69      -14.26
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
SUPER FORGINGS            SFS              16.31       -5.93
TAMILNADU JAI             TNJB             19.13       -2.69
TATA METALIKS             TML             156.70       -5.36
TATA TELESERVICE          TTLS          1,311.30     -138.25
TATA TELE-SLB             TTLS/S        1,311.30     -138.25
TODAYS WRITING            TWPL             20.12      -24.62
TRIUMPH INTL              OXIF             58.46      -14.18
TRIVENI GLASS             TRSG             24.23      -12.34
TUTICORIN ALKALI          TACF             20.48      -16.78
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
UTTAM VALUE STEE          UVSL            510.00      -48.98
VANASTHALI TEXT           VTI              25.92       -0.15
VENTURA TEXTILES          VRTL             14.33       -1.91
VENUS SUGAR LTD           VS               11.06       -1.08


FLIGHT SYS CONSU          3753             10.10       -2.62
HARAKOSAN CO              8894            187.50       -1.90
HIMAWARI HD               8738            251.56      -42.26
INDEX CORP                4835            227.23      -15.54
MISONOZA THEATRI          9664             56.72       -4.80
PROPERST CO LTD           3236            140.82     -353.70
TAIYO BUSSAN KAI          9941            142.90       -0.41
WORLD LOGI CO             9378             34.44      -71.60


DAISHIN INFO              20180           740.50     -158.45
DVS KOREA CO LTD          46400            17.40       -1.20
ROCKET ELEC-PFD           425             111.09       -0.42
ROCKET ELECTRIC           420             111.09       -0.42
SHINIL ENG CO             14350           199.04       -2.53
SSANGYONG ENGINE          12650         1,231.13     -119.47
TEC & CO                  8900            139.98      -16.61
WOONGJIN HOLDING          16880         2,197.34     -635.50


HO HUP CONSTR CO          HO               54.37      -16.70
LFE CORP BHD              LFE              39.65       -0.70
PUNCAK NIA HLD B          PNH           4,400.41      -24.59
VTI VINTAGE BHD           VTI              17.74       -3.63


NZF GROUP LTD             NZF              11.69       -4.60
PULSE UTILITIES           PLU              14.58       -4.84


GOTESCO LAND-A            GO               21.76      -19.21
GOTESCO LAND-B            GOB              21.76      -19.21
PICOP RESOURCES           PCP             105.66      -23.33
UNIWIDE HOLDINGS          UW               50.36      -57.19


ADVANCE SCT LTD           ASCT             48.74       -2.27
HL GLOBAL ENTERP          HLGE             83.11       -4.63
SCIGEN LTD-CUFS           SIE              68.70      -42.35
TT INTERNATIONAL          TTI             227.86      -88.73
ZHONGXIN FRUIT            NLH              19.34       -5.25


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
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
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
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
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
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


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
IDM INTERNATIONA          IDM              30.99      -23.62
POWERCHIP SEM-EC          5346S         2,036.01      -52.74


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.

                 *** End of Transmission ***