TCRAP_Public/130802.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, August 2, 2013, Vol. 16, No. 152


                            Headlines


A U S T R A L I A

AIDS COUNCIL: Shuts Operation as State Government Refuse Aid
BOB JANE: Revenue Office Seeks to Wind Up Firms Over Tax Debt
FORTESCUE METALS: S&P Affirms 'BB-' Corporate Credit Rating
PRESSURE DYNAMICS: Receivers Sell Business to Vividaz


C H I N A

CHINA SHANSHUI: S&P Lowers CCR to 'BB-'; Outlook Negative
MAOYE INT'L: Domestic MTN Issuance No Impact on Ba1 CFR
WEST CHINA CEMENT: Fitch Affirms 'BB-' Senior Unsecured Rating


I N D I A

CHOUKSEY ENTERTAINMENT: ICRA Rates INR6cr Term Loan at 'B'
ELICA VITRIFIED: ICRA Assigns 'B+' Ratings to INR24cr Loans
GEETA ISPAT: ICRA Suspends 'B+' Rating on INR6cr LT Loans
JINDAL STEEL: ICRA Cuts Rating on INR7.5cr Loan to '[ICRA]C+'
MAHATI HYDRO: ICRA Reaffirms 'BB+' Ratings on INR25.3cr Loans

MANTRI DEVELOPERS: ICRA Upgrades Rating on INR98.03cr Loan to BB+
PARIS ELYSEES: ICRA Assigns 'BB' Rating to INR0.52cr Term Loans
P P PRODUCTS: ICRA Reaffirms 'BB+' Rating on INR5cr LT Loan
PRECIMEASURE CONTROLS: ICRA Puts 'BB+' Ratings on INR11.5cr Loans
RAMAKRISHNA ENG'G: ICRA Cuts Ratings on INR13.29cr Loans to 'D'

SURYODAY MICRO: ICRA Upgrades Rating on INR80cr Loan From 'BB+'
TARAJYOT POLYMERS: ICRA Reaffirms 'BB+' Rating on INR2cr Loans


I N D O N E S I A

MULTIPOLAR TBK: Fitch Assigns 'B+' Rating to US$200MM Notes


M A L A Y S I A

EXPORT IMPORT: Fitch Revises Outlook to Neg. and Affirms LT IDRs


N E W  Z E A L A N D

COASTLANDS AQUATIC: New Aquatic Centre for Kapiti
HILLS FLOORINGS: Goes Into Voluntary Liquidation


S O U T H  K O R E A

STX GROUP: Unit's Creditors Okay Fresh Liquidity


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AIDS COUNCIL: Shuts Operation as State Government Refuse Aid
------------------------------------------------------------
Australian Associated Press reports that South Australia's gay and
lesbian community will pay an "extremely high and unfair price"
following the closure of the state's AIDS council, the group's
chairman says.

The AIDS Council of SA closed on July 29 after the state
government refused an administrator's proposal of a AUD175,000
cash injection.

According to the report, Health Minister Jack Snelling said advice
to the government indicated the extra funding would just prop up
the organisation for another nine months.

But chairman Ian Purcell said the decision was troubling and
surprising and urged the government to reconsider, the report
relays.

"This decision, which we believe is unnecessary, will have
repercussions for a very significant section of the community of
South Australia," AAP quotes Mr. Purcell as saying.

AAP notes that the council, which has operated since 1984, went
into administration in June but has since managed to reduce its
debts by half.

Mr. Purcell said independent auditors had also expressed
confidence in it returning to financial stability, the news agency
relates.

He said the closure of the council would impact on other
organisations which used its premises, including the Gay and
Lesbian Community Services and the SA Gay and Lesbian Community
Library and Archives, the report adds.


BOB JANE: Revenue Office Seeks to Wind Up Firms Over Tax Debt
-------------------------------------------------------------
ABC News reports that the Victorian State Revenue Office has made
an application for a Bob Jane company to be declared insolvent
over an unpaid land tax debt.

Documents lodged in the Victorian Supreme Court show Bob Jane
Properties and Calder Park Raceway failed to pay a debt of
AUD1.3 million, the report relates.

More than AUD200,000 of the debt is in unpaid interest, says ABC
News.

ABC News notes that the revenue office has applied to have
Bob Jane Properties wound up and a liquidator appointed.

Australian Securities and Investment Commission documents show Bob
Jane and his son Rodney are both directors of the companies.

The case will be heard next month, ABC News adds.


FORTESCUE METALS: S&P Affirms 'BB-' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
outlook on its 'BB-' long-term rating on Australia-based mining
company Fortescue Metals Group Ltd. to stable from negative.  At
the same time, S&P affirmed the 'BB-' corporate credit rating,
'BB+' senior secured debt rating, and 'B+' senior unsecured debt
ratings.  The recovery rating on the senior secured debt rating is
affirmed at '1' and senior unsecured debt '5'.

"The outlook revision reflects our expectation that Fortescue's
credit metrics (which are weak in the year ended June 30, 2013)
will recover to levels commensurate with the 'BB-' level in fiscal
2014," Standard & Poor's credit analyst May Zhong said.  "This
view is based on Fortescue's improving production volume, reducing
cash production costs, and expected low capital expenditure in
fiscal 2014."

Under S&P's base-case assumption of US$110 per tonne for benchmark
iron ore prices (cost and freight [CFR] 62% Fe), S&P expects
Fortescue's adjusted funds from operations (FFO) to be more than
20% and adjusted debt to EBITDA to be less than 4x in fiscal 2014.
S&P also expects Fortescue's volume of ore shipped to be higher
than 100mt in fiscal 2014.  Fortescue's total shipments in fiscal
2013 were 80.9mt. In June 2013 alone, the company recorded a 120
million tonnes per annum (mtpa) shipping run rate.

"We believe Fortescue is on track to complete its 155mtpa
expansion and will continue to increase its production in 2014.
The company's reducing cash production costs also contribute to
our expectation of a recovery in its financial performance.
Fortescue reported a C1 cash cost of US$36.01 per wet metric tonne
(wmt) in the June 2013 quarter, reflecting a permanent reduction
in strip ratios, benefits from cost reduction initiatives, and a
depreciating Australian dollar against the U.S. dollar.  The
company expects its C1 cost to be US$36-US$38 per wmt in fiscal
2014, assuming a foreign exchange rate of 0.95 Australian dollar
to the U.S. dollar," S&P said.

"Our base case doesn't factor in the potential sale of The Pilbara
Infrastructure Pty Ltd. (TPI), which was announced by the company
in December 2012.  Should the transaction occur, we would need to
review the terms and conditions of the transaction and its
implication on Fortescue's cash production costs and capital
structure to assess the likely impact on the company's overall
credit quality," S&P added.

S&P would consider raising the rating if:

   -- Fortescue successfully completes its 155mtpa expansion and
      develops an operational track record of shipping above a
      120mtpa wmt run rate;

   -- FFO/debt sustains at about 25% and debt/EBITDA at about
      3.0x, and the company generates positive free operating
      cash flows after capital expenditure; and

   -- The company maintains a disciplined approach toward capital
      management, dividend payments, and funding for expansion.
      The company's growth aspiration and financial policy post
      the 155mtpa expansion will be key to any rating upside
      potential.

Ms. Zhong added: "Downward rating pressure could be precipitated
by a significant weakening in iron ore prices along with a major
delay in production ramp-up, causing the company's FFO-to-debt
ratio to fall to less than 20%, and debt-to-EBITDA to go higher
than 4x for a prolonged period.  If the company's growth
aspirations or capital management were more aggressive than
currently expected, it could also exert negative pressure on the
rating."


PRESSURE DYNAMICS: Receivers Sell Business to Vividaz
-----------------------------------------------------
The receivers and managers of Pressure Dynamics, PPB Advisory,
have successfully negotiated a sale of the business to Vividaz Pty
Ltd.

The sale preserves 27 full time jobs, and puts Pressure Dynamics
back into the market as a viable business. The sale will also
provide sufficient funds to pay in full all outstanding
entitlements to employees not transferring with the business.

PPB Advisory Partner and Pressure Dynamics Receiver Simon Theobald
said: "The sales process generated interest from a significant
number of parties due its excellent reputation within the industry
and highly regarded employees.

"With the cooperation of key customers, suppliers and employees,
we were able to continue to trade on the business while the sale
was completed.  This sale is a positive outcome for Pressure
Dynamics and we wish the new management team every success as they
continue to grow the business."

Pressure Dynamics is engaged in the supply, service and
engineering of hydraulic technology, serving the oil, gas and
mining industries.

Simon Theobald and Jeffrey Herbert of PPB Advisory were appointed
as Receivers and Managers of Fluid Power Technologies Pty Ltd T/A
Pressure Dynamics on June 7, 2013, following the appointment of
Grant Thornton as Voluntary Administrators.



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


CHINA SHANSHUI: S&P Lowers CCR to 'BB-'; Outlook Negative
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based cement producer
China Shanshui Cement Group Ltd. (Shanshui) to 'BB-' from 'BB'.
The outlook is negative.  S&P also downgraded the company's
outstanding senior unsecured notes to 'B+' from 'BB-'.  At the
same time, S&P lowered its long-term Greater China regional scale
rating on Shanshui to 'cnBB' from 'cnBB+' and on the notes to
'cnBB-' from 'cnBB'.

"We downgraded Shanshui because we believe the company's financial
strength has weakened due to challenging operating conditions,"
said Standard & Poor's credit analyst Huma Shi.

S&P anticipates that Shanshui's financial performance in the first
half of 2013 will be significantly below S&P's expectation, and it
do not forecast any material improvement over the next 12 months.

S&P believes Shanshui's pricing power in the company's core market
of Shandong is weakening because of rising competition amid
softening demand.

Shanshui's operating costs could increase and its profit margin
could compress further if the government tightens environmental
protection regulations.  The timing and magnitude of the policy
change is uncertain.  Nevertheless, S&P believes such policy
change is inevitable because China's new leadership is committed
to tackling the nation's pollution problems.

"We expect Shanshui to continue its aggressive debt-funded growth
in selected regions to enhance its market share and consolidate
its presence in core markets," said Ms. Shi.  "Shanshui's total
debt is likely to increase by about 15% over the next 12 months
from the 2012 level as the company keeps increasing capital
expenditure for acquisitions and expansion."

"In our base case, we expect Shanshui's 2013 revenue to stay at
the 2012 level of about Chinese renminbi 16 billion.  The
company's EBITDA margin will likely weaken by 3-4 percentage
points to about 22%, largely because of subdued average selling
prices.  We estimate that Shanshui's negative free operating
cash flows will rise in the next 12 months. Shanshui's debt level
will therefore rise," S&P said.

The negative rating outlook reflects S&P's expectation that
Shanshui's financial performance is unlikely to improve over the
next 12 months, given the challenging industry conditions in the
company's core markets.  The outlook also reflects Shanshui's
increasing refinancing risk in 2014.

S&P may lower the rating if Shanshui's leverage weakens, such that
the ratio of funds from operations to debt is less than 12% on a
sustained basis.  Given the company's weak operating conditions,
such deterioration could happen if Shanshui continues to
aggressively seek debt-funded expansion.

S&P may revise the outlook to stable if Shanshui's total debt
falls or an improvement in the operating condition leads to the
FFO-to-debt ratio staying above 15% for a prolonged period.


MAOYE INT'L: Domestic MTN Issuance No Impact on Ba1 CFR
-------------------------------------------------------
Moody's Investors Service sees no immediate impact on Maoye
International Holdings Limited's Ba1 corporate family and (P)Ba2
senior unsecured debt ratings following its issuance of RMB700
million in domestic medium-term notes (MTN) and the delay in its
offshore bond issuance.

The rating outlook is stable.

"The company plans to use the proceeds from the issuance to
refinance existing debt, so the exercise is leverage neutral and
the 3-year notes will further improve Maoye's debt maturity
profile," says Alan Gao, a Moody's Vice President and Senior
Analyst.

In the last 12 months, Maoye has issued RMB2.45 billion of notes
in the domestic market.

Such a track record demonstrates the company's continued access to
domestic funding.

Moody's expects Maoye's key credit metrics in the next 12-18
months -- adjusted debt/EBITDA of around 3.5-4.0x and retained
cash flow (RCF)/adjusted net debt of 20-25% -- to remain
consistent with the Ba1 rating.

Moody's notes the delay in the offshore bond issuance, and adds
that it has no impact on its liquidity profile, given its
continued access to domestic funding.

For Jan-Mar 2013, Maoye's recorded an increase in concessionaire
sales, of which same-store sales ("SSS") growth was 5.3%; and SSS
growth for April-May 2013 was 10%. Moody's expects the pick-up in
sales momentum to continue in 2013.

The principal methodology used in this rating was the Global
Retail Industry Methodology published in June 2011.

Maoye International Holdings Limited is one of the leading
department store operators in China. Listed on the Hong Kong
Exchange in 2008, the company is headquartered in Shenzhen,
Guangdong Province, and has expanded to China's second- and third-
tier cities, targeting the mid-to-high-end retail market.


WEST CHINA CEMENT: Fitch Affirms 'BB-' Senior Unsecured Rating
--------------------------------------------------------------
Fitch Ratings has revised West China Cement Limited's Outlook to
Negative from Stable. Its Long-Term Issuer Default Rating (IDR)
and senior unsecured rating have been affirmed at 'BB-'.

The Outlook change reflects continued weak average selling prices
(ASP) of cement in Shaanxi and Xinjiang, WCC's core markets. If
this trend persists, the company may face challenges in repaying
its outstanding USD400m notes due in January 2016.

Key Rating Drivers

Weak ASPs lower margins: Continued weak ASPs have compressed WCC's
gross profit to CNY47/ton in 2012 from CNY76/ton for 2011. ASP was
CNY238/ton in 2012, down from CNY264/ton for 2011. Declines in the
price of thermal coal -- an input of cement -- during the same
period was unable to offset the impact from weak ASPs, which were
due to overcapacity. Industry data shows nationwide utilisation
rate for cement production was just 72% during 2012.

Inability to deleverage: WCC generated EBITDA of CNY1.06bn in
2012, which pushed its leverage to 3.2x, higher than the negative
rating guideline of 3.0x. Based on Fitch's forecasts for 2013 ASP
and WCC's profit margins, the leverage may remain higher than 3.0x
for 2013. Latest industry data shows that ASP of P.O.42.5 cement
in July dropped 14% YoY in Shaanxi province, and 29% YoY in
Xinjiang. Although WCC's ASPs should not deteriorate at the same
rapid pace in its core market Southern Shaanxi, Fitch does not
expect WCC's 2013 EBITDA to be materially higher than in 2012,
even as thermal coal prices in the region continue to fall.

Cash accumulation needed: WCC has an outstanding USD400m senior
unsecured bond due January 2016 and onshore CNY800m MTNs due in
March 2016. Fitch forecasts show that the company will need to
generate around CNY4.5bn-CNY5bn EBITDA over the period of 2013 to
2015, before cash absorption from its CNY1.3bn capex budget and
regular dividend payout, to meet these obligations without
external financing. The current trend of weak ASPs and low gross
profit per ton suggests WCC may be challenged to achieve this
EBITDA target. Nonetheless, the company still has the flexibility
to scale back capex and dividend payout before 2015.

Liquidity not immediate concern: At end-2012, WCC only had CNY518m
cash at hand (including restricted deposits) compared with short-
term borrowings of CNY1.178bn. However, Fitch does not view WCC's
liquidity as an immediate risk as the company is able to roll over
its short-term loans, due to the asset-based lending nature of
Chinese lenders and WCC's fixed assets available for collateral.
In addition, WCC has used part of its March 2013 MTN proceeds to
repay some of the short-term loans and to improve its debt
structure.

Rating Sensitivities

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

- Free cash flow (post acquisition) turns negative
- FFO adjusted net leverage rising above 3.0x on a sustained basis
- Losing its dominant market position in southern Shaanxi

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

- Accumulation of cash balance indicating that WCC being able
  to meet its 2016 debt obligations.



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I N D I A
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CHOUKSEY ENTERTAINMENT: ICRA Rates INR6cr Term Loan at 'B'
----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' and a short-term
rating of '[ICRA]A4' for INR6.0 Crore bank facilities of Chouksey
Entertainment Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan               5.82     [ICRA]B Assigned
   Unallocated             0.18     [ICRA]B/[ICRA]A4 Assigned

The assigned ratings take into account the experience of promoters
in the cable television distribution business, having operated as
local cable operators (LCOs) in Jabalpur for the last two decades.
Currently, CEL is operating as a multi systems operator (MSO) in
Jabalpur which was amongst the cities to be digitized in phase-2
of the digitization mandate from Ministry of Information and
Broadcasting (MIB), with a focus on expansion of digital cable
services with a high growth potential. Also, CEL's tie-up with
Hathway Cable and Datacom for seeding of set-top boxes (STB) in
the Jabalpur market and sharing of digital head ends will help in
the execution of digitization plans for the next two phases in the
next eighteen months. However, the ratings are constrained due to
the high degree of competition faced by CEL from other MSOs
engaged in providing cable television services and from players
providing services on alternate technology platforms like Direct-
to-Home (DTH). The delay in the progress of seeding of STBs in the
target market due to the reluctance of customers to convert to
digital cable could affect the stabilization of revenues; return
indicators estimated to remain under pressure over the short to
medium term in view of capital intensive nature of business and
time lag in pay-offs. Further, as the debt repayments will start
from July 2013 and the target population not yet digitized fully,
delay in project stabilization can result in cash flow mismatch
and necessitate refinancing. The ability of the company to adhere
to the project implementation schedule, achieve moderate seeding
of STBs in the early phase of operations in order to generate
healthy cash flows will be key rating sensitivities.

Established in 2012 as a public limited company, Chouksey
Entertainment Limited is engaged in the distribution of digital
cable systems as a multi system operator (MSO). It was formed
after the aggregation of multiple local cable operators (LCOs)
based out of Jabalpur, who have received provisional permission to
operate as MSOs in six states, namely Madhya Pradesh, Bihar,
Maharashtra, Rajasthan, Uttar Pradesh and Gujarat. The building at
Jabalpur, which houses the cable infrastructure is owned by the
directors of CEL and it has been taken on lease from them.


ELICA VITRIFIED: ICRA Assigns 'B+' Ratings to INR24cr Loans
-----------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR9.00 crore
fund-based cash credit facility and INR15.00 crore fund-based term
loan facility of Elica Vitrified Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit              9.00    [ICRA]B+ assigned
   Term Loan               15.00    [ICRA]B+ assigned
   Letter of Credit        (6.21)   [ICRA]A4 assigned
   Bank Guarantee           2.50    [ICRA]A4 assigned
   Credit Exposure Limit    0.15    [ICRA]A4 assigned

*sublimit of Term Loan

The ratings of '[ICRA]A4' have also been assigned to short-term
non fund based letter of credit facility (sublimit within term
loan) of INR6.21 crore, bank guarantee facility of INR2.50 crore
and credit exposure limit of INR0.15 crore of EVPL.

The assigned ratings take into account the company's modest scale
of operations and weak financial profile characterized by thin
profitability margins, tight liquidity and leveraged capital
structure. While assigning the ratings, ICRA also takes note of
the vulnerability of profitability and cash flows to cyclicality
as inherent in the real estate industry which is the main
consuming sector as well as exposure of the company's
profitability to increase in the prices of raw materials and gas.
The assigned ratings further factor in the severe competition from
players of large established organized tile sector as well as
unorganized sector which impact price flexibility and single
product portfolio of EVPL that restricts sales prospects to large
distributors and institutional players as they prefer to deal with
producers having entire ceramic tile product range.

The assigned ratings, however, favorably consider the extensive
experience as well as long track record of promoters in the
ceramic industry and easy availability of raw materials on account
of company's location in Morbi - one of the major ceramic belts of
Gujarat. Further, the ratings also favorably factor in the steady
ramp up of operations and healthy capacity utilization levels as
well as reputed customer base with supply agreement with Nitco
Limited, which reduces sales risk to some extent.

Elica Vitrified Private Limited was established in t 2010 and is
owned and managed by Mr. Jayantibhai Kotadiya, Mr. Dilipkumar
Barasara along with other family members and relatives. The
manufacturing facility of the company is located at Morbi in
Gujarat with an installed capacity to manufacture 43,550 MTPA of
vitrified tiles. EVPL had commenced its commercial production in
July, 2011 and is currently engaged in manufacturing of vitrified
tiles of size 605 mm X 605 mm.

Recent Results

During FY 2013, as per unaudited financial results, the company
has reported an operating income of INR51.09 crore and profit
before tax (PBT) of INR0.42 crore.


GEETA ISPAT: ICRA Suspends 'B+' Rating on INR6cr LT Loans
---------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR6.0 crore
long term fund-based facilities & '[ICRA]A4' rating to the
INR3.0 crore short term, non fund based bank facilities of M/s.
Geeta Ispat. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite
information from the company.


JINDAL STEEL: ICRA Cuts Rating on INR7.5cr Loan to '[ICRA]C+'
-------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR7.50 crore cash credit facility of Jindal Steel Products
Limited from [ICRA]B+ to [ICRA]C+. ICRA has also reaffirmed the
short term rating of [ICRA]A4 assigned to the INR4.50 crore non-
fund based bank facility of JSPL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limit-        7.50    [ICRA]C+ downgraded
   Cash Credit

   Non-Fund Based Limit-    4.50    [ICRA]A4 reaffirmed
   Bank Guarantee

The rating revision takes into consideration the significant de-
growth in JSPL's turnover during 2012-13 over preceding year, the
deterioration in JSPL's liquidity position on account of mounting
inventories and receivables which led to a very high utilisation
of working capital limits, restricting its financial flexibility,
and weak financial profile of the company marked by low net
margin, high gearing and depressed level of the coverage
indicators. The ratings also take into consideration the
vulnerability of the company's margins to fluctuations in the
prices of its key raw materials viz. steel and zinc, the intense
competition due to the low entry barrier and fragmented nature of
the industry and JSPL's low bargaining power against its
established customers and suppliers. However, the ratings also
factor in the experience of the promoters in the steel fabrication
business, and the company's reputed client base which mitigates
counterparty risks to an extent.

JSPL, established in 1975 as a partnership firm, was converted
into a limited company in the year 1992. The company's
manufacturing facilities are located at Howrah, West Bengal. JSPL
has been primarily engaged in the manufacturing of power
transmission poles, towers and sub-stations. The company is also
engaged in executing contracts for Government departments.

Recent Results

In 2012-13, JSPL posted a net profit of INR0.05 crore
(provisional) on an operating income of INR11.83 crore
(provisional), as compared to a net profit of INR0.13 crore on an
operating income of INR46.61 crore in 2011-12.


MAHATI HYDRO: ICRA Reaffirms 'BB+' Ratings on INR25.3cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB+' for the
INR25.30 Crore bank loan facility for Mahati Hydro Power Projects
Private Limited. The rating carries a stable outlook.

                        Amount
   Facilities          (INR Cr)   Ratings
   ----------          --------   -------
   Term Loan             25.00    [ICRA]BB+(Stable) (reaffirmed)
   Non-Fund Based Limits  0.30    [ICRA]BB+(Stable) (reaffirmed)

The reaffirmation in rating takes into account the healthy PLF
levels for its 4.0 MW Sonawade plant since its commissioning in
Sep, 2010 and reduced execution risk given that the 4.8 MW project
Veer started its commercial operations since May, 2012. Though the
Veer project witnessed substantial time overrun on account of
delay in site handover issues, cost overrun was marginal and was
funded in the form of additional equity. ICRA notes that both
projects have firm off take agreement with Maharashtra State
Electricity Distribution Company Limited (MSEDCL) and Mahindra
Hinoday Industries Limited respectively at reasonably tariff
levels.

The rating however, continues to be constrained by hydrology
risks, which would be more pronounced for the Sonawade project
given the availability of water would be contingent on the actual
water diverted for the power project once the proposed canal for
the Warna irrigation project is fully completed. Further, due to
restricted water availability for its Veer plant, which was
aggravated by low rainfall in the catchment area, PLF levels for
remain subdued. As a result, the profitability for the company
also took a hit, with marginal decline in revenue, though at
absolute levels profitability still remains robust, given the
healthy PLF levels for its Sonawade plant. Profitability going
forward hinges on company's ability to maintain operating
parameters within the designed levels given that the tariffs are
fixed, and the costs are not a pass-through. Moreover since the
PPA for the Veer plant with MHIL is valid only for a year and is
subject to renewal, extension of the same at viable tariff rates
remains key from credit perspective. However the off-take risks
are mitigated given the overall demand supply scenario in the
state. ICRA notes that the company is also looking to put up two
more small hydro projects under MHPPPL and one relatively larger
hydro projects under one of its group concern. While all the
projects are at an initial stage, the extent of support extended
to these companies would be a key rating sensitivity.

Mahati Hydro Power projects Pvt. Ltd. is an exclusive hydro power
project of the Mahati Group. The Mahati group consists of two
other companies namely Mahati Industries Private Limited (MIPL)
(erstwhile Mahati Electrics), and Mahati Electrics Private Limited
floated by first generation entrepreneurs, Mr. Sujay Shah`s father
and relatives. Mahati electric is involved in manufacturing of
electrical transformers as well as panels and other allied
devices. It is also involved into sub-contracting for electrical
projects and has also undertaken small hydro power projects as EPC
contractor. MEPL is involved into repairing of transformers.
Mahati Hydel power projects private Ltd is promoted by Mahati
Group to develop on built operate own transfer (BOOT) model two
small hydro power projects (SHP) one of 4.0 MW and other of 4.8 MW
in Sangli and Pune district of Maharashtra respectively on the
tributary of Krishna basin. The project is backed by MOU with
Govt. of Maharashtra for implementing of the two 4.0MW and 4.8MW
SHP on said basin. The Sonawade project attained COD in Sep, 2010
and the Veer project in May, 2012. For FY 2013, the firm earned
net profit of INR2.50 Crore on an operating income of INR14.54
Crore.


MANTRI DEVELOPERS: ICRA Upgrades Rating on INR98.03cr Loan to BB+
-----------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR98.03
crore fund based facilities of Mantri Developers Private Limited
from '[ICRA]BB' to '[ICRA]BB+'. The outlook on the long-term
rating is stable.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund Based Facilities     98.03    [ICRA]BB+ (Stable) (revised)

The rating revision takes into account the favorable market
response for MDPL's latest launched residential project 'Mantri
Webcity', which besides moderating its market risks has also
boosted its cash flows given the upfront collections under the
interest subvention scheme. The project is expected to benefit
from its favorable location on the Hennur Road, good project
features, strong brand equity and interest subvention scheme; the
significance of which is heightened given the project's large size
(4.5 million square feet of Total Saleable Area) and MDPL's high
dependence on the project's cash flow in the medium term. Besides,
MDPL's other three on-going projects of are in advance stage of
completion and attained adequate booking levels, which partially
mitigates market and execution risk. The rating continues to
derive comfort from Mantri's established position in Bangalore
residential market with strong execution track record, good
marketing set-up and alliances with reputed concerns in execution
and consulting field.

The rating however continues to be constrained by MDPL's
significant debt repayment obligation over the short to medium
term in relation to its anticipated cash flows from operations,
which exposes the company to high refinancing risks. Further, MDPL
being the flagship concern of the group; its cash flow fungibility
towards other projects of the group and given its significant
investment in group companies towards land acquisition in the
past, may constrain the liquidity position and its ability to up-
stream the cash flows from these investments are subject to market
and project execution risks. Going forward, the company's ability
to maintain the sales velocity and collection efficiency in its
on-going projects; attain the lease tie-up for its commercial
project in a timely manner; and extent of investments done in land
bank and group companies would be the key rating sensitivities.

Incorporated in July 1999, MDPL is the flagship company of the
Mantri Group for group's real estate development. Mr. Sushil
Mantri and his family holds 74.29% along with Malpani family
holding 8.25% of the total shareholding at MDPL. Morgan Stanley
has bought a minority stake (17.46%) in Mantri Developers in 2006.
Currently, Mantri has 9.73 msf space under development through
four projects in residential (87% of total saleable are) and two
projects in commercial segments (13%). Group Profile Promoted by
Mr. Sushil Mantri in 1999, Mantri Group is a leading real estate
developer in South India with an established brand name in the
Bangalore market. The group is engaged in the development of
residential, commercial, retail and hospitality projects. It has
completed 23 projects in Bangalore comprising 11.03 msf of
development, which includes residential, retail and office space
development. In the past, it was focused mainly in Bangalore
residential market (81% of development), but is now expanding
footprints across all asset classes and geographies such as Pune,
Chennai and Hyderabad. It has development rights on large land
bank of over 915 acre having development potential of over 100
msf, of which 26.21 msf will be launched in near future.


PARIS ELYSEES: ICRA Assigns 'BB' Rating to INR0.52cr Term Loans
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR0.52 crore long term
loans of PIEPL. Further, ICRA has upgraded the short term rating
earlier assigned to the short term fund and non fund based limits
of Paris Elysees India Pvt Ltd from '[ICRA]A4' to '[ICRA]A4+' for
enhanced bank lines of INR10.75 crore.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund based limits        9.00     [ICRA]A4+ (upgraded)
   Non fund based limits    1.75     [ICRA]A4+ (upgraded)
   Term loans               0.52     [ICRA]BB stable (Assigned)

The rating upgrade factors in the continued growth in PIEPL's
revenues on the back of improving capacity utilization and
realizations, which have been supported by launch of new perfume
variants and foray into new geographies over the last one year.
The ratings also take into account the improvement in PIEPL's net
profitability in FY 2013 on account of favorable currency
fluctuation and absence of write offs contrary to previous
financial year. The improvement in profitability coupled with
healthy revenue growth has resulted in substantially higher cash
accruals and better debt coverage indicators for the company. The
ratings continue to favorably factor in the promoters' experience
in the perfume industry which enables PIEPL to source perfume
concentrate -a critical input for its products.

The ratings however continue to be constrained by concentration
risks as sales are routed through a single agent and that a large
part of the sales come from a single geography (60% from Brazil).
Further, the ratings factor in the high working capital intensity
of the business owing to long credit period to be extended by
PIEPL to its clients and high inventory stocking requirements.
These risks apart, the ratings also take into account the
vulnerability of PIEPL's margins to raw material price and
currency fluctuations given that it does not hedge its exposure to
currency, and risks of copyright infringements.

In the medium term the company plans to foray into the domestic
market and plans to target tier 2 and tier 3 cities. Apart from
product development, this will also require setting up of a supply
chain. As this will be a new target segment for the company, its
ability to ramp-up the domestic business and generate commensurate
returns from the same remains to be seen. Further, the impact of
such foray on PIEPL's financial profile will be a key rating
sensitivity. Going forward, PIEPL's ability to maintain the
revenue growth while managing its working capital cycle, maintain
profitability while managing currency fluctuation amid competitive
scenario would be key rating sensitivities.

Recent results

As per the unaudited figures provided by the company, in FY 2013
the company earned an operating income ofINR31.2 crore and an
OPBDIT of INR3.0 crore translating to an operating margin of 9.4%.
After providing for tax, the net profit is expected to be INR2.0
crore leading to a net margin of 6.5%. As of March 31, 2013, the
company had a net worth of INR10.5 crore and a debt equity ratio
of 0.69 times.


P P PRODUCTS: ICRA Reaffirms 'BB+' Rating on INR5cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the ratings of '[ICRA]BB+' and '[ICRA]A4+' to
the INR69.76 Crore bank lines of P P Products Private Limited. The
outlook on the long term rating is Stable.

                          Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Long term-Fund based      5.00    [ICRA]BB+ (reaffirmed)
   Short term-Fund based    64.76    [ICRA]A4+ (reaffirmed)
   and Non Fund based

Rating Rationale

The ratings are constrained by the moderate size of the company in
the domestic commodity polymer industry, low profitability on
account of competitive and trading nature of its operations,
exposure of the margins to volatility in polymer prices and
moderate size of company's net worth as against its size of
operations. However ratings are supported by significant track
record of promoters in the polymer trading industry with
experience of two decades, favorable demand outlook for polymer
granules in the domestic market and moderate working capital
intensity due to healthy credit period enjoyed by the company.
ICRA has also taken note of operations of group company Tarajyot
Polymers Limited during the ratings exercise as both the companies
are in the same line of business.

P. P. Products Private Limited was incorporated in 1991 as a part
of Shyam Group. PPPPL is promoted by Chandra Prakash Ramsisaria
and Suresh Kumar Ramsisaria. The company is primarily involved in
importing plastic granules and distribution of the same in the
local market. It imports polymer granules from various global
majors like Exxon Mobile, Saudi Basic Industries Corporation,
Basell Asia Pacific Limited, Oman Polypropolyne L.L.C and Dow
Chemicals Limited etc. In FY2013 it reported INR169.94 Cr
Operating Income and INR0.93 Cr net profit.


PRECIMEASURE CONTROLS: ICRA Puts 'BB+' Ratings on INR11.5cr Loans
-----------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]BB+' rating to
INR9.50 crore term loan and INR2.00 crore cash credit limits of
Precimeasure Controls Private Limited. ICRA has also assigned
short-term rating of '[ICRA]A4+' to INR0.19 crore non-fund based
limits of PCPL. The outlook on the long term rating is Stable.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             2.00     [ICRA]BB+ assigned
   Term Loan               9.50     [ICRA]BB+ assigned
   NCE                     0.19     [ICRA]A4+ assigned

The assigned ratings favorably factor in established track record
of PCPL in manufacturing of temperature indicators & controllers
for transformers, motors & generators and industrial process
control equipments; dedicated research & development team with
capabilities to develop new products & upgrade existing products
and moderate financial risk profile with low gearing and
satisfactory coverage indicators. The assigned ratings are however
constrained by modest scale of operations of PCPL; high working
capital requirements due to high inventory and debtor levels; and
vulnerability of profits to volatility in raw material prices
given the fixed nature of the contracts.

Precimeasure Controls Private Limited was established in the year
1984 as a partnership firm by Mr. V Janardhanan and Mr. K R Iyer.
The firm is converted to private limited company in the year 2001.
The company has manufacturing units at Peenaya III Phase,
Bangalore and Chennai with an installed capacity of 60 units per
day. It also has research & development unit in Coimbatore.

Recent Results

As per the provisional results for FY2013, the firm reported net
profit of INR4.17 crore on turnover of INR23.96 crore as against
net profit of INR3.46 crore on turnover of INR25.62 crore during
FY2012.


RAMAKRISHNA ENG'G: ICRA Cuts Ratings on INR13.29cr Loans to 'D'
---------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR5.59
crore term loan facilities and the INR1.50 crore fund based
facilities of M/s. Ramakrishna Engineering Company to '[ICRA]D'
from '[ICRA]B'.  ICRA has also revised the short-term rating
outstanding on the INR0.20 crore fund based facilities and the
INR6.00 crore non-fund based facilities of REC to '[ICRA]D' from
'[ICRA]A4'.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Term loan facilities       5.59     Revised to [ICRA]D from
                                       [ICRA]B

   Fund based facilities      1.50     Revised to [ICRA]D from
                                       [ICRA]B

   Fund based facilities      0.20     Revised to [ICRA]D from
                                       [ICRA]A4

   Non-fund based facilities  6.00     Revised to [ICRA]D from
                                       [ICRA]A4

The revision in ratings reflects the current delays in servicing
of debt obligations, due to tight liquidity position on the back
of aggressive debt-funded capital expenditure incurred by the
firm. While this has led to a highly geared capital structure and
stretched coverage metrics, a portion of its debt repayments are
secured through rental cash flows. The ratings also consider the
competition from very large players and the small scale of its
operations, which restrict its pricing flexibility and limits its
ability to win large orders apart from exposing REC to the risk of
vendor consolidation; and the high customer concentration. REC's
promoters have an experience of about three decades in the
business. While its healthy order book provides revenue visibility
over the medium term, relationships with renowned clients is
expected to support business growth.

REC, a partnership firm established in 1972, is primarily engaged
in fabrication and machining components (viz., motor cases,
supports and clamps, on job-work basis) for the aerospace /
defense sectors. It is also engaged in manufacturing booster cases
for the defense sector, for which it imports the raw materials.
The firm, which is managed by Mr. Vivek Seetharaman and Mr. Dhinoo
Gopalakrishnan, has its manufacturing facility located at
Irungatukottai (near Chennai, Tamil Nadu).

Recent results

REC reported a profit before tax of INR0.4 crore on an operating
income of INR3.2 crore during 2012-13 (according to unaudited
results). It reported a net profit of INR0.3 crore on an operating
income of INR3.6 crore during 2011-12.


SURYODAY MICRO: ICRA Upgrades Rating on INR80cr Loan From 'BB+'
---------------------------------------------------------------
ICRA has upgraded the long term rating for the INR80 crore
enhanced bank lines of Suryoday Micro Finance Private Limited
(enhanced from INR30 crore) from [ICRA]BB+ (stable) to [ICRA]BBB-
(stable).  The short term rating has been upgraded from [ICRA]A4+
to [ICRA]A3.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long term/Short term    80       Rating for long term upgraded
   bank facilities                  from [ICRA]BB+(stable) to
                                    [ICRA]BBB-(stable) Rating for
                                    short term upgraded from
                                    [ICRA]A4+ to [ICRA]A3

The upgrade in ratings factors in ability of the company to grow
its portfolio while maintaining the asset quality (0+ PAR of 0.14%
as on May 2013), improvement in financial flexibility of the
company with the addition of private and public sector banks, and
INR26.5 crore equity infusion in FY 2013 by the existing investors
and promoters taking the networth to Rs 61.6 crore. The rating
upgrade also factors in significant improvement in net
profitability of the company from 0.45% in FY 2012 to 1.09% in FY
2013, and further to 4.09% in Q1 FY 2014, supported by reduction
in operating expenses (from 9.75% of Average Managed Assets in FY
2012 to 6.88% in FY 2013), and improvement in margins due to
reduction in funding cost, despite some moderation in yields over
FY 2013. The rating continues to positively factor in Suryoday's
strong investor profile, prudent credit policies, and strong audit
and internal control systems.

The rating upgrade also reflects the improvement in the operating
environment along with regulatory clarity for MFIs. Access to
credit bureaus and regulatory ceiling on borrower indebtedness has
reduced concerns on overleveraging and multiple lending. These
strengths are offset by Suryoday's relatively high pace of growth,
moderate track record of 5 years, risks associated with the
unsecured lending business, political risks associated with the
microfinance business, operational risks arising out of cash
handling, and the company's dependence on wholesale funding
sources.

At present, the company's operations are spread across 18
districts in 5 states. Although the company has been able to bring
down portfolio concentration in the state of Maharashtra from
about 70% as on Jun-12 to 60% as on May-13, the concentration in
the state continues to remain high. Going ahead, the management
intends to improve the penetration in the states of Tamil Nadu,
Orissa and Gujarat, while venturing into new geographies viz.
Rajasthan and Madhya Pradesh, which is expected to reduce the
portfolio concentration risk. The asset quality has been stable in
Maharashtra and other states where the company presently operates.
Given the weak credit profile of the target customers and a
significant expansion plan, the ability of the company to maintain
its asset quality on a diversified and larger asset base and
across geographies remains to be seen.

Suryoday Microfinance Private Limited was set up in October 2008
as an NBFC with the concept of providing loans to women in urban
and semi-urban areas under the Grameen Bank Joint Lending Model.
Suryoday commenced full-fledged operations from May 2009. The
company had received equity funds from Aavishkaar Goodwell and Lok
Capital in the early stages of its operations. Subsequently in
Sep-12, the company also received equity funds of INR7 crore from
HDFC Holdings and HDFC standard Life. The company has been able to
receive continued equity support from the promoters and existing
investors, who have brought in equity of INR26.5 crore in FY 2013.


TARAJYOT POLYMERS: ICRA Reaffirms 'BB+' Rating on INR2cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the ratings of '[ICRA]BB+' and '[ICRA]A4+' to
the INR69.93 Crore* bank lines of Tarajyot Polymers Limited. The
outlook on the long term rating is Stable.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Long term-Fund based      2.00    [ICRA]BB+ (reaffirmed)
   Short term-Fund based    67.93    [ICRA]A4+ (reaffirmed)
   and Non Fund based

Rating Rationale

The ratings are constrained by the moderate size of the company in
the domestic commodity polymer industry, low profitability on
account of competitive and trading nature of its operations,
exposure of the margins to volatility in polymer prices and
moderate size of company's net worth as against its size of
operations. However ratings are supported by significant track
record of promoters in the polymer trading industry with
experience of two decades, favorable demand outlook for polymer
granules in the domestic market and moderate working capital
intensity due to healthy credit period enjoyed by the company.
ICRA has also taken note of operations of group company PP
Products Private Limited during the ratings exercise as both the
companies are in the same line of business.

Tarajyot Polymers Limited was incorporated in 1990 as a part of
Shyam Group. Shyam group has several companies involved in polymer
trading and manufacturing activities as well other related
activities. TPL is promoted by Mr. Chandra Prakash Ramsisaria, Mr.
Suresh Kumar Ramsisaria and Mr. Ramavatar Ramsisaria. The company
is primarily involved in importing of plastic granules and
distribution of the same in the local market. It imports polymer
granules from various global majors like Exxon Mobile, Saudi Basic
Industries Corporation, Basell Asia Pacific Limited, Oman
Polypropolyne L.L.C and Dow Chemicals Limited etc. In FY2013, TPL
has reported INR233.48 Cr Operating Income and INR1.03 Cr net
profit.



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


MULTIPOLAR TBK: Fitch Assigns 'B+' Rating to US$200MM Notes
-----------------------------------------------------------
Fitch Ratings has assigned Indonesia-based retailer PT Multipolar
Tbk's (Multipolar, B+/Stable) USD200m 9.75% notes due 2018 a final
'B+' rating, with a Recovery Rating of 'RR4'. The new notes are
issued by Pacific Emerald Pte Ltd and guaranteed by PT Multipolar
Tbk and certain subsidiaries.

The rating action follows the receipt of documents conforming to
information already received. The final rating is in line with the
expected rating assigned on 11 July 2013.

Multipolar is to use about 85% of the net proceeds to refinance
existing bank loans, while the balance is to fund its debt service
reserve account and for general corporate purposes.

Key Rating Drivers

Structural subordination: The ratings of MLPL largely reflect its
holding company structure and its high dependence on dividends.
The ratings, however, also recognise the group's solid market
position in the Indonesian retail sector which is supported by
favorable macroeconomic conditions.

MLPL's holding company structure means that its cashflows are
structurally subordinated to the obligations of its operating
subsidiaries, in particular PT Matahari Putra Prima Tbk (MPPA) and
PT Matahari Department Store Tbk (MDS), which together represent
more than 50% of MLPL's cashflows. As such, MLPL's capacity to
meet its debt obligations is therefore contingent upon MPPA's and
MDS's ability to continue distributing dividends.

High fixed costs: Notwithstanding MPPA's and MDS's strong cash-
generating ability and their moderate leverage, their strategy to
lease retail space exposes both companies to the risk of rising
rental expenses and results in weaker credit metrics than other
rated peers with a self-owned property strategy. Hence in Fitch's
view MPPA's flexibility to upstream dividends is therefore
restricted by its limited financial flexibility as indicated by a
modest fund from operations (FFO) fixed charge cover of below 2x.

Sufficient liquidity: Fitch expects MLPL will be able to maintain
a sufficient liquidity profile, driven by wholly-owned
subsidiaries' earnings stability and consistent dividends flows
from MPPA and MDS. Fitch believes that MLPL will, in a distressed
scenario, have access to additional liquidity by monetising its
shareholding in MPPA or MDS.

Strong market position: The ratings also factor in MPPA's and
MDS's extensive networks, strong market position, an established
TMT portfolio, and continued robust domestic consumption
supporting short-to-medium term growth. The ratings also take into
account diversification benefits from the non-retail business,
which contribute a substantial 30% of MLPL's cashflow.

Contingent liabilities: Although Fitch recognises the potential
benefits from the strategic alliance with Temasek Holdings
(Temasek) in MPPA of heightened governance and growth targets,
MLPL faces significant contingent liability under the Exchange
Rights Subscription Agreement should MPPA not meet Temasek's
operating performance targets or internal rate of return
requirements. Under the agreement, MLPL will pay Temasek any
shortfall of its USD300m investment upon the latter exiting MPPA.
However, given the current favorable retail market outlook, the
risk of this liability crystalising is, in Fitch's view, not high.

Rating Sensitivities

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

-- Decline in MLPL's fixed charge coverage ratio (FFO from wholly
   controlled entities plus dividends/ interest expense plus
  rents) to below 2x (2013 forecast: 2.9x) on a sustained basis.

-- Weakening of MPPA's financial profile

-- Inability to secure long-term funding

Positive rating action is not expected unless there is substantial
improvement in MPPA's financial profile, including a rise in
MPPA's fixed charge coverage of above 2x on a sustained basis.
MPPA is an important earnings contributor to MLPL.



===============
M A L A Y S I A
===============


EXPORT IMPORT: Fitch Revises Outlook to Neg. and Affirms LT IDRs
-----------------------------------------------------------------
Fitch Ratings has revised Export Import Bank of Malaysia Berhad's
(MEXIM) and Malayan Banking Berhad's (Maybank) Outlook to Negative
from Stable, while affirming their Long-Term Issuer Default
Ratings (IDRs).

The rating actions follow the revision of Malaysia's Outlook to
Negative from Stable and the affirmation of its 'A-' Long-Term
Foreign-Currency IDR and 'A' Long-Term Local-Currency IDR (see
related rating action commentary dated 30 July 2013 at
www.fitchratings.com).

Key Rating Drivers

MEXIM's IDR, Support Rating Floor and senior notes -- all rated at
'A-' -- are underpinned by expectations of very strong
extraordinary state support, in the event of need. This is because
MEXIM is a development financial institution, and is wholly owned
by the government. It has a specific policy role to support
domestic companies in the export industry and to help them secure
projects and contracts abroad. State support has been demonstrated
in the past in the form of common equity and government funding
assistance.

Maybank's IDRs are driven by its intrinsic strength as underlined
by its 'a-' Viability Rating. However, Fitch has revised the
Outlook to Negative to reflect the likely adverse impact on its
risk profile in light of the sovereign's weakening risk profile.
This is because of the bank's significant exposure to the
financial health of the government, as well as to the domestic
economy and financial markets. Further, the bank's credit profile
may be pressured by growing risks in the domestic operating
environment, such as rising household debt and property prices.
Notwithstanding these risks, Maybank's current ratings continue to
reflect its strong domestic franchise and reasonable credit
fundamentals, as evidenced by its well-capitalised position and
sound performance.

Rating Sensitivities

The ratings of MEXIM and on its senior notes are sensitive to any
deterioration in the sovereign's creditworthiness and ratings or
in the government's propensity to support the bank.

Negative action on Maybank's IDRs may arise from a sovereign
rating downgrade or deterioration in its intrinsic risk profile,
as reflected in its Viability Rating.

The list of actions is as follows:

MEXIM
- Long-Term Foreign-Currency IDR affirmed at 'A-'; Outlook
  Revised   to Negative from Stable
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A-'
- Ratings on senior unsecured notes affirmed at 'A-'

Maybank
- Long-Term Foreign-Currency IDR affirmed at 'A-'; Outlook
  Revised
  to Negative from Stable
- Long-Term Local-Currency IDR affirmed at 'A-'; Outlook Revised
  to Negative from Stable

The list of unaffected ratings for Maybank is as follows:
- Viability Rating 'a-'
- Support Rating '2'
- Support Rating Floor 'BBB'
- Long-term deposits at 'A'
- Senior unsecured notes at 'A-'
- Subordinated Tier 2 notes at 'BBB+'
- Hybrid Tier 1 notes at 'BB+'



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


COASTLANDS AQUATIC: New Aquatic Centre for Kapiti
-------------------------------------------------
VOXY.com.nz reports that the Wellington region has a brand new,
eye-catching aquatic centre, located in the heart of Paraparaumu
in KA-piti.

The Coastlands Aquatic Centre, a joint project between the KA-piti
Coast District Council and the Kapiti Aquatic Centre Trust, will
officially open on Saturday, August 10, according to VOXY.com.nz.

The report notes that the complex was just weeks from opening in
March this year when the main contractor Mainzeal went into
receivership.  The report relates that council has worked with the
receivers and contractors to complete the project.

The report says that the state-of-the-art pool complex has a
translucent roof that gives users the feeling of being outdoors
and will significantly reduce heating and lighting costs.

The report discloses that a second hydroslide is planned and it is
hoped that an Olympic-sized pool slide can be added in future if
community fundraising is successful.

VOXY.com.nz adds that with a 2.4 metre deep main pool the
Coastlands Aquatic Centre is already attracting interest from
water sports such as water polo and under water hockey and fast
times are being achieved by competitive swimmers.


HILLS FLOORINGS: Goes Into Voluntary Liquidation
------------------------------------------------
Stuff.co.nz reports that the fallout from the Mainzeal collapse
continues, with Auckland carpet retailer Hills Floorings going
into voluntary liquidation because of debts owed by the failed
construction group.

The family-owned company appointed liquidators Meltzer Mason Heath
on August 1.

One of the main reasons for the failure is an outstanding debt of
NZ$250,000 owed to Hills by Mainzeal, the report notes.

Stuff.co.nz relates that liquidator Jeff Meltzer said a tough
retail market had also contributed.

"The company will be able to meet its terms with its bank, and all
outstanding staff wages and holiday allowances will be paid," the
report quotes Mr. Meltzer as saying.  "The stock already bought
and paid for by customers is secure and will be received by them.
All customers will be contacted by the liquidators to arrange
collection of their purchases."

Its 18 staff had been informed of the liquidation, and future
staffing requirements were not yet known, the company said.

Hills Floorings began as a family business 53 years ago, and one
of the founder's sons, David Hill, is still a director.  The
company operates from two Auckland sites, in Rosedale and Otahuhu.



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


STX GROUP: Unit's Creditors Okay Fresh Liquidity
------------------------------------------------
Yonhap News reports that creditors of troubled STX Offshore &
Shipbuilding have agreed to provide fresh liquidity to the
shipbuilder in a bid to help resolve its cash crunch, industry
sources said July 31.

According to the report, sources said the creditors have submitted
a written consent for the liquidity supply worth about KRW2.15
trillion ($1.92 billion) to the company's main creditor Korea
Development Bank.

Yonhap News relates that the supply of fresh liquidity includes
KRW1.85 trillion in emergency funds, leading the total volume of
liquidity injection in the shipbuilder to reach nearly KRW3
trillion. The liquidity injection requires more than 75 percent
agreement from creditors.

The creditors' agreement also includes swapping debts worth KRW700
billion into equity and capital reduction for shareholders, the
sources added, Yonhap News relays.

STX Offshore and two other units of the STX Group had voluntarily
sought debt rescheduling with their creditors, Bloomberg News
reported.

STX Pan Ocean sought court receivership after Korea Development
Bank, the main creditor and Pan Ocean's second-biggest
shareholder, decided against buying the company from STX Group,
Bloomberg News reported.

STX Group -- with businesses ranging from shipbuilding to
components that go into vessels -- is the largest shareholder of
Seoul-based Pan Ocean.  The parent has been trying to raise
KRW2.5 trillion (US$2.2 billion) by selling stakes in units as a
slump in bulk shipping rates caused ship orders to tumble,
Bloomberg said.



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

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

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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
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 ***