TCRAP_Public/130903.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, September 3, 2013, Vol. 16, No. 174


                            Headlines


A U S T R A L I A

BILLABONG INTL: Coastal Capital Wants to Oust Board


C H I N A

CHINA AOYUAN: Moody's Changes Outlook to Negative; Keeps B2 CFR
CHINA OIL: First Half 2013 Results No Impact on Moody's Ratings
CHINA PEDIATRIC: Incurs $1.2-Mil. Net Loss in Second Quarter
EVERBRIGHT SECURITIES: Two More Execs Step Down Amid Penalties
GREAT CHINA INTERNATIONAL: Reports $43,000 Net Income in 2nd Qtr.


I N D I A

ASIAN NATURAL: ICRA Assigns 'D' Ratings to INR687cr Loans
B.A ALLOYS: ICRA Assigns 'B+' Ratings to INR30cr Loans
BHATIA COAL: ICRA Assigns 'B' Ratings to INR35cr Loans
BHATIA GLOBAL: ICRA Assigns 'B+' Ratings to INR121cr Loans
DUDI & COMPANY: ICRA Reaffirms 'B+' Ratings on INR9.75cr Loans

FAIRYLAND FOUNDATION: ICRA Assigns 'BB-' Rating to INR10cr Loans
KEWAL KUMAR: ICRA Rates INR6.50cr Long Term Loans at 'B'
MARUDHAR FASHIONS: ICRA Reaffirms 'B' Rating on INR7.35cr Loans
PONDICHERRY TINDIVANAM: ICRA Reaffirms INR199.18cr Loans D Rating
SATYAM RICE: ICRA Rates INR7cr Long Term Loans at 'B'

SONA SATI: ICRA Assigns 'B+' Ratings to INR59.58cr Loans
SREE JEYASOUNDHARAM: ICRA Reaffirms C Ratings on INR29.4cr Loans
UDAY AUTOLINK: ICRA Reaffirms 'B' Ratings on INR32cr Loans
* Fitch Says Hedging Insulates Indian Industrials From Rupee Fall


I N D O N E S I A

* Rupiah Fall Exposes Indonesian Cos with FX Mismatch, Fitch Says


M O N G O L I A

MONGOLIAN RESOURCES: Moody's Lowers CFR to Caa1; Outlook Negative


N E W  Z E A L A N D

ROCKFORTE FINANCE: Ex-Director Pleads Guilty to Fraud Charges


P H I L I P P I N E S

UNITRUST DEVT: Depositors, Creditors to Meet in Court on Sept. 10


S O U T H  K O R E A
* SOUTH KOREA: 30% of Public Construction Firms Post Losses in H1


T A I W A N

TRANSAKT LTD: Incurs $1.2-Mil. Net Loss in Second Quarter


X X X X X X X X

* Moody's Says JACI Continues to Show Concentration and Stability
* BOND PRICING: For the Week Aug. 26 to Aug. 30, 2013


                            - - - - -


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


BILLABONG INTL: Coastal Capital Wants to Oust Board
---------------------------------------------------
Australian Associated Press reports that a New York based hedge
fund with a $10 million stake in Billabong International has
called for the removal of directors from the troubled surfwear
brand, apart from the founding shareholders.

According to the news agency, Billabong said Coastal Capital
International, which last month bought a five per cent stake in
the company, had called for a general meeting of shareholders.

But it vowed Coastal Capital's proposal would not delay any
decision on a financial lifeline, the report relays.

"The board and advisers are reviewing the notice and the
resolutions set out in it," Billabong said in a statement, AAP
relates.  "Following that review, the board will communicate to
shareholders its views with regard to the notice and the
resolutions set out in the notice."

AAP says Coastal Capital on August 31 proposed that all current
directors of the Gold Coast-based multinational be removed, except
for founding shareholders Gordon Merchant and Colette Paull, whose
families own 16 per cent of the company.

Last month, AAP recounts, Billabong entered into a US$470 million
(AUD529.13 million) refinancing arrangement with US private equity
group Altamont Capital Partners.

AAP relates that Launa Inman stepped down as chief executive, with
Altamont naming former Oakley boss Scott Olivet as her nominal
replacement.  But during the same week, Billabong said it would
consider a rival offer from US hedge funds Centerbridge and
Oaktree.

"The board does not anticipate that this action by Coastal Capital
International Ltd will cause any delay or deferral of the
company's process to complete the long-term financing," Billabong
said.

"These matters will continue to be progressed to ensure that the
long-term financing of the company is finalised as soon as
practical so it can focus on rebuilding the business."

Based in Australia, Billabong International Limited (ASX:BBG) --
http://www.billabongbiz.com/-- is engaged in the wholesaling and
retailing of surf, skate, snow and sports apparel, accessories and
hardware, and the licensing of its trademarks to specified regions
of the world.

Bloomberg News reported that the Gold Coast, Australia-based
company has closed 158 stores, canceled relationships with three-
quarters of its suppliers, and is cutting 15 percent of jobs in
its European division.

The value of its 13 brands fell to AUD90 million at the end of
June from AUD614 million in December 2011, and the Billabong label
itself is worthless, the company said in its financial statements,
Bloomberg said.  About AUD37 million of group brand value was
locked up in the DaKine outdoor clothing and backpack label which
Billabong sold to Altamont last month, relayed Bloomberg.

Four other brands, including Element skateboards and Palmers
surfboard accessories, were also written down to a zero valuation,
according to the statements cited by Bloomberg.

Full-year losses widened to AUD860 million in the year ended June
from a AUD276 million loss in the previous 12 months, compared to
the AUD547 million average loss expected from four analysts
surveyed by Bloomberg.  A 14 percent fall in sales put revenue
below the company's operating costs and the company took a loan
from Altamont Capital Partners to refinance its debt, Bloomberg
added.



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


CHINA AOYUAN: Moody's Changes Outlook to Negative; Keeps B2 CFR
---------------------------------------------------------------
Moody's Investors Service has changed to negative from stable, the
ratings outlook for China Aoyuan Property Group Limited's B2
corporate family rating and B3 senior unsecured bond rating.

Moody's has also affirmed China Aoyuan's B2 corporate family
rating and B3 senior unsecured bond rating.

Ratings Rationale:

"The negative outlook reflects China Aoyuan's increased liquidity
risk from the RMB4.45 billion worth of land acquisitions it made
between January and August this year. The amount is significant
compared with the scale of its operations, because it represents
almost a fifth or 19% of the company's total assets at the end of
June," says Lina Choi, a Moody's Vice President and Senior
Analyst.

Moody's notes that China Aoyuan has been actively acquiring land
this year -- mostly in cities where it already has a presence --
in addition to the land acquisitions totaling RMB1.7 billion that
it made in December last year.

"The speed and size of land acquisitions in the last 6-12 months
has increased the company's financial risk and diminished its
liquidity. We are concerned about China Aoyuan's ability to
operate through an economic slowdown over the next 8-12 months,
given its tight cash flow planning," adds Choi, who is also
Moody's Lead Analyst for China Aoyuan.

The company's cash holdings totaled RMB3.4 billion at the end of
June, and Moody's estimates that China Aoyuan's operating cash
flows (before land costs and after dividend payments) will total
RMB900 million for the entire year. These two amounts will be just
enough to cover its short-term debt in the next 12 months of
RMB1.2 billion, as well as more than RMB3 billion in outstanding
land payments.

"However, in terms of financial risk, China Aoyuan's exposure has
increased owing to higher borrowings and a weaker interest
coverage; a situation which pressures its B2 corporate family
rating," says Choi.

Gross debt increased to RMB6.5 billion in June from RMB4.9 billion
in December last year. Furthermore, the company's
debt/capitalization ratio deteriorated to 52% from its previously
stable track record of below 50%.

Moody's is concerned that China Aoyuan's aggressive land
acquisitions will increase its gross debt to levels beyond Moody's
earlier forecast of RMB6 billion--RMB7 billion.

The higher level of debt could result in a breach of covenants for
its offshore bank debt and could also weaken its liquidity
position.

Nonetheless, China Aoyuan achieved higher contract sales of RMB4.4
billion in the first seven months of the year -- representing 58%
of its full year target -- compared with RMB2.5 billion for the
first seven months of last year.

While improved contract sales would help support the company's
higher level of debt, the higher sales level indicates that China
Aoyuan will need a larger cash buffer to absorb the effects of any
downturn in the market. By contrast, its cash balance in 1H 2013
was the same as in end-2012; despite its stronger contract sales.

In addition, the company's EBITDA/interest coverage ratio for the
12 months to June 2013 measured 1.3x, compared with 1.4x for all
of 2012. Moody's expects China Aoyuan to achieve an interest cover
of around 1.5x in 2013; a level which is weak for its B2 corporate
family rating.

Moody's is unlikely to upgrade China Aoyuan's ratings in the next
6-12 months, given the negative outlook. However, the outlook
could return to stable if China Aoyuan demonstrates: (1) a more
prudent pace of land acquisitions and better cash flow planning;
(2) better control of its borrowings such that interest coverage
is maintained sustainably above 1.5x and its debt/capitalization
ratio is below 50%; and (3) that it can maintain a cash balance
equivalent to more than 15% of its total assets.

Further downward ratings pressure could emerge if: (1) China
Aoyuan's liquidity position and ability to generate internal cash
flows are weaker than anticipated, due in turn to declining sales,
or the emergence of further regulatory controls on China's
property sector; (2) property prices decline and profit margins
narrow, which would negatively affect interest coverage and
financial flexibility; or (3) the company engages in material
debt-funded acquisitions.

Specific credit metrics that Moody's would consider in downgrading
China Aoyuan's ratings are if the company's cash holdings
(including restricted and unrestricted cash) fall below 50% of its
short-term debt, and/or its credit metrics deteriorate, such that
its EBITDA margin falls below 15%; or if its EBITDA/interest ratio
is below 1.5x; or adjusted debt/capitalization is above 55% on a
sustained basis.

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

China Aoyuan Property Group Limited was founded in 1998 by Mr. Guo
Zi Wen and his brother Mr. Guo Zi Ning. It was listed on the Hong
Kong Exchange in 2007 and has operations in Guangdong, Shenyang,
Hunan, Chongqing and Guangxi, etc.

As of June, the company had a land bank of approximately 10.5
million square meters; a land holding sufficient to support its
development projects for the next 5-7 years.


CHINA OIL: First Half 2013 Results No Impact on Moody's Ratings
---------------------------------------------------------------
Moody's Investors Service says that China Oil and Gas Group
Limited's results for 1H 2013 are in line with expectations, and
have no immediate impact on its Ba1 ratings and stable outlook.

COG's 1H 2013 operating performance was sound with revenue and
operating profit increased by 22.1% and 24.6% year-on-year
respectively, owing to increased contributions from connection
fees and steady growth in natural gas sales.

Although the company's overall profit margin was fairly stable
compared to a year ago, it reported HKD38.6 million in fair-value
losses on its financial assets. The financial assets held for
trading had a value of HKD154.7 million as of end-June. According
to the company, the related financial assets included investment
grade bonds, certificate of deposits and blue chip equity
securities.

The fair value losses were solely borne by COG's wholly owned
subsidiary.

As a result, the net profit attributable to the owners of the
company -- after accounting for the fair value losses -- only
increased by 3% to HKD156.7 million, while the net profit
attributable to its minority interests increased by 58.9% to
HKD250.4 million.

Because the high volatility of COG's financial assets will likely
affect its attributable profits, Moody's will monitor the
investment policies and financial management of the company.

Moody's also notes the recent resignation of senior management at
China National Petroleum Corporation (CNPC, Aa3 Stable) and Kunlun
Energy (unrated), due to an investigation by the relevant
authority in China.

COG has a close working relationship with Kunlun Energy and its
parent company, CNPC. China City Natural Gas Investment Group is a
51/49 joint venture between COG and Kunlun Energy, and accounts
for the bulk of COG's consolidated gas sales revenue and EBITDA.

This relationship also provides COG with good access to upstream
resources, core pipeline networks and strong bargaining power with
respect to bidding for city gas projects. It is one of the key
rating drivers that support COG's Ba1 rating.

Moody's will monitor the working relationship between COG and
Kunlun Energy and reassess COG's rating, should there be any
material deterioration in its operations and financials after a
change in management at Kunlun Energy and CNPC.

The principal methodology used in this rating was the Regulated
Electric and Gas Utilities published in August 2009.

COG engages in the piped city gas business, as well as the
transportation and distribution of compressed natural gas, and
liquefied natural gas in China. The company was listed on the Hong
Kong Exchange in 1993 and started its natural gas distribution
business in 2002. Mr. Xu Tie-liang, chairman, is the largest
shareholder, with a 22.5% stake.


CHINA PEDIATRIC: Incurs $1.2-Mil. Net Loss in Second Quarter
------------------------------------------------------------
China Pediatric Pharmaceuticals, Inc., filed its quarterly report
on Form 10-Q, reporting a net loss of $1.2 million on $935,241 of
sales for the three months ended June 30, 2013, compared with a
net loss of $451,126 million of $6.2 million of sales for the same
period last year.

The Company reported a net loss of $5.9 million on $1.8 million of
sales for the six months ended June 30, 2013, compared with a net
loss of $2.2 million on $11.0 million of sales for the comparable
period of 2012.

The Company's balance sheet at June 30, 2013, showed $6.4 million
in total assets, $544,545 in total current liabilities, and
stockholders' equity of $5.9 million.

"As shown in the accompanying consolidated financial statements,
the Company incurred a net loss of $1,179,214 and $451,126 for the
three months ended June 30, 2013, and 2012; $5,923,180 and
$2,237,552 for the six months ended June 30, 2013, and 2012.
Further, the Company had accumulated deficit of $12,458,084 and
$6,534,904 as at June 30, 2013, and Dec. 31, 2012.  These create
an uncertainty about the Company's ability to continue as a going
concern."

A copy of the Form 10-Q is available at http://is.gd/YLgBvq

Located in Xi'an, Shaanxi Province, People's Republic of China,
China Pediatric Pharmaceuticals, Inc., is engaged in the business
of manufacturing and marketing of over-the-counter and
prescription pharmaceutical products for the Chinese marketplace
as treatment for a variety of disease and conditions.


EVERBRIGHT SECURITIES: Two More Execs Step Down Amid Penalties
--------------------------------------------------------------
Bloomberg News reports that Everbright Securities Co. plunged to
the lowest since its shares started trading in 2009 after China's
securities regulator imposed a record penalty on the broker for
insider trading and two more executives resigned.

Bloomberg relates that the country's seventh-largest brokerage by
market value declined by the 10 percent daily limit to
CNY9.06 at September 1's opening in Shanghai, after trade was
suspended on Aug. 30, and stayed at that level through the
11:30 a.m. break. The Shanghai Composite Index (SHCOMP) fell
0.1 percent. The stock has slid 36 percent this year.

According to the report, the CNY23.4 billion ($3.8 billion) of
erroneous stock purchase orders that roiled China's markets on
Aug. 16, and later trades to offset the mistake, led to Everbright
being barred from most proprietary trading, lifetime bans from the
securities market for four executives and the resignation of the
president. The regulator also imposed
CNY523 million in fines and confiscation of illegal gains at the
end of last week, the report relays.

"Everbright still faces the risk of a rating downgrade and
investor lawsuits," Zhao Xianghuai, a Shanghai-based analyst at
Guotai Junan Securities Co. wrote in a research note published
Sept. 1, 2013.  "Investors may be seeking as much as
CNY2.7 billion in compensation. Its other operations, such as
asset management and investment banking, may be suspended."

The China Securities Regulatory Commission said state-controlled
Everbright committed insider trading by selling exchange-traded
funds and index futures before telling the market it had made
erroneous trades, according to Bloomberg. Assistant President Yang
Chizhong and Board Secretary Mei Jian resigned, Everbright said
September 1 in statements to the Shanghai stock exchange obtained
by Bloomberg.

The fine marks a "vivid footnote" to the regulator's pledge to
crack down on misconduct, Bloomberg relates citing the China
Securities Journal wrote in an editorial.  Strict enforcement
should be the norm of the nation's capital market and the
penalties on Everbright have set the benchmark, the state-
controlled newspaper wrote, Bloomberg relates.

Everbright Securities Company Limited is a company principally
engaged in securities broking. The Company operates its businesses
through broking business, including broking of stocks, funds,
warrants, national debts and enterprise bonds; investment banking
business, including underwriting of stocks, as well as stock
investment, asset management, fixed income and fund management
business, among others.


GREAT CHINA INTERNATIONAL: Reports $43,000 Net Income in 2nd Qtr.
-----------------------------------------------------------------
Great China International Holdings, Inc., filed its quarterly
report on Form 10-Q, reporting net income of $42,694 on
$2.3 million of total revenues for the three months ended
June 30, 2013, compared with a net loss of $664,492 on
$1.9 million of revenues for the same period last year.

For the six months ended June 30, 2013, the Company had a net loss
of $905,317 on $4.0 million of total revenues, compared with a net
loss of $1.3 million on $3.6 million of total revenues for the
same period of 2012.

The Company's balance sheet at June 30, 2013, showed
$59.4 million in total assets, $34.9 million in total current
liabilities, and stockholders' equity of $24.5 million.

"The Company has a working capital deficit of $21,463,914 and
$28,109,045 as of June 30, 2013, and Dec. 31, 2012, respectively.
As the Company has limited cash flow from operations, its ability
to maintain normal operations is dependent upon obtaining adequate
cash to finance its overhead, sales and marketing activities.
Additionally, in order for the Company to meet its financial
obligations, including salaries, debt service and operations, it
has maintained substantial short term bank loans that have
historically been renewed each year.  The Company's ability to
meet its cash requirements for the next twelve months largely
depends on the bank loans that involve interest expense
requirements that reduce the amount of cash we have for our
operations.  These factors raise substantial doubt about the
Company's ability to continue as a going concern."

A copy of the Form 10-Q is available at http://is.gd/VPUHst

                About Great China International

Shenyang, P.R.C.-based Great China International Holdings, Inc.,
was incorporated in the State of Nevada on Dec. 4, 1987, under the
name of Quantus Capital, Inc.  The Company, through its various
indirect subsidiaries, has been engaged for more than 20 years in
commercial and residential real estate investment, development,
sales and/or management in the city of Shenyang, Liaoning
Province, in the People's Republic of China.

                          *     *     *

Kabani & Company, Inc., in Los Angeles, California, expressed
substantial doubt about Great China International's ability to
continue as a going concern, following its report on the Company's
consolidated financial statements for the year ended Dec. 31,
2012.  The independent auditors noted that the Company has a
working capital deficit of $28.1 million and $27.6 million as of
Dec. 31, 2012, and 2011, respectively, and in addition, the
Company has negative cash flow for each of the two years in the
period ended Dec. 31, 2012, of $366,882 and $3.3 million
respectively.



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


ASIAN NATURAL: ICRA Assigns 'D' Ratings to INR687cr Loans
---------------------------------------------------------
ICRA has assigned a rating of '[ICRA]D' to the INR687.00 Crore
bank facilities of Asian Natural Resources (India) Limited.

                             Amount
   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Long Term Fund            31.00      [ICRA]D (Assigned)
   Based Limits

   Long Term Non-Fund       219.25      [ICRA]D (Assigned)
   Based Limits

   Short Term Non-Fund      329.00      [ICRA]D (Assigned)
   Based Limits

   Proposed Limits          107.75      [ICRA]D (Assigned)

The assigned rating is constrained because of weak liquidity
profile on account of elongated receivable position caused by
concentrated exposure to public sector units and financially weak
clientele, which has been resulting in regular instances of LC
devolvement. ICRA also notes that in 2012-13, ANRIL suffered large
cash loss on account of adverse movement in foreign exchange rates
and extraordinarily high logistics cost incurred for meeting one
of the contract due to non availability of rail racks at nearest
port. This cash loss coupled with significant amount of funds
blocked towards receivables has resulted in weak liquidity
position and multiple instances of LC devolvement thereby
deteriorating its ability to avail fresh credit limits and hence
participate in new tenders and consequently limiting the revenue
visibility. As a result of the losses, ICRA also notes that the
level of the investments and advances to group entities has far
exceeded the net-worth position of the company, which coupled with
elongated receivables and high level of current liabilities has
necessitated an immediate need of long-term funds for business
continuity of ANRIL.

Further, the credit profile is constrained by ANRIL's exposure to
foreign currency fluctuation risk as most of the imports are
against foreign currency denominated letter of credit. ICRA
believes ANRIL's ability to continue business operations on going
concern basis will remain contingent upon its ability to secure
considerable long term funding. The credit profile is also
inhabited by risks arising out of volatility in coal prices in
back drop of tender driven sales to Public Sector Units and large
contingent liabilities on account of corporate guarantees extended
for loans availed by other group entities.

Going forward, ANRIL's ability to realize its overdue receivables
and secure long term funds will remain critical for continuation
of business operations and servicing of liabilities. Further,
credit profile of the company will also remain sensitive to its
ability to diversify client base and effectively implement
prudent hedging policy.

Incorporated in 1999, Asian Natural Resources (India) Limited is
engaged in the business of indigenous and imported coal trading,
wherein it primarily caters to the coal requirements of Public
Sector Units (PSU's) through participation in tenders. While ANRIL
procures indigenous coal from Coal India Limited; however, 95% of
coal volume traded by ANRIL is sourced from Indonesia through
tieups with Indonesian suppliers.


B.A ALLOYS: ICRA Assigns 'B+' Ratings to INR30cr Loans
------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR9.00 crore term
loan, INR16.00 crore fund based limits and INR5 crores unallocated
limits of B.A Alloys Private Limited.

                              Amount
   Facilities              (INR crore)   Ratings
   -----------             -----------   -------
   Term Loan                  9.00       [ICRA]B+ assigned
   Fund based limits         16.00       [ICRA]B+ assigned
   Unallocated                5.00       [ICRA]B+ assigned

The rating is constrained by intensely competitive nature of the
steel industry characterized by presence of numerous players which
has resulted in thin operating margins of the company.
Furthermore, the margins remain susceptible to raw material
variations in input costs and the cyclicality inherent in the
steel industry. The rating is further constrained by high
utilisation of fund based limits and future capex of setting up a
TMT bar manufacturing facility wherein the company is exposed to
funding and execution risk associated the project. Further, the
debt funded nature of the capex would result in increase in
gearing level of the company from current levels although it will
still remain at comfortable levels. The rating derives comfort
from BAAPL's experienced management, healthy growth in its
revenues since inception, its low gearing levels and tax benefits
enjoyed by the company.

B.A Alloys Private Limited was incorporated in the year 2004 as a
steel trading company and commenced manufacturing of MS Ingots in
March 2010. The company is managed by Mr. Rajeev Agarwal
(Director) who has two decades of experience in the steel
industry. The company's manufacturing plant is located at
Uttarakhand wherein the company enjoys income tax and excise duty
exemption. BAAPL has an installed capacity of 36,000 MTPA


BHATIA COAL: ICRA Assigns 'B' Ratings to INR35cr Loans
------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR35.00
Crore long term fund based and proposed bank lines of Bhatia Coal
Washeries Limited. ICRA has also assigned a short term rating of
'[ICRA]A4' to the INR15.00 Crore short term non-fund based bank
lines of BCWL.

                               Amount
   Facilities               (INR crore)   Ratings
   -----------              -----------   -------
   Long Term Fund Based         8.00      [ICRA]B(Assigned)
   Short Term Non Fund
   Based                       15.00      [ICRA]A4 (Assigned)

   Proposed Limits             27.00      [ICRA]B(Assigned)

The assigned ratings are constrained on account of steep decline
in production post the termination of contract by its largest
customer Maharashtra State Power Generation Company Limited in
August 2011. The decline in scale of operations coupled with high
operating leverage resulted in operating loss in 2012-13. Though
ICRA is cognizant of steps taken to mitigate the loss of
production by catering to demands of private sector clients in
sectors like cement, however, meaningful recovery is yet to be
seen. Thus, despite the comfortable capital structure, debt
protection indicators are expected to remain weak on account of
pressure on profitability due to low capacity utilization and
considerable repayment burden of the debt raised to fund the coal
washeries capacities. Further, the credit profile is constrained
by increased exposure to risks arising out of fluctuation in
commodity prices on account of decreased proportion of job work
income and increased working capital intensity post the
diversification in business model to cater private sector clients,
whereby BCWL has to purchase and stock the coal unlike in case of
job work where funds are not blocked in working capital as the
coal is supplied by the customer. The credit profile is however
supported by favorable regulatory policy mandating compulsory
reduction of ash content in coal before its usage in power plants
and long standing experience of the promoter group. While
assigning the rating ICRA has also taken into account risks
arising from large contingent liabilities on account of corporate
guarantees extended for loans availed by group entities.

Going forward, BCWL's ability to improve capacity utilization by
diversifying customer base while realizing adequate profitability
margins will remain key rating sensitivity besides prudent
management of working capital cycle and risk arising from
volatility in commodity prices.

Bhatia Coal Washeries Limited is promoted by Bhatia Group of
Indore, and owns five coal washeries having aggregate coal
beneficiation capacity of 12.5 million MTPA. BCWL was initially
incorporated as Bhatia Steel & Power (India) Limited and didn't
undertake any significant operations till 2009-10. Subsequently,
as a part of the Bhatia Group's restructuring plans, BSPL's name
was changed to BCWL and it was vested with coal washing business
of erstwhile flagship company of Bhatia Group i.e. Bhatia
International Limited, which was renamed Asian Natural Resources
(India) Limited. The effective date of transfer of washeries
having aggregate coal beneficiation capacity of 9.0 million MTPA
was October 2009; however, actual transfer happened in February
2011 after appraisal and approval of bankers. During the interim
period, ANRIL undertook business on behalf of BCWL and transferred
to it profit of about INR20 crore earned from this business
division during the period October 2009 to February 2011.


BHATIA GLOBAL: ICRA Assigns 'B+' Ratings to INR121cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the
INR121.00 Crore long term fund based and non-fund based bank lines
of Bhatia Global Trading Limited.  ICRA has also assigned a short
term rating of '[ICRA]A4' to the INR922.00 Crore short term fund
based and non-fund based bank lines of BGTL.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long Term Fund Based            76.00     [ICRA]B+(Assigned)

   Long Term Non Fund              45.00     [ICRA]B+(Assigned)
   Based

   Short Term Fund Based            5.00     [ICRA]A4 (Assigned)

   Short Term Non Fund Based      695.00     [ICRA]A4 (Assigned)

   Proposed Limited               222.00     [ICRA]A4 (Assigned)

The assigned rating is constrained by track record of weak
operating profitability, which coupled with forex losses suffered
during last two years has considerably eroded its net worth and
adversely affected the liquidity and capital structure. The
erosion in net worth has resulted in level of investments
and advances to group entities exceeding the net worth position,
thereby necessitating the equity infusion done the promoters
during FY13 for business continuity; however, the long term
funding continues to remain below the required levels for which a
further equity infusion is proposed in FY14.

The credit profile is also constrained by BGTL's exposure to risks
arising out of volatility in coal prices, which are inherent to
imported and indigenous coal trading business, especially owing to
stock and sale model, which exposes the company to inventory
risks. While promoter group has long standing experience in
trading of imported coal with established relationships with
diversified clientele across multiple sectors like textile,
cement, steel, paper etc; however, ICRA notes increasing levels of
overdue receivables (-50% of net worth), which stretches the
liquidity as LCs become due for payment upon the expiry of usance
period, thus also exposing the entity to risks related to timely
collections of receivables. ICRA also notes large contingent
liabilities on account of corporate guarantees extended for loans
availed by other group entities, and weakened operational and
financial profile of BGTL's subsidiary i.e Bhatia International
Pte Limited due to prolonged downturn in shipping industry, as a
result of which, BIPL has defaulted on multiple loans availed for
financing ocean vessels, some of which are also guaranteed by
BGTL.

Going forward, BGTL's ability to expand trading margins and
prudently manage risks arising from fluctuation of foreign
exchange rates and coal prices will remain key rating
sensitivities besides timely infusion of incremental long term
funding and collection of receivables in timely manner.

Bhatia Global Trading Limited is promoted by Bhatia Group of
Indore, and is engaged in business of coal trading, whereby coal
is imported from coal fields in Indonesia and sold to domestic
companies. BGTL was initially incorporated as Bhatia Coal Trading
and Consignment Private Limited and didn't undertake any
significant operations till 2009-10. Subsequently, as a part of
the Bhatia Group's restructuring plans, BCCL's name was changed to
BGTL and it was vested with Stock & Sale coal trading business of
erstwhile flagship company of Bhatia Group i.e. Bhatia
International Limited, which has been renamed as Asian Natural
Resources (India) Limited. The effective date of transfer of Stock
& Sale business to BGTL was October 2009; however, actual transfer
happened in February 2011 after appraisal and approval of bankers.
During the interim period, ANRIL undertook business on behalf of
BGTL and transferred to it profit of about
INR61 crore earned from this business division during the period
October 2009 to February 2011.

In 2012-13, BGTL has reported Operating Income (OI) of INR2341.9
crore and Adjusted Net loss of INR52.5 crore against OI of
INR2470.0 crore and Adjusted Net loss of INR42.6 crore reported in
2011-12.


DUDI & COMPANY: ICRA Reaffirms 'B+' Ratings on INR9.75cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' for the
INR9.75 crore fund based and non-fund based bank facilities of
Dudi & Company.  The rating suspension done in December 2012 has
been revoked.

                              Amount
   Facilities              (INR crore)   Ratings
   -----------             -----------   -------
   Overdraft Limits            1.50      [ICRA]B+ reaffirmed
   Non Fund Based Limits       8.25      [ICRA]B+ reaffirmed

The rating reaffirmation takes into account D&C's modest scale of
operations as indicated by an operating income of INR30.0 crore in
FY2013, its relatively high gearing levels of 1.84 times as on
March 31, 2013 and high working capital intensity of business. The
rating is also constrained by D&C's high geographical
concentration of order book and vulnerability of its profitability
to movement in raw material prices. The rating is however
supported by D&C's established track record of operations in the
construction industry, its experienced promoters and its steady
operating and net margins.

Dudi and Company is a partnership firm which was established in
1996 by Sh. Prabhu Daya Dudi and Sh. Anna Ram Dudi. D&C is
primarily engaged in road laying and building construction for
Government Departments of Rajasthan and Madhya Pradesh. The client
base of D&C comprises of Government organizations like Rajasthan
State Rural Development Corporation, Rural Road Development
Authority of MP, Public Works Department Bikaner and Jhunjhnu,
RIICO Bikaner and Rajasthan State Agricultural Marketing Board.

Recent Results

The firm has reported a net profit before tax of INR1.51 crore on
an operating income of INR30.0 crore in FY2013 vis-a-vis PBT of
INR1.35 crore on an operating income of INR18.42 crore in FY2012.


FAIRYLAND FOUNDATION: ICRA Assigns 'BB-' Rating to INR10cr Loans
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the
captioned Lines Of Credit of Fairyland Foundation Private Limited.
The outlook on the long term rating is Stable.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long Term Fund Based           10.0       [ICRA]BB- (Stable)
   Facilities                                assigned

The ratings are constrained by the modest scale of operations of
the company, the high geographical concentration with all the past
and the ongoing projects being located in Tamil Nadu, moderate
market risk with about 55% of the area being developed remaining
unsold and vulnerability of its profitability margins to
volatility in raw material pricing.

The ratings however favorably factor in the long standing
experience of the management, the established track of the company
in the real estate sector having developed 3.2 lakh sq ft of
residential area till date, and low regulatory risks with the
statutory approvals for the ongoing projects being in place. The
ratings also draw comfort from the healthy profitability and
return indicators and modest leveraging levels of the company.

Fairyland Foundation Private Limited is a real estate company
operating in Tamil Nadu. Fairyland was started as a partnership
concern by Mr. T.N. Vijayakumar and Mr. S. Saravanan in 2000 and
later in 2005 it was converted into a private limited company. The
company has till date completed 17 residential projects with a
total saleable area of ~3.2 Lakh sq ft. The projects are targeted
towards the middle class segment and are usually in the price
range of INR3000-6000 per sq ft. The construction for the projects
is completed in house and Mr. T. N. Vijayakumar who is a civil
engineer with more than 15 years in the construction industry
heads the execution team. Mr. S. Saravanan has been in the real
estate industry for more than 12 years and he leads the marketing
team and is also in charge of identification of new projects for
development. The company executes joint development projects and
also purchases land for future development.

Recent Results

The company has reported an operating income of INR21.6 Crore and
net profit of INR1.5 Crore in FY 2013.


KEWAL KUMAR: ICRA Rates INR6.50cr Long Term Loans at 'B'
--------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the INR6.50
crores fund based bank facilities of Kewal Kumar Pawan Kumar Rice
Mill.

                            Amount
   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Long Term Fund           6.50       [ICRA]B assigned
   Based Limits

The assigned rating is constrained by high gearing arising out of
substantial debt funding of large working capital requirements.
The rating also takes into account high intensity of competition
in the rice milling industry and agro climatic risks, which can
affect the availability of paddy in adverse weather conditions and
risks inherent in a proprietorship firm. The rating however,
favorably takes into account good demand supply dynamics in the
basmati rice industry which provides ample growth opportunities
for the company, long standing experience of promoters with long
standing relationships with several customers and suppliers and
proximity of the mill to major rice growing area which results in
easy availability of paddy.

Kewal Kumar Pawan Kumar Rice Mill was established in the year 1998
as a proprietorship firm with Mr. Sanjay Kumar as proprietor.
Milling capacity of the plant is 4 tonnes/hr of paddy. Firm sells
its product only in the domestic market under the brand name of
"KP" and "Kundan". As per the management they also perform custom
milling operations for "HAFED". Credit policy of the firm is to
allow a credit period of 15-30 days to the customers. As per the
management raw material i.e. paddy is purchased from mandi in
Uttar Pradesh, Haryana and payments to suppliers are usually made
on cash basis. Company is having its manufacturing unit at Jind
Road, Kaithal, Haryana

Recent Results:

KPRM reported a net profit of INR0.05 crores on an operating
income of INR35.79 crores for the year ended March 31, 2012 and a
net profit of INR0.05 crores on an operating income of INR19.17
crores for the year ended March 31, 2011.


MARUDHAR FASHIONS: ICRA Reaffirms 'B' Rating on INR7.35cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' to INR7.35
crore (reduced from INR12.20 crore) fund based limits and the
short term rating of '[ICRA]A4' to INR5.00 crore fund based limits
of Marudhar Fashions. ICRA has also reaffirmed the '[ICRA]B' and
'[ICRA]A4' ratings to the INR8.73 crore untied limits (enhanced
from INR3.88 crore) of MF.

                               Amount
   Facilities               (INR crore)   Ratings
   -----------              ----------   -------
   Fund Based Term             7.35      [ICRA]B reaffirmed
   Loan Limits

   Fund Based Post Shipment    5.00      [ICRA]A4 reaffirmed
   Credit Limits

   Untied Limits               8.73      [ICRA]B/[ICRA]A4
                                         reaffirmed

The reaffirmation of the ratings factors in the firm's excessive
dependence on sole customer and subsidiary, Kaleen Rugs (Kaleen)
which has adversely impacted the firm's revenue growth in the past
and has also resulted in stretched receivables position primarily
comprising of debtors outstanding from Kaleen. The scale of
operations continues to be small and vulnerable to the demand
prospects in the USA while the profitability remains under
pressure owing to woolen price fluctuations and high interest
burden on its term loan borrowings.

The ratings, nevertheless, continue to favorably factor in the
long standing experience of the partners in the carpet business
and the firm's foray into electricity generation through windmills
leading to moderate diversification in revenues. The firm also
continues to benefit from its sales and marketing arrangement
through its subsidiary, Kaleen's presence in various geographies
of USA. ICRA notes that while the capital structure is comfortable
at present, any significant capital withdrawals by the partners
from the capital account could have a negative bearing on its
gearing levels, going forward; this remains a key rating
sensitivity.

Marudhar Fashions is a partnership firm established in 1989 and is
involved in manufacturing and export of floor coverings and hand-
tufted variety woolen carpets. MF is also engaged in electricity
generation operations and has 5 Wind Turbine Generators (WTG) in
Dhulia, Sangli (Maharashtra) and Jodhpur, Bhiyan, Akal
(Rajasthan). The firm has its registered office at Mumbai and a
manufacturing facility at Mirzapur, Uttar Pradesh. There has been
a change in the profit sharing ratio of MF in FY 2013, and the
current partners are Mr. Radhesyam Rathi (20%), R.S. Rathi (HUF)
(15%), Shivkishan Rathi Family Trust (35%) and Manmohan Rathi
(HUF) (30%).

Recent results

MF has reported a net profit of INR0.58 crore on an operating
income of INR17.91 crore for the year ending March 31, 2013
(provisional).


PONDICHERRY TINDIVANAM: ICRA Reaffirms INR199.18cr Loans D Rating
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR199.18
crore term loan of Pondicherry Tindivanam Tollways Limited at
[ICRA]D.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Term Loans                     199.18     [ICRA]D reaffirmed

The rating reaffirmation takes into account continued delays in
repayment of debt obligations, as PTTL's toll collections have
been significantly below expectations on account of weak traffic.
The actual traffic witnessed is around 30-35% of the initial
estimates thereby resulting in dependence on the sponsors for
meeting its debt commitments. ICRA notes that the prospects for
traffic growth along the route is moderate given the lower than
anticipated development of the proposed industrial corridor and
the inability of the company to capture majority of the traffic up
to the industrial area near Tindivanam as the toll booth is
located near Pondicherry resulting in sizeable loss of revenue.

PTTL is a Special Purpose Vehicle (SPV) incorporated in March 2007
and is promoted by consortium members - Nagarjuna Construction
Company Limited, NCC infrastructure Holding Limited, ILFS
Engineering Construction Limited and Terra Projects Limited. The
SPV is involved in strengthening and four-laning of a 37.92 Kms
stretch on the Pondicherry-Tindivanam section of National Highway
66, in the State of Tamil Nadu. The project has been awarded by
NHAI (National Highways Authority of India) on BOT basis with a
concession period of 30 years commencing from July 2007. The
project achieved provisional Commercial Operations Date in
December 2011.

Recent results

The company has reported an operating income of INR13.13 crore
with a net loss of Rs.23.46 crore in FY 13.


SATYAM RICE: ICRA Rates INR7cr Long Term Loans at 'B'
-----------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the INR7.00
crores* fund based bank facilities of Satyam Rice Mill.

                              Amount
   Facilities               (INR crore)   Ratings
   -----------              -----------   -------
   Long Term Fund             7.00       [ICRA]B assigned
   Based Limits

The assigned rating is constrained by low profitability metrics at
operating and net levels, high gearing arising out of substantial
debt funding of large working capital requirements, high intensity
of competition in the rice milling industry and agro climatic
risks, which can affect the availability of paddy in adverse
weather conditions. The rating however, favorably takes into
account long standing experience of promoters in the rice
industry, their strong relationships with several customers and
suppliers and proximity of the mill to major rice growing area
which results in easy availability of paddy.

SRM reported a net profit of INR0.02 crores on an operating income
of INR33.66 crores for the year ended March 31, 2012 and a net
profit of INR0.01 crores on an operating income of INR26.01 crores
for the year ended March 31, 2011.

Satyam Rice Mill was established in the year 1993 as a partnership
firm with Mr. Sushil Garg and Mr. Satish Garg as partners. Milling
capacity of the plant is 3 tonnes/hr of paddy. Satyam Rice Mill is
engaged in the business of processing and trading of rice in
domestic market. No export sales are made by the firm. As per the
management they also perform custom milling operations for. The
entire raw material requirement is purchased from mandi in Uttar
Pradesh and Haryana. Company is having its manufacturing unit at
Jind Road, Karnal, Haryana.


SONA SATI: ICRA Assigns 'B+' Ratings to INR59.58cr Loans
--------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR57.08 crore term
loan and INR2.5 crore cash credit facility of Sona Sati Organics
Private Limited.

                            Amount
   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Term Loan                  57.08     [ICRA] B+ Assigned
   Cash Credit                 2.50     [ICRA] B+ Assigned

The rating takes into consideration SSOPL's limited track record
of operations, with production commencing in May 2013, high
utilisation of bank limits reducing company's financial
flexibility, expected pressure on company's liquidity position
with ramp up in production in an working capital intensive nature
of operations and SSOPL's exposure to agro-climatic risks, with
its major raw materials being agricultural commodities, i.e.
molasses and grains.

ICRA also notes the execution risks for the capacity enhancement
and bottling plant project, the size of which is large relative to
the current balance sheet size, financial closure for the project
yet to be achieved and unfavorable capital structure of the
company, which could further get impacted on account of the large
debt funded projects under implementation. The rating takes into
account the long track record of the promoters in the
manufacturing and distribution of rectified spirit (RS) and
country liquor, the expected support for SSOPL from other
companies under the same management providing it with ready buyers
for its production and eligibility of SSOPL's existing unit and
upcoming plant's for one time capital subsidy and part remission
of value added tax (VAT) from the State Government.

SSOPL was incorporated in 2004 by the Singh, Kumar and Jaiswal
families based at Patna, Bihar. The company's recently
commissioned 80 kilo litres per day (klpd) distillery for
production of rectified spirit (RS) commenced production in May
2013. The company is in the process of setting up a 12,000 cases
per day bottling plant and expanding the capacity of its
distillery by 40 klpd to 120 klpd.


SREE JEYASOUNDHARAM: ICRA Reaffirms C Ratings on INR29.4cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]C' to the
INR7.4 crore long term loans, INR17.0 crore cash credit and INR5.0
crore fund based (sub-limits) facilities of Sree Jeyasoundharam
Textile Mills Private Limited and the short term rating of
'[ICRA]A4' outstanding on the INR3.25 crore short term non-fund
based limits of the company. ICRA has also withdrawn the short
term rating of '[ICRA]A4' outstanding on the INR7.0 crore short
term loans of SJTMPL, at the request of the company; the
instrument has been fully redeemed and there is no amount
outstanding against it.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long term: Term Loans         7.40        [ICRA]C/reaffirmed

   Long term: Fund based        17.00        [ICRA]C/reaffirmed
   facilities

   Long term: Fund based        (5.00)       [ICRA]C/reaffirmed
   sub-limits

   Short term: Non-fund          3.25        [ICRA]A4/reaffirmed
   based facilities

   Short term: Term loans        7.00        [ICRA]A4/withdrawn

The ratings derive comfort from the significant experience of the
promoter group (Shri Ramalinga Group) in the spinning industry.
The Company's credit quality has been affected by the large losses
incurred during 2011-12 and 2012-13 owing to the subdued yarn
demand and volatile cotton prices with the company holding large,
high cost inventory. Although the accruals position of the Company
is expected to improve during 2013-14 with recovery of demand for
cotton yarn, the Company's debt indicators is likely to remain
stretched, which is currently characterised by negative networth
and weak debt metrics. The Company's inventory levels continue to
remain high although the strong order position and favourable
demand outlook for the spinning industry should support the growth
in revenues and accruals position of the company. Going forward,
ability to improve the debt indicators and manage the working
capital levels in the near term will be critical for improving the
credit profile of the company.

Sree Jeyasoundharam Textile Mills Private Limited, was
incorporated as a private limited company in September 1989 with
an object of establishing a cotton spinning mill in Sivagangai,
Tamil Nadu. The company is a part of Ramalinga Group, Aruppukottai
(Tamil Nadu). The major companies in the Ramalinga group include
(a) Shri Ramalinga Mills Limited, rated [ICRA]B+/ [ICRA]A4, (ii)
Aruppukottai Shri Ramalinga Spinners Private Limited (wholly owned
subsidiary of SRML) rated [ICRA]B-/ [ICRA]A4, and (iii) Tamil Nadu
Jai Bharath Mills Limited.

Recent Results

As per the unaudited data, SJTMPL posted revenues of INR46.7 crore
and loss of INR1.2 crore during 2012-13.


UDAY AUTOLINK: ICRA Reaffirms 'B' Ratings on INR32cr Loans
----------------------------------------------------------
The rating of '[ICRA]B' has been reaffirmed for the INR22.00 crore
term loans and INR10.00 crore working capital facilities of Uday
Autolink Private Limited. The rating of '[ICRA]A4' has also been
reaffirmed for the INR5.00 crore short term non fund based
sublimit of the fund-based facilities of UAPL.

                           Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Cash Credit             10.00      [ICRA]B reaffirmed
   Term Loan               22.00      [ICRA]B reaffirmed
   Bank Guarantee          (5.00)     [ICRA]A4 reaffirmed

The reaffirmation of the ratings continues to reflect the lack of
experience of the promoters in the automobile dealership business,
high competitive pressure faced by the company from a number of
established dealers of MSIL and other OEMs; ongoing slowdown in
the passenger car market in India; low profitability associated
with dealership business and adverse financial profile indicated
by highly leveraged capital structure and weak coverage
indicators. ICRA also notes that future cash flow adequacy and
timely debt servicing will remain contingent on the ability of the
company to show growth in operating income as well as on
promoter's capability to infuse funds as unsecured loans or
equity. The ratings however take comfort from the relationship in
the residential segment, brand recognition and established
position of the group in Ahmedabad market and association of the
company with MSIL which is the market leader in the passenger car
segment in India.

Incorporated in 2011 by the Mr. Uday Bhatt, Uday Autolink Private
Limited is engaged in passenger vehicle segment dealership of
Maruti Suzuki India Limited with a 4S facility showroom at SP Ring
Road, Naroda and 3S facility at Barwala, located at a distance of
~120 Kms from Ahmedabad. UAPL commenced construction and erection
work of the showroom in Sep 2011 and commenced commercial
operations from April 2012.

Recent Results

In FY 2013 (provisional unaudited financials), UAPL reported an
operating income of INR48.29 crore and profit after tax of INR0.37
crore.


* Fitch Says Hedging Insulates Indian Industrials From Rupee Fall
-----------------------------------------------------------------
Fitch Ratings says the majority of its portfolio of
internationally rated industrial corporates in India has adequate
hedging arrangements in place to minimise any potential reductions
in operating cashflows arising from the rupee rout.

Moreover, most have sufficient headroom to absorb an elevation in
reported debt levels post FX translation adjustments.
Nevertheless, credit profiles are likely to weaken over the next
12 months and issuers on Negative Outlooks are in particular
vulnerable to a downgrade if their operations deteriorate and the
rupee rout is sustained. The Indian rupee (INR) has depreciated
20% versus the USD since the beginning of May 2013.

At the operating level most of Fitch's rated portfolio of Indian
industrial corporates are either naturally hedged via import
parity-linked selling prices, or have hedging arrangements in
place for more than 50% of their FX exposure (where changes in
USD/INR are typically reflected with a lead time of three months).
Accordingly higher raw material prices, due to the weaker rupee,
on annual cash flow generation is not likely to be significant,
but in the short term there is likely to be a month-to-month
impact on the re-statement of debt, receivables and payables.

Metal companies including Tata Steel Limited(TSL, BB+/Negative)
and Vedanta Resources (BB+/Stable) are likely to benefit at the
operating level as most of their selling prices are denominated in
USD while their costs are denominated in INR. However, the
weakness in the domestic economy could negate these benefits to
some extent. The Steel Authority of India (SAIL, BBB-/Stable)
imports approximately 80% of its coking coal requirements, but its
product prices are import parity-indexed and hence appropriately
hedged, but with a lead time of one quarter.

The more significant risk is likely to be higher reported debt
levels stemming from FX translation adjustments, particularly for
those companies with substantial foreign currency (FC)-denominated
debt which is typically held at offshore subsidiaries. Higher
reported debt levels will have a negative impact on a number of
key credit metrics including financial leverage.

The ratings of TSL and Ballarpur Industries Limited (BILT, BB-
/Negative) are already on Negative Outlook due to operational
weakness and capex, and hence have limited headroom to cope with
FX-induced higher debt levels. FC-denominated debt currently
stands at USD444m (48% of total debt) for BILT and USD8bn (70% of
total debt) for TSL. Fitch will analyse the performance of these
companies for any significant weakening of operations which,
coupled with higher debt levels, may result in a downgrade.

In the case of Tata Motors Ltd (TML, BB/Stable), UK-based Jaguar
Land Rover plc accounts for over 75% of its revenue and 90% of its
EBITDA. As the proportion of TML's consolidated debt in FC
currency is lower at 76%, the final impact from INR depreciation
is likely to be positive.



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


* Rupiah Fall Exposes Indonesian Cos with FX Mismatch, Fitch Says
-----------------------------------------------------------------
Fitch Ratings says the recent fall of the Indonesian rupiah will
have a mixed impact on rated Indonesian industrial companies, with
those with significant foreign currency mismatch most exposed.
However, the agency does not expect an immediate impact on the
ratings.

The depreciation of the Indonesian rupiah by about 14% in the year
to date will result in a tougher operating environment for
companies with significant foreign currency mismatch. However, for
most of Fitch-rated diversified manufacturing companies they have
the flexibility to pass on costs increases due to their leading
market positions. Additionally, companies have completed most of
their debt-funding activities in H113 and extended their debt
maturity, limiting immediate refinancing risks.

Companies which are most exposed to the falling rupiah include PT
Lippo Karawaci Tbk (Lippo, BB-/ A+(idn) / Stable), PT Alam Sutera
Tbk (ASRI, B+/ Stable), PT Multipolar Tbk (Multipolar, B+/
Stable), PT Kawasan Industri Jababeka Tbk (Jababeka, B+/ Stable)
and PT Garuda Indonesia Tbk (Garuda, A(idn)/ Stable). This is due
to mismatches between rupiah-denominated earnings and foreign
currency-denominated debt. However, Fitch expects these companies
will be able to contain foreign exchange losses over the next 12
months and hence does not expect immediate impact to their
ratings.

Lippo and ASRI, whose debt is predominantly in USD, have hedged at
least 80% their USD borrowings and both have comfortable margin
buffers to absorb short-term impact from foreign exchange losses.
Multipolar, which has about USD200m in foreign currency debt, does
not have any hedging in place for its USD exposure. However, it
still maintains recent USD200m notes proceeds in original currency
which Fitch expects will allow the company to manage its foreign
exchange exposure comfortably in the near term. Nevertheless, a
prolonged depreciating rupiah may heighten negative pressures on
their ratings.

Garuda has about 20% of its foreign currency requirements
unhedged. The company's market leadership in the domestic full-
service carrier (FSC) market, however, provides it with the
flexibility to pass on cost increases and foreign currency
fluctuations, especially onto corporate passengers.

Jababeka, which has 84% of total debt in USD, will benefit from a
natural hedge provided by a recently commissioned power plant. The
power plant has a long-term USD-denominated off-take agreement
with state-owned electricity company (PLN, BBB-/ Stable). Fitch
expects recurring cashflows from the power plant to sufficiently
cover Jababeka's interest expense over the short- to medium-term,
limiting the impact from foreign currency fluctuations.

Fitch expects PT Japfa Comfeed Indonesia Tbk (Japfa, BB-/A+(idn)/
Stable) and PT Fajar Surya Wisesa Tbk (Fajar, B+/ A(idn) / Stable)
will be able to pass on foreign currency fluctuations to their
customers due to their strong market positions. Japfa and Fajar
maintain about two months of inventory and have demonstrated an
ability to adjust selling prices to reflect increasing production
costs.

PT Berlina Tbk's (A-(idn)/Stable) pricing arrangements and
established relationships with its customers would likewise allow
it to continue to pass on foreign exchange fluctuations. This will
offset the impact of exchange rates on its raw material costs as
well as its foreign currency-denominated debt, which makes up over
40% of its bank borrowings.

Palm oil producers are likely to benefit from a depreciating
rupiah as the selling price of their product is quoted in USD.
This to some extent also compensates the effect from low crude
palm oil prices. PT Sinar Mas Agro Resources and Technology Tbk
(AA(idn)/ Positive), PT Ivo Mas Tunggal (AA(idn)/ Positive), and
PT Sawit Mas Sejahtera (AA(idn)/ Positive) are naturally hedged
against foreign exchange fluctuation with USD-denominated earnings
comfortably covering fertiliser costs and USD-denominated
borrowings.


===============
M O N G O L I A
===============


MONGOLIAN RESOURCES: Moody's Lowers CFR to Caa1; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
corporate family rating of Mongolian Resources Corporation (MRC),
with a negative outlook.

In addition, Moody's will withdraw the rating.

Ratings Rationale:

"We have downgraded MRC's rating because of its weakening
liquidity and financial performance," says Alan Gao, a Moody's
Vice President and Senior Analyst.

Moody's is concerned that MRC will find it difficult to refinance
its estimated $30 million debt due in the next 6-12 months,
because of the company's weak financial position and the current
depressed iron ore prices.

In addition, the slower-than-expected progress in completing its
audited financial reports reflects MRC's weak internal controls,
which in turn could hamper its access to bank financing.

The negative outlook reflects MRC's increased liquidity risk in
terms of its ability to refinance, and its weak cash flows in the
current iron ore downcycle.

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

The principal methodology used in this rating was the Global
Mining Industry Methodology published in May 2009.

Mongolian Resources Corporation is an integrated iron ore producer
principally engaged in operating its Tayan Nuur mine in the Govi-
Altai province of Mongolia. The company is 70.7% owned by Euro 7
Investment which is an investment holding company wholly owned by
Mr. Bazar Radnaabazar, MRC's founder and Chairman. The Trade and
Development Bank of Mongolia is the second largest shareholder,
with an 11.0% stake. The European Bank for Reconstruction &
Development has a 4.0% stake.



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


ROCKFORTE FINANCE: Ex-Director Pleads Guilty to Fraud Charges
--------------------------------------------------------------
Former director of Rockforte Finance Limited, Colin Mark Simpson,
has entered guilty pleas in the Gisborne High Court to nine counts
of fraud laid by the Serious Fraud Office (SFO).

SFO laid a number of criminal charges against the three directors
of the failed Gisborne finance company in January 2012.

Mr. Simpson has pleaded guilty to charges of theft by person in
special relationship, false accounting, obtaining by deception,
and false statement by promoter. The charges carry maximum
sentences of between seven and ten years imprisonment.

SFO allege that a significant portion of investors' money was used
as a source of funding for the directors' personal business
interests in two companies -- Gisborne Haulage and Michael Ward
1969 Ltd, which operated the Jean Jones label throughout
New Zealand.

Investor losses amounted to NZ$3.86 million.

SFO General Manager of Evaluation and Intelligence, Graham Gill
said, "Although people have attempted to make prudent investments,
Mr Simpson's actions have led to the consequential failure of
several businesses. This has had a significant impact on the
Gisborne community and resulted in the loss of financial
investments and jobs."

The two remaining defendants, Nigel Brent O'Leary (31 counts) and
John Patrick Gardner (22 counts) will face trial on September 30.
Mr. Simpson has been remanded on bail for sentencing on
September 26.

                     About Rockforte Finance

Established in 2003, Rockforte Finance engages in consumer and
asset lending.  The company specializes in financing used cars,
mostly second-hand Japanese cars imported by an associated
company, and small personal and business loans.

Rockforte Finance was placed into receivership in May 2010, owing
about NZ$3.2 million to some 70 investors, according to a
BusinessWire article posted at stuff.co.nz.  According to the
BusinessWire article, Katherine Kenealy and Dennis Parsons of
Indepth Forensic have been appointed receivers of the Gisborne-
based lender by its trustee Covenant Trust.  The Treasury
confirmed all eligible depositors are covered by the government's
guarantee.  However, all new deposits or any rolled over after
Dec. 31, 2009, fell outside the scheme because Rockforte
didn't sign the replacement guarantee deed at the end of 2009.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 22, 2011, The New Zealand Herald said the receivers for
Rockforte Finance have halved their forecast for potential
recoveries to less than 5 cents in the dollar and filed
proceedings against the firm's directors.


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


UNITRUST DEVT: Depositors, Creditors to Meet in Court on Sept. 10
-----------------------------------------------------------------
The Liquidation Court has directed depositors and creditors of the
closed Unitrust Development Bank to appear before the court to
agree to the partial payment of their claims in kind instead of
full payment in cash.

Unitrust was ordered closed by the Monetary Board on Jan. 4, 2002,
and is now under the liquidation of the Philippine Deposit
Insurance Corporation (PDIC). As of the date of closure, the bank
was owned by Pedro Montanez, G. Universal Co., Ltd., Leopoldo
Valcarcel, Francis Yuseco, Jr., Minamoto Saiken Kaishu Co., Ltd.,
and others. However, there were reports that Unitrust was owned by
Genta Ogami, a Japanese who was linked to a company called G.
Cosmos.

Presiding Judge Winlove M. Dumayas of the Liquidation Court
(Makati Regional Trial Court Branch 59) has ordered 8,179
depositors and creditors of the failed bank to convene before the
Makati City RTC Branch 59 on September 10, 2013 at 8:30 a.m. for
the hearing of Special Proceedings No. M-6069 entitled "Petition
for Assistance in the Liquidation of Unitrust Development Bank
(UDB)". The Omnibus Order dated Aug. 5, 2013 states that
depositors and creditors are directed to appear before the
Liquidation Court "to agree to the proposed allocations of their
interests in the real properties as payment equivalent to 38% of
their respective claims" and "to execute their respective
quitclaims and waivers once all their claims have been fully-
settled". The Order further stated that the agreement to the
proposed allocation was a necessary prerequisite to the waivers
required by the Court. The contents of the quitclaims and waivers
will be explained during the September 10 hearing.

The Court also directed the PDIC, Liquidator of Unitrust, to
publish notices to the depositors and creditors in order to settle
their claims pursuant to the Order of the Court dated
Dec. 17, 2012.

As of July 31, 2013, the PDIC had paid PHP110.15 million in
deposit insurance claims involving 6,592 accounts. Total deposits
of Unitrust amounted to PHP235.59 million, of which PHP116.92
million were uninsured deposits and are subject of depositors'
claims against the assets of Unitrust, alongside other creditors.
The maximum deposit insurance coverage at the time of Unitrust's
closure was PHP100,000. Also, as of December 31, 2012, Unitrust
has PHP381.4 million in total estimated realizable value of assets
(ERVA).



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


* SOUTH KOREA: 30% of Public Construction Firms Post Losses in H1
-----------------------------------------------------------------
Yonhap News Agency reports that nearly one out of three South
Korean listed construction companies posted net losses in the
first half of this year, data showed Monday, due to the protracted
property slump from home and abroad.

Yonhap, citing data by market researcher FnGuide, 18 out of
South Korea's 58 listed builders posted a net loss in the January-
June period, with 13 of them moving inversely to shortfalls from
six months earlier.

According to the report, GS Engineering & Construction Co. saw its
net loss reach KRW554.6 billion (US$499.6 million) in the first
half, due to lower margins in overseas deals, marking the largest
shortfall among local builders.

Dongbu Corp. also posted a shortfall of KRW124.5 billion in the
first half, trailed by Samsung Engineering Co. with KRW57.2
billion and Sambu Construction Co. with KRW33.3 billion, Yonhap
discloses.

In contrast, Daelim Industrial Co. posted a net profit of
KRW210 billion over the cited period, trailed by Hyundai
Engineering & Construction Co. with KRW209.2 billion and Samsung
C&T Corp. with KRW95.9 billion, Yonhap reports.

Yonhap notes that market watchers said the weak performances came
as the country's property market continued to remain stagnant,
while their returns from overseas deals also fell sharply on-year
in the first half.



===========
T A I W A N
===========


TRANSAKT LTD: Incurs $1.2-Mil. Net Loss in Second Quarter
---------------------------------------------------------
TransAKT Ltd. filed its quarterly report on Form 10-Q, reporting a
net loss of $1.2 million on $40,157 of sales for the three months
ended June 30, 2013, compared with a net loss of $211,849 on $nil
sales for the same period last year.

The Company reported a net loss of $1.7 million on $94,664 of
sales for the six months ended June 30, 2013, compared with a net
loss of $245,267 on $nil sales for the corresponding period of
2012.

The Company's balance sheet at June 30, 2013, showed $10.7 million
in total assets, $7.1 million in total liabilities, and
stockholders' equity of $3.6 million.

"The Company has incurred a net loss of $1,734,507 and $245,267
during the six months ended June 30, 2013, and 2012, respectively,
and has an accumulated deficit of $5,646,299 as of June 30, 2013.

A copy of the Form 10-Q is available at http://is.gd/Q8LKCb

                        About TransAKT Ltd.

Based in Yangmei City, Taoyuan, Taiwan, TransAKT Ltd., a Nevada
corporation, has operated principally as a research and
development company since its inception but abandoned its
telecommunications technology business in fiscal 2012.  Through
its wholly owned subsidiary, Vegfab Agricultural Technology Co.
Ltd., it is now engaged in the manufacture, marketing and sale of
hydroponic and LED based agricultural equipment for commercial and
home use.

                           *     *     *

As reported in the TCR on April 19, 2013, KCCW Accountancy Corp.,
in Diamond Bar, Calif., expressed substantial doubt about TransAKT
Ltd.'s ability to continue as a going concern, citing the
Company's accumulated deficit of $3,911,792 at Dec. 31, 2012,
including net losses of $1,338,033 and $337,463 during the years
ended Dec. 31, 2012, and 2011, respectively.



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


* Moody's Says JACI Continues to Show Concentration and Stability
-----------------------------------------------------------------
Moody's Investors Service says that the JP Morgan Asia Credit
Index (JACI) -- which tracks the total return performance of
Asia's fixed-rate USD bond market -- remains concentrated in 10
issuers.

"The top 10 issuers -- whether corporate or sovereign -- account
for 28.3% of the overall index on a weighted basis, although this
level has declined from 31% in February," says Laura Acres, a
Moody's Senior Vice President.

"Other features include the fact that the index is largely
influenced by sovereigns and quasi-sovereigns, and stability
predominates, although a mild negative bias remains," adds Ms.
Acres.

Ms. Acres was speaking on the release of a Moody's report updating
its view of the index, and titled, "JACI: A Rating Perspective."

The JACI, as of July 31, included some 660 bonds issued by 301
companies, with a total market capitalization of $420 billion.
Moody's rates 90.7% of the index on a weighting basis.

This data compares with 560 bonds issued by 259 companies with a
market capitalization of $390 billion in February 2013, the date
of Moody's last report on the JACI.

Furthermore, on the issue of concentration, at its simplest level,
the JACI can be sub-divided into investment-grade and non-
investment-grade and, in terms of weighting, it is heavily skewed
towards investment-grade issuers, at 68.5%. This weighting may
increase further, given the Philippines government, the largest
issuer in the index, is Ba1 on review for upgrade.

The report also says that sovereign rating actions have the
greatest influence on the JACI's movements. Sovereigns directly
make up 15.6% of the index, but their movement also affects
government-related issuers (GRIs) and related entities whose
ratings may automatically change as a direct result of a sovereign
rating movement.

This situation is particularly true for the large number of state-
owned or state-controlled utilities and oil and gas companies,
which are so prevalent in the index.

In addition, the rating outlooks for companies in the index are
currently broadly stable: 69.7% have ratings with stable outlooks,
substantially unchanged from the February report.

Meanwhile, the proportion of the index displaying a negative bias
(that is either on review for downgrade, or on a negative outlook)
has fallen to 10.3% from 16.7% in Moody's February report. The
change was in large part driven by the outlook on Hutchison
Whampoa Limited (HWL, A3) changing from negative to stable in
April 2013. HWL remains the largest corporate issuer, by
weighting, in the index.

The report states that issuers with negative outlooks are
concentrated in two areas: Korean banks and corporates (2.5%) and
certain Chinese corporates (2.3%), including CITIC Pacific Limited
(Ba1 review for downgrade).

The JACI examines credit trends and rating movements for debt
issuers in the JACI, most of which are rated by Moody's.

The index tracks the total return performance of select Asian
bonds denominated in US dollars, is weighted by market
capitalization and covers 15 Asian markets, excluding Japan and
Australia.

The report reflects Moody's views and was not done in
collaboration with JP Morgan, although it was based on JACI
composition data the bank had provided as at January 31, 2013.


* BOND PRICING: For the Week Aug. 26 to Aug. 30, 2013
-----------------------------------------------------

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


  AUSTRALIA
  ---------

COMMONWEALTH BANK O    1.50   04/19/22     AUD     72.10
EXPORT FINANCE & IN    0.50   12/16/19     NZD     74.77
EXPORT FINANCE & IN    0.50   06/15/20     NZD     72.53
MIDWEST VANADIUM PT   11.50   02/15/18     USD     75.00
MIDWEST VANADIUM PT   11.50   02/15/18     USD     72.38
MIRABELA NICKEL LTD    8.75   04/15/18     USD     69.00
MIRABELA NICKEL LTD    8.75   04/15/18     USD     66.75
NEW SOUTH WALES TRE    0.50   12/16/22     AUD     67.71
NEW SOUTH WALES TRE    0.50   09/14/22     AUD     67.78
NEW SOUTH WALES TRE    0.50   10/07/22     AUD     67.55
NEW SOUTH WALES TRE    0.50   11/18/22     AUD     67.12
NEW SOUTH WALES TRE    0.50   02/02/23     AUD     67.24
NEW SOUTH WALES TRE    0.50   03/30/23     AUD     66.69
NEW SOUTH WALES TRE    0.50   10/28/22     AUD     67.34
PALADIN ENERGY LTD     3.63   11/04/15     USD     75.00
PALADIN ENERGY LTD     6.00   04/30/17     USD     72.59
TREASURY CORP OF VI    0.50   11/12/30     AUD     45.31
TREASURY CORP OF VI    0.50   08/25/22     AUD     69.19
TREASURY CORP OF VI    0.50   03/03/23     AUD     67.70


CHINA
-----

CHINA GOVERNMENT BO    1.64   12/15/33     CNY     65.65


HONG KONG
---------

MTR CORP LTD           3.65   06/17/43     USD     72.54



INDONESIA
---------

DAVOMAS INTERNATION   11.00   12/08/14     USD     25.13
DAVOMAS INTERNATION   11.00   12/08/14     USD     25.13
ENERCOAL RESOURCES     9.25   08/05/14     USD     49.89
INDONESIA GOVERNMEN    4.63   04/15/43     USD     71.50
INDONESIA GOVERNMEN    4.63   04/15/43     USD     71.86
INDONESIA TREASURY     6.38   04/15/42     IDR     72.00
PERTAMINA PERSERO P    5.63   05/20/43     USD     72.25
PERTAMINA PERSERO P    5.63   05/20/43     USD     71.98
PERUSAHAAN LISTRIK     5.25   10/24/42     USD     70.50
PERUSAHAAN LISTRIK     5.25   10/24/42     USD     69.52
PERUSAHAAN PENERBIT    6.10   02/15/37     IDR     79.00



INDIA
-----

3I INFOTECH LTD        5.00   04/26/17     USD     28.04
CORE EDUCATION & TE    7.00   05/07/15     USD     27.79
COROMANDEL INTERNAT    9.00   07/23/16     INR     14.61
DR REDDY'S LABORATO    9.25   03/24/14     INR      4.93
GTL INFRASTRUCTURE     2.53   11/09/17     USD     41.05
INDIA GOVERNMENT BO    5.87   08/28/22     INR     74.28
INDIA GOVERNMENT BO    0.26   01/25/35     INR     18.41
JAIPRAKASH ASSOCIAT    5.75   09/08/17     USD     73.32
JCT LTD                2.50   04/08/11     USD     20.00
MASCON GLOBAL LTD      2.00   12/28/12     USD     10.00
PRAKASH INDUSTRIES     5.25   04/30/15     USD     58.73
PRAKASH INDUSTRIES     5.63   10/17/14     USD     61.23
PYRAMID SAIMIRA THE    1.75   07/04/12     USD      1.00
REI AGRO LTD           5.50   11/13/14     USD     69.92
REI AGRO LTD           5.50   11/13/14     USD     69.92
SHIV-VANI OIL & GAS    5.00   08/17/15     USD     28.53
SUZLON ENERGY LTD      5.00   04/13/16     USD     48.60
SUZLON ENERGY LTD      7.50   10/11/12     USD     70.25


JAPAN
-----

AVANSTRATE INC         3.02   11/05/15     JPY     36.01
ELPIDA MEMORY INC      0.50   10/26/15     JPY     12.13
ELPIDA MEMORY INC      0.70   08/01/16     JPY     10.50
ELPIDA MEMORY INC      2.10   11/29/12     JPY     18.00
ELPIDA MEMORY INC      2.03   03/22/12     JPY     12.38
ELPIDA MEMORY INC      2.29   12/07/12     JPY     12.13
JAPAN EXPRESSWAY HO    0.50   03/18/39     JPY     68.03
JAPAN EXPRESSWAY HO    0.50   09/17/38     JPY     68.62
TOKYO ELECTRIC POWE    2.37   05/28/40     JPY     67.75
TOKYO ELECTRIC POWE    1.96   07/29/30     JPY     70.50

KOREA
-----
CHEJU REGIONAL DEVE    3.00   12/29/34     KRW     64.15
E-MART CO LTD          2.85   04/15/16     KRW     12.42
EXPORT-IMPORT BANK     0.50   11/21/17     BRL     62.10
EXPORT-IMPORT BANK     0.50   12/22/17     BRL     60.31
EXPORT-IMPORT BANK     0.50   01/25/17     TRY     68.44
EXPORT-IMPORT BANK     0.50   09/28/16     BRL     69.08
EXPORT-IMPORT BANK     0.50   10/23/17     TRY     63.11
EXPORT-IMPORT BANK     0.50   10/27/16     BRL     68.36
EXPORT-IMPORT BANK     0.50   11/28/16     BRL     67.45
EXPORT-IMPORT BANK     0.50   12/22/17     TRY     61.54
EXPORT-IMPORT BANK     0.50   08/10/16     BRL     72.04
EXPORT-IMPORT BANK     0.50   12/22/16     BRL     67.31
KEB CAPITAL INC        3.33   03/29/15     KRW     27.05
KOREA FINANCE CORP     3.07   07/23/16     KRW     10.49
LOTTE ENGINEERING &    3.76   02/13/16     KRW     14.60
NONGHYUP BANK          4.06   05/28/22     KRW     33.17
OSUNG LST CO LTD       4.00   07/07/16     USD     29.51


MALAYSIA
--------

SPECIAL PORT VEHICL    5.80   07/29/16     MYR     69.11


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

BAYAN TELECOMMUNICA   13.50   07/15/06     USD     22.75
BAYAN TELECOMMUNICA   13.50   07/15/06     USD     22.75


SINGAPORE
---------

BAKRIE TELECOM PTE    11.50   05/07/15     USD     27.00
BAKRIE TELECOM PTE    11.50   05/07/15     USD     25.25
BLD INVESTMENTS PTE    8.63   03/23/15     USD     63.38
BUMI CAPITAL PTE LT   12.00   11/10/16     USD     58.50
BUMI CAPITAL PTE LT   12.00   11/10/16     USD     57.25
BUMI INVESTMENT PTE   10.75   10/06/17     USD     57.00
BUMI INVESTMENT PTE   10.75   10/06/17     USD     55.70
INDO INFRASTRUCTURE    2.00   07/30/10     USD      1.88
OVERSEA-CHINESE BAN    3.50   12/27/37     USD     74.02


SRI LANKA
---------

SRI LANKA GOVERNMEN    9.00   06/01/43     LKR     72.43
SRI LANKA GOVERNMEN    5.35   03/01/26     LKR     57.15
SRI LANKA GOVERNMEN    9.00   07/01/28     LKR     73.95
SRI LANKA GOVERNMEN    7.00   10/01/23     LKR     67.20
SRI LANKA GOVERNMEN    8.00   01/01/32     LKR     70.20
SRI LANKA GOVERNMEN    6.20   08/01/20     LKR     73.22


THAILAND
--------

G STEEL PCL            3.00   10/04/15     USD      8.75
MDX PCL                4.75   09/17/03     USD     16.13


                             *********

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

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

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


                            *********


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

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

Copyright 2013.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



                 *** End of Transmission ***