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                      A S I A   P A C I F I C

            Friday, July 5, 2013, Vol. 16, No. 132



AIDS COUNCIL: Clifton Hall Appointed as Administrators
ALLMINE GROUP: Expressions of Interest Sought for Assets
BROOKFIELD MULTIPLEX: Liquidators to Probe Payment to Parent Firm
CARBON MANAGEMENT: Solar Firm Placed in Voluntary Administration
KIRRILY JOHNSTON: Fashion Brand in Voluntary Administration

PAGESET: Bad Debts, Tough Trading Prompts Liquidation
* Fitch Takes Various Rating Actions on 20 SF CDOs


CHINA PRECISION: Stockholders Reelect Three Directors
* China Gas Price Hikes Marginally Neg. for City Gas Distributors

H O N G  K O N G

COASTAL GREENLAND: B3 CFR Unchanged After Release of 2013 Results


AMBATI SUBBANNA: ICRA Reaffirms 'B+' Rating on INR8cr Loans
AURA MINERALS: ICRA Suspends 'B+' Rating on INR18.65cr Loans
BBF INDUSTRIES: ICRA Reaffirms 'D' Rating on INR81.86cr Loans
KRISHNA FERRO: ICRA Assigns 'D' Ratings to INR25cr Loans
LIVINGSTONES JEWELLERY: INR13.35cr Loans Reaffirmed at [ICRA] B

MAGAL ENG'G: ICRA Assigns 'B+' Ratings to INR41cr Loans
ORION LAMINATES: ICRA Cuts Rating on INR10.10cr Loans to 'D'
RANA SUGARS: ICRA Reaffirms 'D' Ratings on INR665cr Loans
SAIMAX CERAMIC: ICRA Reaffirms 'B+' Ratings on INR8.20cr Loans
SHREE SITA: ICRA Assigns 'B' Rating to INR10cr Fund Based Limits

SRI HANUMA: ICRA Reaffirms 'B+' Rating on INR10.75cr Limits
SRI SURYA: ICRA Assigns 'D' Ratings to INR15cr Loans


* Moody's Affirms Ratings on 2 Japanese Banks; Outlook is Stable


PACNET LIMITED: Withdrawal of Tender Offer a Credit Negative

S O U T H  K O R E A

* More Than 30 Korean Firms Face Debt Restructuring

S R I  L A N K A

CEYLEASE LTD: Fitch Keeps 'BB+' National LT Rating on RWP


* S&P Applies Revised Criteria to AP Life & Non-Life Insurers
* Large Companies with Insolvent Balance Sheets

                            - - - - -


AIDS COUNCIL: Clifton Hall Appointed as Administrators
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Administrators of The Aids Council of South
Australia Inc on July 2, 2013.

The Administrators are continuing the services of the Association.

A first meeting of creditors will be held at 11:00 am on July 12,
2013, in the offices of Clifton Hall, Level 1, 12 Gilles Street,

ALLMINE GROUP: Expressions of Interest Sought for Assets
-------------------------------------------------------- reports that KordaMentha is seeking expressions of
interest for the assets and business of Allmine Group. The company
appointed David Ashley Norman Hurt as administrator.

The group's companies like Arccon Pty Ltd., Allmine Pty Ltd.,
Wildkat Holdings Pty Ltd, Construction Industries Australia Pty
Ltd, Wildkat International Pty Ltd and Linetec Engineering Pty
Ltd. are all in liquidation. The expressions of interest sought
are for each of the companies or as a whole.

The sale will include the group's engineering and mining services,
spare parts, maintenance and construction services. Furthermore,
it also involves the buyer's possession of the group's office
equipment, intangible assets that include goodwill, equipment and
plant, circulating assets and motor vehicles.

                       About Allmine Group

Allmine Group Ltd (ASX:AZG) and its subsidiaries provide
engineering, construction and maintenance services to the
resources sector across a number of locations in Western
Australia, the Northern Territory, Victoria and Fiji.

Cliff Rocke and Scott Langdon have been appointed Receivers and
Managers of:

   * Allmine Group Limited;
   * Arccon (WA) Pty Ltd;
   * Allmine Maintenance Division Pty Ltd;
   * Wildkat Holdings Pty Ltd;
   * Allmine (WA) Pty Ltd;
   * Construction Industries Australia Limited; and
   * Linetec Engineering Pty Ltd.

The appointment followed Allmine Group appointing Voluntary
Administrators on June 20, 2013.

BROOKFIELD MULTIPLEX: Liquidators to Probe Payment to Parent Firm
Australia Associated Press reports that the liquidators of
Brookfield Multiplex Constructions (NZ) said it made an
NZ$8.5 million (AUD7.35 million) payment to its parent while
insolvent and they're mulling options to recover the money.

AAP relates that Australian engineering and construction
contractor Brookfield Multiplex put its New Zealand unit, whose
projects included the Auckland's Sylvia Park Shopping Centre and
Canterbury's Pegasus Town development, in liquidation in December
citing a lack of new work in a tough market.

According to the news agency, liquidators Anthony McCullagh and
Stephen Lawrence of PKF Corporate Recovery & Insolvency (Auckland)
made their initial report on December 10, estimating a shortfall
to unsecured creditors of NZ$2.4 million.

AAP adds that the liquidators also said they were investigating a
claim against the owner of the company over a distribution made in
December 2011.

In their second report published on June 28, AAP relates that the
liquidators identified the size of the payment and revealed they
have been in ongoing correspondence with the parent and its
lawyers seeking recovery of the funds.

Brookfield Multiplex disputes the payment was made while the local
unit was insolvent, they said, AAP reports.

"We are currently in the process of considering the latest
correspondence received from the shareholders' solicitors and will
then decide what action to next take," the liquidators, as cited
by AAP, said.

Brookfield Multiplex Constructions (NZ) appointed liquidators on
December 4, 2012, though it had largely ceased operating in 2011,
when it made most of its workers redundant, BusinessDesk reported.
Anthony McCullagh and Stephen Lawrence of PKF
Corporate Recovery & Insolvency (Auckland) were appointed as

Brookfield Multiplex was formed in 2007 when Canada's Brookfield
Asset Management acquired Australian developer Multiplex, whose
projects included the troubled Wembley Stadium development, for
about AUD7.3 billion, including debt, BusinessDesk disclosed.

CARBON MANAGEMENT: Solar Firm Placed in Voluntary Administration
Patrick Stafford at SmartCompany reports that Carbon Management
Solutions and Aussie Solar Installations have been placed in
voluntary administration, with founder Amber Ferguson saying a
new, single entity will be formed to focus on the commercial
market instead of residential installations.

SmartCompany says the strategic shift highlights just how far
solar companies need to go in order to remain viable -- several
have fallen by the wayside in the past few years.

"It's still very competitive," Ms. Ferguson told SmartCompany.
"There are still lots of new companies that have joined the

According to the company, Carbon Management Solutions topped the
Smart50 list back in 2010, when it was turning over AUD72 million
after a bumper five-year run.

But during the past few years, the solar industry has been under
intense pressure and Carbon Management Solutions has fallen from
its peak, the report says. Changes in state-based tariffs have
been a key factor, but the glut of solar panels has seen prices
decline as well, relates SmartCompany.

SmartCompany relates that Carbon Management Solutions is now
turning over between AUD20 and AUD30 million, a large amount for a
solar company considering current conditions, but well below its
previous turnover.

Ms. Ferguson said, in order to survive, the business has to focus
on its most profitable possibility -- commercial installations,
according to SmartCompany.

Ms. Ferguson stresses the company is not disappearing through the
voluntary administration, and is instead forming a new group,
Carbon Management Solutions Group, which will trade as Aussie
Solar, SmartCompany adds.

KIRRILY JOHNSTON: Fashion Brand in Voluntary Administration
Melinda Oliver at SmartCompany reports that the administrator for
embattled Australian fashion brand Kirrily Johnston said the
label's future is uncertain due to the rocky retail climate.

SmartCompany relates that administrator Adam Shepard of Sydney-
based insolvency company Farnsworth Shepard was appointed by the
label on July 4, after brand owner Johnston placed it in voluntary

"We are looking at potential purchasers but given the current
climate it is probably unlikely we will find a buyer," Mr. Shepard
told SmartCompany.

SmartCompany says Mr. Shepard was unable to speculate on whether
it would be possible to rescue the brand so designer Johnston can
retain control and rebuild.

He told SmartCompany it is "too early to say, we will know more
after we review records".

According to the report, the womenswear label hit financial
trouble despite having a stable of around 70 wholesale clients and
a department store deal with David Jones. It also operates three
own retail stores, two in Sydney and one in Melbourne.

Ms. Johnston stated that a culmination of global financial crisis
issues, boutique stockists closing, the high Australian dollar,
high retail rents and misfortunes with manufacturing had pushed
the business to the brink, SmartCompany adds.

Sydney-based Johnston established her eponymous brand
approximately 12 years ago, building it to become a popular
fixture on the Australian fashion landscape. It was regularly
featured in major Australian fashion week events such as
Australian Fashion Week and the L'Oreal Melbourne Fashion

PAGESET: Bad Debts, Tough Trading Prompts Liquidation
Steven Kiernan at Proprint reports that Pageset has gone into
liquidation due to tough trading and the knock-on effects of bad

Proprint relates that the Melbourne-based trade services firm
appointed Leonard Milner of Venn Milner as liquidator.

According to the report, Pageset has faced a number of challenges
in recent months. Major client McPhersons' relocation out of
Melbourne late last year was thought to have squeezed Pageset's
sales.  Bad debts have also played a major role.

The failure in March of book printer BPA also represented a bad
debt of $130,000 to Pageset, according to BPA's receiver,
Deloitte, though it now appears the actual figure could be as high
as $160,000.

Pageset is one of the largest pre-press houses in Australia.

* Fitch Takes Various Rating Actions on 20 SF CDOs
Fitch Ratings has taken rating actions on 20 structured finance
collateralized debt obligations (SF CDOs) with exposure to various
structured finance assets.

The rating action report, titled 'Fitch Takes Various Rating
Actions on 20 SF CDOs', dated July 3, 2013, details the individual
rating actions for each rated CDO. It can be found on Fitch's
website at '' by performing a title search or
by using the link below. For further information and transaction
research, please refer to ''.

This review was conducted under the framework described in the
reports 'Global Structured Finance Rating Criteria' and 'Global
Rating Criteria for Structured Finance CDOs'. None of the reviewed
transactions have been analyzed within a cash flow model
framework, as the impact of structural features and excess spread,
or conversely, principal proceeds being used to pay CDO
liabilities and hedge payments, were determined to be minimal in
the context of these CDO ratings.


For 13 transactions where expected losses from distressed and
defaulted assets in the portfolio (rated 'CCsf' and lower) already
significantly exceed the credit enhancement (CE) level of the most
senior class of notes, Fitch believes that the probability of
default for all classes of notes can be evaluated without
factoring potential further losses from the remaining portion of
the portfolios. Therefore, these transactions were not modeled
using the Structured Finance Portfolio Credit Model (SF PCM).

For six transactions where expected losses from distressed assets
did not significantly exceed the CE levels of the senior class of
notes, Fitch used the SF PCM to project future losses from the
transaction's entire portfolio (PCM RLR) and compared them to the
CE levels of the notes. Under this analysis, Fitch upgraded the
class A-1 notes of RFC CDO II Ltd. to 'Bsf' from 'CCCsf' as they
are currently passing at a higher PCM RLR and are also expected to
benefit from an increase in proceeds once the interest rate swap
expires next year. Furthermore, CE level to the notes has
increased since the last review to offset a moderate credit
deterioration of the underlying portfolio.

The two classes downgraded to 'Dsf' and 18 classes affirmed at
'Dsf' are non-deferrable classes that either began experiencing or
continued to experience interest payment shortfalls since Fitch's
last rating action.

An auction was held on April 2, 2013 for Sharps CDO I Ltd. to
liquidate all remaining collateral in its portfolio. The final
liquidation proceeds distributed on April 17, 2013 were sufficient
to cover approximately 14% of the previous outstanding balance of
the class A-1 and A-2 notes, and consequently, no proceeds were
available to pay any other class of notes thereafter. As a result,
all six classes of notes in this transaction have been affirmed or
downgraded to 'Dsf' and subsequently withdrawn.

Fitch does not assign Outlooks to classes rated 'CCCsf' and below.


All of the analyzed transactions have limited sensitivity to
further negative migration given the highly distressed rating
levels of the outstanding notes. However, there is a potential for
non-deferrable classes to be downgraded to 'Dsf' should they
experience any interest payment shortfalls.


CHINA PRECISION: Stockholders Reelect Three Directors
At its 2013 annual general meeting of stockholders which was held
on June 28, 2013, China Precision Steel Inc.'s stockholders:

   * reelected Mr. Hai Sheng Chen, Mr. Tung Kuen Tsui, and Ms.
     Leada Tak Tai Li as members of the Board of Directors of the

   * ratified the selection by the Audit Committee of Moore
     Stephens as the Company's independent registered public
     accounting firm for the fiscal year ending June 30, 2013;

   * approved a reduction in the number of authorized shares of
     the Company's common stock and preferred stock to amounts
     that will be determined by the Board, but (a) those reduced
     number of authorized shares of common stock will not be (i)
     lower than 5,000,000 or (ii) higher than 20,000,000 and (b)
     those reduced number of authorized shares of preferred stock
     will not be (i) lower than 200,000 or (ii) higher than
     2,000,000; provided, however, that such approval will expire
     on Aug. 30, 2013;

   * approved, in a non-binding advisory vote, the compensation
     for Company management;

   * indicated "every three years" as the preferred frequency of
     future advisory votes on executive compensation.

                        About China Precision

China Precision Steel Inc. is a niche precision steel processing
company principally engaged in the production and sale of high
precision cold-rolled steel products and provides value added
services such as heat treatment and cutting medium and high
carbon hot-rolled steel strips.  China Precision Steel's high
precision, ultra-thin, high strength (7.5 mm to 0.05 mm) cold-
rolled steel products are mainly used in the production of
automotive components, food packaging materials, saw blades and
textile needles.  The Company primarily sells to manufacturers in
the People's Republic of China as well as overseas markets such
as Nigeria, Thailand, Indonesia and the Philippines. China
Precision Steel was incorporated in 2002 and is headquartered in
Sheung Wan, Hong Kong.

China Precision reported a net loss of $16.94 million for the
year ended June 30, 2012, compared with net income of $256,950
during the prior fiscal year.

Moore Stephens, in Hong Kong, issued a "going concern"
qualification on the consolidated financial statement for the
year ended June 30, 2012.  The independent auditors noted that
the Company has suffered a very significant loss in the year
ended June 30, 2012, and defaulted on interest and principal
repayments of bank borrowings that raise substantial doubt about
its ability to continue as a going concern.

For the nine months ended March 31, 2013, the Company incurred a
net loss of $28.59 million on $22.68 million of sales revenues, as
compared with a net loss of $7.93 million on $105.32 million of
sales revenues for the same period a year ago.

The Company's balance sheet at March 31, 2013, showed $163.25
million in total assets, $70.61 million in total liabilities, all
current, and $92.63 million in total stockholders' equity.

* China Gas Price Hikes Marginally Neg. for City Gas Distributors
Fitch Ratings has said that China's natural gas price increases at
city-gate level -- which is the price at which gas is transferred
from pipeline operators to distributors -- are positive for
upstream oil & gas producers but carry short-term negative
implications, albeit marginal, for city gas distributors. The
biggest beneficiary from the price hikes is China National
Petroleum Corporation (CNPC, A+/Stable).

The price increases, recently announced by National Development
and Reform Commission (NDRC) of China, will take effect from 10
July 2013. This amounts to a country-wide average increase of
around 15% (CNY1.95/m3 from CNY1.69/m3), although the impact
varies widely across various regions depending on the current
price of gas in the regions.

The move comes after the last natural gas price increase by NDRC
in 2010 and follows a material increase in the average cost of
sourcing gas in China due to higher quantities of expensive gas
imports over this period. It is also in line with Fitch's
expectations for price reforms in the energy sector in China,
which has already relaxed the way in which it controls refinery-
gate pricing for petroleum products earlier in the year. The
announced gas prices increases will help CNPC narrow its losses
from mid-stream gas operations (an operating loss of CNY2.1bn in
2012) even after considering higher import volumes in 2013. NDRC
is basing gas price changes on city-gate level rather than on
wellhead-plus previously, as they better capture gas procured from
a number of different sources.

For city gas distributors, prices for gas volumes are split as
existing usage (ie 2012 as the base) and incremental usage. The
incremental usage component of gas volumes, which are in effect
pegged to 85% of a basket price of alternative fuels, similar to
the scheme piloted in Guangxi and Guangzhou provinces since
December 2011, will see much steeper increases. In addition, NDRC
this time has only allowed price adjustments for non-residential

Fitch believes city gas distributors can pass on cost increases to
a large majority of their commercial and industrial customers -
which account for around 80% of the natural gas usage in China -
limiting the negative effects on margins. This is because non-
residential customers' gas prices are based on contractual
agreements with certain provision for city gas companies to pass
through gas cost increases.

However, there will be some pressure on near-term margins of the
residential segment. The extent of this impact will vary for each
operator depending on the level of reliance on residential users
for revenue generation from gas sales. ENN Energy (BBB/Positive)
derived 11% and China Resources Gas (BBB+/Stable) 21% of gas
supply revenues from residential users in 2012. The agency is also
of the view that higher end-user prices will not materially reduce
the demand for gas or growth in new connections for city gas
distributors as natural gas is still cheaper relative to
alternative types of energy.

Fitch believes that NDRC will over time gradually adjust prices
across all sectors to bring gas prices to parity with actual
costs, which will include market-based pricing for even
residential users, although this may take several years. China is
actively focusing on reducing its carbon footprint and expects to
double the share of gas in the country's primary energy mix by
2020 from little over 5% currently.

Higher gas prices will further encourage investments in gas
production in China. In addition, Fitch believes that in its move
to align gas prices with actual costs, China will not unduly
penalise city-gas distributors if the government is keen to
support further investments in city-gas operations, which is key
to shifting more end-users to gas from alternative sources of

H O N G  K O N G

COASTAL GREENLAND: B3 CFR Unchanged After Release of 2013 Results
Moody's Investors Service says Coastal Greenland Limited's 2013
results are within expectations and have no immediate impact on
its corporate family rating of B3 and negative outlook.

"The significant decline recorded for revenue of 48% to HKD3.7
billion reflects weaker pre-sales for FYE3/2012. Such sales were
down 35% from FYE3/2011, but had been factored into the current
ratings," says Franco Leung, a Moody's Assistant Vice President
and Analyst.

However, Moody's expects the company to stabilize revenue for
FYE3/2014 because it had achieved pre-sales of HKD3.6 billion in
FYE3/2013, a 18% increase from FYE3/2012.

"The current ratings have also factored in the decline in profit
margins," says Leung.

The company's gross margin dropped to 23.9% in FYE3/2013 from
32.6% in the prior year due to an increased contribution from
lower-priced products. About 25% of recognized sales for FYE3/2013
were from sales at its project in Shenyang, and where the average
selling price was low at around HKD8,000 per square meter.

But Moody's expects its profit margins to improve to around 25%-
30% in the FYE3/2014 because of a greater contribution from higher
priced products in the coming year.

"The liquidity profile of Coastal Greenland has improved following
its asset disposal initiatives. But debt leverage will remain at a
high level," adds Leung.

Coastal Greenland has improved its debt maturity profile as it has
replaced short-term debt with debt of longer maturities. As of
March 2013, its cash on hand of HKD1.8 billion can fully cover
short-term maturing debt of HKD1.1 billion and the company has no
outstanding committed land payments.

The company's reported debt dropped to HKD5.8 billion in 2013 from
HKD6.3 billion in 2012 as it repaid its offshore bond due in
November 2012. As a result, adjusted debt/capitalization dropped
slightly to around 59% in 2013 from 60% in 2012. Meanwhile,
adjusted EBITDA/interest dropped to around 1.3x due to lower
revenue recognition.

Moody's expects Coastal Greenland's adjusted debt/capitalization
will remain at 55-60% over the next 12-18 months, while adjusted
EBITDA/interest will remain weak at 1.0x-1.5x in the next 12-18
months. These metrics will appropriately position Coastal
Greenland at its B3 rating.

The principal methodology used in this rating was the Global
Homebuilding Industry Methodology published in March 2009.

Established in 1990 and listed on the Hong Kong Stock Exchange in
1997, Coastal Greenland Ltd (CGL) is a Chinese property developer
that is focused on developing residential and commercial
properties in China.


AMBATI SUBBANNA: ICRA Reaffirms 'B+' Rating on INR8cr Loans
ICRA has reaffirmed '[ICRA]B+' long term rating to INR8.00 crore
fund based bank lines of Ambati Subbanna & Co Oil Firm.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits        8.00    [ICRA]B+ Reaffirmed

The assigned rating continues to be constrained by the firm's weak
financial profile, highly competitive and fragmented nature of the
industry, and the susceptibility of its operations to climatic
risks. The declining trend in operating margin has resulted in
weakened financial profile. Sesame Oil market is highly fragmented
and dominated by unorganized players, which limits the firm's
ability to extract premiums. The firm is also susceptible to
policy risks affecting the industry which limit inventory stocks
that can be maintained and amount of Sesame that can be milled.

The assigned rating is however, supported by strong growth in
revenue in FY2012 driven by increase in capacity utilization
levels, long-standing experience of promoters in edible oil
industry, easy availability of raw material in the vicinity of the
mill- being present in Andhra Pradesh which is among major
producers of sesame, and Ambati's presence in retail market
through its own brands. With the firm being in existence since
1910, it has created a strong brand image for itself.

Going forward, promoters' ability to enhance the scale and
profitability of operations in view of expected decline in
production of sesame would remain the key rating driver.

Ambati Subbanna & Company Oil Firm was established in the year
1910 with the objective of manufacturing & marketing edible oils
like Sesame (Gingelly) Oil, Ground Nut Oil, Rice Bran Oil, Sesame
Hulled Seeds & Animal Feed. The company operates 50 tons per day
milling facility at Samalkot in Andhra Pradesh. The firm has been
in edible oil industry for 100 years and is among the few
prominent players in edible oil and animal nutrition industry of
India. The Company markets its products with brand names such as
A.S.Brand, MANSION Brand, POOJA Brand, LAKSHMI Brand, and RICE
GOLD Brand.

Recent Results

Ambati Subanna reported an operating income of INR43.14 crores for
FY2012, against an operating income of INR35.73 crore for FY 2011.
Over the period, it has reported an operating margin of INR1.23
crore and net margin of INR0.35 crore against INR1.07 crore and
INR0.32 crore respectively for FY 2011.

AURA MINERALS: ICRA Suspends 'B+' Rating on INR18.65cr Loans
ICRA has suspended '[ICRA]B+' rating assigned to the INR18.65
crore long term loans & working capital facilities of Aura
Minerals Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

BBF INDUSTRIES: ICRA Reaffirms 'D' Rating on INR81.86cr Loans
ICRA has reaffirmed the '[ICRA]D' rating on the long-term scale
for the INR81.86 crore, fund-based bank facilities of BBF
Industries Limited. The rating suspension done in March 2013
stands revoked.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund-based bank         81.86    [ICRA]D reaffirmed;
   Facilities                       suspension revoked

The rating reaffirmation factors in the continuing irregularities
in debt servicing by BBFIL owing to liquidity issues arising out
of funds being blocked in working capital and significant losses
on investment made in a subsidiary. Although company's operating
profitability indicators have started showing signs of improvement
supported by increased focus on profitable manufacturing
operations under its own brand; it continues to report losses at
net level because of significant interest charges and losses on
investments in subsidiaries.

In ICRA's view, the company's ability to improve its earnings and
profitability indicators; and strengthen its capital structure in
light of significant erosion of net-worth during FY11-13, will be
the key rating sensitivity.

Established in 1996, BBFIL (erstwhile Bharat Box Factory Limited)
started its operations as a manufacturer of paper and plastic-
based packaging material. Over the years, the company diversified
its portfolio to include manufacturing of home-care (FMCG)
products such as mosquito coils and toilet cleaners. These
products are manufactured on contract basis as well as under its
own brand name.

BBFIL has four manufacturing units - one in Ludhiana and three in
Jammu. Avigo Venture Investments Limited invested INR30 crore in
the company in February 2008 in the form of compulsorily
convertible preference shares (CCPSs) which have now been
converted into equity.

The CDR empowered group at its meeting held on March 25, 2011
approved a restructuring package for the company in terms of which
the existing financial assistance to the company was restructured
and additional financial assistance was extended to the company.
The CDR package was implemented with a retrospective effect from
October 1, 2010.

Recent Results

BBFIL reported an estimated turnover of INR168 crore (as per
provisional results) in FY13 as compared to a turnover of INR178
crore in FY12.

KRISHNA FERRO: ICRA Assigns 'D' Ratings to INR25cr Loans
ICRA has assigned an '[ICRA]D' rating to the INR15.73 crore term
loans and INR8 crore fund based working capital of Krishna Ferro
Products Limited. ICRA has also assigned an '[ICRA]D' rating to
the INR1.27 crore non fund based limits of KFPL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans              15.73    [ICRA] D Assigned

   Fund Based Working       8.00    [ICRA] D Assigned

   Non-fund based           1.27    [ICRA] D Assigned

The rating takes into consideration recent delays in servicing of
debt obligations by KFPL on account of stretched liquidity
position due to high working capital intensity of operations,
company's weak financial profile characterised by losses suffered
during FY13, adverse capital structure and weak coverage
indicators, high utilisation of the bank limits limiting the
company's financial flexibility and small scale of operations
depriving KFPL of economies of scale. While assigning the rating
ICRA also notes the disruption in production at the company's only
manufacturing unit during FY13 significantly impacting its
business and although the production has resumed it is yet to
achieve optimal levels. The rating takes into account the long
track record of the promoters in the manufacturing of steel and
iron castings and an established client base present across
multiple industries.

KFPL, promoted by the Orissa based Agarwal family was incorporated
in 1982 at Sundargarh, Orissa. The company commenced production in
1985 and currently manufactures steel and iron castings. KFPL has
an annual production capacity of 9,600 metric tonnes per annum.

Recent Results

KFPL reported a net loss of INR0.09 crore (provisional) during
FY13 on an OI of INR16.6 crore (provisional) as against a net
profit of INR1.79 crore and an OI of INR38.0 crore during FY12.

LIVINGSTONES JEWELLERY: INR13.35cr Loans Reaffirmed at [ICRA] B
ICRA has reaffirmed the long term rating of '[ICRA]B' for INR13.35
Cr (reduced from INR14.50 Cr) working capital facilities of
Livingstones Jewellery Private Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   EPC                     5.18     [ICRA]B (reaffirmed)
   PSC                     4.67     [ICRA]B (reaffirmed)
   Cash Credit             3.50     [ICRA]B (reaffirmed)

The rating reaffirmation factors in the vast experience of
promoters in the jewellery business and advantages derived from
integrated operations through presence across the value chain,
through group concerns. The rating is however constrained by
modest scale of operations of the company, stretched financial
profile on account of the high working capital intensity of the
business and modest profitability resulting in weak debt
protection metrics. The revenues have witnessed a decline over the
last two fiscals reflecting volatility in business operations.
ICRA also notes that LJPL is looking to scale up its retail
operations, wherein challenges remain in form of intense
competition as well as brand building.

Livingstones jewellery Private Limited was incorporated was
incorporated in 1989 by Mr. Sandip Kothari and Mr. Pankaj Kothari.
The company is engaged in the manufacture and selling of diamond
studded gold/platinum jewellery. LJPL has its manufacturing
facility in SEEPZ, Mumbai.

MAGAL ENG'G: ICRA Assigns 'B+' Ratings to INR41cr Loans
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR39.00
crore term loan facilities and the INR2.00 crore fund based
facility of Magal Engg. Tech Private Limited. ICRA has also
assigned a short-term rating of '[ICRA]A4' to the INR1.00 crore
non-fund based facility of METPL.

   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Term loan facilities      39.00    [ICRA]B+ assigned
   Fund based facility        2.00    [ICRA]B+ assigned
   Non-fund based facility    1.00    [ICRA]A4 assigned

The assigned ratings consider the experience of promoters in the
auto ancillary business and the demonstrated financial support
from promoters, through infusion of unsecured loans and extension
of corporate guarantees. The ratings also consider the Company's
stretched capital structure/coverage metrics and the net losses
observed in 2012-13. Despite the ongoing debt-funded capital
expenditure, the expected conversion of unsecured loans from
promoters into equity during the current fiscal is likely to ease
the pressure on capital structure. Further, the ratings consider
the debt repayments which are expected to stretch the cash flows
going forward, amidst very high working capital intensity, the
sharp moderation in operating margins during 2012-13 and the
vulnerability of accruals to the ongoing slowdown in the
automobile sector. While the Company's concentrated customer
profile, amidst competitive pressures, restricts pricing
flexibility, new orders from existing as well as new customers,
coupled with favorable outlook for automobile sector in the long-
term, are likely to drive business growth and also broaden the
customer base going forward.

Incorporated in 2008, METPL is engaged in the manufacture of
automotive components at its manufacturing facility located near
Chennai. The Company is primarily held by the Kun group (which is
engaged in auto dealership in India) and the Magal group (which is
engaged in manufacture of auto components in Europe and United
States of America).

Recent results

METPL reported a net loss of INR2.7 crore on an operating income
of INR15.5 crore during 2012-13 (according to unaudited results),
against a net profit of INR0.6 crore on an operating income of
INR13.1 crore during 2011-12.

ORION LAMINATES: ICRA Cuts Rating on INR10.10cr Loans to 'D'
ICRA has downgraded the rating to '[ICRA]D' from '[ICRA]B' to
INR5.10 crore term loan and INR5.00 crore cash credit bank
facilities of Orion Laminates Limited.

   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Long Term, Fund Based      5.10    [ICRA]D downgraded from
   Limits-Term Loan                   [ICRA]B

   Long Term, Fund Based      5.00    [ICRA]D downgraded from
   Limits-Cash Credit                 [ICRA]B

The downgraded rating reflects ongoing delays in debt servicing by
the company. The financial profile of the company is stretched
characterized by net loss and high gearing during FY12. Going
forward, maintaining profitability in the wake of declining total
revenue would be key rating sensibility for the company.

OLL is engaged in manufacturing of aluminium die casting component
for leading automotive component manufacturers in India. OLL has
shut down its laminate division in March 2013 on account of ban of
plastic packaging of Gutka products by state government. The
engineering plant is located at Aurangabad.

Incorporated in 1993, as a public limited company OLL is engaged
in the manufacturing of aluminium pressure die casting component.
The company is also engaged in powder coating and machining of
products. The company has shut down laminate division in March

RANA SUGARS: ICRA Reaffirms 'D' Ratings on INR665cr Loans
ICRA has reaffirmed the rating of '[ICRA]D' assigned to INR636.5
crore* (enhanced from INR551.53 crores) fund based bank facilities
and INR28.50 crores (reduced from INR53.69 crore) non-fund based
bank facilities of Rana Sugars Limited.

   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund-Based Limits-         471.00   [ICRA]D Reaffirmed
   Cash Credit

   Fund-Based Limits-         165.50   [ICRA]D Reaffirmed
   Term Loans

   Non-fund based limits       28.50   [ICRA]D Reaffirmed

The rating reaffirmation takes into account delays in debt
servicing by the company due to stretched liquidity owing to past
debt-funded capacity expansion which has resulted in high interest
and repayment burden. The ratings are also constrained by
significant increase in state advised price (SAP) for SY2012-13
fixed by the State Governments of Uttar Pradesh (UP), regulatory
risks regarding offtake and pricing of by-products such as
molasses, alcohol and power and agro-climatic risks and inherent
cyclicality in the sugar business. Moreover, cane prices in Punjab
and Uttar Pradesh continue to be delinked from sugar prices in the
domestic market, which result in volatility in operating margins
of sugar operations.

ICRA has taken note long track record of the company, its forward
integration into cogeneration and distillery business and
improvement in its financial performance during FY2013 on account
of higher sugar realizations during H2 FY13 and increased offtake
and contribution from byproducts mainly power. Further, the
outlook for the sugar industry has also improved following
abolishment of levy obligation and decontrol of release mechanism
by the Govt. in April 2013 which is likely to have a positive
impact on cash flows and profitability of sugar mills. Moreover,
the refinancing of loan from IREDA to a longer tenure debt is also
expected to reduce repayment burden for company going forward.
However, the assigned ratings continue to be constrained by the
delays in debt servicing by the company.

RSL is engaged in the business of manufacturing sugar and
undertaking the allied businesses of cogeneration and distillery.
Incorporated in July '91, RSL was promoted by Rana Gurjeet Singh
and Rana Ranjit Singh as a joint venture with Punjab Agro
Industrial Corporation Ltd.  At present, the company is being
managed under the Chairmanship of Rana Ranjit Singh. PAIC divested
its stake in Rana Sugars during FY 05 by selling its stake to the
promoters, as per the provisions of the Financial Collaboration

RSL's facilities consist of a combined crushing capacity of 15,000
tonnes crushed per day (TCD) including a 5,000 TCD mill located at
Buttar (Punjab) and two capacitates of 5,000 TCD each located at
Moradabad and Rampur (Uttar Pradesh). The company also generates
power using bagasse (a by-product of sugar) and currently has a
total generation capacity of 87.5 MW. RSL is also forward
integrated to manufacture alcohol and has an alcohol manufacturing
capacity of 60 KLPD located in Punjab. In April 2013, the company
launched a pilot project in Punjab for manufacturing sugar from

Recent Results:

As per the audited results, RSL reported a net profit after tax of
INR5.41 crore on an operating income of INR703.68 crore for the
year ended March 31, 2013 as against a net loss of INR20.44 crore
on an operating income of INR553.45 crore for the year ended March
31, 2012.

SAIMAX CERAMIC: ICRA Reaffirms 'B+' Ratings on INR8.20cr Loans
The rating of '[ICRA]B+' has been reaffirmed for the INR3.00
crore* (enhanced from INR2.00 crore) fund based cash credit
facility and the INR5.20 crore (enhanced from INR4.42 crore) term
loan facility of Saimax Ceramic Private Limited. The rating of
'[ICRA]A4' has also been reaffirmed for the INR1.00 crore
(enhanced from INR0.64 crore) short term non fund based facilities
of SCPL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             3.00     [ICRA]B+ reaffirmed
   Term Loans              5.20     [ICRA]B+ reaffirmed
   Bank Guarantee          1.00     [ICRA]A4 reaffirmed

The ratings continue to be constrained SCPL's limited track record
and weak financial profile as reflected by low profitability, high
gearing level and modest coverage indicators. The ratings also
take into account its limited product profile and high competitive
intensity given the fragmented structure of the tiles industry
which is expected to result in inability of the company to
entirely pass on the increase in fuel expenses. The ratings also
take into consideration vulnerability of profitability and cash
flows of the company to the cyclicality inherent in the real
estate industry which is the main consuming sector.

The ratings, however, favorably consider the experience of the key
promoters in the ceramic industry and the location advantage
enjoyed by SCPL with its plant located in Morbi giving it easy
access to raw materials. Further, SCPL's foray into digital
printing tiles is expected to support revenue growth.

Saimax Ceramic Private Limited is engaged in manufacturing of
ceramic wall tiles with production capacity of 30,000 MTPA. SCPL
has commenced the commercial production from April 2012 and has
achieved capacity utilization of 59% in first full year of
operation. The company currently manufactures wall tiles of size
10"X10", 10"X13", and 10"X15". The company has also installed
digital printing machine in February 2013 to produce digital
printed ceramic wall tiles which is expected to support revenue
growth in near future.

Recent Results

For the year ended March 31, 2013, SCPL reported an operating
income of INR16.97 crore and net loss of INR0.07 crore.

SHREE SITA: ICRA Assigns 'B' Rating to INR10cr Fund Based Limits
ICRA has assigned an '[ICRA]B' rating to the INR10.00 crore fund
based limits of Shree Sita Rice Mill.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits      10.00     [ICRA]B assigned

The rating takes into consideration SSRM's small scale of current
operations in a highly competitive industry characterised by
presence of number of small players, which adversely impacts the
profitability and the adverse capital structure of the firm as
reflected by a high gearing of around 10.69 times as on 31st
March, 2013 and depressed coverage indicators. However, ICRA
notes, that a major portion of debt was primarily on account of
interest bearing unsecured loans from partners and related
parties. The operation of the firm remains highly working capital
intensive with purchase of paddy, the major raw material being
made mostly on cash basis coupled with maintenance of large
inventory levels and debtors, thus adversely impacting liquidity.
The rating also factors in the agro climatic risks, which can
impact the availability of the paddy in adverse weather conditions
and the risk associated with the status of the entity as
partnership firm, including the risk of capital withdrawal.

The rating, however, also takes into account the experience of the
promoters in the rice milling business, its presence in the major
paddy growing area viz. Chhattisgarh resulting in easy
availability of paddy and wide spread distribution of rice on a
pan India basis through a network of dealers, retailers etc.

SSRM is a part of the Shree Sita Group in Chhattisgarh. The firm
has paddy milling unit at Durg District, Chhattisgarh having paddy
milling capacity of 36000 MTPA. The firm produces only parboiled
variety of rice.

Recent Results

As per provisional numbers, SSRM recorded an operating income of
INR24.97crore and profit before tax of INR0.10 crore in 2012-13 as
against an operating income of INR24.58 crore and profit before
tax of INR0.40 crore in 2011-12.

SRI HANUMA: ICRA Reaffirms 'B+' Rating on INR10.75cr Limits
ICRA has reaffirmed the '[ICRA]B+' long term rating assigned to
INR10.75 crore (enhanced from INR5.75 crore) fund based bank lines
of Sri Hanuma Enterprises.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits       10.75    [ICRA]B+; reaffirmed

The assigned rating continues to be constrained by the low
operating margins inherent in the trading segment, the present
small but increasing scale of operations, and the susceptibility
to regulatory risks and climatic risks. Tobacco is a seasonal crop
and its production and auctioning is tightly controlled by tobacco
board of India. The board prescribes the quantity of tobacco to be
cultivated and prices the auctions. Any overproduction faces
punitive measures including fines.

Nonetheless, the assigned rating is supported by the long-standing
experience of the promoters of nearly three decades, their network
with aggregators and manufacturers, and the relatively stable and
price inelastic nature of demand for tobacco products. The
promoters have been into cultivating and sales of tobacco through
other group firms previously. Their strong network in the industry
is an operational strength for the company which can be seen as
SHE has been able to secure commitments from other aggregators and
manufacturers. Further, the price inelasticity in tobacco demand
would help the company pass any increase in leaf costs to its

The ability of the promoters to increase the scale of operations,
enhancing the profitability in the process would be a key
sensitivity for SHE in the short to medium term while the impact
of tobacco production controls which could arise if India enforces
the WHO Tobacco Treaty would be the sensitivity over long term.

Sri Hanuma Enterprises was incorporated in September 2009 by
Mr. Chunduri Venkateswarlu. The firm is owned by
Mr. Venkateswarlu who is the managing partner and his family. The
unit is registered with Tobacco Board as a Tobacco Dealer and can
participate in the auctions conducted by the Tobacco Board. The
primary activity of the firm is trading in tobacco leaves
(Virginia Flue Cured). The firm conducts its operations from
Prakasam District of Andhra Pradesh which is among the prominent
tobacco growing regions in the state.

Recent Results

Sri Hanuma Enterprises reported an operating income of INR23.47
crores and operating profit of INR0.77 crore for FY 2012 as
against INR11.05 crores and INR0.37 crores respectively in FY

SRI SURYA: ICRA Assigns 'D' Ratings to INR15cr Loans
ICRA has assigned a long-term rating of '[ICRA]D' to INR10.19
crores fund based limits of Sri Surya Educational Society. ICRA
has also assigned a short-term rating of '[ICRA]D' to its INR4.81
crores unallocated facilities.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash credit             0.30     [ICRA]D (Assigned)
   Term Loan               9.89     [ICRA]D (Assigned)
   Unallocated             4.81     [ICRA]D (Assigned)

The assigned ratings factor in the delays in servicing of term
loan obligations by the society. This is primarily on account of
delays in disbursement of cash by the government under its fee
reimbursement scheme, which has been the scenario in Andhra
Pradesh for some time now. The rating is also constrained by the
highly regulated nature of the education sector and intense
competition that exists in it in Andhra Pradesh.

ICRA however, takes note of the vast experience of the promoters
and established presence of the society's schools in Hyderabad.
Going forward, the ability of the society to service its debt
obligations in a timely manner will be the key rating sensitivity.

Sri Surya Educational society was incorporated in the year 1999.
It was founded by Mr. AVN Reddy, the current chairman of the
society, who has vast experience in the education sector. The
society runs two Dilsukhnagar Public Schools - one each at
Vanasthalipuram and Karmanghat. The schools are recognized by the
Government of Andhra Pradesh. The society also runs AVN Institute
of Engineering and Technology which was established in 2009.

Recent Results

In FY2012, the society reported an operating income of INR12.74
crores and an operating profit of INR4.23 crores as against an
operating income of INR10.76 crores and an operating profit of
INR4.04 crores in FY2011.


* Moody's Affirms Ratings on 2 Japanese Banks; Outlook is Stable
Moody's Japan K.K. has affirmed all of its ratings for The Bank of
Tokyo-Mitsubishi UFJ, Ltd. (BTMU) and Mitsubishi UFJ Trust and
Banking Corporation (MUTB).

The affirmation does not affect the subordinated debt ratings of
BTMU and BTMU's subsidiaries, and which have been on review for
downgrade since June 11, 2013.

BTMU and MUTB are the wholly owned subsidiaries of Mitsubishi UFJ
Financial Group, Inc. (MUFG, unrated), the largest financial group
in Japan.

The ratings affirmed include the Aa3/Prime-1 deposit and senior
debt ratings, and C/a3 standalone bank financial strength ratings
(BFSR) and baseline credit assessments (BCA) of BTMU and MUTB, and
the Ba1 (hyb) ratings on the hybrid preferred securities issued by
MUFG's special purpose corporations.

The outlook for these ratings remains stable.

The affirmation is in response to BTMU's announcement on July 2,
2013 that the bank will aim to take a majority stake in Bank of
Ayudhya (BAY, Baa2 positive; D+/ba1 BFSR/BCA stable), the fifth-
largest bank by consolidated assets in Thailand, subject to
satisfactory regulatory approvals. BTMU has agreed to purchase GE
Capital International Holdings Corporation (unrated) 25% stake in
BAY and will then make a voluntary tender offer that could take
its total stake in the bank up to 75%. The acquisition will be
entirely settled in cash and BTMU has announced no plan to raise
any capital to fund the transaction. BTMU expects to close the
transaction by year-end.

Ratings Rationale:

The ratings affirmation reflects Moody's view that the modest
erosion of MUFG's core capital ratios if the acquisition is
completed is not material enough to warrant a downgrade of the
ratings of the banks in the Group.

The scale of the transaction is affordable relative to MUFG's
total financial scale. BAY's consolidated total assets of THB1,072
billion (approximately JPY3.4 trillion) at end-2012 equaled just
1.4% of MUFG's consolidated total assets of approximately JPY234.5
trillion at end-March 2013. The maximum cost of the acquisition,
which is approximately JPY560 billion, represents 5.4% of MUFG's
Common equity Tier 1 capital. Since BTMU will pay approximately
two times book value, about half of the acquisition cost will
represent goodwill. Still, MUFG's strong liquidity and capital
will allow it to finance the acquisition without a material impact
on its financial profile.

As of end-March 2013, MUFG's common equity Tier 1 (CET1) ratio was
11.1% on a Basel III fully-loaded basis. The negative impact of
the acquisition on its CET1 ratio will be only around 0.5 to 0.7
percentage points.

The acquisition of BAY will result in some execution challenges
for BTMU. The target bank is focused on consumer finance products
such as personal loans, credit cards and auto finance, segments in
which it has leading market shares in Thailand. BTMU has little
experience with these customer segments in South-East Asia. Its
existing Thai operations, operated through a branch that will be
merged with BAY if the transaction is completed, have focused on
corporate banking.

Moreover, while the acquisition itself will not incrementally have
a materially negative impact on the credit profile of BTMU, it
does follow several other recent acquisitions that, cumulatively,
are increasing the Group's risk profile. Other recent acquisitions
include the acquisition of a 20% stake in Vietnam's Vietnam Bank
for Industry and Trade (VietinBank , B3 stable; E+/b3 stable) for
about JPY63.1 billion and the acquisitions by its US subsidiary
UnionBanCal Corporation (A3 negative) of Pacific Capital Bancorp
(unrated) for US1.5 billion and of a USD3.7 billion portfolio of
US commercial real estate loans from Deutsche Bank AG (A2 stable;
C-/baa2 stable). Additional merger & acquisition activity,
especially if not accompanied by capital raising, could become a
negative factor for the ratings of MUFG's banks.

What Could Change The Ratings - Up

Because the Aa3 ratings for BTMU and MUTB are at the same level as
the rating of Japanese government bonds (JGB), an upgrade is
unlikely in the near term.

However, upward pressure on the baseline credit assessments of
BTMU and MUTB could occur over time if MUFG: (1) boosts its
profitability, leading to a return on assets (pre-provision
profits versus risk-weighted assets) of 2% or above; and (2)
successfully executes its strategy of diversifying both by
business lines and by geographic segments such that it reduces the
volatility of its earnings through business cycles.

What Could Change The Ratings - Down

Factors that could result in a downgrade include, but are not
limited to, the following: (1) a bottom-line annual loss (2) a
downgrade of Japan's sovereign rating or (3) additional major
acquisitions or a series of small acquisitions especially if not
accompanied by capital raising.

The subordinated debt ratings could decline if the current review
concludes that the probability that it will benefit from systemic
support has declined.

List of the affected ratings are as follows:

Affirm The Rating

Bank of Tokyo-Mitsubishi UFJ, Ltd.

Long-term bank deposit rating (domestic currency): Aa3

Long-term bank deposit rating (foreign currency): Aa3

Long-term issuer rating: Aa3

Senior unsecured debt rating (domestic currency): Aa3

Senior unsecured debt rating (foreign currency): Aa3

Senior unsecured Medium Term Note Program rating (foreign
currency): (P)Aa3

Senior unsecured shelf registration rating (domestic currency):

Short-term bank deposit rating (domestic currency): Prime-1

Short-term bank deposit rating (foreign currency): Prime-1

Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch

Commercial Paper (domestic currency): Prime-1

Bank of Tokyo-Mitsubishi UFJ, Ltd., Hong Kong Branch

Long-term Deposit Note/CD Program rating (domestic currency):

Long-term Deposit Note/CD Program rating (foreign currency):

Bank of Tokyo-Mitsubishi UFJ, Ltd., Sydney Branch

Long-term Deposit Note/CD Program rating (domestic currency):

Long-term Deposit Note/CD Program rating (foreign currency):

Senior unsecured debt rating (domestic currency): Aa3

Senior unsecured Medium Term Note Program rating (domestic
currency): (P)Aa3

Short-term Deposit Note/CD Program rating (domestic currency):

Short-term Deposit Note/CD Program rating (foreign currency):

Mitsubishi UFJ Trust and Banking Corporation

Long-term bank deposit rating (domestic currency): Aa3

Long-term bank deposit rating (foreign currency): Aa3

Short-term bank deposit rating (domestic currency): Prime-1

Short-term bank deposit rating (foreign currency): Prime-1

Mitsubishi UFJ Trust and Banking Corporation, New York Branch

Commercial Paper (domestic currency): Prime-1

BTMU (Curacao) Holdings N.V.

Senior unsecured Medium Term Note Program rating (foreign
currency): (P)Aa3

MUFG Capital Finance 1 Limited

Preferred stock non-cumulative (foreign currency): Ba1 (hyb)

MUFG Capital Finance 2 Limited

Preferred stock non-cumulative (foreign currency): Ba1 (hyb)

MUFG Capital Finance 4 Limited

Preferred stock non-cumulative (foreign currency): Ba1 (hyb)

MUFG Capital Finance 5 Limited

Preferred stock non-cumulative (foreign currency): Ba1 (hyb)

MUFG Capital Finance 6 Limited

Preferred stock non-cumulative (foreign currency): Ba1 (hyb)

MUFG Capital Finance 7 Limited

Preferred stock non-cumulative (foreign currency): Ba1 (hyb)

MUFG Capital Finance 8 Limited

Preferred stock non-cumulative (foreign currency): Ba1 (hyb)


Bank of Tokyo-Mitsubishi UFJ, Ltd.

Senior subordinated debt rating (domestic currency): A1

UFJ Finance Aruba A.E.C.

Senior subordinated debt rating (foreign currency): A1

BTMU (Curacao) Holdings N.V.

Senior subordinated debt rating (foreign currency): A1

The principal methodology used in these ratings was Moody's Global
Banks Rating Methodology published in May 2013.

Headquartered in Tokyo, Mitsubishi UFJ Financial Group, Inc. is
the largest financial group in Japan with a number of enterprises
operating under its umbrella: The Bank of Tokyo-Mitsubishi UFJ,
Ltd. (a retail/wholesale bank), Mitsubishi UFJ Trust and Banking
Corporation (a trust bank), Mitsubishi UFJ Securities Holdings
Co., Ltd. (a securities brokerage), as well as a number of other
entities, which together provide a comprehensive array of
financial services.


PACNET LIMITED: Withdrawal of Tender Offer a Credit Negative
Moody's Investors Service notes that on June 27, Pacnet Limited
(B2, Negative) announced that it had terminated its tender and
consent solicitation for its outstanding 9.25% Senior Secured
Guaranteed Notes due 2015.

The company had originally announced the tender and consent
solicitation on June 10, 2013.

The company made the termination following a review of the market

Although this development is credit negative, there is no
immediate impact on the company's ratings.

As a result of these developments, Pacnet will have an additional
$25 million of bank loan amortization payments in the second half
of 2014, and the bank loan will need to be repaid in full by the
third quarter of 2015.

Additionally, the bank loan covenant levels will be more
restrictive, possibly exerting additional pressure on the
company's liquidity position over the next 12-24 months.

Moody's notes that Pacnet intends to continue monitoring the
markets and will consider refinancing opportunities over the next
several weeks.

At the same time, Moody's will continue to monitor Pacnet's
performance in 2Q 2013 as well as its liquidity situation and
refinancing plans. Should the company's liquidity position or
covenant cushion level deteriorate, then its ratings could be
downgraded further.

The negative outlook continues to reflect the company's small size
in a highly competitive environment. Moody's expects Pacnet's debt
servicing obligations and capex will continue to exceed operating
cash flow eroding cash balances should the company not execute on
its business strategy as expected.

Upward rating pressure is unlikely given the company's negative
outlook, however, the outlook could revert to stable should
quarterly EBITDA be sustained above the $30million range and its
liquidity position improve, as the company does not maintain any
working capital facilities.

Further negative pressure will arise if Pacnet's EBITDA is
sustained below $20-25 million on a quarterly basis or its
debt/EBITDA exceeds 5.0x or the company's cash position erodes
below the $40 million range.

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

Pacnet, incorporated in Bermuda in June 2006, owns and operates
Asia's largest privately owned submarine cable network. Pacnet
provides data connectivity solutions to major telecommunications
carriers, large multinational enterprises, and small- to medium-
sized enterprises in the Asia-Pacific region that require multi-
national internet protocol-based (IP-based) solutions and

S O U T H  K O R E A

* More Than 30 Korean Firms Face Debt Restructuring
The Korea Times reports that the financial regulator is in the
final stage of selecting firms that will be forced to adopt debt-
rescheduling programs, sources said Monday.

According to the report, the Financial Supervisory Service (FSS)
is currently working with creditor banks to review financial
statements of firms that are more than KRW50 billion in debt.

The Korea Times says the regulator will announce a list of some 30
firms that require restructuring because they are exposed to
higher default risks, as early as next week.

FSS officials said they will be forced to sign agreements with
creditor banks to initiate debt-rescheduling programs or will be
asked to file for court receivership, the report relays.

"We are keeping a close eye on several industries that have
performed very poorly amid the protracted slump. They include
those in the construction, shipbuilding, shipping, petrochemical
and steelmaking sectors," the report quotes an FSS official as
saying. "The selected firms will have to adopt forced
restructuring programs, and be ordered to change their management,
if necessary."

The Korea Times adds that the official refused to disclose the
names of the firms, saying only that some affiliates of
conglomerates could be on the list.

S R I  L A N K A

CEYLEASE LTD: Fitch Keeps 'BB+' National LT Rating on RWP
Fitch Ratings Lanka is maintaining Ceylease Ltd's (CL) National
Long-Term rating 'BB+(lka)'on Rating Watch Positive (RWP).

Key Rating Drivers

CL was placed on RWP in January 2013 following Merchant Bank of
Sri Lanka Plc's (MBSL) announcement in December 2012 that the
Board of Directors of MBSL has approved a merger between, CL and
with MCSL Financial Services Limited's (MFSL; BBB(lka)/Stable).

CL's rating reflects its association with its main shareholder
Bank of Ceylon (BOC) (AA+(lka)/Stable) in terms of its
shareholding of 55% in CL, and its representation on the latter's

Rating Sensitivities

The RWP reflects the likelihood of CL's rating being upgraded to
align with MFSL's rating upon the conclusion of the merger. This
is because BOC is likely to maintain a dominant effective
shareholding in the merged entity and also because Fitch expects
continued support for the merged entity.

The Rating Watch will be resolved based on the successful
execution of the merger.

CL's total assets amounted to LKR1.6bn at end-December 2012. The
company operates via two outlets.

The latest research on CL is available on and


* S&P Applies Revised Criteria to AP Life & Non-Life Insurers
Standard & Poor's Ratings Services said that it has reviewed its
ratings on 13 small and midsized health, life, and nonlife
insurance companies and their related entities in the Asia-Pacific
region (excluding Japan), by applying its new ratings criteria for
insurers, which were published on May 7, 2013.

S&P will publish individual analytical reports on the insurance
groups identified below, including a list of ratings on affiliated
entities, as well as the ratings by debt type -- senior,
subordinated, junior subordinated, and preferred stock.  The
research updates will be available at on  To view the reports on Australian and New
Zealand insurers, go to;on the
left-hand column click on Insurance, then Insurance Rating Action
Articles. Ratings on specific issues will be available on
RatingsDirect and


(All ratings are affirmed, except where a "from" rating is


                                             To               From
Australian Unity Health Ltd.
  Issuer Credit Rating                     BBB+/Stable/--
  Financial Strength Rating                BBB+/Stable/--

The Hospitals Contribution Fund of Australia Ltd.
  Issuer Credit Rating                     A-/Stable/--
  Financial Strength Rating                A-/Stable/--

Southern Cross Medical Care Society
  Issuer Credit Rating                     A+/Stable/--
  Financial Strength Rating                A+/Stable/--

Southern Cross Benefits Ltd.
  Issuer Credit Rating                     A+/Stable/--
  Financial Strength Rating                A+/Stable/--

Health Service Welfare Society Ltd. (Trading as Accuro Health
  Issuer Credit Rating                     BB+/Stable/--
  Financial Strength Rating                BB+/Stable/--

Avant Insurance Ltd.
  Issuer Credit Rating                     A/Stable/--
  Financial Strength Rating                A/Stable/--


Asia Insurance Co. Ltd.
  Issuer Credit Rating                     A/Stable/--
  Financial Strength Rating                A/Stable/--
  Greater China Regional Scale Rating      cnAA+

BankTaiwan Life Insurance Co. Ltd.
  Issuer Credit Rating                     A+/Stable/--
  Financial Strength Rating                A+/Stable/--
  Greater China Regional Scale Rating      cnAAA

Muang Thai Life Assurance Public Co. Ltd.
  Issuer Credit Rating                     BBB+/Stable/--
  Financial Strength Rating                BBB+/Stable/--
  ASEAN Regional Scale Rating              axA+

Sun Hung Kai Properties Insurance Ltd.
  Issuer Credit Rating                     A-/Stable/--
  Financial Strength Rating                A-/Stable/--
  Greater China Regional Scale Rating      cnAA

Taian Insurance Co. Ltd.
  Issuer Credit Rating                     A-/Stable/--
  Financial Strength Rating                A-/Stable/--
  Greater China Regional Scale Rating      cnAA             cnA+

Taiwan Fire & Marine Insurance Co. Ltd.
  Issuer Credit Rating                     A-/Stable/--
  Financial Strength Rating                A-/Stable/--
  Greater China Regional Scale Rating      cnAA             cnA+

The First Insurance Co. Ltd.
  Issuer Credit Rating                     BBB+/Stable/--
  Financial Strength Rating                BBB+/Stable/--
  Greater China Regional Scale Rating      cnA+             can

* 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.

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