TCRAP_Public/131210.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, December 10, 2013, Vol. 16, No. 244


                            Headlines


A U S T R A L I A

CUSTOM ELECTRICS: Faces Insolvent Trading Probe
MOOROODUC INVESTMENTS: Clifton Hall Appointed as Liquidators
NINE ENTERTAINMENT: Shares Debut Almost Flat at AU$2.02
SMITH AND SONS: Gympie Residents Organise Help for Axed Workers
WAREHOUSE SALES: Customers Unlikely to Get Refund


C H I N A

CHINA SOUTH: Moody's Affirms B2 CFR; Changes Outlook to Pos.


H O N G  K O N G

HONG KONG NORTH WEST: Faces Liquidation Bid Over Unpaid Rent


I N D I A

ADVANCE IMPEX: CRISIL Suspends 'D' Ratings on INR675MM Loans
BHARTI AIRTEL: S&P Revises Outlook to Positive; Affirms 'BB+' CCR
DECOLIGHT CERAMICS: ICRA Suspends D Ratings on INR36cr Loans
DHANSHREE SEEDS: CARE Rates INR6.28cr LT Bank Loans at 'B+'
FIBRETEC: CARE Revises Ratings on INR5.28cr Loans From 'D'

INDIRA CONTAINER: CARE Reaffirms 'B' Rating on INR802.37cr Loans
KHANDWA INDUSTRIES: CARE Rates INR14.5cr LT Bank Loans at 'B+'
KUMARAGIRI TEXTILES: ICRA Ups Ratings on INR8.8cr Loans to C+
M.J. PATEL: ICRA Cuts Ratings on INR11cr Loans to 'D'
MAHARANA PRATAP: ICRA Suspends 'B' Rating on INR75cr Loans

ORIND SPECIAL: CARE Assigns 'B+' Rating to INR12cr LT Bank Loans
SAIESHWAR PROJECTSS: ICRA Assigns 'B' Rating to INR10cr Loan
SARASWATI TRADING: CRISIL Reaffirms 'B' Rating on INR110MM Loan
SHREE KRISHNA: ICRA Reaffirms 'B- Ratings on INR8.85cr Loans
SHREE OMTEE: CRISIL Assigns 'B' Ratings to INR225MM Loans

SRI BAJRANG: CARE Reaffirms 'B+' Rating on INR9cr LT Bank Loans
SURYA SAREES: CRISIL Raises Ratings on INR90MM Loans to 'B+'
TELANGANA PUBLICATIONS: CRISIL Reaffirms B+ INR210MM Loan Rating
TRIDENT TECHLABS: CRISIL Cuts Rating on INR95MM Loan to 'B+'
TULSI INFRA: CRISIL Assigns 'B+' Rating to INR97.5MM Term Loan

VASUNDHARA COTTON: ICRA Suspends 'B+' Rating on INR29.11cr Loan
YOGESH TRADING: CRISIL Reaffirms B- Ratings on INR115MM Loans


I N D O N E S I A

PERTAMINA PERSERO: S&P Assigns 'BB+' Rating to US$1.137BB Loan


J A P A N

CITIBANK GLOBAL: S&P Raises Rating on Jr. Sub. Notes to BBB-
CORSAIR (JERSEY): S&P Puts B+ Rating on CreditWatch Positive
TOKYO ELECTRIC: Plans to Sell Power Outside Home Turf in 2014


N E W  Z E A L A N D

CREDIT SAILS: Commerce Commission Closes Out Successful Probe


S O U T H  K O R E A

SK HYNIX: S&P Raises CCR to 'BB+'; Outlook Stable


T A I W A N

TMT GROUP: Lender Identifies Fraudulent Transfer in Taiwan


X X X X X X X X

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


                            - - - - -


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


CUSTOM ELECTRICS: Faces Insolvent Trading Probe
-----------------------------------------------
Penelope Green at the Newcastle Herald reports that the company of
a Newcastle tradesman with close to AUD3 million in debt ceased
trading in September and may have been trading when insolvent,
initial investigations show.

Newcastle Herald relates that Jacob Murphy's company Custom
Electrics and Automation Pty Ltd has been placed in liquidation
with debts of AUD1.355 million to 18 secured creditors, AUD1.472
million to unsecured trade creditors and about AUD108,000 in
employee entitlements.

According to the report, members of Mr. Murphy's family, including
his father and grandfather, a respected businessman and founder of
well-known Newcastle firm Murphy Plumbing, are among the secured
creditors.

Trudy-Lee Hickey from Lawler Partners, which has been appointed
joint and several liquidator of Custom Electrics and Automation
Pty Ltd, held the first creditors meeting into the company in
Newcastle on December 5, the report says.

A handful of creditors were informed of the assets and liabilities
of the company, Newcastle Herald relates.

According to Newcastle Herald, Ms. Hickey said debtors, or parties
owing money to the company, had been contacted but it was unlikely
there were any funds to be recovered in leasing arrangements in
company vehicles.

Lawler will now launch a full investigation into the company
affairs, she said, before deciding whether there was evidence to
refer the matter to the Australian Securities and Investments
Commission for potential further investigation.

"Preliminary investigations suggest that the company may have
traded whilst insolvent," the report quotes Ms. Hickey as saying.


MOOROODUC INVESTMENTS: Clifton Hall Appointed as Liquidators
------------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Moorooduc Investments Pty Ltd on
Dec. 6, 2013.


NINE ENTERTAINMENT: Shares Debut Almost Flat at AU$2.02
-------------------------------------------------------
Reuters reports that shares in Australia's Nine Entertainment Co
Pty Ltd opened almost flat on their debut on Dec. 6 after the
company raised AU$636 million (US$575 million) in its initial
public offering.

Shares in the media and entertainment company opened at AU$2.02,
slightly lower than its IPO price of AU$2.05 on Dec. 6, according
to Reuters.  The stock last traded at AU$2.02, valuing the company
at AU$1.9 billion, the report notes.

Nine's listing comes about a year after it avoided receivership
with U.S. private equity funds Oaktree Capital Group and Apollo
Global Management taking control in a more than US$3 billion debt-
for-equity swap, Reuters notes.


SMITH AND SONS: Gympie Residents Organise Help for Axed Workers
---------------------------------------------------------------
Craig Warhurst at CabooltureNews reports that a group of concerned
residents in Gympie is getting behind the 67 Smith and Sons
workers, who lost their jobs, by setting up an appeal to help.

CabooltureNews relates that the Community Spirit Christmas Appeal
was launched on Dec. 1, with all money raised going to help
workers in need over the Christmas period.

J Smith and Son went into liquidation on November 25 with many
employees not receiving their entitlements, the report discloses.

A few workers have been able to get new jobs but many others
haven't and are struggling with bills and expenses in the lead up
to Christmas, the report notes.

Some have had to put their homes on the market, the report says.

According to the report, Sue Manton has been leading the appeal
linking council, community groups and business to get the idea off
the ground.

Ms. Manton said the appeal was a great way for the community to
let the workers know it cared, CabooltureNews relays.

"The Gympie community has a great record for supporting local
charities," the report quotes Ms. Manton as saying. "We need to
get behind all these charities but at the same time let these
workers know we care."


WAREHOUSE SALES: Customers Unlikely to Get Refund
-------------------------------------------------
Emma-Jayne Schenk at Bendigo Advertiser reports that several
Bendigo Warehouse Sales customers are doubtful they will ever see
the goods they have paid for.

Dozens of customers are hundreds of dollars out of pocket and
without answers, after the Bendigo store went into liquidation
earlier this year, the report says.

According to the Advertiser, liquidator KPMG has written to all
customers who are owed outstanding goods, saying it is still
unknown whether refunds will be given.

"It is currently uncertain if there will be sufficient
realisations to allow a return to unsecured creditors," KMPG said.
"We will write to all creditors again once we have completed our
investigations into the companies' affairs and determined whether
there are sufficient funds to pay a dividend to creditors."

The Advertiser relates that customer Lee McLennan, who has paid
AUD1,000 and owes AUD300 on his fridge lay-by, said he had lost
all faith in getting his money back.

"They've told us the product wasn't in store at the time, that's
why we couldn't get it, but we know it was because we saw it," the
report quotes Mr. McLennan as saying.  "There are probably a lot
of other customers out there who are being ripped off too.

"They always say shop local, but when this happens it turns you
right off."

Mr. McLennan has been told the liquidators will charge Warehouse
Sales upwards of AUD400,000 to carry out the task, the report
adds.



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


CHINA SOUTH: Moody's Affirms B2 CFR; Changes Outlook to Pos.
------------------------------------------------------------
Moody's Investors Service has changed China South City Holdings
Limited's outlook to positive from stable.

At the same time, Moody's has affirmed CSC's B2 corporate family
rating and its B3 senior unsecured debt rating.

Ratings Rationale:

"The positive outlook reflects the better-than-expected contracted
sales of China South City Holdings Limited," says Jiming Zou, a
Moody's Assistant Vice President.

CSC achieved strong contracted sales of HKD5.8 billion in the six
months ended September 2013, which was up 202% from a year ago. It
has recorded fast sales from its new trade and logistics centers
located in Xi'an, Zhengzhou and Harbin. The surging contract sales
in different locations also help mitigate the risk of business
concentration in Shenzhen.

Moody's considers that CSC is benefiting from rising property
prices, improving infrastructure, and the upgrade and relocation
needs of wholesale and trade markets in some lower tier cities.
These conditions will support continued sales growth.

"The positive outlook also reflects CSC's improved liquidity
position," says Zou.

CSC's unrestricted cash balance rose to around HKD7.1 billion as
of September 2013, up from HKD6.3 billion as of March 2013. Its
cash balance could cover its short-term debt of around HKD5.1
billion.

On the other hand, despite the stronger cash position, Moody's
expects the company to pay more tax in the next 12 months due to
the higher level of recognized sales. Also, its fast expansion
will require more cash payments for land premium and construction.
Such cash needs could raise the company's borrowing level. Moody's
notes that the company drew down HKD500 million in credit
facilities from HSBC in October 2013 to satisfy its continuing
funding needs.

CSC's B2 corporate family rating reflects its successful
development and operation of a single integrated trade center in
Shenzhen. The rating also considers CSC's ability to access large
suburban land plots at low cost, as well as the support it
receives from local governments on infrastructure improvement
projects and property project terms. As a result, it has achieved
a high gross margin of above 50%, allowing it to recover
development costs within 3-4 years.

Nevertheless, CSC's rating is still constrained by the execution
risks it faces with its expansion to new locations and its limited
track record of operating trade centers outside of Shenzhen.

CSC is also exposed to volatility in the regional economies of
less-developed suburban areas of second- and third -tier cities
which further adds to the execution risks.

Furthermore, CSC is still developing its track record of operating
trade centers outside of Shenzhen. Almost all of its rental and
management income has been generated from Shenzhen and accounted
for less than 5% of its total revenue.

Moody's expects rental income from Nanchang, Nanning and Xi'an,
which are slated for trial operation in Jan-March 2014, will be of
limited amount given their early stage of development and weaker
operating environment than that of Shenzhen.

CSC's bond rating is one notch below its corporate family rating,
reflecting structural subordination to the company's bank loans at
its domestic subsidiaries, which accounted for nearly 20% of total
assets as of September 2013. Moody's expects this ratio will not
decline materially in the coming 2-3 years.

Upward rating pressure could emerge if CSC (1) exceeds its full-
year target of contract sales and recognized revenue; (2)
establishes a track record of stable sales growth in locations
outside Shenzhen; (3) exercises financial prudence in funding its
expansion such that EBITDA/interest remains above 3x-3.5x;
debt/book capitalization remains below 40%-45%; 4) maintains its
unrestricted cash balance above short-term debt and a reasonable
level of trade receivables versus recognized revenue.

On the other hand, the ratings could return to stable if CSC (1)
shows weakened sales; or (2) undertakes debt-funded aggressive
expansion to the detriment of its financial profile, such that
EBITDA/interest falls below 2x; debt/book capitalization exceeds
50%-55%; 3) shows unrestricted cash balance below short-term debt;
or receivables exceed 15% of recognized revenue.

China South City Holdings Limited, listed on the Hong Kong Stock
Exchange, is a developer and operator of large-scale integrated
logistics and trade centers in China. The company operates one
center in Shenzhen and is developing new trade centers in Nanning,
Nanchang, Xian, Harbin, Zhengzhou and Hefei.



================
H O N G  K O N G
================


HONG KONG NORTH WEST: Faces Liquidation Bid Over Unpaid Rent
------------------------------------------------------------
Tony Lai at Macau Business Daily reports that the Hong Kong
government has filed a liquidation petition against indebted ferry
operator Hong Kong North West Express Ltd over unpaid rent at a
public pier.

A writ filed by Hong Kong's secretary for Justice Rimsky Yuen last
month at the High Court of Hong Kong said North West still owed
over HK$4.71 million (US$610,000) including interest in rent for
using the Tuen Mun pier in May and June last year, according to
the report.

The government asked for the liquidation of North West and the
berths at Tuen Mun to be seized, said the writ quoted by Hong Kong
media over the weekend, Macau Business Daily relates.

The report says the troubled operator used to run ferry services
between Tuen Mun and Macau from 2011 until July last year. At the
time it suspended the route claiming there were safety concerns
over its two vessels.

Macau Business Daily relates that North West later admitted it was
facing financial troubles, namely in paying rent for the pier.

No company has expressed interest in resuming the Tuen Mun-Macau
route so far.

The court is scheduled to analyse the petition on Feb. 26, 2014,
the report adds.



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


ADVANCE IMPEX: CRISIL Suspends 'D' Ratings on INR675MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Advance
Impex Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              320      CRISIL D Suspended

   Letter of credit &        25      CRISIL D Suspended
   Bank Guarantee

   Proposed Cash
   Credit Limit             149      CRISIL D Suspended

   Standby Line of
   Credit                    20      CRISIL D Suspended

   Term Loan                161      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by AIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AIPL is yet to
provide adequate information to enable CRISIL to assess AIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in September 2003, AIPL began operations by
manufacturing mild steel (MS) ingots. AIPL commenced commercial
production in February 2006. In 2008-09 (refers to financial year,
April 1 to March 31), it forward integrated into manufacturing TMT
steel bars. Its plant at Ghaziabad (Uttar Pradesh) has the
capacity to manufacture 132,000 tonnes of TMT bars. The company
sells TMT bars under the brand Kamdhenu as per its agreement with
Kamdhenu India Limited.


BHARTI AIRTEL: S&P Revises Outlook to Positive; Affirms 'BB+' CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Bharti Airtel Ltd. to positive from stable.  At the
same time, S&P affirmed its 'BB+' long-term corporate credit
rating on the India-based telecommunication services provider, and
its 'BB+' long-term issue rating on the company's guaranteed
US$1.5 billion senior unsecured notes.

S&P also assigned its 'BB+' long-term issue rating to the
EUR750 million senior unsecured notes due 2018 that Bharti
guarantees.  Bharti Airtel International (Netherlands) B.V. issued
all the notes.

"We revised the outlook to positive to reflect our expectation
that Bharti will sustain its improved operating performance while
controlling its license renewal costs and capital expenditure,
leading to an improvement in its financial strength over the next
six to nine months," said Standard & Poor's credit analyst
Abhishek Dangra.  "We also expect greater clarity to emerge on
India's regulatory framework, particularly regarding license
renewal."

S&P expects Bharti's better operating performance, deleveraging
measures, and controlled capital spending to further improve its
financial performance.  S&P estimates that the company's ratio of
funds from operations (FFO) to debt will improve to more than 30%
in the fiscal year ending March 2015, from 23.18% in fiscal 2013.
Downward revision of the base auction prices from the initial
expected prices for licenses, higher spectrum on auction in the
1800 megahertz band, and new guidelines for mergers and
cquisitions are positive regulatory steps, in S&P's opinion.

Bharti's "satisfactory" business risk profile reflects the
company's good market position and diversity with above-average
regulatory risks in its key markets, particularly India.  Bharti
benefits from its geographic diversity compared with many peers
that operate in a single country.  The company also benefits from
its leading market position in India.  Regulatory uncertainty and
ambiguity in India pose risks for Bharti.  The company is
contesting charges for one-time spectrum fees and restrictions on
3G roaming arrangements with other companies.  Also, upcoming
license renewals for key circles in Delhi and Kolkata will likely
provide clarity on the government's approach to renewing licenses.

Bharti's debt prepayment and prudent capital expenditure underpin
its "satisfactory" financial risk profile.  The company prepaid
more than US$1 billion of debt from the proceeds of an equity
infusion from Qatar Foundation Endowment.  S&P also expects the
company to maintain its capital spending at about 16% of revenues
in fiscal 2015.  A sharp depreciation in the rupee may affect
leverage, given that about 80% of Bharti's debt is in foreign
currency and carries a floating rate.  The company's limited
hedging and international operations do not provide a full hedge
for its debt, in S&P's opinion.

"We may raise the rating if regulatory uncertainty in India
diminishes, supporting industry fundamentals, and we expect Bharti
to sustain its ratio of FFO to debt above 30%," said Mr. Dangra.

S&P may revise the outlook to stable if it expects Bharti's ratio
of FFO to debt to decline significantly below 30%.  This could
happen if the company's EBITDA margins fall to 30% because of
increasing competition, or its costs related to license renewal,
spectrum, or acquisitions are significantly higher than S&P
expected.


DECOLIGHT CERAMICS: ICRA Suspends D Ratings on INR36cr Loans
------------------------------------------------------------
ICRA has suspended the '[ICRA]D' ratings to the INR 36.00 crore
bank facilities of Decolight Ceramics Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long Term Fund         29.00       [ICRA]D Suspended
   Based Limit-Cash
   Credit

   Long Term Fund          4.50       [ICRA]D Suspended
   Based Limit-Term
   Loan

   Short Term Non          2.50       [ICRA]D Suspended
   Fund Based Limit-
   Bank Guarantee

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years. Company Profile Decolight Ceramics Limited
(DCL) is a vitrified tiles manufacturer with its plant situated at
Morbi, Gujarat. The company was incorporated in March 2000 and is
managed by Mr. Kanti Pethapara who has more than two decades of
experience in the tiles industry.

In June 2007, the company went public through initial public offer
and is listed on BSE and NSE. The company has an installed
capacity of 12000 sq. meters and manufactures vitrified tiles of
size 605x605 mm with the current set of machineries at its
production facilities.


DHANSHREE SEEDS: CARE Rates INR6.28cr LT Bank Loans at 'B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Dhanshree
Seeds Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.28       CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Dhanshree Seeds
Private Limited is primarily constrained on account of its short
track record of operations in a fragmented and regulated
industry with low entry barriers and weak financial risk profile
marked by low profitability, leveraged capital structure, weak
debt coverage indicators and working capital intensive nature of
operations. The rating is further constrained due to the
susceptibility of its profitability to volatility in raw material
prices.

The rating, however, favorably takes into account the vast
experience of the promoters in the agro trading and processing
industry.

Increase in scale of operations in light of the competitive nature
of the industry along with improvement in profitability while
managing raw material price fluctuation are the key rating
sensitivities.

DSPL is an Ahmedabad-based private limited company incorporated in
2011. It is mainly engaged in the processing and milling of
various agro-based products like rice, wheat flour (atta, maida
and suji), pulses (chick pea, tur dal, peas dal, moong, urad) with
an installed capacity of 120 Metric Tonnes per Day (MTPD) as on
March 31, 2013. The company markets all of its products under the
brand names 'Chhoti Bahu' and 'Bahu Pasand'. DSPL is promoted by
Mr Prakash Shah and his sons, Mr Pritesh Shah and Mr Tejas Shah,
together holding 100% stake in the company. The company started
commercial production in February 2012, and hence FY13 (refers to
the period April 1 to March 31) was the first financial year of
operations for the company.

In addition to this, the promoters of DSPL have interest in the
same line of business through their other business concerns, Shree
Padmavati Sortex Pvt Ltd and Shree Manibhadra Food Products
Private Limited (rated CARE B+/CARE A4 assigned in August 2013)
based out at Ahmedabad, which is engaged in the processing and
milling of agro-based commodities.

During FY13, DSPL reported a net profit of INR0.06 crore on a
total operating income of INR47.05 crore during FY13.


FIBRETEC: CARE Revises Ratings on INR5.28cr Loans From 'D'
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Fibretec.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term/Short-term
   Bank Facilities           1.00        CARE C/CARE A4 Revised
                                         From CARE D

   Short-term Bank
   Facilities                4.28        CARE A4 Revised from
                                         CARE D

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

Rating Rationale

The revision in the ratings of Fibretec takes into cognizance the
regular debt servicing since the last six months. However, the
ratings continue to remain constrained by its proprietorship
nature of business, geographical concentration risk, relatively
small scale of operations, susceptibility to fluctuation in the
prices of cotton yarn, foreign exchange fluctuation risk and
working capital intensive nature of the business. This apart, the
ratings continue to derive strengths from the rich experience of
the proprietor and integrated manufacturing facility from sampling
to finishing.

Going forward, FT's ability to improve its scale of operation and
profit level and manage working capital effectively will be the
key rating sensitivities.

Fibretec, a proprietorship firm; formed in December 2002 by Smt.
Sweta Chaudhry of Howrah, West Bental, is engaged in the
manufacturing of industrial and safety garments like bib trouser,
coveralls, trousers, short jacket, long coat etc, used in the
industries like hotels, hospitals, supermarket chains, event
management company and many others. This type of products has a
growing demand in the foreign and domestic markets with the
development of the aforesaid industries and consciousness of
safety and hygiene among the people. The firm primarily exports
its products to the European countries like Germany, Austria, UK
etc. The firm markets its products in foreign countries under the
brand name of Fibretec.

FT has a rented facility spreading over 8,000 square feet in
Unsani (Howrah) wherein production runs only for Fibretec. At
present the unit is capable to produce about two lakh pieces of
garment per annum. This apart, FT has two other facilities located
in the district of Howrah and at Kasba Industrial Estate in
Kolkata (rented from Fibretec Exim Pvt Ltd, a sister concern) with
facilities such as sampling, cutting, washing and quality
assurance. The fabric base includes cotton, viscose, polyesters,
nylon etc. In addition, the firm has initiated in a small way to
manufacture men & women's ware and water proof garments like
raincoat etc.


INDIRA CONTAINER: CARE Reaffirms 'B' Rating on INR802.37cr Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Indira Container Terminal Private Limited.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term Bank           802.37      CARE B Reaffirmed
   Facilities (Term
   Loan)

   Short term Bank          250.80      CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings assigned to Indira Container Terminal Private Limited
continue to be constrained by continuing delay in achievement of
the COD on the envisaged dates due to delay in handing over
of the area by Mumbai Port Trust (MbPT), cash losses during FY13
(refers to the period April 1 to March 31) which were mainly on
account of BPS and project execution and implementation risk.  The
ratings take into cognizance the promoter's (GIPL) track record in
successfully developing and managing large projects and
demonstrated financial support.

ICTPL's ability to successfully re-negotiate the terms of
repayments with the lenders in view of delay in project execution
and successful implementation of the project without any further
time and cost overruns are the key rating sensitivities.

ICTPL is a special purpose vehicle promoted by three companies
namely Gammon India Ltd. (26% shareholding), Gammon Infrastructure
Project Ltd. (GIPL - CARE BBB+/ CARE A3+) (24% shareholding) &
Noatum Ports Sociedad Limitada Unipersonal SLU (NPSL) of Spain
(50% shareholding). GIPL has acquired beneficial, controlling
interest and voting rights in respect of the equity shares from
GIL in ICTPL. Consequently GIPL has become 50% joint venture
partner in ICTPL. Further NPSL is in process of selling around 24%
stake to GIPL. Given the same, the overall beneficial holding of
GIPL would effectively increase to 74%. NPSL and GIL have
committed to hold 26% each of paid up share capital of ICTPL until
expiry of 3 years of operations from Commercial Operation Date
(COD) of Offshore Container Terminal (OCT).

ICTPL shall develop, design, finance, construct, equip, operate,
maintain Offshore Container berth to handle vessels of 6000 TEUs
and above and quay length of not less than 700m in first stage and
further 350 m length as the traffic builds up and replace Project
Facilities and Services for OCT during the License Period of 30
years from Date of Award of License.


KHANDWA INDUSTRIES: CARE Rates INR14.5cr LT Bank Loans at 'B+'
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Khandwa
Industries Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       14.50       CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Khandwa Industries
Private Limited is constrained on account of its presence in a
fragmented cotton industry with limited value addition and
financial risk profile marked by low profit margins, moderately
leveraged capital structure and weak debt coverage indicators. The
rating is further constrained on account of volatility associated
with the raw material prices and susceptibility to the change in
the government policies.

The above constraints outweigh the benefits derived from the
promoters' experience and locational advantage in terms of
proximity to the cotton-growing regions in Madhya Pradesh. The
ability of KIPL to increase its scale of operations and move up in
the cotton value chain, thereby, improving its overall financial
profile profitability are the key rating sensitivities.

Khandwa Industries Private Limited was incorporated in the year
2008 for manufacturing of cotton bales & seeds and trading of
cotton bales, oil, cakes and seeds. KIPL was promoted by two
directors, Mr Sandeep Gupta and Mr Vikash Sharma whose family is
into the cotton business since the year 1950. In 2012, Ms Ramadevi
Gupta (Mother of Mr Vikash Sharma) joined as a director in place
of Mr Vikash Sharma. KIPL is primarily engaged in trading
activities and it has an installed capacity of cotton seeds of
12,800 metric tons per annum (MTPA) and cotton bales of 6700 MTPA
as on March 31, 2013.

As per the audited results for FY13 (refers to the period April 1
to March 31), KIPL reported a PAT of INR0.27 crore (Rs.0.24 crore
in FY12) on a total operating income of INR77.77 crore (Rs.75.12
crore in FY12). During H1FY14, KIPL reported a PBILDT of INR1.23
crore on a total operating income of INR12.30 crore.


KUMARAGIRI TEXTILES: ICRA Ups Ratings on INR8.8cr Loans to C+
-------------------------------------------------------------
ICRA has upgraded the long-term rating outstanding on the INR4.80
crore (revised from INR6.62 crore) term loan facilities and
INR4.00 crore fund based facilities of Kumaragiri Textiles Limited
to '[ICRA]C+' from '[ICRA]C'. The short-term rating on the INR4.00
crore (revised from INR4.26 crore) non-fund based facilities has
been re-affirmed at '[ICRA]A4'.

                         Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Long Term: Term        4.80      [ICRA]C+/upgraded from
   Loan                             [ICRA]C

   Long Term: Fund        4.00      [ICRA]C+/upgraded from
   based facilities                 [ICRA]C


   Short Term: Non-       4.00      [ICRA]A4/re-affirmed
   fund based
   facilities

The rating action takes into account the improvement in the
Company's operating performance during 2012-13 driven by increase
in volumes and realizations on the back of favourable demand for
yarn, and expansion in operating margins supported by stable
cotton prices. While resultant improvement in accruals aided in
shoring up the capital base, the Company's capital structure
continues to be weak at -18.3 times as on March 31, 2013 on
account of large accumulated losses following the losses in 2011-
12 coupled with rise in debt levels necessitated by higher working
capital requirements and debt funded capex of INR3.0 crores.

The ratings, further, continue to consider KTL's small scale of
operations, which restrict scale economies, and the intense
competition prevalent in the spinning industry which restricts the
Company's pricing flexibility. While the Company does not have any
significant capital expenditure plans for the next two years, the
debt repayment obligations stand at ~INR1.8 crore and INR1.6 crore
for 2013-14 and 2014-15, respectively. Therefore, ability of the
Company to sustain margins and cash flows will be critical to meet
the debt obligations in a timely manner. Any decline in demand or
sharp uptick in input costs which could affect profitability of
operations is likely to impair the Company's credit profile,
especially, considering the Company's small scale of operations
and its consequent restricted pricing and financial flexibility.

Kumaragiri Textiles Limited, incorporated in the year 1980, is
engaged in the production of cotton yarn primarily in 60s to 80s
count range. The Company has an installed capacity of 30,240
spindles and 600 rotors with its manufacturing facility located at
Dharmapuri, Tamil Nadu. KTL had installed an 800 KW windmill in
Tamil Nadu for captive power consumption during 2006-07. KTL is
closely held by the promoter (Mr.P. Palaniappan) and their
relatives/friends.

Recent Results

For the financial year 2012-13, the entity reported net profit of
INR3.1 crore on an operating income of INR42.1 crore as against a
net loss of INR7.6 crore on an operating income of INR32.7 crore
for the financial year 2011-12.


M.J. PATEL: ICRA Cuts Ratings on INR11cr Loans to 'D'
-----------------------------------------------------
ICRA has revised the long term rating assigned to the INR5.00
crore long-term fund-based bank facilities of M.J. Patel (India)
Limited from '[ICRA]B-' to '[ICRA]D'. ICRA has also revised the
short term rating assigned to the INR 6.00 crore short-term non-
fund based bank facilities of MJPIL from '[ICRA]A4' to [ICRA]D.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term Fund-         5.00       Revised from [ICRA]B-
   based Limit                        to [ICRA]D

   Short-term Non-         6.00       Revised from [ICRA]A4
   fund Based Limit                   to [ICRA]D

The assigned ratings take into account the company's delays in
debt servicing as reflected by an overutilization of cash credit
facilities for an extended period and instances of devolvement of
letters of credit; and its tight liquidity profile due to
elongated receivables and large inventory levels.

ICRA also notes the company's highly adverse financial risk
profile characterised by a negative net worth due to loss making
operations in last two years, its weak coverage indicators and
significantly high working capital intensity of operations; as
well as its exposure to the cyclicality inherent in the steel
industry, which is likely to keep the cash flows volatile.
Nevertheless, the ratings favourably factor in the significant
experience of over four decades of the company's promoters in the
steel industry; and its reputed customer base comprising large
public sector as well as private sector entities.

MJPIL is engaged in the trading of seamless carbon and alloy steel
tubes and pipes, electric resistant welded (ERW) tubes, air pre-
heater tubes, steam pipes and various related fittings. Most of
the products traded by MJPIL find applications in the manufacture
of various boiler components. The customer base of MJPIL includes
large and reputed PSUs and private sector companies.

Recent Results

As per the audited results of 2012-13, MJPIL reported a net loss
of INR2.09 crore on an operating income of INR12.21 crore as
compared to a net loss of INR2.09 crore on an operating income of
INR14.85 crore in 2011-12.


MAHARANA PRATAP: ICRA Suspends 'B' Rating on INR75cr Loans
----------------------------------------------------------
ICRA has suspended '[ICRA]B' rating assigned to the INR75.00
crore, long term loans and unallocated bank facilities of Maharana
Pratap Education Centre. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


ORIND SPECIAL: CARE Assigns 'B+' Rating to INR12cr LT Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Orind
Special Refractories Pvt Ltd.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Proposed Long-term      12.0       CARE B+ Assigned
   Bank Facilities

Rating Rationale

The rating assigned to the bank facilities of Orind Special
Refractories Pvt Ltd is primarily constrained by its small scale
of operations with low profitability margins, vulnerability of
profitability to volatile trading goods price, implementation risk
involved with the setting up of the manufacturing unit with the
yet-to-be-achieved financial closure for the project debt, foreign
exchange fluctuation risk and intense competition.

The rating, however, favourably takes into account the experience
of the promoters in the refractory industry.

The ability of the company to complete the project within the
envisaged time and cost parameters, along with requisite growth in
its operations and improvement in profitability will remain the
key rating sensitivities.

Orind Special Refractories Pvt Ltd (OSRPL; erstwhile Orind Lafarge
Monolithics Pvt Ltd) was incorporated in March 1999 by Mr.
SiddharthJhunjhunwala and his family members based out of
Orissa. The company is engaged in the trading of refractory bricks
and monolithics, which find usage mainly in the iron & steel,
cement and glass industries.

In March 2013, the company started a project for setting up a unit
for manufacturing refractory bricks and monolithic in Cuttack,
Odisha with a proposed capacity of 12,000 MTPA. The total cost
of the project is envisaged at INR18.08 crore, which is proposed
to be financed at a debt-equity mix of 1.97:1. The project is
expected to be completed by the end of August 2015.

In FY13 (refers to the period April 01 to March 31), OSRPL
reported a PBILDT of INR0.59 crore and a PAT of INR0.34 crore on a
total operating income of INR16.22 crore.


SAIESHWAR PROJECTSS: ICRA Assigns 'B' Rating to INR10cr Loan
------------------------------------------------------------
ICRA has assigned the '[ICRA]B' rating to the INR 10.00 crore term
loan facility of Saieshwar Projectss.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long term loan        10.00       [ICRA]B Assigned
   Facility

The assigned rating favourably factors in the long standing
experience of the promoters in real estate development having
executed several commercial and residential projects over the past
two decades. Amidst well developed residential and commercial
areas of the city, the location advantage is likely to fetch
lucrative property rates for the project. Also, with the
completion of negotiations with the previous owners, the project
execution is expected to be timely.

The ratings are however constrained owing to the marginal revenue
visibility currently as the project is yet to be launched and no
sales have been tied up. The construction work is still at a
nascent stage, while substantial portion of the total projected
cost has been incurred in acquiring the premises. Firm's ability
to tie up sales in a timely manner whilst maintaining healthy
collection efficiency remains the key rating sensitivity.

Saieshwar Projectss belongs to the Jalan group promoted by the
Jalan brothers: Mr. Dwarka Jalan, Mr. Vijay Jalan and Mr. Sanjay
Jalan in 1984. With around 20 years into the construction
business, the group has developed over 100 commercial &
residential projects admeasuring around five million sq.ft.
primarily in Pune.


SARASWATI TRADING: CRISIL Reaffirms 'B' Rating on INR110MM Loan
---------------------------------------------------------------
CRISIL's rating on Saraswati Trading Co.'s bank facility continue
to reflect ST's weak financial risk profile, marked by high
gearing because of large working capital requirements and low
operating margin because of its trading activities. Moreover, the
firm's scale of operations is small. These rating weaknesses are
partially offset by the benefits that the firm derives from the
extensive experience of its promoters in, and healthy growth
prospects for, the rice industry.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           110      CRISIL B/Stable (Reaffirmed)

For arriving at the rating, CRISIL has treated ST's unsecured
loans of INR31.8 million (as on March 31, 2013) from the
proprietor's friends and family as neither debt nor equity. This
is because the loans have been subordinated to bank debt during
the currency of the sanctioned limit.

Outlook: Stable

CRISIL believes that ST will maintain its business risk profile,
supported by its proprietor's industry experience over the medium
term. The outlook may be revised to 'Positive' if there is
significant improvement in the firm's gearing, driven most likely
by more-than-expected cash accruals or large, fresh equity
infusion by the proprietor. Conversely, the outlook may be revised
to 'Negative' if there is deterioration in the firm's
profitability and pressure on its revenue, or if its working
capital requirements are larger than expected.

Update

ST's business risk profile remains moderate marked by healthy
year-on-year growth of 59 per cent in net sales in 2012-13 (refers
to financial year, April 1 to March 31). The net sales increased
to INR575 million in 2012-13 from INR361 million in the previous
year. Despite healthy increase in revenue, the firm's operating
profitability remains low in the range of 3.0 to 3.5 per cent on
account the trading nature of business and high competition in the
rice-trading industry. The financial risk profile remains weak
with high gearing of 7.78 times as on
March 31, 2013. The debt protection measures of the firm remain
low on account of low cash accruals and increasing working capital
debt. ST had a weak interest coverage ratio of 1.1 times in 2012-
13 and net cash accruals to total debt (NCATD) ratio of 0.01 times
as on March 31, 2013. Furthermore, the firm's financial
flexibility is restricted by small net worth of INR17 million,
which limits its ability to raise additional funds in case of
exigencies. ST's liquidity is weak, driven by fully utilised bank
limits in the 12 months through August 2013 on account of high
reliance on bank limits for meeting its working capital
requirements owing to low levels of cash accruals. Though the
company's cash accruals of INR87 million in 2012-13 were low, they
were sufficient as there is no long-term debt outstanding.
Liquidity, however, is partially supported by the proprietor
through unsecured loans of INR31.8 million.

ST, set up in 1999, is the proprietorship firm of Mr. Gurvinder
Singh. It is based in Kharar, Ropar Road, Punjab. The firm trades
in rice and paddy.

ST reported profit after tax (PAT) of INR0.86 million on net sales
of INR575 million for 2012-13 as against PAT of INR0.82 million on
net sales of Rs361 million for 2011-12.


SHREE KRISHNA: ICRA Reaffirms 'B- Ratings on INR8.85cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B-' for the
INR8.85 crore bank facilities of Shree Krishna Rice Mills.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund Based limits        8.57      [ICRA]B- (reaffirmed)
   Proposed Limits          0.28      [ICRA]B- (reaffirmed)
   (unallocated)

The rating action factors in firm's weak financial profile,
reflected by low profitability metrics, deterioration in the
gearing level and consequently weak debt coverage indicators
coupled with high working capital requirements.

The rating also takes into account high intensity of competition
in the industry and agro climatic risks, which can affect the
availability of paddy in adverse weather conditions. The rating
continue to factor in long standing experience of promoters in
rice industry and the proximity of the mill to major rice growing
area which results in easy availability of paddy.

Shree Krishna Rice Mills is a partnership firm, was set up in 2010
by Mr. Ravi Gupta, Mr. Krishan Chand and Mrs.Urmila Gupta. SKRM is
engaged in processing and export of basmati rice to countries in
the Middle East. It has a plant at Karnal (Haryana) which has a
milling capacity of 6 tonnes per hour.

Recent Results

During the financial year 2012-13, the firm reported a profit
after tax (PAT) of INR0.13 crore on an operating income of
INR31.79 crore as against PAT of INR0.11 crore on an operating
income of INR28.72 crore in 2011-12.


SHREE OMTEE: CRISIL Assigns 'B' Ratings to INR225MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Shree Omtee Steel Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              100      CRISIL B/Stable
   Term Loan                125      CRISIL B/Stable

The ratings reflect SOSPL's modest scale of operations, working
capital intensive nature of activity and below-average financial
risk profile marked by modest networth, high gearing and subdued
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of SOSPL's promoters in the
steel industry.

Outlook: Stable

CRISIL believes that SOSPL will continue to benefit over the
medium term from the promoters' extensive experience in the
industry. The outlook may be revised to 'Positive' if there is
sustainable growth in the company's revenues and margins, while
improving its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
company reports significantly lower than expected revenues or
profitability or undertakes larger than expected debt-funded capex
or it faces a significant elongation of working capital cycle
thereby impacting its financial risk profile.

SOSPL, incorporated in 2009, by the Jain family is engaged in
manufacturing of TMT bars. The day to day operations of the
company are managed by Mr. Deepak Jain and his brother, Mr. Anil
Jain. The manufacturing facility and registered office of the
company is located in Chandrapur, Maharashtra. The promoters have
been associated with the steel industry through their
proprietorship concerns.

SOSPL reported a profit after tax (PAT) of INR0.08 million on net
sales of INR210.9 million for 2012-13 (refers to financial year,
April 1 to March 31).


SRI BAJRANG: CARE Reaffirms 'B+' Rating on INR9cr LT Bank Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sri Bajrang Seeds.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         9         CARE B+ Reaffirmed
   Facilities

The rating reaffirmation 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 rating continues to remain constrained by the small scale of
operations of Sri Bajrang Seeds (SBS) and weak financial risk
profile marked by low profitability margins, leveraged capital
structure and weak debt service coverage indicators. The rating is
further constrained by SBS's presence in a highly fragmented &
seasonal agro-based industry and its constitution as a partnership
concern.

The rating continues to draw comfort from the experienced partners
and its favorable location being present in the agro processing
cluster of Uttarakhand.

Going forward, increase in the scale of operations with
improvement in profitability and capital structure shall be the
key rating sensitivities.

Sri Bajrang Seeds (SBS), based in Gadarpur, Uttarakhand, was
incorporated in 1997 as a partnership firm with four partners,
viz, Mr Virendra Kumar, Mr Shyam Lal, Ms Sweta Rani and Ms Suman
Rani having equal profit and loss sharing ratio. Currently the
firm is managed by Mr Virendra Kumar and Ms Sweta Rani, while the
other two partners (Mr Shyam Lal and Ms Suman Rani) have
left the partnership in 2012. Mr Virendra Kumar has around two
decades of experience in the processing of seeds and looks after
the overall operations of the firm.

SBS is engaged in the processing and trading of wheat and paddy
seeds. SBS purchases the breeder seeds (raw seeds) of wheat and
paddy from the state authorities or agriculture universities.
These seeds are sold to farmers for up-gradation to foundation
seeds. Foundation seeds are then repurchased back from farmers for
further germination and for producing final seeds as per the
specifications of State Certification Agency (for agriculture
seed). Post certification, these seeds are sold commercially in a
packed form.


SURYA SAREES: CRISIL Raises Ratings on INR90MM Loans to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Surya Sarees Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan                 40      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in SSPL's business
risk profile and liquidity, driven by significant improvement in
cash accruals on the back of diversification of business into
manufacturing of fabric for net saris and home furnishings, and
fund support from promoters.

SSPL recorded a healthy year-on-year growth of 55 per cent in
sales in 2012-13 (refers to financial year, April 1 to March 31)
to INR235.2 million from INR150 million in 2011-12. The increase
in scale of operations was driven by diversification of business
into manufacturing fabric for net saris and home furnishings from
being a predominantly trading business. The company incurred a
capex of INR60 million during 2012-13, for setting up in-house
capacities for manufacturing fabric. The company has booked
operating revenues of around INR160 million for the first half of
2013-14 and is expected to book around INR 300 million of revenues
during 2013-14.The foray into manufacturing has also resulted in
improvement in the company's operating margin to 9.1 per cent from
less than 3.5 per cent operating margin in the last three years.
The healthy turnover growth coupled with improved operating
margins resulted in a significant improvement in the company's
cash accruals to INR10.2 million in 2012-13, from INR1.5 million
in 2011-12.

CRISIL expects SSPL's cash accruals to remain adequate vis-a-vis
debt obligations of INR7 million per annum over the medium term
supported by expected ramp up in scale of operations and sustained
operating margins. Its liquidity is also supported by need-based
fund support from the promoters. The promoters infused around
INR4.5 million of equity and INR8.8 million of unsecured loans
during 2012-13 to support the company's capex and working capital
requirements.

The rating continues to reflect SSPL's below-average financial
risk profile, marked by small net worth, high gearing and weak
debt protection metrics, and modest scale of operations in the
intensely competitive sari processing business. These rating
weaknesses are partially offset by the benefits that SSPL derives
from its promoters' extensive experience in the textiles industry

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from its promoters' extensive experience in the textiles
industry and the fund support that it receives from them. The
outlook may be revised to 'Positive' in case of significant
improvemny in the company's financial risk profile, backed by
higher-than-expected increase in its scale of operations and
improvement in its operating margin, or in case of further equity
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' in case SSPL's financial risk profile deteriorates
because of lower-than-expected cash accruals, higher-than-expected
increase in its working capital requirements, or further debt-
funded capital expenditure (capex).

Incorporated in May 2011 by the Surat-based Dange family, SSPL
sells art saris. The company procures grey fabric from local
spinning units based in Surat and outsources the dying, printing
and embroidery designs processes. In 2012-13, the company also set
up its own capacities for manufacturing net fabric for saris and
fabric for home furnishings.


TELANGANA PUBLICATIONS: CRISIL Reaffirms B+ INR210MM Loan Rating
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Telangana
Publications Pvt Ltd continues to reflect TPPL's limited track
record of operations, high degree of geographical concentration in
its revenue profile, and susceptibility of its profitability
margins to volatility in newsprint prices. These rating weaknesses
are partially offset by TPPL's moderate financial risk profile
marked by low gearing and average debt protection measures, and
its well established printing infrastructure and regional
newspaper distribution network.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              32.5     CRISIL B+/Stable
   Term Loan               177.5     CRISIL B+/Stable

Outlook: Stable

CRISIL believes that TPPL will continue to benefit over the medium
term from its established regional presence in the newspaper
publishing business. The outlook may be revised to 'Positive' if
there is a substantial and sustained improvement in the company's
profitability, while registering a healthy revenue growth or there
is improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' in case there is a steep
decline in the company's profitability margins from the current
levels or there is a significant deterioration in its capital
structure on account of larger-than-expected working capital
requirements or large debt-funded capex.

TPPL, incorporated in 2010, is in the newspaper publishing
business. The company commenced publication of its Telugu daily,
Namaste Telangana, in June 2011. Circulation is concentrated in
ten districts of the Telangana region. TPPL has capacity to
publish about 756,000 copies per day and has a network of seven
printing centres across the Telangana region.


TRIDENT TECHLABS: CRISIL Cuts Rating on INR95MM Loan to 'B+'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Trident Techlabs Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            25      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Overdraft Facility        95      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects the deterioration in TTPL's business
and financial risk profiles. TTPL's business risk profile has
deteriorated due to lack of revenue growth along with an increase
in working capital requirements. Its gross current assets
increased to 284 days as on March 31, 2013, from 203 days as on
March 31, 2011. The increase in working capital requirements led
to higher debt levels to fund the same, which resulted in
deterioration in the company's financial risk profile, reflected
in an increase in its gearing and weakening of its debt protection
metrics. Its gearing increased to 2.79 times as on March 31, 2013,
from 1.41 times as on March 31, 2011. Also, its interest coverage
ratio declined to 2.0 times in 2012-13 (refers to financial year,
April 1 to March 31) from 4.1 times in 2010-11. CRISIL believes
that TTPL's working capital requirements will remain high, and
hence its business risk profile will remain under pressure over
the medium term. With part conversion of unsecured loans from
promoters into equity and repayment of term debt obligations,
TTPL's financial risk profile is expected to improve; however, any
improvement will be subject to efficient management of its large
working capital requirements, sustainability of its operating
margin, and increase in its topline.

The ratings reflect TTPL's weak financial risk profile, marked by
high gearing, and its modest scale and working capital intensive
nature of operations. The ratings also factor in the vulnerability
of the company's operating profitability to fluctuations in
foreign exchange rates. These ratings weaknesses are partially
offset by the extensive experience of TTPL's promoters in software
industry, its wide product portfolio, and its established
relationships with key software suppliers.

Outlook: Stable

CRISIL believes that TTPL will continue to benefit over the medium
term from its promoters' industry experience and its established
relationships with key suppliers. The outlook may be revised to
'Positive' if the company scales up its operations while prudently
managing its working capital and sustaining its operating margin,
thereby improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if TTPL's operating margin
declines, or its working capital cycle weakens further, leading to
further deterioration in its financial risk profile, particularly
its liquidity.

Incorporated in 2000 and promoted by Mr. Sukesh Naithani and Mr.
Praveen Kapoor, TTPL provides computer-based software products.
The company currently operates in three segments: pre-packaged
software for the education sector, pre-packaged software for the
defence sector, and consultancy services for the power sector.
TTPL is based in Delhi and has six branch offices across India.

TTPL reported a profit after tax (PAT) of INR9.8 million on an
operating income of INR402.0 million for 2012-13, against a PAT of
INR9.0 million on an operating income of INR380.0 million for
2011-12.


TULSI INFRA: CRISIL Assigns 'B+' Rating to INR97.5MM Term Loan
--------------------------------------------------------------
CRISIL's has assigned 'CRISIL B+/Stable' rating on the long-term
bank facility of Tulsi Infra Projects Private Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                97.5     CRISIL B+/Stable

The rating reflects TIPL's susceptibility to funding risks
accentuated by the high reliance on customer advances coupled with
large term debt repayments during the construction phase of the
project. The rating also reflects company's geographical
concentration, and susceptibility to cyclicality in the real
estate industry. These rating weaknesses are partially offset by
moderate demand reflected in the positive initial response from
customers (in the form of significant bookings) to TIPL's Washim
(Maharashtra) commercial real estate project and promoter's
industry experience and expected continual funding support from
them.

Outlook: Stable

CRISIL believes that TIPL will benefit from the extensive
experience of its promoters in the real estate industry and their
funding support over the medium term. The outlook may be revised
to 'Positive' in case of timely project completion along with
better-than-expected customer advances resulting in an improvement
in the company's liquidity. Conversely, the outlook may be revised
to 'Negative' in case of time or cost overrun in relation to the
project or in the event of lower-than-expected ramp up in customer
advances leading to lower-than-expected cash inflows or large debt
funding of its proposed project pressurizing the company's
liquidity.

TIPL was established in 2011 by Mr Vivek Patni, Mr. Vilas Patni,
Mr. Manish Sethia and Mr. Sepani. The company is engaged in real
estate development and is currently engaged in development of
commercial project of about 1.80 lacs sq fts spread over an area
of ~6 acres in Washim, (Maharashtra).


VASUNDHARA COTTON: ICRA Suspends 'B+' Rating on INR29.11cr Loan
---------------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR29.11
crore long term bank facilities and [ICRA]A4 to theINR 1.65 crore
of Vasundhara Cotton Mills Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise. November


YOGESH TRADING: CRISIL Reaffirms B- Ratings on INR115MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Yogesh Trading
Co.(Punjab) [YTC] continues to reflect YTC's weak financial risk
profile, marked by a leveraged capital structure, low
profitability, modest scale of operations, exposure to intense
competition in the non-basmati rice industry, and susceptibility
of its operating margin to any adverse impact of Government
regulations. These rating weaknesses are partially offset by the
extensive experience of the promoter in the rice industry, healthy
growth prospects for the rice industry, and largely assured
offtake from the Food Corporation of India (FCI).

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             80      CRISIL B-/Stable (Reaffirmed)
   Overdraft Facility      35      CRISIL B-/Stable (Reaffirmed)

For arriving at its rating, CRISIL has treated unsecured loans of
INR26.98 million (as on March 31, 2013), extended by the
promoter's friends, family, and related companies, as neither debt
nor equity. This is because the loans have been subordinated to
bank debt during the currency of the sanctioned limit.

Outlook: Stable

CRISIL believes that YTC will benefit over the medium term from
the extensive industry experience of its promoter. The outlook may
be revised to 'Positive' if the firm's revenues and profitability
increase substantially, leading to an improvement in its financial
risk profile, or a significant capital infusion by the promoter
enhances its capital structure. Conversely, the outlook may be
revised to 'Negative' if YTC undertakes aggressive, debt-funded
expansions; or if the promoter withdraws capital, thereby
weakening the firm's financial risk profile.

Update

YTC's business risk profile continues to be moderate with its
small scale of operations in the highly fragmented rice processing
segment, marked by net sales of INR633.8 million in 2012-13
(refers to financial year, April 1 to March 31). YTC's operating
margin has remained low at 2.69 per cent in 2012-13, in line with
past trends, driven by the commodity nature of rice, limited value
addition in rice processing, and intense competition. The firm's
financial risk profile remains weak, with high gearing of 5.81
times as on March 31, 2013.

YTC has high dependence on external debt because of low cash
accruals and increasing working capital requirements. Furthermore,
the company's financial flexibility is restricted by its small net
worth of INR25 million as on march31, 2013, thus limiting its
ability to raise additional funds during exigencies. Additionally,
YTC's liquidity is stretched by its fully utilised bank limits
over the 11 months through August 2013. The firm's high reliance
on bank limits to fund its working capital requirements is driven
by low cash accruals. Though YTC's cash accruals of INR0.73
million in 2012-13 were low, these were sufficient in the absence
of any outstanding term debt. However, the firm's liquidity is
partially supported by interest free unsecured loans of INR26.98
million, extended by the promoter as on March 31, 2013.

YTC reported a profit after tax (PAT) of INR0.73 million on net
sales of INR633.8 million for 2012-13, vis--vis a PAT of INR0.69
million on net sales of INR506.4 million for 2011-12.

YTC was established by Mr. Rohit Kapoor in Kharar, (Punjab) in
2000. YTC is a proprietorship firm, engaged in trading, milling,
and processing of paddy into rice. The firm has a milling unit in
Kharar, Ropar Road, (Punjab).



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


PERTAMINA PERSERO: S&P Assigns 'BB+' Rating to US$1.137BB Loan
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating to a US$1.137 billion senior unsecured term loan
facility by PT Pertamina (Persero).

The issue rating is the same as the long-term corporate credit
rating on Pertamina (BB+/Stable/--; axBBB+/--).  The company
expects to use the proceeds to fund working capital and capital
expenditure, and for general corporate purposes.

The rating on Pertamina incorporates the company's 'bb+' stand-
alone credit profile (SACP) and S&P's view of an "almost certain"
likelihood that the government of Indonesia would provide timely
and sufficient extraordinary support to Pertamina in the event of
financial distress.  S&P assess that the company plays a
"critical" role and has an "integral" link with the government of
Indonesia (BB+/Stable/B; axBBB+/axA-2).

Pertamina's SACP reflects the company's "fair" business risk
profile and "significant" financial risk profile, as S&P's
criteria define the terms.  S&P expects the government to continue
to influence Pertamina's business risk profile.  The company
benefits from more generous production sharing contracts, and has
preferential access to newly released exploration blocks and
expiring cooperation contracts.  Pertamina's public service
obligation (PSO) to distribute fuel in the domestic market at
government-designated and below-market prices tempers these
benefits. Pertamina has weaker margins than its integrated oil and
gas peers because of the PSO.

The stable outlook on Pertamina is consistent with the outlook on
the sovereign credit rating, given that the company is highly
sensitive to government influence.  S&P expects Pertamina to
remain the government's primary vehicle for distributing
subsidized fuel throughout the country.  S&P's view is based on
the company's integrated operations, dominance in Indonesia's
upstream and downstream oil and gas segments, and the strong
demand prospects for energy in Indonesia.



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


CITIBANK GLOBAL: S&P Raises Rating on Jr. Sub. Notes to BBB-
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'A' long-term and 'A-1' short-term counterparty ratings on
Citibank Japan Ltd. and Citigroup Global Markets Japan Inc., which
are the Japanese operating subsidiaries of U.S.-based Citigroup
Inc.  The outlooks on the long-term ratings remain stable.  S&P
also affirmed the 'A-' long-term and 'A-2' short-term counterparty
ratings on Citigroup Japan Holdings Corp., the intermediate
holding company of the group in Japan.  The outlook on the long-
term rating remains negative.  At the same time, S&P raised the
issue rating on the junior subordinated notes issued by Citigroup
Global Markets Japan by one notch to 'BBB-'.  The ratings on the
long-term senior unsecured notes issued by Citigroup Global
Markets Japan and Citigroup Japan Holdings were affirmed at 'A'
and 'A-', respectively.

The affirmations follow similar rating actions on Citigroup Inc.
(A-/Negative/A-2)--which fully owns the three Japanese entities--
and its major banking subsidiaries.  The stable outlooks on
Citibank Japan and Citigroup Global Markets Japan reflect those on
the major banking subsidiaries of the group, while the negative
outlook on Citigroup Japan Holdings reflects that on Citigroup
Inc.  Meanwhile, the one-notch upgrade of the junior subordinated
notes issued by Citigroup Global Markets Japan is based on the
one-notch upward revision of the stand-alone credit profile (SACP)
on the group's major banking subsidiaries.  The SACP serves as a
baseline from which S&P notches down to assign a rating to a
bank's hybrid capital.

Given that the three Japanese entities are strongly integral to
Citigroup in the U.S., we regard them as the "core" subsidiaries
of the group.  Standard & Poor's typically equalizes the ratings
on core subsidiaries with the Group Credit Profile (GCP) according
to its rating criteria for financial institutions.  This is
because the core subsidiaries of a financial group are very likely
to receive extraordinary support from the group.  As such, S&P
equalizes the ratings on the operating subsidiaries--Citibank
Japan and Citigroup Global Markets Japan--with the ratings on the
major banking subsidiaries of Citigroup; and the ratings on the
intermediary holding company, Citigroup Japan Holdings, with the
ratings on the group's holding company, Citigroup Inc.

S&P may lower the ratings on the three Japanese entities if it
lowers the GCP of the group.  S&P may also lower the ratings if it
has reason to believe that they have become less integral to their
parent company and less likely to receive extraordinary support
from the group, which could happen if the Japanese market becomes
less important to the group.  Conversely, the three entities may
be upgraded if the GCP is raised.  However, there is restricted
possibility of an upward outlook revision and upgrade on Citigroup
Japan Holdings, because of a possible reduction in government
support that S&P has factored into the ratings on the group's
holding company.

RATINGS LIST

Ratings Affirmed
Citibank Japan Ltd.
   Issuer Credit Rating                    A/Stable/A-1
Citigroup Global Markets Japan Inc.
   Issuer Credit Rating                    A/Stable/A-1
   Senior Unsecured                        A

Ratings Affirmed
Citigroup Japan Holdings Corp.
   Issuer Credit Rating                    A-/Negative/A-2
   Senior Unsecured                        A-

Ratings Raised
Citigroup Global Markets Japan Inc.        TO     FROM
      Junior Subordinated                  BBB-   BB+


CORSAIR (JERSEY): S&P Puts B+ Rating on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
rating on one Japanese synthetic collateralized debt obligation
(CDO) transaction on CreditWatch with positive implications.

The CreditWatch positive placement reflects the tranche's
synthetic rated overcollateralization (SROC) level, which exceeded
100% with a sufficient SROC cushion at a higher rating than the
current rating as of Nov. 30, 2013.

S&P intends to review this tranche by the end of this month.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATING PLACED ON CREDITWATCH POSITIVE
Corsair (Jersey) No. 2 Ltd.
Fixed rate credit-linked loan series 58
To                      From          Amount
B+ (sf)/Watch Pos       B+ (sf)       JPY3.0 bil.


TOKYO ELECTRIC: Plans to Sell Power Outside Home Turf in 2014
-------------------------------------------------------------
Mari Fujisaki at The Asahi Shimbun reports that Tokyo Electric
Power Co. plans to enter the turfs of other electricity suppliers
in fiscal 2014, a move that could lead to full-scale competition
in an industry long monopolized by regional utilities, sources
said.

The report says the success of TEPCO's plan, however, depends on
whether the operator of the stricken Fukushima No. 1 nuclear plant
gains approval to restart reactors in Niigata Prefecture.

According to the report, the sources said TEPCO plans to first
sell electricity to corporate users outside its usual Kanto
service areas, and then to individual households when the
government fully liberalizes the electricity retailing business in
fiscal 2016.

The policy will be included in TEPCO's revised rehabilitation plan
due before the end of the year, the sources, as cited by Asahi
Shimbun, said.

Asahi Shimbun notes that with TEPCO's operations encumbered by the
2011 Fukushima accident, other regional utilities are entering the
market in the Tokyo metropolitan area, TEPCO's prime territory.

                       About Tokyo Electric

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.



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


CREDIT SAILS: Commerce Commission Closes Out Successful Probe
-------------------------------------------------------------
The Commerce Commission has welcomed the news that all but
NZ$17,000 of the NZ$60 million settlement fund in the failed
investment product Credit SaILS has been returned to investors.

The Public Trust, who was appointed as Trustee to distribute the
settlement fund to eligible investors, has successfully contacted
2,217 of the 2,218 investors and has repaid $59,982,800. Only one
investor (an Australian resident) was not found, despite efforts
to locate them.

The Commission reached a settlement with five companies involved
in the failed investment product in December 2012. The companies
were Forsyth Barr Limited, Forsyth Barr Group Limited, Credit
Agricole Corporate and Investment Bank, Credit Sail Limited and
Calyon Hong Kong Limited. The Commission alleged that the parties
had engaged in misleading and deceptive conduct when marketing the
products, and that this breached the Fair Trading Act. The
companies did not agree with the Commission, and deny that they
have breached the Act. However, as part of the settlement, the
companies agreed to create a settlement fund of $60 million to be
distributed to investors who lost money.

Commerce Commission Chairman Dr Mark Berry said that completion of
the payment process is a fantastic outcome for the investors.

"Most of the investors in this fund were elderly and it was
important for the Commission to settle this in the most
advantageous way for these people. Hopefully, having the money
returned to them will have a big impact on the quality of their
lives."

"The Commission ensured that eligible investors who bought Credit
SaILS notes with the prospect of interest income and capital
protection were reimbursed around NZ$870 for every NZ$1,000 they
lost when the investment product failed. Without the settlement
reached by the Commission investors may have only received
NZ$20 for every NZ$1,000 invested," said Dr. Berry.

"I would like to thank the Public Trust for their work over the
past few months, and for successfully finalising the repayment
process so close to Christmas."

Credit SaILS were sophisticated debt securities marketed and sold
to the New Zealand public in 2006 with the prospect of 8.5%
interest income and capital protection. NZ$91.5 million was raised
through the offer. Credit SaILS failed in 2008 and the notes were
virtually worthless on maturity.



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


SK HYNIX: S&P Raises CCR to 'BB+'; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services said it had raised to 'BB+'
from 'BB' the long-term corporate credit ratings on Korea-based
semiconductor manufacturer SK Hynix Inc. (Hynix).  At the same
time, S&P removed the ratings from CreditWatch, where it placed
them with positive implications Nov. 26, 2013.  The outlook is
stable.

"We base our upgrade primarily on a reassessment of both industry
risk for Hynix and its competitive position," said Hong Kong-based
credit analyst JunHong Park.  "In our view, market consolidation
and rising barriers to entry have somewhat moderated risk in the
global memory semiconductor sector.  Also, we believe the company
is modestly strengthening its competitive position, mainly through
gradual improvement in its market position and operating
efficiency, resulting in better profitability in recent quarters."

The 'BB+' corporate credit rating on Hynix continues to reflect a
notch of support from parent SK Telecom Co. Ltd. (SKT; A-/Stable/
--), and S&P assess the stand-alone credit profile (SACP) for
Hynix as 'bb', compared with 'bb-' previously.

"Our assessment of Hynix's "fair" business risk profile reflects
the company's good position in the global market for dynamic
random access memory (DRAM) and NAND flash memory, its good
operating efficiency, and its strong technological capabilities.
Offsetting these positive factors are highly cyclical business
conditions in the memory semiconductor sector, the high proportion
of revenue Hynix derives from highly volatile DRAM, and ongoing
capital spending needs to keep up with rapid advances in
technology," S&P noted.

S&P expects Hynix to produce strong operating performance in 2013,
with year-on-year revenue growth of more than 30% and a more than
40% EBITDA margin, as a result of favorable selling prices and
growing demand for memory chips for smartphones and tablet PCs.
However, the addition of more capacity than S&P expected, vast
fluctuations in demand, and intensive capital requirements to
support developments in technology could produce highly variable
profitability for memory chip makers, in S&P's view.

"We assess Hynix's financial risk profile as "significant,"
reflecting our assessment that its free cash flows and financial
ratios remain very highly volatile despite its low debt.  We
estimate credit measures for Hynix will improve substantially in
2013, with the ratio of its debt to EBITDA at around 1.0x as a
result of strong operating performance and positive free operating
cash flows.  However, we assess its financial risk profile as
"significant" because of very high volatility and capital
intensity in the memory chip sector.  We expect credit measures
for Hynix to vary widely over business and technology cycles," S&P
added.

Elevation of the rating a notch due to group support reflects
S&P's view that Hynix is a moderately strategic subsidiary of SKT
and we believe SKT would provide Hynix with a moderate degree of
extraordinary financial support if the subsidiary were to face
financial distress.  Following SKT's acquisition of a majority
stake in Hynix in February 2012, we see strengthening ties between
the two companies, mainly through sharing of core resources such
as the group's brand name, senior management, and human resources
functions.  Also, S&P views Hynix as important to the group's
strategy to grow through expansion overseas.  However, SKT owns
just 21% of Hynix, and the direct business relationship between
the two companies is very limited.

The stable outlook on Hynix reflects S&P's expectation that the
company's good position in the global memory semiconductor
industry will enable it to maintain its operating performance and
credit measures in the next one to two years.  Although S&P
expects base-case profitability to decline modestly in 2014, Hynix
should maintain sound credit measures, mainly through prudent
management of capital expenditures, in S&P's view.

S&P could lower the ratings in the event of the following:

   -- A severe and prolonged downturn in the global memory
      semiconductor industry or a deteriorating competitive
      position significantly weakens profitability and operating
      cash flows, producing debt to EBITDA of more than 3.0x on a
      sustained basis;

   -- The company's growth strategy becomes significantly more
      aggressive than S&P factors into the current ratings,
      leading to materially negative free cash flows; or

   -- S&P reassess its view of Hynix's strategic importance to
      SKT because of evidence that ties between the companies
      have weakened.

S&P may raise its ratings on Hynix if the company shows
sustainable improvement in its market position and business
diversity together with more prudent investment policies and, as a
result, demonstrates substantially lower volatility in its
profitability through the business cycle.



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


TMT GROUP: Lender Identifies Fraudulent Transfer in Taiwan
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that TMT Group, the Taiwanese owner of 16 oceangoing
vessels, should either return property that was put in trust to
avoid creditors' claims or allow creditors to pursue a fraudulent-
transfer suit in Taiwan, according to a court filing by Cathay
United Bank.

According to the report, Cathay is agent for lenders with ship
mortgages on two vessels.  In December 2012, before bankruptcy,
one of TMT's now-bankrupt subsidiaries transferred property in
Taipei worth $2.7 million into a trust.  Cathay's papers filed in
bankruptcy court say the transfer was made "for the benefit of
insiders" to prevent the property "from being attached by
creditors."

Also before bankruptcy, Cathay commenced proceedings in a court in
Taiwan and posted a bond of more than $460,000 to prevent further
transfer of the property from the trust.

Cathay said it asked both TMT and the official creditors'
committee to have the property re-transferred or commence
proceedings in Taiwan before the one-year deadline lapses as soon
as Dec. 7.

Cathay filed papers on Dec. 2 seeking permission from the U.S.
Bankruptcy Court in Houston to pursue a lawsuit in Taiwan to
recover the property.  Alternatively, Cathay needs permission to
retrieve its bond.

Cathay is among lenders attempting so far unsuccessfully to have
TMT's bankruptcy dismissed.  TMT filed for Chapter 11
reorganization in June.  The lenders said TMT lacks the
connections in the U.S. to qualify it for bankruptcy protection
there. The bankruptcy judge sent the parties to mediation.

Banks opposing TMT's bankruptcy include First Commercial Bank Co.,
Mega International Commercial Bank Co., Cathay United Bank and
Shanghai Commercial Savings Bank Ltd. The banks say the ships'
owners have "overwhelmingly if not entirely foreign creditors" and
the owner is a "foreign national."

                           About TMT Group

Known in the industry as TMT Group, TMT USA Shipmanagement LLC and
its affiliates own 17 vessels.  Vessels range in size from
approximately 27,000 dead weight tons (dwt) to approximately
320,000 dwt.

TMT USA and 22 affiliates, including C. Ladybug Corporation,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
13-33740) in Houston, Texas, on June 20, 2013 after lenders seized
seven vessels.

TMT has tapped attorneys from Bracewell & Giuliani LLP and
AlixPartners as financial advisors.

On a consolidated basis, the Debtors have $1.52 billion in assets
and $1.46 billion in liabilities.

TMT already filed a lawsuit in U.S. bankruptcy court aimed at
forcing creditors to release the vessels so they can return to
generating income.



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


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

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


  AUSTRALIA
  ---------

BOART LONGYEAR M       7.00   04/01/21    USD       73.13
BOART LONGYEAR M       7.00   04/01/21    USD       73.13
COMMONWEALTH BAN       1.50   04/19/22    AUD       71.70
EXPORT FINANCE &       0.50   06/15/20    NZD       73.51
GRIFFIN COAL MIN       9.50   12/01/16    USD       72.00
GRIFFIN COAL MIN       9.50   12/01/16    USD       72.00
MIRABELA NICKEL        8.75   04/15/18    USD       33.88
MIRABELA NICKEL        8.75   04/15/18    USD       35.00
NEW SOUTH WALES        0.50   09/14/22    AUD       68.36
NEW SOUTH WALES        0.50   10/28/22    AUD       67.86
NEW SOUTH WALES        0.50   10/07/22    AUD       68.08
NEW SOUTH WALES        0.50   12/16/22    AUD       68.15
NEW SOUTH WALES        0.50   03/30/23    AUD       67.13
NEW SOUTH WALES        0.50   02/02/23    AUD       67.68
NEW SOUTH WALES        0.50   11/18/22    AUD       67.65
NEWCREST FINANCE       5.75   11/15/41    USD       72.80
NEWCREST FINANCE       5.75   11/15/41    USD       76.21
PALADIN ENERGY L       3.63   11/04/15    USD       74.05
PALADIN ENERGY L       6.00   04/30/17    USD       68.16
TREASURY CORP OF       0.50   03/03/23    AUD       68.26
TREASURY CORP OF       0.50   08/25/22    AUD       69.72
TREASURY CORP OF       0.50   11/12/30    AUD       44.35


CHINA
-----

CHINA GOVERNMENT       1.64   12/15/33    CNY       61.72


INDONESIA
---------

DAVOMAS INTERNAT      11.00   12/08/14    USD       25.00
DAVOMAS INTERNAT      11.00   12/08/14    USD       25.00
INDONESIA TREASU       6.38   04/15/42    IDR       71.21
PERUSAHAAN LISTR       5.25   10/24/42    USD       76.00
PERUSAHAAN PENER       6.10   02/15/37    IDR       71.55


INDIA
-----

3I INFOTECH LTD        5.00   04/26/17    USD       25.25
CORE EDUCATION &       7.00   05/07/15    USD       28.88
COROMANDEL INTER       9.00   07/23/16    INR       15.16
DR REDDY'S LABOR       9.25   03/24/14    INR        4.98
GTL INFRASTRUCTU       2.53   11/09/17    USD       41.16
INDIA GOVERNMENT       0.24   01/25/35    INR       16.45
INDIA GOVERNMENT       5.87   08/28/22    INR       71.05
JCT LTD                2.50   04/08/11    USD       20.00
MASCON GLOBAL LT       2.00   12/28/12    USD       10.00
PRAKASH INDUSTRI       5.25   04/30/15    USD       49.50
PRAKASH INDUSTRI       5.63   10/17/14    USD       55.38
PYRAMID SAIMIRA        1.75   07/04/12    USD        1.00
REI AGRO LTD           5.50   11/13/14    USD       68.81
REI AGRO LTD           5.50   11/13/14    USD       68.81
SHIV-VANI OIL &        5.00   08/17/15    USD       20.00
SUZLON ENERGY LT       5.00   04/13/16    USD       45.28
SUZLON ENERGY LT       7.50   10/11/12    USD       66.25


JAPAN
-----

ELPIDA MEMORY IN       0.50   10/26/15    JPY       13.88
ELPIDA MEMORY IN       0.70   08/01/16    JPY       13.13
ELPIDA MEMORY IN       2.10   11/29/12    JPY       14.38
ELPIDA MEMORY IN       2.29   12/07/12    JPY       14.50
ELPIDA MEMORY IN       2.03   03/22/12    JPY       14.38
JAPAN EXPRESSWAY       0.50   03/18/39    JPY       70.44
JAPAN EXPRESSWAY       0.50   09/17/38    JPY       70.97
TOKYO ELECTRIC P       2.37   05/28/40    JPY       66.38
TOKYO ELECTRIC P       1.96   07/29/30    JPY       73.88


SOUTH KOREA
-----------

EXPORT-IMPORT BA       0.50   10/23/17    TRY       67.18
EXPORT-IMPORT BA       0.50   11/28/16    BRL       70.79
EXPORT-IMPORT BA       0.50   12/22/17    BRL       61.97
EXPORT-IMPORT BA       0.50   01/25/17    TRY       72.87
EXPORT-IMPORT BA       0.50   09/28/16    BRL       72.32
EXPORT-IMPORT BA       0.50   10/27/16    BRL       71.63
EXPORT-IMPORT BA       0.50   12/22/17    TRY       65.87
EXPORT-IMPORT BA       0.50   08/10/16    BRL       73.83
EXPORT-IMPORT BA       0.50   12/22/16    BRL       69.89
EXPORT-IMPORT BA       0.50   11/21/17    BRL       62.67
TONGYANG CEMENT        7.50   04/20/14    KRW       65.00
TONGYANG CEMENT        7.30   04/12/15    KRW       65.00
TONGYANG CEMENT        7.30   06/26/15    KRW       68.63
TONGYANG CEMENT        7.50   07/20/14    KRW       65.00
TONGYANG CEMENT        7.50   09/10/14    KRW       65.00


SRI LANKA
---------

SRI LANKA GOVERN       9.00   06/01/43    LKR       73.36
SRI LANKA GOVERN       5.35   03/01/26    LKR       59.38
SRI LANKA GOVERN       7.00   10/01/23    LKR       71.51
SRI LANKA GOVERN       8.00   01/01/32    LKR       69.86


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

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


SINGAPORE
---------

BAKRIE TELECOM P      11.50   05/07/15    USD       25.00
BAKRIE TELECOM P      11.50   05/07/15    USD       24.00
BLD INVESTMENTS        8.63   03/23/15    USD       59.63
BUMI CAPITAL PTE      12.00   11/10/16    USD       65.00
BUMI CAPITAL PTE      12.00   11/10/16    USD       64.32
BUMI INVESTMENT       10.75   10/06/17    USD       65.50
BUMI INVESTMENT       10.75   10/06/17    USD       64.38
ENERCOAL RESOURC       9.25   08/05/14    USD       55.34
INDO INFRASTRUCT       2.00   07/30/10    USD        1.88


THAILAND
--------

G STEEL PCL            3.00   10/04/15    USD       13.50
MDX PCL                4.75   09/17/03    USD       16.38



                             *********

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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