TCRAP_Public/131022.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, October 22, 2013, Vol. 16, No. 209


                            Headlines


A U S T R A L I A

LITTLE HUNTER: Restaurant Creditors AUD760K Out of Pocket
PORT LINCOLN: Racing Club on the Verge of Insolvency
WEPAR INVESTMENTS: Plantation Treated Buys Kalangadoo Plant
* AUSTRALIA: ASIC Reports Drop in Financial Services Insolvencies


I N D I A

21ST CENTURY: CARE Lowers Rating on INR6.5cr Loans to 'D'
AVIRAT INFRASTRUCTURE: CARE Rates INR10cr LT Bank Loans at 'B'
CHANDIGARH EDUCATIONAL: CARE Reaffirms BB+ Rating on INR30cr Loan
DHARAMPAL IRON: CARE Assigns 'BB-' Rating to INR45cr LT Loans
DUNCANS TEA: CARE Rates INR18cr LT Bank Loans at 'BB'

ELECTROSTEEL STEELS: CARE Ups Rating on INR8,356cr Loans to 'B'
GARG INOX: CARE Assigns 'BB' Rating to INR111.92cr LT Bank Loans
HOSPITALITY EDUCATION: CARE Puts 'BB-' Rating on INR2.28cr Loans
MEHALA MACHINES: CARE Assigns 'D' Ratings to INR37.4cr Loans
MOONLITE TECHNOCHEM: CARE Assigns 'BB(SO)' Rating to INR8cr Loans

NILACHAL CARBO: CARE Rates INR6.9cr LT Bank Loans at 'BB-'
PATO BUILDERS: CARE Assigns B+ Rating to INR8.91cr LT Bank Loans
RAJESHREE FIBERS: CARE Rates INR8cr LT Bank Loans at 'BB-'
RS DEVELOPMENT: CARE Assigns 'BB' Rating to INR15.07cr Bank Loans
SHEIKH BHULLAN: CARE Assigns B+ Rating to INR36.54cr LT Loans

SIMTRAD OVERSEAS: CARE Puts 'B+/A4' Rating to INR2cr LT Loans
SINTECH PRECISION: CARE Cuts Ratings on INR10cr Loans to 'D'
SPARSH AUTOMOBILES: CARE Rates INR14.5cr LT Bank Loans at 'BB'
VENKATESWARA WIRES: CARE Reaffirms BB Rating on INR13.8cr Loans


N E W  Z E A L A N D

CHATHAM ISLAND: Maori Firms Express Interest in Fishing Company
MONTESSORI FOUNDATION: Ex-Manager May Lose NZ$66K Compensation
TACHIKAWA FOREST: Rotorua Mill Re-start Possible, Receivers Say


S O U T H  K O R E A

TONG YANG: Four More Korean Conglomerates Suffer Credit Crisis


X X X X X X X X

* Asia Sovereign Ratings Resilient to US Negative Watch
* BOND PRICING: For the Week Oct. 14 to Oct. 18, 2013


                            - - - - -


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


LITTLE HUNTER: Restaurant Creditors AUD760K Out of Pocket
---------------------------------------------------------
John Lethlean at The Australian reports that creditors of the
company that in February launched Melbourne restaurant Little
Hunter, including celebrity chef Pete Evans, were left
AUD760,000 out of pocket when the company went into liquidation.

Yet Little Hunter the restaurant continues to trade; the company
that went into liquidation on September 30, Little Hunter Pty Ltd,
sold its assets to a new company, Junior Hunter Pty Ltd, that
month, notifying suppliers of the sale on September 11, says The
Australian.

"Little Hunter is currently in the process of being sold," a group
email, advising that the restaurant's new owner was "Junior Hunter
Pty Ltd trading as Little Hunter" said, The Australian reports.

The Australian notes that when creditors called the restaurant
this month they were told the company that owed them money was in
liquidation. Little Hunter Pty Ltd (in liquidation) is owned by a
matrix of individuals and companies, the report discloses.  A
spokesman for the restaurant said "there is no evidence to suggest
a phoenix company has been formed", however, Junior Hunter and
Little Hunter share a significant overlap of individuals and
companies as shareholders, according to The Australian.


PORT LINCOLN: Racing Club on the Verge of Insolvency
----------------------------------------------------
Port Lincoln Times reports that the Port Lincoln Racing Club is on
the verge of insolvency but the committee is confident a new five-
year plan will get the club out of debt.

According to the report, Club chairman Greg Fitzgerald outlined
the club's financial problems to Port Lincoln City Councillors on
October 8 night saying the club was not insolvent but it had
"solvency issues".

Port Lincoln Times relates that following a detailed assessment of
the club's finances in May he said the committee decided to "draw
a line in the sand".

"We got to a situation this year where we decided to do something
about where the organisation was travelling or else it wouldn't be
travelling anywhere except downwards," the report quotes
Mr. Fitzgerald as saying.  "You have to draw a line in the sand
and say enough is enough, there's too much at stake to let it
continue to deteriorate."

Port Lincoln Times relates that Mr. Fitzgerald said the club had
had total liabilities of more than AUD500,000 but there was now a
five-year financial plan in place "to claw back the debt".

Committee member Tony Irvine said there had been a change of
committee and it became obvious something had to be done or else
the club would be gone in a couple of years, the report adds.


WEPAR INVESTMENTS: Plantation Treated Buys Kalangadoo Plant
-----------------------------------------------------------
Megan Roberts and Wendy Collis at ABC Rural report that the
Kalangadoo timber treatment plant, in the south-east of South
Australia, has been sold to local logging business, Plantation
Treated Timber.

Wepar Investments, which owned the plant, went into liquidation in
December last year, just seven weeks after buying it from Gunns,
ABC Rural discloses.

According to the report, Anna Agostino, a manager at liquidators
Clifton-Hall, said the former workers will now receive their
entitlements.

"So with the sale, what will happen now is we'll declare a
dividend and we'll pay a large amount of what the government paid
out to the employee entitlements, but it also means we'll get to
pay the superannuation and the sick leave which the employees
would have otherwise missed out on," the report quotes Ms.
Agostino as saying.


* AUSTRALIA: ASIC Reports Drop in Financial Services Insolvencies
-----------------------------------------------------------------
James Fernyhough at financialstandard.com.au reports that the
number of financial and insurance services (FIS) companies going
into external administration in the 2012-13 financial year fell
modestly compared to the previous year, according to new figures
released by the Australian Securities and Investments Commission
(ASIC).

ASIC's report showed that FIS companies accounted for just 3% of
companies that went into external administration, of which 1.1%
(or 90 companies) were managed investments operations while 1.5%
(142) were "other financial services," according to
financialstandard.com.au.

The report notes that fourteen credit providers, 11 insurance
providers, six superannuation funds and two deposit taking
institutions went into administration.  These comparatively low
numbers saw FIS out of the top 12, the report relates.

The report discloses that construction firms were the most likely
to go insolvent, with 2,245 companies (24.3% of the total) going
into administration - by far the largest number in a single
industry. Retail accounted for 9.8% of companies, while
accommodation and food services accounted for 8.8%.

The number of financial services companies going into external
administration in the 2011-12 financial year was 298, including 25
insurance companies, the report adds.



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


21ST CENTURY: CARE Lowers Rating on INR6.5cr Loans to 'D'
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
21ST Century Ferro & Alloys Pvt Ltd.

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long-term Bank        6.00      CARE D Revised from CARE BB
   Facilities

   Short-term Bank       0.50      CARE D Revised from CARE A4
   Facilities

Rating Rationale

The revision in the ratings assigned to the bank facilities of
21st Century Ferro & alloys Pvt Ltd factors in the instances of
ongoing delay in servicing of its debt obligations on account of
the stressed liquidity position of the company.

21st Century Ferro & Alloys Pvt Ltd was incorporated in April 2004
to set up a 5 MVA submerged arc furnace having installed capacity
of 9,000 metric tonnes per annum (MTPA) to manufacture ferro alloy
products at Sundargarh, Odisha. In the year 2007, the company was
taken over by Mr. Bijay Agarwal, Mr. Shivshambhu Prasad and Mr.
Nimish Gadodia, the current promoters. The company is currently
engaged in the manufacturing of Silico Manganese and Pig Iron.

During FY12 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR1.6 crore (INR2.1 crore in FY11)
and PAT of INR0.4 crore (INR0.9 crore in FY11) on the total
operating income of INR24.9 crore (INR28.2 crore in FY11).


AVIRAT INFRASTRUCTURE: CARE Rates INR10cr LT Bank Loans at 'B'
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Avirat
Infrastructure 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 Avirat
Infrastructure Private Limited is primarily constrained on account
of the salability risk and modest booking received in its three
ongoing projects, namely, 'Silver Gardenia', 'Silver Habitat' and
'Silver Star Heights'. The rating also factors in the inherent
risk associated with the real estate industry.  These constraints
far outweigh the benefits derived from the experience of the
promoters in the real estate industry.

The ability of AIPL to complete its on-going projects within the
envisaged time and cost parameters and sale of its units at the
envisaged prices along with timely realization of sales proceeds
are the key rating sensitivities.

Ahmedabad-based, AIPL was incorporated as a private limited
company in October 2003 by the Patel Family and is engaged in real
estate development. AIPL is the flagship company of the
Ahmedabad-based Avirat Group and other entities of the group are
also engaged in real estate development. AIPL remained inactive
for six years after incorporation and formally started taking
up real estate projects in and around Ahmedabad in 2009.
Currently, AIPL is executing one residential project named 'Silver
Gardenia' and two residential-cum-commercial projects named
'Silver Habitat' and 'Silver Star Heights' at Ahmedabad, Gujarat
with saleable area of 8.86 lakh sq ft (lsf). AIPL has received
approvals for land and other relevant clearances for the projects.

Furthermore, during Q4FY13 (refers to the period January 01 to
March 31), AIPL has completed the project named 'Silver Parikrama'
(46 luxurious bungalows) at Sola, Ahmedabad with a project cost of
INR16.57 crore and expected overall revenue of INR18.57 crore out
of which INR16.66 crore has already been received till August 31,
2013.


CHANDIGARH EDUCATIONAL: CARE Reaffirms BB+ Rating on INR30cr Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to enhanced bank facilities of
Chandigarh Educational Society.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        30.00      CARE BB+ Reaffirmed
   Facilities

Rating Rationale

The rating continues to remain constrained by the limited track
record of operations being the societies second year of
operations, moderate debt protection indicators in the short to
medium term due to the large initial capital outlay and moderate
financial risk profile. The rating is further constrained by the
competition from other institutions, limited reach on account of
single campus operations and high level of government regulation
in the education sector. However, the rating derives strength from
the society's experienced members and management team, established
brand name of the group in the region and healthy student
enrolment providing reasonable revenue stream in the medium term.

Going forward, CES's ability to achieve the projected student
enrolments while maintaining a favourable capital structure would
remain the key rating sensitivities.

Chandigarh Educational Society (CES) was established in the year
2009 by Mr. Rashpal Singh Dhaliwal and family members for
developing and operating educational institutes for graduation
and post graduation courses. CES has established Engineering and
Management College under the name of 'CGC- Technical campus' in
FY12 (refers to the period April 1 to March 31) with its campus
located in Jhanjheri, Mohali. CES is offering courses in computer
engineering, electronics engineering, mechanical engineering and
civil engineering, 'Faculty of Management' offering bachelors and
masters level management courses and 'Department of Computer
Application' offering bachelor level courses.  CES has enrolled
its second batch of students for academic batch 2013-14 with 100%
enrollment for 1144 students.

During FY13, CES has a total operating income of INR7.18 crore and
surplus of INR1.29 crore with GCA of INR2.94 crore.


DHARAMPAL IRON: CARE Assigns 'BB-' Rating to INR45cr LT Loans
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Dharampal Iron and Steel Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        45         CARE BB- Assigned
   Facilities

   Long/Short-Term       30         CARE BB-/CARE A4 Assigned
   Bank Facilities

Rating Rationale

The ratings of the bank facilities of Dharampal Iron and Steel
Private Limited are constrained by the modest scale of its trading
operations, high working capital intensity, thin
profitability and its high leverage. The ratings are further
constrained by its susceptibility to volatile commodity prices and
its presence in a highly fragmented steel trading business. The
ratings, however, derive comfort from the long track record of the
promoters in the steel trading business.

The ability of DIPL to increase its scale of operations while
efficiently managing its working capital and volatility associated
with the prices of traded goods along with an improvement in its
profitability and capital structure are the key rating
sensitivities.

Setup in August 02, 2012 by two brothers Mr. Varun Gupta and Mr.
Vivek Gupta, DIPL is engaged in the trading of various steel
products such as mild steel plates, iron beams, and channels, etc.
The promoter family is involved in the business of steel trading
since 1964. Before incorporation of DIPL, the promoter family did
the similar business under the name & style of 'M/s Dharampaul
Associates'.

As per the audited results for approximately eight months of its
operations in FY13 (refers to the period August 13 to March 31),
DIPL has reported a total operating income of INR134.79 crore and
PAT of INR3.50 crore.


DUNCANS TEA: CARE Rates INR18cr LT Bank Loans at 'BB'
-----------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Duncans
Tea Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        18.0       CARE BB Assigned
   Facilities

Rating Rationale

The above rating is constrained by low profitability margins
inherent in the nature of business, risk associated with
volatility in tea prices, lack of backward integration, high
gearing, high utilization of working capital limits and stiff
competition. The above constraints are partially offset by the
long experience of the promoters, established brand, wide
marketing & distribution channel and favourable industry outlook
for packet tea.

Improvement in profitability and capital structure with effective
working capital management are the key rating sensitivities.

Duncans Tea Limited, belonging to the Kolkata-based Duncan Goenka
group, was incorporated in 1979. Since inception, the company has
been primarily engaged in blending, branding and marketing of tea
in the domestic market. DTL has four tea blending and packaging
units (one each at Nagpur, Faridabad, Kanpur and Kolkata), with
combined capacity of 15,600 TPA.  DTL sells its tea under the
brands 'Double Diamond', 'Sargam', 'Shakti', 'Runglee Rungliot',
etc. which cater to all three segments viz. premium, mid-market
and economy.

The Board of Directors comprises of three members with one member
from the promoter's family. The Duncan Goenka group, which has
interest in sectors like tea, paper, chemical and engineering,
is spearheaded by Mr. G. P. Goenka (73 years) duly supported by
his son Mr. S. V. Goenka (38 years). Mr. G. P. Goenka is an ex-
President of FICCI.

During FY12 (refers to the period October 01 to September 30), DTL
earned a PAT (after deferred tax) of INR2.3 crore (INR1.8 crore in
FY11) on a total operating income of INR183.0 crore (INR148.6
crore in FY11). As per the provisional results, DTL achieved a
total operating income of INR154.7 crore during 9MFY13.


ELECTROSTEEL STEELS: CARE Ups Rating on INR8,356cr Loans to 'B'
---------------------------------------------------------------
CARE revises the rating assigned to bank facilities of
Electrosteel Steels Ltd.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Bank       8,356.3      'CARE B' Revised
   Facilities                        from CARE D

   Long-term/Short-       750.0      'CARE B/CARE A4' Revised
   term Bank                         from CARE D/CARE D
   Facilities

   Short-term Bank        850.0      'CARE A4' Revised
   Facilities                         from CARE D

Rating Rationale

The revision in ratings follows approval of corporate debt
restructuring (CDR) scheme by CDR EG on Sep 26, 2013 and
regularization of debt servicing by the company in May 2013.
The ratings are constrained by considerable delay in the
implementation of ongoing project, delay in tying up of additional
funds for funding the enhanced project cost and deterioration in
financial risk profile marked by cash losses incurred in FY13 &
Q1FY14. Furthermore, the ratings continue to be constrained by
implementation risks of all the facilities of the project,
cyclical nature of the steel industry along with stiff competition
from existing large integrated steel players.

However, the ratings derive strength from the experienced promoter
group, strategic equity investors with reputed Technical-cum-
financial collaborator with assured off-take agreement for the DI
pipes and Pig iron, captive mines (coking coal and iron ore) of
the group. Successful completion and implementation of all the
facilities of the large ongoing project without any further delay
and within cost estimates would be important. This along with the
ability of the company to achieve desired production levels and
successful offloading of the same would be the key rating
sensitivities.

Electrosteel Steels Ltd (ESL), promoted by the Electrosteel group
of Kolkata, was incorporated in December 2006. ESL is setting up a
2.51 million tonnes per annum  (MTPA) integrated steel and
ductile iron pipe project (including Captive Power Plant [CPP] of
120 MW) at Bokaro, Jharkhand.  ESL incurred cash loss in FY13 due
to higher input costs coupled with delay in project commissioning
and cost escalation to the tune of INR2,300 crore on account of
revision in project scope from 2.20 MTPA to 2.51MTPA, resulted
into delays in debt servicing obligations during January to
March 2013. However, the promoters have infused funds in order to
regularize past delays till February 2013 and acceptance of
corporate debt restructuring (CDR) scheme by ESL's bankers from
March 1, 2013.

During FY13 (refers to the period from April 1 to March 31), ESL
reported a net sales of INR137.2 crore and a loss of INR280.0
crore. In Q1FY14 (Prov.), ESL reported a net sales of INR119.8
crore and loss of INR70.7 crore.


GARG INOX: CARE Assigns 'BB' Rating to INR111.92cr LT Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Garg Inox Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       111.92      CARE BB Assigned
   Facilities

   Short-term Bank       87.36      CARE A4 Assigned
   Facilities

Rating Rationale

The ratings are constrained by high gearing levels, moderate debt
coverage indicators, relatively lower net profit margins and high
working capital intensity of operations. The ratings also factor
in high competition and inherent cyclical nature of the steel
industry.  However, the ratings derive strength from the long
experience of the promoters in the steel industry, established
track record of Garg Inox Ltd's (GIL) operations, diversified
customer base and consistent growth in scale of operations over
the recent years.

The ability of the company to profitably scale-up operations with
improvement in capital structure and working capital management
remain the key rating sensitivities.

Incorporated in 1991, Garg Inox Limited is engaged in
manufacturing and export of steel products which primarily include
stainless steel wire, mild steel wire, galvanized wire, aluminum
alloy wire, zinc wire, amongst others. The products find large
application in automotive, railways, engineering, construction and
other allied industries with a diversified customer-base across
both domestic and export market.

GIL operates two manufacturing facilities each at Bahadurgarh,
Haryana and Pune, Maharashtra.  The company also has an associate
concern namely Garg Sales Inc, USA that looks after the export
sales and marketing functions for GIL. The company is recognized
as a one-star export house by Directorate General of Foreign Trade
(DGFT).

GIL reported a PAT of INR3.70 crore on a total income of INR433.95
crore for FY13 as compared with PAT of INR3.17 crore on a total
income of INR378.61 crore for FY12. In the quarter ended June 30,
2013 (Provisional), GIL reported PAT of INR1.27 crore on a total
operating income of INR118.02 crore.


HOSPITALITY EDUCATION: CARE Puts 'BB-' Rating on INR2.28cr Loans
----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Hospitality Education Services International.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        2.28       CARE BB- Assigned
   Facilities

   Short-term Bank       4.80       CARE A4 Assigned
   Facilities

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

Rating Rationale

The ratings assigned to the bank facilities of Hospitality
Education Services International (HES) are primarily constrained
by its small scale of operations, leveraged capital structure and
moderate debt service coverage indicators. The ratings are further
constrained by the constitution of the entity as a proprietorship
firm and its presence in the highly regulated education sector.

The ratings, however, take comfort from the experience of the
proprietor and professionally qualified team, moderate
profitability margins, well-established infrastructure & placement
centre and buoyant prospects of professional education.

Going forward, the ability of HES to increase its scale of
operations while maintaining the profitability and improvement in
its capital structure will be the key rating sensitivities.

Hospitality Education Services International (HES) was established
in 2002 as a proprietorship to provide education in hotel
management. HES is running its institutes under the brand name of
RIG Institute of Hospitality & Management since 2007. The
institutes are located at Greater Noida, Uttar-Pradesh and
Maheshpura, Uttarakhand. The main courses offered are Bachelor of
Arts in International Hospitality Administration, Diploma in
Hospitality Management, Diploma in International Hotel and Tourism
Management etc.

For FY12 (refers to the period April 1 to March 31), HES achieved
a total operating income of INR6.18 crore with a PAT of INR0.64
crore. HES reported a total operating income of INR6.76 crore
with a PAT of INR0.69 crore in FY13 (based on unaudited results).


MEHALA MACHINES: CARE Assigns 'D' Ratings to INR37.4cr Loans
------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Mehala
Machines India Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        30.90      CARE D Assigned
   Facilities

   Short-term Bank        6.50      CARE D Assigned
   Facilities

Rating Rationale

The ratings are constrained by the ongoing delays and
irregularities in debt servicing by Mehala Machines India Limited.
The ratings are further constrained by the weak financial risk
profile marked by declining revenues, thin profitability, weak
debt protection metrics, as well as an elongated operating cycle
and the company's exposure to foreign exchange fluctuation risk.

The ratings take note of the experience of the promoters, the
company's established market position and its relationship with
the customers and suppliers.  Going forward, the ability of the
company to service its debt obligations in a timely manner will be
the key rating sensitivity.

Mehala Machines India Limited was started as a proprietary concern
in 1974, with Mr. C Subramaniam as its proprietor and was later
incorporated as a limited company in 1991. The company began
importing and distributing industrial sewing products to cater to
the entire textile manufacturing value chain. The company is
engaged in the trading of sewing machines, motors, embroidery
machines, cutting machinery and finished equipment. It also
manufactures industrial clutch and induction motors for sewing
machines. The company is the sole selling agent of Siruba
Sewing Machines in India, Sri Lanka, Singapore and Bangladesh.
MMIL has 14 branches in India and overseas branches in Sri Lanka,
Bangladesh and Singapore for the distribution of Siruba sewing
machines. In 2007, MMIL acquired Sanmarco Texmac Private Limited,
a manufacturer of worsted ring frames.

MMIL has registered a PAT of INR1.8 crore on a total operating
income of INR55.3 crore in FY13 Provisional (refers to the period
April 01 to March 31) as compared with a PAT of INR2.7 crore on
total operating income of INR68.2 crore in FY12.


MOONLITE TECHNOCHEM: CARE Assigns 'BB(SO)' Rating to INR8cr Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB (SO)'/'CARE A4 (SO)' ratings to the bank
facilities of Moonlite Technochem Private Limited.

                            Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Long-term facilities      8         CARE BB (SO) Assigned
   Short-term facilities     7         CARE A4 (SO) Assigned

Rating Rationale

The above rating takes into account the credit enhancement in the
form of an unconditional and irrevocable corporate guarantee
provided by Vikas Global One Limited [VGOL, rated CARE
BB/A4] for the bank facilities of Moonlite Technochem Private
Limited.  The ratings of VGOL are constrained on account of the
modest scale of operations amidst high competition, working
capital intensive operations and volatility in the raw material
prices.  The ratings, however, derive strength from the
experienced promoters and management team, diverse product mix
with multiple industrial applications and comfortable financial
risk profile.

Going forward, VGOL's ability to achieve the envisaged revenue and
profitability and effectively managing its working capital
requirements would be the key rating consideration.

Moonlite Technochem Private Limited was incorporated in November
1995 with the name of Akashatha Management Consultants Private
Limited which was later on changed to the present one in December
2008.

The company is a wholly owned subsidiary of Vikas Global One
Limited (rated CARE BB/A4 in March 2013).

MTPL is engaged in the trading of various specialty chemical and
compounds. The prominent products traded during FY13 (refers to
the period April 01 to March 31) included Styrene Butadiene
Copolymer (22% of total operating income of FY13), Plastic
Granuals (10% of total operating income of FY13) and PVC Resin (5%
of total operating income of FY13).

                     About the Guarantor (VGOL)

VGOL, promoted by Mr. Nand Kishore Garg, was incorporated in 1984.
VGOL is involved in the trading and manufacturing of various petro
chemical products like heat stabilizer, thermo plastic
rubber compounds (TPR), plasticizer, etc, used in various
industries like plastic, footwear and packaging industries. The
company is also acting as a distributor of several international
companies for specialty chemicals and polymers (LG Chemical
Limited, Mitsui Chemicals Inc, Ace Chemical Corporation, etc).


NILACHAL CARBO: CARE Rates INR6.9cr LT Bank Loans at 'BB-'
----------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to bank facilities
of Nilachal Carbo Metalicks Pvt. Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.90       CARE BB- Assigned
   Facilities

   Short-term Bank      67.85       CARE A4
   Facilities

Rating Rationale

The ratings assigned to Nilachal Carbo Metalicks Pvt. Ltd. are
constrained by the below average financial risk profile,
volatility of input prices, foreign exchange fluctuation risk,
customer concentration risk, risk associated with the
implementation of the proposed expansion project and the inherent
cyclicality of the end-user steel industry. The above constraints
are partially offset by the experience of the promoters, reputed
customer base and moderate capacity utilisation of the plant.

Ability to sustain volatility in raw material and finished goods
prices and improve profitability along with future outlook of the
steel industry are the key rating sensitivities.

NCMPL was incorporated in 2003. The company commenced operation in
2004 with setting up of plant for manufacturing Low ash
metallurgical coke (LAMC) with an installed capacity of 50,000
MTPA (metric tonne per annum). Presently, the company has an
installed capacity of 1,02,000 MTPA with three coke oven batteries
each consisting of 32 ovens at its plant in Jajpur district,
Orissa. Additionally, it has leased capacity of 11,850 MTPA in the
adjoining area and also trades in LAMC. The current promoter, Mr.
B. Panda has been associated with the company since inception. He
held 30% stake in the company till April 2011, after which he
acquired the entire stake.

In FY13, NCMPL earned PAT (after deferred tax) of INR1.24 crore on
total operating income INR127.02 crore.


PATO BUILDERS: CARE Assigns B+ Rating to INR8.91cr LT Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Pato Builders Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        8.91       CARE B+ Assigned
   Facilities

   Short-term Bank       5.00       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Pato Builders Ltd
are constrained by its small scale of operation limiting the
ability of the company to bid for larger projects, dependence on
government contracts, increasing competition in government funded
projects and exposure to tender driven process risk, risk of delay
in project execution, moderate capital structure due to working
capital intensive nature of operations with high collection period
and sluggish growth in the construction sector in the current
subdued economic scenario. The aforesaid constraints are partially
offset by the rich experience of the promoters with a satisfactory
track record of operations, long operating history of the company
with proven project execution capabilities and long standing
association with government clients as an approved contractor ,
presence of price variation clause in contracts and its strong
order book position providing near term revenue visibility.

The ability of the company to sustain and further improve its
total operating income with maintaining the profitability and
ability to enhance its order book position with an improvement in
working capital cycle would be the key rating sensitivities.

Pato Builders Ltd was originally incorporated as a private limited
company in 1997 by Mr. Mukesh Kumar of Jamshedpur (Jharkhand)
along with his family members and was converted into a public
limited company in November 2009. PBL is registered as a 'Class-I
A' Building and Roads (B & R) with Central Public Works Department
(CPWD). It is engaged primarily in civil and electrical structural
work for government and semi-government bodies with a major focus
on the construction of high rise buildings,
refurbishment/modification of buildings, schools, hostels,
sophisticated and complex laboratories, water supply and sewage
disposal and electrical engineering works. PBL has executed
various projects mainly for government departments such as Rapid
Action Force (RAF), Income Tax Department etc in the last five
years in the districts of Jharkhand, Chhattisgarh and New Delhi.

During FY12 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR3.1 crore (INR2.1 crore in FY11)
and a PAT of INR1.1 crore (of INR0.7 crore in FY11) on a total
income from operations of INR30 crore (INR 21.3 crore in FY11).
Furthermore, the company is reported to achieve a PBT of INR1.8
crore on net sales of INR30.1 crore during FY13 (Provisional).


RAJESHREE FIBERS: CARE Rates INR8cr LT Bank Loans at 'BB-'
----------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Rajeshree
Fibers.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         8         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 the withdrawal of
capital or the unsecured loans brought by the partners in addition
to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Rajeshree Fibers is
primarily constrained on account of its financial profile marked
by thin profitability, leveraged capital structure and below
moderate liquidity indicators. The rating is further constrained
by its presence in a highly fragmented industry and lowest segment
of textile value chain, seasonality associated with raw material
availability and susceptibility of operating margins  to volatile
cotton prices and government regulations.

The rating, however, draws strength from the experience of the
promoter, established operations, strategically placed within the
cotton-producing belt and proximity to raw material source.
The ability of RF to increase its scale of operations, improve its
profit margins and capital structure will be the key rating
sensitivities.

RF, established in the year 2001, is a partnership firm promoted
by three partners having an equal profit/ loss sharing ratio. The
key partner of RF is Mr. Nilesh Gandhi and the other two partners
are Ms Rajeshree Mahajan and Ms Anita Mahajan. RF is engaged in
the ginning and pressing of raw cotton and its manufacturing
facility is located at Khargone, Madhya Pradesh. It has installed
40 ginning machines having an installed capacity of producing
9,500 MT of cotton bales per annum.

RF has two associate firms, namely, Rajeshree Cotex (RC) and
Rajeshree Industries India Private Limited (RIPL) which are also
involved in the business of cotton ginning and pressing.

During FY12 (refers to the period April 1 to March 31), RF
reported a total operating income of INR79.82 crore (FY11:
INR97.26 crore) and a PAT of INR0.37 crore (FY11: INR0.83 crore).
As per the provisional result for FY13, RF registered a total
income of INR132.62 crore and PAT of INR1.08 crore.


RS DEVELOPMENT: CARE Assigns 'BB' Rating to INR15.07cr Bank Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of RS Development And Constructions India Private
Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       15.07       CARE BB Assigned
   Facilities

   Short-term Bank      12.00       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of RS Development and
Constructions India Private Limited are constrained by the
company's relatively small scale of operations, its stagnant
revenues in the past three years and the decline in profitability
in FY13 (refers to the period April 1 to March 31). The ratings
are further constrained by the company's long operating cycle due
to elongated receivables collection period which in turn has
resulted in near full utilization of its working capital limits.

The ratings, however, derive strength from the vast experience of
the promoters, their established relationship with clients,
moderately favorable capital structure and the continued support
by way of infusion of funds by the promoters in the past.

Going forward, the ability of the company to increase its scale of
operations while prudently managing its working capital
requirement, grow and diversify its order book, and its ability to
improve and sustain its profitability will be the key rating
sensitivities.

RS Development And Constructions India Private Limited (RSD) was
promoted by Mr. R Subramaniam in 2008. RSD was formed by acquiring
the assets and liabilities of two partnership firms that were
operating under the name of 'M/s RS Constructions' (engaged in the
construction industry) and 'M/s RS Transports' (engaged in
logistics services) respectively. RSD is primarily involved in
executing civil and general construction works such as roads, mass
earth evacuation, earth filling, canal and quarry works. In
addition, the company also does loading & transporting of
limestone, coal and cement. It is also engaged in the manufacture
and sale of ready-mix concrete.

During FY13, the income from civil infrastructure projects
constituted 65% of total income (70% in FY12), civil earth works
and transport operations constituted nearly 26% (19% in FY12) and
the sale of ready-mix concrete contributed 8% of total income (11%
in FY12).

The company registered a PAT of INR 0.62 crore on a total
operating income of INR 88.06 crore in FY13 as compared with PAT
of INR 2.16 crore on total operating income of INR 86.86 crore.


SHEIKH BHULLAN: CARE Assigns B+ Rating to INR36.54cr LT Loans
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sheikh Bhullan & Sons.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        36.54      CARE B+ Assigned
   Facilities

   Short-term Bank       20.00      CARE A4 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 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 Sheikh Bhullan &
Sons are constrained by the highly working capital intensive
operations, geographical concentration of revenues and highly
fragmented nature of the carpet industry. The ratings are further
constrained by partnership constitution of the entity and
susceptibility to foreign exchange risk.

The ratings favorably take into account the long track record of
operations, vast experience of the promoters in the carpet
industry and its established presence in the international
markets.

Effective working capital management and sustainability of
profitability margins amidst stiff competition are the key rating
sensitivities.

Sheikh Bhullan & Sons (SBS), promoted by the Rizwan family of
Bhadohi, Uttar Pradesh, was incorporated in June 1971 for the
manufacturing and export of hand-knotted and hand-tufted
woolen and silk carpets of Indo Persian quality. Subsequently in
May 2009 the firm shifted focus towards machine-made carpets which
takes relatively less time and are less labour intensive as
compared with hand-knotted carpets. Due to their low pricing as
compared to hand-knotted carpets, there is high demand for
machine-made carpets emanating from the US and European
countries like Germany and Turkey. Currently, the firm is managed
by five partners, all being the family members of the Rizwan
group, with equal profit and loss sharing agreement. SBS has two
manufacturing units located in Bhadohi, Uttar Pradesh and
Kashipur, Utttranchal. While the firm has a dedicated machine-made
manufacturing unit in Kashipur, the hand-knotted and hand-tufted
carpets are manufactured in Gopiganj, Bhadohi. The firm has 200
looms of its own and 6,500 looms are outsourced.

As per provisional results for FY13 (refers to the period
April 1 to March 31), the firm has reported a profit after tax
(PAT) of INR17.73 crore on a total operating income of INR91.77
crore.



SIMTRAD OVERSEAS: CARE Puts 'B+/A4' Rating to INR2cr LT Loans
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Simtrad Overseas Private Limited.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Long-term/Short-         2         CARE B+/CARE A4 Assigned
   term Bank Facilities

   Short-term Bank         16         CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Simtrad Overseas
Private Limited are primarily constrained on account of its modest
scale of operations along with high customer concentration risk,
presence in the highly fragmented polymer trading industry and its
weak financial risk profile as characterized by thin
profitability, moderate capital structure, weak debt coverage
indicators and moderate liquidity position. The ratings are also
constrained on account of working capital intensive nature of
operations and vulnerability of profits to fluctuation in the raw
material prices and foreign exchange rates.

The ratings, however, derive the benefits from long track record
of the promoters in the polymer trading industry.

The ability of SOPL to increase its scale of operations along with
an improvement in its profitability through effective management
of the inventory price risk and foreign exchange rate fluctuations
are the key rating sensitivities.

Indore-based (Madhya Pradesh), SOPL was incorporated in September
2008 by Mr. Abhay Gupta and Mr. Pankaj Patodi. The company is
engaged in the trading of plastic granules mainly Polyvinyl
Chloride (PVC) resins, PP granules, HDPE granules, LDPE granules,
LLDPE granules and EVA granules. SOPL partly imports plastic
granules from Dubai, Saudi Arabia, Qatar U.A.E. etc and also
procures plastic granules from domestic suppliers. SOPL sells its
products in the domestic market only through its sole branch
located at Indore.

As per the audited results for FY13 (refers to the period April 1
to March 31), SOPL reported a total operating income of INR42.18
crore (FY12: INR29.89 crore) and a Profit after Tax of INR0.17
crore (FY12: INR0.14 crore).


SINTECH PRECISION: CARE Cuts Ratings on INR10cr Loans to 'D'
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Sintech Precision Products Limited.

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long-term Bank        4.50      CARE D Revised from
   Facilities                      CARE C

   Short-term Bank       5.50      CARE D Revised from
   Facilities                      CARE A4

Rating Rationale

The revision in ratings of Sintech Precision Products Limited
takes into account the ongoing delays in debt servicing due to its
weak liquidity position.

Incorporated in 1986, SPPL is a closely held public limited
company, managed by Mr. NC Dhingra and other family members. SPPL
has its manufacturing facilities at Ghaziabad, Uttar Pradesh, and
is engaged in manufacturing a wide range of pumps. The company
also undertakes contracts for manufacturing and complete
installation of the pumps for its customers on turnkey basis,
provides after sale services which include spare parts etc and
consultation services to its customers.

For FY12 (refers to the period April 1 to March 31), SPPL achieved
a total operating income of INR20.25 crore with a PAT of INR0.31
crore.


SPARSH AUTOMOBILES: CARE Rates INR14.5cr LT Bank Loans at 'BB'
--------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Sparsh
Automobiles Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        14.5       CARE BB Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Sparsh Automobiles
Pvt ltd is constrained by its low profitability, working capital
intensive nature of operation leading to high gearing ratio,
existence of contract renewal risk, limited bargaining power with
MSIL, dependence on volume momentum and sluggish growth in the
automobiles industry. The aforesaid constraints are partially
offset by the rich experience of the promoters, authorized
dealership of MSIL and integrated nature of business, long track
record of operations with increasing business level and a good
market presence in Chhattisgarh.

The ability to improve the scale of operations with profitability
and ability to manage working capital effectively would be the key
rating sensitivities.

Incorporated in August 2005, Raipur-based (Chhattisgarh) Sparsh
Automobile Pvt Ltd was promoted by brothers, Mr. Surendra Ahuja
and Mr. Suresh Ahuja. It commenced operations from May 2006 as a
second authorized dealer of Maruti Suzuki India Limited (MSIL)
vehicles spares & accessories for the state of Chhattisgarh. It
offers passenger vehicles of MSIL through its
showrooms equipped with 3-S facilities (Sales, Service and Spare-
parts). Currently, SAPL has four Maruti passenger car showrooms,
at Pachpedinaka, Pandri, Rajim (all at Raipur) and Mahasamund
(Chhattisgarh) wherein it also provides repair and refurbishment
services for Maruti cars. This apart, it has a warehouse, having a
capacity to store around 200 passenger cars and a stock yard at
Panchpedinaka for vehicles, spares and accessories. Besides the
sale of new cars and service of old cars, SAPL also sells and
purchases pre-owned cars in Chhattisgarh under Maruti True value.

During FY12 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR2.7 crore (Rs.2.1 crore in FY11)
and a PAT of INR0.7 crore (of INR0.6 crore in FY11) on a total
income from operations of INR76.7 crore (Rs.71.6 crore in FY11).
Furthermore, the company has reported to achieve net sales of
INR84 crore during FY13 (Estimated).


VENKATESWARA WIRES: CARE Reaffirms BB Rating on INR13.8cr Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Venkateswara Wires Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        13.80      CARE BB Reaffirmed
   Facilities

   Short-term Bank        4.90      CARE A4 Reaffirmed
   Facilities

   Long-term/Short-      35.00      CARE BB/CARE A4 Reaffirmed
   term Bank Facilities

Rating Rationale

The ratings continue to be constrained by the moderate scale of
operations of Venkateswara Wires Private Limited (VWPL), moderate
profitability led by bid the driven nature of business with
intense competition, weak debt coverage indicators, moderately
stressed liquidity position and high working capital intensity of
its operations.

The ratings, however, continue to factor in VWPL's established
track record and experienced promoter group, moderate order book
position with price variation clause and firm power purchase
agreements with the respective state power distribution utilities
for its windmills.  The ability of the company to increase its
scale of operations and improve its profitability is the key
rating sensitivity.

Incorporated in 1988, VWPL is engaged in the manufacturing of
power transmission & distribution conductors and cross linked
polythene insulated power cables (XLPE cables). The company has
its plant with an installed capacity of 40,000 kilometers (km) and
registered office at Jaipur, Rajasthan.  The main promoters of
VWPL, Mr. Sanjay Saboo and Mr. Rohit Saboo have more than two
decades of experience in the industry. During FY07 (refers to the
period April 01 to March 31) to FY10, the company installed three
windmills of 600 KW each, of which one is located in Maharashtra
and the other two in Rajasthan.

The company is technically and financially qualified to bid in the
tenders floated by Power Grid Corporation of India Ltd (PGCIL)
apart from other state electricity boards.

During FY13, VWPL reported a total operating income of INR118.64
crore (INR114.60 crore in FY12) and profit after tax of INR0.74
crore (INR 0.10 crore in FY12). During Q1FY14 (UA), the company
earned a PBT of INR0.38 crore (INR 0.26 crore in Q1FY13) on a
total operating income of INR24.06 crore (INR22.71 crore in
Q1FY13).



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


CHATHAM ISLAND: Maori Firms Express Interest in Fishing Company
---------------------------------------------------------------
Radio New Zealand News reports that several Maori enterprises are
said to be interested in a fishing firm that has gone into
liquidation in the Chatham Islands.

The business and assets of Chatham Island Seafoods 2009 Ltd are up
for sale, with the operation including a factory, two vessels and
a fishing quota, the report relates.

According to the report, PwC liquidator Jeremy Morley said the
business can be broken up, and bids will be accepted for
individual items or a range of them.

The quota, which includes blue cod, is the most readily saleable
asset because there is an open market for it, the report notes.

Radio NZ relates that Mr. Morley said the processing factory sits
on about 1,215 hectares of land.

He said that while the assets are in the process of being sold he
can't name the Maori organisations that have expressed an
interest, the report adds.


MONTESSORI FOUNDATION: Ex-Manager May Lose NZ$66K Compensation
--------------------------------------------------------------
Chris Gardner at Waikato Times reports that a former Hamilton pre-
school manager may not see the NZ$66,155 she was awarded by the
Employment Relationship Authority because her employer went into
liquidation the day before the hearing.

According to the report, the authority found in Tania
Christensen's favor when it decided the Montessori Foundation
trust had unjustifiably dismissed her from her job at the Cameron
Rd centre on October 18, 2012. She was suspended on September 27,
2012, after continuously complaining of being short staffed. She
did not get a lunch break and was refused annual leave.

The Waikato Times relates that a week before the October 10
hearing the trust thumbed its nose at Ms. Christensen's lawyer
Scott McKenna by changing its name to Puna Chambers Inc, also the
name of the Hamilton practice where he worked.

Mr. McKenna said his legal practice intended complaining to the
Law Society about the name change, the report relays.

The Waikato Times notes that a day before the hearing the trust
appointed Julian Henson, of Hamilton, its liquidator.

Montessori Foundation Ltd director David Hayes told the Waikato
Times he had resigned from the trust before it was placed into
liquidation.


TACHIKAWA FOREST: Rotorua Mill Re-start Possible, Receivers Say
---------------------------------------------------------------
Radio New Zealand News reports that the receivers for a Rotorua
sawmill -- where up to 130 jobs could be lost -- said they will
assess over the next few days whether they can re-start operations
there.

Tachikawa Forest Products (NZ) Ltd was placed in receivership on
Oct. 18 and receivers KordaMentha told staff not to come to work
on because the plant is shut down until further notice, according
to Radio New Zealand News.

The report notes that Brendon Gibson of KordaMentha said staff
will be paid for their last week's work.

"The business had virtually ceased trading because it was unable
to secure log supply, obviously because of its financial
position," the report quoted Mr. Gibson as saying.  "What we're
doing at the moment is we're going to put the business on the
market and we're just assessing whether we can restart
operations."

The report notes that First Union General Secretary Robert Reid
says the company has been struggling with problems common to the
wood processing industry.

Meanwhile, the report relates that Rotorua's newly elected mayor,
Stephanie "Steve" Anne Chadwick, said the likely job loss are
"devastating".

Ms. Chadwick said she was aware the company was trading under
difficult circumstances, the report notes.

Ms. Chadwick said it's terrible that up to 130 jobs could go,
because behind those workers are families, and that many job loses
is devastating, particularly to a community the size of Rotorua,
the report discloses.

Ms. Chadwick said she and MPs Te Ururoa Flavell and Todd McClay
will meet the unions and sawmill staff, the report adds.



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


TONG YANG: Four More Korean Conglomerates Suffer Credit Crisis
--------------------------------------------------------------
Kim Tae-jong at The Korea Times reports that four other business
groups are undergoing a credit crisis due to the reckless issuance
of corporate bonds or commercial papers (CPs) alongside the
Tongyang Group, the head of the nation's financial watchdog said.

The Korea Times relates that during a National Assembly
inspection, Financial Supervisory Service (FSS) Governor Choi Soo-
hyun said there were four conglomerates whose financial affiliates
have similar problems to Tongyang.

"We are looking into four groups that had their brokerage arms
sell CPs or corporate bonds of their affiliates," the report
quotes Mr. Choi as saying. "They have similar problems to
Tongyang, though not as serious."

During the inspection, Mr. Choi apologized for the "Tongyang
fiasco," saying that the financial authorities were partly
responsible for what happened to individual investors, the Korea
Times relays.

"Regulators should have worked harder to protect consumers. We are
examining this case and will take appropriate measures, if
necessary," Mr. Choi, as cited by The Korea Times, said.

According to the report, Mr. Choi's apology came as he was grilled
over "negligence" in the Tongyang Group's liquidity crisis.

The report says lawmakers have claimed that loose monitoring by
the FSS was one of the key reasons behind Tongyang's continued
issuance of CPs and bonds that have inflicted losses on around
50,000 retail investors.

"The group's immoral and illegal practices should be blamed," the
report quotes Rep. Kim Young-koo of the opposition Democratic
Party (DP) as saying. "And the authorities' failure in policies
and the negligence of supervision caused the crisis."

The Korea Times notes that cash-strapped Tongyang is alleged to
have "fraudulently" issued bonds and CPs without properly
informing buyers of the risks; while the financial regulator is
blamed for failing to properly manage the situation.

Rep. Song Gwang-ho from the ruling Saenuri Party demanded that Mr.
Choi take responsibility for the financial losses of individual
investors, the report notes.

Tong Yang Group is a South Korean conglomerate founded in 1957 as
a cement manufacturer.  The company through its subsidiaries,
engages in constructing houses, and roads and harbors.  Its
products include ready mixed concrete, PHC piles, admixture, low
heat cement, low-heat portland cement, portland cement, and blast
furnace slag cement.

Yonhap News said the country's 38th-largest conglomerate filed for
court receivership for five of its units -- Tongyang Inc.,
Tongyang Leisure Co., Tongyang International Inc., Tongyang Cement
& Energy Co. and Tongyang Networks Corp. -- on Sept. 30 and Oct. 1
after it failed to pay back maturing short-term debts worth some
KRW110 billion (US$103.1 million) in time.

The group's request for court receivership for five of its
affiliates has been accepted, but it is still unknown how
investors will be compensated for their losses, The Korea Times
reports.

Tongyang Chairman Hyun Jae-hyun is currently being investigated by
prosecutors over allegations that he ordered the group's brokerage
unit, Tongyang Securities, to sell risky bonds issued by other
affiliates. The firm sold 67.3 percent of bonds issued by Tongyang
affiliates over the past four years. About 90 percent of them were
sold to the individual investors, according to the FSS.



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


* Asia Sovereign Ratings Resilient to US Negative Watch
-------------------------------------------------------
The recent assignment of Rating Watch Negative on the US's AAA
sovereign ratings is unlikely to lead directly to downgrades of
any Asian sovereigns, even though these are among the largest
holders of US Treasuries, says Fitch Ratings. US Treasuries are
likely to remain among the most liquid financial instruments, and
so would continue to underpin Asian external liquidity and
sovereign credit profiles.

Asian sovereign credit profiles have generally benefited from a
strengthening of their foreign-currency balance sheets since the
Asian Financial Crisis in 1997-1998. This has been driven by a
rapid pace of reserve accumulation by most countries in the
region, up until 2011.

The growth in foreign-currency reserves has subsequently slowed.
Moreover, this has recently dropped from a year ago in countries
such as India, Indonesia, Mongolia and Sri Lanka, due to twin
deficit pressures and lower net capital inflows.

Nonetheless, regional reserves remain an important buffer against
external shocks, and therefore underpin overall sovereign
creditworthiness. This factor is not eroded by the Rating Watch
Negative on the US's AAA sovereign rating.

At end-July 2013, Asian governments owned around 26% of the total
marketable Treasury debt. The largest holders were China and
Japan, with 11% and 10%, respectively. Nine other Asian sovereigns
held 5%.

The latest data show that China and Japan have among the world's
largest reserves -- USD3.6trn and USD1.2trn, respectively. The
foreign-reserve positions of countries such as Korea, Taiwan, Hong
Kong, Singapore and India remain among the largest in the world --
in excess of USD200bn. At end-September, IMF data showed that 62%
of global reserves for which a currency breakdown is provided is
held in US dollars.


* BOND PRICING: For the Week Oct. 14 to Oct. 18, 2013
-----------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MA    7.00      04/01/21   USD      72.75
BOART LONGYEAR MA    7.00      04/01/21   USD      72.75
COMMONWEALTH BANK    1.50      04/19/22   AUD      72.89
EXPORT FINANCE &     0.50      06/15/20   NZD      72.79
EXPORT FINANCE &     0.50      12/16/19   NZD      74.99
MIRABELA NICKEL L    8.75      04/15/18   USD      31.00
MIRABELA NICKEL L    8.75      04/15/18   USD      70.00
NEW SOUTH WALES T    0.50      12/16/22   AUD      67.65
NEW SOUTH WALES T    0.50      10/07/22   AUD      69.23
NEW SOUTH WALES T    0.50      10/28/22   AUD      69.03
NEW SOUTH WALES T    0.50      09/14/22   AUD      69.46
NEW SOUTH WALES T    0.50      03/30/23   AUD      66.66
NEW SOUTH WALES T    0.50      11/18/22   AUD      68.82
NEW SOUTH WALES T    0.50      02/02/23   AUD      67.19
NEWCREST FINANCE     5.75      11/15/41   USD      73.54
NEWCREST FINANCE     5.75      11/15/41   USD      76.76
PALADIN ENERGY LT    3.63      11/04/15   USD      74.00
PALADIN ENERGY LT    6.00      04/30/17   USD      67.48
TREASURY CORP OF     0.50      03/03/23   AUD      67.76
TREASURY CORP OF     0.50      11/12/30   AUD      43.95
TREASURY CORP OF     0.50      08/25/22   AUD      69.13

  CHINA
  -----

CHINA GOVERNMENT     1.64      12/15/33   CNY      66.71


  HONG KONG
  ---------

DAVOMAS INTERNATI   11.00      12/08/14   USD      24.75
DAVOMAS INTERNATI   11.00      12/08/14   USD      24.75
INDONESIA TREASUR    6.38      04/15/42   IDR      74.68
PERUSAHAAN PENERB    6.10      02/15/37   IDR      74.04


  INDIA
  -----

3I INFOTECH LTD      5.00      04/26/17   USD      26.00
CORE EDUCATION &     7.00      05/07/15   USD      28.38
COROMANDEL INTERN    9.00      07/23/16   INR      15.06
DR REDDY'S LABORA    9.25      03/24/14   INR       4.97
ECL FINANCE LTD     21.75      07/07/14   INR      77.81
GTL INFRASTRUCTUR    2.53      11/09/17   USD      39.57
HPCL-MITTAL PIPEL    4.00      10/05/22   INR      64.91
INDIA GOVERNMENT     5.87      08/28/22   INR      73.84
INDIA GOVERNMENT     0.24      01/25/35   INR      17.10
JCT LTD              2.50      04/08/11   USD      20.00
MASCON GLOBAL LTD    2.00      12/28/12   USD      10.00
PRAKASH INDUSTRIE    5.25      04/30/15   USD      51.00
PRAKASH INDUSTRIE    5.63      10/17/14   USD      55.13
PYRAMID SAIMIRA T    1.75      07/04/12   USD       1.00
REI AGRO LTD         5.50      11/13/14   USD      69.93
REI AGRO LTD         5.50      11/13/14   USD      69.93
SHIV-VANI OIL & G    5.00      08/17/15   USD      19.75
SUZLON ENERGY LTD    5.00      04/13/16   USD      46.78
SUZLON ENERGY LTD    7.50      10/11/12   USD      67.38


  INDONESIA
  ---------

BAKRIE TELECOM PT   11.50      05/07/15   USD      27.90
BAKRIE TELECOM PT   11.50      05/07/15   USD      27.75
BLD INVESTMENTS P    8.63      03/23/15   USD      62.63
ENERCOAL RESOURCE    9.25      08/05/14   USD      56.33
INDO INFRASTRUCTU    2.00      07/30/10   USD       1.88


  JAPAN
  -----

ELPIDA MEMORY INC    0.50      10/26/15   JPY      11.88
ELPIDA MEMORY INC    0.70      08/01/16   JPY      10.75
ELPIDA MEMORY INC    2.10      11/29/12   JPY      11.88
ELPIDA MEMORY INC    2.03      03/22/12   JPY      13.50
ELPIDA MEMORY INC    2.29      12/07/12   JPY      13.50
JAPAN EXPRESSWAY     0.50      03/18/39   JPY      70.74
JAPAN EXPRESSWAY     0.50      09/17/38   JPY      71.26
TOKYO ELECTRIC PO    2.37      05/28/40   JPY      67.00
TOKYO ELECTRIC PO    1.96      07/29/30   JPY      73.47


  KOREA
  -----
EXPORT-IMPORT BAN    0.50      10/23/17   TRY      67.25
EXPORT-IMPORT BAN    0.50      12/22/17   BRL      62.31
EXPORT-IMPORT BAN    0.50      10/27/16   BRL      71.80
EXPORT-IMPORT BAN    0.50      11/21/17   BRL      63.12
EXPORT-IMPORT BAN    0.50      01/25/17   TRY      72.51
EXPORT-IMPORT BAN    0.50      09/28/16   BRL      72.51
EXPORT-IMPORT BAN    0.50      12/22/17   TRY      65.66
EXPORT-IMPORT BAN    0.50      08/10/16   BRL      74.75
EXPORT-IMPORT BAN    0.50      11/28/16   BRL      71.04
EXPORT-IMPORT BAN    0.50      12/22/16   BRL      70.26
KIBO GREEN HI-TEC   10.00      12/21/15   KRW      30.96
SINBO SECURITIZAT    4.60      06/29/15   KRW      30.27
SINBO SECURITIZAT    4.60      06/29/15   KRW      30.28
SINBO SECURITIZAT    5.00      09/13/15   KRW      30.02
SINBO SECURITIZAT    5.00      09/13/15   KRW      30.00
SINBO SECURITIZAT   10.00      12/27/15   KRW      30.81
SINBO SECURITIZAT    8.00      02/02/16   KRW      29.96


  PHILIPPINES
  -----------

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


  SINGAPORE
  ---------

BUMI CAPITAL PTE    12.00      11/10/16   USD      70.00
BUMI CAPITAL PTE    12.00      11/10/16   USD      69.98
BUMI INVESTMENT P   10.75      10/06/17   USD      70.25
BUMI INVESTMENT P   10.75      10/06/17   USD      69.63


  SRI LANKA
  ---------
SRI LANKA GOVERNM    9.00      06/01/43   LKR      72.17
SRI LANKA GOVERNM    5.35      03/01/26   LKR      57.46
SRI LANKA GOVERNM    7.00      10/01/23   LKR      68.07
SRI LANKA GOVERNM    6.20      08/01/20   LKR      74.21
SRI LANKA GOVERNM    8.00      01/01/32   LKR      68.72


  THAILAND
  --------

G STEEL PCL          3.00       10/04/15   USD      11.75
MDX PCL              4.75       09/17/03   USD      16.75



                             *********

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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