TCRAP_Public/130927.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, September 27, 2013, Vol. 16, No. 192


                            Headlines


A U S T R A L I A

SIMPLOT: Coles Throws Lifeline Amid Factory Closure Threat


C H I N A

COUNTRY GARDEN: Proposed Bond Issuance Gets Moody's Ba2 Rating
COUNTRY GARDEN: S&P Assigns 'BB-' Rating to US$ Sr. Unsec. Notes
EVERGRANDE REAL: Fitch Affirms Senior Unsecured Rating at 'BB'
SHANGHAI INDUSTRIAL: S&P Raises Corporate Credit Rating to 'BB'
SOHO CHINA: S&P Revises Outlook to Stable & Affirms 'BB+' CCR

WINSAY COKING: Fitch Junks Sr. Unsecured Ratings & IDR From 'B'


I N D I A

ABOK SPRING: CRISIL Cuts Ratings on INR112.8MM Loan to 'B+'
A D ELECTRO: CRISIL Cuts Ratings on INR120MM Loan to B+
ALISHAN VENEER: CRISIL Cuts Ratings on INR73.5MM Loans to 'BB-'
ALPEX EXPORTS: CRISIL Lowers Ratings on INR140MM Loans to 'BB-'
AMA INDUSTRIES: CRISIL Reaffirms 'B' Ratings on INR55MM Loans

ANANT RAM BHATIA: CRISIL Assigns 'B' Ratings to INR100MM Loans
AUTO CENTRE: CRISIL Assigns 'BB' Ratings to INR200MM Loans
BAJRANG STEEL: CRISIL Reaffirms 'BB+' Rating on INR100MM Loan
BALAJI ELECTROSTEELS: CRISIL Cuts Ratings on INR370MM Loans to B-
CESARE BONETTI: CRISIL Assigns 'B+' Ratings to INR452.7MM Loans

DEVESH FOODS: CRISIL Assigns 'BB+' Rating to INR40 Million Loan
DYNAMIC FLOW: CRISIL Raises Rating on INR80MM Loan to 'BB+'
FULCRUM WORLDWIDE: CRISIL Reaffirms 'BB' Rating on INR100MM Loans
GANGETIC HOTELS: CRISIL Reaffirms 'B' Rating on INR800MM Loan
MAA DURGA: CRISIL Rates INR50MM Loans at B; Revokes Suspension

MOS METRO INDIA: CRISIL Assigns 'BB-' Ratings to INR340MM Loans


I N D O N E S I A

BANK CENTURY: Sale Process Must Proceed, BI Governor Says
BUMI RESOURCES: Faces Liquidity Concerns on High Financial Burden


J A P A N

DAIWA SECURITIES: Fitch Revises Support Ratings Floor From 'B'
DTC EIGHT: Fitch Upgrades Ratings on Class E Notes to 'BB+'
* JAPAN: S&P Affirms B Rating on JPY3 Bil. Series 2 Loan
* Rinzai-sai Issuance Contribute to Higher Debts for Japan RLGs


N E W  Z E A L A N D

BIC: To Shut Down Mt. Eden Factory; 21 Workers Affected
GOLDEN WINGS: Liquidators to Discuss Collapse w/ Owner on Monday
ROSS GROUP: Test Case May Claw Back NZD3.8MM of Investor Money


V I E T N A M

SAIGON THUONG: S&P Revises Outlook to Neg. & Affirms 'BB-' ICR
VIETNAM PROSPERITY: Moody's Assigns B3 Issuer Ratings
VIETNAM TECHNOLOGICAL: S&P Revises Outlook & Affirms 'BB-' ICR


X X X X X X X X

* Market Surplus and Low Prices Weigh Down Asian Coal Producers
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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SIMPLOT: Coles Throws Lifeline Amid Factory Closure Threat
----------------------------------------------------------
Herald Sun reports that supermarket giant Coles has thrown a
lifeline to struggling produce growers, striking a long-term deal
with Simplot.

The five-year contract will see Coles increase its frozen
vegetable and potato orders from the group by 12% a year in a
boost for local producers, Herald Sun says.

According to Herald Sun, under the deal, all Coles house-brand
frozen vegetables will be Australian grown by the start of next
year.

It was prompted by warnings from Simplot in June that its
factories in Bathurst, New South Wales, and Tasmania's Devonport
were under threat of closure after becoming uncompetitive,
Herald Sun discloses.

"When the potential closures were indicated by Simplot, Coles
offered its support because they are a very important and valued
supplier for us," Herald Sun quotes Coles spokeswoman Anna Kelly
as saying.

The closure of the Simplot factories would have put 400 jobs on
the line and left hundreds of growers struggling to sell their
wares, Herald Sun states.

It would also essentially mark the end of vegetable processing in
Australia, with Simplot operating the nation's last remaining
processing operation, Herald Sun notes.

The US-owned food processing group said in June that its
Australian business was floundering in the face of cheap
international imports, combined with high labor costs, Herald Sun
relates.

According to Herald Sun, while Simplot is still to make a final
decision on the future of the factories, the Coles deal is
expected to be a major boost to the embattled sector.

The deal is in the final contractual stages and set to be
officially signed off by both parties in a matter of weeks,
Herald Sun says.

Simplot is a vegetable processing group.



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COUNTRY GARDEN: Proposed Bond Issuance Gets Moody's Ba2 Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to Country
Garden Holdings Company Limited's proposed senior and unsecured
bond.

At the same time, Moody's has affirmed the company's ratings.

The outlook for all ratings are stable.

The company will use the new funding for general corporate and
land acquisition purposes.

Ratings Rationale:

"The new bond will further strengthen Country Garden's already
strong liquidity, and support its strong sales momentum," says
Lina Choi, a Moody's Vice President and Senior Analyst.

"The new bond will also lengthen the average tenure of Country
Garden's debt portfolio, adding to the stability of its offshore
funding platform," says Choi.

Country Garden's Ba2 rating reflects its large size, good
experience in suburban property development in Guangdong province,
and its strong sales execution.

Moody's believes that it has an excellent business model that aims
at developing affordable housing, with value-added services in
integrated townships, to meet the needs of China's growing middle-
class.

The latter is a segment of the market which supports long-term
demand for property, and which in turn, supports Country Garden's
business growth.

The rating is also supported by the company's ability to control
its operating costs and its possession of a large and low-cost
land bank, which offers pricing flexibility, and thus significant
advantages in a down market.

At the same time, the rating is constrained by Country Garden's
large funding needs -- given its rapid growth model -- and its
reliance on sales contributions from Guangdong province.

The stable outlook reflects Moody's expectations that Country
Garden will continue to achieve solid sales and maintain its
prudent financial management in the next 12 -- 18 months. Such
factors would help it preserve its good liquidity and strong
credit profile.

Upward rating pressure could emerge if Country Garden (i) achieves
growth with further improvements in its credit metrics --
EBITDA/interest exceeds 4.0-4.5x and adjusted debt/total
capitalization below 50%; and (ii) maintains strong liquidity --
cash at 10% -15% of total assets and covers more than 1.0x - 1.5x
of its short-term debt.

On the other hand, downward rating pressure would emerge if
Country Garden: (1) is unable to sustain its solid sales track
record due to new regulations or adverse market conditions; (2)
posts significant and sustained margin deterioration -- EBITDA
margin below 20%; or (3) adopts an aggressive land acquisition
strategy, which in turn, has a negative effect on its liquidity --
cash failing to cover 1.0x of short-term debt.

Credit metrics indicating downgrade pressure would include
EBITDA/interest below 3.5x or debt/total capitalization above 55%
on a sustained basis.

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

Country Garden Holdings Company Limited, founded in 1997 and
listed on the Hong Kong Stock Exchange, is a leading Chinese
integrated property developer. As of June 2013, it had a sizeable
land bank of 62.7 million square meters in attributable gross
floor area.

It also owned and operated 37 hotels with a total of 11,119 rooms
as of June 2013. The hotels are located mainly in China's
Guangdong Province, and support its development of townships.


COUNTRY GARDEN: S&P Assigns 'BB-' Rating to US$ Sr. Unsec. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating and 'cnBBB-' Greater China regional scale rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes
by Country Garden Holdings Co. Ltd. (BB/Positive/--; cnBBB/--).
The notes have a tenor of up to 7.5 years.  The ratings are
subject to S&P's review of the final issuance documentation.  The
Chinese real estate developer will use the proceeds from the
proposed issuance to fund existing and new projects and for
general corporate purposes.

The issue rating is one notch lower than the corporate credit
rating to reflect S&P's opinion that offshore noteholders would be
materially disadvantaged, compared with onshore creditors, in the
event of default.  In S&P's view, the company's ratio of priority
borrowings to total assets will remain above S&P's notching
threshold of 15% for speculative-grade debt.

The rating on Country Garden reflects the company's sales
concentration in Guangdong province and its exposure to market
risk in third- and fourth-tier cities, where the depth of the
market and sensitivity to economic cycles may not support a large
supply.  Country Garden's strong record in Guangdong province, its
large scale, low-cost land bank, and improving project execution
temper these risks.

The positive outlook reflects S&P's expectation that Country
Garden will maintain strong execution of its fast-churn model,
generate robust sales, and improve geographic diversity over the
next 12 months.  S&P also expects the company to maintain its
"significant" financial risk profile and have largely stable
margins over the period.


EVERGRANDE REAL: Fitch Affirms Senior Unsecured Rating at 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed China's Evergrande Real Estate Group
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR)
at 'BB' with a Stable Outlook.  Fitch has also affirmed
Evergrande's foreign-currency senior unsecured rating at 'BB'.

KEY RATING DRIVERS

Growth in line with industry. From January to August 2013,
Evergrande achieved contracted sales of CNY64.1bn, with an ASP of
CNY6,776 per square meter.  These numbers are 27% and 11%,
respectively, higher than the levels achieved a year earlier.
This growth is in line with the pace at other large homebuilders
in China.  As a result of the improved sales and selling prices,
the company's restricted cash levels have improved significantly
to CNY32.9 billion at end-June 2013 from CNY18.5 billion at end-
December 2012. Fitch expects the company to achieve its 2013
contracted sales target of CNY100 billion (2012: CNY92.3 billion).

Margins likely to stabilize. Fitch expects Evergrande's EBITDA
margins to stabilize at slightly over 20% if the ASP improvement
in 2013 is maintained.  Fitch believes that ASP trends are better
indicators of future margin trends given the delay in recognizing
sales in income statements, and thus has placed less emphasis on
the company's slight margin improvement to 20.8% in H113 from
19.2% in 2012.  It will be difficult for the company to return to
the 25.7% margin achieved in 2011 given the rise in competition
and cost base, in line with industry trends.

Largest land bank.  Evergrande had the largest land bank among
Chinese homebuilders with a total of around 140m square meters at
end-December 2012.  Its scale and nationwide diversification
lowers the risk of individual market volatility.  However, as the
company focuses more on Tier 3 cities and peripheral areas in
larger cities compared with its peers, its ASP and margins are
typically lower than those of other large nationwide homebuilders
who achieved EBITDA margins of 25-35% in 2012.

Urbanization will drive growth.  Evergrande is poised to benefit
from the continued urbanisation in China, especially because
future growth is likely to focus on selected Tier 3 cities and
smaller Tier 2 cities.  Evergrande's challenge in realizing the
full potential of this opportunity is to achieve market leadership
in the cities that are likely to grow fastest.  This is because
Fitch believes that brand recognition and market leadership in
individual cities are stronger drivers for pricing power than
absolute scale.

Payables higher than peers.  As a result of its scale, Evergrande
has consistently been able to obtain longer payment terms with its
suppliers compared with its peers.  Its short-term payables (which
includes trade, tax and other payables) to inventories ratio at
end H113 was 59% compared with 35-40% at other large homebuilders.
This strategy allows Evergrande to be less reliant on debt in its
operations.  When making peer comparisons, Fitch notes that
Evergrande's debt levels may be higher if its payables levels were
in line with peers'.

RATING SENSITIVITIES

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

  -- Contracted ASPs decrease from H113 levels
  -- EBITDA margin sustained below 20%
  -- Net debt/adjusted inventory sustained over 40% (H113: 28.2%)
     without improvement in short term payables to inventory
     ratio.
  -- Contracted sales/gross debt sustained below 1.25x (2012:
     1.53)
  -- Tighter liquidity position due to a sustained fall in free
     cash flows, and weaker access to financing channels.

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

  -- Longer track record of stable growth


SHANGHAI INDUSTRIAL: S&P Raises Corporate Credit Rating to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term foreign currency corporate credit rating on China-based
property developer Shanghai Industrial Urban Development Group
Ltd. (SIUD) to 'BB' from 'B'.  S&P also assigned its 'BB' local
currency long-term corporate credit rating to the company.  The
outlook is stable.  S&P also raised its long-term Greater China
regional scale rating on the company to 'cnBBB-' from 'cnBB-'.

At the same time, S&P raised its long-term issue rating on SIUD's
outstanding senior unsecured notes to 'BB-' from 'B-' and the
long-term Greater China regional scale issue rating to 'cnBB+'
from 'cnB+'.

The rating upgrade reflects a three-notch uplift from SIUD's
stand-alone credit profile (SACP) of 'b' because S&P factors in
stronger parental support than before.  S&P considers the company
to be a "strategically important" subsidiary of Shanghai
Industrial Holdings Ltd. (SIHL, not rated).

"We believe SIHL will continue to extend strong support to SIUD,
which it acquired in 2010, as the latter becomes more integrated
with the group," said Standard & Poor's credit analyst Matthew
Kong.  "We expect SIUD to turn around its financial performance
and make a profit in 2013 as it digests lossmaking legacy projects
that commenced prior to the acquisition."

SIHL has a record of supporting SIUD operationally and financially
since it acquired the entity.  S&P believes SIUD is important to
SIHL's long-term strategy because: (1) property is one of the
group's core businesses; and (2) SIUD is the group's sole offshore
listed property subsidiary.

SIHL's senior management has demonstrated long-term commitment to
SIUD, and the subsidiary's top management holds important
positions at SIHL.  In S&P's view, SIUD's operation efficiency has
improved significantly because of increased control from the
parent and improved governance standards.  SIHL also extends
financial support to SIUD through shareholder loans.

"SIUD's SACP reflects the company's weaker profitability than that
of peers with a similar rating, high debt leverage, and volatile
cash flows," said Mr. Kong.  "SIUD's strengthened market position
and diversification, and improving operating efficiency following
integration with SIHL temper the above weaknesses."

SIUD's highly leveraged financial risk profile remains a major
rating constraint.  SIUD's business integration with SIHL and the
resultant financial improvement have taken longer than S&P
expected.  S&P anticipates that SIUD will gradually improve its
operating cash flows and financial performance over the next two
years.

The stable outlook reflects S&P's expectation that SIHL will
continue to extend ongoing operational and financial support,
including liquidity support, to SIUD.  S&P also anticipates that
SIUD's financial performance will improve modestly over the next
12 months.

S&P may lower the rating if SIUD's financial performance shows no
sign of improvement in the next 12 months, thereby adding pressure
to its cash flow and liquidity.  S&P may also lower the rating if
its assessment of parental support weakens.

The rating upside is limited in the next 12 months.  Nonetheless,
S&P may consider raising the rating if both the SACP of SIUD and
the credit profile of SIHL improve.  S&P may also raise the rating
if it believes that parental support from SIHL to SIUD is more
significant than it expected.


SOHO CHINA: S&P Revises Outlook to Stable & Affirms 'BB+' CCR
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on SOHO China Ltd. to stable from negative.  At the same
time, S&P affirmed its 'BB+' long-term corporate credit rating on
the company and 'BB+' issue rating on its outstanding senior
unsecured notes.  In line with the outlook revision, S&P raised
the long-term Greater China regional scale rating on the China-
based property developer and the notes to 'cnBBB+' from 'cnBBB'.

"We revised the outlook to stable from negative to reflect our
view that SOHO can materially increase its recurring income over
the next 12-18 months as it further develops its office leasing
business," said Standard & Poor's credit analyst Matthew Kong.
"We also anticipate that SOHO will maintain its prudent financial
management and that the company will not incur any significant
land acquisition costs or unplanned capital expenditure over the
next 12 months."

S&P now have greater confidence in management's commitment to a
"build-to-hold" strategy, to which it switched from a focus on
"build-to-sell" in 2012.  S&P continues to view SOHO's business
risk profile as "fair" and its financial risk profile as
"significant."

Solid demand for office space and limited supply in Beijing and
Shanghai, where SOHO is concentrated, should support its leasing
business.  The company's rental income should rise sharply next
year as it completes a further 598,000 square meters in lettable
space.  S&P estimates rental income will be Chinese renminbi (RMB)
450 million-RMB500 million in 2014 from RMB270 million in 2013.

"SOHO also benefits from good asset quality, which underpins its
market position as the biggest landlord of prime office space in
Shanghai and Beijing," said Mr. Kong.

A key risk remains that the company has yet to establish a track
record of managing a large portfolio of office properties or a
stable tenancy base.

S&P may lower the rating if SOHO's property leasing income is
materially lower than it expects or debt funding is more
aggressive than it anticipates over the next 12 months.  This
could happen if: (1) the completion of some of the company's
projects slips; or (2) rentals decline because of a downturn--a
remote scenario--in the commercial leasing markets in Beijing and
Shanghai.  A downgrade trigger could be the debt-to-capital ratio
falling below 45%.  S&P could review and change this trigger to
reflect SOHO's transition to the property leasing model if the
company makes further progress in executing its new strategy.

S&P may raise the rating if SOHO establishes a record of managing
its property leasing operation and the company's recurring income
from a portfolio of high-quality assets increases.  This could
happen if SOHO's rental income reaches RMB1.5 billion in 2015 and
the company's leverage ratio remains consistent with an
intermediate financial risk profile.


WINSAY COKING: Fitch Junks Sr. Unsecured Ratings & IDR From 'B'
---------------------------------------------------------------
Fitch Ratings has downgraded China-based Winsway Coking Coal
Holdings Limited's Issuer Default Rating and senior unsecured
ratings to 'CCC' from 'B' and removed them from Rating Watch
Negative.  No Outlook has been assigned.

This follows the company's announcement today that it has extended
by 10 working days its tender offer to buy back its USD bonds due
2016.  The company reported that only 39.5% of outstanding bonds
had been tendered to date.  This is the second extension since the
company first announced the tender offer on August 20, 2013.

Fitch believes that the company's offer is opportunistic and the
extension reflects its desire to pursue some form of covenant
relaxation within the bonds, especially since the company has now
offered the bondholders an option to accept covenant waivers for a
consent solicitation fee without tendering the bonds.  The
intention to forge ahead with this offer does not build positive
momentum for the refinancing of the bonds in April 2016 should the
bondholders reject the offer.

Key Rating Drivers

Fitch says "Cash Generation Further Deteriorates: We do not expect
Winsway's core business to generate positive free cash flow (H113:
a reported gross outflow of HKD337 million). We believe the
prospects for improvement are low, barring a sharp and sustained
increase in coking coal prices.  This weakens the prospect of
increasing cash resources for the bond's repayment in 2016.

"Debt Maturity Looms: If the company fails to obtain sufficient
acceptances to its offer, it faces a repayment of USD460.5 million
(HKD3.57 billion) of outstanding bonds maturing in 2016.  On
June 30, 2013, the company reported an unrestricted cash balance
of HKD1.79 billion, and restricted bank deposits of HKD963m that
had been pledged for its bank borrowings.

Refinancing Ability Reduces: We believe that the company will have
to rely on refinancing for a significant portion of the scheduled
maturity in 2016. However, its continued push to seek covenant
waivers on its debt now may worsen the prospects for refinancing
this bond," notes Fitch.

Buyback Background: Existing bondholders are being asked to
voluntarily tender their bonds, receiving either an immediate cash
payment of 47.5% of par, or an immediate cash payment of 37.5% of
par and cash payment of 25% of par in April 2016.  Under the terms
of the buyback, cash tenders will be accepted only if a minimum
50% of bond amounts outstanding are tendered.  If more than 50% of
bondholders (by value) tender, bond covenants, including a 10%
debt/total asset cap, will also be amended.  This will also
materially impair bondholders that have not tendered.  The company
has now provided an option for bondholders to waive the bond
covenants without tendering their bonds for a 2.5% non-tendering
consent payment.

DDE if Minimum Bondholders Tender: Fitch will treat the exchange
as a Distressed Debt Exchange (DDE) if bondholders tender their
bonds, to the minimum level of acceptances required to amend the
bond covenants.  This is because a material change in terms would
be imposed, the group's existing cash resources may be utilized to
prepay the bonds below par, and all bondholders are stripped of
meaningful covenants, including the requirement to apply asset
disposal proceeds to repay the bond.

DDE Dependent on Voting: The voluntary tender offer itself does
not constitute a DDE.  Under Fitch's criteria a DDE has taken
place if both of the following apply: firstly, the restructuring
imposes a material reduction in terms compared with the bond's
original terms.  Here, only if accepted by the required number of
bondholders, the less-than-par cash exchange and bond amendments
would constitute a material change in terms.  Secondly, the
exchange is conducted to avoid bankruptcy or a traditional payment
default.

Rating Sensitivities

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

  -- Upon announcement that minimum acceptances have been
     received to trigger this tender, Fitch would downgrade
     Winsway's IDR and bond rating to 'C'.  On confirmation of
     completion of this exchange, the IDR would be downgraded to
     'restricted default' (RD).  Post-execution Fitch expects to
     rate the company and its bonds based on the new capital
     structure, ranking of the bonds within the group, its
     changed liquidity profile, and solvency prospects.

  -- If the tender offer is not successful, the ratings are
     likely to be affirmed at current levels.



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ABOK SPRING: CRISIL Cuts Ratings on INR112.8MM Loan to 'B+'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Abok
Spring Pvt Ltd (Abok) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        10       CRISIL A4 (Downgraded from
                                  'CRISIL A4+')

   Cash Credit           80       CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB/Stable')

   Corporate Loan        18.8     CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB/Stable')

   Letter of Credit      40       CRISIL A4 (Downgraded from
                                  'CRISIL A4+')

   Term Loan             14       CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB/Stable')

The rating downgrade reflects the deterioration in Abok's
liquidity because of a stretch in its receivables.  This has led
to devolvement of its letters of credit and to regularly overdrawn
cash credit limits.  CRISIL believes that increasing working
capital requirements will continue to constrain Abok's liquidity
over the medium term.

The ratings reflect Abok's large working capital requirements,
small scale of operations, and customer concentration in its
revenue profile.  These rating weaknesses are partially offset by
the company's established market position-it is one of only three
spring suppliers to the Indian Railways-supported by quality
certifications of its operations.

Outlook: Stable

CRISIL believes that Abok will continue to benefit over the medium
term from its strong clientele and healthy demand for its
products. The outlook may be revised to 'Positive' if Abok
improves its liquidity, most likely through sizeable equity
infusion and improvement in its working capital cycle.

Conversely, the outlook may be revised to 'Negative' if the
company's working capital cycle is stretched further, or there is
a slowdown in inflow of orders, or if it undertakes a larger-than-
expected debt-funded capital expenditure program, resulting in
weakening of its financial risk profile.

Abok, established in 1969, is managed by Kishore Mehta and his
family.  The company manufactures coil springs, leaf springs, and
rolled products which are used in freight wagons, coaches,
locomotives, construction equipment, elevators, and automobiles.
In the past three years, it has obtained all the necessary
permissions and can supply about 1500 different types of springs
to the Indian Railways.  Abok's manufacturing facility in
Rajasthan has a capacity of 5250 tonnes per annum (tpa).  The
company also has rolling capacity of about 36,000 tpa.


A D ELECTRO: CRISIL Cuts Ratings on INR120MM Loan to B+
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of A D
Electro Steel Co Private Ltd (ADEC) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         50      CRISIL A4 (Downgraded from
                                  'CRISIL A4+')

   Cash Credit           111.5    CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

   Export Packing         10      CRISIL A4 (Downgraded from
   Credit                         'CRISIL A4+')

   Proposed Long-Term      8.5    CRISIL B+/Stable (Downgraded
   Bank Loan Facility             from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that ADEC's business risk
profile will remain under pressure over the medium term marked by
stretched working capital cycle and modest order book.

ADEC's working capital has lengthened, with gross current assets
of 219 days as on March 31, 2013 on account of high inventory
levels of about 130 days in anticipation of expected orders;
however, the orders got deferred.  This coupled with modest
accruals of INR7.5 million in 2012-13 (refers to financial year,
April 1 to March 31 has led to high bank limit utilization and
availing of ad hoc facilities to meet the increased working
capital requirements.  Given the weak industry environment, CRISIL
believes that ADEC's liquidity will remain weak over the medium
term on account of large working capital requirements.

Although the operating margin improved to 4.2 per cent in 2012-13
from 2.4 per cent in 2011-12, ADEC's business risk profile has
deteriorated.  The company's revenues declined sharply by 46 per
cent to abouit INR593 million in 2012-13 from INR1104 million in
2011-12.  While the promoters have started focusing on relatively
higher-margin projects, there has also been deferment of orders
from some key customers.  In the first quarter of 2013-14, the
company generated revenues around INR40 million, much lower than
the revenues of about INR130 million for the corresponding period
the previous year.  CRISIL believes that ADEC's revenue profile
will remain under pressure over the medium term, marked by a
modest order book of INR150 million and higher-than-expected
revenue growth, while maintaining its operating margin will remain
a rating sensitivity factor.

CRISIL's ratings reflect ADEC's working capital intensive
operations and exposure to intense competition in the steel
castings industry.  These rating weaknesses are partially offset
by the extensive industry experience of ADEC's promoters and
moderate financial risk profile, marked by above-average net worth
and low gearing.

Outlook: Stable

CRISIL believes that ADEC will continue to benefit from the
extensive industry experience of its promoters.  The outlook may
be revised to 'Positive' if the company improves its liquidity,
primarily led by improvement in its working capital cycle or an
increase in its scale of operations while maintaining
profitability.  Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected net cash accruals, or if
there is a further stretch in working capital cycle, or if the
company undertakes any large debt-funded capital expenditure
programme.

Set up in 1981 and based in Kolkata (West Bengal), ADEC
manufactures steel and iron castings of diverse specifications
that comprise low and high carbon steel, alloy steel, grey iron
casting, malleable iron casting, and ductile iron casting.  The
overall operations are managed by Mr. R N Gupta.

On a provisional basis, ADEC reported a profit after tax (PAT) and
net sales of INR2.1 million and INR593.1 million, respectively,
for 2012-13; the company reported a PAT and net sales of INR2.3
million and INR1103.7 million, respectively, for 2011-12.


ALISHAN VENEER: CRISIL Cuts Ratings on INR73.5MM Loans to 'BB-'
--------------------------------------------------------------
CRISIL has downgraded its long term rating on the bank facilities
of Alishan Veneer & Plywood Pvt Ltd (AVPPL) to 'CRISIL BB-/Stable'
from 'CRISIL BB/Stable', while reaffirming the short term rating
at 'CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            70      CRISIL BB-/Stable (Downgraded
                                  from 'CRISIL BB/Stable')

   Letter of Credit      179.5    CRISIL A4+ (Reaffirmed)

   Term Loan               3.5    CRISIL BB-/Stable  (Downgraded
                                  from 'CRISIL BB/Stable')

The downgrade reflects deterioration in the AVPPL's financial risk
profile, particularly its gearing and debt protection metrics.

Deterioration in financial risk profile is primarily on account of
elongation of working capital cycle.  AVPPL's working capital
cycle has deteriorated substantially, with gross current asset
(GCA) days increasing from around 224 days as on March 31, 2012,
to 260 days as on March 31, 2013.  The increase in GCA days has
been primarily on account of higher inventory levels of 143 days
as on March 31, 2013, compared to 128 days as on March 31, 2012.
Further, receivable cycle of the company has also increased
substantially to 104 days as on March 31, 2013, as compared to
around 80 days as on March 31, 2012.  The increasing debtor levels
are primarily on account of stretch in payment from its key
customers.

The increasing working capital requirements have resulted in
higher reliance on debt as a result there has been a sharp
deterioration in the gearing levels, with company's total outside
liabilities to total net worth (TOL-TNW) ratio deteriorating to
around 4.0 times as on March 2013 from 3.1 times as on March 31,
2012,.  Company's financial risk profile is expected to remain
under pressure over the near to medium term on account of its
increasing working capital requirements.

The rating continues to reflect AVPPL's weak financial risk
profile marked by high gearing and weak debt protection metrics,
working capital intensive nature of operations, and susceptibility
of operating margins to intense competition.  These ratings
weaknesses are partially offset by long-standing experience of
promoters in plywood industry

Outlook: Stable

CRISIL believes that AVPPL will continue to benefit from
promoter's long standing experience in plywood industry.  The
outlook may be revised to 'Positive' if there is an improvement in
the capital structure of the company most likely as a result of
equity infusion by the promoters or if there is an improvement in
the working capital management.  Conversely, the outlook may be
revised to 'Negative' if there is further elongation of company's
working capital cycle, or if company's profitability declines
substantially, resulting in further weakening of company's
financial risk profile.

AVPPL was set up in 1996 by Ramesh Kumar Agarwal along with Mr.
Santosh Kumar Saraf.  The company is engaged in manufacturing of
veneer and plywood.  The company is also engaged in trading of
timber logs.  Company sells its plywood under the Alishan brand.
The company, however, continues to sell veneer to other plywood
manufacturers.


ALPEX EXPORTS: CRISIL Lowers Ratings on INR140MM Loans to 'BB-'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Alpex
Exports Pvt Ltd (AEPL) to 'CRISIL BB-/Negative/CRISIL A4' from
'CRISIL BB/Negative/CRISIL A4+'.


                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Proposed Long-        75.0     CRISIL BB-/Negative (Downgraded
   Term Bank Loan                 from 'CRISIL BB/Negative')
   Facility

   Cash Credit           65.0    CRISIL BB-/Negative (Downgraded
                                 from 'CRISIL BB/Negative')

   Letter of Credit     120.0    CRISIL A4 (Downgraded from
                                 'CRISIL A4+')

The downgrade reflects weakening of AEPL's liquidity, because of
large incremental working capital requirements as a result of
healthy growth in the company's operating revenues.  As AEPL
diversified into the solar panels manufacturing business, which in
turn is working capital intensive, a sharp year-on-year sales
growth of more than 71 per cent, to about INR503 million in 2012-
13 (refers to financial year, April 1 to March 31), translated
into significant working capital requirements for the company.

Consequently, AEPL relies heavily on its fund-based bank limits,
as reflected in the full utilisation of its bank limits over the
12 months through June 2013; the same is expected to remain high
with expectation of moderate revenue growth.  Furthermore, the
downgrade also factors in the expected deterioration in gearing to
around 1.5 times over the medium term from 1.24 times as on March
31, 2013 on account of proposed debt-funded capital expenditure
and expected large working capital requirements.  CRISIL believes
that AEPL's ability to maintain its liquidity over the medium term
will depend largely on timely enhancement in bank lines and
infusion of long-term funds by AEPL's promoter to support growth
in sales.

The ratings reflect AEPL's diversified revenue profile through the
growing solar panel business.  This rating strength is partially
offset by AEPL's limited track record in manufacturing solar
panels, and weak financial profile marked by weak debt protection
metrics, and the vulnerability of the company's operating margin
to volatility in raw material prices and fluctuations in foreign
exchange rates.

Outlook: Negative

CRISIL believes that AEPL's liquidity will remain weak over the
medium term, on account of large working capital requirements.

The ratings may be downgraded if AEPL's financial flexibility
remains weak or if the company undertakes a larger-than-expected,
debt-funded capital expenditure programme, resulting in higher-
than-expected deterioration in its financial risk profile.

Conversely, the outlook may be revised to 'Stable' in case AEPL
registers substantial and sustained improvement in its working
capital management, thereby alleviating its liquidity pressures.

AEPL, incorporated in 1993, trades in textile products such as
creora (lycra) spandex, knitting needles, and nylon and polyester
yarns. The company also manufactures solar panels, commercial
production of which commenced in 2008-09.


AMA INDUSTRIES: CRISIL Reaffirms 'B' Ratings on INR55MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of AMA Industries Pvt Ltd
(AMA) continue to reflect AMA's small scale of operations,
volatile revenues and profitability, and weak financial risk
profile, marked by a small net worth and weak debt protection
metrics.  These rating weaknesses are partially offset by the
extensive experience of AMA's promoters in the explosives
industry.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          30.0      CRISIL B/Stable(Reaffirmed)

   Bank guarantee       25.0      CRISIL A4 (Reaffirmed)

   Long-Term Loan       25.0      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AMA will continue to benefit over the medium
term from its promoters' extensive industry experience.  The
outlook may be revised to 'Positive' if AMA achieves a sustainable
improvement in its scale of operations and profitability, leading
to healthy growth in cash accruals, or in case of an equity
infusion by its promoters, resulting in considerable improvement
in its financial risk profile.  Conversely, the outlook may be
revised to 'Negative' if the company's revenues decline further,
or if its profitability is impacted by significant pricing
pressures in bidding for new orders, or if there is a stretch in
its working capital cycle, leading to deterioration in its
financial risk profile, particularly its liquidity.

Update

AMA reported revenues of INR127 million for 2012-13 (refers to
financial year, April 1 to March 31), a year-on-year decline of
over 25 per cent, due to cancellation of orders from its major
customers.  The cancellation followed an explosion at AMA's
manufacturing unit, leading to the suspension of its licence to
manufacture explosives by the Chief Controller of Explosives; the
license was finally restored towards the end of 2011-12.

Consequently, AMA's profitability has been constrained over the
past two years, due to low capacity utilisation, resulting in cash
losses.  However, the company intends to diversify its customer
base and considerably reduce its dependence on just a few major
customers.  AMA also has confirmed orders of INR100 million which
provides it moderate revenue visibility over the near term.

However, the company's ability to ramp up its scale of operations
and achieve a sustainable improvement in its profitability remains
contingent on successful diversification in its customer base.

AMA has a weak financial risk profile, marked by a small net worth
and weak debt protection metrics, mainly due to constrained
profitability.  The company will be undertaking a moderate capital
expenditure programme of INR20 million over 2013-14 and 2014-15,
70 per cent of which is to be funded by debt and the remaining
through accruals.  The gearing is expected to remain at 1.8 to 1.9
times over the medium term.  AMA's net worth and debt protection
metrics are expected to improve with expected net and cash profits
in 2013-14, but will remain below average.

AMA has stretched liquidity due to cash losses incurred over the
past two consecutive years.  The company has working-capital-
intensive operations, reflected in high gross current assets of
315 days as on March 31, 2013, resulting from a build-up in
finished goods inventory due to lower sales during 2012-13.

Although the company had cash losses in 2012-13, its term loan
obligations were met in a timely manner, backed by judicious
utilization of its fund-based working capital limits, which were
utilized moderately, at an average of 62 per cent over the 12
month through June 2013.  AMA is expected to report adequate cash
accruals for 2013-14 against term debt obligations of INR2.15
million.

AMA reported a net loss of INR4.8 million on net sales of INR126.6
million for 2012-13, against a net loss of INR5.2 million on net
sales of INR171.5 million for 2011-12.

AMA is promoted by three brothers: Iqbal Maimoon, Abdul Maimoon,
and Akhtar Maimoon.  The company, was incorporated in 2003 in
Nagpur (Maharashtra), manufactures slurry explosives, emulsion
explosives, non-electrical explosives, and detonators; it also
trades in explosive accessories and transports explosives.


ANANT RAM BHATIA: CRISIL Assigns 'B' Ratings to INR100MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Anant Ram Bhatia Oils Pvt Ltd (ARBOPL).  The
rating reflects ARBOPL's modest scale of operations in a highly
fragmented edible oil industry; and its below-average financial
risk profile, marked by modest net worth.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           60       CRISIL B/Stable (Assigned)

   Proposed Long-        40       CRISIL B/Stable (Assigned)
   Term Bank Loan
   Facility

The rating also factors in the company's average debt protection
matrices, and its working-capital-intensive operations.  These
rating weaknesses are partially offset by the extensive experience
of ARBOPL's promoters in the edible oil industry, and the
company's diversified customer base.

Outlook: Stable

CRISIL believes that ARBOPL will maintain its business risk
profile backed by the promoters' extensive experience in the
edible oil industry.  The outlook may be revised to 'Positive' if
ARBOPL reports higher-than-expected growth in revenue and
profitability, while improving its financial risk profile and
liquidity, driven by prudent working capital management.

Conversely, the outlook may be revised to 'Negative' if the
company's liquidity weakens because of a significant increase in
its working capital requirements, or a sharp decline in its
revenue and operating margin, thereby weakening its financial risk
profile.

ARBOPL was set up in 2011 in New Delhi by Mr. Amit Bhatia, Mr.
Atul Bhatia and Mr. Mangat Ram Bhatia. The company acquired M/s.
Anant Ram Bhatia and Sons, a proprietorship firm established in
1945. ARBOPL trades edible oil.


AUTO CENTRE: CRISIL Assigns 'BB' Ratings to INR200MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Auto Centre.  The rating reflects the benefits that
Auto Centre derives from the partners' extensive industry
experience and their funding support.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Channel Financing       50       CRISIL BB/Stable (Assigned)

   Overdraft Facility     150       CRISIL BB/Stable (Assigned)

The rating also factors in the firm's established relations with
its principal, Mahindra and Mahindra Ltd (M&M).  These rating
strengths are partially offset by Auto Centre's average financial
risk profile, marked by an average capital structure and debt
protection metrics, and its moderate scale of operations with low
profitability.

Outlook: Stable

CRISIL believes that Auto Centre will continue to benefit from the
extensive industry experience of its partners, and their funding
support.  The outlook may be revised to 'Positive' if the firm
substantially improves its financial risk profile, driven by
higher-than-expected cash accruals or capital infusion.

Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile, particularly its liquidity is constrained
by lower-than-expected cash accruals or larger-than-expected
working capital requirements, or a large debt-funded capital
expenditure program.

Auto Centre is an authorized and exclusive dealer for all light
commercial vehicles (LCVs), passenger cars and two wheelers of M&M
for six districts in Chhattisgarh.  Auto Centre was established in
1970, and commenced its dealership in 1996.  The firm is owned and
managed by Prabhuram Agrawal and his two sons, Pawan Kumar Agrawal
and Sanjay Kumar Agrawal.


BAJRANG STEEL: CRISIL Reaffirms 'BB+' Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL reaffirms 'BB+' long-term rating on INR100 million loan of
Bajrang Steel and Alloys Limited.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           100      CRISIL BB+/Stable (Reaffirmed)

The rating continues to reflect Bajrang Steel and Alloys Limited
(BSAL)'s above-average financial risk profile, marked by low
gearing and moderate net worth and debt protection metrics, and
promoter's extensive experience in the steel industry.  This
rating strength is partially offset by BSAL's working-capital-
intensive operations, marginal market share, and vulnerability to
cyclicality in the steel industry.

Outlook: Stable

CRISIL believes that BSAL will continue to benefit over the medium
term from its promoters' extensive experience in the steel
industry and comfortable financial risk profile.  The outlook may
be revised to 'Positive' in case of better-than-expected cash
accruals or working capital management, leading to improvement in
BSAL's liquidity.  Conversely, the outlook may be revised to
'Negative' in case of deterioration in the company's liquidity or
its financial risk profile, driven by lower-than-expected revenue
or profitability or any significant debt-funded capital
expenditure plan.

Update

In 2012-13, the net sales of the company is estimated to remain
flattish at around INR798.4 million.  In 2013-14, the company is
expected to show 10-15% growth in revenues.  In 2012-13, the
operating margins of the company remained at around 4.2% more or
less in similar lines as last year and is expected to remain at
around 4-4.5% over the medium term.

The financial risk profile of the company remained above-average
with moderate net worth, low gearing and moderate debt protection
measures.  The company has remained debt averse and gearing levels
of the company remained below 0.8 times.  The debt protection
measures remained moderate with interest coverage at around 2.6
times and NCATD at 12% in FY13.  The financial risk profile of the
company is expected to remain above-average over the medium term
in the absence of any debt funded capex plans and steady but low
accretion to reserves.

The liquidity of the company stretched over the past 12 months or
so as depicted by utilization of its bank limits at an average of
89% and constant ad-hocs of INR20 million being taken by the
company in regular intervals. The company is expected to generate
cash accruals of around INR20-22 million over no repayment
obligations. However, as of now, the company has applied for
enhancement of INR50 million, which could provide cushion to its
liquidity.  Also, there was fund support from the promoters in the
form of unsecured loans to the tune of INR8.5 million as on March
31, 2013.  The company had moderate current ratio of around 1.5
times as on March 31, 2013.The enhancement in its limits and
maintaining its working capital cycle remains a key rating
sensitivity factor.

BSAL manufactures steel ingots and steel structurals.  The company
has an installed capacity of 30,000 tonnes per annum (tpa) of
steel ingots and 25,380 tpa of steel structurals.  BSAL's plant is
located in Rourkela (Orissa).  The average utilisation of the
company's rolling mill was 60 per cent and of the ingot plant was
around 54 per cent in 2010-11.  Almost 90 per cent of the ingot
production is consumed in-house for production of steel
structurals, while the rest is sold in the local market in
Rourkela.  Around 60 per cent of the steel structural production
is sold to project companies, while the rest is sold to local
dealers and retailers.  BSAL's day-to-day operations are managed
by its promoters-directors, who have over two decades of
experience in the steel industry.


BALAJI ELECTROSTEELS: CRISIL Cuts Ratings on INR370MM Loans to B-
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Balaji
Electrosteels Ltd (BEL) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL BB/Stable/CRISIL A4+'.


                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         20      CRISIL A4 (Downgraded from
                                  'CRISIL A4+')

   Cash Credit           180      CRISIL B-/Stable (Downgraded
                                  from 'CRISIL BB/Stable')

   Letter of Credit       60      CRISIL A4 (Downgraded from
                                  'CRISIL A4+')

   Term Loan              64.6    CRISIL B-/Stable (Downgraded
                                  from 'CRISIL BB/Stable')

   Proposed Long-Term     24.6    CRISIL B-/Stable (Downgraded
   Bank Loan Facility             from 'CRISIL BB/Stable')

   Working Capital        58.3    CRISIL B-/Stable (Downgraded
   Term Loan                      from 'CRISIL BB/Stable')

   Corporate Loan         42.5    CRISIL B-/Stable (Downgraded
                                  from 'CRISIL BB/Stable')

The rating downgrade reflects the deterioration in BEL's
liquidity, driven by subdued demand for its products and its
stretched working capital cycle, marked by fully utilised bank
limits.  Owing to its weakened liquidity, the company has also had
to restructure its loan account recently as the large repayments
as per the earlier schedule were further constraining its
liquidity.  Though the reduced debt obligations after the
restructuring have led to some improvement, CRISIL believes that
BEL's liquidity will remain constrained over the medium term due
to subdued demand in a weak economic environment.

The ratings reflect BEL's marginal share in the steel industry and
its susceptibility to intense competition.  These rating
weaknesses are partially offset by the extensive experience of
BEL's promoters in the steel long products industry.

Outlook: Stable

CRISIL believes that BEL will continue to benefit over the medium
term from its promoters' extensive industry experience.  The
outlook may be revised to 'Positive' if BEL's liquidity improves,
primarily led by improvement in its working capital cycle.

Conversely, the outlook may be revised to 'Negative' if there is a
decline in the company's revenues or operating margin, or if it
undertakes a larger-than-expected debt-funded capital expenditure
programme.

BEL was set up in 1995 by Sushil Bajaj and Dinesh Agarwal. The
company manufactures steel long products and silico manganese. Its
registered office is in Patna (Bihar) and its plants are in
Jhumritelaiya (Jharkhand).


CESARE BONETTI: CRISIL Assigns 'B+' Ratings to INR452.7MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Cesare Bonetti India Pvt. Ltd. (CBIPL).

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

   Term Loan            372.7     CRISIL B+/Stable (Assigned)

The rating reflects CBIPL's modest scale and limited track record
of operations.  The rating is also constrained the subdued
financial risk profile and significant fixed commitments towards
its recent acquisition, which is expected to result in increased
dependence on external funding over the near to medium term.

These rating weaknesses are partially offset by the benefits that
the company derives from its promoter's resourceful background and
extensive entrepreneurial experience.

Outlook: Stable

CRISIL believes that CBIPL will continue to benefit from its
promoter's resourceful background and extensive entrepreneurial
experience over the medium term.  The outlook may be revised to
'Positive' if the company effectively scales up its operations,
resulting in higher-than-expected revenues and accruals, while
also demonstrating a sustained turnaround of operations in its
step-down subsidiary, Cesare Bonetti SpA.  Conversely, the outlook
may be revised to 'Negative' if there is a sharp decline in
revenues and profitability, leading to lower-than-expected cash
accruals, or if there is a deterioration in the business and
financial risk profile of BWIPL's step-down subsidiary, straining
the company's debt repayment ability.

Cesare Bonetti India Pvt. Ltd. (CBIPL), erstwhile Bonetti Waaree
India Pvt. Ltd. was incorporated in 2008 as a joint venture
between the Mumbai-based Waaree Group and Italy-based Cesare
Bonetti SpA (CB).  BWIPL is engaged in the manufacturing of
different types of industrial valves that find applications in
various industries such as oil & gas, power, refineries, and
chemical industries.  Till June 2012, BWIPL served as a marketing
and commission agent for CB in India.  In July 2012, the company
started its own manufacturing activities by setting up a plant at
Vapi (Gujarat).  The company's day-to-day business operations are
managed by Hitesh Doshi and his brother Viren Doshi.

In March 2013, BWIPL acquired a controlling stake in Cesare
Bonetti SpA (CB).  Simultaneously, the Indian promoters also
acquired CB's take in BWIPL.

Established in 1905, Cesare Bonetti SpA (CB) is engaged in the
production and distribution of industrial valves and high-pressure
gauges.  The company operates through its three manufacturing
facilities located at Italy, China, and Turkey.  It also has a
marketing subsidiary based in Germany.  Its products are sold
worldwide under the trademarks "Bonetti", "Bont", "Cmi" and "Wve".

CBIPL reported a profit after tax (PAT) of INR1.2 million on net
sales of INR16.6 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.7 million on net
sales of INR6.7 million for 2010-11.


DEVESH FOODS: CRISIL Assigns 'BB+' Rating to INR40 Million Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Devesh Foods and Agro Products Private
Limited (DFAPPL).

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        50       CRISIL A4+ (Assigned)

   Cash Credit           40       CRISIL BB+/Stable (Assigned)

The rating reflects DFAPPL's healthy financial risk profile marked
by its moderate net worth, low gearing and comfortable debt
protection metrics and extensive entrepreneurial and industry
experience of promoters.  These rating strengths are partially
offset by DFAPPL's susceptibility to risks related to its tender-
driven nature of business, volatility in raw material prices, and
customer concentration in its revenue profile

Outlook: Stable

CRISIL believes that DFAPPL will maintain a stable business risk
profile, supported by promoters' extensive entrepreneurial and
industry experience over the medium term.  The outlook may be
revised to 'Positive' if the company reports a significant growth
in its revenues and profitability while maintaining its capital
structure.  Conversely, the outlook may be revised to 'Negative'
in case there is significant decline in revenues and margins or
lengthening of its working capital cycle leading to pressure on
liquidity and financial risk profile.

DFAPPL, set up in 2005, is engaged in manufacture of weaning food
and amylase-rich energy food for supply to the departments of
Government of Uttar Pradesh (UP), under the Integrated Child
Development Scheme (ICDS) programme.  The day-to-day operations of
the company are managed by Navin Khandelwal along with his brother
Praveen Khandelwal.


DYNAMIC FLOW: CRISIL Raises Rating on INR80MM Loan to 'BB+'
-----------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Dynamic Flow Products Private Limited (DFPPL, part of Dynamic
Group) to 'CRISIL BB+/Stable' from 'CRISIL BB/Stable'.

                           Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Foreign Bill Purchase      80      CRISIL BB+/Stable (Upgraded
                                      from 'CRISIL BB/Stable')

The upgrade reflects improvement in Dynamic Group's business risk
profile with significant improvement in margins, leading to a
significant improvement in its net cash accruals.  Dynamic Group's
operating income grew marginally to INR 774.3 million in 2012-13
(refers to financial year, April 1 to March 31) from INR732.9
million in 2011-12.  However, the operating margins improved to
18.8 percent in 2012-13 from 13.7 percent in 2011-12.  The
improvement can be attributed to higher operating efficiencies.
CRISIL expects the margins to remain at similar levels over the
medium term.  The group demonstrated an improvement in its
collection efficiency which is reflected in the lower debtor days
of 49 days for 2012-13 as against 71 days for 2011-12.  The gross
current asset days of the group also declined to 123 days for
2012-13 from 154 days for 2011-12.  CRISIL believes that the
working capital management of the group will continue to have a
significant bearing on its overall credit profile.

Dynamic Group's financial risk profile also improved on account of
lower debt levels and higher profitability.  The gearing declined
to 0.19 times as on March 31st, 2013 from 0.56 times as on March
31st, 2012.  This was on account of improvement in working capital
cycle and high internal accruals, leading to lower bank
borrowings.  CRISIL believes that the company would maintain the
improvement in its financial risk profile on the back of its
stable profitability and absence of any major debt-funded capital
expenditure plan over the medium term.

The rating continues to reflect the extensive industry experience
of the promoters in the forgings industry and its above-average
financial risk profile, marked by a moderate networth, healthy
capital structure and strong debt protection metrics.  These
strengths are partially offset by the vulnerability of Dynamic's
revenue profile to customer concentration risks, and the
susceptibility of its operating margin to fluctuations in input
prices and exchange rate movements.

For arriving at the ratings, CRISIL has consolidated the
financials and business profile of DFPPL with its group concern,
Dynamic Industrial Forgings Private Limited (DIFPL) (together
referred to as Dynamic), on account of common management and
significant operational and financial fungibility between the two
entities.  The entire sales of DIFPL are made to DFPPL.

Outlook: Stable


CRISIL believes that Dynamic will benefit over the medium term
supported by its promoters' extensive industry experience and
established customer relationships.  The outlook may be revised to
'Positive' if the company diversifies its client base or generates
higher-than-expected revenues while maintaining its profitability
and healthy capital structure.  Conversely, the outlook may be
revised to 'Negative' in case there is significant decline in
Dynamic's revenues or profitability or if the company undertakes
any large debt-funded capital expenditure programme, significantly
impacting its financial risk profile.

DFPPL was set up as a proprietorship concern in 1998 by Pankaj
Shah.  It was later reconstituted as a private limited company in
2005.  The company is engaged in manufacturing of steel forged and
machined components including hammer union, swivel joints,
integral pup joints, ring gaskets and valves which are mainly used
in oil field and drilling industries.  The promoters also
incorporated DIFPL in2006 which undertakes forging activity for
DFPPL.  The group's manufacturing unit is located in Vasai, Thane
(Maharashtra).


FULCRUM WORLDWIDE: CRISIL Reaffirms 'BB' Rating on INR100MM Loans
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Fulcrum Worldwide
Software Pvt Ltd (Fulcrum) continues to reflect Fulcrum's diverse
revenue profile across various industry verticals, and its
promoter's extensive experience in the information technology (IT)
sector.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           30       CRISIL BB/Stable (Reaffirmed)

   Term Loan             70       CRISIL BB/Stable (Reaffirmed)

The rating also reflects Fulcrum's above-average financial risk
profile marked by low gearing and healthy debt protection metrics.
These ratings strengths are partially offset by Fulcrum's modest
scale of operations and the susceptibility of its revenue profile
to changes in spending on IT by companies against the backdrop of
intense competition in the IT sector.

Outlook: Stable

CRISIL believes that Fulcrum will maintain its business risk
profile over the medium term on the back of its promoter's
extensive industry experience and its established relationship
with its customers.  The outlook may be revised to 'Positive' in
case of significant and sustained improvement in the company's
revenue, with sustenance of its profitability margin, or if there
is an improvement in its receivables collection.  Conversely, the
outlook may be revised to 'Negative' if the company reports lower-
than-expected revenue and profitability or undertakes a larger-
than-expected debt-funded capital expenditure programme, resulting
in weakening in its financial risk profile.

                         About Fulcrum

Fulcrum, promoted by Rajesh Sinha in 2002, develops and maintains
IT applications and services, particularly, for the insurance,
healthcare, and higher education sectors. The company has
development centers in Mumbai and Pune (both in Maharashtra).


GANGETIC HOTELS: CRISIL Reaffirms 'B' Rating on INR800MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Gangetic Hotels
Pvt Ltd (GHPL) continues to reflect GHPL's susceptibility to off
take risks and to cyclicality in the hospitality industry.  These
rating weaknesses are partially offset by the extensive industry
experience of GHPL's operations and management partner, Marriott
International Inc.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan              800     CRISIL B/Negative (Reaffirmed)

Outlook: Negative

CRISIL believes that GHPL's liquidity will remain constrained over
the medium term by delay in commencement and stabilization of its
hotel project.  The project was expected to commence operations in
the first quarter of 2013-14 (refers to financial year, April 1 to
March 31), but is now expected to commence full-fledged operations
in the third quarter of 2013-14.  The rating may be downgraded in
case of weak occupancy and revenues at GHPL's hotel resulting in
low cash accruals, insufficient to meet its debt obligations.

Conversely, the outlook may be revised to 'Stable' if the hotel
generates sufficient cash accruals to meet debt obligations.

GHPL is developing a four-star hotel, Courtyard by Mariott, in
Agra (Uttar Pradesh).  The project cost of INR1350 million has
been funded through debt of INR800 million.  The hotel is near
completion and is expected to commence full-fledged operations in
the third quarter of 2013-14.

GHPL is jointly promoted by Phoenix Hospitality Company Pvt Ltd of
the Ruia family, Priyank Tayal, and Amitabh Tayal.  The management
has brought in private equity players Leine River and Fushe River,
which together had 39.1 per cent stake, in GHPL.


MAA DURGA: CRISIL Rates INR50MM Loans at B; Revokes Suspension
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank loan
facilities of Maa Durga Enterprises Limited (MDEL); and has
assigned its 'CRISIL B/Stable/CRISIL A4' rating to these
facilities.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            40      CRISIL B/Stable (Assigned;
                                  Suspension Revoked)

   Letter of Credit       40      CRISIL A4 (Assigned;
                                  Suspension Revoked)

   Bank Guarantee         15      CRISIL A4 (Assigned;
                                  Suspension Revoked)

   Proposed Long-Term     10      CRISIL B/Stable (Assigned;
   Bank Loan Facility             Suspension Revoked)

CRISIL has revoked the suspension of its ratings on the bank loan
facilities of Maa Durga Enterprises Limited (MDEL); and has
assigned its 'CRISIL B/Stable/CRISIL A4' rating to these
facilities.  The ratings had been suspended by CRISIL as per its
rating rationale dated May 20, 2013, as MDEL had not provided
necessary information required for reviewing the ratings.  MDEL
has now shared the requisite information, thereby enabling CRISIL
to assign ratings to the bank facilities.

The ratings reflect MDEL's weak liquidity due to its small cash
accruals and moderately working capital intensive operations; and
its below-average financial risk profile marked by a small net
worth, a moderate gearing and weak debt protection metrics.  The
ratings also factor in MDEL's small scale of operations and
susceptibility to volatility in raw material prices.  These rating
weaknesses are partially offset by the extensive experience of
MDEL's promoters in the steel industry and their established
relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that MDEL will continue to benefit over the medium
term from its promoters' extensive experience in the steel
industry.  The outlook may be revised to 'Positive' in case of
significant improvement in the company's financial risk profile
due to higher than expected increase in its scale of operations
along with improvement in profitability and efficient working
capital management.  Conversely, the outlook may be revised to
'Negative' in case of further deterioration in the company's
financial risk profile, particularly its liquidity due to lower
than expected cash accruals, higher than expected working capital
requirements or any large debt funded capex.  MDEL undertakes a
large, debt-funded capital expenditure program, or registers
decline in its revenues or profitability, resulting in weakening
of its financial risk profile.

                            About MDEL

MDEL was acquired by G L Kothari and Kewal Chand Kothari in 2004
from Maharashtra State Finance Corporation.  MDEL operates a semi-
integrated thermo-mechanically treated (TMT) bars manufacturing
plant.  It has ingots manufacturing capacity and TMT bars
manufacturing capacity, of 36,000 tonnes per annum each, in Goa.


MOS METRO INDIA: CRISIL Assigns 'BB-' Ratings to INR340MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Mos Metro India Pvt Ltd (MIPL).  The
rating reflects benefits derived by MIPL from the extensive
industry experience of its promoters and synergies derived from
its parent company, Mosmetrostroy (FZE).

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Long-Term Loan        200      CRISIL BB-/Stable (Assigned)

   Proposed Long-        140      CRISIL BB-/Stable(Assigned)
   Term Bank Loan
   Facility

The ratings also factors in MIPL's healthy order book aiding
revenue visibility.  These rating strengths are partially offset
by the MIPL's exposure to revenue concentration and project
implementation risks.

Outlook: Stable

CRISIL believes that MIPL will continue to benefit from its
healthy order book and from the extensive experience of its
promoters in the civil construction space.  The outlook may be
revised to 'Positive' if early completion of MIPL's ongoing
project-tunneling work for the Chennai Metro Rail project-leads to
higher-than-expected cash flows.  On the other hand, the outlook
may be revised to 'Negative' in case the project faces significant
time or cost overruns, or delays in payments from Chennai Metro
Rail Ltd (CMRL), leading to weakening in its financial risk
profile.

Chennai-based MIPL was established in 2011 by Mosmetrostroy (FZE)
as a service provider of railway services, metro construction
services and civil engineering services in India.  MIPL has been
subcontracted the tunneling works for the Chennai Metro Rail
Project by the OJSC Mosmetrostroy-Gammon India consortium.



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


BANK CENTURY: Sale Process Must Proceed, BI Governor Says
---------------------------------------------------------
Tassia Sipahutar at The Jakarta Post reports that experts say the
sale of Bank Mutiara, formerly known as Bank Century, must go
ahead as planned despite accusations that it will result in state
losses.

Former Bank Indonesia (BI) governor Darmin Nasution said the sale
process should proceed as mandated by the 2004 Insurance Deposit
Agency (LPS) Law, although the state may lose money as the bank
would be sold for less than its bailout figure of IDR6.7 trillion
(US$580.84 million), The Jakarta Post relates.

"The law clearly says that the LPS must sell any bank that has
been rescued in the sixth year at its best price, regardless of
its bailout price," The Jakarta Post quotes the BI governor as
saying during an LPS seminar on bank resolution on Tuesday.

However, he added that the LPS had to create a separate set of
technical regulations as legal derivatives to prevent a possible
public outcry, The Jakarta Post notes.

According to The Jakarta Post, in agreement with Darmin, former
finance minister Bambang Sudibyo said the LPS should complete the
Bank Mutiara divestment process as scheduled, without considering
the political debates or allegedly criminal aspects of the
bailout.

Outgoing LPS executive chairman Mirza Adityaswara, who was
recently elected BI's senior deputy governor, said separately that
the LPS was currently preparing mechanisms for next year's sale,
The Jakarta Post relays.

The LPS rescued Bank Mutiara in 2008 through a controversial,
legally complex bailout, which saw the agency spend IDR6.7
trillion, The Jakarta Post recounts.  Currently, the deposit
agency holds a 99.9% stake in the bank, The Jakarta Post
discloses.

The LPS Law stipulates that all shares of any bank it rescues must
be sold at their purchase price within three years of the rescue,
although the sale may be extended by a maximum of two times, with
each extension lasting for one year, The Jakarta Post states.

But the LPS had failed to find any suitable buyer as of August,
forcing it to put the bank up for auction next year, The Jakarta
Post says.  Bank Mutiara's high bailout price has often been
blamed as the main reason behind the failure, The Jakarta Post
notes.

According to The Jakarta Post, with the IDR6.7 trillion price, the
bank's price-to-book value (PBV) ratio -- which is used to
determine a bank's market value to its book value -- is set at
more than five times' higher than other banks' PBVs, which range
between two and three.

Besides the sky-high price, the current legal cases surrounding
the bailout are also believed to have deterred potential
investors, The Jakarta Post says.  Investigations to determine
whether or not the bailout was the result of malfeasance are
ongoing at the Corruption Eradication Commission (KPK), The
Jakarta Post notes.

Headquartered in Jakarta, Indonesia, PT Bank Century Tbk --
http://www.centurybank.co.id/-- is a financial institution.  The
Bank's products and services include deposits, savings, loans,
mutual funds, bank notes, export and import financing, credit and
commercial banking.  The Bank is supported by 27 branch offices,
30 supporting offices and eight cash offices nationwide.


BUMI RESOURCES: Faces Liquidity Concerns on High Financial Burden
-----------------------------------------------------------------
Raras Cahyafitri at The Jakarta Post reports that international
agency Moody's Investors Service says major Indonesian coal miners
have moved to counter weakening selling prices and maintain their
liquidity supplies.  But the country's largest thermal coal
producer, PT Bumi Resources, remains a concern as it is suffering
from a high financial burden, The Jakarta Post notes.

Berau has the biggest liquidity buffer, according to Moody's, with
US$512 million in cash on hand as of the end of June and no
significant debt maturity until 2015, The Jakarta Post discloses.

Moody's said Berau's main concern would be uncertainty over its
strategic direction due to ongoing disputes between shareholders
of its parent firm Bumi plc, The Jakarta Post relates.  According
to The Jakarta Post, London-listed Bumi plc, which 84.7% owns
Berau, is in the spotlight following a planned separation with its
Indonesian shareholder, the politically wired Bakrie family.

Moody's enlists Bumi Resources as one of the world's big coal
producers with liquidity concerns, The Jakarta Post states.

"Despite its production size and higher coal quality, Bumi
Resources [. . .] will generate negative cash flow from
operations, owing to its high interest expense burden of
approximately US$600 million per annum," The Jakarta Post quotes
Moody's as saying.

Bumi Resources had US$90.6 million in cash on hand and US$109.2
million in restricted cash as of the end of March, which would be
insufficient to pay its debts, The Jakarta Post discloses.

                       About Bumi Resources

PT Bumi Resources Tbk (JAK:BUMI) -- http://www.bumiresources.com/
-- is an Indonesia-based company engaged exploration and
exploitation of coal deposits, including coal mining, and oil
exploration activities.  It has four core business segments: coal
mining, which comprises exploration and exploitation of coal
deposits, including mining and selling coal; services, which
represent marketing and management services; oil and gas, which
covers the exploration of oil and gas, and gold, which covers the
exploration of gold.  The Company and its subsidiaries are
operating in Indonesia, the United Kingdom, Japan and Australia.
On July 17, 2008, the Company acquired the Australia-based Herald
Resources Limited.

                          *     *     *

As reported by the Troubled Company Reporter-Asia on Aug. 7, 2013
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Indonesia-based coal producer
PT Bumi Resources Tbk. to 'CCC' from 'B-'.  At the same time, S&P
lowered the rating on the senior secured notes the company
guarantees to 'CCC' from 'B-'.  S&P also lowered its long-term
ASEAN regional scale rating on Bumi to 'axCCC' from
'axB-'.  All the ratings remain on CreditWatch, where they were
placed with negative implications on Sept. 26, 2012.


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


DAIWA SECURITIES: Fitch Revises Support Ratings Floor From 'B'
--------------------------------------------------------------
Fitch Ratings has upgraded and equalized the Long-Term and Short-
Term Issuer Default Ratings (IDRs) of Nomura Holdings, Inc.
(Nomura Holdings) and its wholly owned subsidiary, Nomura
Securities Co., Ltd. (Nomura Securities) to 'A-/F1', from their
respective IDRs of 'BBB/F2' and 'BBB+/F2'. The Support Ratings
(SRs) for both entities were upgraded to '1', from '5' for Nomura
Holdings and '4' for Nomura Securities, and their Support Rating
Floors (SRFs) were revised to 'A-'.

The Long-Term and Short-Term IDRs for Daiwa Securities Group Inc.
(Daiwa Securities Group) and its wholly owned subsidiary, Daiwa
Securities Co. Ltd. (Daiwa Securities) were affirmed at 'BBB+/F2'.
The SRs for both entities were upgraded to '2', from their
respective SRs of '5' and '4', and their SRFs were revised to
'BBB+'.

The Viability Ratings (VR) have been affirmed for all of the
entities; Nomura Holdings at 'bbb', Nomura Securities at 'bbb+',
Daiwa Securities Group at 'bbb+'and Daiwa Securities at 'bbb+'.

The Rating Outlooks on the Long-Term IDRs are Stable for all the
entities.

RATING ACTION RATIONALE

The rating actions reflect Fitch's reassessment of the domestic
systemic importance of Japanese securities firms following
revisions made to the Deposit Insurance Law (DIL) passed by
Japan's parliament in June 2013 and due to come into force by end-
March 2014.  Until now, there had been no legal framework to make
financial support available for non-bank financial institutions
under the DIL.

The DIL explicitly makes provision for government intervention in
anticipation of serious disruption in the financial system. Fitch
will issue a report titled "Japan: Support for Systemically
Important NBFI's" shortly to discuss this in greater detail.

In the context of Nomura's and Daiwa's degree of systemic
importance, Fitch has assessed their on- and off-balance sheet
activities in key financial markets, as well as qualitative
factors such as their roles in domestic and cross-border capital
markets.

The SRFs of 'A-' for Nomura Holdings and Nomura Securities
(jointly referred to as Nomura) are based on Fitch's belief that
the authorities would view Nomura as systemically important in the
domestic economy and their failures would lead to serious
disruption in markets, and as a consequence, they are highly
likely to receive financial support from the government under the
revised DIL, if necessary.

The SRFs of 'BBB+' for Daiwa Securities Group and Daiwa Securities
(jointly called Daiwa) reflect their lower systemic importance
compared with Nomura, but still its distinctive presence as the
second-largest securities company in Japan.  Fitch considers the
potential contagion risk within the financial system from Nomura's
failure to be higher than by a failure of Daiwa.  This accounts
for the one-notch difference in the SRFs between Nomura and Daiwa.

Contrary to developments at the G20 level with regards to bank
resolutions as highlighted in Fitch's report "The Evolving
Dynamics of Support for Banks" (September 2013), the agency
believes that Japan is one country in the developed world where
the government's attitude to support, in particular for senior
obligations, is unlikely to change from a historical preference
for pre-emptive action.

The affirmation of the VRs for Nomura and Daiwa takes into account
their capitalization, which compares favorably with many global
universal banks (Fitch Core Capital ratio stands at about 12% at
Nomura Holdings and 22% at Daiwa Securities Group as of end-June
2013), modest market risk (trading Value at Risk measured with 10-
day holding period and 99% confidence interval are around 1% of
Fitch Core Capital for both as of end-June 2013), solid franchise
and adequate liquidity position.

The affirmation of the VRs also incorporates the improved but
still-fragile operating environment with a lack of clear evidence
to indicate a sustainable improvement in Japan's real economy.
Any signs of deterioration of the performance of the private
sector could hurt investor confidence in the economic recovery and
curtail further risk-taking in the financial markets.  This could
negatively impact Nomura's and Daiwa's flow business on which
their revenues rely.

Nomura's Short-Term IDRs were upgraded to 'F1' from 'F2', based on
Fitch's belief that pre-emptive support by the government is more
likely as represented by its '1' SR.  Meanwhile, Daiwa's Short-
Term IDRs have been affirmed at 'F2'.

KEY RATING DRIVERS and SENSITIVITIES - SRs and SRFs

Nomura and Daiwa

The equalization of the SRs between a parent and a subsidiary is
based on the consolidated supervision by the Japanese authorities
under the Financial Instruments and Exchange Act.  This, combined
with Nomura's and Daiwa's interconnectedness within their
respective groups, leads Fitch to believe the authorities would
extend financial assistance directly, if required, to a holding
company through the single point of entry (as opposed to multiple
point of entry) approach.

Fitch believes that the SRs and SRFs for both groups are likely to
be maintained even if the Japan's sovereign rating (A+/ Negative)
is downgraded by one notch to 'A'.

Nevertheless, they will be revisited if there is any material
change in Fitch's view on the Japanese government's propensity to
support, which should mainly result from pressure from global
regulatory developments severely hampering the government's
intention to provide support.  However, Fitch believes that the
existing framework under the DIL is unlikely to change over the
medium term. Meanwhile, a change in Fitch's assessment on systemic
importance of Nomura or Daiwa, derived from factors such as
increased substitutability of an entity due to downsizing of
operations and/or transactions, could result in the downgrade of
the SRs and SRFs.

KEY RATING DRIVERS and SENSITITIVIES - VRs, IDRs and Senior Debt

Nomura Holdings and Nomura Securities

The 'bbb' VR for Nomura Holdings reflects its relatively weak
profitability despite its capitalization, which compares more
favorably with many similarly-rated global peers.  Revenues, which
are concentrated on the market-oriented flow business, remain
sensitive to global market conditions.  The VR also incorporates
greater exposure to overseas risks and regulations, and larger
contingent liabilities to its subsidiaries compared with those of
Nomura Securities.

Nomura Securities' 'bbb+' VR is a notch higher than the parent,
reflecting Nomura Securities' more constant profitability backed
by a stable retail franchise.  While the operations of Nomura
Securities are concentrated in the home market, those of Nomura
Holdings are segmented functionally and geographically.

Nomura's VRs remain sensitive to market conditions as they are
linked directly to Nomura's profitability through trading, sales
of financial instruments and asset/debt valuations.  Positive
rating drivers for the VRs include sustainable improvement in
profitability backed by solid improvement in Japan's real economy,
and more streamlined operations.  Offsetting these positive
drivers would be substantial earnings pressure from the
deterioration of investor confidence, resulting in rapid
contraction of market transactions, and a material increase in
risk appetite.  For Nomura Holdings, heightened regulatory
uncertainty and legal risk could also be negative rating drivers.

Nomura's Long-Term IDRs and senior debt ratings are driven by the
SRFs.  Therefore, the Long-Term IDRs and senior debt ratings will
be downgraded, if the SRs and SRFs were to be downgraded.

Daiwa Securities Group and Daiwa Securities

The VRs of Daiwa Securities Group and Daiwa Securities are at the
same level, reflecting the group's flat structure with Daiwa
Securities being the single core operating subsidiary.

The 'bbb+' VRs for the two Daiwa entities reflect the group's
relatively weak profitability, although its capital position is
substantially stronger than similarly-rated peers.  Fitch expects
volatility in its profitability to recede as restructuring of its
unprofitable overseas business in the past continues to support
operating efficiency over time.

Like Nomura, Daiwa's VRs remain sensitive to market conditions as
they are linked directly to profitability.  Therefore, positive
rating drivers for the VRs would include sustainable improvement
in profitability backed by solid improvement in Japan's real
economy.  Offsetting the positive drivers would be substantial
earnings pressure from the deterioration of investor confidence,
resulting in rapid contraction of market transactions, and a
material increase in risk appetite.

Daiwa's Long-Term IDRs and senior debt ratings are in line with
its VRs and SRFs.  Thus, the simultaneous downgrade of VRs and
SRFs will lead to a downgrade of its Long-Term IDRs and senior
debt ratings.

The rating actions are as follows:

Nomura Holdings:

  -- Long-Term Foreign and Local Currency IDRs upgraded to 'A-'
     from 'BBB'; Outlook Stable
  -- Short-Term Foreign and Local Currency IDRs upgraded to 'F1'
     from 'F2'
  -- Viability Rating affirmed at 'bbb'
  -- Support Rating upgraded to '1' from '5'
  -- Support Rating Floor revised to 'A-' from 'No Floor'
  -- Senior debt upgraded to 'A-' from 'BBB'

Nomura Securities:

  -- Long-Term Foreign and Local Currency IDRs upgraded to 'A-'
     from 'BBB+'; Outlook Stable
  -- Short-Term Foreign and Local Currency IDRs upgraded to 'F1'
     from 'F2'
  -- Viability Rating affirmed at 'bbb+'
  -- Support Rating upgraded to '1' from '4'
  -- Support Rating Floor revised to 'A-' from 'B'

Daiwa Securities Group:

  -- Long-Term Foreign and Local Currency IDRs affirmed at
     'BBB+'; Outlook Stable
  -- Short-Term Foreign and Local Currency IDRs affirmed at 'F2'
  -- Viability Rating affirmed at 'bbb+'
  -- Support Rating upgraded to '2' from '5'
  -- Support Rating Floor revised to 'BBB+' from 'No Floor'

Daiwa Securities:

  -- Long-Term Foreign and Local Currency IDRs affirmed at
     'BBB+'; Outlook Stable
  -- Short-Term Foreign and Local Currency IDRs affirmed at 'F2'
  -- Viability Rating affirmed at 'bbb+'
  -- Support Rating upgraded to '2' from '4'
  -- Support Rating Floor revised to 'BBB+' from 'B'
  -- Senior debt affirmed at 'BBB+'


DTC EIGHT: Fitch Upgrades Ratings on Class E Notes to 'BB+'
-----------------------------------------------------------
Fitch Ratings has upgraded the class E notes of DTC Eight and
affirmed another 44 classes of notes in eight DTC transactions. Of
the 45 classes of notes, Outlooks on three notes were revised to
Positive from Stable, while the Outlooks for the rest remain
unchanged.

KEY RATING DRIVERS

The upgrade of the class E notes of DTC Eight reflects growth in
credit enhancement (CE) levels.  Fitch expects the improvement in
CE levels to continue and the notes to be repaid at a faster pace
than the other rated notes in this transaction, in accordance with
transaction agreements.

The affirmations of the 44 classes of notes reflect Fitch's view
that available CE levels are sufficient to support the current
ratings.  Fitch revised the Outlooks on each of the three class E
notes of DTC Four, Five and Six to Positive from Stable,
reflecting that these notes are likely to be repaid at a faster
pace than the other rated notes, similar to the class E notes of
DTC Eight.

The Positive Outlook on the class B and C notes of DTC Two
reflects continued improvement in CE levels.  Although similar
improvement has been observed in DTC One and Three, Fitch believes
DTC Two is relatively better in credit, compared with DTC One and
Three, in terms of loan diversification and the liquidity
protection.  DTC One has a smaller number of loans in the
underlying pool than other transactions, leading Fitch to assume
greater performance volatility in higher rating stress scenarios.
For DTC Three, the absence of an advancing agent has left its
liquidity protection relatively weaker compared with other
transactions.

All of the transactions are securitizations of mortgage loans
backed by multi-family apartment properties. The master lease
structure in place contributes to stable loan performance and for
each of the eight transactions, delinquencies and defaults have
been limited to date.  Fitch expects this trend to continue.

Fitch considers the cash flow performance of the underlying
properties to be moderately below the agency's initial assumptions
due to a decline in rent income.  This has led to an increase in
net loss assumption from each underlying pool in stressed
scenarios.  However, this has been offset by improved CE levels.

Six transactions, other than DTC Three and Eight, have exposure to
an ineligible Japanese counterparty as account bank that
undermines support for their 'AAAsf' rating . However, Fitch's
analysis takes into account the sufficient protection via their
available liquidity mechanism and CE levels against their exposure
to such counterparty ('A-'/Stable/'F1').

RATING SENSITIVITIES

An unexpected increase in the delinquency or default rate may lead
to higher loss assumption, which may, in turn, affect the ratings
of the notes.  However, given the growth in CE levels to date and
master-lease structure in place, the risk of downgrade due to
asset performance deterioration is considered low.

For DTC Three and DTC Eight, Fitch continues to believe that these
transactions have available cash reserves to address liquidity
risk in the absence of an advancing agent.  This view is based on
the expected stable performance of the loan pools, note
amortisation and a low interest rate environment in Japan.
Therefore, an unexpected increase in interest rates may lead to
negative rating action on these transactions.

The full list of rating actions is as follows.

DTC One Special Purpose Company:

  -- JPY86m Class A-1 notes affirmed at 'AAAsf'; Outlook Stable
  -- JPY0.76bn Class A-2 notes affirmed at 'AAAsf'; Outlook Stable
  -- JPY3m Class A-3 notes affirmed at 'AAAsf'; Outlook Stable
  -- JPY0.32bn Class B notes affirmed at 'AAsf'; Outlook Stable
  -- JPY0.18bn Class C notes affirmed at 'Asf'; Outlook Stable
  -- JPY0.32bn Class D notes affirmed at 'BBBsf'; Outlook Stable
  -- JPY0.35bn Class E notes affirmed at 'BBsf'; Outlook Stable

DTC Two Funding Limited:

  -- JPY1.38bn Class A notes affirmed at 'AAAsf'; Outlook Stable
  -- JPY0.47bn Class B notes affirmed at 'AAsf'; Outlook Positive
  -- JPY0.28bn Class C notes affirmed at 'Asf'; Outlook Positive
  -- JPY0.38bn Class D notes affirmed at 'BBBsf'; Outlook Stable
  -- JPY0.85bn Class E notes affirmed at 'BBsf'; Outlook Stable
  -- JPY2.51bn Class J notes affirmed at 'BBBsf'; Outlook Stable

DTC Three Funding Limited:

  -- JPY2.14bn Class A-1 notes affirmed at 'AAAsf'; Outlook Stable
  -- JPY1.46bn Class A-2 notes affirmed at 'AAAsf'; Outlook Stable
  -- JPY0.87bn Class B notes affirmed at 'AAsf'; Outlook Stable
  -- JPY0.54bn Class C notes affirmed at 'Asf'; Outlook Stable
  -- JPY0.69bn Class D notes affirmed at 'BBBsf'; Outlook Stable
  -- JPY0.776bn Class E notes affirmed at 'BBsf'; Outlook Stable

DTC Four Funding Limited:

  -- JPY4.09bn Class A-1 notes affirmed at 'AAAsf'; Outlook Stable
  -- JPY2.04bn Class A-2 notes affirmed at 'AAAsf'; Outlook Stable
  -- JPY0.51bn Class B notes affirmed at 'AAsf'; Outlook Stable
  -- JPY0.51bn Class C notes affirmed at 'Asf'; Outlook Stable
  -- JPY0.51bn Class D notes affirmed at 'BBBsf'; Outlook Stable
  -- JPY0.16bn Class E notes affirmed at 'BB+sf'; Outlook revised
     to Positive from Stable

DTC Five Funding Limited:

  -- JPY6.64bn Class A notes affirmed at 'AAAsf'; Outlook Stable
  -- JPY0.56bn Class B notes affirmed at 'AAsf'; Outlook Stable
  -- JPY0.56bn Class C notes affirmed at 'Asf'; Outlook Stable
  -- JPY0.56bn Class D notes affirmed at 'BBBsf'; Outlook Stable
  -- JPY0.26bn Class E notes affirmed at 'BB+sf'; Outlook revised
     to Positive from Stable

DTC Six Funding Limited:

  -- JPY7.95bn Class A notes affirmed at 'AAAsf'; Outlook Stable
  -- JPY0.65bn Class B notes affirmed at 'AAsf'; Outlook Stable
  -- JPY0.69bn Class C notes affirmed at 'Asf'; Outlook Stable
  -- JPY0.54bn Class D notes affirmed at 'BBBsf'; Outlook Stable
  -- JPY0.22bn Class E notes affirmed at 'BB+sf'; Outlook revised
     to Positive from Stable

DTC Seven Funding Limited:

  -- JPY9.73bn Class A notes affirmed at 'AAAsf'; Outlook Stable
  -- JPY1.2bn Class B notes affirmed at 'AAsf'; Outlook Stable
  -- JPY1.06bn Class C notes affirmed at 'Asf'; Outlook Stable
  -- JPY0.88bn Class D notes affirmed at 'BBBsf'; Outlook Stable

The class N notes were fully redeemed in June 2013.

DTC Eight Funding Limited:

  -- JPY12.26bn Class A notes affirmed at 'AAAsf'; Outlook Stable
  -- JPY1.47bn Class B notes affirmed at 'AAsf'; Outlook Stable
  -- JPY1.33bn Class C notes affirmed at 'Asf'; Outlook Stable
  -- JPY1bn Class D notes affirmed at 'BBBsf'; Outlook Stable
  -- JPY0.12bn Class E notes upgraded to 'BB+sf' from 'BBsf';
     Outlook Stable
  -- JPY0.6bn Class N notes affirmed at 'BBBsf'; Outlook Stable

All tranche balances are as of September 24, 2013.


* JAPAN: S&P Affirms B Rating on JPY3 Bil. Series 2 Loan
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
rating on one Japanese synthetic collateralized debt obligation
(CDO) transaction, and removed the rating from CreditWatch with
positive implications.

The affirmation reflects the tranche's synthetic rated
overcollateralization (SROC) level as well as S&P's sensitivity
analyses in line with its criteria.  S&P also reviewed the
counterparty risk because the creditworthiness of the tranche
relies on a swap counterparty and collateral asset.

S&P has affirmed its rating because the tranche's SROC level does
not meet its upgrade requirement as of the review date, despite
exceeding 100% at the current rating.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATING AFFIRMED, REMOVED FROM CREDITWATCH POSITIVE

Hummingbird Securitisation Ltd.
Series 2 loan
To        From                 Amount
B (sf)    B (sf)/Watch Pos     JPY3.0 bil.



* Rinzai-sai Issuance Contribute to Higher Debts for Japan RLGs
---------------------------------------------------------------
Moody's Japan K.K. says that rinzai-sai -- the government-directed
debt of Japanese regional and local governments (RLGs)
-- continues to grow and is contributing to their high levels of
indebtedness.

And although the servicing of rinzai-sai debt is fully subsidized
by future local allocation tax (LAT) transfers over time, the
funding of operating expenditures through debt contributes to the
central government's already heavy debt burden.

These views were outlined in Moody's special comment, "Japanese
Regional and Local Governments Challenged by Rising Debt Through
Increased Rinzai-Sai Issuances."

The special comment addresses the growing trend in rinzai-sai,
explains the basis for its rise, and outlines the added risk that
this leverage represents to the credit profiles of RLGs.

Initiated as a temporary measure in 2001, borrowing through
rinzai-sai issuance has become an ongoing replacement for cash
transfers, rising from 7% of LAT transfers in 2001 to 27% in 2013.

This rise is due to the central government's decision to fund a
shortfall in LAT funding through increasing the leverage of RLGs.

The shortfall has emerged owing to the sluggish growth in the
national taxes that comprise LAT revenue sharing -- including
corporate, personal and consumption taxes -- which have not kept
pace with RLG expenditures funded by the program.

This resultant upward trajectory in the debt load of RLGs
compromises their budget flexibility; debt rose to 284% of
revenues in 2013, from 238% in 2001.

These levels are amongst the highest among the international peers
of these Japanese RLGs.

According to Moody's, the ongoing debt funding of RLG operating
costs is likely to rise considerably unless revenue growth picks
up.

The impact of an Abenomics-led recovery, as well as the planned
increase in the consumption tax rate in 2014 and 2015, will help
ease pressures on the LAT system. But they will not likely prove
sufficient by themselves to offset the large gap between LAT
requirements and tax revenues.

Moody's expects rinzai-sai debt to continue to grow in the
foreseeable future.


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


BIC: To Shut Down Mt. Eden Factory; 21 Workers Affected
-------------------------------------------------------
Stuff.co.nz reports that Bic has confirmed it is laying off 21
workers at its Auckland factory after making the "difficult
decision" to stop making pens here and instead import them from
South Africa.

Earlier the company had said it was considering shedding 19 roles
but another two have since been included, Stuff.co.nz relates.  A
closure date for the Mt Eden factory has not yet been finalized
but is likely to be early next year, Stuff.co.nz notes.

The EPMU said it was disappointed the company had not reconsidered
shedding its Auckland-based manufacturing staff or extending the
redundancy pay they will get, Stuff.co.nz discloses.

Workers have been offered only six weeks' pay in redundancy
compensation, Stuff.co.nz says.

According to Stuff.co.nz, Bic Oceania general manager Peter
Travers said the company remained committed to the New Zealand
market and will continue with its other operations in Auckland
including sales, warehousing and logistics and support services.

"This difficult decision was made after much consideration and
deliberation," Stuff.co.nz quotes Mr. Travers as saying.
"Ultimately however, rising costs and falling volumes have made it
difficult for BIC to remain competitive and continue to provide
cost-effective products to our New Zealand customers."

Bic, which has operated in New Zealand since 1956, will continue
to employ 54 full and part-time staff across other parts of its
operation.  It employs more than 8500 people worldwide.


GOLDEN WINGS: Liquidators to Discuss Collapse w/ Owner on Monday
----------------------------------------------------------------
Bill Moore at Stuff.co.nz reports that liquidators had an
appointment with former Enron trader Michael Towarek to discuss
the end of one of his Nelson-based companies.

Mr. Towarek's flying school, Golden Wings Flight Training, is now
in the hands of Christchurch liquidators Rhys Cain and
Bruce Gemmell, put there by law firm Duncan Cotterill over an
unpaid bill for about NZD7000, Stuff.co.nz discloses.

Mr. Cain said he was surprised that Towarek -- who got Overseas
Investment Commission approval to buy a NZD2.1 million Redwood
Valley property in 2007 -- had let the liquidation go ahead,
Stuff.co.nz relates.

He was unwilling to go into details but confirmed that he and Mr.
Gemmell would meet Towarek on Monday, Sept. 30, according to
Stuff.co.nz.

"For whatever reason he has decided not to pay them and the
company was tipped into liquidation.  We'll know more on Monday,"
Stuff.co.nz quotes Mr. Cain as saying.

But Mr. Towarek dismissed the allegations, Stuff.co.nz states.
According to Stuff.co.nz, he said the company had already cost him
"a massive amount of money" and he didn't want to waste any more
on it.  "Why would I want to write another cheque?"

Mr. Towarek said he had been hoping to quietly wind down Golden
Wings Flight Training and close it, but a creditor had stepped in
with the liquidation proceedings, Stuff.co.nz relates.  He also
intended to close his charter airline and the Beechcraft was for
sale, Stuff.co.nz notes.

But he liked aviation and had gone into Pacific Pilot Training,
with the operators of an existing Nelson flight school,
Stuff.co.nz discloses.

The same day that the liquidation proceedings were served -- July
24 -- he set up Pacific Pilot Ltd, with another Nelson man, David
Marriott, who also has Nelson Pilot Training Ltd. in a 50-50
partnership with James Campbell, of Kina Beach Rd., Stuff.co.nz
recounts.


ROSS GROUP: Test Case May Claw Back NZD3.8MM of Investor Money
--------------------------------------------------------------
Hamish McNicol at Stuff.co.nz reports that liquidator
PricewaterhouseCoopers says a potential test case which might claw
back NZD3.8 million of investor money lost to New Zealand's single
biggest fraudster, David Ross, is waiting on one final response.

On Wednesday, PwC's website was updated to include a Ross Group
frequently asked questions (FAQ) page, to clarify some of the
public statements made by investors a few weeks ago, Stuff.co.nz
discloses.

PwC has written to three investors to try to recover NZD3.8
million of the NZD115 million lost to David Ross, in what was
described the biggest single fraud in New Zealand history,
Stuff.co.nz relates.

If recovered, the NZD3.8 million would be split among all
investors, Stuff.co.nz says.

The three were specifically identified by PwC as investors it
believed it could target in a clawback claim under the Companies
Act, Stuff.co.nz notes.

According to Stuff.co.nz, no legal action had been commenced with
regards to clawback at this stage but PwC hoped any proceedings
necessary against the three investors would set a precedent for
future clawback claims.

PwC's John Fisk, as cited by Stuff.co.nz, said the FAQ page was
created to provide clarity to all investors on the most
appropriate approach with regards to clawback of lost money.
Mr. Fisk said the updated website would ensure all investors knew
what exactly the position was, Stuff.co.nz notes.

The potential for legal test cases against the three investors
still applied, however, Stuff.co.nz states.

Mr. Fisk, as cited by Stuff.co.nz, said "We've had some responses
and we're just waiting for one more and then we will look to take
the next step in that process."

The amount potentially recoverable through clawback was not yet
quantifiable; however, suggestions it could be over NZD100 million
were likely "materially wrong".

PwC's website also sought to clarify whether the Ross Group could
definitively be labeled a Ponzi scheme, Stuff.co.nz notes.

RAM investors group head Bruce Tichbon said the update was
potentially bad news for investors, Stuff.co.nz relates.

According to Stuff.co.nz, Stuff.co.nz, Mr. Tichbon said "Ross
Asset Management Investors Group will also seek a second legal
opinion."

Late last month Ross, 63, of Lower Hutt, pleaded guilty in the
Wellington District Court to five Serious Fraud Office charges and
three from the Financial Markets Authority, Stuff.co.nz recounts.
He is now in jail awaiting sentencing, and is scheduled to next
appear in court on October 24, Stuff.co.nz discloses.

Ross Group is based in Wellington, New Zealand.  The Ross Group
Companies were placed into liquidation on December 17, 2012 and
John Howard Ross Fisk and David John Bridgman are the appointed
joint and several liquidators.



=============
V I E T N A M
=============


SAIGON THUONG: S&P Revises Outlook to Neg. & Affirms 'BB-' ICR
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Saigon
Thuong Tin Commercial Joint Stock Bank (Sacombank) to negative
from stable.  S&P also affirmed the 'BB-' long-term and 'B' short-
term issuer credit ratings on the bank.

S&P lowered its long-term ASEAN regional scale issuer rating on
Sacombank to 'axBB' from 'axBB+' because of the revised outlook.
At the same time, S&P affirmed its short-term ASEAN regional scale
rating of 'axB'.

"We revised the outlook to negative to reflect our view that
Sacombank's aggressive growth strategy will make it difficult for
the bank to manage its risks, which may eventually weaken its
asset quality and capitalization," said Standard & Poor's credit
analyst Amit Pandey.

S&P believes asset quality for banks in Vietnam, including
Sacombank, are weakening.  Sacombank's loans growth has increased
in the past few quarters.  Its loans book grew 13% in the first
half of 2013, which is much higher than the industry growth of 5%.
Sacombank's gross nonperforming loans ratio rose to 2.5% as of
June 30, 2013, from 0.6% as of Dec. 31, 2011.

Sacombank intends to increase its dividend payout ratio to 9%-10%
of chartered capital from 6% for 2012; the cash or stock component
will be decided later.

"We believe higher growth, potentially higher dividend payouts,
and lower profitability due to margin pressure and credit costs
could pressurize bank's capitalization.  Those factors are likely
to undermine the bank's credit profile," Mr. Pandey said.

The negative outlook reflects S&P's expectation that Sacombank's
aggressive growth strategy will increase the bank's risks, which
may hurt its asset quality and capitalization.

S&P may lower its ratings if the bank's risk-adjusted capital
ratio before diversification falls below 3% because of aggressive
expansion in the bank's loans book or asset quality decline.

S&P may revise the outlook to stable if Sacombank tempers its
growth appetite and improves its asset quality and capitalization.


VIETNAM PROSPERITY: Moody's Assigns B3 Issuer Ratings
-----------------------------------------------------
Moody's assigns long/short-term issuer ratings of B3/Not Prime to
Vietnam Prosperity Joint Stock Commercial Bank (VP Bank). The
rating reflects: 1) the bank financial strength rating (BFSR) and
baseline credit assessment (BCA) of E/caa1, and 2) the long/short-
term local/foreign currency deposits of B3/Not Prime. All ratings
carry a stable outlook.

Ratings Rationale:

VP Bank's BCA takes into consideration VP Bank's growing franchise
with a focus on the retail and SME markets, relatively advanced
governance standards, and progressive management plan to modernize
credit risk management and operational controls. The BCA also
reflects the bank's need for external capital, exposure to other
Vietnamese banks, and aggressive turnaround plan, which involves
inherent execution and asset quality risks.

Established in 1993, VP Bank is primarily focused on retail and
SME customers. The bank's total asset size of VND103 trillion
($4.9 billion) as of December 2012 positions it as a mid-tier
joint stock commercial (JSC) bank in Vietnam. The bank has a
nationwide branch network, but its traditional strength has been
in the north.

VP Bank's global local currency (GLC) deposit rating is B3, based
on Moody's assessment of a moderate probability of systemic
support from the government of Vietnam, given the VP Bank's
relatively large scale (ranked 6th among private joint-stock
commercial banks in terms of total assets) and the high level of
interdependence in the banking system. The assessment of
anticipated systemic support provides a one-notch uplift for its
GLC rating from its BCA of caa1. The long/short-term issuer
ratings are in-line with the GLC deposit rating.

The principal methodology used in this rating was Global Banks
published in May 2013.


VIETNAM TECHNOLOGICAL: S&P Revises Outlook & Affirms 'BB-' ICR
--------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Vietnam
Technological And Commercial Joint Stock Bank (Techcombank) to
negative from stable.  S&P also affirmed the 'BB-' long-term and
'B' short-term issuer credit ratings on the bank.  S&P lowered its
long-term ASEAN regional scale issuer rating on Techcombank to
'axBB' from 'axBB+' because of the revised outlook.  At the same
time, S&P affirmed its short-term ASEAN regional scale rating of
'axB'.

S&P revised the outlook to negative to reflect its view that
Techcombank is likely to face difficulty in maintaining its asset
quality.  The bank's profitability and capitalization may be
affected as a result, amid tough operating conditions in Vietnam.

"Techcombank's asset quality is weakening in the moderate growth
environment in Vietnam," said Standard & Poor's credit analyst
Amit Pandey.  The bank's gross nonperforming loan ratio is the
highest among its rated peers in Vietnam, and the bank has
restructured a sizable amount of loans in the past 12 months.

Techcombank's loan book is focused on the private sector's small
and midsized enterprises (SMEs).  Many SMEs in Vietnam are facing
cash flow problems due to high inventories and low demand.  S&P
expects the rise in stressed assets to keep credit costs elevated,
which may hurt the bank's capitalization.

The negative outlook reflects S&P's expectation that Techcombank's
weakening asset quality may affect its profitability and
capitalization amid difficult operating conditions in Vietnam.

"We may lower our ratings if the bank's risk-adjusted capital
ratio before diversification falls below 3% because of aggressive
loan growth or asset quality decline," Mr. Pandey said.

S&P may revise the outlook to stable if Techcombank improves its
asset quality and capitalization.



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


* Market Surplus and Low Prices Weigh Down Asian Coal Producers
---------------------------------------------------------------
Moody's Investors Service says excess coal supplies and continued
weak prices for the commodity over the next 12-18 months, will
cause significant financial stress on the least liquid coal
producers in Asia Pacific, increasing their risk of default.

"We expect weak coal prices through 2014 to pressure the credit
quality and liquidity of most coal producers in the Asia Pacific
region in the next 12 to 18 months," says Simon Wong, a Moody's
Vice President and Senior Credit Officer.

"We are particularly concerned about Winsway Coking Coal Holdings'
liquidity position after it completes its debt exchange that was
proposed last month, given its already inadequate liquidity buffer
of less than three months," adds Wong.

"We are also concerned about the liquidity levels of Hidili
Industry International Development, Bumi Resources and Mongolian
Mining, as they all face significant liquidity and refinancing
risks over the next 12 months," says Wong.

Wong was speaking on Moody's report titled "Liquidity Is Vital for
Asian Coal Producers amid Oversupply and High Leverage."

According to the report, Moody's has revised down the estimated
average benchmark Newcastle thermal coal price for all of 2013 to
$80-$85 per tonne, and the benchmark Queensland hard coking coal
price to $150 per tonne.

Moody's report says global coal supply will continue to outstrip
demand, as low-cost producers are likely to increase production to
maximize cash flows from operations.

In terms of leverage, Moody's report says Ba to B-rated coal
producers in Asia Pacific should see their debt/EBITDA levels
increase to an average 4.25x-4.75x for all of 2013 from 3.40x in
2012.

Nonetheless, the report points out that most of the coal producers
rated by Moody's are taking steps to preserve capital and weather
the prolonged weak market conditions.

"Because coal prices have fallen close to or below the marginal
cost of production, coal producers have suspended their capital
expansion plans and cut their greenfield investments. They are
also improving operating efficiencies, and those with very weak
liquidity are considering selling non-core assets," says Wong.

Moody's report says producers with strong cash positions, well
spread out debt maturities and low coal production costs, and
producers who are large and diversified operators with solid
credit quality, are most insulated against the challenging
operating environment.


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

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

AACL HOLDINGS LT          AAY              39.61       -4.66
AAT CORP LTD              AAT              32.50      -13.46
ANAECO LTD                ANQ              12.09      -16.38
ARASOR INTERNATI          ARR              19.21      -26.51
AUSTRALIAN ZI-PP          AZCCA            77.74       -2.57
AUSTRALIAN ZIRC           AZC              77.74       -2.57
BECTON PROPERTY           BEC             267.47      -15.73
BIRON APPAREL LT          BIC              19.71       -2.22
CLARITY OSS LTD           CYO              28.67       -8.42
CWH RESOURCES LT          CWH              12.09       -1.29
HAOMA MINING NL           HAO              23.85      -33.70
LANEWAY RESOURCE          LNY              10.84      -11.48
MACQUARIE ATLAS           MQA           1,643.35   -1,018.17
MISSION NEWENER           MBT              10.95      -25.02
NATURAL FUEL LTD          NFL              19.38     -121.51
QUICKFLIX LTD             QFX              15.84       -1.91
REDBANK ENERGY L          AEJ             295.35      -13.08
RENISON CONSO-PP          RSNCL            10.84      -11.48
RIVERCITY MOTORW          RCY             386.88     -809.14
RUBICOR GROUP LT          RUB              60.12      -61.63
STERLING PLANTAT          SBI              37.84      -10.78
TZ LTD                    TZL              26.01       -1.69


CHINA

ANHUI GUOTONG-A           600444           73.14       -9.75
ATLANTIC NAVIGAT          ATL              89.78       -6.98
CHANG JIANG-A             520             818.55     -122.68
CHENGDU UNION-A           693              24.18      -30.53
CHINA KEJIAN-A            35               49.24     -299.06
CHINA OILFIELD T          COT              18.84      -19.88
HEBEI BAOSHUO -A          600155          101.91     -102.90
HUASU HOLDINGS-A          509              73.01      -35.36
HULUDAO ZINC-A            751             471.13     -546.12
HUNAN TIANYI-A            908              58.94      -11.50
JIANGSU ZHONGDA           600074          351.03       -9.74
JILIN PHARMACE-A          545              32.98       -6.85
QINGDAO YELLOW            600579          139.12      -58.98
SHENZ CHINA BI-A          17               26.30     -279.51
SHENZ CHINA BI-B          200017           26.30     -279.51
SHENZ INTL ENT-A          56              334.77      -70.20
SHENZ INTL ENT-B          200056          334.77      -70.20
SHIJIAZHUANG D-A          958             212.89     -118.63
TAIYUAN TIANLO-A          600234           63.16      -15.00
WUHAN BOILER-B            200770          214.39     -201.83
WUHAN XIANGLON-A          600769           83.73      -85.75
XIAN HONGSHENG-A          600817          138.05      -60.58


HONG KONG

ASIA COAL LTD             835              20.37      -11.89
BIRMINGHAM INTER          2309             63.14       -6.89
BUILDMORE INTL            108              16.89      -47.61
CELEBRATE INTERN          8212             17.15       -3.56
CHINA E-LEARNING          8055             22.22       -2.95
CHINA HEALTHCARE          673              32.51      -25.02
CHINA OCEAN SHIP          651             339.71      -56.14
CHINA ORIENTAL            2371             14.94       -1.53
EFORCE HLDGS LTD          943              63.68       -4.62
FU JI FOOD & CAT          1175             26.40     -153.32
GRANDE HLDG               186             255.10     -208.18
HAO WEN HOLDINGS          8019             20.40       -0.60
ICUBE TECHNOLOGY          139              20.70       -4.03
MASCOTTE HLDGS            136             176.50     -142.02
MELCOLOT LTD              8198             13.19      -28.51
PALADIN LTD               495             162.31       -3.89
PROVIEW INTL HLD          334             314.87     -294.85
SINO RESOURCES G          223              38.67      -23.83
SURFACE MOUNT             SMT              32.88      -10.68
TLT LOTTOTAINMEN          8022             20.48       -3.75
U-RIGHT INTL HLD          627              16.58     -204.32


INDONESIA

APAC CITRA CENT           MYTX            187.16       -6.32
ARPENI PRATAMA            APOL            416.73     -206.52
ASIA PACIFIC              POLY            410.59     -809.94
ICTSI JASA PRIMA          KARW             56.78       -1.30
MATAHARI DEPT             LPPF            232.55     -190.10
PANCA WIRATAMA            PWSI             28.67      -35.63
PERMATA PRIMA SA          TKGA             10.70       -1.55
RENUKA COALINDO           SQMI             14.81       -1.35


INDIA

ABHISHEK CORPORA          ABSC             58.35      -14.51
AGRO DUTCH INDUS          ADF             105.49       -3.84
ALPS INDUS LTD            ALPI            215.85      -28.22
AMIT SPINNING             AMSP             16.21       -6.54
ARTSON ENGR               ART              11.81      -10.16
ASHAPURA MINECHE          ASMN            167.68      -67.64
ASHIMA LTD                ASHM             63.23      -48.94
BELLARY STEELS            BSAL            451.68     -108.50
BLUE BIRD INDIA           BIRD            122.02      -59.13
CAMBRIDGE TECHNO          CTECH            12.77       -7.96
CELEBRITY FASHIO          CFLI             27.59       -8.60
CFL CAPITAL FIN           CEATF            12.36      -49.56
CHESLIND TEXTILE          CTX              20.51       -0.03
COMPUTERSKILL             CPS              14.90       -7.56
CORE HEALTHCARE           CPAR            185.36     -241.91
DCM FINANCIAL SE          DCMFS            18.46       -9.46
DFL INFRASTRUCTU          DLFI             42.74       -6.49
DHARAMSI MORARJI          DMCC             21.44       -6.32
DIGJAM LTD                DGJM             99.41      -22.59
DISH TV INDIA             DITV            517.02      -18.42
DISH TV INDI-SLB          DITV/S          517.02      -18.42
DUNCANS INDUS             DAI             122.76     -227.05
FIBERWEB INDIA            FWB              13.22       -9.70
GANESH BENZOPLST          GBP              43.90      -18.27
GOLDEN TOBACCO            GTO             109.72       -5.01
GSL INDIA LTD             GSL              29.86      -42.42
GUJARAT STATE FI          GSF              10.26     -303.64
GUPTA SYNTHETICS          GUSYN            52.94       -0.50
HARYANA STEEL             HYSA             10.83       -5.91
HINDUSTAN SYNTEX          HSYN             11.46       -5.39
HMT LTD                   HMT             123.83     -517.57
INDAGE RESTAURAN          IRL              15.11       -2.35
INTEGRAT FINANCE          IFC              49.83      -51.32
JAGJANANI TEXTIL          JAGT             10.69       -1.88
JCT ELECTRONICS           JCTE             88.67      -72.23
JENSON & NIC LTD          JN               16.65      -75.51
JOG ENGINEERING           VMJ              50.08      -10.08
JYOTHY CONSUMER           JYOC             69.07      -31.72
KALYANPUR CEMENT          KCEM             24.64      -38.69
KANCO ENTERPRISE          KANE             10.59       -4.93
KDL BIOTECH LTD           KOPD             14.66       -9.41
KERALA AYURVEDA           KERL             13.97       -1.69
KINGFISHER AIR            KAIR          1,782.32     -997.63
KINGFISHER A-SLB          KAIR/S        1,782.32     -997.63
KITPLY INDS LTD           KIT              37.68      -45.35
KM SUGAR MILLS            KMSM             19.14       -0.47
LLOYDS FINANCE            LYDF             14.71      -10.46
LML LTD                   LML              50.66      -70.76
MADRAS FERTILIZE          MDF             158.91      -64.91
MAHA RASHTRA APE          MHAC             22.23      -15.85
MALWA COTTON              MCSM             44.14      -24.79
MARKSANS PHARMA           MRKS             76.23      -31.89
MILTON PLASTICS           MILT             17.67      -51.22
MODERN DAIRIES            MRD              32.97       -3.87
MTZ POLYFILMS LT          TBE              31.94       -2.57
MYSORE PAPER              MSPM             87.99       -8.12
NATL STAND INDI           NTSD             22.09       -0.73
NICCO CORP LTD            NICC             71.84       -4.91
NICCO UCO ALLIAN          NICU             25.42      -79.20
NK INDUS LTD              NKI             141.35       -7.71
NRC LTD                   NTRY             73.10      -51.18
NUCHEM LTD                NUC              24.72       -1.60
PANCHMAHAL STEEL          PMS              51.02       -0.33
PARAMOUNT COMM            PRMC            124.96       -0.52
PARASRAMPUR SYN           PPS              99.06     -307.14
PAREKH PLATINUM           PKPL             61.08      -88.85
PIONEER DISTILLE          PND              53.74       -5.62
PREMIER INDS LTD          PRMI             11.61       -6.09
QUADRANT TELEVEN          QDTV            150.43     -137.48
QUINTEGRA SOLUTI          QSL              16.76      -17.45
RATHI ISPAT LTD           RTIS             44.56       -3.93
RELIANCE BROADCA          RBN              86.71       -0.35
RELIANCE MEDIAWO          RMW             425.22      -21.31
RELIANCE MED-SLB          RMW/S           425.22      -21.31
REMI METALS GUJA          RMM             101.32      -17.12
RENOWNED AUTO PR          RAP              14.12       -1.25
ROLLATAINERS LTD          RLT              22.97      -22.24
ROYAL CUSHION             RCVP             14.42      -73.93
SADHANA NITRO             SNC              16.74       -0.58
SANATHNAGAR ENTE          SNEL             39.67      -11.05
SAURASHTRA CEMEN          SRC              89.32       -6.92
SCOOTERS INDIA            SCTR             19.75      -13.35
SEN PET INDIA LT          SPEN             11.58      -26.67
SHAH ALLOYS LTD           SA              213.69      -39.95
SHALIMAR WIRES            SWRI             25.78      -38.78
SHAMKEN COTSYN            SHC              23.13       -6.17
SHAMKEN MULTIFAB          SHM              60.55      -13.26
SHAMKEN SPINNERS          SSP              42.18      -16.76
SHREE RAMA MULTI          SRMT             49.29      -25.47
SIDDHARTHA TUBES          SDT              75.90      -11.45
SITI CABLE NETWO          SCNL            110.69      -14.26
SOUTHERN PETROCH          SPET            210.98     -175.98
SPICEJET LTD              SJET            386.76      -30.04
SQL STAR INTL             SQL              10.58       -3.28
STATE TRADING CO          STC           1,279.23     -219.37
STELCO STRIPS             STLS             14.90       -5.27
STI INDIA LTD             STIB             24.64       -0.44
STORE ONE RETAIL          SORI             15.48      -59.09
SUPER FORGINGS            SFS              16.31       -5.93
TAMILNADU JAI             TNJB             19.13       -2.69
TATA METALIKS             TML             156.70       -5.36
TATA TELESERVICE          TTLS          1,311.30     -138.25
TATA TELE-SLB             TTLS/S        1,311.30     -138.25
TODAYS WRITING            TWPL             20.12      -24.62
TRIUMPH INTL              OXIF             58.46      -14.18
TRIVENI GLASS             TRSG             24.23      -12.34
TUTICORIN ALKALI          TACF             20.48      -16.78
UNIFLEX CABLES            UFCZ             47.46       -7.49
UNIWORTH LTD              WW              159.14     -146.31
UNIWORTH TEXTILE          FBW              21.44      -34.74
USHA INDIA LTD            USHA             12.06      -54.51
UTTAM VALUE STEE          UVSL            510.00      -48.98
VANASTHALI TEXT           VTI              25.92       -0.15
VENTURA TEXTILES          VRTL             14.33       -1.91
VENUS SUGAR LTD           VS               11.06       -1.08


JAPAN

FLIGHT SYS CONSU          3753             10.10       -2.62
HARAKOSAN CO              8894            187.50       -1.90
HIMAWARI HD               8738            251.56      -42.26
INDEX CORP                4835            227.23      -15.54
MISONOZA THEATRI          9664             56.72       -4.80
PROPERST CO LTD           3236            140.82     -353.70
TAIYO BUSSAN KAI          9941            142.90       -0.41
WORLD LOGI CO             9378             34.44      -71.60


KOREA

DAISHIN INFO              20180           740.50     -158.45
DVS KOREA CO LTD          46400            17.40       -1.20
ROCKET ELEC-PFD           425             111.09       -0.42
ROCKET ELECTRIC           420             111.09       -0.42
SHINIL ENG CO             14350           199.04       -2.53
SSANGYONG ENGINE          12650         1,231.13     -119.47
TEC & CO                  8900            139.98      -16.61
WOONGJIN HOLDING          16880         2,197.34     -635.50


MALAYSIA

HO HUP CONSTR CO          HO               54.37      -16.70
LFE CORP BHD              LFE              39.65       -0.70
PUNCAK NIA HLD B          PNH           4,400.41      -24.59
VTI VINTAGE BHD           VTI              17.74       -3.63


NEW ZEALAND

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


PHILIPPINES

GOTESCO LAND-A            GO               21.76      -19.21
GOTESCO LAND-B            GOB              21.76      -19.21
PICOP RESOURCES           PCP             105.66      -23.33
UNIWIDE HOLDINGS          UW               50.36      -57.19


SINGAPORE

ADVANCE SCT LTD           ASCT             48.74       -2.27
HL GLOBAL ENTERP          HLGE             83.11       -4.63
SCIGEN LTD-CUFS           SIE              68.70      -42.35
TT INTERNATIONAL          TTI             227.86      -88.73
ZHONGXIN FRUIT            NLH              19.34       -5.25


THAILAND

ASCON CONSTR-NVD          ASCON-R          59.78       -3.37
ASCON CONSTRUCT           ASCON            59.78       -3.37
ASCON CONSTRU-FO          ASCON/F          59.78       -3.37
CALIFORNIA W-NVD          CAWOW-R          28.07      -11.94
CALIFORNIA WO-FO          CAWOW/F          28.07      -11.94
CALIFORNIA WOW X          CAWOW            28.07      -11.94
DATAMAT PCL               DTM              12.69       -6.13
DATAMAT PCL-NVDR          DTM-R            12.69       -6.13
DATAMAT PLC-F             DTM/F            12.69       -6.13
K-TECH CONSTRUCT          KTECH            38.87      -46.47
K-TECH CONSTRUCT          KTECH/F          38.87      -46.47
K-TECH CONTRU-R           KTECH-R          38.87      -46.47
M LINK ASIA CORP          MLINK            83.61       -7.85
M LINK ASIA-FOR           MLINK/F          83.61       -7.85
M LINK ASIA-NVDR          MLINK-R          83.61       -7.85
PATKOL PCL                PATKL            52.89      -30.64
PATKOL PCL-FORGN          PATKL/F          52.89      -30.64
PATKOL PCL-NVDR           PATKL-R          52.89      -30.64
PICNIC CORP-NVDR          PICNI-R         101.18     -175.61
PICNIC CORPORATI          PICNI           101.18     -175.61
PICNIC CORPORATI          PICNI/F         101.18     -175.61
SHUN THAI RUBBER          STHAI            19.89       -0.59
SHUN THAI RUBB-F          STHAI/F          19.89       -0.59
SHUN THAI RUBB-N          STHAI-R          19.89       -0.59
SUNWOOD INDS PCL          SUN              19.86      -13.03
SUNWOOD INDS-F            SUN/F            19.86      -13.03
SUNWOOD INDS-NVD          SUN-R            19.86      -13.03
THAI-DENMARK PCL          DMARK            15.72      -10.10
THAI-DENMARK-F            DMARK/F          15.72      -10.10
THAI-DENMARK-NVD          DMARK-R          15.72      -10.10
TONGKAH HARBOU-F          THL/F            62.30       -1.84
TONGKAH HARBOUR           THL              62.30       -1.84
TONGKAH HAR-NVDR          THL-R            62.30       -1.84


TAIWAN

BEHAVIOR TECH CO          2341S            30.90       -0.22
BEHAVIOR TECH-EC          2341O            30.90       -0.22
HELIX TECH-EC             2479T            23.39      -24.12
HELIX TECH-EC IS          2479U            23.39      -24.12
HELIX TECHNOL-EC          2479S            23.39      -24.12
IDM INTERNATIONA          IDM              30.99      -23.62
POWERCHIP SEM-EC          5346S         2,036.01      -52.74


                             *********

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

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

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


                            *********


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

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

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

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

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



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