TCRAP_Public/130805.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

            Monday, August 5, 2013, Vol. 16, No. 153


                            Headlines


A U S T R A L I A

CMA CORPORATION: Goes Into Voluntary Administration
COLMAX GLASS: Appoints Ferrier Hodgson as Administrators
CREYATOR PTY: BRI Ferrier Seeks Expression of Interest for Assets
OAKVALE CAPITAL: Ferrier Hodgson Appointed as Administrators
ORIONSTONE PTY: S&P Assigns 'B' CCR; Outlook Stable

* Moody's Sees Improvement in Australian Mortgage Arrears for May


I N D I A

ADROIT CORPORATE: CRISIL Assigns 'BB' Ratings to INR100MM Loans
BABA BUDHA: CRISIL Rates INR80MM Overdraft Facility at 'B+'
ECO PROTECTION: CRISIL Cuts Ratings on INR75MM Loans to 'BB'
EVERSHINE MOULDERS: CRISIL Cuts Ratings on INR68MM Loans to 'B'
HI TECH INFRA: CRISIL Lowers Ratings on INR400MM Loan to 'D'

MILLER MERCANTILE: CRISIL Puts 'B+' Rating to INR55MM Loan
MPL AUTOMOBILES: CRISIL Rates INR200MM Inventory Fund Loan at 'B'
MPL MOTORS: CRISIL Assigns 'B' Ratings to INR50MM Loans
NARMADESHWAR RICE: CRISIL Assigns 'B' Ratings to INR59.2MM Loans
NEERU ENTERPRISES: CRISIL Cuts Ratings on INR60MM Loans to 'BB'

N.K. SHARMA: CRISIL Rates INR100MM Cash Credit at 'B'
PRUTHI HOSPITAL: CRISIL Puts 'B+' Rating on INR130MM Term Loan
RAJ PACKAGING: CRISIL Cuts Ratings on INR79MM Loans to 'BB'
RAJHANS SOAP: CRISIL Assigns 'BB-' Ratings to INR95MM Loans
SHRI SANGAM: CRISIL Rates INR700MM LT Bank Loan at 'B'

SOFTTECH ENGINEERS: CRISIL Assigns 'B+' Ratings to INR120MM Loans
SREE VARIETY: CRISIL Assigns 'B' Ratings to INR119.5MM Loans
VANDANA SUPPLIERS: CRISIL Places 'B' Ratings on INR290MM Loans


I N D O N E S I A

BANK DANAMON: Fitch Affirms LT Issuer Default Rating at 'BB+'
BANK DANAMON: S&P Revises Outlook to Stable & Affirms 'BB' ICR
BANK DANAMON: Failed Bid Won't Deter Investors, Agus Says
BANK DANAMON: Faces Funding Pressure as DBS Deal Fails
INDIKA ENERGY: First Half Results Support Moody's B1 Rating


J A P A N

SHARP CORP: Fitch Affirms Issuer Default Ratings at 'B-'


N E W  Z E A L A N D

AORANGI SECURITIES: Funds Legal Fees; Administration Top NZ$17MM


P A K I S T A N

REPUBLIC OF PAKISTAN: S&P Affirms 'B-' LT Sovereign Credit Rating


S R I  L A N K A

SRI LANKA: S&P Affirms 'B+' LT Sovereign Credit Rating


S O U T H  K O R E A

STX GROUP: Troubled Unit Chief Executive Steps Down


                            - - - - -


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


CMA CORPORATION: Goes Into Voluntary Administration
---------------------------------------------------
Australian Associated Press reports that CMA Corporation has gone
into voluntary administration.  The directors of CMA have
appointed Phil Carter -- pcarter@ppbadvisory.com -- Marcus Ayres -
- mayres@ppbadvisory.com -- and Nicholas Martin --
nmartin@ppbadvisory.com -- of PPB Advisory as voluntary
administrators.

"PPB Advisory will undertake an urgent review of CMA's
operations," Mr. Carter said in a statement, the news agency
reports.

Until the completion of the review, CMA would continue to operate
as usual.

A meeting of CMA creditors will be held on August 14, AAP
discloses.

According to the report, CMA said August 1 that it had been unable
to pay an interest payment to Stemcor of about
AUD2 million, which was due for payment on July 31.

Stemcor, which is one of the world's largest privately-owned
international steel traders, is a major shareholder of CMA, the
report notes.

AAP relates that CMA had said it was in talks with its lenders on
the implication of the non-payment of interest and the company's
debt position.

According to a report by independent expert Lonergan Edwards in
late May, CMA had a net debt of AUD128.1 million at December 31,
2012, AAP adds.

CMA Corporation operates more than 17 recycling facilities across
Australia, New Zealand and Asia and has about 190 staff.


COLMAX GLASS: Appoints Ferrier Hodgson as Administrators
--------------------------------------------------------
Ryan Eagle -- ryan.eagle@fh.com.au -- and John Melluish --
ryan.eagle@fh.com.au -- of Ferrier Hodgson were appointed
voluntary administrators of Colmax Glass Pty Limited on July 22,
2013.

"The Administrators now control the Company's operations and are
assessing the Group's financial position. At this stage the
Administrators intend continuing the Company's trading," Ferrier
Hodgson said in a statement.

The first meeting of creditors was held on August 1, 2013, at the
offices of Ferrier Hodgson located at Level 13, 225 George Street
Sydney NSW 2000. The purpose of the meeting gave creditors the
opportunity to:

   -- appoint a Committee of Creditors; and
   -- appoint an alternative administrator if they desired.

The second meeting of creditors will be held at 11:00 a.m. on
August 26, 2013, at the offices of Ferrier Hodgson located at
Level 13, 225 George Street Sydney NSW 2000. The purpose of this
meeting is to:

   -- consider the Administrators report;
   -- decide the future of the Company;
   -- consider the appointment of a Committee of Inspection; and
   -- approve the Administrators remuneration.

Colmax Glass Pty Limited is involved in the glass recycling
industry. It transforms the typically useless parts from the
recycling process into a useable product. The end product has many
uses which include reflective road surface markings, glass bottles
and home insulation.


CREYATOR PTY: BRI Ferrier Seeks Expression of Interest for Assets
-----------------------------------------------------------------
Dissolve.com.au reports that expressions of interest are sought by
BRI Ferrier for the purchase of all or part of the assets and
business of Creyator Pty Ltd and Brenstew Pty Ltd.  Peter Paul
Krejci and Walter Paul Burges were appointed as joint
administrators, the report says.

Brenstew's businesses include The Wardrobe, Blowe's Trousers and
URXS. Meanwhile, Creyator's include Hartfords Menswear.
The companies were built in 1936. The major features of the
companies' assets and business include an annual turnover of circa
$6.1 million.

The companies also boasted stocklists of men's and some women's
branded clothing. They specialise in brands like Ben Sherman, RM
Williams, Akubra, Polo Ralph Lauren, Levis, Bisley and Scotch &
Soda.

The purchase will also give the buyer the opportunity to own
contemporary leased premises, online inventory, online store and
SEO software.


OAKVALE CAPITAL: Ferrier Hodgson Appointed as Administrators
------------------------------------------------------------
Martin Jones -- martin.jones@fh.com.au -- Andrew Saker --
andrew.saker@fh.com.au -- and Darren Weaver --
darren.weaver@fh.com.au -- of Ferrier Hodgson were appointed
voluntary administrators of Oakvale Capital Limited on July 23,
2013.

The administrators now control the Company's trading and are
assessing the Company's financial position.

The First Meeting of Creditors was set for Aug. 2, 2013, at the
offices of Ferrier Hodgson, Level 26, 108 St Georges Terrace, in
Perth WA 6000.

Oakvale is facing lawsuits from three separate local councils in
New South Wales. However, it is unknown whether these lawsuits are
the main cause of the administration, Patrick Stafford at
SmartCompany reports.

It has been reported the three lawsuits are seeking collective
damages of more than AUD10 million, SmartCompany adds.

Oakvale Capital Limited provided financial services to a broad
range of clients.


ORIONSTONE PTY: S&P Assigns 'B' CCR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' corporate credit rating to Australia-based heavy equipment
rental company Orionstone Pty Ltd. (OPL).  The outlook on the
rating is stable.  At the same time, S&P assigned its 'B' issue
rating to the proposed US$200 million senior secured notes to be
issued by OPL.  The recovery rating is '3', indicating S&P's
expectation of a "meaningful" (50% to 70%) recovery in the event
of a payment default, in accordance with S&P's criteria guidelines
for recovery ratings.

S&P expects the debt proceeds to be used to refinance the
company's existing debts, including debtor finance and hire
purchase liabilities.

The ratings on Orionstone Pty Ltd. reflect the company's
"vulnerable" business risk profile and "aggressive" financial risk
profile.  Based in Australia, OPL offers heavy equipment rental
services to major infrastructure, oil and gas, and mining
industries across Australia.  In fiscal 2013 ended June 30, the
company had total operating revenues of A$126 million.

"OPL's business risk profile is a constraint on the ratings and
reflects the company's limited scale of operations and lack of
geographic diversity.  Scale is important in heavy equipment
rentals, given the company's indirect exposure to volatile
commodity prices and the cyclical mining industry," said Standard
& Poor's credit analyst Andrew Wong.

OPL's "aggressive" financial risk profile reflects the company's
ownership by a financial sponsor, Advent Private Capital
(38% share).  While S&P typically views such ownership structures
as increasing a company's risk tolerance, S&P views Advent's
ownership as supportive to management depth and partially
mitigating the reliance on founding shareholder and current chief
executive, Mr. Ashley Fraser.  S&P's view of OPL's "fair"
management and governance under its criteria reflects the
financial sponsor ownership as well as some key person risk.

S&P expects OPL's financial metrics to be strong for the rating
level.  S&P estimates OPL's adjusted debt-to-EBITDA will remain
about 3.0x over 2014 and 2015.  S&P expects time utilization to
improve from fiscal 2013 on the back of increasing demand for
rental equipment when the outlook for the commodity sector is
uncertain.  However, S&P has conservatively estimated machinery
rental rates will remain stagnant.

Mr. Wong added: "The stable outlook reflects our expectation that
OPL will maintain its solid market position in the Australian
heavy equipment rental market and that liquidity will remain
"adequate"."

The company's "vulnerable" business risk profile limits potential
for an upgrade in the short term.  In the long term, the rating
could be raised if the company materially improves its scale and
diversity.  Given the current ownership structure, any positive
rating action is likely to be capped within the 'B' category.

The rating could come under pressure if the company's financial
metrics weakened due to a contraction in mining activity that
coincides with the nonrenewal or termination of contracts and
resulting in a drop in utilization and rental rates.  Such a
scenario would adversely affect OPL's liquidity and pressure
covenants.  The rating could also be lowered if the company adopts
a more-aggressive financial policy (which may include debt-funded
activities to grow the business or distributions to its
shareholders).


* Moody's Sees Improvement in Australian Mortgage Arrears for May
-----------------------------------------------------------------
Moody's Investors Service says that Australian prime mortgage
arrears improved in May in comparison with April.

As published in Moody's just-released Global Structured Finance
Collateral Performance Review, Moody's says arrears in excess of
30 days in the Australian prime residential mortgage market were
1.62% in May, down from 1.66% in April, but up from 1.59% the same
period a year earlier.

Australian prime 60-day-plus arrears at 0.90% compare favorably to
some of the other countries covered in the Global Collateral
Performance Report. The Netherlands (0.83%) and Japan (0.29%) are
the only countries reporting a lower 60-plus arrears rate.

"Looking ahead, we expect the performance trends witnessed in 2012
to continue over 2013 with stable delinquencies, underpinned by
expected GDP growth of 2.0% to 3.0%, the current low interest rate
environment, and a steady unemployment rate of 5.0% to 6.0%" says
Jennifer Wu, a Moody's Vice President and Senior Credit Officer.

About Moody's Global Collateral Performance Report

Moody's Global Collateral Performance Report is updated monthly
and covers the collateral performance of 40 structured finance
sectors located globally. In the US, the performance metrics of 12
asset classes are covered, in Europe: 19, in Japan: 7, in
Australia: 1, and in Canada: 1.

The report features typical aggregate performance metrics, such as
delinquencies and losses, as well as sector-specific metrics that
include residential and commercial property prices, loans in
special servicing, refinancing profiles, average WARF levels,
senior OC levels, payment rates, and excess spread. The underlying
data is also included. The metrics are accompanied by sector
commentary and outlooks, and projected losses by vintage where
applicable.

Australian data focuses on:

- Australian Prime RMBS

- Australian Home Prices



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


ADROIT CORPORATE: CRISIL Assigns 'BB' Ratings to INR100MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Adroit Corporate Services Pvt. Ltd.
                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                26.0     CRISIL BB/Stable

   Cash Credit              32.5     CRISIL BB/Stable

   Proposed Long-Term       41.5     CRISIL BB/Stable
   Bank Loan Facility

The rating reflects the extensive experience of ACSPL's promoters
in the services industry coupled with moderate financial risk
profile marked by comfortable capital structure and healthy debt
protection indicators. These rating strengths are partially offset
by modest scale and working capital-intensive nature of business.
The rating also factors in moderate customer concentration risks
in ACSPL's revenue profile.

Outlook: Stable

CRISIL believes that the ACSPL will benefit over the medium term
from the extensive experience of its promoters and established
relationships with customers. The outlook may be revised to
'Positive' if the company reports better-than-expected growth in
its revenues, while diversifying its customer base and maintaining
its profitability and capital structure. Conversely, the outlook
may be revised to 'Negative' if the company faces a decline in its
revenues and margins, or if it undertakes a large debt-funded
capital expenditure programme, thereby affecting its financial
risk profile.

Incorporated in 1994, ACSPL is engaged in providing business
process outsourcing services primarily to clients in the banking
sector. The company is also a registrar and share transfer (R&T)
agent. Its day-to-day operations are managed by Mr. Sadashiva
Shetty.

ACSPL reported, on a provisional basis, a profit after tax (PAT)
of INR5.3 million on net sales of INR112 million for 2012-13
(refers to financial year, April 1 to March 31), as against a PAT
of INR1.6 million on net sales of INR76.9 million for 2011-12.


BABA BUDHA: CRISIL Rates INR80MM Overdraft Facility at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Baba Budha Sahib Cardiac Centre Ltd (BBCL; part of the
Pruthi group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        80      CRISIL B+/Stable

The rating reflects the group's average financial risk profile,
constrained by its debt-funded capital expenditure programme;
project-related risks for the group's new hospital; and large
working capital requirements. These rating weaknesses are
partially offset by the promoter's extensive experience and
established presence in the medical/healthcare field, in Jalandhar
and surrounding areas; the promoter's funding support; and healthy
occupancy at the group's existing hospital, supported by the
group's relations with key customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of BBCL and Pruthi Hospital. This is
because both entities, together known as the Pruthi group, operate
under common management, in the same line of business, and have
financial fungibility.

Outlook: Stable

CRISIL believes that the Pruthi group will maintain a stable
business risk profile over the medium term, supported by the
extensive experience of the group's promoters and their expertise
in the medical field. The outlook may be revised to 'Positive' if
the group significantly ramps up its operations, supported by
better-than-expected occupancy, resulting in sizeable cash
accruals, and a consequently improved financial risk profile.
Conversely, the outlook may be revised to 'Negative', if the group
incurs time or cost overruns while setting up its new hospital, or
if its working capital management weakens.

BBCL was incorporated in 1996, and Pruthi Hospital was set up in
1987, in Jalandhar (Punjab). Both entities are a part of the
Jalandhar-based Pruthi group, and jointly run a 75-bed hospital in
the city. The hospital primarily provides cardiac treatment; it
also provides neurology, nephrology and orthopaedic treatment. The
Pruthi group is currently setting up a 300 bed multi-specialty
hospital in Jalandhar; the hospital is scheduled to commence
operations in 2013-14 (refers to financial year, April 1 to March
31). The Pruthi group is owned and managed by Dr. C. S. Pruthi, a
cardiologist by qualification.


ECO PROTECTION: CRISIL Cuts Ratings on INR75MM Loans to 'BB'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Eco Protection Engineers Pvt Ltd to 'CRISIL BB/Negative' from
'CRISIL BB+/Stable', while reaffirming its rating on the company's
short-term bank facilities at 'CRISIL A4+'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee        100       CRISIL A4+ (Reaffirmed)

   Cash Credit            75       CRISIL BB/Negative (Downgraded
                                   from 'CRISIL BB+/Stable')

The rating downgrade reflects the expected deterioration in
EPEPL's liquidity because of significant funding requirements over
the medium term. EPEPL is expected to invest more than INR150
million in its newly formed special-purpose vehicle; this
investment is most likely to be funded by the promoters. Any
delays in funding support from the promoters will further
pressurise the company's liquidity. Furthermore, EPEPL's
operations are working-capital-intensive, and are primarily debt
funded; this is reflected in its high month-end average bank limit
utilisation of 98.1 per cent over the 12 months through February
2013. CRISIL believes that EPEPL's liquidity will remain stretched
over the medium term on the back of its increased funding
requirements.

The ratings continue to reflect EPEPL's moderate financial risk
profile, marked by moderate gearing and debt protection metrics,
and the extensive experience of its promoters in the
infrastructure construction industry. These rating strengths are
partially offset by the company's large working capital
requirements, modest scale of operations, and exposure to intense
competition in the water and waste management sector.

Outlook: Negative

CRISIL believes EPEPL's financial risk profile will remain
constrained over the medium term because of significant funding
requirements. The ratings may be downgraded if the company's
financial risk profile deteriorates further, most likely due to
lower-than-expected cash accruals or delay in funding support from
its promoters. Conversely, the outlook may be revised to 'Stable'
in case of an improvement in EPEPL's financial risk profile,
particularly its liquidity, most likely driven by more-than-
anticipated net cash accruals along with efficient working capital
management.

Established in 1999, EPEPL is engaged in the execution of waste
water- and solid waste management projects, and design,
construction, and maintenance of sewerage and effluent treatment
plants for municipalities, water supply and sewerage boards, and
also for private entities.

EPEPL reported a profit after tax (PAT) of INR20 million on net
sales of INR501.6 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR8.9 million on net sales
of INR302.5 million for 2010-11.


EVERSHINE MOULDERS: CRISIL Cuts Ratings on INR68MM Loans to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Evershine Moulders Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' while reaffirming the short-term rating at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              50       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit          5       CRISIL A4 (Reaffirmed)

   Standby Line of Credit    5       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Term Loan                13       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects EML's weak liquidity mainly because
of increasing working capital requirements, low cash accruals, and
the capital expenditure (capex) it has undertaken over the past
two years. The company's working capital requirements have
increased with the change in the debtor profile, with majority of
its sales being made to Daikin India in 2012-13 (refers to
financial year, April 1 to March 31) as compared to multiple auto
component players earlier. The debtor days increased to 88 days as
on March 31, 2013, from 43 days as on March 31, 2011. Weak
liquidity is also reflected in high bank limit utilisation of
about 97 per cent over the 12 months ended May 31, 2013. The
downgrade also factors deterioration in EML's business risk
profile over the past two years, driven by shutting down of its
operation at its Noida (Uttar Pradesh) plant. The company's scale
of operations has consequently decreased over the past three
years, with decline in net sales to INR220 million in 2012-13 from
INR607 million in 2009-10.

The ratings continue reflect EML's small scale of operations with
low value addition leading to low margins. These rating weaknesses
are partially offset by SML's above-average financial risk
profile, marked by low gearing, long track record, and the
promoters' extensive experience in the consumer durables segment.

Outlook: Stable

CRISIL believes that EML will benefit over the medium term from
its promoters' extensive experience in the consumer durables
segment; the company's gearing is expected to remain low over the
medium term. The outlook may be revised to 'Positive' if EML's
scale of operations and profitability increases, most likely by
adding new customers or new products, leading to improvement in
its business risk profile. Conversely, the outlook may be revised
to 'Negative' in case of pressure on the company's revenue or
profitability, or if it undertakes larger-than-expected, debt-
funded capital expenditure programme leading to pressure on its
capital structure.

Incorporated in 2002, EML manufactures moulded plastic components
for white goods, including washing machines, refrigerators, air
conditioners, and automobiles. The company's customers include
Daikin India, Panasonic India Pvt Ltd, Videocon Industries Ltd,
Krishna Maruti Ltd, and Lumax Auto Technologies Ltd (rated 'CRISIL
A/Stable/CRISIL A1'). EML is promoted by Mr. Kishore Khanna, who
has more than a decade's experience in the plastic-moulding
industry through his other group concerns. Mr. Kishore Khanna is a
second-generation entrepreneur; the plastic components business
was started by his father, Mr. B L Khanna, in the 1960s.

EML reported net loss of INR12.1 million on net sales of INR203.6
million for 2011-12; the company reported net profit of INR1
million on net sales of INR399 million for 2010-11. The company is
estimated to report net sales of INR220 million in 2012-13.


HI TECH INFRA: CRISIL Lowers Ratings on INR400MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of P & M
and Hi Tech Infrastructures LLP to 'CRISIL D' from 'CRISIL
B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              400      CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The rating downgrade reflects delays by PMHT-LLP in servicing its
debt; the delays have been caused by PMHT-LLP's weak liquidity.
The liquidity is weak because the customer advances received by
the company were significantly lower-than-expected as there were
significant time and cost overrun in the project. CRISIL believes
that PMHT-LLP's liquidity will continue to remain weak and the
customer advances will remain low as the project progress is
expected to be slow.

PMHT-LLP is exposed to risks related to project execution,
funding, and offtake. However, the firm will benefit from the
moderate demand outlook for retail space in Jamshedpur (Jharkhand)
over the medium term; moreover, it has an early-mover advantage,
which will enable it to attract footfalls easily.

PMHT-LLP was established in 2010 to carry out the development and
management of a multiplex-cum-mall in Jamshedpur. The planned mall
is aimed to be a single-point, multi-utility destination,
featuring retail stores, branded outlets, a food court, an
entertainment centre, a hotel, and office space, along with a
multiplex. PMHT-LLP is a partnership between P&M Infrastructures
Ltd, which developed the P&M Mall in Patna (Bihar), and Benko
Traders Pvt Ltd, which represents the Jamshedpur-based Hi-Tech
group.


MILLER MERCANTILE: CRISIL Puts 'B+' Rating to INR55MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Miller Mercantile Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              55       CRISIL B+/Stable
   Letter of Credit        340       CRISIL A4

The ratings reflect MMPL's exposure to risks related to
cyclicality, intense competition, and unfavourable regulatory
changes in the ship breaking industry. The ratings also factor in
the company's below-average financial risk profile. These rating
weaknesses are partially offset by the extensive experience of
MMPL's promoters in the ship breaking industry.

Outlook: Stable

CRISIL believes that MMPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case the company generates
significantly higher-than-expected cash accruals over the medium
term, most likely because of improved realisations, or benefits
from substantial infusion of equity by its promoters, resulting in
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if MMPL registers decline in its
revenues and profitability, resulting in less-than-expected cash
accruals, or if the company undertakes a larger-than-expected,
debt-funded capital expenditure programme.

MMPL, incorporated in 2006, commenced commercial operations in
2012-13 (refers to financial year, April 1 to March 31). The
company is involved in ship breaking activities. It operates from
two plots (leased from the Kolkata Port Trust) at Kolkata Dock
System. MMPL is promoted by Mr. Shekhar Lohia, Mr. Arun Jain, and
Mr. Abdul Karin Jaka.


MPL AUTOMOBILES: CRISIL Rates INR200MM Inventory Fund Loan at 'B'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of MPL Automobiles Agency Pvt Ltd (MAAPL; part of
the MPL M&M group).

                                  Amount
   Facilities                   (INR Mln)   Ratings
   ----------                   --------    -------
   Inventory Funding Facility      200      CRISIL B/Stable

The rating reflects the MPL M&M group's below-average financial
risk profile, marked by a highly leveraged capital structure and
weak debt protection metrics, and its susceptibility to economic
slowdown and to intense competition in the automobile (auto)
dealership segment. These rating weaknesses are partially offset
by the group's established position in the auto dealership market
for Mahindra & Mahindra Ltd (M&M; rated 'CRISIL AA+/Stable/CRISIL
A1+') in Chennai (Tamil Nadu), and its promoters' extensive
industry experience.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MAAPL and MPL Motors Pvt Ltd (MMPL).
This is because the two entities, together referred to as the MPL
M&M group, are managed by the same promoters, have financial
linkages with each other, and are in the same line of business.

Outlook: Stable

CRISIL believes that the MPL M&M group will continue to benefit
over the medium term from the extensive experience of its
promoters in the auto dealership segment. The outlook may be
revised to 'Positive' if the group significantly increases its
sales volumes and operating profitability, or in case of a
significant improvement in its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the MPL M&M group extends any additional fund
support to its promoters or associate entities, thereby impacting
its liquidity, or if it undertakes a significant, debt-funded
capital expenditure programme, leading to weakening of its
financial risk profile.

MAAPL, incorporated in 2000, is an authorised dealer for passenger
vehicles of M&M in Chennai. MMPL, incorporated in 1998, is an
authorised dealer for commercial vehicles of M&M in Chennai. The
group is promoted by Mr. Ashok and his family.

The MPL M&M group, provisionally, reported a net loss of INR15.8
million on net sales of INR2.85 billion for 2012-13 (refers to
financial year, April 1 to March 31), as against a profit after
tax of INR1.3 million on net sales of INR2.25 billion for 2011-12.


MPL MOTORS: CRISIL Assigns 'B' Ratings to INR50MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of MPL Motors Pvt Ltd (MMPL; part of the MPL M&M
group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              12.5     CRISIL B/Stable

   Inventory Funding        37.5     CRISIL B/Stable
   Facility

The rating reflects the MPL M&M group's below-average financial
risk profile, marked by a highly leveraged capital structure and
weak debt protection metrics, and its susceptibility to economic
slowdown and to intense competition in the automobile (auto)
dealership segment. These rating weaknesses are partially offset
by the group's established position in the auto dealership market
for Mahindra & Mahindra Ltd (M&M; rated 'CRISIL AA+/Stable/CRISIL
A1+') in Chennai (Tamil Nadu), and its promoters' extensive
industry experience.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MMPL and MPL Automobiles Agency Pvt Ltd
(MAAPL). This is because the two entities, together referred to as
the MPL M&M group, are managed by the same promoters, have
financial linkages with each other, and are in the same line of
business.

Outlook: Stable

CRISIL believes that the MPL M&M group will continue to benefit
over the medium term from the extensive experience of its
promoters in the auto dealership segment. The outlook may be
revised to 'Positive' if the group significantly increases its
sales volumes and operating profitability, or in case of a
significant improvement in its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the MPL M&M group extends any additional fund
support to its promoters or associate entities, thereby impacting
its liquidity, or if it undertakes a significant, debt-funded
capital expenditure programme, leading to weakening of its
financial risk profile.

MAAPL, incorporated in 2000, is an authorised dealer for passenger
vehicles of M&M in Chennai. MMPL, incorporated in 1998, is an
authorised dealer for commercial vehicles of M&M in Chennai. The
group is promoted by Mr. Ashok and his family.


The MPL M&M group, provisionally, reported a net loss of INR15.8
million on net sales of INR2.85 billion for 2012-13 (refers to
financial year, April 1 to March 31), as against a profit after
tax of INR1.3 million on net sales of INR2.25 billion for 2011-12.


NARMADESHWAR RICE: CRISIL Assigns 'B' Ratings to INR59.2MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Narmadeshwar Rice Mills Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              20.0     CRISIL B/Stable
   Term Loan                39.2     CRISIL B/Stable

The rating reflects NRM's limited track record and small scale of
operations in the fragmented rice milling industry, and below-
average financial risk profile, marked by a small net worth and
below-average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the rice industry.

Outlook: Stable

CRISIL believes that NRM will continue to benefit over the medium
term from the extensive experience of its promoters in, and the
healthy prospects for, the rice processing industry. The outlook
may be revised to 'Positive' in case of substantial improvement in
the company's scale of operations or if it achieves better working
capital management, leading to significant improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if NRM's accruals are lower than expected, its working
capital cycle is stretched, or if it undertakes a large, debt-
funded capital expenditure programme, leading to deterioration in
its financial risk profile, particularly its liquidity.

NRM was incorporated on February 22, 2011, promoted by the Bihar-
based Kedia family. The company has set up up an 8 tonnes per hour
non-basmati rice processing mill in Aurangabad (Bihar) at an
estimated cost of INR110 million (including working capital
margin). It has commenced commercial production from October 2012.


NEERU ENTERPRISES: CRISIL Cuts Ratings on INR60MM Loans to 'BB'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Neeru Enterprises to 'CRISIL BB/Stable' from 'CRISIL
BB+/Stable', while reaffirming its rating on the short-term bank
facilities at 'CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              10.0     CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

   Packing Credit           70.0     CRISIL A4+ (Reaffirmed)

   Letter of Credit        130.0     CRISIL A4+ (Reaffirmed)

   Proposed Long-Term       50.0     CRISIL BB/Stable (Downgraded
   bank loan facility                from 'CRISIL BB+/Stable')

   Foreign Bill Purchase    90.0     CRISIL A4+ (Reaffirmed)

The downgrade reflects deterioration in NE's business and
financial risk profiles, marked by a decline in operating margins,
lower-than-expected generation of accruals, and an increase in
reliance on bank borrowings. In 2012-13 (refers to financial year,
April 1 to March 31), NE's operating margins halved to around 3.4
per cent from 6 per cent in 2011-12 on account of an increase in
competition in the exports market and an increase in raw material
prices. Consequently, the firm's cash accruals were lower than
expected at INR11 million, despite year-on-year revenue growth of
26 per cent. NE's reliance on bank borrowings increased to fund
its incremental working capital requirements. The firm's estimated
gearing increased significantly to about 2.8 times (2.30 times on
adjusting for overdraft against fixed deposit) as on March 31,
2013 from less than 1.5 times, a year earlier. NE's estimated
interest coverage ratio also declined to 1.2 times in 2012-13 from
1.4 times a year earlier. CRISIL believes that NE's operating
margin will remain constrained at 3 to 4 per cent over the medium
term by an increasingly competitive industry landscape, volatility
in raw material prices, and the firm's limited ability to fully
pass on any increase in input costs to its customers. CRISIL also
believes that the firm's reliance on bank borrowings will remain
high, with gearing at more than 2.50 times over the medium term.

The ratings continue to reflect the extensive experience of NE's
proprietor in the menthol and allied products industries and
aromatic chemicals space, and a diversified product profile. These
ratings strengths are partially offset by NE's large working
capital requirements, susceptibility of margins to volatility in
raw material prices and to foreign exchange (forex) fluctuations,
and its weakened financial risk profile.

Outlook: Stable

CRISIL believes that NE will continue to benefit over the medium
term from its established position in the menthol and allied
products industries and aromatic chemical space, supported by its
proprietor's extensive experience. The outlook may be revised to
'Positive' if the firm's capital structure improves significantly
led by equity infusion, or higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if NE's debt
protection metrics weaken because of a large, debt-funded capital
expenditure programme or a decline in profitability, or if there
is any further financial support to associate concerns.

NE, a proprietorship firm, was set up in 1978 by Mr. Vishnu
Kapoor. The firm is located at Rampur (Uttar Pradesh), the menthol
and other allied products manufacturing hub of India. NE
manufactures menthol and allied products and aromatic chemicals
(primarily Dihydromyrcenol).

For 2012-13, NE reported, on provisional basis, a profit after tax
(PAT) of INR7.3 million on revenues of INR790 million; for 2011-
12, the company reported a PAT of INR6.4 million on revenues of
INR624 million.


N.K. SHARMA: CRISIL Rates INR100MM Cash Credit at 'B'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of N.K. Sharma Enterprises Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              100      CRISIL B/Stable

The rating reflects NKS's exposure to risks related to project
implementation and project off take, and to risks and cyclicality
inherent in the Indian real estate industry. These rating
weaknesses are partially offset by the extensive experience of
NKS's promoters in the real estate industry.

Outlook: Stable

CRISIL believes that NKS 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 registers
significant improvement in its financial risk profile, backed by
timely funding support from its promoters, and timely completion
and high saleability of its on-going project leading to healthy
and sustainable cash accruals. Conversely, the outlook may be
revised to 'Negative' if NKS faces any delays in receiving funding
for its projects, leading to pressure on its revenues or
construction schedule, or faces time and cost overruns in its on-
going projects or significant pressure on its liquidity.

NKS was set up in 2000 by the Zirakpur (Punjab)-based Sharma
family. The company is actively managed by its managing director
Mr. N K Sharma and his brothers, Mr. P K Sharma, Mr. Y K Sharma,
Mr. D K Sharma, and his father, Mr. V N Sharma. NKS is involved in
the development of residential and commercial projects, mainly in
Zirakpur.

NKS reported a net profit of INR2.81 million on net sales of
INR85.50 million for 2011-12 (refers to financial year, April 1 to
March 31), against a net profit of INR25.83 million on net sales
of INR127.5 million for 2010-11.


PRUTHI HOSPITAL: CRISIL Puts 'B+' Rating on INR130MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the term loan
facility of Pruthi Hospital (Pruthi Hospital; part of the Pruthi
group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                130      CRISIL B+/Stable

The rating reflects the group's average financial risk profile,
constrained by its debt-funded capital expenditure programme;
project-related risks for the group's new hospital; and large
working capital requirements. These rating weaknesses are
partially offset by the promoter's extensive experience and
established presence in the medical/healthcare field, in Jalandhar
and surrounding areas; the promoter's funding support; and healthy
occupancy at the group's existing hospital, supported by the
group's relations with key customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Pruthi Hospital, and Baba Budha Sahib
Cardiac Centre Ltd. This is because both entities, together known
as the Pruthi group, operate under common management, in the same
line of business, and have financial fungibility.

Outlook: Stable

CRISIL believes that the Pruthi group will maintain a stable
business risk profile over the medium term, supported by the
extensive experience of the group's promoters and their expertise
in the medical field. The outlook may be revised to 'Positive' if
the group significantly ramps up its operations, supported by
better-than-expected occupancy, resulting in sizeable cash
accruals, and a consequently improved financial risk profile.
Conversely, the outlook may be revised to 'Negative', if the group
incurs time or cost overruns while setting up its new hospital, or
if its working capital management weakens.

Pruthi Hospital was set up in 1987, and BBCL was incorporated in
1996, in Jalandhar (Punjab). Both entities are a part of the
Jalandhar-based Pruthi group, and jointly run a 75-bed hospital in
the city. The hospital primarily provides cardiac treatment; it
also provides neurology, nephrology and orthopaedic treatment. The
Pruthi group is currently setting up a 300 bed multi-specialty
hospital in Jalandhar; the hospital is scheduled to commence
operations in 2013-14 (refers to financial year, April 1 to March
31). The Pruthi group is owned and managed by Dr. C. S. Pruthi, a
cardiologist by qualification.


RAJ PACKAGING: CRISIL Cuts Ratings on INR79MM Loans to 'BB'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of RAJ Packaging Industries Ltd to 'CRISIL BB/Stable' from 'CRISIL
BB+/Negative', while reaffirming the rating on its short-term bank
facilities at 'CRISIL A4+'.


                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           1.0      CRISIL A4+ (Reaffirmed)

   Cash Credit             55.0      CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BB+/ Negative')

   Letter of Credit        20.0      CRISIL A4+ (Reaffirmed)

   Term Loan               17.0      CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BB+/ Negative')

   Proposed Long-Term       7.0      CRISIL BB/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB+/ Negative')

The downgrade in long-term rating reflects the deterioration in
RPIL's credit risk profile driven by a continued decline in its
profitability margins and its working capital intensive nature of
operations resulting in a substantial deterioration in debt
protection metrics. CRISIL believes that the company's muted
profitability margins and its large working capital requirements
will continue to result in below-average debt protection metrics
over the medium term.

RPIL's operating profit margin have sequentially declined to 6.1
per cent in 2012-13 (refers to financial year, April 1 to
March 31) from 7.7 per cent in 2010-11; the decline in margins is
on account of increasing competitive pressures and the company's
limited pricing flexibility. The continued pressure on RPIL's
profitability margins and its large working capital requirements
have resulted in a deterioration in the company's interest
coverage ratio to 1.4 times in 2012-13 from 1.6 times in 2010-11.

The rating continues to reflect the benefits that RPIL derives
from its established market position in the flexible packaging
industry, and the continued funding support it receives from its
promoters. These rating strengths are partially offset by the
company's below-average financial profile marked by its small net
worth, moderate gearing and modest debt protection metrics,
working-capital-intensive nature of operations, and susceptibility
of its margins to volatility in raw material prices.

Outlook: Stable

CRISIL believes that RPIL will continue to benefit over the medium
term from its established presence in the flexible packaging
industry and its long-standing relationship with customers. The
outlook may be revised to 'Positive' in case of a substantial and
sustained improvement in RPIL's revenues and profitability margins
or an improvement in its working capital management. Conversely,
the outlook may be revised to 'Negative' in case there is a
further decline in RPIL's profitability margins or a significant
deterioration in its capital structure on account of larger-than-
expected working capital requirements.

RPIL, incorporated in 1988 as a private limited company, is
promoted by Mr. Prem Kankaria and Mr. U C Bhandari. The company
manufactures multilayered, co-extruded plastic films, and flexible
packing materials. Its manufacturing unit is located in Bibinagar
(Andhra Pradesh).


RAJHANS SOAP: CRISIL Assigns 'BB-' Ratings to INR95MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Rajhans Soap Mills Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 35      CRISIL BB-/Stable

   Cash Credit/Overdraft     50      CRISIL BB-/Stable
   facility

   Proposed Long-Term        10      CRISIL BB-/Stable
   Bank Loan Facility

The rating reflects extensive industry experience of RSMPL's
promoters and average financial risk profile of the company backed
by funding support from promoters. These rating strengths are
partially offset by RSMPL's limited market presence in highly
competitive soap & detergent market dominated by few large
players, and working capital intensive operations.

Outlook: Stable

CRISIL believes that RSMPL will sustain its credit risk profile on
the back of promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case of higher-than-expected
increase in revenues or profitability or in case of improvement in
capital structure leading to improvement in its financial profile.
Conversely, the outlook may be revised to 'Negative' in case the
company reports significantly lower-than-expected revenues or
profitability or in case of increase in working capital
requirements or in case of significant debt-funded expansion
leading to deterioration in its financial risk profile.

Incorporated in 1983 as a partnership entity by Mr. Rishi Gupta &
his brother Mr. Shiv Ji Gupta, RSMPL manufactures dish wash bar &
detergent powder that are sold under the brand name-'Maruti'. It
was reconstituted as a private limited entity. The company has 2
manufacturing facilities located in Haryana.

RSMPL reported profit after tax (PAT) of INR1.9 million on net
sales of INR112 million for 2011-12 (refers to financial year,
April 1 to March 31), as against PAT of INR1.2 million on net
sales of INR81 million in 2010-11.


SHRI SANGAM: CRISIL Rates INR700MM LT Bank Loan at 'B'
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Shri Sangam Sahakari Sakkare Karkhane Niyamit
Hidkaldam.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       700      CRISIL B/Stable
   Bank Loan Facility

The rating reflects Sangam's exposure to risks related to the
implementation and stablisation of its on-going project, which
involves the setting up of a sugar manufacturing unit in Belgaum
district of Karnataka. The rating also factors in the exposure to
risks related to cyclicality in the sugar industry and regulatory
framework governing the industry. The above-mentioned weaknesses
are partially offset by the extensive industry experience of
Sangam's promoters and strategic location of its manufacturing
facility.

Outlook: Stable

CRISIL believes that Sangam will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if Sangam's cash flows are
more-than-expected, supported by earlier-than-expected completion
of its ongoing project, leading to improvement in its overall
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there are significant time and cost overruns in its
ongoing project, leading to weakening in its financial risk
profile.

Sangam was established as a co-operative society by the cane
producers in Belgaum region (Karnataka) in 1991. The Chairman of


SOFTTECH ENGINEERS: CRISIL Assigns 'B+' Ratings to INR120MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of SoftTech Engineers Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Term Loan        70      CRISIL B+/Stable

   Proposed Bank Guarantee   10      CRISIL A4

   Proposed Cash Credit      50      CRISIL B+/Stable
   Limit

The ratings reflect SEPL's stretched liquidity, driven by working-
capital-intensive operations, mainly due to delayed receivables;
and its modest scale of operations. The ratings also factor in the
company's average financial risk profile, constrained by a small
net worth. These rating weaknesses are partially offset by the
extensive experience of SEPL's promoters in the software
development industry, its established relationships with
customers, and its healthy order book.

Outlook: Stable

CRISIL believes SEPL will maintain its business risk profile over
the medium term, driven by its promoters' extensive industry
experience, its established relationships with customers, and its
healthy order book. The outlook may be revised to 'Positive' in
case of improvement in the company's financial risk profile,
particularly its liquidity, due to higher-than-expected cash
accruals and efficient working capital management, with
improvement in its debtor collection. Conversely, the outlook may
be revised to 'Negative' if SEPL's revenues decline significantly,
or its liquidity is stretched further, most likely due to lower-
than-anticipated cash accruals and higher-than-expected working
capital requirements.

SEPL is engaged in development of software products for the real
estate and infrastructure construction industry. The company's
customers are mainly government entities such as central and state
public works departments, and urban local bodies, and
infrastructure and construction companies. SEPL is promoted by Mr.
Vijay Gupta, Mrs. Priti Gupta, Mr. B K Patel, and Mr. Rahul Gupta.


SREE VARIETY: CRISIL Assigns 'B' Ratings to INR119.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sree Variety Marketing Solutions Pvt Ltd.

                              Amount
   Facilities                (INR Mln)   Ratings
   ----------                ---------   -------
   Standby Line of Credit       10.0     CRISIL B/Stable

   Long-Term Loan                9.5     CRISIL B/Stable

   Letter of Credit             10.0     CRISIL A4

   Bank Guarantee               10.0     CRISIL A4

   Cash Credit                 100.0     CRISIL B/Stable

The ratings reflect SVMSPL's below-average financial risk profile
marked by a small net worth, moderate total outstanding
liabilities to tangible net worth (TOL/TNW) ratio, and inadequate
debt protection metrics. The ratings also reflect the company's
small scale of operations and weak liquidity because of large
working capital requirements. These rating weaknesses are
partially offset by SVMSPL's diverse product profile and the
extensive experience of its promoters in the edible oil and dalda
trading business.

Outlook: Stable

CRISIL believes that SVMSPL's liquidity will remain weak over the
medium term because of large working capital requirements.
However, the company's business risk profile will continue to be
supported by the extensive experience of its promoters in the
trading business. The outlook may be revised to 'Positive' if
efficient working capital management or significant equity
infusion shores up the company's liquidity. Conversely, the
outlook may be revised to 'Negative' if lower-than-expected
accruals or stretch in working capital cycle leads to weakening in
SVMSPL's financial risk profile.

Set up in 1994 as a partnership firm by Mr. K Satya Reddy and his
brother Mr. K Prabhakar Reddy of Hyderabad (Andhra Pradesh),
SVMSPL was reconstituted as a private limited company with the
current name in 2010. The company trades in a variety of products,
such as edible oil, dalda, batteries, and paper.

For 2012-13 (refers to financial year, April 1 to March 31),
SVMSPL reported, on a provisional basis, a profit after tax (PAT)
of INR3.5 million on net sales of INR763.8 million, against a PAT
of INR3.6 million on net sales of INR634.3 million for 2011-12.


VANDANA SUPPLIERS: CRISIL Places 'B' Ratings on INR290MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Vandana Suppliers Pvt Ltd.

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Term Loan                210.0     CRISIL B/Stable
   Bank Guarantee             8.5     CRISILA4
   Cash Credit               80.0     CRISIL B/Stable

The ratings reflect the start-up nature of VSPL's operations, and
the company's susceptibility to risks associated with the
implementation of its on-going project and to volatility in input
prices, and working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive industry
experience of VSPL's promoters.

Outlook: Stable

CRISIL believes that VSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company stabilises
operations of its proposed plant in a timely manner and registers
higher-than-expected revenues and profitability, resulting in
higher cash accruals. Conversely, the outlook may be revised to
'Negative' in case VSPL faces further delays in the commencement
of its operations, or generates lower-than-expected cash accruals
during the initial phase of its operations, resulting in pressure
on its liquidity.

VSPL, incorporated in 2008-09 (refers to financial year, April 1
to March 31), is setting up a nylon filament yarn manufacturing
unit in Surat (Gujarat). The company is promoted by Mr. Vikas
Jhujhunwala and his business associate, Mr. Vishal Kejriwal. VSPL
is expected to commence commercial production by September 2013.



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


BANK DANAMON: Fitch Affirms LT Issuer Default Rating at 'BB+'
-------------------------------------------------------------
Fitch Ratings has affirmed PT Bank Danamon Indonesia Tbk's
(Danamon) ratings and removed them from Rating Watch Positive
(RWP).  The ratings have been affirmed at Long-Term Issuer Default
Rating (IDR) 'BB+', National Long-Term 'AA+(idn)', Short-Term IDR
'B', Support '3' and at Viability Rating 'bb+'. The Outlook is
Stable.

The removal from RWP after DBS Group Holdings (DBSGH) has
withdrawn its proposed acquisition of Temasek Holdings' (Temasek)
67.4% stake in Bank Danamon.

Key Rating Drivers

The affirmation reflects Bank Danamon's high capitalisation,
moderate earnings, and modest level of non-performing loans amid
slower domestic economic growth and high inflation.

In April 2012, Fitch placed Bank Danamon on RWP to reflect the
positive impact on the bank's risk profile from the proposed
takeover by DBSGH, which has a stronger credit standing.

Established in 1956 and listed in 1989, Danamon was nationalised
by the Indonesian government in 1999, following the Asian
financial crisis, and was sold to Asia Financial (Indonesia) in
2003. Asia Financial (Indonesia) owns 67.4% of Danamon, and is in
turn fully owned by Fullerton Financial Holdings, a financial
holding company of Temasek Holdings.


BANK DANAMON: S&P Revises Outlook to Stable & Affirms 'BB' ICR
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on PT Bank
Danamon Indonesia Tbk.'s to stable from positive.  At the same
time, S&P affirmed its 'BB' long-term and 'B' short-term issuer
credit rating on Danamon.  S&P also lowered its long-term ASEAN
regional scale rating on Danamon to 'axBBB-' from 'axBBB', and
affirmed the 'axA-3' short-term rating.

S&P revised the outlook to stable after DBS Group Holdings Ltd.
(DBSGH; not rated) withdrew its proposed acquisition of Temasek
Holdings' 67.4% stake in Danamon.  In April 2012, Standard &
Poor's revised the outlook on Danamon to positive from stable to
reflect S&P's expectation that the Indonesian bank could benefit
from parent group support if DBSGH acquired a majority stake in
the bank.  DBSGH is the parent of DBS Bank Ltd.

The stable outlook reflects S&P's belief that Danamon will largely
maintain its business and financial profiles over the next 12-18
months.  An upgrade could occur if S&P believes Danamon's risk-
adjusted capital ratio will stay above 10%.  A deterioration in
the bank's funding and liquidity profile, or a weakening in its
business position could trigger a downgrade.


BANK DANAMON: Failed Bid Won't Deter Investors, Agus Says
---------------------------------------------------------
Jakarta Globe reports that Bank Indonesia governor Agus
Martowardojo said DBS Group Holdings canceling its plan to acquire
Bank Danamon Indonesia will not affect the investment climate in
Indonesia and Singaporean banks' effort to expand in the region.

Jakarta Globe relates that Mr. Agus said Indonesia was a country
relatively open to investors both in the banking industry and the
financial sector.

"There will be an effect, because Indonesia has opened up and so
many opportunities to make investments. Fact -- we are relatively
open compared to countries in the region," Mr. Agus told reporters
on in Jakarta on August 2, the report relays.

According to the report, Piyush Gupta, chief executive of DBS,
told reporters in Singapore on August 1 that the bank, Singapore's
largest by assets, was reluctant to buy minority stakes because
the new international banking standards, known as Basel III,
required the lender to deduct the value of minority investments
from its Tier 1 capital.

Jakarta Globe notes that the acquisition plan was the largest
attempted bank takeover in Asia for two years, with DBS set to
spend $7.1 billion on a controlling stake.

Bank Indonesia restricted the stake DBS could have bought to 40
percent when it introduced new regulations to limit foreign
ownership of Indonesian banks.

Mr. Agus gave assurances that cooperation between the Indonesia
and Singapore monetary authorities would continue, including
efforts to implement the principle of reciprocity for both
nations' banks, the report adds.

"Of course we continue to discuss reciprocal enhancement.
Indonesia hopes our banks to have opportunities like that in
Singapore," the report quotes Mr. Agus as saying.

                        About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income


BANK DANAMON: Faces Funding Pressure as DBS Deal Fails
------------------------------------------------------
Harry Suhartono & Neil Chatterjee at Bloomberg News report that
the failed $6.5 billion acquisition bid for PT Bank Danamon
Indonesia leaves the lender vulnerable to rising funding costs
that may limit profitability and growth at a time when the
nation's economy is slowing.

The bid by Singapore's DBS Group Holdings Ltd. (DBS), which lapsed
Aug. 1 as it faced regulatory opposition to majority control,
would have brought cheaper credit for Danamon, Bloomberg relates
citing Nomura Holdings Inc. and Danareksa Sekuritas.

"The collapse of the deal won't destroy Danamon but it will
severely cap its growth potential," Wilianto Ie, head of research
at Nomura in Indonesia, told Bloomberg by telephone July 31. "This
will make the stock unattractive." Nomura on August 2 downgraded
Indonesian banks to underweight, Bloomberg relays.

Danamon "is relatively more susceptible to funding cost pressures
during a rising-rate environment," HSBC Holdings Plc analysts
including Kar Weng Loo wrote in an Aug. 1 report, Bloomberg says.
"The outlook currently looks tough with rising inflation and
interest rates" and the bank doesn't have the same deposit
strength as its larger peers, HSBC said.

Bloomberg notes that Danamon gets more than half its total funds
in the form of time deposits on which it pays a 5.4 percent
interest rate. By contrast, PT Bank Central Asia, the country's
biggest bank by market value, gets less than than a fifth of its
funds from this source and pays 3.7 percent interest on it,
according to the banks' second quarter earnings statements
obtained by Bloomberg.

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.


INDIKA ENERGY: First Half Results Support Moody's B1 Rating
-----------------------------------------------------------
Moody's Investors Service says that Indika Energy's 1H 2013
results were broadly in line with Moody's expectations and support
the company's B1 corporate family and bond ratings and stable
outlook.

"Indika's credit metrics have weakened, but remained within our
expectations during 1H 2013. It recorded 6-month EBITDA of
approximately $141 million and cash flow remained well-supported
by dividends from Kideco. However, we see mounting pressure at its
coal-related businesses, if the weak coal price environment
persists", says Simon Wong, a Moody's Vice President and Senior
Credit Officer.

Segments of Indika's businesses, including Kideco, Petrosea and
MBSS, are highly exposed to the coal mining sector, which has seen
a further downturn in prices in recent months due to ongoing
oversupply concerns in the seaborne market.

The benchmark Newcastle thermal coal price fell to $76 per tonne
in July 2013 from an average of $86 per tonne for H1 2013. Moody's
has revised its full year Newcastle coal price estimate to
approximately $80-85 per tonne for FY2013.

Indika will receive dividends of $36.8 million from Kideco in 2H
2013. The FY2013 dividends is unaffected by the recent market
decline as they will be paid in respect of Kideco's FY2012
profits. However, estimated dividends for FY2014 will fall to
approximately $50-$70 million, based on Moody's revised Newcastle
coal price assumption.

Moody's had previously estimated that Indika would receive
approximately $70-$100 million of dividends from Kideco in FY2014,
based on an assumed Newcastle coal price of $90 per tonne for
FY2013.

"We expect Indika's credit metrics to remain under pressure in
FY2014, but its healthy liquidity position will continue to buffer
the company against the poor operating environment," says Wong.

Moody's expects EBIT/interest to fall to 1.6-2.0x in 2014, below
the downward threshold for Indika's ratings. Debt/EBITDA is
expected to be at 3.5-4x, which is still within its rating
parameters.

Indika had unrestricted cash on hand and time deposits of $460.3
million and $145.4 million respectively as at June 30, 2013, of
which $230 million is earmarked for the early repayment of bonds
in November 2013. Its debt maturity profile is well spread out,
with the next major maturity in FY2018.

Indika is expected to further rationalize its capex plans in 2H
2013 and FY2014 to preserve its liquidity position. It wrote off
$14.6 million of goodwill and intangible assets in 1H 2013 as it
ceased exploration for its West Kalimantan project as it was
deemed to be uneconomic in the current market.

Petrosea, Indika's 69.8% owned mining contractor arm, recorded $91
million of revenue in 2Q 2013, flat from the first quarter. Its
overburden removal volumes is expected to face further pressure as
existing customers lowered strip ratios to reduce mining costs and
protect margins.

Petrosea's 50% coal mining subsidiary, Santan Batubara, showed a
net loss in 1H 2013 with an average selling price of $74.4 per
tonne and production cash cost of $80.6 per tonne.

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

PT Indika Energy Tbk is a listed integrated energy group based in
Indonesia. Its principal investment is a 46% stake in PT Kideco
Jaya Agung, which is Indonesia's third-largest domestic coal
producer by tonnage. In addition, Indika is involved in energy
services businesses, primarily through its wholly owned
subsidiary, Tripatra, and its 69.8% subsidiary, Petrosea Tbk. It
is also engaged in energy infrastructure businesses, including
coal transport and logistics services through its 51% stake in
Mitrabahtera Segara Sejati (MBSS).



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


SHARP CORP: Fitch Affirms Issuer Default Ratings at 'B-'
--------------------------------------------------------
Fitch Ratings has affirmed Japan-based Sharp Corporation's ratings
and removed them from Rating Watch Negative (RWN). Fitch has
affirmed its Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) and senior unsecured rating at 'B-' with 'RR4'
Recovery Rating. The Outlook on the IDRs is Stable.

Fitch also affirmed the company's Short-Term Foreign- and Local-
Currency IDRs at 'B.' Fitch has simultaneously withdrawn all the
ratings.

The ratings have been removed from RWN as liquidity risks have
partially abated with creditor support. The ratings have been
withdrawn as they are no longer considered by Fitch to be relevant
to the agency's coverage. Fitch will no longer provide rating or
analytical coverage of this issuer.

Key Rating Drivers

Liquidity risk partially resolved: Sharp's previously precarious
liquidity profile has improved as its creditors have provided much
needed maturity extension for its syndicated loan and an
additional credit facility in June 2013. Fitch believes that major
creditors may continue to provide Sharp with the necessary
assistance to meet short-term debt obligations given its gradual
operational improvement.

Nevertheless, the company has not disclosed that it has liquidity
to meet all debt due within a year from March 2013 and therefore
the 'B-' rating continues to reflect this liquidity risk.

Slow operational recovery: Fitch forecasts that Sharp will
continue to be profitable in the financial year ending March 2014
(FYE14) as its main business, LCD panels, gradually recovers. The
company should benefit from increasing demand for its panels from
key existing and newly acquired customers, as well as due to a
weak JPY. In addition, a lower fixed cost base as a result of its
restructuring efforts in FYE13 will help improve margins.

Benefits from strategic alliances: Fitch takes a positive view of
the company's strategic tie-ups with global IT companies,
including Samsung Electronics Co., Ltd. (A+/Stable), with equity
injections. Such deals can help Sharp expand its key customer base
and secure stable demand, and also allow the company to develop
its core technology. In addition, these factors could restore
creditors' confidence in Sharp.

Modest positive FCF likely: For FYE14 Fitch expects Sharp to
generate free cash flow (FCF) due to improving cash flow from
operations and capex remaining low at around FYE13's JPY61bn
level. However, any significant deleveraging is unlikely over the
medium term as FCF/sales will be limited in low single digits.
Fitch expects funds flow from operations-adjusted leverage to
remain over 6x until FYE15, at least.



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


AORANGI SECURITIES: Funds Legal Fees; Administration Top NZ$17MM
----------------------------------------------------------------
Paul McBeth at BusinessDesk reports that the cost of administering
the frozen funds of late businessman Allan Hubbard has topped
NZ$17 million, of which almost a third was hoovered up in legal
fees.

Since the Hubbard entities were put into statutory management in
2010, Grant Thornton's Richard Simpson, Trevor Thornton and Graeme
McGlinn have racked up NZ$1.4 million overseeing the
administration of Te Tue Charitable Trust, NZ$6.6 million for
Hubbard Management Fund and $9 million for Aorangi Securities,
according to their latest reports cited by BusinessDesk.

Of that, legal fees make up NZ$3.3 million for the Aorangi
administration, NZ$1.7 million for HMF and NZ$410,000 for Te Tua
in what has often been an acrimonious battle between the
government-appointed managers and Mr. Hubbard's widow and estate
executor, Jean Hubbard.

According to BusinessDesk, investors in Aorangi received another
payment of 5 cents in the dollar, taking the total so far to
NZ$33.7 million, or 35 cents. They are expected to get all of
their NZ$96 million back after the statutory managers cut a deal
with Mrs. Hubbard in May over disputed assets, the report relays.

HMF investors also got a return of 5 cents in the dollar, and have
been repaid 45 cents, or NZ$18.1 million, the report notes.

BusinessDesk relates that about two-thirds of the 300 investors in
the fund will get all of their capital returned after a court
determined how investors would be repaid in December, and the
manager will decide how to distribute any surplus once the initial
pool is settled.

The statutory managers have written off NZ$13 million from the Te
Tua loan book since their appointment in 2010 and as at June 30 it
had a closing balance of NZ$11.5 million, with a NZ$9 million
provision for further write-downs hanging over its head,
BusinessDesk adds.

                     About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reported.



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


REPUBLIC OF PAKISTAN: S&P Affirms 'B-' LT Sovereign Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term and
'B' short-term sovereign credit ratings on the Islamic Republic of
Pakistan.  The outlook on the long-term rating is stable.

The sovereign credit ratings on Pakistan incorporates the
country's weak fiscal profile and associated high public and
external leverage.  The ratings also factor in low income, the
underlying weak institutional and policy effectiveness, and
significant security risks.

Given the new government's effort to cut its fiscal deficit,
Standard & Poor's projects Pakistan's net general government debt-
to-GDP ratio to decline to 54% by the end of fiscal year 2016
(June), from S&P's estimate of 58% by June 2014.  S&P projects the
interest expense on this debt is likely to decline to 30% of
general government revenue on average over fiscal 2014-2016 from
34% in fiscal 2013.  However, the hefty interest burden still
limits discretionary spending.

"Pakistan's high public indebtedness stems from chronically low
revenue generation and expenditure-side rigidities," said Standard
& Poor's credit analyst Agost Benard.  "Weak fiscal discipline
routinely results in deficits exceeding targets by a wide margin."

Pakistan's weak fiscal performance directly constrains monetary
policy effectiveness because the government is compelled to borrow
from the central bank for deficit financing.  As of end-May 2013,
the central bank's net claims on the general government amounted
to 81% of the monetary base, notably higher than a year ago.
Meanwhile, with inflation averaging 11% over the past three years,
there is only limited room for The State Bank of Pakistan (SBP) to
support the economy with monetary easing when necessary.

"The country's volatile, fragmented, and adversarial political
setting detracts from effective policymaking and implementation.
The resulting weak economic conditions, together with regional
insurgencies, sectarian strife, and weak governance standards,
deter private sector investment.  However, the new government has
a majority in parliament, thus giving it a rare opportunity to
strengthen policymaking and implementation," Mr. Benard said.

S&P believes Pakistan's low income level will remain a rating
constraint for some years; it takes time for the government to
improve the institutional and infrastructural basis before it can
realize strong investment and economic growth.  And with per
capita GDP about US$1,400 in fiscal 2014, the government has a low
revenue base to draw on.

In S&P's view, the new government's reform efforts are likely to
help Pakistan obtain a new IMF Extended Fund Facility.  The
facility in turn would help fund Pakistan's 2013 and 2014 external
financing requirement, much of which stems from amortization of
official debt.  It would also help Pakistan build its foreign
exchange reserves.

The stable rating outlook balances the potential benefits of the
government's reform efforts against vulnerabilities posed by
structural fiscal weaknesses and significant political and
security risks.

S&P may lower the ratings if external funding is delayed.  Such
delays could lead to further declines in Pakistan's international
reserves and greater fiscal slippage.  Conversely, S&P may raise
the ratings if Pakistan shows greater progress than it expected in
structural reforms that result in higher economic growth and
significantly faster improvements in its fiscal and external
metrics.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.

RATINGS LIST
Ratings Affirmed

Pakistan (Islamic Republic of)
Sovereign Credit Rating                B-/Stable/B

Senior Unsecured                       B-
Short-Term Debt                        B



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


SRI LANKA: S&P Affirms 'B+' LT Sovereign Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term and 'B' short-term sovereign credit ratings on the
Democratic Socialist Republic of Sri Lanka.  The outlook on the
long-term rating is stable.  S&P's transfer and convertibility
assessment remains 'B+'.  S&P also affirmed its 'B+' issue rating
on Sri Lanka's outstanding notes.

"We affirmed the ratings to reflect our view that Sri Lanka has
weak external liquidity, moderately high and increasing external
debt, and a weighty government debt and interest burden.  In
addition, some of the country's political institutions lack
extensive checks and balances," said Standard & Poor's credit
analyst Takahira Ogawa.

Sri Lanka's robust growth prospects support the ratings.  Growth
drivers include government measures to reconstruct the northern
districts, improve the finances of public enterprises, and limit
inflation to single digits.

Sri Lanka's external liquidity remains exposed to international
liquidity conditions.  Through 2015, S&P projects that Sri Lanka's
gross external financing needs will exceed 120% of current account
receipts (CAR) plus usable reserves.  S&P also forecasts that the
country's external debt--net of official reserves and financial
sector external assets--will be more than 100% of CAR.

S&P expects Sri Lanka's gross international reserves to remain at
three months' coverage of current account payments in December
2013, a similar level to that in 2012.  That's despite decisive
action from the government and the central bank in early 2012 to
improve the country's external position, through allowing the Sri
Lankan rupee to depreciate and reining in credit expansion.

Fundamental fiscal weaknesses remain although the government's
fiscal metrics have improved over the past three years.  S&P
projects the annual growth in general government debt will be 7.4%
of GDP on average for 2013-2016.  S&P expects net general
government debt to decline to 71% of GDP at year-end 2015 from 77%
of GDP in 2012 because of robust nominal GDP growth and some
fiscal consolidation.  S&P projects that the attendant interest
burden will comprise more than a third of government revenue
through 2015.  S&P also expects inflation to decline gradually
this year.

The country's favorable growth prospects are highlighted in S&P's
projection that investment will edge up toward 30% of GDP on
continued reconstruction and strong public sector investments.
This trend should boost per capita real GDP growth to 6% each year
in the next few years from about 5.5% currently.

"The stable outlook reflects our view that the growth prospects
for Sri Lanka's per capita real GDP will be more than 5.5% in the
next few years and the government's fiscal profile could improve,"
said Mr. Ogawa.  "These strengths are balanced against the
country's vulnerable external liquidity and high fiscal and
external debt.  We also expect Sri Lanka to keep in check the pace
of credit expansion and its net external liability position."

S&P may raise the rating if Sri Lanka's external and fiscal
indicators improve more than S&P currently forecasts, given well-
designed policy and robust implementation.  Conversely, S&P may
lower the rating if the country's external liquidity deteriorates
or if Sri Lanka's growth and revenue prospects fall below S&P's
current expectations.



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


STX GROUP: Troubled Unit Chief Executive Steps Down
---------------------------------------------------
Yonhap News reports that STX Pan Ocean Co. said that its chief
executive Kang Duck-soo has resigned as the shipper has been under
court receivership since June amid a deepening liquidity crisis.

Mr. Kang is also the chairman of the cash-strapped STX Group, the
13th biggest conglomerate, which has seen its major affiliates
struggling from liquidity shortages and mounting debt due to the
downturn in the shipbuilding and shipping sectors, according to
the report.

Yonhap says creditors have pumped liquidity into ailing STX Group
in return for overhaul efforts.

STX Group had a combined KRW2.86 trillion in corporate debt to be
paid out by 2015, of which KRW580 billion was due this year,
Yonhap discloses citing NICE Investors Service, a local credit
appraiser.

STX Group's holding company STX Corp. and its three ailing units -
- STX Offshore & Shipbuilding, STX Heavy Industries and STX Engine
-- have requested that creditor banks supply liquidity, Yonhap
reports.

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.



                             *********

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
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