TCRAP_Public/131014.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R


                      A S I A   P A C I F I C


           Monday, October 14, 2013, Vol. 16, No. 203



                            Headlines



C H I N A


CHINA PROPERTIES: Fitch Rates $150MM Unsec. USD Notes at 'B-'
PARKSON RETAIL: Moody?s Affirms Ba1 CFR & Sr. Debt Ratings
WINSWAY COKING: Fitch Downgrades Issuer Default Rating to 'C'



I N D I A


AASHIRWAD INDUSTRIES: CARE Assigns 'B+' Rating to INR13.2cr Loans
ALANG SHIP: CARE Reaffirms 'BB' Rating on INR3cr LT Ban Loans
BERGWEFF ORGANIC: CARE Raises Rating on INR11.44cr Loans to BB+
BHIKKAMAL CHHOTELAL: CARE Reaffirms BB- Rating on INR7.5cr Loans
DHANLAXMI SOLVEX: CARE Reaffirms 'BB+' Rating on INR9.8cr Loans


EASTERN BEARINGS: CARE Assigns 'BB' Rating to INR11.14cr Loans
MENTOR INDIA: CARE Reaffirms 'BB' Rating on INR20cr Bank Loans
NARAYAN DEVELOPERS: CARE Assigns 'BB-' Rating to INR10cr Loans
PAUL & COMPANY: CARE Reaffirms 'BB+' Rating on INR16.5cr Loans
P. PATEL: CARE Reaffirms 'BB' Rating on INR6cr LT Bank Loans


SHREE SAI: CARE Rates INR10cr Long-Term Loans at 'B+'
SHREE SIDDHI: CARE Assigns 'B' Rating to INR10cr LT Bank Loans
SRI JAIBALAJI: CARE Reaffirms 'C' Rating on INR22.59cr Loans
SUWARNA BUILDCON: CARE Places 'BB' Rating to INR13cr Bank Loans



I N D O N E S I A


BUMI RESOURCES: Moody's Lowers Corporate Family Rating to 'Ca'
PROFESIONAL TELEKOMUNIKASI: S&P Rates Sr. Unsec. Bank Loan 'BB'



                            - - - - -




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C H I N A
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CHINA PROPERTIES: Fitch Rates $150MM Unsec. USD Notes at 'B-'
-------------------------------------------------------------
Fitch Ratings has assigned China Properties Group Limited's (CPG)
USD150m 13.5% senior unsecured USD notes due 2018 a final rating
of 'B-'.


The assignment of the final rating follows the receipt of
documents conforming to information already received and the final
rating is in line with the expected rating assigned on
May 26, 2013.


Key Rating Drivers


Limited sales track record: CPG had less than HKD1bn in annual
revenue in the past three years, including HKD693m in 2012.
However, given an inventory of over 600,000 sqm in gross floor
area (GFA) available for sale in 2013, the company can potentially
achieve significant growth in sales if it overcomes technical
issues delaying construction and chooses to ramp up pre-sales.


Project concentration risk: Over 95% of its sales in 2012 were
contributed by one project, Chongqing Manhattan. Although the
project still has over 1.2 million sqm of unsold GFA and more
projects are likely to contribute to sales in the future, the
limited number of projects leads to concentration risk, making
cash flow less likely to be stable.


High capex needs: While CPG has settled all land premiums for
existing projects, given more than 4.5 million sqm for future
development, Fitch expects CPG to incur capex of over HKD8bn over
the next four years to develop its property portfolio. Its
currently low gearing, with estimated 20% of net debt/adjusted
inventory after excluding market revaluation from investment
properties at end-H113, may be maintained only if the company
significantly ramps up pre-sales of its development properties.


Prime locations: While its investment properties currently
generate limited recurrent income, they were valued at HKD60bn at
end-H113 and are located in prime locations in downtown of
Shanghai and Chongqing. Fitch expects the unique locations and
large scale of the investment properties will provide CPG with
financial flexibility.


Low land costs: Much of the land bank was acquired over five years
ago at low cost, especially for its projects in Shanghai. This
should allow CPG to achieve higher gross and EBITDA margins of
over 50% in its future sales. It will also provide CPG with price
flexibility in a market downturn.


Strong shareholder's support: The company's managing director and
75% shareholder, Wong Sai Chung, has provided significant
financial support by subscribing to HKD500m of convertible notes,
and providing over HKD1.3bn of a shareholders' loan, which is
subordinated to CPG's other debt, including the proposed senior
unsecured bonds. Funding from the shareholder has helped underpin
the company's financial position.


Rating Sensitivities


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


-- A deterioration in CPG's liquidity position, for example,
   failure to refinance maturing debt


-- Repayment of the shareholders' loan without any improvement
   in the company's operating cash flows


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


-- Attainment of contracted sales of over HKD5bn and recognized
   revenue of over HKD3bn while maintaining its current strong
   financial position


-- Reduced concentration risk such that no single project
   accounts for over 70% of total sales



PARKSON RETAIL: Moody?s Affirms Ba1 CFR & Sr. Debt Ratings
-----------------------------------------------------------
Moody's Investors Service has changed Parkson Retail Group
Limited's Ba1 rating outlook to negative from stable.


At the same time, Moody's has affirmed Parkson's Ba1 corporate
family and senior unsecured debt ratings.


Ratings Rationale:


"The change in outlook reflects Moody's conclusion that Parkson's
weak performance will continue for some time due to China's
economic slowdown and intensified competition in the retail
sector," says Alan Gao, a Moody's Vice President and Senior
Analyst.


Parkson's 1H 2013 operating profit dropped by 32% year-on-year to
RMB441 million, while its overall merchandise gross margin
declined to 17.4% from 18.1% in 2012, continuing the downtrend
evident since 2010 when it was 19.0%.


The decline in profitability was driven by lower concessionaire
rates and increased operating costs, mostly from lease renewals
and new store openings.


Parkson owns less than 20% of its stores, a situation which
exposes it to rent increases and relocation risks. Its rent/gross
sales proceeds ratio increased to 5.9% in 1H 2013 from 5.3% in
2012 and 4.1% in 2011.


The ability to anchor in the right location is key to success in
lower tier cities, and without self-owned stores, Parkson's growth
in such cities will be challenging.


A recovery in Parkson's profitability is uncertain in the near
term because most of its revenue comes from its mature stores in
major cities, where competition is rising. There is also
competition from internet retailing.


Moreover, its new stores are experiencing slow rises in sales and
high incubation costs.


"Parkson's weakened level of profitability and high capital
requirements for expansion into lower tier cities have translated
into weaker credit metrics." says Gao.


Parkson expands at the rate of 4-6 stores per year and plans to
increase ownership in stores may drive up its level of leverage.
Moody's expects its adjusted debt/EBITDA ratio to rise over 4.5x
in the next 12-18 months, which is weak for its Ba1 ratings.


On the other hand, Parkson's liquidity will remain strong in the
next 12 months. The company had total cash on hand equivalent to
RMB4.4 billion as of June 30 2013, and which can cover capital
expenditures of around RMB2 billion per year.


Near-term rating upgrade pressure will be limited, given the
negative outlook. However, the outlook could change back to stable
if Parkson maintains strong liquidity and can stabilize the
performance of its mature stores and achieve sales ramp-ups at its
new stores. In such a situation, Parkson's EBIT's margins will be
above 30%-35% and debt/EBITDA below 3.5x-4x.


The rating could experience downward rating pressure if Parkson
(i) is unable to recover profitability due to rising competition,
and/or an erosion in its bargaining power over its
concessionaires/suppliers; or (ii) increases acquisitions,
resulting in a decline in liquidity, or an increase in debt
leverage.


Credit metrics which indicate downgrade pressure would include
adjusted debt/EBITDA above 4.5x-5.0x and retained cash flow
(RCF)/adjusted net debt below 12%-14% on a sustained basis.


Furthermore, any sign that the company is extending financial
support to its parent, the Lion Group, would also pressure the
ratings.


Parkson Retail Group Limited, listed on the Hong Kong Stock
Exchange, is one of the largest operators of department-store
chains in China. As of 30 June 2013, it had 54 self-owned stores
and one managed store in 35 cities. It targets the middle- and
middle-upper-end of the Chinese retail market. It is 51.5% owned
by Parkson Holdings Berhad (PHB), an affiliate of Malaysia's Lion
Group.



WINSWAY COKING: Fitch Downgrades Issuer Default Rating to 'C'
-------------------------------------------------------------
(Matet)
Fitch Downgrades China's Winsway to 'C'   Ratings   Endorsement
Fitch Ratings-Hong Kong/Singapore-10 October 2013:


Fitch Ratings has downgraded China-based Winsway Coking Coal
Holdings Limited's (Winsway) Issuer Default Rating and senior
unsecured ratings to 'C' from 'CCC'. No Outlook has been assigned.


This follows the company's announcement on 9 October 2013 that it
had received consents from 68.6% of the holders of its outstanding
USD notes due 2016 to eliminate a substantial number of the
restrictive covenants and certain events of defaults contained in
the current indenture. In addition, 33.35% of the holders also
tendered their notes in return for payments far below par.


Key Rating Drivers


DDE after Noteholders Tendered: Fitch treats this exchange as a
Distressed Debt Exchange (DDE), as all noteholders are stripped of
meaningful covenants, including the requirement to apply asset
disposal proceeds to repay the notes. In addition 33.35% of the
noteholders are taking an immediate loss on par value by tendering
in their notes.


Buyback Background: Existing noteholders were asked to voluntarily
tender their notes, 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 when the notes mature in April 2016.
The company also provided an option for noteholders to waive the
notes covenants without tendering their notes for a 2.5% consent
payment.


Cash Generation Further Deteriorates: Fitch does not expect
Winsway's core business to generate positive free cash flow (H113:
a reported gross outflow of HKD337m). Fitch believes 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 notes' repayment in 2016.


Debt Maturity Looms: Following this exercise, Winsway still faces
a repayment of USD306.9m (HKD2.38bn) of outstanding notes maturing
in 2016. On 30 June 2013, the company reported an unrestricted
cash balance of HKD1.79bn, and restricted bank deposits of HKD963m
that had been pledged for its bank borrowings. Fitch estimates
that a total of USD76m (HKD591m) will be paid out for the notes
buyback and consent solicitation fees, lower than the originally
expected USD82m (HKD636m)


Refinancing Ability Reduces: Fitch believes that the company will
have to rely on refinancing for a significant portion of the
scheduled maturity in 2016. However, its success in securing
covenant waivers now may worsen the prospects for refinancing.


RATING SENSITIVITIES


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


-- Upon settlement of the payments to noteholders who tendered
   and the execution of the amendment to the indenture, now
   expected on 11 October 2013, the IDR will be downgraded to
   'restricted default' (RD). Following that, Fitch will rate
   the company and its notes based on the new capital structure,
   ranking of the notes within the group, its changed liquidity
   profile, and solvency prospects.




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I N D I A
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AASHIRWAD INDUSTRIES: CARE Assigns 'B+' Rating to INR13.2cr Loans
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Aashirwad
Industries Private Limited.


                          Amount
   Facilities           (INR crore)     Ratings
   -----------          -----------     -------
   Long-term Bank         13.20         CARE B+ Assigned
   Facilities


Rating Rationale


The rating assigned to the bank facilities of Aashirwad Industries
Private Limited is constrained due to its short track record of
operations, presence in a sector dominated by established large
players, threat of restrictions on usage of asbestos and
vulnerability of margins to fluctuations in raw material prices.


The rating, however, is underpinned by the long industry
experience of the promoters, moderate financial risk profile of
the company, reasonable operating income in the first year of its
operations and rising demand for asbestos cement sheets from the
rural markets.


The ability of the company to scale up its operations, attain
stabilization of operations and working capital management coupled
with managing raw material fluctuation risk and foreign exchange
would be key rating sensitivities.


Aashirwad Industries Private Limited is a Nagpur-based company
incorporated in June 2012. Promoted by Mr Shivkumar Agarwal and Mr
Sanjay Agarwal, the company is engaged in the manufacturing of
Asbestos Cement (AC) roofing sheets and accessories. Located in
Butibori Industrial area of Nagpur, the facility has an installed
capacity of 54,000 metric tonnes per annum (MTPA). AC corrugated
sheets manufactured by AIPL are extensively used for the roofing
of factory buildings, warehouse, godowns, railway platforms
garage, low cost housings in the rural areas and others. Branded
as "AASHIRWAD", the company sells the product through its
stockists in the states of Maharashtra, Madhya Pradesh, Orissa,
Jharkhand, Gujarat and Andhra Pradesh.


AIPL was established to take-over the ongoing operations of the
Nagpur unit of UP Asbestos Ltd (UPAL). The Nagpur unit of the UPAL
commenced operations in the year 2000 and was taken-up as a going-
concern by AIPL in November 2012.


During FY13 (refers to the period April 01 to March 31), AIPL
earned a PBILDT of INR0.66 crore on a total operating income of
INR7.15 crore.



ALANG SHIP: CARE Reaffirms 'BB' Rating on INR3cr LT Ban Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Alang Ship Breaking Corporation.


                          Amount
   Facilities           (INR crore)     Ratings
   -----------          -----------     -------
   Long-term Bank          3.00         CARE BB Reaffirmed
   Facilities


   Short-term Bank        26.00         CARE A4+ Reaffirmed
   Facilities


The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.


Rating Rationale


The ratings assigned to the bank facilities of Alang Ship Breaking
Corporation (ASBC) continue to be constrained by its constitution
as a partnership firm with modest scale of operations, thin
profitability which is susceptible to volatile steel prices and
foreign exchange rates; and its modest debt coverage indicators.
The ratings are further constrained on account of its exposure to
high regulatory and environmental hazard risk in an intensely
competitive and cyclical ship-breaking industry.


The ratings, however, draw strength from ASBC's experienced
partners and its favourable location.


The ability of ASBC to manage the inherent price volatility risk
on the uncut inventory of ships and foreign exchange fluctuation
risk along with the timely renewal of validity of the leased plot
of land for ship-breaking are the key rating sensitivities.


ASBC is a partnership firm engaged in ship-breaking activity in
the Alang?Sosiya belt of Bhavnagar region in Gujarat. Its group
concern P. Patel Ship Breaking Co. (PPSBC; rated CARE
BB/CARE A4+), a partnership firm, is also engaged in ship breaking
activity in the same region. The partners of both the firms are
family members and have experience of more than two decades in
the ship breaking industry. Both the firms together have
dismantled more than 60 ships till June 30, 2013.


Based on audited financials, ASBC reported a PAT of INR0.48 crore
on a total operating income of INR60.87 crore during FY13 (refers
to the period April 1 to March 31) as against a PAT of INR0.42
crore on a total operating income of INR54.06 crore during FY12.



BERGWEFF ORGANIC: CARE Raises Rating on INR11.44cr Loans to BB+
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Bergweff Organic India Private Limited.


                          Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long-term Bank           11.44      CARE BB+ Revised from
   Facilities                          CARE BB-


Rating Rationale


The revision in the long-term rating of Bergweff Organic India
Private Limited is on account of the improvement in the financial
risk profile characterised by growth in the scale of operations
and improvement in the capital structure coupled with debt
coverage indicators.


The rating of BOIPL continues to be constrained by the
susceptibility of its operating margins to fluctuation in the
price of agro-based raw materials, foreign exchange fluctuation
risk and presence in the highly competitive and fragmented food
processing industry.


The rating continues to derive strengths from the experience of
the promoters of BOIPL and positive demand outlook for organic
food products.


BOIPL's ability to scale up the operations along with maintaining
the profitability margins and efficient management of working
capital cycle are the key rating sensitivities.


Incorporated in March 2005 and commenced operations in 2009,
Bergwerff Organic India Private Limited is an export oriented
unit, engaged in the processing, fumigation and sterilization of
organic food products (mainly spices like chilli, ginger and
turmeric). BOIPL is in the process of setting up its own warehouse
near the processing facility with a view to reduce the process
loss/wastage and reduce transportation cost at a total cost outlay
of INR3.20 crore [funded through term loan of INR2.40 crore (yet
to be sanctioned) and balance through internal accruals]. However,
the company has already undertaken repairs and civil works and
incurred cost of INR1.30 crore which was entirely funded through
internal accruals.


BOIPL is a subsidiary of Suminter India Organics Pvt Ltd (SIOPL)
which is engaged in organic farming and distribution activities
since 2004. Before the incorporation of BOIPL, SIOPL was
outsourcing the processing of the cultivated seeds, crops and
spices. BOIPL procures the majority of raw material required for
processing from SIOPL. Furthermore, BOIPL and SIOPL have given
cross guarantee to the bank facilities of each other. SIOPL has
sanctioned bank debt of INR45 crore mainly in the form of working
capital borrowings. The consolidated overall gearing as on
March 31, 2013 stood at 0.73 (vis-.-vis 0.60 as on March 31,
2012).


During FY13 (refers to the period April 01 to March 31), BOIPL
posted total operating income of INR56.88 crore (up by 40.44% vis-
a-vis FY12) and PAT of INR2.99 crore (vis-a-vis INR 0.96 crore in
FY12). The company has posted sales of INR40 crore till August 31,
2013, and has an order book position of INR26.96 crore which is
likely to be executed by October 2013.



BHIKKAMAL CHHOTELAL: CARE Reaffirms BB- Rating on INR7.5cr Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Bhikkamal Chhotelal Exim Pvt. Ltd.


                          Amount
   Facilities           (INR crore)     Ratings
   -----------          -----------     -------
   Long-term Bank           7.50        CARE BB- Reaffirmed
   Facilities


   Short-term Bank         61.35        CARE A4 Reaffirmed
   Facilities


Rating Rationale


The ratings of Bhikkamal Chhotelal Exim Pvt. Ltd. (BCEPL) continue
to be constrained by its high leverage, thin profitability which
is susceptible to volatile steel prices and foreign exchange rate
fluctuation and its presence in the cyclical ship-breaking
industry which is characterized by high regulatory and
environmental hazard risk.


The ratings, however, draw strength from BCEPL's experienced
promoters, its favorable location and increase in scale of
operations.


The ability of BCEPL to manage the inherent price volatility risk
on the uncut inventory of ships and foreign exchange fluctuation
risk along with the timely renewal of validity of the leased plot
of land for ship-breaking and improvement in its capital structure
are the key rating sensitivities.


BCEPL was established as a partnership firm in 1950 and
subsequently got incorporated in 1983. It is engaged in the ship-
breaking business in the Alang-Sosiya belt of Bhavnagar region in
Gujarat.  The company has leased plot No.16, admeasuring 3,600
square meters, from Gujarat Maritime Board (GMB) for a period of
one year and on completion of the tenure of agreement, it is
generally renewed. BCEPL has dismantled over 100 vessels of
various types with capacities ranging around 4,000 light
deadweight tonnage (LDT) to very large crude carriers (VLCC) of
around 40,000 LDT till June 30, 2013.


Based on audited financials, BCEPL reported a PAT of INR0.97 crore
on a total operating income of INR121.72 crore during FY13 (refers
to the period April 1 to March 31) as against a PAT of INR1.05
crore on a total operating income of INR33.23 crore in FY12.



DHANLAXMI SOLVEX: CARE Reaffirms 'BB+' Rating on INR9.8cr Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Dhanlaxmi Solvex Pvt Ltd.


                          Amount
   Facilities           (INR crore)     Ratings
   -----------          -----------     -------
   Long-term Bank           9.80        'CARE BB+' Reaffirmed
   Facilities


   Long-term/Short-term   173.00        'CARE BB+/CARE A4+'
   Bank Facilities                       Reaffirmed


   Short-term Bank        133.52        'CARE A4+' Reaffirmed
   Facilities


Rating Rationale


The ratings of Dhanlaxmi Solvex Private Ltd continue to remain
constrained on account of its tight liquidity on the back of high
working capital intensity of its operations, susceptibility of its
thin profitability to volatile commodity prices, modest debt
coverage indicators and its presence in the highly fragmented
agro-commodity business.


The ratings, however, continue to take into account the vast
experience of the promoters in soya business, DSPL's established
operations, proximity to soyabean growing region, favourable
demand-supply scenario in edible oil segment in India and good
demand prospect for soya meal.


The ratings also take into account the improvement in its capital
structure due to conversion of unsecured loans.


DSPL's ability to effectively manage its working capital along
with improvement in profitability through better capacity
utilisation of its manufacturing facilities and the ability to
withstand fluctuations in raw material prices are the key rating
sensitivities.


Incorporated in January 2006, DSPL is promoted by Manglani Group
based out of Indore. DSPL is an established integrated agro-food
processor primarily engaged in crushing and processing of
soyabean for extraction of soyaoil and soyameal (De-Oiled Cake;
DOC). DSPL has its manufacturing facilities situated at Shajapur,
Kareli, Dewas and Harda having combined (including solvent
extraction and refining) installed capacity of 3,000 Tonnes per
day (TPD) as on March 31, 2013.


During FY13 (refers to the period April 1 to March 31), DSPL
reported a total operating income of INR878.50 crore (FY12:
INR677.67 crore) and PAT of INR12.03 crore (FY12: INR2.33 crore).
Further, during Q1FY14, as per provisional results, DSPL has
reported a total operating income of INR116.46 crore and PBT of
INR1.48 crore.



EASTERN BEARINGS: CARE Assigns 'BB' Rating to INR11.14cr Loans
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4+' ratings to the bank
facilities of Eastern Bearings Private Limited.


                          Amount
   Facilities           (INR crore)     Ratings
   -----------          -----------     -------
   Long-term Bank          11.14        CARE BB Assigned
   Facilities


   Short-term Bank          8.00        CARE A4+ Assigned
   Facilities


   Long-term/ Short-term    0.50        CARE BB/CARE A4+
   Bank Facilities                      Assigned


Rating Rationale


The ratings assigned to the bank facilities of Eastern Bearings
Private Limited are primarily constrained by working capital
intensive nature of operations, leveraged capital structure,
declining profitability margins and exposure to raw material price
volatility.  The ratings, however, draw comfort from experienced
promoters, association with 'ARB' brand and growing scale of
operations with wide geographic presence. The ratings further draw
comfort from positive growth prospects for the solar energy
sector.


Going forward, the ability of EBP to increase the total operating
income while improving the profitability margins and efficiently
manage working capital requirements coupled with improvement in
the capital structure and coverage indicators shall be the key
rating sensitivities.


Eastern Bearings Private Limited was incorporated in March, 2000
as a private limited company and is currently being managed by Mr.
Sunil Goel, Mr. Surinder Goel, Mr. Sunil Goyal and Mr. Saurabh
Bansal. EBP is engaged in manufacturing of heavy industrial
bearings and solar panels at its manufacturing facility located in
Sonipat, Haryana. EBP offers its bearings range of products under
the brand name "ARB" in both domestic and overseas market. The
company offers its solar products to system integrators in
domestic market.


For FY12 (refers to the period April 1 to March 31), EBP achieved
a total operating income of INR38.82 crore with PBT of INR0.68
crore. In FY13 (based on unaudited results), the company
achieved a total operating income of INR60.56 crore with PBT of
INR1.60 crore.



MENTOR INDIA: CARE Reaffirms 'BB' Rating on INR20cr Bank Loans
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Mentor India Ltd.


                          Amount
   Facilities           (INR crore)     Ratings
   -----------          -----------     -------
   Long-term Bank           20          CARE BB Reaffirmed
   Facilities


Rating Rationale


The rating continues to be constrained by the relatively small
scale of operations of Mentor India Ltd (MIL), its moderate asset
quality, low geographical diversification of its loan portfolio
and nascent risk management system.


The rating, however, continues to factor in the experience of the
promoters in various businesses and understanding of the local
market. The rating is also underpinned by the secured and
diversified nature of its loan portfolio along with its
comfortable capital adequacy.


Increase in the scale of operations with greater geographical
diversification along with the improvement in asset quality,
maintaining comfortable capital adequacy and risk management
systems are the key rating sensitivities.


MIL was promoted by Mr. Basant Kumar Goyal and his brother,
Mr. Pawan Kumar Goyal, in 1995 and is registered as a non-deposit
taking Non-Banking Finance Company (NBFC) with the Reserve
Bank of India (RBI). The company is headquartered in Jaipur and is
engaged in vehicle financing (two-wheelers and commercial
vehicles) and mortgage lending (mainly residential properties) in
Rajasthan. MIL operates out of its network of 13 branches located
in 6 districts of Rajasthan. MIL generates two-wheeler business
through a network of 20 dealers.


MIL reported a total income of INR7.27 crore with a PAT of
INR1.02crore in FY13 (refers to the period April 1 to March 31) as
against a total income of INR5.06 crore with a PAT of INR0.58crore
in FY12.


Furthermore, as per the provisional results for Q1FY14, MIL
reported a total income of INR2.07 crore.



NARAYAN DEVELOPERS: CARE Assigns 'BB-' Rating to INR10cr Loans
--------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Narayan
Developers.


                          Amount
   Facilities           (INR crore)     Ratings
   -----------          -----------     -------
   Long-term Bank           10          CARE BB- Assigned
   Facilities


The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.


Rating Rationale


The rating assigned to the bank facilities of Narayan Developers
is constrained on account of the project implementation and
saleability risk coupled with modest level of booking advance
received from the customers. The rating is also constrained on
account of the inherent risk associated with the real estate
sector in India which is marked by high fragmentation and
city/region specific developments.


The rating, however, derives strength from the vast experience of
the key partners in the construction industry and moderate gearing
level of the project being executed.


The successful completion of the on-going real estate project and
timely receipt of booking advance from customers and sale of
further units at envisaged prices would be the key rating
sensitivity for Narayan.


Ahmedabad-based (Gujarat), Narayan was established in January 2010
to execute a residential cum commercial project in Ahmedabad in
the name of "Shayona Green". Mr Amrut Patel and Mr Vishnu Patel
are the key partners having 20% and 12.50% stake in the firm,
respectively. Narayan Developers is a part of the Shayona Group
under which these key partners have executed various residential
and commercial projects in Ahmedabad.


The 'Shayona Green' project, ie, the on-going project of Narayan
is being executed at the Gota area of Ahmedabad city. Under
Shayona Green, Narayan is offering 245 residential units (13
blocks) of low rise residential flats having 2BHK and 3BHK and a
separate block consisting of 45 commercial units.



PAUL & COMPANY: CARE Reaffirms 'BB+' Rating on INR16.5cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Paul & Company Steel Merchants Pvt Limited.


                          Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long-term Bank          16.5        CARE BB+ Reaffirmed
   Facilities


   Short-term Bank         13.0        CARE A4+ Reaffirmed
   Facilities


Rating Rationale


The ratings of Paul & Company Steel Merchants Pvt Ltd (PCSM) are
constrained by its low profit level and margin, low networth
base and geographical and supplier concentration risk. The ratings
also factor in the benefits derived from the experience of the
promoters, sole distributorship of TATA Steel Ltd in Howrah &
Hooghly district (both in West Bengal) and large dealership base.


Improving scale of operation and margin, demand prospects for the
steel industry and regular renewal of agreement with TSL are the
key rating sensitivities.


PCSM was incorporated in February 2009, by Paul family of Kolkata,
West Bengal. Prior to setting up PCSM, Mr Sunil Krishna
Paul, Managing Director, was engaged in trading of cement and was
a dealer of 'Tata Tiscon' re-bars through a proprietorship
firm (M/S Paul & Co, established in 1985). The business activities
of the erstwhile proprietorship business were transferred to PCSM
from February 26, 2009.


PCSM is Tata Steel Limited's (TSL ? rated CARE AA+/A4+) sole
authorized distributor of its product, Tata Tiscon re-bars, in
Howrah & Hooghly districts of West Bengal since 1985. Sale from
distributorship business constituted 93.4% of the company`s
aggregate revenue in FY13. PCSM is also the stockiest for leading
cement companies, sale from which constituted 6.6% of the
company`s aggregate revenue in FY13.


Credit Risk Assessment


Experienced promoters


The promoters of PCSM have been present in this same line of
business for more than two decades and have gained adequate
experience. Currently, PCSM is managed by a three member Board
with Mr. Sunil Krishna Paul (having an experience of about
25 years) being at the helm of affairs of the company.


Authorised distributorship of TSL leading to competitive advantage


PCSM, sole authorised distributor of TSL (rated CARE AA+) product,
Tata Tiscon Re-bars in Howrah & Hooghly districts (both
in West Bengal), is associated with the latter since 1985. The
company has established a strong network of 130 dealers in its
area and has successfully scaled up its business achieving net
turnover of INR142.4 crore, registering a growth of 34% in FY13.
While cheaper branded and unbranded products provide some
competition, PCSM is able to command a monopoly position in
TSL's products in its area of operation on account of being the
sole authorised distributor.


Renewal-based dealership


The dealership agreement between PCSM and TSL is a single year
contract and has to be renewed every year. Furthermore,
there is risk of appointment of another distributor by TSL in the
region. However, comfort can be drawn from the fact that TSL
has renewed the contract continuously for the last 27 years.


Large dealership base


The company, being sole distributor of TSL products in Howrah &
Hooghly districts of West Bengal, has entered into tie ups
with large no of dealers. As on March 31, 2013, the company had
125 dealers for TATA Tiscon re-bars in this region expanded
from 110 in FY12.


Financial profile marked by low profitability and moderate gearing
ratios


Financial performance of PCSM over the last three years is
characterized by growing revenue at a CAGR of 24.7% from FY11 to
FY13 respectively. The growth in the business is at the back of
higher demand of steel re-bars. Though net sales have been
improving over the years, the operating profit margin has
generally been low, as the pricing of the products are determined
and controlled by TSL. Furthermore, the company also has to abide
by all other discounts, rebates and incentive schemes offered by
TSL while dealing with its dealers.


The overall gearing of the business has been high at 1.62x as on
March 31, 2013, due to the working capital intensive nature of
business coupled with small net worth base. However, the total
debt to GCA position improved during the year due to
improvement in PAT levels.


Geographical concentration risk


The operations of PCSM are confined to Howrah & Hooghly districts
both in West Bengal being authorized dealer of TSL for
such region which exposes the company to high geographical
concentration risk.


Dependent on the growth of the economy


The performance of the steel sector is linked to the fortune of
infrastructure sector, which, in turn, are dependent on the
macroeconomic condition, thereby making steel trading activity
highly dependent on the growth of the economy. The short term
outlook for the domestic steel industry remains volatile and
uncertain. Nevertheless, these concerns are expected to fade away
in the medium term. The company is dealing with highly recognized
TSL product and is entitled to receive stated margin on the
goods sold, its margins are more or less insulated.


Ability of the company to continue to renew contract with TSL,
successfully scale up operation and effectively manage its
working capital management shall be crucial for the company and be
the key rating sensitivities.



P. PATEL: CARE Reaffirms 'BB' Rating on INR6cr LT Bank Loans
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
P. Patel Ship Breaking Company.


                          Amount
   Facilities           (INR crore)     Ratings
   -----------          -----------     -------
   Long-term Bank          6.00         CARE BB Reaffirmed
   Facilities


   Short-term Bank        58.00         CARE A4+ Reaffirmed
   Facilities


The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.


Rating Rationale


The ratings assigned to the bank facilities of P. Patel Ship
Breaking Company (PPSBC) continue to be constrained by its
constitution as a partnership firm with modest scale of
operations, thin profitability which is susceptible to volatile
steel prices and foreign exchange rates; and its modest debt
coverage indicators. The ratings are further constrained on
account of its exposure to high regulatory and environmental
hazard risk in an intensely competitive and cyclical ship-breaking
industry.


The ratings, however, draw strength from PPSBC's experienced
partners and its favorable location.


The ability of PPSBC to manage the inherent price volatility risk
on the uncut inventory of ships and foreign exchange fluctuation
risk along with the timely renewal of validity of the leased plot
of land for ship-breaking are the key rating sensitivities.


PPSBC, established as a partnership firm in 1992, is engaged in
ship-breaking activity in the Alang?Sosiya belt of Bhavnagar
region in Gujarat. Another group entity Alang Ship Breaking
Corporation (ASBC; rated CARE BB/CARE A4+), a partnership firm, is
also engaged in ship breaking activity in the same region. The
partners of both the firms are family members and have experience
of more than two decades in the ship breaking industry. Both the
firms together have dismantled more than 60 ships till June 30,
2013.


Based on audited financials, PPSBC reported a PAT of INR0.74 crore
on a total operating income of INR83.32 crore during FY13 (refers
to the period April 1 to March 31) as against a PAT of INR0.80
crore on a total operating income of INR87.22 crore during FY12.



SHREE SAI: CARE Rates INR10cr Long-Term Loans at 'B+'
-----------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree Sai
Developers.


                          Amount
   Facilities           (INR crore)     Ratings
   -----------          -----------     -------
   Long-term Facilities      10         CARE B+ Assigned


Rating Rationale


The rating assigned to the bank facilities of Shree Sai Developers
is primarily constrained on account of its modest booking status
of its sole project 'Park woods' and resultant saleability risk
coupled with inherent risk associated with the real estate
industry.  The constraints far outweigh the benefits derived from
the experience of the partners in the real estate industry.


The successful completion of the projects within the envisaged
cost parameters along with timely receipt of the booking advances
and sale of the balance units at envisaged prices are the key
rating sensitivities.


Vadodara-based, SSD was incorporated as a partnership firm in
December 19, 2009. At the time of incorporation there were eight
partners, out of whom five partners had retired and one new
partner was admitted on June 27, 2011. Currently three partners,
namely, Mr Nilesh Jashbhai Patel, Mr Jatinkumar Mahadev Patel and
Ms Rachana Nilesh Patel are actively involved in the day to day
operations. SSD is engaged in the real estate development and is
currently executing its first residential project named 'Park
Woods' at Vadodara, Gujarat which comprises of 11 towers with
404 flats (1 BHK and 2 BHK flats). Project is expected to complete
by September 2015. The total saleable area of the project is 3.58
lakh sq ft (approximately). SSD has received approvals for land
and other relevant clearances for the project.



SHREE SIDDHI: CARE Assigns 'B' Rating to INR10cr LT Bank Loans
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shree
Siddhi Vinayak Creations Private Limited.


                          Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long-term Bank           10         CARE B Assigned
   Facilities


Rating Rationale


The rating assigned to the bank facilities of Shree Siddhi Vinayak
Creations Private Limited is primarily constrained by its small
scale of operations and weak financial risk profile as reflected
by its low profitability margins, highly leveraged capital
structure and weak coverage indicators.


The ratings are further constrained by its working capital
intensive nature of operations and its presence in a highly
fragmented and competitive industry. The rating however draws
strength from the experienced promoters and growing scale of
operations.


Going forward, the ability of the company to profitably scale up
its operations with an improvement in the capital structure and
effective management of its working capital would be the key
rating sensitivities.


Promoted by Mr. Anupam Kapoor and Mr. Anubhav Kapoor, Shree Siddhi
Vinayak Creations Private Limited was incorporated in 1999. The
company is engaged in the wholesale trading of ladies garment,
mainly sari and suits. The company is carrying out its business
operations from Bareilly (Uttar Pradesh). SSPL procures mainly
from garment manufactures of Gujarat, Maharashtra, and also
through agents. The company caters to the garment retailers mainly
in the regions of Uttrakhand and Uttar Pradesh.


During FY12 (refers to the period April 1 to March 31), SSPL
achieved a total operating income (TOI) of INR47.30 crore with a
Profit After Tax (PAT) of INR0.07 crore. During FY13 (based on
unaudited results) the company achieved TOI and PAT INR51.88 crore
and INR0.19 crore, respectively.



SRI JAIBALAJI: CARE Reaffirms 'C' Rating on INR22.59cr Loans
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sri Jaibalaji Steel Rolling Mills Ltd.


                          Amount
   Facilities           (INR crore)     Ratings
   -----------          -----------     -------
   Long-term Bank          22.59        CARE C Re-affirmed
   Facilities


Rating Rationale


The rating assigned to the bank facilities of Sri Jaibalaji Steel
Rolling Mills Ltd is primarily constrained by the weak financial
risk profile, highly leveraged capital structure, working capital
intensive operations, vulnerability to fluctuations in input costs
coupled with limited value addition leading to low margins and
susceptibility to industry risk.


The rating, however, draws comfort from the experienced promoters
and established relationship with clients through direct selling.


Going forward, the ability of Sri Jaibalaji Steel Rolling Mills
Ltd to increase its scale of operations while improvising the
profitability and effectively manage its working-capital
requirements would be the key rating sensitivities.


Sri Jaibalaji Steel Rolling Mills Limited is a closely held public
limited company incorporated in June 2008. The company is promoted
by Mr Shashank Jain, Mr Akash Kumar and Mr Gaurav Swarup, which
started its commercial operations in August 2010 with an installed
capacity of 60,000 MTPA of Thermo Mechanically Treated (TMT) Bars.
SJB has manufacturing facility at Muzaffarnagar, UP, and sells its
finished products under the brand name "Century" through direct
sales (approximately 75%) to companies in real estate and
infrastructure and the balance through dealer network established
in western UP.


SJB is a group associate of Sri Jaibalaji Ispat Private Limited
(SJBI), which is engaged in the manufacturing of Mild Steel (M.S.)
Ingots.


In FY13-provisional (refers to the period April 1 to March 31),
the company achieved a total operating income of INR105.49 crore
and a PAT of INR0.37 crore as against a total operating income
of INR104.68 crore and a PAT of INR1.15 crore in FY12.



SUWARNA BUILDCON: CARE Places 'BB' Rating to INR13cr Bank Loans
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Suwarna Buildcon Pvt Ltd.


                          Amount
   Facilities           (INR crore)     Ratings
   -----------          -----------     -------
   Long-term Bank           13          CARE BB Assigned
   Facilities


   Short-term Bank           7         CARE A4 Assigned
   Facilities


Rating Rationale


The ratings assigned to the bank facilities of Suwarna Buildcon
Pvt Ltd are constrained by its small scale of operation, client
concentration and geographical concentration of operations and
delays in the ongoing projects.


The ratings, however, derive strength from the wide experience of
the promoters coupled with a long track record of operations,
comfort from price escalation in execution of projects, moderate
financial risk profile marked by increase in the profitability and
comfortable capital structure.


The ability of the company to execute the projects in a timely
manner, increase and diversify its order-book across geography and
clients without impacting its financial risk profile are the key
rating sensitivities.


Suwarna Buildcon Pvt Ltd was incorporated as a proprietorship
concern in 1986 under the name and style of Suwarna Associates and
in April 2011 was taken over by the promoter owned private limited
company, Suwarna Buildcon Pvt Ltd. The company operates in the
irrigation segment which includes construction of small to medium
size weirs, barrages, dams, canals and minor bridges. The company
also undertakes road work including construction of structures
like rail over bridges, construction of roads and buildings and
earth work (excavation and transport of sand and gravel). The
company currently sub contracts work based on location and
availability of its own labour and machinery. The sub-contracting
cost includes labor and machinery leasing cost.


The total order book contained 18 orders as on September 20, 2013
with an outstanding order value of about INR245 crore representing
4.78x of FY13 (refers to the period April 1 to
March 31) total operating income.


During provisional FY13, the company reported a total operating
income of INR51.27 crore over a PAT of INR3.89 crore as against a
total operating income of INR48.12 crore over a PAT of INR3.58
crore in FY12.




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



BUMI RESOURCES: Moody's Lowers Corporate Family Rating to 'Ca'
--------------------------------------------------------------
Moody's Investors Service (Moody's) has downgraded PT Bumi
Resources Tbk's (Bumi Resources) corporate family rating to Ca
from Caa1, thereby concluding its review initiated on July 22,
2013. Moody's has also downgraded to Ca the ratings on its
$300 million senior secured notes issued under Bumi Capital Pte.
Ltd., and the $700 million senior secured notes issued under Bumi
Investment Pte. Ltd. Both entities are wholly owned subsidiaries
of Bumi Resources.


The ratings outlook is stable.


Ratings Rationale:


The rating action reflects the high probability of near-term
default for the thermal coal producer given its substantial
upcoming debt maturities. As a result of its high leverage and
weak liquidity, the company's recent announcement of an agreement
with China Investment Corporation (CIC) to restructure $1.3
billion of outstanding indebtedness, largely through a debt-for-
equity exchange, will be viewed as a distressed exchange under
Moody's definition of default.


"While Moody's expects the planned exchange to result in an
immediate improvement in Bumi Resources' capital structure and a
significant reduction in its interest burden, Moody?s believes it
will only provide short-term relief, with further material debt
maturities scheduled in 2014", says Brian Grieser, a Moody's Vice
President -- Senior Analyst.


"We also believe that -- in the absence of new bank or bond
proceeds - Bumi Resources would only be able to address these
maturities with additional asset sales, which would in turn
further reduce available cash flows to existing bond holders from
its two main coal mines, KPC and Arutmin," adds Grieser, who is
also the lead analyst for Bumi Resources.


After excluding CIC's debt, Bumi Resources will need to refinance
over $800 million of maturities over the next 12 months, a task
which could prove challenging, given the current pressure on its
operations due to low coal prices and the reduction in cash flow
following its sale of a 19% stake in KPC -- its largest coal mine
-- to CIC.


The agreement will exchange the existing debt into 42% of Bumi
Resources' holding in Bumi Resource Minerals (BRMS); 19% of its
holdings in each of KPC, Indocoal Resources and PT Indocoal Kaltim
Resources; up to $150 million new shares in Bumi Resources; and
$400 million in residual loans.


The transaction is subject to regulatory approval as well as
lender approval. The 19% interests in the coal assets are pledged
as security in the common security documents.


Bumi Resources is Indonesia's largest thermal coal producer and
one of the three largest thermal coal exporters globally. Through
its principal assets (a 65% stake in PT Kaltim Prima Coal before
the exchange and a 70% stake in PT Arutmin), Bumi Resources
produced 73 million tons of coal in 2012 and which accounted for
approximately 19% of Indonesia's total coal production.


Its non-coal resource holding company, Bumi Resources Minerals,
was listed on the Indonesian Stock Exchange on 9 December 2010.
Bumi Resources currently owns 87.09% of Bumi Resources Minerals
(before the exchange).


Bumi Plc, previously known as Vallar Plc, currently has a 29.2%
stake in Bumi Resources.



PROFESIONAL TELEKOMUNIKASI: S&P Rates Sr. Unsec. Bank Loan 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
issue rating to a senior unsecured bank loan by PT Profesional
Telekomunikasi Indonesia (Protelindo: BB/Stable/--; axBBB-/--) and
its 100%-owned subsidiary Protelindo Finance B.V. Protelindo
unconditionally and irrevocably guarantees the loan, which
constitutes three credit facilities: US$350 million facility A;
EUR40 million facility B; and US$125 million revolving facility.
All the facilities mature on May 19, 2018.


The bank loan will rank pari passu with all of Protelindo's other
present and future unsecured obligations.  The company used the
proceeds from facilities A and B and a drawdown from the revolving
credit facility to refinance its borrowings under its bridge
facility.  It will use the unused portion of the revolving credit
facility to meet its working capital requirements.


The rating on Protelindo reflects the company's high leverage and
moderately concentrated customer base, and the weak market
position of its key customer, PT Hutchison CP Telecommunications.
Protelindo's strong operating efficiency, stable cash flow and
strong margins from long-term tower leases, and good market
position temper these weaknesses.  S&P assess the company's
financial risk profile as "aggressive" and its business risk
profile as "fair."




                             *********


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
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Information contained herein is obtained from sources believed
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