TCRAP_Public/130910.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 10, 2013, Vol. 16, No. 179



AUSTRAL SCAFFOLDING: Clifton Hall Appointed as Liquidators
CRISTAL MINING: Moody's Changes Outlook to Negative; Keeps B3 CFR
DOLLARFORCE FINANCIAL: Ex-Director Gets 4-Year Jail Sentence
ISPONE PTY: CONEC2 Buys Firm; All Jobs Secured
MISSION NEWENERGY: Incurs AU$2.2 Million Loss in Fiscal 2013

NATIONAL BUILDERS: Founder Faces Court Battle Over Asset Selloff


CHINA FISHERY: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg.
GLORIOUS PROPERTY: S&P Lowers CCR to 'B-'; Outlook Negative
* Fitch Says China's Securitisation Reforms Have a Long Way to Go


BRILLANTO TEXTILE: ICRA Puts 'B+' Rating on Withdrawal Notice
BSCPL INFRASTRUCTURE: ICRA Cuts Ratings on INR3.19BB Loans to 'D'
CHEEMA SPINTEX: ICRA Upgrades Ratings on INR77cr Loans to 'C'
DECCAN CHRONICLE: Chairman, MD Surrender in Bounce Check Case
JAIN TIMBER: ICRA Assigns 'B' Rating to INR2.25cr Loan

K.C. TIMBER: ICRA Rates INR1.5cr Long Term Loan at 'B'
KETAN PLASTIC: ICRA Lowers Ratings on INR10.07cr Loans to 'B'
MAS GMR AEROSPACE: ICRA Ups Rating on INR232cr Loan to 'B+'
MITTAL LUMBER: ICRA Rates INR1.50cr Fund Based Loans at 'B'
MPB CONSTRUCTION: ICRA Assigns 'B+' Ratings to INR4.65cr Loans

ORTEL COMMUNICATIONS: ICRA Assigns 'C' Ratings to INR140cr Loans
PALLAVA RED: ICRA Assigns 'C+' Ratings to INR0.13cr Loans
PRATIMA AGRO: ICRA Assigns 'B+' Rating to INR5cr Cash Credit
RAJESH RAYON: ICRA Rates INR8.81cr Fund Based Loans at 'B'
SWASTIK PESTICIDES: ICRA Assigns 'B+' Ratings to INR9cr Loans

TATA POWER: S&P Lowers Corp. Credit Rating to 'B+'; Outlook Neg.
UNIQUE GREEN: ICRA Reaffirms 'B+' Rating on INR15.06cr Loan


* Moody's Issues New Credit Analysis Report on B1-Rated Mongolia


BERAU COAL: Weak Coal Prices Prompt Moody's Negative Outlook

N E W  Z E A L A N D

ALLIED FARMERS: Plans Bond Issue to Pay Tax, Avoid Wind-Up
BRIDGECORP LTD: Jailed CFO to Appeal Conviction, Sentence Today
CENTRAL TRACTORS: In Receivership, Seeks Buyer
STRATEGIC PLANNING: SFO, FMA Lay Charges Against Ex-Adviser
* NEW ZEALAND: FMA Completes Probe into Four Finance Firms


* Asian Liquidity Stress Index Worsened in August Says Moody's
* LSI for Chinese Speculative-Grade Companies Unchanged in Aug.
* Moody's Notes Fall of Support Probability for Bank Debt in AP
* BOND PRICING: For the Week Sept. 2 to Sept. 6, 2013

                            - - - - -


AUSTRAL SCAFFOLDING: Clifton Hall Appointed as Liquidators
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Austral Scaffolding Pty Ltd on
Sept. 4, 2013.

A meeting of creditors will be held at 11:00 a.m. on Sept. 13,
2013, in the offices of Clifton Hall, Level 4, 12 Gilles Street,
in Adelaide.

CRISTAL MINING: Moody's Changes Outlook to Negative; Keeps B3 CFR
Moody's Investors Service has affirmed the B3 corporate family
rating of Cristal Mining Australia Limited (Formerly Bemax
Resources Limited) and changed the outlook on the rating to
negative from stable. At the same time Moody's also affirmed the
B3 rating on the company's $175 million of Senior Unsecured Notes
due July 2014. The outlook on all ratings is negative.

Ratings Rationale:

"The outlook change to negative reflects the significant
refinancing risk facing the company with $175 million of Senior
Unsecured notes maturing in July 2014" says Matthew Moore, a
Moody's Vice President -- Senior Analyst, adding, "this
refinancing risk is exacerbated by the weaker demand environment
and volatile pricing for the company's products" added Moore. An
inability to refinance its major upcoming maturity in the near
term, will place significant further negative pressure on the
company's rating and credit profile.

"Notwithstanding the solid financial profile for the current
rating, the B3 rating continues to reflect the small scale,
exposure to volatile commodity prices in one mining sector and
challenging input costs ", says Moore who is also Lead Analyst for
the company.

Cristal Mining has good quality reserves with relatively high
mineral grades in the Murray Basin. A portion of the company's
production provides security of feedstock to its parent company
Cristal Global (unrated), which has historically shown a
willingness to support the company. This has been demonstrated
through several capital injections during periods of strained
liquidity and weak operating environments.

The market for mineral sands has been extremely volatile over the
last several years. Prices have fallen sharply over the last
twelve months as demand weakened with the softening global
macroeconomic environment. More recently prices and demand have
shown a stabilized trend however Moody's expects ongoing softness
and the potential for further volatility to continue to pressure
Cristal Mining's earnings and cash flow.

Successful execution on the company's plan to refinance the bonds
maturing in July 2014, is a prerequisite to stabilization of the

Moody's would expect the company to generate positive free cash
flow (FCF) and the ratio of FCF to debt to be sustained above 10%
to consider a rating upgrade.

On the other hand, The rating would experience material downward
pressure if Cristal Mining is unable to carry out its plans to
refinance its bond maturities over the next few months. The rating
could also experience downward pressure if further negative
developments in the mineral sands market lead to continued
deterioration in price and demand for its products.

Specifically, an inability of Cristal Mining to fund itself or a
weakening in key credit metrics, such that CFO to debt falls below
the 10-15% range and FFO to interest reduces to less than 1.4x
times could also lead to a downgrade.", Moore says adding "There
could be further downward pressure if the company carries out
additional expansion activities leading to negative free cashflow
generation", says Moore.

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

Cristal Mining is an Australian based mineral sands explorer,
miner and processor, producing Zircon and other Titanium Dioxide
(TI02) based `separated' feedstock products including Rutile,
Illmenite and Leucoxene. The company's mining operations are
centered around the Murray Basin of NSW (Ginko and Snapper mines)
and Western Australian operations near Bunbury.

Cristal Mining is a private company 100% owned by the National
Titanium Dioxide Co. Limited (Cristal Global), which is based in
Saudi Arabia. Cristal Mining provides full and half-year audited
financial statements, plus quarterly production reports on the
Singapore Stock Exchange.

DOLLARFORCE FINANCIAL: Ex-Director Gets 4-Year Jail Sentence
Clestus Weerappah, a former director of Dollarforce Financial
Services Pty Ltd, has been jailed for four years over his role in
the collapse of the property development group, according to
Australian Securities and Investment Commission.

A second director, of a related entity, James Stephen Lewis of
Kew, Victoria, has been convicted by jury of one charge over the
collapse.  Mr. Lewis pleaded not guilty to five charges.

Dollarforce collapsed in 2009 with a deficiency of AUD24 million
with investors losing more than AUD8 million.

Mr. Weerappah, 48, of Oakleigh, Victoria, pleaded guilty to the
five charges below relating to the raising of more than
AUD4 million from investors. The charges included dishonestly
using his position as a director and making false and misleading
statements, in particular:

   * dishonest use of his position as a director of Ivory
     Property Group Pty Ltd with the intention of gaining
     an advantage for himself, DFS or someone else by
     falsely representing that AUD1,200,000 belonging to
     investors would be used for the purchase and
     development of properties on behalf of Ivory Property
     Trust investors;

   * dishonest use of his position as a director of My
     Building No 1 Pty Ltd with the intention of gaining
     an advantage for himself, DFS or someone else by
     falsely representing that $1,780,000 belonging to
     investors would be used for the purchase and
     development of properties, on behalf of the My
     Building No1 investors;

   * dishonest use of his position as a director of Bennett
     Street Developments Pty Ltd with the intention of
     gaining an advantage for himself, DFS or someone else
     by falsely representing that AUD1,286,950 belonging to
     investors would be used for the purchase and development
     of properties on behalf of the Bennett Street Property

   * making a false or misleading statement or omission in a
     prospectus lodged with ASIC that made or authorised to
     his knowledge information that was false or misleading
     in that loans provided by related parties had been
     forgiven on or prior to June 30, 2006, and that the
     prospectus was misleading in a material respect, in that
     an incentive payment agreement had been entered into and
     that My Building No 1 Pty Ltd owed AUD2,955,000 to
     investors; and

   * engaging in conduct that falsified the books and records
     relating to the affairs of Altitude Property Number 1 Pty
     Ltd, in that he created a false deed of sale relating to
     the purchase of property by Bennett Street Developments
     Pty Ltd, of a Balwyn property for the sum of AUD1,300,000.

On the Aug. 6, 2013, the County Court of Victoria sentenced
Mr. Weerappah to four years jail with a non-parole period of two
years. The court also ordered Mr. Weerappah to repay
AUD3.7 million to a number of investors.

Mr. Weerappah's plea and sentence was suppressed by an order of
the Court until the end of Mr. Lewis' trial, which concluded today
following the jury returning its verdict.

The charges brought against Mr. Lewis included making false
statements in a prospectus and related to his role as an officer
Altitude Property Limited, one of the companies in the Dollarforce

Mr. Lewis, an accountant, was found guilty of one charge of making
a false or misleading statement or omission in a prospectus lodged
with ASIC in that he made or authorised to his knowledge
information that was false or misleading in that an incentive
payment agreement had been entered between Altitude Property Ltd
and Alamanda Property Investments No 2 Pty Ltd.

Mr. Lewis was found not guilty of four charges relating to acting
as an officer and falsifying the accounts of My Building No 1 Pty
Ltd, as well as falsifying accounts for inclusion in a prospectus.

Mr. Lewis will be sentenced on Oct. 4, 2013.

ASIC Commissioner Greg Tanzer said: 'The actions of Mr Weerappah
and Mr Lewis were reprehensible and represented a gross breach of
investors' trust.

'When ASIC sought information to be included in a prospectus,
Mr. Weerappah falsified information about the financial standing
of an entity to be acquired with investor funds and Mr. Lewis with
Mr. Weerapah failed to inform ASIC and investors in Altitude
Property Ltd of an agreement they had entered into which also led
to funds being paid to an entity of Mr. Werrappah's.

'The law is very clear, directors must act honestly and in the
best interests of the company.

'Mr Weerappah's conduct was deliberate, cunning and calculated.
His dishonesty over three years led to devastating consequences
for investors.

'The custodial sentence handed to Mr. Weerappah sends a clear
message to corporate Australia that ASIC, the community and the
courts will not tolerate criminal behaviour against the interests
of investors.'

Mr. Simon Wallace-Smith of Deloitte Touche Tohmatsu was appointed
liquidator of a number of companies within the Dollarforce Group,
following an application by ASIC to the Federal Court.

Mr. Wallace-Smith also received funding from ASIC from the
Assetless Administration (AA) fund in order to carry out
investigations into some of the companies. He was appointed to:

  -- Bennett Street Developments Pty Ltd
  -- Altitude Property No1 Pty Ltd
  -- My Building No 1 Pty Ltd
  -- Altitude Property Limited
  -- Lewmac Investments Pty Ltd
  -- Ivory Property Group Pty Ltd
  -- Retail Tresury Pty Ltd
  -- Elite Wealth Builders Pty Ltd

Mr. Greg Andrews of GS Andrews and Associates is the liquidator of
DFS and Mr. Murray Godfrey of RMG partners is the liquidator of

The offences concern:

  -- The Ivory Property Trust (IPT)
  -- Ivory Property Group Pty Ltd (in liquidation)
  -- My Building No 1 Pty Ltd (MB1) (in liquidation)
  -- Altitude Property Limited (in liquidation) (APL)
  -- Altitude Property No1 Pty Ltd (in liquidation)
  -- Bennett Street Property Trust
  -- Bennett Street Developments Pty Ltd (in liquidation)
  -- Alamanda Property Investments No 2 Pty Ltd (Alamanda)
     (in liquidation)
  -- Dollarforce Financial Services Pty Ltd (DFS)
     (in liquidation)

ISPONE PTY: CONEC2 Buys Firm; All Jobs Secured
Wholesale mobile phone and internet service provider ispONE Pty
Ltd has been sold. All 29 employees and more than 61,000 customers
will be transferred to the new owner. There will be no job losses
and the transition for customers is expected to be seamless.

The purchaser is CONEC2, a telecommunications and information
technology company based in Melbourne. The sale price remains

The sale includes all ispONE assets including the iBOSS platform
and the customers of ONEseniors, One Mobile and One Telecom. The
sale also includes CONEC2 taking over the provision of services to
Medion under the Aldi Mobile brand.

ispONE was placed in voluntary administration on Aug. 19, 2013.

Administrator, Ferrier Hodgson partner Stewart McCallum, said the
sale had generated a significant amount of interest.

"We extended the expression of interest period to accommodate the
large number of parties that came forward," Mr. McCallum said.
"Many were credible buyers and the level of interest drove a
competitive bidding process."

Melbourne-based ispONE provides telecommunications services to
wholesale and retail phone and internet providers throughout
Australia. Its key service lines are wireless, post-paid
mobile, fixed-line phone and internet services for business and
residential customers. The majority of these services are
rebranded through about 100 retail service providers.

MISSION NEWENERGY: Incurs AU$2.2 Million Loss in Fiscal 2013
Mission NewEnergy Limited reported a loss attributable to members
of the parent entity of AU$2.17 million on AU$8.41 million of
total revenue for the year ended June 30, 2013, as compared with a
loss attributable to members of the parent entity of
AU$6.13 million on AU$38.20 million of total revenue during the
prior year.

As of June 30, 2013, the Group had AU$7.53 million in total
assets, AU$32.60 million in total liabilities, and a AU$25.07
million total deficiency.

A copy of the Form 6-K Report is available for free at:


                     About Mission NewEnergy

Based in Subiaco, Western Australia, Mission New Energy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian

Grant Thornton Audit Pty Ltd, in Perth, Australia, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred operating cash outflows of A$4.9 million during the year
ended June 30, 2012, and, as of that date, the consolidated
entity's total liabilities exceeded its total assets by
A$24.4 million.

NATIONAL BUILDERS: Founder Faces Court Battle Over Asset Selloff
Chris Vedelago at The Age reports that Barry Suckling, founder of
National Builders Group, is facing a Supreme Court fight over
allegations that assets were inappropriately transferred or sold
off before the company's collapse early last year.

The Age relates that the legal dispute centres on the control of
intellectual property formerly owned by NBG, including trademarks
and designs and plans of 200 homes the company licenses and sells
to home buyers and builders.

The report notes that the Melbourne-based firm was voluntarily
wound up in March 2012 with debts estimated at more than
AUD22.3 million. It is estimated NBG generated AUD18.15 million in
revenue and held assets worth AUD41.78 million in the financial
year to March 21, 2012.

According to the Age, court documents alleged that Mr. Suckling,
as sole director of NBG, transferred the rights to all of the
company's current and future intellectual property at no cost to
another Suckling-controlled entity, National Builders Group IP
Holdings, in April 2009. The rights were immediately licensed
back, but on the condition the agreement could be cancelled if NBG
ever went into administration, the report relays.

Shortly before NBG's collapse, the report relates, the company
also sold all of the furniture, fixtures and fittings in its
display homes and offices to developer Mega Homes, a company
allegedly associated with Mr. Suckling. An attempt to sell off
more than 22 properties to Mega Homes for AUD8.29 million at the
same time was not realized, according to The Age.

The Age reports that liquidators Hamilton Murphy are now
petitioning the Supreme Court to declare NBG the owner of the
intellectual property and order an injunction preventing
Mr. Suckling or IP Holdings from using the materials, as well as
to pay damages.

Headquartered in Melbourne, National Builders Group Pty Ltd -- is a residential property


CHINA FISHERY: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg.
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term corporate credit rating on China Fishery Group Ltd.
The outlook is negative.  S&P also affirmed its 'B+' long-term
issue rating on senior unsecured notes that the company
guarantees.  At the same time, S&P affirmed its 'cnBB-' long-term
Greater China regional scale rating on China Fishery and the
notes.  The Chinese fishery and fishmeal producer operates mainly
in Peruvian, Brazilian, and Russian waters; it is listed in

S&P affirmed the ratings to reflect its view that China Fishery's
leverage will increase but remain commensurate with the rating
even after the acquisition of Copeinca ASA, the second-largest
fishmeal producer in Peru.

"China Fishery could face some integration risk in merging its
fishing operations with that of Copeinca in Peru," said Standard &
Poor's credit analyst Lillian Chiou.  "However, its scale and
competitive position should strengthen if the integration is

S&P continues to assess China Fishery's business risk profile as
"weak" and financial risk profile as "aggressive," as S&P's
criteria defines the terms.

S&P takes a consolidated view of the Pacific Andes group when
analyzing China Fishery's credit profile and financial ratios.  In
S&P's view, China Fishery is a "core" operating subsidiary of
Pacific Andes International Holdings Ltd. (PAIH), the ultimate
holding company.  Therefore, PAIH's weaker credit profile
constrains the rating on China Fishery.

S&P recalculated credit ratios for PAIH, after considering new
information from the company, are within its tolerance for an
"aggressive" financial risk profile.  Based on the adjustments,
PAIH's debt-to-EBITDA ratio for the fiscal year ended Sept. 28,
2012, decreases to about 5.5x from about 7.0x.  After considering
the financing of acquisition-related debt, the company's debt-to-
EBITDA ratio will increase to about 6.0x for fiscal 2013 from
about 5.5x a year ago.  However, S&P has low visibility and
predictability for those earnings adjustments.

China Fishery's "less than adequate" liquidity, as S&P's criteria
defines the term, could deteriorate if the company does not have a
concrete refinancing plan over the next six to nine months for a
US$354 million bridge loan drawn down for the Copeinca

In S&P's view, integration of Copeinca would reduce some costs for
China Fishery and increase the company's market share of fishing
quotas.  However, execution uncertainties such as failure to
achieve good quota utilization or disruption of operations because
of the departure of key management members in Peru could weaken

The inclusion of Copeinca's revenues could lower China Fishery's
revenue concentration from its contract supply business to 50%-60%
for fiscal 2013 on a pro forma basis, from 83% at the end of the
first half of fiscal 2013.

"The negative outlook reflects the potential refinancing risk for
China Fishery's bridge loan and some integration risk in Peru over
the next 12 months," said Ms. Chiou.

S&P may lower the rating if China Fishery does not have a solid
refinancing plan for its bridge loan by the middle of 2014 or
market conditions do not support the company's refinancing plan.
S&P may also lower the rating if Copeinca's performance is
materially weaker than its expectation such that its profitability
and cash flow deteriorate significantly from its base case.

S&P may revise the outlook to stable if China Fishery refinances
its bridge loan, successfully integrates Copeinca, and improves
its financial management.

GLORIOUS PROPERTY: S&P Lowers CCR to 'B-'; Outlook Negative
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Chinese property developer
Glorious Property Holdings Ltd. to 'B-' from 'B'.  The outlook is
negative.  S&P also lowered the issue rating on the company's
senior unsecured notes to 'CCC+' from 'B-'.  At the same time, S&P
lowered its long-term Greater China regional scale rating on
Glorious to 'cnB-' from 'cnB+' and that on the notes to 'cnCCC+'
from 'cnB'.

"We lowered the rating to reflect our view that Glorious'
financial performance will likely remain poor over the next 12
months," said Standard & Poor's credit analyst Frank Lu.  "The
downgrade also reflects the deterioration in the company's
liquidity position. Liquidity weakened mainly because of the
company's weak execution, sluggish sales, and significant short-
term debt."

S&P assess Glorious' business risk profile as "vulnerable" and its
financial risk profile as "highly leveraged."

In S&P's view, management's project and sales execution is weak,
as reflected by major delays in project launches and deliveries,
and lower sales in the past year.  S&P lowered its base-case
estimate of contract sales for full-year 2013 to about Chinese
renminbi (RMB) 9 billion from RMB12 billion. Contract sales
declined 27.5% to RMB4 billion in the first half of 2013, from
RMB5.6 billion a year earlier.

Glorious' liquidity is "weak," as defined in S&P's criteria.  S&P
expects the company's liquidity sources to cover about 70% of
liquidity uses over the next 12 months.  This is because of the
company's falling sales, large short-term debt, and significant
interest expenses stemming from high funding costs.

S&P believes Glorious is vulnerable to credit tightening because
of its high reliance on new borrowings to meet short-term payment
obligations.  The company's profitability is likely to remain weak
in 2013, reflecting price cuts and lower contribution from high-
margin projects in Shanghai.

S&P expects Glorious' capital structure and cash flow coverage to
deteriorate over the next year after weakening in 2012 because of
poor sales, rising debt, and low margins.  In S&P's base case, it
estimates the debt-to-EBITDA ratio to increase to 10x-13x in 2013,
from 8.5x in 2012, with EBITDA interest coverage falling to 0.7x-
1.0x from 1.0x.

The rating on Glorious also reflects the company's low land costs
and somewhat established presence in Shanghai and some nearby

"The negative outlook reflects our expectation that Glorious'
liquidity position may further weaken over the next six to 12
months because of weak property sales and significant short-term
debt maturities," said Mr. Lu.

S&P could lower the rating if Glorious fails to secure refinancing
for a major portion of its short-term debt or meet its operational

S&P could revise the outlook to stable if Glorious enhances its
liquidity and financial performance.  This could happen if the
company improves execution to increase property sales
significantly, reduces leverage, and stabilizes profit margins.

* Fitch Says China's Securitisation Reforms Have a Long Way to Go
China's State Council announced several measures last week, which
could signal an intensifying commitment to developing its
securitisation market, says Fitch Ratings. These include steps to
boost market liquidity, broaden the investor base, and enhance
regulatory and risk controls.

However, Fitch feels that rapid development will remain inhibited
in the short term. This is for three crucial reasons.

First, the market remains structurally fragmented by the existence
of two securitisation frameworks in China - the Credit Asset
Securitization (CAS) scheme and the Specific Asset Management Plan
(SAMP) - which are governed by different regulatory authorities.
Furthermore, the authorities apply different guidelines on the two
frameworks with respect to eligible originators, underlying
assets, and the investor base.

Second, legal enforceability and bankruptcy-remoteness in SAMP
transactions remain unclear. This stems from an absence of
comprehensive rules on the transfer of asset title for various
(underlying) asset types under the SAMP framework.

Third, the government remains cautious about the pace of
development of the securitisation market. This is because the
authorities would like to see the market develop at a steady pace
while still retaining control over the risks of securitisation.

The recently announced measures are still significant. Notably,
the proposal to allow securitised products to be traded on stock
exchanges would boost liquidity. It would not only facilitate a
real-time market-based pricing of these products, but also raise
the number of investors and provide a wider selection of
investment options.

Moreover, the proposal to limit stock exchange-traded
securitisation notes to "high quality" assets would facilitate a
relatively stable portfolio performance. Thereby, it would also
potentially enhance funding options for participating banks
(originators of the underlying assets), and provide at least an
incremental benefit to balance-sheet flexibility.

Finally, the State Council's intention to strengthen control over
the securitisation market makes sense in that it would enhance
oversight of related authorities, improve current laws and
regulations, as well as standardise and tighten product
guidelines. In turn, these should support investors' confidence in
- and the overall liquidity of - the securitisation market.

What these measures will not do is facilitate any meaningful risk
transfer from the banking system. Unless quotas are lifted
dramatically, the small size of China's securitisation market
(less than 0.1% of total assets) means any attempt at "cleaning
up" the country's banks by a large-scale transfer of NPLs could be
problematic - given problems with pricing such assets and the
potential for overwhelming what is a fledgling market.

Fitch does not currently rate any securitised debt in China. The
agency feels that the recent statements from the State Council,
while lacking greater detail, are of considerable significance.
However, this does not go far enough to radically alter the size
or structure of the securitisation market - nor does it carry any
huge near-term implications for China's overall financial system.


BRILLANTO TEXTILE: ICRA Puts 'B+' Rating on Withdrawal Notice
ICRA has placed the '[ICRA]B+' rating assigned to the INR 3.5
crore term loan and INR1.6 crore long term fund based facilities
of Brillanto Textile Mills Private Limited on notice for
withdrawal for three months at the request of the company. As per
ICRA's 'Policy on Withdrawal/Suspension of Credit Rating', the
aforesaid ratings will be withdrawn after three months from the
date of this withdrawal notice.

Incorporated in 1980, Brillanto Textile Mills Private Limited
(BTMPL) is engaged in the business of manufacturing grey synthetic
fabrics i.e. fabrics for shirting and suiting and sells it under
the brand name of 'Brillanto Suiting & Shirting'. The company has
its registered office in MIDC, Andheri (Mumbai) and manufacturing
unit at MIDC Tarapur, Boisar (Thane).

BSCPL INFRASTRUCTURE: ICRA Cuts Ratings on INR3.19BB Loans to 'D'
ICRA has revised the long-term rating assigned to INR590.57 crore
(earlier INR518.74 crore) term loans, INR600.0 crore fund based
limits, and INR2,000.0 crore non-fund based limits of BSCPL
Infrastructure Limited from '[ICRA]A-' to '[ICRA]D'.

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Term Loans                590.57     [ICRA]D; revised from

   Fund Based Limits         600.00     [ICRA]D; revised from

   Non-fund Based Limits    2000.00     [ICRA]D; revised from

The rating revision factors in delays in debt servicing by BSCPL
due to its weakened liquidity position. The liquidity position of
the company has deteriorated due to lower cash accruals from its
operations, which coupled with high debt servicing obligations and
continuing investments in Build Operate Transfer (BOT) road
projects resulted in cashflow mismatches. Further, in FY13 BSCPL
made investment of -INR66 crore in its international subsidiary -
BSCPL International FZE, which was not envisaged at the time of
last rating exercise. The liquidity position of the company is
expected to remain constrained in short to medium term due to
sizeable repayment obligations and the company's ability to
refinance/raise long tenure funds would be crucial for meeting the
cashflow mismatch.

Going forward, ability to regularize the debt servicing and
refinance its existing term loans with long-term maturity loans
would be the key rating sensitivity. The other rating
sensitivities include improvement in its working capital cycle and
operational cashflows, realization of the claims, and raising
equity through proposed Initial Public Offer (IPO).

Incorporated in 1981 as a partnership company, and subsequently
converted into a closely held public limited company in March
1998, BSCPL is primarily engaged in the road construction
business. BSCPL completed two rounds of private equity placement.
In FY2006, BSCPL had issued fresh equity (1.19 million shares) at
a premium of INR 695 per share to the foreign investors - New
Vernon and Tigerveda. In FY2008, BSCPL issued fresh equity (1.09
million shares) at a premium of INR 1,136 per share to, Amansa
Capital, L&T group IDFC and Lehman Brothers. Post-dilution
promoter's stake has come down to 72%.

In addition to completing several construction contracts in road
segment, BSCPL has diversified its orderbook by taking up projects
in irrigation and other infrastructure sectors. BSCPL has also
successfully completed projects in Afghanistan where competitive
pressures are relatively lower. Moreover, BSCPL has developed two
road projects through BOT route and has taken 50% exposure to five
BOT road projects through joint ventures. Of the seven road
projects in its BOT portfolio, two are annuity based and five are
toll based.

For the FY13, BSCPL's infrastructure segment registered net
operating income of INR1613.2 crore on which it earned a profit
after tax of INR80.7 crore, compared to net operating income of
INR1209.1 crore and net loss after tax of INR32.8 crore in FY12.
The net loss in FY12 was primarily due to INR52.1 crore of prior
period items (largely claims recognized as income) written off by
the company.

CHEEMA SPINTEX: ICRA Upgrades Ratings on INR77cr Loans to 'C'
ICRA has upgraded the long term rating assigned to INR 77.00 crore
fund based facilities of Cheema Spintex Limited from '[ICRA]D' to
'[ICRA]C'. Also, ICRA has upgraded the short term rating assigned
to INR 9.00 crore non fund based facilities of CSL from '[ICRA]D'
to '[ICRA]A4'.

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Long Term Fund            73.50      [ICRA]C (Upgraded)
   Based Limits

   Long Term Unallocated      3.50      [ICRA]C (Upgraded)

   Short Term Non Fund        9.00      [ICRA]A4 (Upgraded)
   Based Limits

The rating upgrade takes into account regularization in the debt
servicing by the company since March 2013 as per the revised
repayment schedule approved under the One Time Settlement (OTS)
with one of the lenders for the outstanding dues. The company had
entered into an OTS with one of the lenders under which the
outstanding amount of about INR 60.0 crore has been reduced to
INR28.2 crore, which has to be paid over the period from March
2013 (cut off date) to June 2014. As the accruals from the
operations are expected to remain modest, given the operational
bottlenecks which have resulted in lower profitability margins
than the industry average, the company has secured equity funding
of INR16.0 crore for meeting the debt obligations, out of which
INR10.0 crore was infused till July 2013. Going forward, timely
infusion of the committed equity and funding support from the
promoters would be critical for meeting the revised debt

The rating continues to be constrained by the weak financial
profile of the company due to the cash losses being incurred which
has also resulted in negative net worth for the company. The
commoditized nature of the product would continue to put pressure
on the profitability, especially given the operational
inefficiencies, which would keep the financial profile weak
despite the significant reduction in the debt liabilities on
completion of the OTS. ICRA also notes that CSL's profitability
will continue to remain susceptible to movement in cotton prices,
demand conditions in its key export markets and currency
fluctuations by virtue of high share of revenues from exports. The
rating also continues to take into account weak liquidity position
of the Company as reflected in consistently high utilization of
working capital limits. The rating however takes into account the
experience of the promoters in spinning industry, established
client base in export market and benefits accruing to CSL from
favorable location in textile cluster which provides easy access
to key markets.

Incorporated in 1994, Cheema Spintex Limited was set up as a 100%
export oriented unit by Mr. Harbhajan Singh Cheema and Mr. Hardyal
Singh Cheema in association with Punjab State Industrial
Development Corporation. The company manufactures combed and
carded cotton yarn in counts ranging from 20s to 30s; and has an
installed capacity of 30,240 spindles. CSL exports its products
mainly to Hong Kong, Taiwan, Bangladesh, China, South Korea,
Singapore, Thailand, Malaysia, and Canada.

DECCAN CHRONICLE: Chairman, MD Surrender in Bounce Check Case
Deccan Chronicle Holdings Ltd chairman T Venkattram Reddy and his
brother T Vinayak Ravi Reddy, who is vice-chairman and managing
director of the beleaguered firm, surrendered before a local court
in India on September 6 in a INR6 crore cheque bounce case slapped
by Religare Finvest.

However, the duo was granted bail by the court after they
furnished bail bonds of INR20 lakh each, each bond being of
INR5 lakh for four different cases registered against them, the
report notes.  According to TOI, the counsel for the accused
pleaded that their clients could not interfere in the probe as it
was an old case and all the proof was in the possession of the

"The court has taken an undertaking from them that they would
inform the court in advance if they go abroad. Besides, there are
three more cheque bounce cases in which they had also applied for
anticipatory bail but the court rejected their plea," the report
quotes Puneet Sekhon, prosecution lawyer, as saying. Earlier on
July 18, Chandigarh police had produced a former director of DCHL
M Sukumar Reddy in the same court. He was arrested by the
Chandigarh police from Hyderabad on July 17 and brought to
Chandigarh the next day, where he was granted bail by the court.

According to TOI, the Chandigarh district court had issued non-
bailable warrants against these three as well as other senior
functionaries of DHCL in May 2013. Following this, Chandigarh
police had conducted raids in Hyderabad and arrested Sukumar Reddy
but could not trace others. Though non-bailable warrants were
issued against all the accused, the court granted bail on merits,
as it was not a criminal complaint. TOI notes that the next date
of hearing has been fixed for September 16. The warrants were
issued against all the DCHL directors including its chairman,
vice-chariman and managing director, vice-chairman and authorized
signatory P K Iyer, erstwhile independent directors M Sukumar
Reddy, Karthik Iyer Parasuraman, Pendyal Siddhartha and V Suresh.

In May this year, TOI recalls, the DCHL top brass had filed a
petition through their counsel seeking exemption from personal
appearance for its senior officials but the court had rejected it.
The court had also rejected a separate petition that sought the
appointment of a legal representative in place of the company's
managing director.

Religare Finvest had filed a criminal case under Section 138 with
the Chandigarh police and an FIR was subsequently registered after
two cheques dated July 1, 2012 and August 1, 2012, amounting to
INR6 crore, issued by DCHL bounced, the report adds.

Based in Secunderabad, India, Deccan Chronicle Holdings Limited
engages in the printing and publishing of newspapers and
periodicals.  The company publishes Deccan Chronicle, an English
daily; Financial Chronicle, a financial daily; and Andhra Bhoomi,
a regional daily.  It also owns franchise rights for the
Hyderabad team of the Indian Premier League.

JAIN TIMBER: ICRA Assigns 'B' Rating to INR2.25cr Loan
ICRA has assigned the long term rating of '[ICRA]B' to the INR2.25
crores fund based bank facilities of Jain Timber Co. Private
Limited. ICRA has also assigned the short term rating of
'[ICRA]A4' to the INR5.00 crores non- fund based facilities of

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Fund based limits-         2.25      [ICRA]B assigned
   Long Term

   Non-Fund based limits-     5.00      [ICRA]A4 assigned
   Short Term

The ratings takes into account the relatively low value additive
and highly competitive nature of the timber business which has
resulted in below average margins of the company and this is
unlikely to change significantly in the medium term. Further, the
entire timber requirement is met through imports and the import
payables are not hedged fully by the company thus exposing the
company to exchange rate fluctuations. The rating however derives
some comfort from consistent growth in the turnover in the past
years and location of the saw mill in 'Special Imported Timber
Conversion Zone' resulting in easy access to all facilities
provided by the government in the area.

Jain Timber Co. Private Limited is a privately owned company and
was incorporated in 1991. The directors of the company are Pradeep
Kumar Jain & his wife. Mr. Kumar is actively engaged in the
business and has long experience in timber trading industry. JTCPL
is engaged in cleaning and sawing of logs to make clean squared
timber blocks. The company imports timber from mainly Europe and
America.All the sawn timber produced at its Gandhidham (Gujarat)
factory is sold from its office in Nangloi in New Delhi, and
Gandhidham in Gujarat.

K.C. TIMBER: ICRA Rates INR1.5cr Long Term Loan at 'B'
ICRA has assigned a long term rating of '[ICRA]B') to the
INR1.50 crores fund based bank facilities of K.C. Timber Traders.
ICRA has also assigned a short term rating of '[ICRA]A4' to the
INR7.50 crores Non- fund based facilities of KCTT.

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Fund Based Limits-         1.50      [ICRA]B assigned
   Long Term

   Non-Fund Based Limits-     7.50      [ICRA]A4 assigned
   Short Term

The assigned rating is constrained by small scale of operations,
weak profitability metrics at operating and net levels in its core
business of timber trading. The rating also takes into account
high competitive intensity in the timber trading industry and low
value added nature of the work resulting in pressure on revenues
and profitability. The rating however derives some comfort from
experienced promoters with long presence in the timber industry
and increasing development in infrastructure is leading to
increase in demand for timber.

Recent Results:

KCTT reported a net profit of INR0.05 crores on total sales of
INR12.50 crores for the year ended March 31, 2012 and a net profit
of INR0.10 crores on total sales of INR11.97 crores for the year
ended March 31, 2011.

Business was established in the year 1991. It is a partnership
firm with Mr. Manish Bansal & Romesh Bansal as partners in equal
ratio. Promoters have a long experience of timber trading
business. The company imports timber from Latin America and West
Africa. Head office as well the factory of the firm is located at
Assam Timber Market, New Delhi.

KETAN PLASTIC: ICRA Lowers Ratings on INR10.07cr Loans to 'B'
ICRA has downgraded the long-term rating from '[ICRA]BB' with
stable outlook to '[ICRA]B' and reaffirmed the short-term rating
of '[ICRA]A4' to the term loans, fund based facilities, non-fund
based facilities and proposed limits of Ketan Plastic Industries
Private Limited aggregating to INR25.00 crore.

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Term Loans                4.57       [ICRA]B downgraded
   Fund Based Limits         5.50       [ICRA]B downgraded
   Non-Fund Based Limits     4.00       [ICRA]A4 reaffirmed
   Proposed Limits          10.93       [ICRA]B downgraded &
                                        [ICRA]A4 reaffirmed

The downgrade of the long-term rating takes into account the
weakening of the company's financial profile with low
profitability levels and increase in leveraging levels along with
a tight liquidity position that has resulted in over-utilisation
of working capital bank limits. The ratings also take into account
the company's modest scale of operations, intense competition in
the business, vulnerability of the company's profitability to
fluctuations in foreign exchange rates in the absence of any firm
hedging policies as well as to fluctuations in raw material prices
for orders without any price variation clauses.

The ratings however favorably take into account the extensive
experience of the promoters in the business, wide customer base
resulting in low customer concentration risk and established
relationship of the company with its key customers. Also, ICRA
notes that the company usually has price variation clauses in
about half of its orders wherein the exposure to movement in raw
material prices is negated.

Ketan Plastic Industries Private Limited was constituted on 18th
August 1995 and it commenced commercial production from 10th
December 1996. KPIPL is engaged in manufacturing of woven sacks.
The company has its manufacturing facility located in Daman,
Maharashtra. The current capacity of the company is 6,840 MTPA. In
FY 2012, KPIPL reported Profit after Tax (PAT) of INR0.06 crore on
an operating income of INR48.17 crore.

MAS GMR AEROSPACE: ICRA Ups Rating on INR232cr Loan to 'B+'
ICRA has upgraded the rating assigned to the INR 232 crore term
loan programme of MAS GMR Aerospace Engineering Company Limited to
'[ICRA]B+' from '[ICRA]D' earlier. For arriving at the ratings,
ICRA has combined the business and financial risk profile of MGAE
and its subsidiary MAS GMR Aero Technic Limited (MGAT) given the
close inter-linkages between the two companies.

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Term loan                 232.00     Upgraded from [ICRA]D to

ICRA notes that MGAE has recently restructured its operations by
designating its 100% subsidiary, MGAT to operate the MRO business,
while it leases out the physical infrastructure to MGAT for a
lease rental. The debt however continues to remain on MGAE's books
and will be serviced primarily through a rental of INR21.55 crore
(escalating by 9% per annum) from MGAT.

The rating revision factors in the recent improved debt servicing
track record of MGAE based on timely funding support from the
sponsors, GMR Hyderabad International Airport Limited (GHIAL, 50%
holding, rated at [ICRA]BBB/A3+) and Malaysian Airline System Bhd
(MAE, 50% holding). Due to the slow ramp up in MGAT's MRO
operations, payment of fixed costs and debt servicing requirements
are funded through the promoter's contributions. Given that the
MRO business has not seen any major turnaround, ICRA expects MGAE
to continue to remain dependent on the funding support from its
sponsors to meet debt servicing requirements over the medium term.
This dependence, together with the past delays in debt servicing,
constrain the rating. MGAE's interest servicing requirements
amount to approximately INR26 crore in FY 14. The principal
repayments for the INR232 crore debt commence in February 2014 -
the repayments follow an increasing trend starting at INR11.6
crore in first year followed by INR 16.2 crore, INR18.56 crore,
INR23.2 crore in the subsequent 3 years respectively and INR27.8
crore annually thereafter. Since the MRO facility was commissioned
in November 2011, the sponsors have infused approximately INR110
crore towards funding the cash shortfalls in MGAE. As such,
continued and timely support from the sponsors would be a key
rating driver.

MGAE is a 50:50 Joint Venture (JV) between GMR Hyderabad
International Airport Limited (GHIAL, rated at [ICRA]BBB/A3+) and
Malaysian Aerospace Engineering Sdn. Bhd. (MAE, a 100% subsidiary
of Malaysian Airline System Bhd, operator of Malaysia Airlines).
The JV has commissioned an Airframe MRO facility at the Hyderabad
Airport in November 2011 at a total cost of INR 309 crore, funded
by debt of INR 232 crore and the balance by equity. Apart from
DGCA approval, an EASA approval was also received in February
2012. Post the EASA approval, the company is in discussions with
several airlines in India/abroad for long-term service contracts.
MGAE has recently restructured its operations by designating its
100% subsidiary, MGAT to operate the MRO business, while it leases
out the physical infrastructure to MGAT for a lease rental.

MITTAL LUMBER: ICRA Rates INR1.50cr Fund Based Loans at 'B'
ICRA has assigned the long term rating of '[ICRA]B' to the INR1.50
crores fund based bank facilities of Mittal Lumber Private
Limited. ICRA has also assigned the short term rating of
'[ICRA]A4' to the INR4.00 crores Non- fund based facilities of

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Fund based limits-              1.50      [ICRA]B assigned
   Long Term

   Non-Fund based limits-          4.00      [ICRA]A4 assigned
   Short Term

The ratings take into account the highly competitive nature of the
industry characterized by the presence numerous players which have
resulted in modest profitability of the company in the past.
Moreover, the margins remains exposed to exposure to any variation
in the timber prices as well as exchange rate risk on import
payables. The ratings are also constrained by the company's weak
financial profile as reflected by small scale of operations,
modest cash accruals, high gearing levels and modest debt coverage
indicators. The ratings however derive comfort from the long
experience of the promoters in the timber trading business and
consistent growth in revenues of the company in the last few
years. Going forward, ICRA expects high competition and
commoditized nature of MLPL's products to keep the profitability
and debt protection metrics of the company at a moderate level.

Mittal Lumber Private Limited is a privately owned company and was
incorporated in 1991. The directors of the company are Pradeep
Kumar Jain & his wife. Mr. Kumar is actively engaged in the
business and has long experience in timber trading industry. MLPL
is engaged in cleaning and sawing of logs to make clean squared
timber blocks. The company imports timber from mainly Europe and
America. All the sawn timber produced at its Gandhidham (Gujarat)
factory is sold from its office in Nangloi in New Delhi, and
Gandhidham in Gujarat.

MPB CONSTRUCTION: ICRA Assigns 'B+' Ratings to INR4.65cr Loans
ICRA has assigned a long term rating of '[ICRA]B+' for INR4.65
crore bank lines of MPB Construction Private Limited. ICRA has
assigned a short-term rating of '[ICRA]A4' for INR2.85 crore bank
lines of MPB.

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Working Capital Limits     2.70      [ICRA]B+ assigned
   Term Loans                 1.65      [ICRA]B+ assigned
   SLC                        0.30      [ICRA]B+ assigned
   Non Fund Based Limits      2.00      [ICRA]A4 assigned
   Unallocated                0.85      [ICRA]A4 assigned

The assigned ratings factor in MPB's relatively moderate scale of
operations; and competitive nature of the construction business
limiting MPB's pricing flexibility, which further coupled with
vulnerability to volatility in raw material prices, has exerted
pressures on the company's profitability. Further the ratings also
take into account the high geographical concentration of MPB's
order book in the state of Jammu & Kashmir (J&K); and delays in
execution of some of the ongoing projects, which has resulted in
high inventory and high working capital intensity of the business.
High working capital debt and recent capex towards machinery and
equipment along with modest net worth have translated into
relatively high gearing level and moderate debt protection metrics
for the company. Nevertheless, the ratings draw comfort from the
experienced promoters; long track record of operations; steady
revenue growth achieved by the company over the years; and its
long standing association with the Military Engineering Services
(MES), which has enabled MPB to secure projects regularly. This
has led to a healthy order book position, which provides future
revenue visibility.

Going forward, MPB's ability to maintain its revenue growth
through timely execution of the outstanding order book and
improvement in working capital intensity will remain the key
rating sensitivities. Company Profile The business was set up in
1974 as a proprietorship firm (Usha Electricals India) by Mr. M K
Bhan. Subsequently the promoter group ventured into the civil
construction business, executing projects majorly in the state of
J&K and also in Haryana and Delhi NCR region, primarily for MES.
In April 2011, the firm was reconstituted as a private limited
company under the name - MPB Construction Private Limited (MPB).

Recent Results
For FY2012, the company has achieved an operating income of
INR12.8 crore and a net profit of INR0.04 crore. MPB has achieved
an operating income of INR20.7 crore and a net profit of INR0.07
crore (as per provisional financial results) in FY2013.

ORTEL COMMUNICATIONS: ICRA Assigns 'C' Ratings to INR140cr Loans
ICRA has assigned a long term rating of '[ICRA]C' to the INR26.66
crore term loans, INR10.00 crore long term fund based bank limits
and INR103.34 crore unallocated limits of Ortel Communications

   Facilities          (INR crore)   Ratings
   -----------         -----------   -------
   Term Loan               26.66     [ICRA]C assigned
   Fund Based Limits       10.00     [ICRA]C assigned
   Unallocated Limits     103.34     [ICRA]C assigned

The rating primarily takes into account the weak financial profile
of Ortel, which is characterized by loss making operations, highly
aggressive gearing levels and depressed coverage indicators. The
debt servicing track record of the company has also been
unsatisfactory in the past, although ICRA notes that post debt
restructuring, Ortel has been meeting its interest obligations on
the rated instruments in a timely manner. However, delays in
servicing debt taken from other lenders continue to exist at
present. Ortel's business, which focuses on the distribution of
cable television services, is highly capital intensive, and
requires high amounts of funding. The company's rapid growth over
the past five years has been mostly inorganic in nature, with
debt-funded acquisition of smaller multi-system operators (MSOs)
and local cable operators (LCOs) leading to high capital charges
for the company. Since additional debt funding of future
acquisitions is likely to place further pressure on liquidity,
Ortel plans on raising funds through the sale of equity, but the
timeliness of the same remains uncertain at present. Moreover, the
intense competition present in the industry is likely to keep
profit margins under check. The rating, however, favorably factors
in the established market presence of Ortel as one of the largest
MSOs in Odisha, with an increasing presence in other states as
well. The company's promoters also have experience of over two
decades in the industry. The company has a well developed network
infrastructure for cable and broadband services, with legal rights
of way for laying cable granted in the areas in which it operates,
which enables it to focus on the last mile connection and gain
direct access to cable television subscribers, thereby ensuring
capture of the entire subscription revenues paid by the
subscribers. This infrastructure is also expected to result in
lower costs for transitioning of the cable TV systems from analog
to digital, as per the enactment of the regulatory framework for
digitisation of cable TV systems in India with a sunset date of
December 31, 2014. In ICRA's opinion, the ability of the company
to generate profits, service its debt obligations in a timely
manner, and improve its capital structure would remain key rating
sensitivities going forward.

Ortel Communication Limited was incorporated on June 2, 1995 by
the Panda family (promoters of the Indian Metals and Ferro Alloys
Ltd. Group). The company is a regional multi-system operator
(MSO), engaged in the distribution of analog and digital cable
television services, high speed broadband services and voice over
internet protocol (VoIP) services, with services being provided
under the brand names "Ortel Home Cable", "Ortel Digital" and
"Ortel Broadband". At present, the company is providing only cable
and broadband services, as government regulations currently
prohibit commercial voice services. Cable services are the main
drivers of revenue, followed by broadband services and other
ancillary revenues, such as carriage fees, uplinking charges etc.
Its business is focused in the state of Odisha, with presence in
Chhattisgarh, Andhra Pradesh and West Bengal as well.

PALLAVA RED: ICRA Assigns 'C+' Ratings to INR0.13cr Loans
ICRA has assigned an '[ICRA]C+' rating to the INR1.3 crore long
term facilities of Pallava Red Granite Private Limited. ICRA has
also reaffirmed the '[ICRA]A4' rating to the INR8.6 crore short
term facilities of Pallava.

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Term Loan                 0.6        [ICRA]C+ assigned
   Term Loan-Proposed        0.7        [ICRA]C+ assigned
   Export Packing Credit     5.0        [ICRA]A4 reaffirmed
   Letter of Credit/Bank     3.6        [ICRA]A4 reaffirmed

The rating is constrained by the weak financial profile of the
company marked by reduced operating income in FY 2013 and the high
working capital intensity. The rating is further constrained by
the modest scale of operations of the company; the highly
competitive and fragmented industry which is also prone to
regulatory uncertainties; vulnerability of the company's profit
margins to volatility in foreign exchange fluctuations as more
than 80% of its sales are derived from exports; and, the
vulnerability of the granite industry to overall economic
volatilities leading to fluctuations in production volumes.
Besides, the company is also exposed to product concentration risk
since only 'black galaxy' variety of granite is quarried. The
rating, however, favorably factors the healthy demand for the
Indian varieties of granite in the global market; the low threat
from substitutes such as marble; the setting up of processing
facility in FY 2013 and, the long track record of the promoters
for more than three decades in the industry.

Pallava Red Granite Private Limited was originally incorporated in
December 1983 as K S Overseas Private Limited. In 2008, the name
was changed to Pallava Red Granite Private Limited. The company is
a joint venture of Pallava Granite Industries India Private
Limited, RED Graniti SPA (Italy) and Andhra Pradesh Mineral
Development Corporation Limited. The company is a part of the
Pallava Group, which began operations through its flagship,
Pallava Granites Industries, in 1972, with quarrying operations in
Karasanoor in Tamil Nadu. Subsequently, the group operations were
expanded to other southern states of Kerala, Andhra Pradesh and
Karnataka. The group exports granites to about 175 customers in 16
countries, and is the recipient of various Safety Awards as well
as Exports Awards from the State and Central Governments. The
company, which is a 100% EOU, currently has mining rights in
Chimakurthy in Andhra Pradesh for 15 years for the 'black galaxy'
variety. The company predominantly exports its granite blocks to
China and Vietnam. For FY2013, the company has reported an
operating income of INR21.3 crore and Profit After Tax (PAT) of
INR1.0 crore.

PRATIMA AGRO: ICRA Assigns 'B+' Rating to INR5cr Cash Credit
ICRA has assigned a long term rating of '[ICRA]B+' to the INR5
crore cash credit facility of Pratima Agro & Paper Private
Limited. ICRA has also assigned a short term rating of '[ICRA]A4'
to the INR5.75 crore short term fund based facilities of the

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Cash Credit facility       5.00      [ICRA]B+ assigned

   Short term fund            5.75      [ICRA]A4 assigned
   based facilities

The ratings take into account, the company's small scale of
current operations and the weak financial profile as reflected by
stretched liquidity entailing high reliance on external borrowings
and an adverse capital structure along with weak debt coverage
indicators. The rating also takes into account the low value
additive nature of operations and intense competition on account
of fragmented industry structure leading to thin profit margins.
The rating is further constrained by vulnerability of
profitability to adverse fluctuations in raw material prices which
are subject to seasonal availability of raw cotton and government
regulations on MSP and export quota. The ratings, however,
favorably factor in the track record and the established presence
of the promoters in the cotton industry, and the repeat orders
from its reputed customers which indicates the company's technical
competence. ICRA however notes that customer concentration risks
of PAPPL remains high, with almost 40% of its revenues at present
being accounted by a single customer.

Established in 2004, PAPPL is engaged in the ginning of raw cotton
to produce cotton seeds and cotton bales. The business is promoted
and managed by Mr. Sitaram Meher. The factory is located at
Titilagarh, Bolangir, Orissa. The company is equipped with 18
ginning machines and has an installed capacity to produce 264
cotton bales per day.

Recent Results

PAPPL registered a profit after tax of INR0.16 crore on the back
of OI of INR23.51 crore in 2012-13. In 2011-12, the company
registered a profit after tax of INR0.12 crore on the back of OI
of INR16.13 crore.

RAJESH RAYON: ICRA Rates INR8.81cr Fund Based Loans at 'B'
ICRA has assigned a long term rating of '[ICRA]B' to the INR 8.81
crore fund based facilities of Rajesh Rayon Silk Mills Limited.

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Long Term, Fund            8.81      [ICRA]B (assigned)
   Based Limits

The assigned rating takes into account the vast experience of the
promoters of over three decades in the trading business and
established relationships with its suppliers and customers. The
rating also factors in the healthy growth in revenues in the last
three fiscals, albeit on a low base. The rating is, however,
constrained by modest profitability indicators of the entity due
to limited value addition in the trading business and modest scale
of operations in a highly fragmented industry. The financial
profile of the company is stretched due to high working capital
intensity of the business which has led to a leveraged capital
structure and weak coverage ratios.

Incorporated in the year 1982, Rajesh Rayon Silk Mills Limited is
engaged in the trading of polyester viscose fabric and polyester
blended fabric which finds its end use in suiting's, shirting's
and furnishings. The company markets its products through the
'R.R.Lene' brand and is distributed through a network of brokers
and dealers.

SWASTIK PESTICIDES: ICRA Assigns 'B+' Ratings to INR9cr Loans
ICRA has assigned a long term rating of '[ICRA]B+' and a short
term rating of '[ICRA]A4' to the INR14.0 Crore bank facilities of
Swastik Pesticides Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-Term Fund-Based            8.0       [ICRA]B+ assigned

   Term Loan                       1.0       [ICRA]B+ assigned

   Short-Term Non-Fund             5.0       [ICRA]A4 assigned
   Based limits

The ratings are constrained by the fragmented nature of the agro-
chemical industry due to low capital intensity; the inherent
vulnerability of the business to agro-climatic conditions;
presence in the relatively low value-added formulation segment as
well as the lack of backward integration; and threat to demand
arising from development of genetically modified crops. The
ratings are further constrained by the moderate profitability and
return indicators, owing to the low value addition and high
competition in the segment. The ratings however favourably factors
in the established track record of the promoters in the
agrochemical business; strong marketing network with presence in
most Indian states and low customer concentration risk.

Swastik Pesticides Limited was incorporated in 1973. The company
is engaged in manufacturing of agrochemicals like insecticides,
pesticides, herbicides etc. with its manufacturing facilities
located in Muzaffarnagar, Uttar Pradesh. The sales of the company
are distributed across states of Haryana, Punjab, Rajasthan, Uttar
Pradesh, Madhya Pradesh and Gujarat. The company is closely held
by promoters and related parties.

Recent Results

SPL reported a turnover of INR54.95 Crore and a net profit of
INR0.26 Crore during financial year 2012-13. The company had
reported a turnover of INR33.95 Crore and a net profit of INR0.07
Crore during financial year 2011-12.

TATA POWER: S&P Lowers Corp. Credit Rating to 'B+'; Outlook Neg.
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on India-based power utility
Tata Power Co. Ltd. to 'B+' from 'BB-'.  The outlook is negative.

At the same time, S&P lowered the issue rating on the company's
outstanding senior unsecured notes due 2017 to 'B+' from 'BB-'.

"We lowered the rating on Tata Power because we believe the
company's cash flows are likely to remain weak with a ratio of
funds from operations (FFO) to adjusted debt at less than 10% over
the next 12 months," said Standard & Poor's credit analyst Rajiv

The primary drivers for Tata Power's lower cash flows on a
consolidated basis are less-than-full recovery of fuel costs at a
4,000 megawatt coal-fired project at Mundra and lower returns from
investments in Indonesian coal companies because of substantially
reduced thermal coal prices.

The fully operational Mundra project exposes Tata Power to
volatility in coal prices because the company can only pass
through a part of fuel costs to its customers.  The project's
ability to blend fuel with some low calorific value coal tempers
the fuel-price risk.

India's Central Electricity Regulation Commission (CERC) recently
issued an order for a full pass through of fuel costs at the
Mundra project.  A committee set up by CERC also recommended a
mechanism for payment of a compensatory tariff to recover fuel-
cost related losses at the project.  These measures are likely to
improve Tata Power's cash flows.  However, the timing and quantum
of the tariff remain uncertain.  S&P expects Tata Power's ratio of
FFO to debt to be about 7.5% in fiscal 2014 and rise to 10%-14% in
fiscal 2015 if the compensatory tariff becomes effective in 2015.

S&P believes lenders to the Mundra project are likely to support
the project despite the expiry of a waiver on a bank loan covenant
breach in June 2013.

S&P assess Tata Power's liquidity as "less than adequate," as its
criteria define the term.  Tata Power's weak consolidated cash
flows are likely to weaken its ability to pay maturing debt over
the next 18 months.  Tata Power has large bullet debt maturities
totaling about US$670 million due in April 2014, July 2014,
November 2014, and April 2015.  S&P believes the company might
undertake measures to meet its funding requirements.

"The negative outlook reflects the uncertainty regarding the
company's plan to refinance its debt maturities over the next 12-
18 months," said Mr. Vishwanathan.  "The outlook also reflects
uncertainty regarding approvals for the tariff relief at Mundra."

In S&P's base case, it forecasts an improvement in cash flows,
particularly in 2015.  However, a higher-than-usual level of
uncertainty is attached to S&P's base-case expectations.

S&P may lower the rating if Tata Power's liquidity weakens further
or if the company faces difficulty in refinancing its upcoming
debt maturities in a timely manner.  A downgrade could also follow
a further deterioration in cash flows, such that the ratio of FFO
to debt reduces to 5%-7% on a sustained basis.  S&P believes this
could occur if coal prices decline further or remain low for a
sustained period, or if approvals for the tariff relief are not
available beyond 2015.

S&P may revise the outlook to stable if Tata Power: (1) has a
concrete plan to meet its upcoming debt maturities; (2) eliminates
its bank loan covenant breaches; and (3) faces no material
deterioration in its business.

UNIQUE GREEN: ICRA Reaffirms 'B+' Rating on INR15.06cr Loan
ICRA has reaffirmed long term rating of '[ICRA]B+' and short term
rating of '[ICRA]A4' to the fund based, non-fund based and
unallocated bank facilities of Unique Green Energy Technologies
Private Limited aggregating to INR28.74 crores.

   Facilities          (INR crore)   Ratings
   -----------         -----------   -------
   Fund based             15.06      Reaffirmed at [ICRA]B+
   Non-fund based         11.74      Reaffirmed at [ICRA]A4
   Unallocated             1.94      Reaffirmed at [ICRA]B+/

The rating reaffirmation factors in the financial profile of the
company which is constrained by working capital intensive nature
of operations as reflected by high utilization of the working
capital facilities and by the weak debt coverage indicators with
interest coverage at 1.43 times and NCA/TD at 8% in FY2013. The
ratings are also constrained by non-diversified product portfolio
and limited usage of amorphous cores in manufacturing of
electrical transformers in India, despite they being more energy
efficient than other types of transformer cores.

Further, the rating factors in the exposure to fluctuations in
exchange rate as major portion of the raw material is imported,
which is likely to negatively impact the profitability, given the
recent depreciation of rupee against dollar. However, the rating
positively factors in the long track record of the promoters in
manufacturing of electrical transformers and the fact that the
promoter group company, Shirdi Sai Electricals is expected to
provide a stable source of demand for the amorphous cores
manufactured by UGETPL. ICRA also factors in the increase in
revenues to INR 41.71 crores in FY2013 from INR 11.84 crores in
FY2012 and the improvement in profitability during this period.

UGETPL incorporated in 2011 is engaged in manufacturing of
amorphous metal core loops used in electrical transformers. The
chief promoter of the company is Mr. N. Visweswara Reddy, who also
promoted Shirdi Sai Electricals Limited which is engaged in
manufacturing of distribution transformers, power transformers and
execution of projects on turnkey basis.


* Moody's Issues New Credit Analysis Report on B1-Rated Mongolia
Moody's Investors Service says that Mongolia's B1 sovereign bond
rating and stable outlook hinges on the absence of significant
fiscal pressures, relative macroeconomic stability, and the
maintenance of a favorable investment climate in the mining

Moody's assessment was contained in its just-released "Credit
Analysis Mongolia" which serves as an update to investors and is
not a rating action.

Moody's looks at four, overall methodological factors and scores
them as follows for Mongolia: economic strength -- low;
institutional strength -- low; government financial strength --
low; and susceptibility to event risk -- high.

Moody's notes that the country's credit strengths include its
strong growth, which is based on rich natural resources, but also
underscores credit challenges, stemming from a narrowly-
diversified economy, pro-cyclical fiscal policy, and an
unpredictable investment regime.

While GDP has moderated to 12.4% in 2012 from the 17.5% pace seen
in 2011, overheating pressures are still present, with inflation
remaining high, and credit growth elevated. A heavy dependence on
global commodity prices and demand from China leave the country
vulnerable to growth volatility. Coupled with policy uncertainty,
these factors have increased the economy's susceptibility to boom-
bust cycles.

Recent fiscal performance is a credit constraint. Preliminary data
suggests that the government is unlikely to meet targets set out
by the country's Fiscal Stability Law. Another constraint is
transparency. This is evident in off-budget spending largely
channeled through the Development Bank of Mongolia, which also
detracts from fiscal discipline.

Event risks are high, driven primarily by economic factors. Over
the past two years, large current account deficits were easily
financed through debt and FDI inflows. However, with the first
phase of the Oyu Tolgoi mining project coming on stream, and
flagging investor sentiment, FDI flows have dwindled considerably,
imparting a moderate degree of pressure on the balance of

The recent insolvency of the country's fifth-largest bank, Savings
Bank -- which accounted for 8% of banking sector assets -- adds to
asset quality concerns and highlights risks related to cross-
ownership; a feature common among Mongolian Banks.


BERAU COAL: Weak Coal Prices Prompt Moody's Negative Outlook
Moody's Investors Service has affirmed the B1 corporate family
rating of PT Berau Coal Energy Tbk as well as the senior secured
ratings of bonds issued by BCE and Berau Capital Resources Pte
Ltd, and which is guaranteed by BCE.

At the same time, Moody's has changed the outlook for the ratings
to negative from stable.

Ratings Rationale:

"The change in outlook reflects our expectation that BCE's credit
metrics will come under additional pressure, because of weak
thermal coal prices. Prices are unlikely to recover significantly
over the next 12 to18 months," says Simon Wong, a Moody's Vice
President and Senior Credit Officer.

Seaborne thermal coal prices have fallen by more than 15% since
the start of the year, as low cost producers increased production
volumes to maximize cash flows from operations while lowering
production levels per unit.

Consequently, Moody's has revised downwards its forecast for the
Newcastle benchmark thermal coal price in 2013, to $80-$85 per
tonne from $90-95 per tonne.

In addition, Moody's expects that supply will continue to outstrip
demand into 2014, which in turn will suppress the price of thermal

"BCE's credit metrics are expected to deteriorate due to margin
compression. We therefore expect its full year results to be weak
for its B1 rating," says Wong, who is also the Lead Analyst for

"Nonetheless, BCE's strong liquidity, as reflected by its cash
holding of $512 million in June, will provide the company with
headroom against weak market conditions," adds Wong.

BCE has successfully implemented various cost reduction measures,
which have lowered production cash costs (including royalties) by
16.6% to $42.8 per tonne in 1H 2013 from $51.3 per tonne in 1H
2012. However, the cost savings have been smaller than the 18.9%
fall in its average selling price, to $61.4 per tonne from
$76.6 per tonne.

Moody's expects BCE to generate EBITDA of approximately
$9.5-$10.0 per tonne for 2013.

The company's liquidity position remains strong, with no debt
maturing until 2015. Indeed, BCE's strong liquidity represents a
major support factor for the B1 rating, which would otherwise face
more immediate downward pressure.

However, its cash balance will be reduced by its ongoing capex for
maintenance, the capital requirements it will need to improve
operational efficiencies, its expansion of the Binungan mine, and
regular dividends.

"Ratings do not assume any material cash leakage from BCE and
indeed any signs of BCE's current cash balance being depleted more
rapidly and for reasons not related to the operations of the
business would lead to a ratings downgrade," says Wong.

Moody's also remains concerned by the potential for a material
change to financial policies as a result of ongoing shareholder
uncertainty at Bumi PLC (unrated), BCE's ultimate parent. On 11
July, PT Borneo Lumbung Energi & Metal Tbk (Borneo, unrated)
announced that its affiliate, Ravenwood Pte Ltd, had entered into
an agreement to acquire the Bakrie Group's (unrated) 23.8%
interest in Bumi PLC. The transaction is conditional upon the sale
of Bumi PLC's 29.2% interest in Bumi Resources to the Bakrie
Group, and on the waiver of the requirement under Rule 9 of the UK
City Code on Takeovers and Mergers, for Borneo or any of its
affiliates to make a general offer to Bumi shareholders. If the
transaction is successful, Borneo will be Bumi PLC's largest
single shareholder, with a 47.6% ownership.

Upward rating pressure is limited given the negative outlook.
Nonetheless, the outlook may be changed to stable, if BCE's
adjusted total debt/EBITDA falls below 3.5x and EBIT/interest
exceeds 3.5x.

On the other hand, downward rating pressure could emerge if: (1)
industry fundamentals deteriorate further, leading to a decline in
free cash flow, thereby constraining BCE's ability to make its
debt repayments; and/or there is a material decline in BCE's cash

Indicators that Moody's would consider as triggers for a downgrade
include adjusted consolidated debt/EBITDA exceeding 3.75x or
adjusted consolidated EBIT/interest expense falling below 2.5x.

Other negative rating triggers include: (1) any adverse decisions
regarding the off-setting of payments for VAT; or (2) any change
in laws and regulations, particularly in relation to mining
concessions that would adversely affect BCE's business.

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

BCE is Indonesia's fifth-largest producer and exporter of thermal
coal. It operates three active mines (Lati, Sambarata and
Binungan) at a single site in East Kalimantan. As at end-2011, it
had estimated resources of 2.2 billion tons, and probable and
proven reserves estimated at 509 million tons.

BCE is 84.7% owned and controlled by Bumi PLC.

N E W  Z E A L A N D

ALLIED FARMERS: Plans Bond Issue to Pay Tax, Avoid Wind-Up
BusinessDesk reports that Allied Farmers, which is recovering from
its disastrous takeover of the Hanover and United Finance loan
books, wants to raise up to NZ$1 million in a bond issue to settle
an outstanding tax bill and stave off threatened liquidation

BusinessDesk relates that the Hawera-based company's Allied
Farmers Rural subsidiary will seek at least NZ$500,000 from a bond
issue to fund a proposed repayment plan with the Inland Revenue
Department, and keep the balance for working capital.

According to the report, the bonds will rank behind Allied
Farmers' debt to Crown Asset Management Ltd, the unit tasked with
clawing back funds used in the deposit guarantee scheme, and will
be issued at NZ$1 apiece, repayable on Aug. 31 2014 at 12 percent.
The notes will also come with 58 options to buy shares for every
10 bonds held, the report says.

After the close of trading on September, Allied Farmers said it
had sold its saleyard interests in Taranaki, Manawatu, Waikato and
King Country to a joint venture subsidiary, NZ Farmers Livestock,
for NZ$3.6 million, BusinessDesk reports. Crown Asset Management
took most of the proceeds to reduce the outstanding debt, with
another NZ$600,000 set aside for the tax department, the report

Allied Farmers would also be able to draw on up to NZ$310,000 to
meet outstanding commitments, BusinessDesk adds.

The report says the company is also in talks with another secured
creditor owed NZ$540,000, which has made a call on its debt.

                        About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) -- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied
Nationwide Finance Limited in Auckland, Wellington and
Christchurch.  Timber processing comprises the Company's
discontinued sawmilling operations. said the future of Allied Farmers is in doubt after
its accounts revealed it needs to sell property, collect money
owed to it, and reach an agreement with its rural creditors in
order to survive as a going concern.  The rural services business,
which acquired the assets of Hanover and United Finance in
December 2009, revealed its position in half-year accounts filed
to the NZX on March 26, 2012.

Allied Farmers Limited reported an unaudited loss of
NZ$14.1 million for the year ended June 30, 2012, compared with
NZ$40.9 million in 2011.  A significant part of this loss, NZ$10.3
million (last year NZ$34.1 million), largely relates to the
further impairment of assets acquired from Hanover and United

The Hawera-based company made a loss of NZ$4.4 million in the year
to June 30, 2013.

BRIDGECORP LTD: Jailed CFO to Appeal Conviction, Sentence Today
Hamish Fletcher at The New Zealand Herald reports that jailed
Bridgecorp Ltd chief financial officer Rob Roest is due to appeal
his conviction and sentence today, September 10.

Mr. Roest, a discharged bankrupt, was found guilty of last year
making untrue statements in the failed finance company's offer
documents, the Herald recalls. The company collapsed in 2007 owing
NZ$459 million to 14,500 investors.

The Herald relates that alongside Bridgecorp's managing director
Rod Petricevic, Mr. Roest was also convicted on Crimes Act charges
last year because of statements in Bridgecorp's offer documents
that the company had never missed a payment of interest or
principal to investors.

According to evidence tabled in a four-month-long High Court case
brought by the Financial Markets Authority, Bridgecorp began
missing payments to investors on Feb. 7, 2007, the report relays.

The Herald says Mr. Roest was sentenced to six and a half years'
jail on the FMA charges but is due to appeal both his conviction
and sentence today.

While Mr. Roest had some help from an amicus in preparing his
submissions, he will represent himself in the Court of Appeal
without a lawyer, the report notes.

The former Bridgecorp director had another three months added to
his jail term last year when he pleaded guilty to three charges
brought by the Serious Fraud Office, the Herald adds.

                      About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. was a property development
and finance company.  The company was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 14,500 investors, which liquidators estimate to
approximate NZ$500 million.  Bridgecorp's nine Australian
companies were also placed into voluntary administration, owing
about 100 investors about AUD24 million (NZ$27 million).

CENTRAL TRACTORS: In Receivership, Seeks Buyer
---------------------------------------------- reports that a Feilding agricultural machinery
business with more than $NZ2 million in annual turnover has been
put on the market for urgent sale after going into receivership.

Central Tractors and Machinery was placed into receivership last
week, according to

Soon after, the report relates, advertisements to sell the
business appeared in newspapers.  Receivers were unable to be
contacted in the weekend but the advertisement said the business
was for sale as a going concern, the report notes.

The report discloses that turnover was NZ$2.26 million this year
and the business employed six staff.

The business came second in the Feilding Business Awards last year
and is owned by Gwyn Bliss-Bennett and John Bliss, the report

STRATEGIC PLANNING: SFO, FMA Lay Charges Against Ex-Adviser
Following a joint investigation into the activities of Strategic
Planning Group Limited (SPG), the Serious Fraud Office (SFO) and
the Financial Markets Authority (FMA) have laid charges against
former financial adviser Andrew Hrothgar Robinson.

Mr. Robinson was a director of Strategic Planning Group Limited
(SPG) and is a current director of SPG Investment Company No.1
Limited (SPGI).

Mr. Robinson appeared in the Auckland District Court Sept. 5,
2013, to face five charges laid by SFO under the Crimes Act of
theft by person in a special relationship and one charge of
dishonestly using a document.

It is alleged that Mr. Robinson stole investor funds of
approximately NZ$3 million to repay the investments of other
investors and to pay for some business and personal expenses
between 2010 and 2012. It is further alleged Mr. Robinson made
false statements in various investment reports to hide the true
picture from investors.

FMA has laid one charge against Mr. Robinson under the Financial
Service Providers Act for providing a broking service without
being registered, and one charge of knowingly making a false
statement in his application to become an Authorised Financial
Adviser (AFA) under the Financial Advisers Act.

FMA has laid additional charges against Mr. Robinson and a co-
director of SPGI, Mark Andrew Turnock. They each face two charges
under the Financial Reporting Act of making false statements in
the SPGI financial documents. SFO has not laid charges against
Mr. Turnock.

The investigation into SPG and SPGI began in December 2012 when
FMA received a complaint with allegations about Mr. Robinson's
management of client funds through SPG. FMA took immediate action
to preserve investors' funds by requesting that the bank accounts
of Mr. Robinson and SPG be frozen. Mr. Robinson's status as an AFA
was terminated in December 2012.

FMA subsequently referred certain aspects of their investigation
to SFO.

"Public confidence in the financial adviser regime relies on
advisers complying with their regulatory obligations and FMA will
take appropriate action where it is alleged this is not
occurring," said FMA Head of Enforcement, Belinda Moffat.

"It is critical that members of the public have available to them
accurate financial statements when making informed investment
decisions. Directors have an obligation to ensure that financial
statements are not false or misleading," said Ms. Moffat.

SFO Acting Director, Graham Gill added, "The joint efforts of SFO
and FMA have progressed this investigation effectively and
efficiently. This demonstrates our commitment to working together
to deliver a coordinated response to financial crime in New
Zealand's investment markets."

The defendants' next appearance is scheduled for September 26.

Auckland-based Strategic Planning Group was incorporated on
Dec. 13, 2004, and for approximately eight years provided
financial, accounting, mortgage broking and risk and insurance
services to clients.

* NEW ZEALAND: FMA Completes Probe into Four Finance Firms
The Financial Markets Authority (FMA) announced that it has
completed investigations into four of its remaining finance
company cases.

FMA inherited 25 finance company investigations from the
Securities Commission when it came into force on 1 May 2011. To
date, 32 directors have been convicted.

Having now completed its investigations into potential breaches of
financial markets legislation, including the Securities Act and
the Companies Act, FMA has announced that it will not be taking
enforcement proceedings in the following cases:

   * Allied Nationwide Finance Limited (in receivership)
   * Equitable Mortgages Limited (in receivership)
   * LDC Finance Limited (in receivership and liquidation)
   * Irongate Property Limited (in receivership and liquidation)

FMA's investigations focused on possible breaches of the
Securities Act and identified some evidence of non-compliance.
However, taking into account FMA's Enforcement Policy, the
prospects of success and potential defences, existing returns to
investors, and public interest considerations, including the
efficient use of public resources, FMA does not intend to take
enforcement action.

FMA has issued a warning letter to the directors of Allied
Nationwide Finance saying it is FMA's view that they likely
breached the Securities Act and that better disclosure should have
been made to ensure investors were aware of the risks associated
with their investment.

"I acknowledge that investors will be disappointed with today's
decisions, but when we weighed up all the factors, it would not
have been appropriate to take proceedings," said FMA CEO Sean

"The directors of these failed finance companies have been
reminded of their obligations to comply with all financial markets
legislation, and we will continue to monitor their conduct within
our general surveillance activities," said Mr. Hughes.

"It is our expectation that the directors of these companies will
disclose to the market the positions they held at the time of the
collapse. The market is entitled to that transparency."

Under the Crown Retail Deposit Guarantee Scheme, secured debenture
investors in Allied Nationwide Finance were repaid the principal
and interest on their investments. Approximately 97% of amounts
owing to secured investors in Equitable Mortgages have also been
paid under the Crown Retail Deposit Guarantee Scheme.

Irongate receivers anticipate that the total distribution to
secured bondholders will be approximately 70 cents in the dollar
of principle outstanding at the date of receivership.

Secured investors in LDC are expected to get their money back,
plus some interest, following last month's announcement of a
settlement with Finance & Investments Partnership.

"FMA is committed to completing its finance company investigations
so that we can focus on today's issues," said Mr. Hughes.

"We will be making announcements on the remaining five
investigations by the end of 2013."

Allied Nationwide Finance Limited owed NZ$128 million to 7,200
secured debenture holders when it went into receivership in August
2010. Under the Crown Retail Deposit Guarantee Scheme they were
repaid the principal and interest on their investment. A further
749 perpetual bond holders who were owed approximately NZ$15.5
million were not covered by the scheme. The directors for the
period which was the subject of FMA's investigation were: John
James Loughlin, Philip Charles Luscombe, Susannah Adair Staley,
John Lewis Spencer, Paul MacFie, Gary Charles Bluett and Richard
Nelson Spiers.

Equitable Mortgages Limited owed NZ$192.3 million to 6.000 secured
debenture holders when it went into receivership in November 2010.
Under the Crown Retail Deposit Guarantee Scheme NZ$170 million was
repaid to 3700 investors. The directors for the period which was
the subject of FMA's investigation were: Christopher Albert
Spencer, Allan John Wadams, Arthur William Young, David Parkes
Forgie, Ross Alexander Aitken and David Scott Ferraby.

LDC Finance Limited owed NZ$21 million to 1,200 investors when it
went into receivership in September 2007. In July 2013, receivers
Grant Thornton announced that 468 secured investors of LDC Finance
are to receive repayment in full, plus a partial interest
distribution. The directors for the period which was the subject
of FMA's investigation were: Kevin Elliott, Christopher John
Hardiman, David Gordon Miller, John Charles Janetto. FMA also
considered the conduct of auditors, trustees, and professional
advisers, including accountants and lawyers involved in LDC in

Irongate Property Limited owed NZ$46.1 million to 1,500 secured
debenture holders when it went into receivership in May 2011. The
directors for the period which was the subject of FMA's
investigation were: Kevin John Podmore, Geoffrey Keith McWilliam,
Philip Samuel Newland and Andrew David Walker.


* Asian Liquidity Stress Index Worsened in August Says Moody's
Moody's Investors Service says that its Asian Liquidity Stress
Index worsened in August, after three consecutive months of

The index, which rises when speculative-grade liquidity appears to
decrease, measured 21.1% in August from 20.2% in July.

"The increase in the Asian LSI reflects the addition of one
company to our list of firms with lowest or weakest speculative-
grade liquidity scores of SGL-4," says Laura Acres, a Moody's
Senior Vice President.

"While the index remains below the recent high of 29.1% recorded
in October last year, and the record high of 37% reached in the
fourth quarter of 2008, amid the global financial crisis, it is
still elevated relative to historic levels," adds Acres.

Acres was speaking on the release of Moody's latest "Asian
Liquidity Stress Index" report.

Moody's report says the liquidity sub-index for Chinese
speculative-grade companies was unchanged in August, at 25.4%, as
both the number of rated Chinese high-yield corporates (59) and
the number of those with SG-4 scores (15) were unchanged.

China's high-yield property index (26.5%) and the Indonesian sub-
index (3.8%) were also flat.

The Australian index improved to 6.3% from 6.7% in July, as the
number of high-yield rated Australian companies rose by one to 16,
and the number of those with an SGL-4 score was unchanged.

However, Moody's report notes that four speculative-grade
companies were downgraded in August, all in the coal and mining

The report points out that except for the second quarter of this
year when the number of upgrades and downgrades was the same,
downgrades have outnumbered upgrades since the third quarter of
2011. In addition, data to date shows that the third quarter is
tracking to have the highest downgrade to upgrade ratio since the
second quarter of 2009.

For August, the percentage of companies with a negative outlook or
which were on review for downgrade, rose to the highest level
(28.1%) since the fourth quarter of 2012 (34.3%), versus 23.7% in

Nonetheless, the vast majority of outlooks for rated Asian
speculative-grade companies are stable, although the number
declined for a third consecutive month to 70 in August from 74 in

Moody's report also points out that no high-yield bond deals were
launched in August and none has closed since mid-July.

Nevertheless, while issuance has slowed following a high level of
activity early this year, the transactions in Asia so far this
year, totaling $17 billion, are higher than the annual totals for
each of the three previous years, between 2010 and 2012.

Moody's report is based on the speculative-grade ratings of 114
issuers in Asia (excluding Japan and Australia) and covering $58.4
billion of rated debt in August; an amount which was unchanged
from July.

* LSI for Chinese Speculative-Grade Companies Unchanged in Aug.
Moody's Investors Service says that its Asian Liquidity Stress
Sub-Index for Chinese speculative-grade companies was unchanged in
August, at 25.4%, as both the number of rated Chinese high-yield
corporates (59) and the number of those with SGL-4 scores (15)
were unchanged.

"China's high-yield property index also held steady at 26.5%,
equivalent to 9 out of 34 high-yield rated property companies
having weak liquidity. Both sub-indices are at their strongest
levels since August 2012," says Laura Acres, a Moody's Senior Vice

Liquidity for Chinese high-yield rated companies has been
bolstered by the level of bond issuance seen in H1 2013. Out of a
total of $17.0 billion of rated issuance, some $10.8 billion has
been for Chinese companies, of which $8.1 billion was for property

Overall, Moody's Asian Liquidity Stress Index (Asian LSI) worsened
in August, after three consecutive months of improvements.

The index, which rises when speculative-grade liquidity appears to
decrease, measured 21.1% in August from 20.2% in July.

Acres was speaking on the release of Moody's latest "Asian
Liquidity Stress Index" report.

* Moody's Notes Fall of Support Probability for Bank Debt in AP
Moody's Investors Service says that the support probability for
bank subordinated debt across banking systems in Asia-Pacific has
fallen significantly fallen since the global financial crisis.

"As a consequence of the increasing international trend of
selectively imposing losses on holders of junior-ranking
securities (creditor "bail-in") as a pre-condition for an ailing
bank to receive public-sector support, we now assume that support
for subdebt will only be available on an exceptional basis", says
Jean-Francois Tremblay, a Moody's Associate Managing Director,
based in Singapore.

Tremblay was speaking following Moody's announcement on September
5, of ratings downgrades for the legacy subdebt (Basel I/II Lower
Tier II) for 40 of the 43 banking groups it had reviewed, across 8
banking systems in the region (excluding Japan).

These banking groups are domiciled in Australia (8), Hong Kong
(6), India (11), Korea (8), the Philippines (3), Singapore (3),
Taiwan (1) and Thailand (3).

Moody's followed the rating actions with its release of a special
report, authored by Tremblay and titled "The World Has Changed:
The Support Probability for Bank Subordinated Debt in Asia-Pacific
Has Significantly Diminished".

As the report notes, willingness to support the subdebt of
distressed banks has evolved, with initiatives implemented by the
European authorities acting as a key catalyst behind the shift.
And, because of fiscal strains, there has been a strengthening in
the willingness of governments to impose losses on subordinated
creditors outside of bankruptcy.

In crisis-hit countries, this willingness was explicitly
demonstrated via the introduction of laws or regulations allowing
authorities to impose losses on subdebt through bail-in or
resolution regimes. In other cases, governments were able to
convince investors to voluntarily enter into distressed exchanges
without any such legal powers.

To capture the risk that these precedents could be repeated
elsewhere in the world, including in Asia-Pacific, Moody's
baseline assumption is that subdebt will no longer benefit from
systemic support and their ratings will be positioned one notch
below the adjusted baseline credit assessment (BCA). The latter is
Moody's stand-alone assessment of banks' credit strength (their
BCAs), adjusted to incorporate parental support.

Nevertheless, Moody's revised approach also allows for the
consideration of exceptional circumstances that might warrant
including some systemic support in subdebt ratings. It is the
balancing of all those factors and their weightings relative to
each other that guided the review and led to the subsequent

* BOND PRICING: For the Week Sept. 2 to Sept. 6, 2013

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


COMMONWEALTH BANK     1.50    04/19/22      AUD    72.02
EXPORT FINANCE & I    0.50    12/16/19      NZD    74.63
EXPORT FINANCE & I    0.50    06/15/20      NZD    72.38
MIDWEST VANADIUM P   11.50    02/15/18      USD    72.50
MIDWEST VANADIUM P   11.50    02/15/18      USD    72.88
MIRABELA NICKEL LT    8.75    04/15/18      USD    65.05
MIRABELA NICKEL LT    8.75    04/15/18      USD    65.50
NEW SOUTH WALES TR    0.50    12/16/22      AUD    67.26
NEW SOUTH WALES TR    0.50    09/14/22      AUD    67.29
NEW SOUTH WALES TR    0.50    10/28/22      AUD    66.83
NEW SOUTH WALES TR    0.50    10/07/22      AUD    67.03
NEW SOUTH WALES TR    0.50    03/30/23      AUD    66.25
NEW SOUTH WALES TR    0.50    11/18/22      AUD    66.61
NEW SOUTH WALES TR    0.50    02/02/23      AUD    66.79
NEWCREST FINANCE P    5.75    11/15/41      USD    73.62
NEWCREST FINANCE P    5.75    11/15/41      USD    81.82
PALADIN ENERGY LTD    3.63    11/04/15      USD    70.06
PALADIN ENERGY LTD    6.00    04/30/17      USD    68.64
TREASURY CORP OF V    0.50    11/12/30      AUD    44.37
TREASURY CORP OF V    0.50    03/03/23      AUD    67.26
TREASURY CORP OF V    0.50    08/25/22      AUD    68.77


CHINA DEVELOPMENT     3.80    10/30/36      CNY    74.52
CHINA GOVERNMENT B    1.64    12/15/33      CNY    66.15


MTR CORP LTD          3.65    06/17/43      USD    72.42


DAVOMAS INTERNATIO   11.00    12/08/14      USD    25.00
DAVOMAS INTERNATIO   11.00    12/08/14      USD    25.00
ENERCOAL RESOURCES    9.25    08/05/14      USD    44.00
INDONESIA GOVERNME    4.63    04/15/43      USD    71.00
INDONESIA GOVERNME    4.63    04/15/43      USD    71.60
INDONESIA TREASURY    6.38    04/15/42      IDR    69.50
PERTAMINA PERSERO     5.63    05/20/43      USD    72.00
PERTAMINA PERSERO     6.00    05/03/42      USD    75.75
PERTAMINA PERSERO     5.63    05/20/43      USD    71.71
PERTAMINA PERSERO     6.00    05/03/42      USD    74.83
PERUSAHAAN LISTRIK    5.25    10/24/42      USD    70.50
PERUSAHAAN LISTRIK    5.25    10/24/42      USD    69.66


3I INFOTECH LTD       5.00    04/26/17      USD    29.82
CORE EDUCATION & T    7.00    05/07/15      USD    24.33
COROMANDEL INTERNA    9.00    07/23/16      INR    14.70
DR REDDY'S LABORAT    9.25    03/24/14      INR     4.94
GTL INFRASTRUCTURE    2.53    11/09/17      USD    39.35
INDIA GOVERNMENT B    6.17    06/12/23      INR    74.64
INDIA GOVERNMENT B    6.83    01/19/39      INR    69.75
INDIA GOVERNMENT B    5.87    08/28/22      INR    74.23
INDIA GOVERNMENT B    6.01    03/25/28      INR    69.02
INDIA GOVERNMENT B    0.26    01/25/35      INR    17.42
INDIA GOVERNMENT B    6.13    06/04/28      INR    69.78
INDIA GOVERNMENT B    5.97    09/25/25      INR    70.75
JAIPRAKASH ASSOCIA    5.75    09/08/17      USD    72.97
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    48.79
PRAKASH INDUSTRIES    5.63    10/17/14      USD    50.00
PYRAMID SAIMIRA TH    1.75    07/04/12      USD     1.00
REI AGRO LTD          5.50    11/13/14      USD    70.00
REI AGRO LTD          5.50    11/13/14      USD    70.00
SHIV-VANI OIL & GA    5.00    08/17/15      USD    20.00
SUZLON ENERGY LTD     5.00    04/13/16      USD    47.02
SUZLON ENERGY LTD     7.50    10/11/12      USD    60.13


ELPIDA MEMORY INC     0.50    10/26/15      JPY    11.88
ELPIDA MEMORY INC     0.70    08/01/16      JPY     9.50
ELPIDA MEMORY INC     2.10    11/29/12      JPY    18.13
ELPIDA MEMORY INC     2.03    03/22/12      JPY    11.88
ELPIDA MEMORY INC     2.29    12/07/12      JPY    11.88
JAPAN EXPRESSWAY H    0.50    03/18/39      JPY    67.95
JAPAN EXPRESSWAY H    0.50    09/17/38      JPY    68.54
TOKYO ELECTRIC POW    2.37    05/28/40      JPY    66.75
TOKYO ELECTRIC POW    1.96    07/29/30      JPY    71.38


CHEJU REGIONAL DEV    3.00    12/29/34      KRW    64.99
EXPORT-IMPORT BANK    0.50    10/23/17      TRY    64.07
EXPORT-IMPORT BANK    0.50    12/22/17      BRL    60.59
EXPORT-IMPORT BANK    0.50    11/21/17      BRL    61.41
EXPORT-IMPORT BANK    0.50    01/25/17      TRY    69.43
EXPORT-IMPORT BANK    0.50    10/27/16      BRL    69.28
EXPORT-IMPORT BANK    0.50    09/28/16      BRL    69.96
EXPORT-IMPORT BANK    0.50    12/22/17      TRY    62.47
EXPORT-IMPORT BANK    0.50    12/22/16      BRL    68.93
EXPORT-IMPORT BANK    0.50    11/28/16      BRL    68.32
EXPORT-IMPORT BANK    0.50    08/10/16      BRL    72.15
LG ELECTRONICS INC    3.68    05/22/23      KRW    15.68
NONGHYUP BANK         4.06    05/28/22      KRW    102.07


SPECIAL PORT VEHIC    5.80    07/29/16      MYR    69.11


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


BAKRIE TELECOM PTE   11.50    05/07/15      USD    27.00
BAKRIE TELECOM PTE   11.50    05/07/15      USD    28.50
BLD INVESTMENTS PT    8.63    03/23/15      USD    62.75
BUMI CAPITAL PTE L   12.00    11/10/16      USD    54.88
BUMI CAPITAL PTE L   12.00    11/10/16      USD    64.21
BUMI INVESTMENT PT   10.75    10/06/17      USD    63.50
BUMI INVESTMENT PT   10.75    10/06/17      USD    63.67
INDO INFRASTRUCTUR    2.00    07/30/10      USD     1.88
OVERSEA-CHINESE BA    3.50    12/27/37      USD    74.05


SRI LANKA GOVERNME    9.00    06/01/43      LKR    72.15
SRI LANKA GOVERNME    5.35    03/01/26      LKR    56.77
SRI LANKA GOVERNME    9.00    06/01/33      LKR    74.57
SRI LANKA GOVERNME    6.20    08/01/20      LKR    73.12
SRI LANKA GOVERNME    9.00    07/01/28      LKR    73.97
SRI LANKA GOVERNME    7.00    10/01/23      LKR    67.27
SRI LANKA GOVERNME    8.00    01/01/32      LKR    69.04


G STEEL PCL           3.00    10/04/15      USD    11.75
MDX PCL               4.75    09/17/03      USD    16.50


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

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 ***