TCRAP_Public/130820.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

           Tuesday, August 20, 2013, Vol. 16, No. 164


                            Headlines


A U S T R A L I A

KING OF KNIVES: Placed in Administration After 25 Yrs in Business
PAGESET PTY: Former Shareholder Buys Firm; Employs Ex-Owner
REED RESOURCES: Puts Meekatharra in Administration
SAVVYTEL: Goes Into Liquidation; Owes Creditors Nearly AUD1.6MM


C H I N A

CITIC PACIFIC: Moody's Reviews Ba1 Ratings for Possible Downgrade
YANLORD LAND: Ratings Unchanged Following Lukewarm 1H Results


I N D I A

ALAMELU BALAJI: CRISIL Assigns 'B' Ratings to INR186.8MM Loans
DIRCO POLYMERS: CRISIL Assigns 'B-' Ratings to INR115.4MM Loans
DOSHION VEOLIA: CRISIL Cuts Ratings on INR1.65BB Loans to 'C'
GARG ISPAT: CRISIL Rates INR200MM Cash Credit at 'B'
LAKSHMI NARAYANA: CRISIL Rates INR80MM Cash Credit at 'B'

MAGPPIE EXPORTS: CRISIL Rates INR200MM Cash Credit at 'B'
MEGATRONIC POWER: CRISIL Assigns 'D' Ratings to INR100MM Loans
PACIFIC PIPE: CRISIL Downgrades Ratings on INR1.12MM Loans to 'D'
RAMESHWARI FIBRES: CRISIL Puts 'B+' Ratings on INR115.7MM Loans
RAMKY INFRA: CRISIL Downgrades Ratings on INR54.5BB Loans to 'D'

SKS FASTENERS: CRISIL Assigns 'B+' Ratings to INR166.1MM Loans
SWAGATH MARRIAGE: CRISIL Cuts Ratings on INR148MM LT Loan to 'B-'


J A P A N

JCREF CMBS 2007-1: Fitch Affirms Rating on Class E Notes at 'CC'


N E W  Z E A L A N D

ASSET FINANCE: S&P Puts 'B' Issuer Credit Rating on Neg. Outlook
MEDIAWORKS NZ: Owed NZ$797.4 Million as at May 31, Receivers Says


P H I L I P P I N E S

* PHILIPPINES: May Lose Investment Grade Rating, S&P Says


S I N G A P O R E

PACNET LTD: 2nd Quarter Results Support Moody's B2 Ratings


S O U T H  K O R E A

SOUTH KOREA: 22 Shipping Firms at High Risk of Default, KDIC Says


X X X X X X X X

* BOND PRICING: For the Week August 12 to August 16, 2013


                            - - - - -


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


KING OF KNIVES: Placed in Administration After 25 Yrs in Business
-----------------------------------------------------------------
Patrick Stafford at SmartCompany reports that Kitchenware chain
King of Knives, which has operated for 25 years and counts 60
locations across Australia and New Zealand, has been placed in
administration.

While the reasons behind the insolvency remain unclear, the retail
industry remains under intense pressure. The sector is one of the
biggest sources of administration and insolvency appointments --
and the kitchenware market is heating up, the report notes.

King of Knives was placed in administration on August 15, with
Andrew Cummins and Antony Resnick of BRI Ferrier appointed as
administrators.

A creditor's meeting will take place on August 22, SmartCompany
reports.

The chain has an extensive history. Founded by retail veteran Ron
Baskin in 1987, the business grew steadily and was sold to the
ASX-listed RCG in 2004, which also owns and operates the
successful Athlete's Foot, notes the report.

However, in 2007 RCG sold off the King of Knives chain for
AUD4.5 million -- discounted from the original price -- back to a
consortium led by the Baskin family. In a statement at the time,
RCG head Ivan Hammerschlag said the business "absorbed a
disproportionate amount of management time for insufficient
upside," says SmartCompany.

In the company's report for the year ending June 2003, RCG said
King of Knives had AUD22 million in revenue, relays SmartCompany.

King of Knives Group controlled the business operations of 40
stores across Australia. In addition, 14 stores are operated by
franchisees under a franchising agreement with the King of Knives
Group.


PAGESET PTY: Former Shareholder Buys Firm; Employs Ex-Owner
-----------------------------------------------------------
Nick Bendel at ProPrint reports that a former Pageset shareholder
has acquired the liquidated firm and employed ex-owner John Della
in a sales role.

The Melbourne pre-press house was liquidated on June 28, 2013, the
report discloses.  ProPrint, citing a report from liquidator
Leonard Milner of Venn Milner & Co, relates that Pageset collapsed
with debts of more than AUD2 million.

The Report as to Affairs, dated July 4, showed that Pageset owed
AUD1 million to its 38 staff, who ranked as priority creditors,
ProPrint discloses.

According to ProPrint, Pageset also owed AUD2.1 million to
unsecured creditors, including AUD746,000 to Heidelberg,
AUD592,000 to the Australian Taxation Office, AUD352,000 to Yvonne
Della and AUD90,000 to Della Property Investments. Pageset also
owed an unknown amount to the secured creditor, National Australia
Bank, ProPrint relays.

Its assets included a AUD1 million debtor book and AUD646,000 of
plant and equipment, ProPrint notes.

The new owner, Geoff Pearce, told ProPrint he had paid more than
AUD300,000 to acquire "all the unencumbered assets" of Pageset.

He said that included the company name, customer list, some
machinery and some software, although not the debt. The assets
have been placed in a new company called Pageset Australia,
ProPrint adds.

Mr. Pearce told ProPrint he was currently trying to retain as many
clients as possible and working out the structure of the new
company.  He added that he hoped to retain more than 20 staff.

Pageset Pty Ltd was one of the largest pre-press houses in
Australia.


REED RESOURCES: Puts Meekatharra in Administration
--------------------------------------------------
Sean Smith at The West Australian reports that just over a week
since talking itself up at the Diggers & Dealers conference, Reed
Resources has put its flagship asset, the historic Meekatharra
gold mine, into administration.

Reed placed its shares in a trading halt before confirming it
appointed insolvency specialists Ferrier Hodgson to mine operating
subsidiary, GMK Exploration, according to The West Australian.

The report relates that the move followed Reed's failure to raise
fresh funds to support the mine, which has been hampered by lower-
than-expected output because of weak head grades and technical
problems.

"The board has therefore advised GMK that it will no longer
provide funding for the operation of the Meekatharra gold
project," Reed said in a statement obtained by the news agency.

The report discloses that Reed said that despite the failure of
its flagship project, the company remained solvent.  It also
flagged a strategic review of the rest of its diversified
portfolio and said it would look at its board, management and cost
base given its "reduced overall scale of operations," the report
relates.

Joint administrator Darren Weaver said Meekatharra would operate
on a "business as usual" basis "until we get to the bottom of
where the mine is," the report notes.

"We're hoping that there is decent interest in the asset so we can
generate some returns, but it's early days," the report quoted Mr.
Weaver as saying.

Ferrier Hodgson is familiar with Meekatharra, having been put into
the project by the mine's previous owner, Mercator Gold, the
report relays.  It later ran a sale process and Reed bought the
mine for $28 million in 2011, the report adds.


SAVVYTEL: Goes Into Liquidation; Owes Creditors Nearly AUD1.6MM
---------------------------------------------------------------
Joshua Gliddon at CRN Australia reports that creditors of Optus
mobile virtual network operator Savvytel are owed close to
AUD1.6 million but will get nothing following the liquidation of
the company.

CRN relates that Savvytel, the trading name of Mobile Services
Only, realised a total of AUD203,351 through the sale of various
assets.  This sum, however, went to pay administrator and
liquidator fees, leaving nothing for the unsecured creditors, CRN
notes.

CRN says creditors are believed to include pre-paid mobile
customers, along with the company's network provider.

According to the report, Savvytel's web and social media sites are
still live, with no indication the company has gone out of
business at its main website. The last update to its Twitter site
was at the beginning on 2012, with the news the company had "new
plans," the report adds.

Based in St Leonards, New South Wales, Australia, Savvytel offers
both pre-paid and post-paid mobile telecommunications solutions
using Optus network.



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C H I N A
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CITIC PACIFIC: Moody's Reviews Ba1 Ratings for Possible Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed CITIC Pacific's Ba1 corporate
family rating and bond ratings on review for downgrade.

Ratings Rationale:

"The review has been prompted by further delays in the Sino Iron
project in Western Australia and an ongoing high level of
uncertainty over the project's completion and economic returns,"
says Alan Gao, a Moody's Vice President and Senior Analyst.

The first and second production lines of the project encountered
technical problems in 1H 2013. The first line resumed load
commissioning in late July and repair of key components of the
second line will take longer than anticipated, according to the
company.

"In view of the disappointing progress, the company is unlikely to
achieve expected production of 4 million tons in 2013 and higher
volume in following years, necessitating more debt funding to
cover large capex for lines three to six over the next two to
three years," adds Gao, also Moody's international lead analyst
for CITIC Pacific.

At same time, CITIC Pacific is still unable to deliver a detailed
implementation plan (including capex budget) for lines three to
six. This factor, along with ambiguity over the royalty fees and
operational cost of the project, casts a material level of
uncertainty over economic returns, especially given the bearish
outlook for iron ore prices.

"Given this situation and the challenging operating environment
for its special steel, property and automobile dealer businesses,
we expect its adjusted debt/EBITDA to rise to around 14-15x at end
of 2013. This ratio is weak for its rating level", says Kai Hu, a
Moody's Vice President and Local Market Analyst in China for CITIC
Pacific.

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

Moody's review will focus on: (1) the situation with regard to the
first line and second line of the Sino Iron project; (2) the
availability of detailed implementation plan and capex for the
remaining lines; (3) any actions that the company and/or CITIC
Group could take to preserve the financial profile of CITIC
Pacific.

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

Other Factors used in this rating are described in Analytical
Considerations in Assessing Conglomerates published in September
2007.

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

The CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by China's State Council. As of
end-2012, it had total consolidated assets of RMB3.57 trillion and
consolidated revenue of RMB350 billion.


YANLORD LAND: Ratings Unchanged Following Lukewarm 1H Results
-------------------------------------------------------------
Moody's Investors Service says that Yanlord Land Group Limited's
moderate financial results for 1H 2013 will not have any impact on
its Ba3 corporate family and senior unsecured ratings and stable
outlook.

"Despite a 4% year-on-year decline in revenue and lower profit
margins in 1H 2013, we expect Yanlord's overall financial profile
to remain consistent with its Ba3 rating over the next 12 to 18
months, given an expected rebound of its performance in 2H 2013
and its reasonable financial cushion," says Lina Choi, a Moody's
Vice President and Senior Analyst.

Yanlord's weaker revenue growth in 1H 2013 was mainly due to the
slowdown in the delivery of projects that it had pre-sold. Still,
its gross margin increased slightly to 35.8% in 1H 2013 from 35.1%
in 1H 2012 as a result of a favorable change in its product mix.

Moody's expects the company's revenue to grow in the low to mid-
single digits for full-year 2013, owing to the likely robust
delivery of projects in 2H 2013 based on strong contract sales of
about RMB12 billion in 2012. Moreover, its gross margin is
unlikely to decline considerably, given the stable average selling
prices for its contract sales in 1H 2013.

In addition, although its adjusted EBITDA/interest fell to about
2.6x for the 12 months to June 30, 2013 from 3.1x in 2012, this
level remains in line with its Ba3 rating.

Yanlord issued RMB2 billion three-year CNH bonds in May 2013 to
replenish its land bank, thereby increasing its total debt to
RMB16.2 billion at end-June 2013 from RMB13.6 billion at end-2012.
Accordingly, adjusted debt/capitalization increased to around 39%
from 34.6% during the same periods.

Nonetheless, Moody's expects Yanlord to remain prudent in its
financial management. Its key credit metrics -- adjusted
EBITDA/interest of 2.5x-3.0x and adjusted debt/total
capitalization of 40%-45% -- for the next 12-18 months will remain
consistent with its Ba3 rating level.

Yanlord also has adequate liquidity, as its cash on hand of RMB4.3
billion is sufficient to cover short-term maturing debt of RMB3.1
billion and unpaid land premium of RMB460 million.

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

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



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


ALAMELU BALAJI: CRISIL Assigns 'B' Ratings to INR186.8MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Alamelu Balaji Spg Mills (P) Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           81.8     CRISIL B/Stable
   Cash Credit             105.0     CRISIL B/Stable
   Letter of Credit          4.5     CRISIL A4

The ratings reflect ABSM's modest scale of operations in the
fragmented textile industry, and its below-average financial risk
profile marked by a highly leveraged capital structure. These
rating weaknesses are partially offset by its promoter's
experience in the textile industry.

Outlook: Stable

CRISIL believes that ABSM will benefit over the medium term from
its promoter's extensive experience in the textile industry. The
outlook may be revised to 'Positive' if the company records
considerable increase in revenues and profitability, resulting in
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' if there is considerable decline in
accruals and profitability owing to lower operating rates on
account of power shortages or deterioration in working capital
management, or if the company undertakes a large debt-funded
capital expenditure programme, resulting in weakening in its
financial risk profile.

ABSM set up in 1993 derives its revenues from manufacture of
cotton yarn. The day to day operations are managed by Mr.
Venkataswamy.

ABSM reported a provisional profit after tax (PAT) of
INR0.82 million on net sales of INR 414 million for 2012-13
(refers to financial year, April 1 to March 31), as against a PAT
of INR0.75 million on net sales of INR 328 million for 2011-12.


DIRCO POLYMERS: CRISIL Assigns 'B-' Ratings to INR115.4MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Dirco Polymers Pvt Ltd. The ratings reflect
DPPL's small scale of operations in the highly fragmented dyes and
pigments industry, and its weak financial risk profile, marked by
a small net worth and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of DPPL's promoters.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                6.8      CRISIL B-/Stable

   Proposed Long-Term      38.6      CRISIL B-/Stable
   Bank Loan Facility

   Letter of Credit        10.0      CRISIL B-/Stable

   Cash Credit             60.0      CRISIL B-/Stable

   Letter of Credit        50.0      CRISIL A4

Outlook: Stable

CRISIL believes that DPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of substantial
improvement in the company's financial risk profile, most likely
driven by fresh equity infusion while limiting its incremental
working capital requirements. Conversely, the outlook may be
revised to 'Negative' if there is a decline in DPPL's revenues or
profitability, leading to lower cash accruals, or if it undertakes
a more-than-expected debt-funded capital expenditure programme,
which would weaken its capital structure.

DPPL was incorporated in 1996, promoted by Mr. Naresh Goyal and
Mr. Surender Goel. The company manufactures coloured, black, and
white masterbatches and compounds which are primarily used to
manufacture a large variety of plastic products used in the
automobile, electronic, furniture, and packaging industries. DPPL
has two manufacturing units at Manesar and Gurgaon (both in
Haryana), with a total capacity to produce 840 kilograms per hour
of masterbatches and compounds.

DPPL reported, on a provisional basis, a profit after tax (PAT) of
INR3.8 million on net sales of INR309.8 million for 2012-13
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR3 million on net sales of INR256.2 million for 2011-12.


DOSHION VEOLIA: CRISIL Cuts Ratings on INR1.65BB Loans to 'C'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Doshion Veolia Water Solutions Pvt Ltd (DVWS; part of the Doshion
group) to 'CRISIL C/CRISIL A4' from 'CRISIL BBB-/Negative/CRISIL
A3'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              1,030    CRISIL C (Downgraded from
                                     'CRISIL BBB-/Negative')

   Letter of Credit &       2,000    CRISIL A4 (Downgraded from
   Bank Guarantee                    'CRISIL A3')

   Proposed Long-Term          70    CRISIL C (Downgraded from
   Bank Loan Facility                'CRISIL BBB-/Negative')\

   Proposed Term Loan         350    CRISIL C (Downgraded from
                                     'CRISIL BBB-/Negative')

   Term Loan                  200    CRISIL C (Downgraded from
                                     'CRISIL BBB-/Negative')

The rating downgrade reflects significant pressure on the Doshion
group's liquidity, because of its weak operating cash flows and
highly working-capital-intensive operations, which impede its
debt-servicing capability. The Doshion group's financial
flexibility is severely constrained because of its fully utilised
cash credit limits. The group has high debt servicing obligations
because of its increasing working capital borrowings and debt
contracted for investments in build-own-operate-transfer (BOOT)
projects; these projects are yet to yield meaningful returns.
Furthermore, the Doshion group is yet to raise private equity
funding as envisaged, the proceeds from which could have eased the
group's liquidity.

The ratings reflect the Doshion group's weak financial risk
profile, constrained working capital position and exposure to
intense competition and cyclicality in the water management
business. These rating weaknesses are partially offset by the
group's integrated operations in the water management and water
transportation segments, and ability to provide the latest
technology by virtue of association with Veolia Water Solutions &
Technologies (VWST), France.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DVWS, DVWS's parent, Doshion Pvt Ltd
(DPL; rated 'CRISIL C/CRISIL A4'), and DPL's other subsidiaries.
The entities are collectively referred to as the Doshion group
herein. This is because the entities are in similar lines of
business, under the same management, and have operational
linkages.

DVWS, established in February 2008, is a 70:30 joint venture (JV)
between DPL and VWST. DVWS undertakes EPC contracts for water and
waste-water-treatment plants. It also manufactures pharmaceutical
polymers, and resins and chemicals used for water treatment. DVWS
acquired Gondwana Engineers Ltd (GEL) in May 2011 for a total
consideration of INR475 million; before being acquired, GEL was a
wholly owned subsidiary of Kirloskar Brothers Ltd. GEL is a water
and sewage management company, based in Nagpur (Maharashtra), and
primarily undertakes projects for municipal bodies.

DVWS reported a provisional profit after tax (PAT) of INR35
million on operating income of INR3.2 billion for 2012-13 (refers
to financial year, April 1 to March 31) against a PAT of INR155
million on operating income of INR3.4 billion for 2011-12.


GARG ISPAT: CRISIL Rates INR200MM Cash Credit at 'B'
----------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Garg Ispat Udyog Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              200      CRISIL B/Stable

The ratings reflect GIUL's low and fluctuating operating
profitability, and average financial risk profile. The ratings
also factor in the company's modest scale of operations and
exposure to intense industry competition. These rating weaknesses
are partially offset by the extensive industry experience of
GIUL's promoters.

Outlook: Stable

CRISIL believes that GIUL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the company registers
significant improvement in its operating profitability, leading to
improvement in its debt protection metrics. Conversely, the
outlook may be revised to 'Negative' in case GIUL registers
deterioration in its profitability or undertakes a larger-than
expected, debt funded capital expenditure programme, resulting in
weakening of its financial risk profile.

GIUL was established in 1987 by the Gupta family. Its key
promoters are Mr. J D Gupta and Mr. Manish Gupta. GIUL
manufactures steel and iron tubes, pipes, mild steel electric
resistance welding (ERW) black and galvanised pipes, steel tubes
and pipes, and galvanised iron (GI) pipes and jet pumps and drum
cables at its unit in Bhiwadi (Rajasthan).

GIUL's net loss is estimated at INR5 million on net sales of
INR340 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR0.3 million on net sales of
INR226 million for 2011-12.


LAKSHMI NARAYANA: CRISIL Rates INR80MM Cash Credit at 'B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Lakshmi Narayana Enterprises.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               80      CRISIL B/Stable

The rating reflects LNE's below-average financial risk profile,
marked by a highly geared capital structure, and limited pricing
flexibility. The rating also factors in the vulnerability of the
firm's operating margin to volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
experience of LNE's promoter in the cotton industry.

Outlook: Stable

CRISIL believes that LNE will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case the firm registers
significant increase in its scale of operations, while it improves
its profitability and capital structure. Conversely, the outlook
may be revised to 'Negative' if LNE registers deterioration in its
financial risk profile because of sharp decline in its revenues
and profitability or if it undertakes a greater than expected debt
funded capex.

LNE, established in 1987 as a proprietorship firm, is involved in
ginning and pressing of raw cotton (kapas). Its day-to-day
operations are managed by its proprietor, Mr. M Sambi Reddy.

LNE's profit after tax (PAT) is estimated at INR5.8 million on net
sales of INR324 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR1.2 million on net sales
of INR307 million for 2011-12.


MAGPPIE EXPORTS: CRISIL Rates INR200MM Cash Credit at 'B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Magppie Exports Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              200      CRISIL B/Stable

The rating reflects MEPL's weak financial risk profile, marked by
large debt and a small net worth, and its small scale of
operations in the highly fragmented steel products trading
industry. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoter.

Outlook: Stable

CRISIL believes that MEPL will continue to benefit over the medium
term from its promoter's extensive experience in the steel
products trading industry. The outlook may be revised to
'Positive' if the company reports higher-than-expected growth in
revenues and improvement in its profitability, leading to increase
in cash accruals, or if its promoter infuses funds, resulting in
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if MEPL's financial risk profile
deteriorates, most likely because of lower-than-expected
profitability or revenues, or significant deterioration in its
working capital cycle.

Incorporated in 1994 and based in Delhi, MEPL trades in stainless
steel coils, sheets, and circles mainly used in the automobile and
utensil industries. The company has its own warehouses in Delhi,
Kundli (Haryana), and Mumbai. Its day-to-day operations are looked
after by its promoter, Mr. Sulekh Jain.

For 2012-13 (refers to financial year, April 1 to March 31), MEPL
is estimated to report a profit after tax (PAT) of INR4.3 million
on net sales of INR733.4 million; it had reported a PAT of
INR2.9 million on net sales of INR801.4 million for 2011-12.


MEGATRONIC POWER: CRISIL Assigns 'D' Ratings to INR100MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Megatronic Power Infrastructure Pvt Ltd on account
of instances of delays in term debt obligations driven by weak
liquidity owing to the initial stage of operations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 40      CRISIL D

   Proposed Long-Term         5      CRISIL D
   Bank Loan Facility

   Letter of Credit           7.5    CRISIL D

   Bank Guarantee             7.5    CRISIL D

   Cash Credit               40.0    CRISIL D

The rating reflects MPIPL's weak financial risk profile, marked by
high gearing, tender based nature of business, and presence in a
fragmented industry. The rating also factors the extensive
industry experience of promoters and wide product range.

MPIPL was incorporated in 2011 to set up a facility for
manufacturing jelly filled telecom cables, railway signalling
cables, power cables and drip irrigation systems. The company is
promoted by Mr. M. Muralinath Reddy and Mrs. P.Vijaya Reddy. The
plant was initially expected to start operations in April 2012
against which the commercial operations started in July 2012.


PACIFIC PIPE: CRISIL Downgrades Ratings on INR1.12MM Loans to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Pacific Pipe Systems Pvt Ltd to 'CRISIL D/ CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               147     CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Letter of Credit &        332     CRISIL D (Downgraded from
   Bank Guarantee                    'CRISIL A4+')

   Term Loan                 642     CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects delays by Pacific Pipe in its term debt
repayments on account of weak liquidity. The company's operations
continued to make cash losses in 2012-13 (refers to financial
year, April 1 to March 31) on account of low operating
profitability and high interest burden. CRISIL believes that
Pacific Pipe's liquidity will remain stretched over the medium
term on account of its substantial principal repayment obligations
of INR100 million in 2013-14 vis--vis continued weak operating
performance. Furthermore, Pacific Pipe has weak financial
flexibility on account of its bank lines being fully utilised.

The rating also reflects Pacific Pipe's exposure to intense
competition from established and substitute products, such as
ductile iron pipes and mild steel pipes.

Incorporated in 2008, Pacific Pipe manufactures glass-reinforced
polyester (GRP) and glass-reinforced epoxy pipes. Currently,
Doshion group owns 85 per cent stake in Pacific Pipe, while the
remaining 15 per cent is held by Pacific Composites India Pvt Ltd
(PCIPL).

PCIPL is promoted by Mr. N Shyam Kumar, former managing director
of Amiantit Fiberglass Industries India Pvt Ltd, which is part of
the Amiantit group of the Middle East that manufactures GRP pipes
and tanks.

For 2012-13, Pacific Pipe reported a provisional net loss of
INR144 million on an operating income of INR891 million, against a
net loss of INR146 million on an operating income of INR533
million in 2011-12.


RAMESHWARI FIBRES: CRISIL Puts 'B+' Ratings on INR115.7MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Rameshwari Fibres Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                59.9     CRISIL B+/Stable

   Cash Credit              25.0     CRISIL B+/Stable

   Proposed Long-Term       30.8     CRISIL B+/Stable
   Bank Loan Facility

The rating reflects RFL's modest scale of operations in the
intensely competitive cotton yarn industry and subdued financial
risk profile marked by modest net worth, high gearing and moderate
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of RFL's promoters in the
textile industry.

Outlook: Stable

CRISIL believes that RFL will continue to benefit over the medium
term from its promoters extensive experience in the textile
industry. The outlook may be revised to 'Positive' in case there
is significant and sustained improvement in the company's revenues
and profitability while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
decline in the company's revenues or operating margins or a larger
than anticipated debt funded capital expenditure, resulting in
weakening in its financial risk profile.

Rameshwari Fibres Limited incorporated in 2006 by Patiala (Punjab)
based Mr. Amit Garg, Mr. Vaneet Gupta (cousin of
Mr. Amit Garg) and Mr. Dharam Pal (uncle of Mr. Amit Garg and
Mr. Vaneet Gupta), is engaged in manufacture of cotton yarn. The
company has its manufacturing unit at Patiala (Punjab).

For 2011-12 (refers to financial year, April 1 to March 31), RFL
reported a profit after tax (PAT) of Rs 0.8 million on net sales
of INR 242.1 million, as against a PAT of INR 1.1 million on net
sales of INR 226.1 million for 2010-11.


RAMKY INFRA: CRISIL Downgrades Ratings on INR54.5BB Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Ramky
Infrastructure Ltd (Ramky Infra; part of the Ramky Infra group) to
'CRISIL D/CRISIL D' from 'CRISIL BB/Negative/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             8,500     CRISIL D (Downgraded from
                                     'CRISIL BB/Negative')

   Term Loan               1,500     CRISIL D (Downgraded from
                                     'CRISIL BB/Negative')

   Letter of Credit and    7,000     CRISIL D (Downgraded from
   Proposed Long- Term               'CRISIL BB/Negative')
   Bank Facility

   Bank Guarantee         37,500     CRISIL D (Downgraded from
                                     'CRISIL A4+')

The rating downgrade reflects recent delay by the Ramky Infra
group in meeting its repayment obligation.

The delay has been caused by the group's weak liquidity, mainly on
account of sustained lengthening of its working capital cycle.
Ramky Infra group's working capital cycle is expected to remain
stretched in the near term, due to large number of projects under
implementation, and decline in mobilisation advances due to
decreasing order book.

Ramky Infra group has working-capital-intensive operations, and is
exposed to risks associated with the execution of its
infrastructure projects. However, the Ramky Infra group benefits
from a well-diversified revenue base and a moderate net worth.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Ramky Infra and its 11 subsidiaries:
Ramky Towers Ltd, Ramky Enclave Ltd, MDDA Ramky IS Bus Terminal
Ltd, Ramky Pharmacity India Ltd, Ramky Herbal and Medicinal Park
(Chhattisgarh) Ltd, Ramky Food Park (Chhattisgarh) Ltd, Naya
Raipur Gems and Jewellery SEZ Ltd, Ramky-MIDC Agro Processing Park
Ltd, Ramky Engineering and Consulting Services (FZC), Ramky
Multiproduct Industrial Food Park Ltd, and Ramky Food Park
(Karnataka) Ltd. These entities are collectively referred to as
the Ramky Infra group. This is because of the subsidiaries'
strategic importance to Ramky Infra, and Ramky Infra's majority
shareholding in them. CRISIL has moderately consolidated the on-
going BOT road projects of the Ramky Infra group. The investments
made by Ramky Infra in these BOT projects have been factored into
the group's financials.

Ramky Infra, the flagship company of the Ramky group, was
originally incorporated as Ramky Engineers Pvt Ltd in 1994 to
provide civil and environmental engineering consultancy services.
In 1998, it diversified into the construction business and began
to undertake civil and environmental engineering, procurement, and
construction projects, primarily in the water and waste-water
sector. Subsequently, it expanded into road, building, irrigation,
and industrial construction. In 2003, the company was renamed
Ramky Infrastructure Pvt Ltd, and was thereafter reconstituted as
a public limited company. Ramky Infra principally operates in two
business segments: construction (carried out by Ramky Infra
itself) and development business (implemented through special-
purpose vehicles). In the development business, the Ramky Infra
group is engaged in development of industrial parks, special
economic zones, and bus terminals.

Ramky Infra, on a standalone basis, reported a profit after tax
(PAT) of INR0.6 billion on net sales of INR30.4 billion for
2012-13 (refers to financial year, April 1 to March 31), against a
PAT of INR1.4 billion on net sales of INR30.9 billion for 2011-12.


SKS FASTENERS: CRISIL Assigns 'B+' Ratings to INR166.1MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of SKS Fasteners Ltd (SKS).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 71.1    CRISIL B+/Stable

   Letter of Credit          80.0    CRISIL A4

   Bank Guarantee             5.0    CRISIL A4

   Cash Credit               95.0    CRISIL B+/Stable

The ratings reflect SKS's below-average liquidity driven by its
working-capital-intensive operations, and its modest scale of
operations in a fragmented industry. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the fastener-manufacturing business, established
relationships with customers, and moderate financial risk profile,
marked by its moderate gearing and debt protection measures.

Outlook: Stable

CRISIL believes that SKS will continue to benefit over the medium
term from the extensive experience of its promoters in the
fastener-manufacturing business and the forward integration of its
facilities. The outlook may be revised to 'Positive' if the
company's liquidity improves, most likely because of better
working capital management, increase in funding support from
promoters, and higher-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' if SKS's financial risk
profile, particularly its liquidity, deteriorates, most likely
because of larger-than-expected working capital requirements,
less-than-anticipated cash accruals, or large, additional debt-
funded capital expenditure.

SKS was originally incorporated in 1996 in Pune (Maharashtra),
promoted by the Bindal family. It was reconstituted as a closely
held public limited company in 1997. SKS manufactures fasteners
(bolts) and mainly supplies its products to players in the
automobile industry.


SWAGATH MARRIAGE: CRISIL Cuts Ratings on INR148MM LT Loan to 'B-'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Swagath Marriage & Function Hall (SMFH; part of the Dhanturi
group) to 'CRISIL B-/Stable' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan          148.0     CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects deterioration in the Dhanturi
group's liquidity, with its constrained net cash accruals expected
to tightly match its term debt obligations maturing over the
medium term. The downgrade also factors the expected deterioration
in the group's capital structure on account of its relatively
large debt-funded capital expenditure (capex) plans. CRISIL
believes that the Dhanturi group will need fresh capital from its
promoters, or it would have to register substantial improvement in
its cash accruals, to alleviate the pressure on its liquidity.

The group is estimated to have registered cash accruals of around
INR45 million in 2012-13 (refers to financial year, April 1 to
March 31) vis--vis its term debt obligations of around INR40
million maturing in that year. Although the group's cash accruals
are expected to increase on the back of growth in its revenues,
they would tightly match its annual term debt obligations of
around INR70 million maturing over the next two years.

The group is setting up a hotel in Miyapur (Hyderabad, Andhra
Pradesh) at a cost of INR120 million (66 per cent of the group's
estimated net worth as on March 31, 2013); 80 per cent of the cost
would be funded by debt. Subsequently, the group's gearing, which
is estimated to remain moderate at around 1.6 times as on
March 31, 2013, is expected to increase to 1.9 times as on
March 31, 2014.

The rating on the Dhanturi group's long-term bank facilities
continues to reflect the Dhanturi group's relatively small scale
of operations, its susceptibility to risks related to project
implementation, and its cyclicality in the hotel industry. These
rating weaknesses are partially offset by the extensive experience
of the Dhanturi group's promoters in the hotel industry, and its
average financial risk profile, marked by average gearing and debt
protection metrics.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SMFH with Dhanturi Group of Hotels Pvt
Ltd. This is because both these entities, together referred to as
the Dhanturi group herein, are under a common management and have
operational and financial linkages.

Outlook: Stable

CRISIL believes that the Dhanturi group will continue to benefit
over the medium term from its established regional market position
and its promoters' extensive experience in the hotel industry. The
outlook may be revised to 'Positive' in case of substantial and
sustained improvement in the Dhanturi group's revenues, while
maintaining its profitability margin or in case of a substantial
increase in its net worth on the back of equity infusion from
promoters. Conversely, the outlook may be revised to 'Negative' in
case the Dhanturi group's operations and profitability decline
significantly because of slowdown in the industry or increased
competition or in case of time or cost overruns in completion of
the group's proposed debt-funded capex.

SMFH was established in 2004 and DGHPL was incorporated in 2008.
The Dhanturi group operates a chain of hotels and restaurants in
Hyderabad and Secunderabad (Andhra Pradesh). It is promoted and
managed by Mr. D Ravinder and Mr. D Hari Shankar.



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


JCREF CMBS 2007-1: Fitch Affirms Rating on Class E Notes at 'CC'
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on JCREF CMBS 2007-1 GK's
class B notes, due December 2015, to Stable from Negative. All the
notes have been affirmed.  The transaction is a Japanese multi-
borrower type CMBS securitisation.  The details of the rating
actions are as follows:

JPY6.8bn* Class A notes affirmed at 'Asf'; Outlook Stable

JPY6bn* Class B notes affirmed at 'BBBsf'; Outlook revised to
Stable from Negative

JPY5.2bn* Class C notes affirmed at 'Bsf'; Outlook Negative

JPY4.6bn* Class D notes affirmed at 'CCCsf'; Recovery Estimate
revised to 5% from 0%

JPY2.6bn* Class E notes affirmed at 'CCsf'; Recovery Estimate 0%

*as of Aug. 16, 2013

Key Rating Drivers

The Outlook of the class B notes has been revised to Stable to
reflect an increased likelihood of the full redemption of the
notes. Since the previous rating action in October 2012, 12
properties have been sold at higher values, on average, than
Fitch's expectations and sales proceeds have been applied to the
principal repayment of the class A notes. As a result of the
workout progress, full redemption of the class B notes is now more
likely, even if the sales values of the properties are
significantly lower than expected.

Based on the collection plans for defaulted underlying loans and
the marketability of the remaining collateral properties, Fitch
expects both class A and class B notes to be fully redeemed by
end-2014, well ahead of the legal final maturity.

Class C notes have been affirmed as Fitch also expects this class
to be redeemed in full by the legal final maturity. The Outlook
remains Negative, reflecting uncertainty over the outcome of the
workout on the defaulted loans, in light of sales value of the
properties and the time required to complete the sales of all
properties, which include atypical income properties.

The affirmation of the class D and E notes reflects Fitch's view
that principal loss remains possible for class D and probable for
class E.

Rating Sensitivities

An unexpected delay in workout activities may result in negative
rating action on the class A and B notes, as full redemption of
these classes may not occur until closer to the legal final
maturity.

The rating of the class C notes is sensitive to both the pace of
the workout and the sales value prospects of the remaining
properties. Should the prospective sales values of a number of
properties be lower than the agency's estimation, the class C
notes may see negative rating action.

Once Fitch is able to attain greater clarity, as the workout
activity progresses, on recovery prospects indicating a principal
loss, the class D and E notes are likely to be downgraded.

Fitch assigned ratings to this transaction in November 2007. At
closing, the notes were secured by nine loans or Tokutei Mokuteki
Kaisha bonds (collectively, 'underlying loans') collateralised by
56 properties. The transaction is now backed by seven underlying
loans backed by 16 properties.



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


ASSET FINANCE: S&P Puts 'B' Issuer Credit Rating on Neg. Outlook
----------------------------------------------------------------
Standard & Poor's Rating Services said that it has placed its
'B/B' issuer credit ratings on New Zealand-based finance company
Asset Finance Ltd. (AFL) on negative outlook.

"The negative outlook reflects our view that AFL's capital base is
small in absolute terms and is susceptible to unexpected increases
in new specific provisions--particularly pertaining to its large
loans and their underlying security, which has uncertain resale
value in an inactive market", said credit analyst Harry Hu.  "We
expect the recent exit of selected fully provisioned large
historic loans to increase credit stability and not impact next
period's earnings; however, a recent arrears spike in a new large
exposure raises fresh concern of concentration risk, although no
losses are expected at this stage."

In Standard & Poor's view, the substantial balance of cash held is
likely to be a drag on AFL's earning potential and is likely to
decline over fiscal 2014 upon loan growth; however, S&P expects
AFL to balance this against the need to maintain adequate
liquidity.

The issuer credit ratings on AFL reflect the finance company's:
security-based lending to high-risk clientele; key-person risk;
challenges in obtaining loan growth; and volatile earnings.  The
latter is contributed to by reported net losses for the past two
fiscal reporting years, which were largely driven by significant
impairment provisions raised pertaining to large historic loans,
and eroded the finance company's capital base.  Notwithstanding
the resolution of selected large historic loan exposures in recent
months, which were already adequately provisioned in the reporting
period ending March 2013, S&P notes AFL's capital base is small in
absolute terms and susceptible to unexpected increase in specific
provisions, particularly pertaining to large loans.

Offsetting these weaknesses are AFL's good liquidity position,
substantial interest margins, and the intention of management to
preserve its long-established niche in small-ticket asset finance
loans.

The negative outlook reflects a one-in-three chance that the
rating will be lowered over the next 12 months.


MEDIAWORKS NZ: Owed NZ$797.4 Million as at May 31, Receivers Says
-----------------------------------------------------------------
BusinessDesk reports that MediaWorks NZ, the broadcaster whose
banking syndicate is poised to take control, owed its lenders
NZ$528.3 million when they tipped it into receivership, according
to the first receiver's report.

Receivers Brendon Gibson and Michael Stiassny said in their first
report that the Auckland-based company held total liabilities of
NZ$797.4 million against assets of just NZ$329 million as at
May 31, of which its banking syndicate was owed the bulk,
BusinessDesk relates.  The new capital structure, which will give
the lenders ownership, plans to cut the company's debt to less
than NZ$100 million, BusinessDesk says.

According to BusinessDesk, the receivers said NZ$4.7 million owed
to staff as preferential creditors and NZ$4.2 million owed to the
Inland Revenue Department will be paid in full.

BusinessDesk notes that the debt has grown since August 31 last
year when outgoing holding company GR Media reported total
borrowings of NZ$496.7 million, including NZ$176.8 million in
subordinated and payment in kind shareholder loans.

Last week, BusinessDesk recalls, Messrs. Gibson and Stiassny
signed a conditional sale and purchase agreement with the new
holding company for the broadcaster.

The new structure will leave US private equity firm Oaktree
Capital as the biggest shareholder with 26.7 per cent,
BusinessDesk relays.

Lender RBS will hold 21.9 per cent, private equity firm TPG
Capital 15.7 per cent, Westpac Banking Corp and Rabobank each will
hold 14.6 per cent, and JP Morgan will hold 6.5 per cent, says
BusinessDesk.

According to BusinessDesk, the deal is expected to settle on Sept.
30, and will transfer the broadcaster's assets to a new company
chaired by Australian businessman Rod McGeoch. Former Eyeworks
Touchdown boss Julie Christie, best known in New Zealand for a
string of reality TV series, and ex-PBL director Martin Dalgleish
will join him on the board, the report adds.

MediaWorks NZ Limited -- http://www.mediaworks.co.nz/-- through
its subsidiaries, operates in the television and radio
broadcasting sectors in New Zealand.  It operates the TV3
television network, which primarily offers news, current affairs,
and sports programs, as well as entertainment programs; and C4, a
free-to-air music channel.

MediaWorks funders on June 17, 2013, appointed Brendon Gibson and
Michael Stiassny of financial advisory firm KordaMentha to oversee
the receivership of MediaWorks NZ Limited and its subsidiaries,
including RadioWorks Ltd and TVWorks Ltd.


=====================
P H I L I P P I N E S
=====================


* PHILIPPINES: May Lose Investment Grade Rating, S&P Says
---------------------------------------------------------
Paolo G. Montecillo at the Philippine Daily Inquirer reports that
the Philippine government may lose the "investment grade" rating
it worked so hard to achieve if a debt default by one of the
country's handful of major conglomerates should erode investor
confidence.

The Inquirer relates that in a report released on August 16, debt
watcher Standard & Poor's (S&P) said that while the Philippines
remained one of the strongest markets in the region, the structure
of the country's economy -- being dependent on family-owned
conglomerates -- was a source of vulnerability.

"We may . . . lower the ratings if problems at one of the large
conglomerates impair investor confidence," S&P said in a
supplementary analysis report on the Philippines obtained by the
Inquirer.  S&P rates the Philippine government's long-term debt at
the minimum "investment grade" with a stable outlook, a reflection
of the stability of the local economy, the report notes.

The Inquirer says S&P became the second major rating firm to give
the Philippines an "investment grade" rating after Fitch Ratings.
Moody's Investor Service still considers Philippine government
debt as "junk" investments, although the country is on positive
watch for a possible upgrade, says the Inquirer.

Other risks that threaten the country's "investment grade" status
include the possible spillover of weak global economic conditions
that could affect the domestic economy, according to the Inquirer.

The Inquirer states that S&P's concerns over banks' exposure to
conglomerates echoed the International Monetary Fund's own
assessment of the structure of the Philippine economy.  The IMF
said in its April country report that a default by any major,
highly leveraged conglomerate could lead to a significant increase
in bad assets held by lenders.  This, in turn, could lead to banks
restricting lending to other sectors of the economy, the Inquirer
notes.



=================
S I N G A P O R E
=================


PACNET LTD: 2nd Quarter Results Support Moody's B2 Ratings
----------------------------------------------------------
Moody's Investors Service says Pacnet Limited's 2Q2013 operating
results support its B2 corporate family rating and senior secured
rating.

The rating outlook is negative.

Total reported revenue in 2Q2013 was $115.8 million, a modest
decline from 1Q2013's $119.9 million, which had benefited from
one-time miscellaneous and non-recurring service revenue.

However, its gross profit margin improved to 55% in 2Q2013 from
52% in 1Q2013, reflecting the lower cost of maintenance and fewer
cable repairs.

"The benefits of its restructuring last year also continue to help
bolster EBITDA. Reported EBITDA of around $26 million is largely
in line with 1Q2013, but nearly 27% higher than the same period
last year. Overall, the company's operating performance is meeting
our expectations," says Annalisa Di Chiara, a Moody's Vice
President and Senior Analyst.

In July, Pacnet terminated the tender and consent solicitation for
its outstanding 9.25% Senior Secured Guaranteed Notes due 2015.
However, Moody's understands that the company is continuing to
monitor the markets and considering other refinancing
opportunities for the bond.

Moody's expects EBITDA to be around $100 million for the full year
with adjusted debt to EBITDA in the 4.0-4.25x range.

The negative outlook continues to reflect the company's small size
in a highly competitive environment. Moody's also expects Pacnet's
debt-servicing obligations and capex will continue to exceed
operating cash flow and erode its cash position.

That said, Moody's expects the company will maintain an
appropriate level of liquidity with cash on balance sheet of at
least $40 million. Moody's also expects the company will be in
compliance with its bank covenants.

Upwards rating pressure is unlikely, given the negative outlook.
But, the outlook could return to stable if quarterly EBITDA is
sustained above $30 million and its liquidity position improves,
as the company does not maintain any working capital facilities.

Further negative pressure will arise if EBITDA keeps below $20-25
million on a quarterly basis, or debt/EBITDA exceeds 5.0x, or the
company's cash position falls below $40 million.

The principal methodology used in this rating was the Global
Communications Infrastructure Rating Methodology published in June
2011.

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



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


SOUTH KOREA: 22 Shipping Firms at High Risk of Default, KDIC Says
-----------------------------------------------------------------
Yonhap News Agency reports that more than a score of top shipping
companies in South Korea are on the verge of a default due to
worsening financial health stemming from the protracted economic
downturn, the state-run debt clearer said Monday.

According to the latest stress test on the industry conducted by
the Korea Deposit Insurance Corp. (KDIC), twenty-two shipping
firms out of the top 100 players were found to have a high risk of
default, Yonhap relays.

The report relates that the KDIC said the shipping firms had at
least four out of eight financial gauges eclipse the average held
by the troubled companies from the 2008 global financial crisis.

The eight indexes in the stress test included debt ratio, interest
coverage ratio, liquid liabilities, cash flow and others, Yonhap
notes.

A company with a high risk of default means that those shipping
lines have the likelihood of filing for corporate restructuring or
bankruptcy if it becomes unable to repay or refinance its debts,
according to Yonhap.

The outstanding amount of loans extended to the selected shipping
firms currently stands at 2.6 trillion won (US$2.3 billion), with
more than 800 billion won worth of debts already having turned
sour, Yonhap discloses citing data by the financial regulator.

Four of the 22 players have been undergoing a debt workout
program, including STX Pan Ocean Co., a leading South Korean bulk
carrier, the report adds.



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


* BOND PRICING: For the Week August 12 to August 16, 2013
---------------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------
COMMONWEALTH BANK     1.50    04/19/22     73.61    AUD
EXPORT FINANCE &      0.50    06/15/20     73.45    NZD
GRIFFIN COAL MINI     9.50    12/01/16     39.00    USD
MIDWEST VANADIUM     11.50    02/15/18     71.18    USD
MIDWEST VANADIUM     11.50    02/15/18     71.50    USD
MIRABELA NICKEL L     8.75    04/15/18     69.00    USD
MIRABELA NICKEL L     8.75    04/15/18     67.13    USD
NEW SOUTH WALES T     0.50    12/16/22     69.37    AUD
NEW SOUTH WALES T     0.50    10/07/22     69.17    AUD
NEW SOUTH WALES T     0.50    09/14/22     69.39    AUD
NEW SOUTH WALES T     0.50    11/18/22     68.74    AUD
NEW SOUTH WALES T     0.50    03/30/23     68.37    AUD
NEW SOUTH WALES T     0.50    10/28/22     68.95    AUD
NEW SOUTH WALES T     0.50    02/02/23     68.91    AUD
TREASURY CORP OF      0.50    11/12/30     47.73    AUD
TREASURY CORP OF      0.50    08/25/22     70.60    AUD
TREASURY CORP OF      0.50    03/03/23     69.22    AUD


CHINA
-----

CHINA GOVERNMENT      1.64    12/15/33     67.31    CNY


INDIA
-----

DAVOMAS INTERNATI    11.00    12/08/14     25.13    USD
DAVOMAS INTERNATI    11.00    12/08/14     25.13    USD
ENERCOAL RESOURCE     9.25    08/05/14     50.00    USD
3I INFOTECH LTD       5.00    04/26/17     27.10    USD
CORE EDUCATION &      7.00    05/07/15     44.84    USD
COROMANDEL INTERN     9.00    07/23/16     14.67    INR
DR REDDY'S LABORA     9.25    03/24/14      4.94    INR
GTL INFRASTRUCTUR     2.53    11/09/17     40.88    USD
INDIA GOVERNMENT      5.97    09/25/25     74.63    INR
INDIA GOVERNMENT      0.26    01/25/35     18.86    INR
JAIPRAKASH ASSOCI     5.75    09/08/17     74.20    USD
JCT LTD               2.50    04/08/11     20.00    USD
MASCON GLOBAL LTD     2.00    12/28/12     10.00    USD
PRAKASH INDUSTRIE     5.25    04/30/15     57.40    USD
PRAKASH INDUSTRIE     5.63    10/17/14     58.13    USD
PYRAMID SAIMIRA T     1.75    07/04/12      1.00    USD
REI AGRO LTD          5.50    11/13/14     70.06    USD
REI AGRO LTD          5.50    11/13/14     70.06    USD
SHIV-VANI OIL & G     5.00    08/17/15     28.60    USD
SUZLON ENERGY LTD     5.00    04/13/16     48.38    USD
SUZLON ENERGY LTD     7.50    10/11/12     65.00    USD


INDONESIA
---------

BLD INVESTMENTS P     8.63    03/23/15     62.00    USD
BUMI CAPITAL PTE     12.00    11/10/16     57.00    USD
BUMI CAPITAL PTE     12.00    11/10/16     55.55    USD
BUMI INVESTMENT P    10.75    10/06/17     57.25    USD
BUMI INVESTMENT P    10.75    10/06/17     54.73    USD
INDO INFRASTRUCTU     2.00    07/30/10      1.88    USD


JAPAN
-----

AVANSTRATE INC        3.02    11/05/15     35.73    JPY
ELPIDA MEMORY INC     0.50    10/26/15     11.63    JPY
ELPIDA MEMORY INC     0.70    08/01/16      9.88    JPY
ELPIDA MEMORY INC     2.10    11/29/12     16.38    JPY
ELPIDA MEMORY INC     2.03    03/22/12     11.00    JPY
ELPIDA MEMORY INC     2.29    12/07/12     10.75    JPY
JAPAN EXPRESSWAY      0.50    03/18/39     68.37    JPY
JAPAN EXPRESSWAY      0.50    09/17/38     68.96    JPY
TOKYO ELECTRIC PO     2.37    05/28/40     71.88    JPY


MALAYSIA
--------

AMAN SUKUK              4.25   03/08/2028    MYR    4.16


PHILIPPINES
-----------

BAYAN TELECOMMUN       13.50   07/15/2006    USD   22.75
BAYAN TELECOMMUN       13.50   07/15/2006    USD   22.75


SOUTH KOREA
-----------

CHEJU REGIONAL DE     3.00    12/29/34     65.16    KRW
EXPORT-IMPORT BAN     0.50    11/21/17     63.07    BRL
EXPORT-IMPORT BAN     0.50    01/25/17     70.96    TRY
EXPORT-IMPORT BAN     0.50    12/22/17     61.82    BRL
EXPORT-IMPORT BAN     0.50    10/23/17     65.61    TRY
EXPORT-IMPORT BAN     0.50    11/28/16     68.33    BRL
EXPORT-IMPORT BAN     0.50    09/28/16     70.05    BRL
EXPORT-IMPORT BAN     0.50    08/10/16     71.22    BRL
EXPORT-IMPORT BAN     0.50    12/22/17     64.31    TRY
EXPORT-IMPORT BAN     0.50    12/22/16     69.01    BRL
EXPORT-IMPORT BAN     0.50    10/27/16     69.45    BRL
LG ELECTRONICS IN     3.68    05/22/23     12.67    KRW
NONGHYUP BANK         4.06    05/28/22     32.11    KRW
OSUNG LST CO LTD      4.00    07/07/16     28.75    USD


SRI LANKA
---------

SRI LANKA GOVERNM     9.00    06/01/43     72.43    LKR
SRI LANKA GOVERNM     5.35    03/01/26     57.07    LKR
SRI LANKA GOVERNM     7.00    10/01/23     72.41    LKR
SRI LANKA GOVERNM     6.20    08/01/20     74.71    LKR
SRI LANKA GOVERNM     8.00    01/01/32     70.28    LKR


THAILAND
--------

G STEEL PCL           3.00    10/04/15     11.38    USD
MDX PCL               4.75    09/17/03     16.13    USD



                             *********

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.



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