TCRAP_Public/130725.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

           Thursday, July 25, 2013, Vol. 16, No. 146


                            Headlines


A U S T R A L I A

GIPPSLAND SECURED: Denis Walter Shocked Over Freezing
NATIONAL BUILDPLAN: Collapse Sparks Assault, Threats by Creditor
RARE COIN: Investors Face About AUD7-Millon Loss
SEMA GROUP: Unsecured Trade Creditors Unlikely to Get Any Payout
SINGAPORE FLYING: Jet Training College Shuts Door


C H I N A

CHINA LUMENA: S&P Affirms 'B+' Corporate Credit Rating
GOLDEN WHEEL: Profit Warning No Impact on Ratings Says Fitch


I N D I A

ASHIAN OILS: CRISIL Upgrades Ratings on INR138MM Loans to 'B+'
CHOWDARY SPINNERS: CRISIL Assigns 'BB-' Ratings to INR240MM Loans
CKS PHARMA: CRISIL Rates INR53.30MM Term Loan at 'B'
FRIENDLY AUTO: CRISIL Upgrades Rating on INR79MM Loans to 'B-'
G.S. MAJESTIC: CRISIL Rates INR300MM Cash Credit at 'B'

GOLCONDA TEXTILES: CRISIL Assigns 'D' Ratings to INR160MM Loans
INDER SINGH: CRISIL Assigns 'B' Rating to INR45MM Cash Credit
INDIA TECHS: CRISIL Assigns 'BB+' Ratings to INR190MM Loans
KEW INDUSTRIES: CRISIL Rates INR160MM Cash Credit at 'D'
PARAS MOTOR: CRISIL Assigns 'B+' Ratings to INR40MM Loans

PRECISE CHEMIPHARMA: CRISIL Places 'BB-' Rating on INR184MM Loans
PRIME SHOES: CRISIL Assigns 'B+' Rating to INR100MM Term Loan
SAWANT TRANSPORT: CRISIL Cuts Rating on INR150MM Loans to 'B'
SHRUSTI CERAMICS: CRISIL Puts 'B+' Ratings on INR69.5MM Loans
SUNMAX CONSTRUCTIONS: CRISIL Rates INR75MM Cash Credit at 'BB+'

VEGA CONTROLS: CRISIL Assigns 'B+' Rating to INR35MM Cash Credit


I N D O N E S I A

INDIKA ENERGY: Fitch Affirms Issuer Default Ratings at 'B+'


J A P A N

J-CORE16 CMBS: S&P Lowers Rating on 2 Classes of Cert. to D


P A K I S T A N

* Moody's Outlook on Pakistan's Banking Sector Remains Negative


S R I  L A N K A

NATIONAL SAVINGS: S&P Assigns 'B+' LT Counterparty Credit Rating


X X X X X X X X

* Moody's Adjusts Country Ceilings for Mongolia, Thailand


                            - - - - -


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


GIPPSLAND SECURED: Denis Walter Shocked Over Freezing
-----------------------------------------------------
Herald Sun reports that radio host Denis Walter has been reduced
to tears after the financial lender he was paid to spruik froze
thousands of bank accounts.

The entertainer had backed Gippsland Secured Investments in
television advertisements since 2010, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2013, The Australian said that a AUD150 million mortgage
fund has been frozen following a material increase in impairments
of loans.  The Australian said the freezing of the Gippsland
Secured Investment, which features Mr. Walter from Fairfax's 3AW
radio station as a company spokesman, echoes the collapse of
country Victorian lender Banksia Financial Group last year and
means that hundreds of investors in the Gippsland region may not
see a return on their investment.

According to Herald Sun, Mr. Walter asked GSI to remove him from
any further advertising after news broke the high-interest
investor had suspended transactions.

"I went into shock," Mr. Walter told 3AW host Neil Mitchell,
Herald Sun reports.

"I could hardly speak and just felt very upset for the people. You
know, they've got their life savings (with GSI).  I'm feeling like
people might question my integrity after 43 years, but my real
feelings are for the people who can't get their hands on their
money," Herald Sun quotes Mr. Walter as saying.

"My feelings are on a different scale to people who can't withdraw
money to pay for groceries.  I've never felt like people are
looking at me like someone that would do the wrong thing."

About 3,500 rural investors, including farmers, pensioners and
local football clubs, have been affected by the freeze, Herald Sun
notes.


NATIONAL BUILDPLAN: Collapse Sparks Assault, Threats by Creditor
----------------------------------------------------------------
The Sydney Morning Herald reports that the financial fallout from
the collapse of National Buildplan Group has allegedly sparked an
act of intimidation and assault by a disgruntled creditor at the
headquarters of administrators BRI Ferrier.

Fairfax Media understands a tradesman owed about AUD600,000 by the
failed construction group attempted to force BRI director Costa
Nicodemou to sign a document, pushing him in the chest and making
threats when he refused to co-operate, the report relays.

According to the report, the alleged perpetrator visited BRI's
offices in George Street, Sydney, on July 4 accompanied by another
man. NSW police were called but Mr. Nicodemou chose not to take
criminal action, the report relates.

"There's a lot of emotions that run in situations like this. In
the circumstances, I thought a warning from the police would be
sufficient," SMH quotes Mr. Nicodemou as saying.  "But if there
was a repeat against me or any other staff we would seek to press
charges."

SMH says creditors were notified of the alleged incident. "We all
know how hard it is & the pressure of financial strain, but
seriously, this is extreme and . . . solves nothing," one creditor
cautioned in a group email, the report relays.

SMH notes that the latest accounts filed with ASIC show National
Buildplan owes an estimated AU2.9 million in employee entitlements
and AUD65.2 million to unsecured creditors. A deed of company
arrangement was recently executed and founder and director Bill
Wheeler has regained control.

According to SMH, some creditors were opposed to the deed of
arrangement, in which Mr. Wheeler was paid compensation of
AUD6,000 a week by administrators and the low return expected to
be recovered on the company's debts. BRI Ferrier estimates
unsecured creditors will likely receive only 0.08 cents to
5.62 cent in the dollar. Employees are expected to be paid out by
the end of this year, the report notes.

                        About National Buildplan

Construction firm National Buildplan Group entered administration
in early April 2013.  At that time, it had seven offices and 180
staff in New South Wales, Queensland and Western Australia.

Martin Green and Peter Krejci of BRI Ferrier have been appointed
as voluntary administrators of National Buildplan Group.  The
company in the interim has ceased work on its construction
projects.  The family-owned group posted a AUD2.39 million profit
in the 2011-12 financial year before racking up a AUD6.28 million
loss over the next nine months.

Law firm Everingham Solomons represents a number of
subcontractors.

ABC News reported in June that the company's employees will be
paid all of their entitlements after creditors signed off on a
Deed of Company Arrangement (DOCA).  According to ABC News, the
Armidale-based company owes AUD58-million to more than 1,000
unsecured creditors across three states, many of them regional
sub-contractors.  ABC News said the Deed Administrator will have
control of the Company for a period of 30 days after execution of
the DOCA, which formally took place on June 20.  The Director will
now regain control at the end of July under strict monitoring to
fulfill obligations under the Corporations
Act, ABC News added.


RARE COIN: Investors Face About AUD7-Millon Loss
------------------------------------------------
Peter Williams at The West reports that investors appear likely to
lose about AUD7 million owed to them by collapsed The Rare Coin
Company for vintage coins or banknotes sold on their behalf by the
business.

The West relates that a circular to creditors by liquidators
Sheridans Chartered Accountants has detailed amounts owed to
individuals and superannuation funds that run into hundreds of
thousands of dollars each.

Rare Coin was placed in liquidation by owners Robert and Barbara
Jackman this month, with investors' stock stored in its Albany
vault valued by the company at about AUD240 million.

About AUD200 million of that stock was being stored on behalf of
customers, while another AUD37 million was held for sale. Rare
currency belonging to customers had been sold for AUD7.2 million,
Sheridans said, leaving them as unsecured creditors, the report
relays.

According to the West, the circular said that company records
showed that some consignment stock has been sold by the business
but customers had not received the proceeds by the time
liquidators were appointed.

"In this event, clients are noted as creditors of the company,"
Sheridans principal Jennifer Low said in the document. "If you had
consignment stock held by the company, I do not currently know if
your stock remains intact, or whether it was partially or totally
sold."

Investors in the consignment creditor category included former
Rare Coin chief executive Edward Armstrong and his wife Tracey, an
Albany chef and broadcaster.

Simon Theobald and Jeff Herbert of PPB Advisory confirm they have
been appointed receivers and managers of Arcabi Pty Ltd, which
trades as the Rare Coin Company. Their appointment follows the
Company's appointment of liquidators on July 8, 2013.

PPB Advisory, in their role as Receivers and Managers of RCC,
advise they assumed control of RCC's business and operations on
July 19, 2013. RCC's premises in Albany have been secured and its
assets remain subject to rigorous security protocols.

Receiver and Manager Simon Theobald said PPB Advisory was
thoroughly reviewing RCC.


SEMA GROUP: Unsecured Trade Creditors Unlikely to Get Any Payout
----------------------------------------------------------------
Nick Bendel at ProPrint reports that SEMA Group's secured
creditors and staff have received eight times the average
insolvency payback, while the liquidators have collected more than
AUD2 million in fees.

However, the print and mail firm's 250 unsecured trade creditors
look unlikely to receive anything, according to a liquidators
report from PPB Advisory.

ProPrint notes that PPB was appointed administrator on May 17,
2012, and then liquidator on June 22, the day after a management
buyout saved the company. The report by PPB partner Daniel Walley
provides a financial summary of the first 12 months of the
liquidation, ProPrint relays.

According to ProPrint, the report shows that SEMA owed about
AUD13.7 million to 705 creditors when it collapsed.  The 453
employee creditors were paid all of the AUD4 million owed to them
by September 28, 2012. The two secured creditors, Australia Post
and National Australia Bank, have so far received AUD1.4 million
of their AUD5.6 million debt. The 250 unsecured creditors have not
received any of their AUD4 million.

ProPrint relates Mr. Walley forecast that secured creditors would
collect between AUD411,000 and AUD444,000 more by the time the
liquidation was completed, which is expected to be December. None
would go to unsecured creditors.

The total return to creditors looks set to reach AUD5.9 million or
43 cents in the dollar, ProPrint relays.  Mr. Walley told ProPrint
that the average return in corporate insolvencies was only about 5
cents in the dollar.

"It's gone really well. The business was largely held together, it
sold really well and the customers really supported it, and it's
still going well now. We saved a couple of hundred jobs and paid
out all the employees who were made redundant on the way through,"
ProPrint quotes Mr. Walley as saying.

Sema Group offers direct marketing services including mail
services, along with analytics services as well, which includes
customer profiling and propensity modelling. It also offers
regular reporting services, which measure inventory, invoicing
and work-in-progress reports, along with a digital strategy that
includes mobile and social marketing.  The direct marketing group
employed 375 people.


SINGAPORE FLYING: Jet Training College Shuts Door
-------------------------------------------------
Bill Hoffman at Sunshine Coast Daily reports that Singapore
Airlines has closed its AUD50 million jet training college at
Maroochydore, laying off 12 staff.

Operated under the name Singapore Flying College, the facility,
which opened in 2002, underwent a AUD40 million upgrade only three
years ago, the report discloses.

In a statement, Sunshine Coast Daily relates, the college said the
closure was a result of changes to its pilot training curriculum.

"The decision follows a detailed review, with parent company
Singapore Airlines, which has resulted in an increase in the
amount of training provided in Singapore with state-of-the-art
training devices," the company said.

Sunshine Coast Daily notes that the college had employed 15 staff,
using simulators and jet aircraft to train up to 140 cadet pilots
a year.

"Twelve positions have been made redundant," the company said.

The remaining three -- the chief pilot, office administrator and
simulator administrator -- would lose their jobs when the branch
closes, tentatively planned for March 31, 2014.

The college's operations in Singapore and at Jandakot in Western
Australia, where most flying training occurs, are not affected,
says the report.

Singapore Flying College launched at Sunshine Coast Airport in
2001, the next year opening one flight simulator backed by four
Lear L45 jet aircraft to train pilots who had completed their
basic flying induction at Jandakot.  In 2010 it upgraded, spending
AUD25 million on five Cessna Mustang C510 jets to replace the Lear
jets and building two additional simulators at a cost of AUD15
million.


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


CHINA LUMENA: S&P Affirms 'B+' Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B+'
long-term corporate credit rating on China Lumena New Materials
Corp., a China-based specialty chemical company.  At the same
time, S&P affirmed the 'cnBB' long-term Greater China regional
scale rating on Lumena.  S&P then withdrew the ratings at the
company's request.  The rating outlook at the time of the
withdrawal was stable.  The company redeemed its outstanding
senior unsecured notes in November 2012.

At the time of the withdrawal, the ratings reflected S&P's
expectation that Lumena would maintain a "weak" business risk
profile and that its margins may continue to decline over the next
12 months.  Lumena remains dependent on market growth to meet its
growing production capacity and to absorb its new products, which
could prove challenging.

In S&P's view, Lumena could improve its EBITDA interest coverage
over the next 12 months because of lower funding costs.  The
company's capital expenditure requirements should fall once it
completes its current expansion plans by end-2014.

The stable outlook prior to the withdrawal reflected S&P's
expectation that Lumena's liquidity position would remain
"adequate" over the next 24 months.  S&P believes the company
should be able to support any funding requirements, including the
possible redemption of its US$120 million convertible bond in
2014.


GOLDEN WHEEL: Profit Warning No Impact on Ratings Says Fitch
------------------------------------------------------------
Fitch Ratings believes Golden Wheel Tiandi Holdings Company
Limited's (GWTH, B/Stable) profit warning has no immediate impact
on its ratings. The substantial decrease in its revenue and profit
is mainly due to the delivery schedule of the projects, which does
not affect GWTH's cash flow and credit profile substantially.

In addition, Fitch estimates its contracted sales in H113 to have
exceeded the agency's expectation and therefore has generated
ample liquidity to fund land acquisition. GWTH's credit profile
also benefits from conservative financial management.

GWTH's ratings are constrained by its small scale relative to B-
rated peers, with only CNY863 million recognised sales in 2012.
Other constraints are high concentration of only five to six major
projects at any one time and its concentration of operations in
Nanjing.

Its unique business model with a proven track record in developing
small-sized commercial projects linked to metro stations enabling
its superior EBITDA margin of 45% (in 2012) supports its ratings.
It has a conservative financial profile, with a low net
debt/adjusted inventory ratio of 7.5% at end-2012, and recurring
EBITDA from its investment property portfolio, which provided 1.7x
coverage of its gross interest expense in 2012.

GWTH's ratings may come under pressure from substantially weakened
performance where there is a significant year-on-year decrease in
contracted sales, or EBITDA margin falling below 25% on a
sustained basis. A weakened financial profile with net debt/
adjusted inventory rising above 30% on a sustained basis or
deviation from the current focus on metro-linked projects may also
exert downward pressure on its ratings.

Fitch does not expect positive rating action on GWTH over the next
12 to 18 months given the current small scale. However, positive
rating action may result from increase in the value of investment
properties to over CNY5bn, from annual contracted sales plus sales
after completion rising to CNY3bn, and from recurring EBITDA
interest coverage rising over 1x on a sustained basis.



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


ASHIAN OILS: CRISIL Upgrades Ratings on INR138MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Ashian Oils Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

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

   Proposed Long-Term        58      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in AOPL's financial
risk profile brought about by deferment of capital expenditure
(capex) and infusion of equity by its promoters. The earlier
planned capex of about INR40 million has been deferred due to the
sluggish business environment, and the company has undertaken
trading activities instead to shore up its topline. The
incremental working capital requirements have been majorly funded
through fresh equity of about INR80 million infused by promoters
in the past two years. As a result, AOPL's gearing has improved to
less than 1 time as on March 31, 2013, from aggressive levels of
over 3.5 times in the past. The management's stance of controlling
its reliance on external debt will ensure that the company will
sustain the improvement in its financial risk profile over the
medium term.

The rating reflects AOPL's limited track record, exposure to
intense competition in the edible oils industry, and average
financial risk profile, marked by a small networth and weak debt
protection metrics, though it's gearing is now under control.
These rating weaknesses are partially offset by the extensive
industry experience of AOPL's promoters.

Outlook: Stable

CRISIL believes that AOPL will continue to benefit over the medium
term from its promoters' extensive experience in the edible oils
industry. The outlook may be revised to 'Positive' if the company
registers significant improvement in its liquidity, most likely on
account of sizable equity infusion by its promoters, while it
maintains its working capital cycle. Conversely, the outlook may
be revised to 'Negative' in case of debt funding of any large cost
overrun in AOPL's proposed capital expenditure project resulting
in deterioration in its capital structure, or in case of an
unprecedented increase in stock levels upon operationalisation of
the proposed facility resulting in pressure on its liquidity.

AOPL, set up in 2007, undertakes refining of rice bran oil and
crushing of mustard seeds. The company is also involved in
opportunistic trading in edible oils. AOPL's overall operations
are managed by Mr. Ashish Chowdhary and Mr. Anuj Chowdhary

For 2012-13 (refers to financial year, April 1 to March 31), AOPL,
on a provisional basis, reported a profit after tax (PAT) of
INR2.6 million on net sales of INR876 million, against a PAT of
INR1.3 million on net sales of INR469 million for 2011-12.


CHOWDARY SPINNERS: CRISIL Assigns 'BB-' Ratings to INR240MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' ratings to the bank
facilities of Chowdary Spinners Limited (CSL; part of the Chowdary
Spinners group [CS group]).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              200      CRISIL BB-/Stable
   Pledge Loan               40      CRISIL BB-/Stable

The ratings reflect the extensive experience of the CS group's
promoters in the textile industry, and its healthy operating
efficiencies. These rating strengths are partially offset by the
group's below-average financial risk profile, marked by an
aggressive capital structure, and its exposure to risks related to
volatility in cotton prices.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of CSL and its wholly owned subsidiary,
Pring Fashions Ltd, together referred to as the CS group. Both the
companies are under the same promoters and in related businesses.

Outlook: Stable

CRISIL believes that the CS group will continue to benefit over
the medium term from its promoters' extensive experience in the
textile industry and the moderate diversity in its product
profile. The outlook may be revised to 'Positive' if the group's
capital structure and interest coverage ratio improve considerably
backed by healthy cash accruals. Conversely, the outlook may be
revised to 'Negative' if the CS group undertakes a larger-than-
expected debt-funded capital expenditure programme, its revenues
or operating margin decline sharply, or its working capital
management deteriorates impacting its liquidity.

CSL was incorporated in 1994, while its wholly owned subsidiary
PFL was incorporated in 2008. CSL, the flagship entity of the
group, manufactures cotton yarn, primarily of low counts; PFL
manufactures cotton fabrics. The daily operations of the group are
managed by Mr. Prasad Chowdary.

The CS group reported a profit after tax of INR36.1 million on net
sales of INR871.9 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a net loss of INR57.0 million on
net sales of INR889.9 million for 2011-12.


CKS PHARMA: CRISIL Rates INR53.30MM Term Loan at 'B'
----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of CKS Pharma Labs Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan              53.30      CRISIL B/Stable

The rating reflects CKSP's exposure to risks associated with
project implementation and vulnerability to intense competition in
the pharmaceutical segment. These rating weaknesses are partially
offset by the extensive experience of CKSP's promoters in the
pharmaceutical segment.

Outlook: Stable

CRISIL believes that CKSP will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company stabilises
operations at its manufacturing unit earlier than expected,
resulting in larger-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' if CKSP faces time or cost
overrun in its on-going project or if there are delays in
stabilising operations after completion of its project, resulting
in weakening in its financial risk profile.

CKSP, incorporated in August 2010, is promoted by Mr. C Chaitanya
Kumar, Mr. Sudulagunta Kishore, Mr. J Anjaneya Prasad, and Mr. D
Vidya Sagar. It is setting up a manufacturing unit for active
pharmaceutical ingredients at Vedadri Village in Krishna district
(Andhra Pradesh). As per the management, the unit is expected to
commence commercial operations in November 2013.


FRIENDLY AUTO: CRISIL Upgrades Rating on INR79MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Friendly Automotives (India) Pvt Ltd to 'CRISIL B-/Stable' from
'CRISIL C', and has reaffirmed its rating on the company's short-
term bank facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            40      CRISIL A4 (Reaffirmed)

   Cash Credit               40      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL C')

   Long-Term Loan            39      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL C')

   Proposed Inventory        60      CRISIL A4 (Reaffirmed)
   Funding

The rating upgrade reflects improvement in FAIPL's liquidity on
the back of stabilisation of the company's operations, and equity
infusion of INR10 million along with expected infusion of an
additional INR10 million by its promoters in 2013-14 (refers to
financial year, April 1 to March 31). The company commenced
operations in 2011-12. It has stabilised its operations in 2012-
13, as reflected in its revenues of INR313 million during the same
period. CRISIL believes that FAIPL will sustain its healthy growth
momentum, and record revenues in the range of INR600 million to
INR650 million for 2013-14. The promoters have also infused equity
of INR10 million into FAIPL, and are likely to bring in an
additional INR10 million, to support the company's liquidity.

The ratings continue to reflect FAIPL's below-average financial
risk profile, marked by a high gearing and weak debt protection
metrics, and working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of
FAIPL's promoters in the automobile dealership business.

Outlook: Stable

CRISIL believes that FAIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
automobile dealership business. The outlook may be revised to
'Positive' if the company registers significant improvement in its
scale of operations and profitability, leading to higher-than
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if FAIPL undertakes aggressive, debt-funded expansions,
or contracts more-than-expected debt to meet its incremental
working capital requirements, leading to deterioration in its
financial risk profile.

FAIPL, incorporated in 2011, is the sole authorised dealer of
automobiles manufactured by Porsche Cars India Pvt Ltd in
Bengaluru (Karnataka). FAIPL is promoted and managed by Mr.
Yashodhar G Nayak and his son, Mr. Raghu Chaitanya Nayak.

For 2012-13 (refers to financial year, April 1 to March 31), FAIPL
reported, on a provisional basis, a loss of INR11 million on net
sales of INR313 million; the company incurred a loss of INR0.4
million on net sales of INR122 million for 2011-12.


G.S. MAJESTIC: CRISIL Rates INR300MM Cash Credit at 'B'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of G.S. Majestic Developers Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             300       CRISIL B/Stable

The rating reflects GSMD's stretched liquidity due to large
maturing debt repayments, and exposure to demand risk with
susceptibility to risks relating to cyclicality in the Indian real
estate industry. These rating weaknesses are partially offset by
the funding support that GSMD receives from its promoters, and the
low implementation risk in its shopping mall project.

Outlook: Stable

CRISIL believes that GSMD will maintain its current business risk
profile on the back of funding support from promoters. The outlook
may be revised to 'Positive' in case GSMD commences operations at
its Grande Mall construction project in a timely fashion and
achieves higher-than-expected lease rentals for the same, leading
to healthy cash accruals. The outlook may be revised to 'Negative'
in case of time and cost overruns in its ongoing project or in
case it faces lower-than-expected customer off-take, leading to
significant pressure on its liquidity.

Incorporated in 2010, GSMD is setting up a shopping mall in
Ludhiana (Punjab). The total project cost is estimated at INR1300
million and is expected to be funded in a debt-to-equity ratio of
3:10. The construction is expected to be completed by September
2013 and the mall is expected to be operational by November 2013.


GOLCONDA TEXTILES: CRISIL Assigns 'D' Ratings to INR160MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Golconda Textiles Pvt Ltd. The ratings reflect
instances of overutilisation of GTPL's cash credit limit for more
than 30 consecutive days; the overutilisation of the cash credit
limit is on account of the company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             110.00    CRISIL D
   Term Loan                40.00    CRISIL D
   Bank Guarantee            5.50    CRISIL D
   Proposed Long-Term        4.50    CRISIL D
   Bank Loan Facility

GTPL also has a weak capital structure, marked by a small net
worth and a high gearing. Moreover, the company's profitability is
susceptible to volatility in raw material prices. However, GTPL
benefits from its promoter's extensive experience in the cotton
spinning industry.

GTPL was set up by Mr. Mahmood Alam Khan in 1995. The company
manufactures combed and carded cotton yarn. Its manufacturing
facility is in Vikarabad (Andhra Pradesh).


INDER SINGH: CRISIL Assigns 'B' Rating to INR45MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Inder Singh and Sons (ISS).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           15       CRISIL A4
   Cash Credit              45       CRISIL B/Stable

The ratings reflect ISS' weak financial risk profile, marked by a
small net worth, high gearing and weak debt protection metrics,
and the firm's small scale of operations in a fragmented and
competitive industry with exposure to cyclical demand from end-
user industries. These rating weaknesses are partially offset by
the promoters' extensive experience in the steel industry and
funding support extended by them.

Outlook: Stable

CRISIL believes that ISS will continue to benefit over the medium
term from its promoter's extensive experience in the steel
industry. The outlook may be revised to 'Positive' in case the
firm significantly scales up its operations and improves its
profitability and working capital management, leading to better-
than-expected cash accruals or in case its capital structure
improves on account of sizable infusion of funds by the promoters.
Conversely, the outlook may be revised to 'Negative' in case ISS
reports a decline in its profitability and cash accruals, leading
to a weakening in its financial risk profile or if it undertakes
any large, debt-funded capital expenditure (capex) programme.

ISS is a partnership firm established in 1984. The firm was taken
over by the Gupta family members, its present partners, in 2004.
The firm manufactures mild steel rounds ranging from a diameter of
8 millimetres (mm) to 40 mm. The firm has its manufacturing
facility at Mandi, Gobindgarh (Punjab).


INDIA TECHS: CRISIL Assigns 'BB+' Ratings to INR190MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of India Techs Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             38.00     CRISIL BB+/Stable

   Working Capital        152.00     CRISIL BB+/Stable
   Demand Loan

The rating reflects the extensive experience of ITL's promoters in
the earth moving equipment (EME) dealership business and the
company's established market presence in Kerala. The rating also
factors in ITL's above-average financial risk profile marked by a
moderate total outside liabilities to tangible net worth ratio and
healthy debt protection metrics. These rating strengths are
partially offset by ITL's low operating margin on account of the
trading nature of its business, and the company's working-capital-
intensive nature of operations leading to tight liquidity and
exposure to intense competition in the earth moving and
construction equipment dealership industry.

Outlook: Stable

CRISIL believes that ITL will continue to benefit over the medium
term from its promoters' extensive business experience and its
established presence in the EME dealership market in Kerala. The
outlook may be revised to 'Positive' if the company registers
improvement in its financial risk profile on account of better-
than-expected revenues or improvement in its profitability, or
improvement in its working capital management and capital
structure. Conversely, the outlook may be revised to 'Negative' if
ITL registers decline in its revenues or profitability, or in case
of further lengthening of its working capital cycle, or if the
company undertakes a large, debt-funded capital expenditure
programme, thereby adversely affecting its financial risk profile.

ITL commenced operations as a partnership firm in 1976 in Kochi
(Kerala). It was incorporated in 1983; it got its current name in
the same year. The company was taken over by its current
management, comprising Mr. George Vinci Thomas and his family, in
1990. ITL is an authorised dealer of heavy earth moving equipment
of JCB India Ltd in Kerala. ITL operates through 25 showrooms and
4 workshops in Kerala.


KEW INDUSTRIES: CRISIL Rates INR160MM Cash Credit at 'D'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the cash credit
facility of KEW Industries Limited. The rating reflects instances
of delay by Kew in servicing its debt; the delays have been caused
by company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               160     CRISIL D

Kew also has high customer and end user industry concentration and
working capital intensive operations. The rating also factor in
the susceptibility of the company's margins to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of Kew's promoters in defence and
automobile industry and moderate financial risk profile marked by
low gearing and moderate debt protection metrics.

Incorporated in 1996 Kew is engaged in manufacturing and supply of
defence stores and automobile components for Original Equipment
Manufacturers. Kew was originally formed as a proprietary firm in
1963 by Mr. Gurbachan Juneja, under the name Kew Engineering
Works. The proprietorship firm was later converted into
partnership firm in 1995; subsequently the same was converted into
a limited company namely Kew Industries Limited in 1996.

Kew reported a profit after tax (PAT) of INR2.2 million on net
sales of INR470.1 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR 7.4 million on net
sales of INR1001.8 million for 2010-11. For 2012-13 Kew is
estimated to report a PAT of INR 1.5 million on net sales of INR
338.8 million.


PARAS MOTOR: CRISIL Assigns 'B+' Ratings to INR40MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Paras Motor Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       25       CRISIL B+/Stable
   Bank Loan Facility

   Bank Guarantee           60       CRISIL A4

   Cash Credit              15       CRISIL B+/Stable

The ratings reflect PMI's average financial risk profile, marked
by average gearing and debt protection metrics, and a small net
worth due to withdrawals by the proprietor. The ratings also
factor in the firm's small scale of operations, vulnerability of
its revenues and margins to the tender-based nature of its
business, and exposure to intense competition. These rating
weaknesses are partially offset by the extensive experience of
PMI's proprietor in the fabrication industry.

Outlook: Stable

CRISIL believes that PMI will continue to benefit over the medium
term from the extensive experience of its proprietor in the
fabrication industry, and its established relationships with
customers and suppliers. The outlook may be revised to 'Positive'
in case of a sustained increase in the firm's scale of operations
and profitability, while it manages its working capital
requirements efficiently, or if the proprietor infuses capital
into the firm, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is more-than-expected increase in PMI's working capital
requirements or withdrawals by its proprietor, or if the firm is
unable to secure tenders, leading to deterioration in its overall
credit risk profile.

Set up in 1997, PMI is a proprietorship firm of Mr. Adish Jain; it
is engaged in the fabrication and manufacture of bus bodies. The
firm's plant is at Faridabad (Haryana).

For 2012-13 (refers to financial year, April 1 to March 31), PMI
is estimated to report a net profit of INR8.61 million on net
sales of INR332.8 million, against a net profit of INR 7.96
million on net sales of INR286.8 million for 2011-12.


PRECISE CHEMIPHARMA: CRISIL Places 'BB-' Rating on INR184MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Precise Chemipharma Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               57.2      CRISIL BB-/Stable

   Proposed Long-Term      41.8      CRISIL BB-/Stable
   Bank Loan Facility

   Packing Credit          75.0      CRISIL A4+

   Inland/Import Letter    40        CRISIL A4+
   of Credit

   Bank Guarantee           1        CRISIL A4+

   Cash Credit             85        CRISIL BB-/Stable

The rating reflects extensive experience of PCPL's promoters in
the pharmaceutical industry and established customer and supplier
relations. This rating strength is partially offset by its modest
scale of operations in the highly competitive and fragmented
pharmaceutical industry and working capital intensive operations

Outlook: Stable

CRISIL believes that PCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relationship with suppliers and customers. The outlook
may be revised to 'Positive' in case the company stabilises its
ongoing capital expansion (capex) programme within the set
timelines and budgeted cost, with significant improvement in its
revenues and profitability leading to higher than expected cash
accrual. Conversely, the outlook may be revised to 'Negative' if
there is a significant time or cost overrun in PCPL'S on-going
project or in case of lower-than-expected revenues or
profitability from its existing operations, resulting in
deterioration in the company's financial risk profile, especially
its liquidity.

PCPL was incorporated in 1997 by Mr. Pravin Shah; his two sons,
Mr. Mehul Shah and Mr. Pranay Shah joined the company as directors
in 1999. PCPL is engaged in manufacturing of active pharmaceutical
ingredients (APIs), drug pellets, and intermediates; it also
trades in drugs and undertakes contract manufacturing of
formulations. PCPL started its commercial operations in 1999. PCPL
currently has two facilities one at Turbhe, Navi Mumbai which is
in to manufacturing of API's and another at Nashik where they
manufacture formulations.

The company is setting up another plant for manufacturing APIs at
Ambarnath near Mumbai, which is expected to commence operations
from December 2013.


PRIME SHOES: CRISIL Assigns 'B+' Rating to INR100MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Prime Shoes (PS; part of the BDL group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Packing Credit            20      CRISIL A4

   Term Loan                100      CRISIL B+/Stable

The rating reflects BDL group's working-capital-intensive
operations, below-average financial risk profile marked by a high
gearing, and less than adequate debt protection metrics, and
exposure to intense competition in the leather and leather
products industry. These rating weaknesses are partially offset by
the promoters' extensive experience in the leather industry, and
the group's semi-integrated operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PS, M/s Blue Diamond Leders and M/s
Saktthi Footwear. This is because the entities, together referred
to as the BDL group, have a common management team, fungible cash
flows, and business synergies.

Outlook: Stable

CRISIL believes that the BDL group will benefit over the medium
term from its promoters' extensive experience in the leather
industry. The outlook may be revised to 'Positive' if the group's
liquidity improves, most likely driven by larger-than-expected
cash accruals, and efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if the group
reports a significant increase in its working capital
requirements, or undertakes a large debt-funded capital
expenditure (capex) programme thereby weakening its financial risk
profile.

BDL was incorporated in 1995 in Chennai (Tamilnadu). It
manufactures finished leather used to produce shoe uppers and
shoes. SF manufactures shoes and shoe uppers, and primarily
exports these to the European market. Similarly, PS manufactures
shoe uppers, and exports its entire production to European
countries.

The BDL group, on a consolidated basis, reported a profit after
tax (PAT) of INR15.3 million on net sales of INR1.1 billion for
2011-12 (refers to financial year, April 1 to March 31), against a
PAT of INR22.7 million on net sales of INR829 million for 2010-11.


SAWANT TRANSPORT: CRISIL Cuts Rating on INR150MM Loans to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Sawant Transport Pvt Ltd to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             90.0      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Term Loan               60.0      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects the steep and continued
deterioration in STPL's financial risk profile, driven by larger-
than-anticipated debt-funded capital expenditure (capex). The
company's adjusted gearing (treating unsecured loans of INR38.3
million from promoters as neither debt or equity) is estimated to
have increased to 6 times as on March 31, 2013, from 2 times a
year earlier, owing to debt-funded capex and reduction in net
worth. The company had a capex of around INR162.8 million in 2012-
13 (refers to financial year, April 1 to March 31) towards
purchase of vehicles; its net worth is estimated to have declined
to less than INR50 million as on March 31, 2013, from INR52
million a year earlier because of a net loss led by high
depreciation. STPL plans a debt-funded capex of INR250 million to
INR300 million over the medium term, which is expected to further
weaken its financial risk profile.

However, STPL's business risk profile has improved with an
increase in the number of its owned vehicles to 104 from 54
earlier. The company's revenues are estimated to have registered a
year-on-year growth of 45 per cent in 2012-13, while its operating
margin is estimated to improve to over 25 per cent in 2013-14 from
21 per cent in 2011-12. Nevertheless, because of the large debt-
funded capex, STPL's cash accruals for 2013-14 are estimated to be
just sufficient to meet its repayment obligations of INR49.2
million during the year. CRISIL believes that continued debt-
funded capex will further weaken STPL's financial risk profile;
however, substantial equity infusion and higher-than-expected
accruals leading to improvement in its capital structure will
remain rating sensitivity factors.

The ratings reflect STPL's exposure to risks associated with end-
user industry concentration, and its weakened financial risk
profile, marked by a small net worth and aggressive gearing. These
weaknesses are partially offset by the extensive industry
experience of STPL's promoter, its above-average operating margin,
and its established clientele.

Outlook: Stable

CRISIL believes that STPL will continue to benefit over the medium
term from its promoter's extensive experience in the road
transport segment, and its established relationships with
customers. The outlook may be revised to 'Positive' if there is
significant improvement in STPL's capital structure, most likely
because of better-than-expected accruals or substantial equity
infusion. Conversely, the outlook may be revised to 'Negative' if
STPL's accruals are lower than anticipated, or it undertakes a
larger-than-expected debt-funded capex programme, leading to
deterioration in its liquidity.

Established in 2011, STPL is engaged in the road transportation
business and owns a fleet of 104 vehicles; it has also taken 150
vehicles on rent. The company was originally set up as a
proprietorship concern by Mr. Abhijit Sawant, and was subsequently
reconstituted as a private limited company.


SHRUSTI CERAMICS: CRISIL Puts 'B+' Ratings on INR69.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shrusti Ceramics Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                10       CRISIL B+/Stable

   Cash Credit              50       CRISIL B+/Stable

   Proposed Long-Term        9.5     CRISIL B+/Stable
   Bank Loan Facility

The rating reflects SCPL's weak financial risk profile, marked by
a high gearing and average debt protection metrics. The rating
also factors in the company's large working capital requirements,
and modest scale of operations in the intensely competitive
ceramic glaze industry. These rating weaknesses are partially
offset by the extensive industry experience of SCPL's promoters.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with its customers. The outlook may be
revised to 'Positive' if the company generates higher-than-
expected cash accruals or benefits from significant equity
infusion by its promoters, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if there is a significant decline in SCPL's accruals or
deterioration in its working capital cycle management, or if the
company undertakes a large, debt-funded, capital expenditure
programme, resulting in further weakening of its financial risk
profile.

SCPL, incorporated in 2008-09 (refers to financial year, April 1
to March 31), is promoted by Mr. Ramesh Patel and Mr. Dolabhai
Patel. The company manufactures ceramic frit glazes.

For 2011-12, SCPL reported a profit after tax (PAT) of INR2.7
million on net sales of INR311.2 million, against a PAT of
INR1.0 million on net sales of INR208.6 million for 2010-11. For
2012-13, SCPL reported, on a provisional basis, net sales of
INR465.3 million.


SUNMAX CONSTRUCTIONS: CRISIL Rates INR75MM Cash Credit at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Sunmax Constructions.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            5       CRISIL A4+
   Cash Credit              75       CRISIL BB+/Stable

The ratings reflect the long-standing experience of Sunmax's
promoters, and the firm's healthy order book position and above-
average financial risk profile. These rating strengths are
partially offset by the firm's modest scale of operations in a
highly fragmented industry, and susceptibility of its operating
margin to volatility in input prices.

Outlook: Stable

CRISIL believes that Sunmax will continue to benefit over the
medium term from its partners' extensive experience in the
industrial road construction segment. The outlook may be revised
to 'Positive' if Sunmax improves its scale of operations
substantially, and diversifies its customer base, while
maintaining its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' if Sunmax's financial
risk profile weakens, most likely because of low cash accruals,
large working capital requirements, or debt-funded capital
expenditure, or significant withdrawal of capital by the partners.

Sunmax, set up in 1995, is engaged in the construction of
industrial roads. The firm is promoted by Mr. S Sundaramanickam
and his family.

Sunmax reported a profit after tax (PAT) of INR11.5 million on net
sales of INR198.7 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR13.0 million on net
sales of INR245.0 million for 2010-11.


VEGA CONTROLS: CRISIL Assigns 'B+' Rating to INR35MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vega Controls Pvt Ltd. The ratings reflect
VCPL's average financial risk profile, constrained by a leveraged
capital structure.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of credit &        20      CRISIL A4
   Bank Guarantee

   Bill Discounting           6      CRISIL A4

   Cash Credit               35      CRISIL B+/Stable

The ratings also factor in the company's modest scale of
operations with end-user industry concentration. These rating
weaknesses are partially offset by the extensive experience of
VCPL's promoters in the automation industry, and established
relationships with its principal and clients.

Outlook: Stable

CRISIL believes that VCPL will maintain its business risk profile
over the medium term, supported by the extensive experience of its
promoters in providing customised automation solutions, and its
established relationship with its principal. The outlook may be
revised to 'Positive' if there is significant improvement in
VCPL's working capital cycle, scale of operations, and
profitability levels. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the company's working
capital management, if it generates low cash accruals or extends
further funding support to its group companies, leading to
pressure on its liquidity, or if it undertakes any aggressive
debt-funded capital expenditure programme.

VCPL was initially established as a partnership firm in 1997 by
the Purandare family of Pune; the firm was reconstituted as a
private limited company in 2004. VCPL is a channel partner of ABB
Ltd and provides customised control panel and automation system
solutions to its customers. The company mainly caters to players
in the steel industry spread all over India.



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


INDIKA ENERGY: Fitch Affirms Issuer Default Ratings at 'B+'
-----------------------------------------------------------
Fitch Ratings has revised Indonesia-based Indika Energy Tbk's
(Indika) Outlook to Stable from Positive. At the same time the
agency has affirmed Indika's Long-Term Foreign and Local Currency
Issuer Default Ratings (IDR) at 'B+'. Indika's senior unsecured
notes have also been affirmed at 'B+' with a Recovery Rating of
'RR4'.

The Outlook revision reflects weakened dividend flows to Indika
from its coal-related operations as a result of a downturn in the
thermal coal market. It also takes into account Fitch's
expectation that thermal coal prices are unlikely to materially
improve in the next 18 to 24 months.

KEY RATING DRIVERS

Weak coal industry: Fitch expects dividend inflows from PT Kideco
Jaya Agung (Kideco), its main coal-producing asset in which Indika
has a 46% stake, will decline substantially from 2013 due to lower
coal prices. As a holding company, Indika relies on dividends from
Kideco and other business operations, most of which are related to
the coal industry. Dividends from Kideco were USD207m in 2012,
accounting for 63% of Indika's consolidated EBITDA. Fitch expects
Kideco's dividends to fall below USD100m from 2014 unless there is
a material improvement to coal prices.

Structural subordination of cash flows: Dividends from Kideco have
historically been the key cash inflow to the holding company, and
the expected decline in dividends could result in negative free
cash flows at the holding company level from 2014 onwards.
Dividend cash flows from its two largest subsidiaries, PT Petrosea
Tbk (Petrosea) and PT Mitrabahtera Segara Sejati Tbk, which are
69% and 51% owned respectively by Indika, are also structurally
subordinated.

Integrated business model: Indika's integrated coal operations
somewhat limit the volatility of its earnings stemming from its
commodity exposure. Earnings of Indika's mining sub-contractor
subsidiary Petrosea are mainly based on long-term contracts,
mostly with fixed prices and fuel-price pass-through mechanisms.
Fitch, however, expects a short-term reduction in earnings at
Petrosea as coal miners shift mining operations to areas which
require lower overburden removal to curtail production costs amid
low coal prices. Sub-contracted mining accounted for about 40.2%
of Indika's consolidated adjusted EBITDA in 2012.

Adequate liquidity underpins Stable Outlook: Despite Fitch's
expectation of weaker cash inflows to Indika, the agency views
Indika's liquidity as adequate. Indika intends to retire about
USD230m of its 2016 bonds issued in 2009 in November this year
from cash on hand. Its next bond maturity is in 2018. At end-March
2013, USD1bn of the total consolidated debt of USD1.31bn was held
at the holding company. At the same time, over 80% of the total
USD653m of consolidated cash reserves were also held at Indika and
are sufficient, even after the early repayment of the 2016 notes,
to cover the potential negative cash generation over the next two
to three years.

Forecast credit metrics appropriate for current ratings: The
Stable Outlook also reflects Fitch's expectation of Indika
maintaining a credit profile appropriate for its ratings despite
weaker-than-expected dividend flows from Kideco. Fitch expects
Indika's adjusted debt net of cash/operating EBITDAR (including
dividends from Kideco) to be sustained at around 2x (1.86x in
2012), aided by a curtailment of expansionary capex and
acquisitions. Fitch also does not expect coal prices to see
material downside from current prices, which are causing many
global seaborne coal producers to be unviable.

RATING SENSITIVITIES

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

-- A material weakening of liquidity at the holding company
   Level

-- A sustained increase in leverage above 2x, possibly due to
   large debt-funded investments or a significant fall in coal
   prices beyond Fitch's medium-term expectations.

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

-- Fitch does not expect any positive rating action in the
   medium-term given current depressed coal prices.



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


J-CORE16 CMBS: S&P Lowers Rating on 2 Classes of Cert. to D
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'D (sf)' from 'CCC (sf)' its ratings on the class C and D trust
certificates issued under the J-CORE16 Trust Certificates
(J-CORE16) transaction.  The class A and B trust certificates
have already fully redeemed, and S&P has already withdrawn its
rating on class X.

The servicer completed the collection from the transaction's
underlying specified bond.  However, the outstanding principal
balance of the specified bond exceeded the amount collected.  As a
result, the specified bond incurred a principal loss.  S&P lowered
its ratings on classes C and D because it confirmed that the
principal on these classes was written down on the principal and
interest payment date in July 2013.

J-CORE16 is a property liquidation-type commercial mortgage-backed
securities (CMBS) transaction.  One specified bond originally
secured the trust certificates, and 18 real estate properties
initially backed the specified bond.  Deutsche Bank AG Tokyo
Branch arranged the transaction, and ORIX Asset Management & Loan
Services Corp. acted as the servicer.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED

J-CORE16 Trust Certificates
JPY21.9 billion trust certificates due May 2015
Class   To       From       Initial issue amount   Coupon type
C       D (sf)   CCC (sf)   JPY2.5 bil.              Floating rate
D       D (sf)   CCC (sf)   JPY1.0 bil.              Floating rate


===============
P A K I S T A N
===============


* Moody's Outlook on Pakistan's Banking Sector Remains Negative
---------------------------------------------------------------
The outlook for Pakistan's banking system remains negative, says
Moody's Investors Service in a new report entitled "Banking System
Outlook: Pakistan," reflecting (1) banks' large and increasing
holdings of Pakistan government bonds, which render their balance
sheets vulnerable to sovereign credit risk; and (2) the
challenging domestic operating environment, which will continue to
pressure asset quality. These negative pressures are only partly
mitigated by banks' low-cost and stable deposit-funded profiles,
which support financial stability.

The banks' high and increasing exposure to Pakistani government
debt will remain a major source of credit risk, as the government
will continue to run large deficits over the outlook period, which
will be financed in large part by the domestic banking sector.
This exposure links the banking system's health directly to the
country's Caa1-rated sovereign credit risk. Moody's estimates that
Pakistani banks' exposure to government securities and loans to
public-sector companies increased to 674% of Tier 1 capital as at
March 2013 (or 46% of total assets), up from 382% of Tier 1 as of
December 2010.

Operating conditions will also remain challenging over the outlook
period, with 2013 GDP growth forecasted at 3.6%, well below
historical trends. The economy is faced with significant fiscal
imbalances, low foreign exchange reserves, a fragile political
environment and structural problems, particularly in the energy
sector where power outages have depressed manufacturing output and
led to a fall in private investment. According to the rating
agency, the challenging operating environment will suppress demand
for credit and lead to increases in non-performing loans (NPLs),
which stood at 14.7% as of March 2013. Moreover, Moody's considers
that reported NPL figures understate the full extent of asset-
quality deterioration in the banking system, due to the high level
of problematic government-guaranteed loans that are not classified
as NPLs.



================
S R I  L A N K A
================


NATIONAL SAVINGS: S&P Assigns 'B+' LT Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term and
'B' short-term counterparty credit ratings to Sri Lanka-based
National Savings Bank (NSB).  The outlook on the long-term rating
is stable.

Standard & Poor's equalizes the rating on NSB with the sovereign
credit rating on Sri Lanka (Democratic Socialist Republic of)
(B+/Stable/B).  The Sri Lankan government fully owns and supports
the bank.  S&P considers the bank to be a key public policy
institution, benefiting from ongoing and potential extraordinary
support from the government.

This approach is based on S&P's methodology of rating government-
related entities.  However, there is no uplift benefit from this
factor on S&P's ratings on NSB because the bank's 'b+' stand-alone
credit profile (SACP) is already equal to the sovereign rating on
Sri Lanka. NSB is the third-largest bank in Sri Lanka with a
deposit market share of about 13%.

"We believe the Sri Lankan government is almost certain to provide
extraordinary support to the bank, if needed," said Standard &
Poor's credit analyst Amit Pandey.  "Our view is based on our
assessment of the critical importance of NSB's policy role and its
integral link with the government."

The government maintains full control over the bank management by
appointing its chairman and board of directors.  It also exercises
a high degree of control over the bank's strategic and budgetary
decisions.  The government guarantees all deposits and savings
certificates of NSB.

In S&P's opinion, the bank's critical role stems from its function
as a pseudo-funding vehicle for the government.  The National
Savings Bank Act requires the bank to invest at least 60% of its
deposits in government securities.  Four entities of national
significance in the savings movement combined to form NSB.  The
bank's key objective is to mobilize retails savings to get a
higher investment rate and sustain Sri Lanka's growth in GDP.

The SACP of NSB reflects the bank's "adequate" business position,
"very weak" capital and earnings, "adequate" risk position,
"above-average" funding, and "strong" liquidity.

S&P's bank criteria uses its Banking Industry Country Risk
Assessment economic risk and industry risk scores to determine a
bank's anchor SACP, the starting point in assigning an issuer
credit rating.  S&P's anchor SACP for a commercial bank operating
only in Sri Lanka is 'bb-'.

The stable outlook on NSB reflects the outlook on the sovereign
credit rating and S&P's expectation that the bank's role and link
to the government will remain unchanged over the next few years.
S&P could upgrade NSB if it raises the sovereign rating and the
bank's role and link to the government remains unchanged.  S&P
could downgrade the bank if it lowers the sovereign rating.



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


* Moody's Adjusts Country Ceilings for Mongolia, Thailand
---------------------------------------------------------
Moody's Investors Service has adjusted the local currency (LC)
country risk and foreign currency (FC) bond and deposit ceilings
for Thailand, Oman, and Mongolia. The sovereign bond ratings are
not affected by the changes in the ceilings.

Ratings Rationale:

The change in ceilings mean that the highest rating that can be
assigned to a domestic issuer in these countries, or to a
structured finance security backed by local currency receivables,
is now as follows:

Thailand

1) The long-term LC bond ceiling was changed to A1 from Aa2;

2) The long-term LC deposit ceiling was changed to A1 from Aa2;

3) The long-term FC bond ceiling remains at A2, but the short-term
FC bond ceiling was changed to P-1 from P-2;

4) The long-term FC deposit ceiling remains at Baa1 and the short-
term FC deposit ceiling remains unchanged at P-2.

Moody's decision to adjust the LC country ceilings for Thailand is
based on application of the rating agency's Local Currency Country
Risk Ceiling for Bonds and Other Local Currency Obligations
methodology published earlier this year.

The adjusted local currency ceilings are consistent with the
methodological framework which positions the ceiling against
Thailand's Sovereign Bond rating of Baa1 and Sovereign Bond
Methodology factor scores, three of which are the key drivers of
the ceiling. In Thailand's case, these consist of a 'moderate'
assessment of Economic Strength, a 'moderate' assessment of
Institutional Strength and a 'low shaded to moderate' assessment
of susceptibility to political, economic or institutional event
risks.

The adjustment in the short-term FC bond ceiling stems from
Moody's assessment of low transfer and convertibility risks given
the country's ability and willingness to service both its public
and private cross-border debt obligations. This view is supported
by Thailand's healthy external liquidity position, characterized
by low external debt and ample foreign exchange reserves.

Oman

1) The long-term LC bond ceiling was changed to Aa3 from Aa2;

2) The long-term LC deposit ceiling was changed to Aa3 from Aa2;

3) The long-term FC bond ceiling was changed to Aa3 from Aa2;

4) The long-term FC deposit ceiling remains at A1;

5) The short-term FC bond and deposit ceilings remain unchanged at
P-1.

Moody's decision to adjust the LC country ceilings for Oman is
based on application of the rating agency's Local Currency Country
Risk Ceiling for Bonds and Other Local Currency Obligations
methodology published earlier this year.

The adjusted local currency ceilings are consistent with the
methodological framework which positions the ceiling against
Oman's Sovereign Bond rating of A1 and Sovereign Bond Methodology
factor scores, three of which are the key drivers of the ceiling.
In Oman's case, these consist of a 'high' assessment of Economic
Strength, a 'high' assessment of Institutional Strength and a
'moderate' assessment of susceptibility to political, economic or
institutional event risks.

In particular, bringing Oman's LC country ceilings closer towards
the government's A1 bond rating reflects: 1) the currency peg to
the US dollar which limits monetary policy flexibility; 2) the
high degree of government intervention in the economy and, related
to this, 3) the high dependence of government finances and overall
economic performance on oil price movements.

FC ceilings were adjusted following Moody's methodological
guidance to place the FC ceiling at the lower of either the LC
country risk ceiling or the assessment resulting from the
moratorium risk assumptions. Moody's notes, however, that Oman's
foreign exchange liquidity remains strong, supported by current
account surpluses and sizeable foreign exchange assets.

Mongolia

1) The long-term LC bond ceiling was changed to Ba3 from Baa1;

2) The long-term LC deposit ceiling was changed to Ba3 from Baa2;

3) The long-term FC bond ceiling was changed to Ba3 from Ba2;

4) The long-term FC deposit ceiling remains at B2;

5) The short-term FC bond and deposit ceilings remain unchanged at
NP

Moody's decision to adjust the LC country ceilings for Mongolia is
based on application of the rating agency's Currency Country Risk
Ceiling for Bonds and Other Local Currency Obligations methodology
published earlier this year.

The adjusted local currency ceilings are consistent with the
methodological framework which positions the ceiling against
Mongolia's Sovereign Bond rating of B1 and Sovereign Bond
Methodology factor scores, three of which are the key drivers of
the ceiling. In Mongolia's case, these consist of a 'low'
assessment of Economic Strength, a 'low' assessment of
Institutional Strength and a 'high' assessment of susceptibility
to political, economic or institutional event risks.

Moody's decision to adjust the LC country ceilings for Mongolia is
also influenced by specific risks inherent in the country's
operating environment: a history of boom-bust economic cycles and
uncertainties affecting the predictability of the foreign
investment regime.

FC ceilings were adjusted to reflect Moody's assessment of
moratorium risks given the country's ability and willingness to
service both its public and private cross-border debt obligations.
The ceiling takes into account Mongolia's sizeable financing needs
on the one hand, and its traditionally open economy with few
capital controls on the other.

Moody's country ceilings capture externalities and event risks
that arise unavoidably as a consequence of locating a business in
a particular country and that ultimately constrain domestic
issuers' ability to service their debt obligations. As such, the
ceiling encapsulates elements of the economic, financial,
political, and legal risks in a country, including political
instability, the risk of government intervention, the risk of
systemic economic disruption, severe financial instability risks,
currency redenomination, and natural disasters among other factors
that need to be incorporated into the ratings of even the
strongest domestic issuers. The ceiling caps the credit rating of
all issuers and transactions with material exposure to those risks
-- in other words, it affects all domestic issuers and
transactions other than those whose assets and revenues are
predominantly sourced from or located outside of the country, or
which benefit from an external credit support.

The methodology used in this action is Local-Currency Country Risk
Ceiling for Bonds and Other Local Currency Obligations published
in March 2013.



                             *********

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

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

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


                            *********


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

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