TCRAP_Public/131217.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 17, 2013, Vol. 16, No. 249



BRINDABELLA AIRLINES: Placed in Receivership
STRUCTURAL CRANES: Ferrier Hodgson Appointed as Receivers


CHINA MINSHENG: Fitch Lowers Viability Ratings to 'b+'
GREENLAND HONG KONG: Moody's Says CFR Unaffected by Acquisition
HENGDELI HOLDINGS: Fitch Says Acquisition Has no Effect on Rating


ARUNODYA FEEDS: ICRA Reaffirms 'B' Ratings on INR5cr Loans
B.D. TEXTILE: ICRA Reaffirms 'B+' Rating on INR20cr LT Loans
CHIRAG INFRAPROJECTS: ICRA Rates INR10cr LT Bank Facility at 'B+'
DATTAKALA SHIKSHAN: CARE Assigns 'D' Rating to INR19.6cr Loans
EMERALD ALCHYMICUS: ICRA Cuts Rating on INR7.5cr Loans to 'B-'

GAURAV TREE: ICRA Assigns 'B' Ratings to INR6.69cr Loans
KDS GREENLAND: ICRA Assigns 'B' Rating to INR7cr Loans
KINGFISHER AIRLINES: Assets Attached on INR350cr Tax Default
KRIFOR INDUSTRIES: ICRA Assigns 'B' Ratings to INR54.4cr Loans
MADHUSUDAN MINERALS: CARE Assigns 'B+' Rating to INR11.3cr Loans

MAHAVEER GINNING: CARE Cuts Rating on INR11.76cr Loans to 'B+'
MINAKSHI COTTON: CARE Assigns 'B+' Rating to INR18cr Loans
PARSVNATH ESTATE: CARE Assigns 'C' Rating to INR210cr Debenture
SARASWATI WOOD: ICRA Rates INR3cr Cash Credit at 'B'
STAR ALLOYS: CARE Assigns 'B+' Rating to INR5.75cr Bank Loans

TANGLING MINI: ICRA Raises Ratings on INR20cr Loans to 'C'
TATA TELESERVICES: Parent to Inject INR4,000cr to Unit
TODARMULL INFRA: CARE Assigns 'B+' Rating to INR2.72cr LT Loans
VISHAL SPONGE: CARE Assigns 'D' Rating to INR15.82cr Loans
WELL WISHER: ICRA Assigns 'B' Rating to INR24cr Term Loans


MONGOLIA: Fitch Affirms B+ IDR; Revises Outlook to Negative

N E W  Z E A L A N D

CHORUS LTD: TUANZ to Seek Inquiries Over Share Price Movements
PIKE RIVER: Charges Against CEO Dropped
ROSS ASSET: David Ross to Challenge 10-Year Jail Sentence


UNIWIDE HOLDINGS: Investors Sue MBDC Head, 2 Former Execs

S O U T H  K O R E A

STX GROUP: Shipbuilding Unit to Raise KRW38.4BB Thru New Shares

V I E T N  A M

VIETNAM NATIONAL: Two Former Executives Get Death Sentence
VIETNAM: Moody's Says B2 Rating Reflects Macroeconomic Stability


* BOND PRICING: For the Week Dec. 9 to Dec 13, 2013

                            - - - - -


BRINDABELLA AIRLINES: Placed in Receivership
David Winterbottom -- -- and
Sebastian Hams -- -- of KordaMentha were
appointed Receivers and Managers of the Canberra-based regional
airline Brindabella on Dec. 15, 2013.

The group consists of five companies including Brindabella
Airlines Pty Ltd, Aeropelican Air Services Pty Ltd, M/V Purchasing
Company Pty Ltd, Business Air Holdings Pty Ltd and Trand Holdings
Pty Ltd. This follows the Group's decision to ground all aircraft
not already grounded by the recent CASA directive and to cease all
passenger flights.

Mr. Winterbottom advised that Brindabella would no longer be
accepting bookings, and all further flights will be suspended
indefinitely. Mr. Winterbottom also indicated the Receivers would
be calling for immediate expressions of interest in the sale of
the business, however the business would not continue to operate
whilst the sale process is conducted.

Mr. Winterbottom said that Qantas had commenced providing
additional services on some of Brindabella's usual routes and the
Receivers were in urgent discussions with the NSW Government and
regulatory authorities regarding sourcing other replacement

Mr. Winterbottom added: "Given the approaching Christmas and New
Year period we will be working very hard to minimise the
inconvenience to customers and importantly, enable alternative
travel options."

Mr. Winterbottom said it was too early to predict the ultimate
future of Brindabella or to be precise about the reasons for the
Group's problems, however the competitive nature of the airline
industry, regulatory and maintenance issues and the financial
pressures this would have placed on the airline would certainly be
significant factors.

Brindabella, formed in 1994, operated up to 250 sectors a week,
with services from Canberra, Sydney and Brisbane to regional
destinations including Newcastle, Cobar, Coffs Harbour, Moree,
Mudgee, Narrabri, Newcastle, Orange and Tamworth.  It has 140
employees and operates five US-built Metroliners and seven
British-built Jetstreams. Recently Brindabella have experienced
significant maintenance and regulatory issues which have impacted
aircraft availability and services.

STRUCTURAL CRANES: Ferrier Hodgson Appointed as Receivers
Morgan Kelly -- -- and Ryan Eagle -- -- of Ferrier Hodgson were appointed as
Receivers and Managers to the assets and undertakings of
Structural Cranes Pty Limited atf The Structural Cranes Unit Trust
and D&M Wright Pty Limited atf The Wright Family Trust on Dec. 11,

The Receivers' appointment follows the appointment of
Bradd Morelli and Stewart Free of Jirsch Sutherland as Voluntary
Administrators to Structural Cranes Pty Limited atf The Structural
Cranes Unit Trust on Nov. 29, 2013.  "The effect of the
appointment is that the Receivers are now in control of the
Companies' assets, undertakings and operations. In this regard,
the Voluntary Administrators are no longer authorised to act on
behalf of the Companies," Ferrier Hodgson said in a statement.

Following their appointment on Nov. 29, 2013, the Voluntary
Administrators ceased to trade the Companies.

"At this stage, it is too early to advise creditors of the likely
outcome of the Receivership.

"Payment of unsecured creditors' accounts as at 11 December 2013
is deferred and will rank as an unsecured claim against the

Founded in 1971, Structural Cranes supplies crane services.


CHINA MINSHENG: Fitch Lowers Viability Ratings to 'b+'
Fitch Ratings affirmed the Long-Term Foreign-Currency Issuer
Default Ratings (IDRs) of 10 Chinese mid-tier commercial banks
with Stable Outlooks. At the same time, the Viability Ratings
(VRs) of China Minsheng Banking Corporation (MIN) and Shanghai
Pudong Development Bank (SPDB) were downgraded to 'b+' from 'bb'.
Fitch affirmed the VRs of the other banks. A full list of rating
actions is at the end of this rating action commentary.

All of the IDRs are based on state support, and are at the banks'
Support Rating Floors, reflecting continued expectations that
extraordinary support from the central government would be
forthcoming in the event of stress.

China Merchants Bank (CMB), China Everbright Bank (CEB), and China
CITIC Bank's (CNCB) Support Ratings of '2' and Support Rating
Floors of 'BBB', indicate a high probability of state support, if
needed. This is based on a combination of factors such as size and
domestic significance (for CMB and CNCB), ownership by fully
state-owned conglomerates (all three), direct central government
ownership (for CEB), and a history of past government support (for

The remaining eight banks have Support Ratings of '3' and Support
Rating Floors of 'BB+', indicating a moderate likelihood of
central government support if needed. Banks in this group are
smaller in size - their deposit market shares are 2.5% or less
each - and have no direct central government ownership. Three of
the banks have local governments as their largest shareholders.
However, in a stress scenario, Fitch believes that the ability of
local governments to support banks on a timely basis would be
limited, and hence support would effectively need to flow from the
central government.

Rating Sensitivities: - IDRS, Support Ratings, Support Rating

Any changes to IDRs and Support Rating Floors will be tied to
shifts in the perceived willingness and/or ability of the central
government to provide extraordinary support to the banks, taking
into account also relative systemic importance and ownership. The
banking system's continued rapid growth, combined with the rise in
nonbank credit extension, means that the potential claims on the
state are increasing. Over time this could erode the state's
ability to support less systemically important banks, leading to
pressure on mid-tier banks' support-driven IDRs.

China's government currently has substantial resources to address
deterioration in the banking sector. The central government's
debt/GDP ratio was just 19% in 2012. Meanwhile, the government has
demonstrated its willingness in the past to draw on part of its
foreign exchange reserves (USD3.7trn in 3Q13) to recapitalise
banks. Required deposit reserves of 18%-20% of CNY deposits also
could be released in the event of banking sector liquidity

Key Rating Drivers - Viability Ratings:

The VRs of China's 10 mid-tier banks range from 'bb-' to 'b',
reflecting varying degrees of weak intrinsic strength (taking into
account off-balance sheet activity), concerns about the level and
pace of credit growth in the financial system, issues with data
integrity and corporate governance, and nascent regulatory and
legal systems.

Rating actions reflect the relative deterioration in intrinsic
strength of MIN and SPDB compared to peers at the same rating
level. VRs were affirmed for those entities that did not
demonstrate clear improvement or deterioration in such parameters
as funding and liquidity, loss-absorption capacity, involvement in
off-balance-sheet activities, and franchise strength, relative to
similarly rated banks. Fitch took into account situations where
capital had been raised (or firm plans are in place to raise
equity) by banks to offset rapid growth and maintain loss-
absorption capacity at levels in line with similarly rated peers.

The chief drivers behind the VR downgrades were:

-- MIN: volatile business strategy; rapid growth; large exposure
to microenterprises; high counterparty risk from greater interbank
lending, including to some smaller, weaker financial institutions;
thinning liquidity; and modest loss-absorption capacity.

-- SPDB: high and rapidly rising credit exposure, of which an
increasing share resides in non-loan channels; deteriorating
liquidity; fast expansion of wealth management product issuance;
and low and eroding capital, which in turn constrains loss-
absorption capacity.

Rating Sensitivities - Viability Ratings:

Additional downgrades of VRs could be triggered if (absent
adequate external or internal capital being raised) excessive
growth renders capital more vulnerable to deterioration, if asset
quality weakening begins to undermine solvency, or if funding and
liquidity strains become more binding. Major disruptions in the
issuance of wealth management products, quasi-substitutes for time
deposits, or interbank market distress could also lead to VR
downgrades for those entities highly exposed to, or that
experience a material increase in, these activities.

VR upgrades for China's mid-tier banks, while unlikely over the
near term, would be supported by a more manageable and sustainable
pace of credit growth, reduced off-balance-sheet activities (or
greater transparency around these activities), improved loss-
absorption capacity, and stronger deposit funding and liquidity.

Over the medium term, Fitch is concerned about the asset quality
of the entire sector given the magnitude of the post-global
financial crisis credit boom. The total stock of credit in the
financial sector will have tripled between 2008 to 2013, while GDP
will have risen only 85%-90%. Nonperforming, special mention, and
overdue loans have been rising since 4Q11. However, Fitch believes
reported metrics understate the magnitude of impaired credit as
larger amounts of credit are informally securitised into wealth
management products, passed on to nonbanks, and transformed into
private-placement debt securities and interbank claims.

Given issues with data integrity, Fitch's analysis of asset
quality places a much heavier emphasis on loss-absorption capacity
(which includes factors such as capitalisation, loan loss reserve
coverage, and profitability) than loan classification data. Most
mid-tier banks can withstand a rise in impaired credit to the mid-
single digits, after which varying degrees of support would be
required. However, recognition of asset impairment is likely to be
a protracted process. In the meantime, delinquencies will continue
to manifest in eroding liquidity and cash buffers, as inflows from
distressed borrowers remain weak and more resources are directed
at forbearance and support.

Mid-tier banks' large off-balance-sheet activities and rapidly
expanding transactions with nonbanks are also a concern. Non-loan
credit now comprises 40% of total financial sector credit
outstanding, up from 21% in 2008. Meanwhile, issuance of wealth
management products - which stood at an estimated CNY15trn
outstanding in 3Q13 - continues to grow as competition for
deposits intensifies. These products are changing the nature of
banks' stable, cheap deposit base into one that is more expensive,
mobile, and short-term. Wealth management products' short tenors,
asset-liability mismatches, and poor disclosure about underlying
assets present a significant contingent risk to issuing banks.
Mid-tier banks derive a larger share of their funding through
these products than state banks.

The full list of rating actions on China's 10 mid-tier banks is as

China Merchants Bank (CMB)
-- Long-Term Foreign-Currency IDR affirmed at 'BBB'; Stable
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB'
-- Viability Rating affirmed at 'bb-'

China CITIC Bank (CNCB)
-- Long-Term Foreign-Currency IDR affirmed at 'BBB'; Stable
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB'
-- Viability Rating affirmed at 'b+'

China Everbright Bank (CEB)
-- Long-Term Foreign-Currency IDR affirmed at 'BBB'; Stable
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB'
-- Viability Rating affirmed at 'b+'

China Minsheng Banking Corporation (MIN)
-- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
-- Support Rating affirmed at '3'
-- Support Rating Floor affirmed at 'BB+'
-- Viability Rating downgraded to 'b+' from 'bb-'

Shanghai Pudong Development Bank (SPDB)
-- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
-- Support Rating affirmed at '3'
-- Support Rating Floor affirmed at 'BB+'
-- Viability Rating downgraded to 'b+' from 'bb-'

Industrial Bank (IB)
-- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
-- Support Rating affirmed at '3'
-- Support Rating Floor affirmed at 'BB+'
-- Viability Rating affirmed at 'b'

Ping An Bank (PAB)
-- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
-- Support Rating affirmed at '3'
-Support Rating Floor affirmed at 'BB+'
-- Viability Rating affirmed at 'b'

Hua Xia Bank (HXB)
-- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
-- Support Rating affirmed at '3'
-- Support Rating Floor affirmed at 'BB+'
-- Viability Rating affirmed at 'b'

China Guangfa Bank (CGB)
-- Long-term Foreign-Currency IDR affirmed at 'BB+'; Stable
-- Support Rating affirmed at '3'
-- Support Rating Floor affirmed at 'BB+'
-- Viability Rating affirmed at 'b+'

Bank of Beijing (BOB)
-- Long-term Foreign-Currency IDR affirmed at 'BB+'; Stable
-- Support Rating affirmed at '3'
-- Support Rating Floor affirmed at 'BB+'
-- Viability Rating affirmed at 'bb-'

GREENLAND HONG KONG: Moody's Says CFR Unaffected by Acquisition
Moody's Investors Service says that the recent land acquisition in
Shanghai by Greenland Hong Kong Holdings Limited is credit
negative but has no immediate impact on its Ba1 corporate family
and senior unsecured ratings.

On Dec. 11, 2013, Greenland Hong Kong announced that it
successfully won the bid for a plot of land in the Huangpu
District, Shanghai at a total cost of RMB5.95 billion.

The plot of land has a planned gross floor area of around 245,550
square meters (sqm), which translates to an average land cost of
around RMB24,230 per sqm.

This acquisition follows a number of smaller land acquisitions
this year, including a 50% stake in the Hangzhou project that it
bought from its parent, Greenland Holding Group Company Limited
(Baa3 stable) for a total consideration of about RMB895 million.

"A sustained momentum in the pace of land acquisitions by
Greenland Hong Kong will raise the company's debt leverage and
weaken its liquidity position that could in turn affect its Ba1
ratings and stable outlook," says Franco Leung, a Moody's
Assistant Vice President and Analyst.

Greenland Hong Kong's leverage -- as measured by adjusted
debt/capitalization -- was at about 60% at end-June 2013.

Moody's expects the company's leverage will rise to substantially
above 60% in the next 12 months given its rapid expansion.

"The acquisition in Shanghai will diminish Greenland Hong Kong's
liquidity buffer because of the plot's sizable price tag, which
equals about 35% of the company's total assets as of end-June
2013," says Leung, who is also Moody's Lead Analyst for Greenland
Hong Kong.

The company has adequate funding, including cash-on-hand of RMB1.8
billion as of end-June 2013, equity placement proceeds of about
RMB2.4 billion raised in August, and bond proceeds of about RMB4.2
billion (USD700 million) raised in October.

However, the acquisition will diminish the company's liquidity
buffer for working capital and short-term debt servicing needs.
The company had RMB2.7 billion in short-term debt as of end-June

While the sizable Shanghai project could also raise the company's
execution risks, its prime location provides it with an
opportunity to meet its medium-term growth target.

In addition, Moody's believes that Greenland Hong Kong will
continue to leverage the parent's strong position in property
development to improve its operations and mitigate such execution

The company has an ambitious growth plan to raise its contracted
sales target to RMB10 billion in 2014, from RMB3 billion achieved
in 2012 and RMB3.2 billion in 2011.

Moody's forecasts that the company will likely achieve contracted
sales of around RMB3.5 billion in 2013; the expected improvement
in sales in the next 12-18 months will provide the company with
part of the funding required to support its general land
acquisitions and construction projects.

Greenland Hong Kong's Ba1 rating reflects its standalone credit
strength and a two-notch rating uplift, based on expected strong
financial and operating support from Greenland Holding Group.

Moody's will continue to monitor Greenland Hong Kong's standalone
credit strength, particularly to its liquidity position and
further debt funding needs following the land acquisition.

Greenland Hong Kong is principally engaged in the development of
large-scale, high-end residential communities, city center
integrated projects, and travel & leisure projects that target the
middle- to high-end customer segment.

At end-June 2013, the company held a land bank of 3.7 million sqm
across Shanghai, Kunming, Huangshan, Suzhou, Changshu, Wuxi,
Haikou, Ningbo and Taiyuan.

Greenland Holding Group is headquartered in Shanghai and is a
comprehensive enterprise group with main businesses including real
estate development, energy, and finance activities. As a leading
developer in China's real estate market, Greenland Holding Group
operates real estate projects in over 70 cities across 25

HENGDELI HOLDINGS: Fitch Says Acquisition Has no Effect on Rating
Fitch Ratings says Hengdeli Holdings Limited's (BB+/Negative)
proposed CNY469m acquisition of a company with eight retail stores
in Nanchang has no immediate impact on Hengdeli's ratings. Of the
total purchase consideration, Hengdeli paid CNY338.16m in 2012 and
needs to pay only CNY131.32m more to complete the acquisition.
Fitch expects Hengdeli to have sufficient liquidity to satisfy the
remaining acquisition costs via internal funds.

Hengdeli's Negative Outlook reflects the weaker operating
environment for watch retailing in mainland China and the
challenges the company will likely face in its strategy to expand
in the mid-market segment.

The proposed acquisition is in line with the company's strategy to
expand in high-growth lower-tier cities, in this instance,
Nanchang city. The acquisition of Shenzhen Feierpusi Electronics
Company Limited also entails the purchase of some commercial
properties in downtown Nanchang that the retailer uses for its
operations. Hengdeli's management has confirmed that Shenzhen
Feierpusi has no other material business activities aside from the
abovementioned and has minimal outstanding borrowings as at end-
September 2013.

Hengdeli has CNY2.53bn in cash, CNY738.31m of short-term principal
protected investments and over CNY2bn of unutilised bank
facilities as at end-1H 2013. The company used CNY2.1bn for the
early redemption of outstanding convertible bonds in October 2013.

Hengdeli's performance for 1H 2013 was affected by overall weak
consumer sentiment in mainland China, as shown in the 7.5% yoy
contraction in same-store-sales in mainland China. Slower sales,
higher inventory and increased investments in Harvest Max, a watch
and jewellery subsidiary in Hong Kong, raised Hengdeli's FFO
adjusted net leverage to 3x in 1H13 (2012: 2.5x).

Fitch expects a mild recovery in the operating environment in
2014. Although Hengdeli has flexibility in capex its deleveraging
will be driven primarily by inventory reduction and sustained
sales recovery, the timing for which remains uncertain. Further
deterioration in the operating environment or setbacks in its
repositioning strategy may undermine or delay the recovery of the
company's credit metrics.

Future developments that may, individually or collectively, lead
to negative rating action include:
- Average inventory days sustained over 210 days (1H13: 225 days)
- FFO net adjusted leverage sustained above 2.75x (1H13: 3x)
- Continued decline in same-store sales in China (1H13: -7.5%)
- EBITDA margin sustained below 10% (H113: 9.7%)

The Outlook may be revised back to Stable if Hengdeli is able
improve the metrics set out above.


ARUNODYA FEEDS: ICRA Reaffirms 'B' Ratings on INR5cr Loans
ICRA has reaffirmed '[ICRA]B' rating to the INR1.53 crores
(Revised from INR1.75 crores) bank term loan, INR2.75 crores fund
based limits and INR0.72 crores (Revised from INR0.50 crores)
unallocated bank facilities of Arunodya Feeds Pvt. Ltd.

   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits-
   Cash Credit             2.75       [ICRA]B; Reaffirmed

   Fund Based Limits-
   Term Loan               1.53       [ICRA]B; Reaffirmed

   Fund Based Limits-
   Unallocated             0.72       [ICRA]B; Reaffirmed

The rating re-affirmation takes into account the highly
competitive nature of the poultry feeds industry which has
resulted in low profitability margins for the company. Further,
Arunodya's margins remain exposed to adverse movements in raw
material prices. The rating is also constrained by moderate
financial profile of the company as reflected by gearing of 2.01
times and moderate debt protection indicators (Net Cash
Accruals/Total Debt of 13% and interest coverage ratio of 1.84
times). Nevertheless, the rating derives some comfort from
positive growth prospects for the poultry feeds business and
experienced promoters of the company.

Arunodya Feeds Private Limited was incorporated in the year 2008
and is engaged in the manufacturing of poultry feeds. The company
is promoted by Mr. Satish Kumar and Ms. Babita Rani. Arunodya has
its own manufacturing facility at Safidon in Haryana with
installed capacity of 10 tons/hour of pellet feed and 4 tons/hour
of mash feed. FY11 was the first year of operations of the

Recent Results

The company reported PAT of INR0.06 crores on Operating Income of
INR50.95 crores in FY13 as against PAT of INR0.06 crores on
Operating Income of INR57.72 crores in FY12.

B.D. TEXTILE: ICRA Reaffirms 'B+' Rating on INR20cr LT Loans
ICRA has reaffirmed the '[ICRA]B+' rating assigned to INR20.00
crore (enhanced from INR16.70 crore) long term fund based bank
limits of B.D. Textile Mills Private Limited.

   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long Term: Fund        20          [ICRA]B+/ reaffirmed
   Based Limits

The rating reaffirmation continues to take into account the
company's weak financial profile which is on account of low
profitability and high leverage. As most of the processing
operations are outsourced to a group company, it results in
limited in-house value additive operations with most of the sales
being of the trading nature, which along with low pricing power
due to high competitive intensity results in low profitability and
accruals. This coupled with working capital intensive nature of
the business would continue to result in high reliance on debt
funding while achieving growth and hence keep the debt coverage

The rating continues to favorably take into account the
established track record of more than two decades of the company
in marketing of processed fabric in the domestic market which
along with the agent network developed over the years has resulted
in steady volume and revenue growth for the company.
Going forward, improvement in the profit margins and any major
debt funded capital expenditure which can further stretch the
financial profile would be the key rating sensitivities.

BDT was incorporated in March 1988 and is primarily engaged in
processing and marketing of woven fabric, mainly rubia which is
used in ladies blouse, under its brand B.D. in the domestic
market. The company has a manufacturing unit in Balotra (Rajastan)
with an installed capacity of mercerising 2.75 crore meters of
fabric per annum. The grey fabric is mostly purchased from a group
company Bachraj Weaving and Manufacturing Mills Pvt. Ltd. and the
fabric dyeing and processing is done through another group
company, Maha Padmawati Textile Services Pvt. Ltd., on a job work
basis. The company has taken one of the processing units of Maha
Padmawati Textile Services Pvt. Ltd. on lease in FY 2013-14 and
some proportion of fabric dyeing and finishing is now also done
in-house by BDT.

CHIRAG INFRAPROJECTS: ICRA Rates INR10cr LT Bank Facility at 'B+'
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR10.0
crore fund-based bank facilities of Chirag Infraprojects Private
Limited. ICRA has also assigned an '[ICRA]B+/[ICRA]A4' rating to
the INR20.00 crore long-term/short-term non-fund based bank
guarantee facility of CIPL.

   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term fund        10.0        [ICRA]B+ assigned
   based bank

   Long-term/short-      20.0        [ICRA]B+ and/or
   term non fund                     [ICRA]A4 assigned
   based bank

The assigned ratings take into account the declining revenues of
CIPL in last two years and in the current financial year as well
on account of a substantial reduction in contracts from MCGM;
highly working capital intensive nature of operations due to its
business requirement of keeping large amount of contract and
retention deposits and deterioration in interest coverage and net
cash accruals relative to the total debt in FY 13 as a result of
reduced profits. The ratings are also constrained by the
criticality of timely completion and delivery as per the contract
terms in order to avoid liquidated damages claims and invocation
of bank guarantees.

Nevertheless, the ratings favourably factor in the long experience
of the promoters in the civil and road construction business;
order book position of INR57.1 crore as on September 30, 2013
which is 1.1 times of FY13 operating income and moderate operating
margins and low gearing of CIPL. The ratings also take into
account the diverse execution capability of the company and
presence across various segments, which reduce sales concentration
risks to an extent.

Chirag Infraprojects Private Limited is a Mumbai based civil
contractor promoted by Mr. Moolchand Jain, Ms. Pushpa Shah and Mr.
Arun Jain. The company is engaged in execution of civil
construction contracts with focus on construction of roads,
structures, buildings, storm water drains & drain works, nallahs
etc. In FY 13, the company also ventured into development of a
residential building and a redevelopment project in Mumbai.

Recent Results

In FY 13, the company reported an operating income of INR51.5
crore (against INR85.3 crore for FY 12) and profit after tax of
INR1.0 crore (against INR11.6 crore for FY 12).

DATTAKALA SHIKSHAN: CARE Assigns 'D' Rating to INR19.6cr Loans
CARE assigns 'CARE D' rating to the bank facilities of Dattakala
Shikshan Sanstha.

   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       19.60       CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Dattakala Shikshan
Sanstha factors in the frequent instances of delays in debt
servicing due to its stressed liquidity position.

Dattakala Shikshan Sanstha was registered under the Bombay Public
Trust Act 1950.  Currently, the society is managing seven
institutes, viz, two schools under the name Dattakala
International School (affiliated to the SSC board and CBSE board),
one polytechnic college namely Dattakala Polytechnic offering
Diploma in Engineering and three colleges under the name
'Dattakala Group of Institutions' offering Bachelor of
Engineering, Masters in Business Administration and Masters in
Computer Application. The higher education courses offered by the
institutes are approved by All India Council of Technical
Education (AICTE) and the institutes are affiliated to the Pune

In FY13 (refers to the period April 01 to March 31), DSS
registered a surplus of INR5.11 crore against the total income
from operation of INR8.01 crore.

EMERALD ALCHYMICUS: ICRA Cuts Rating on INR7.5cr Loans to 'B-'
ICRA has revised the long-term rating assigned to fund-based
limits aggregating to INR7.50 crore of Emerald Alchymicus P Ltd.
from '[ICRA]BB-' with a stable outlook to '[ICRA]B-'. The short
term rating assigned to the non-fund based limits, aggregating to
INR5.75 crore has been reaffirmed at '[ICRA]A4'.

   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits       7.50        [ICRA]B- downgraded
   Non-Fund Based Limits   5.75        [ICRA]A4 reaffirmed

The downgrade in the long-term rating takes into account the
deterioration in company's liquidity position owing to high
working capital intensity of operations leading to regular
instances of overutilization in the working capital sanctioned
facilities and devolvement of LCs. The ratings also take into
account the company's modest scale of operations, intense
competitive pressures in the industry and weak financial risk
profile characterized by high gearing level, weak debt-coverage
indicators and low profitability margins. ICRA further notes that
with increased focus on Stock & Sell business segment,
vulnerability of the profitability margins to any adverse
fluctuations in the prices of imported chemicals remains high. The
ability of the company to effectively manage the working capital
cycle so as to ensure timely debt-servicing remains crucial from a
credit perspective.

The ratings however favorably take into account the longstanding
experience of the promoters in the chemical trading business,
established relationships with its suppliers, wide customer base,
and its diversified product portfolio that mitigates demand risks
associated with any single product.

Incorporated in 2003, Emerald Alchymicus P Limited is involved in
trading of chemicals. The company derives its revenue from two
segments viz. Stock & Sell and Commercial segment. In case of
Stock & Sell, the company imports specialty chemicals from various
overseas suppliers and maintains an inventory of the same whereas
in the case of Commercial segment, the customers place bulk orders
with EAPL for various chemicals and based on these orders, EAPL
procures the materials from the suppliers and supplies directly to
the customers.

In FY 2012, EAPL reported a profit after tax (PAT) of INR0.50
crore on an operating income of INR53.89 crore. In FY 2013, the
company has reported PAT of INR0.67 crore on an operating income
of INR64.18 crore.

GAURAV TREE: ICRA Assigns 'B' Ratings to INR6.69cr Loans
ICRA has assigned an '[ICRA]B' rating to the INR3.90 crore term
loan and INR2.79 crore cash credit facilities of Gaurav Tree &
Agro Products Private Limited.

   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits-
   Term Loan            3.90        [ICRA]B assigned

   Fund Based Limit-
   Cash Credit          2.79        [ICRA]B assigned

The assigned rating takes into account GTAPPL's small scale of
current operations and its highly leveraged capital structure on
account of the debt funded capital expenditure. The rating also
factors in the risks inherent in the rice milling activity,
including the vulnerability to agro-climatic conditions and
consequently the harvest and paddy prices, and the exposure to
changes in Government policies, especially with respect to minimum
support price (MSP) and export restrictions. ICRA also notes that
rice milling business, being a highly competitive industry with
low entry barriers restricts pricing flexibility. The ratings,
however, derive comfort from GTAPPL's experienced management with
their longstanding presence in the rice milling industry through
their group companies and also the company's entitlement to
various fiscal benefits under the West Bengal Incentive Scheme
2007 for Micro and Small Scale Enterprises, which would positively
affect the company's profitability and cash flows going forward;
though approvals are still pending from the regulatory
authorities. ICRA also notes that GTAPPL's proximity to raw
material sources ensures easy availability of paddy at competitive

GTAPPL, incorporated in 2005, is engaged in the milling of non-
basmati rice (raw and parboiled rice) from its manufacturing
facility at Bhutkir Hat in the district of Jalpaiguri, West
Bengal. The operations of its rice mill commenced from March 2012
with an installed capacity 14,688 metric tonne per annum (MTPA) of
rice. In addition to its own manufacturing, the company is also
engaged in custom milling (job work) for various co-operative
societies, who acts on behalf of various government organizations
in West Bengal. The company is promoted by the Berlia family based
at Siliguri, West Bengal.

Recent Results

During the first six months of 2013-14, the company reported a net
profit of INR0.40 crore (provisional) on an operating income of
INR7.03 crore (provisional). The company reported a net loss of
INR0.41 crore on an operating income of INR5.93 crore in 2012-13.

KDS GREENLAND: ICRA Assigns 'B' Rating to INR7cr Loans
ICRA has assigned an '[ICRA]B' rating to the INR7.0 crore fund
based facilities of KDS Greenland Builders and Promoters Private

   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits     7.00        [ICRA]B assigned

The assigned rating factors in promoters' experience in the line
of civil construction business and its established track record in
the region. The rating is however, constrained by KDS's moderate
scale of operations, intense competition in the civil construction
industry and limited growth in turnover in recent years owing to
subdued construction environment. The rating also takes into
account high region concentration risks with current order book
centred in Uttar Pradesh and NCR region, high working capital
intensity due to blockage of funds in receivables & inventory and
exposure to price risk given the absence of price escalation
clauses in the agreements.

Going forward, KDS's ability to timely execute the contracts, bag
fresh contracts, increase its scale of operations while improving
its profitability and working capital intensity will be amongst
the key rating sensitivity factors.

KDS Greenland Builders and Promoters Private Limited was
incorporated in June 2007 and is engaged in the business of civil
construction. The company primarily undertakes contracts for
construction of multi-storey buildings. It mostly caters to
various regional private entities on subcontract basis.

Financial Results

The company registered operating income of INR32.12 crore and net
profit of INR0.03 in FY13 compared to INR31.00 crore operating
income and INR0.04 crore of net profit in the preceding year.

KINGFISHER AIRLINES: Assets Attached on INR350cr Tax Default
The Times of India reports that the Income Tax department has
attached all assets of cash-strapped Kingfisher Airlines for
failing to remit taxes amounting to INR350 crore, a senior
official said Dec. 15.

"We have attached all assets of Kingfisher Airlines and are in the
process of recovering its dues by sale and attachment of
properties of the defaulter company," IT official Lokesha said in
a statement, TOI relates.

According to the report, the defunct airline of business tycoon
Vijay Mallya had deducted tax at source from its employees'
salaries and other payments for assessment years 2010-11 and 2011-
12, but failed to remit the amount to the government account.

"Kingfisher House at Western Express Highway near the Mumbai
domestic airport has been attached under the second schedule of
the Income Tax Act, 1961," the report quotes Mr. Lokesha as

The report adds that the Income Tax department also charged the
airline with failing to honor the Karnataka high court directive
Dec. 5, 2012, to pay 50 per cent of the demand and furnish bank
guarantee for the balance amount within six weeks.

"The Supreme Court had recently dismissed the airline's special
leave petition (filed Jan 16, 2013) against the high court
directive," Mr. Lokesha, as cited by TOI, said.

Headquartered in Mumbai, India, Kingfisher Airlines -- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintained bases in major cities such as Delhi and

Kingfisher Airlines, which has been unprofitable since it was
created in 2005, accumulated losses of $1.9 billion between
May 2005 and June 30, 2012, The Wall Street Journal reported
citing Sydney-based consultant CAPA-Centre for Aviation.  The
airline also owes about $2.5 billion to lenders, suppliers,
leasing companies and investors, The Journal added.

According to The Times of India, the company began showing signs
of weakness in November 2011 when it ran out of money to operate
most of its flights and started reducing its flights to cut cost.
The airline also failed to pay salaries to its employees for a
long time following which the employees went on an indefinite
strike. Its flying license was finally suspended in October 2012,
TOI reported.

KRIFOR INDUSTRIES: ICRA Assigns 'B' Ratings to INR54.4cr Loans
ICRA has assigned a long-term rating of '[ICRA]B' and a short-term
rating of '[ICRA]A4' to fund based and non-fund based facilities
aggregating to INR54.40 crore of Krifor Industries Private

   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term-Fund
   Based-Term loans     34.40        [ICRA]B, assigned

   Long term-Fund
   Credits              20.00        [ICRA]B, assigned

   Short term-Non
   Fund based-
   Import Letter
   of Credit (FLC)     (14.10)       [ICRA]A4,assigned

   Short term-Non
   Fund based-Letter
   of comfort for
   buyers credit       (12.19)       [ICRA]A4,assigned

The ratings assigned to Krifor Industries Private Limited (KIPL)
are constrained by the project implementation risks associated
with the greenfield venture, though the risks are mitigated to
some extent as financial closure has been achieved and the project
is in final stages of completion. ICRA, however, notes that the
ability of the company to commission the project in a timely
manner without time and cost overruns, operate the plant at
healthy utilisation levels and market the products successfully,
post-commissioning, remains critical from credit perspective.
Further, given the debt-funded nature of capex, the ability of the
company to manage its working capital cycle effectively and ensure
a comfortable liquidity position post commissioning, remains
crucial to ensure timely debt-servicing. The ratings are further
constrained by the risks associated with the availability of key
raw materials, the threat from substitute products and intensely
competitive industry structure characterized by the presence of a
large number of players both in the organized and unorganised

The ratings however favourably factor in the healthy demand
indicators for particle boards and locational advantages derived
by the company by virtue of proximity to raw material suppliers
and major consumption centres.

Krifor Industries Private Limited was incorporated in April 2012
with the objective of manufacturing particle boards from sugar
cane bagasse. The company is under the process of setting up its
manufacturing unit in Surat which is expected to be operational by
December 2013. Mr. Sanjeev Dalmia, Mr. Mandeep Bajaj, Mr.
Chetandas Khatri and Mr. Jugal Bhitra are the key management
personnel of the company who look after overall operations of the
company. KIPL has nine other operational group companies, seven of
which are associated with the textile industry. The particle board
manufacturing unit in Surat under KIPL is a step forward to
further diversity in the operations of the group.

MADHUSUDAN MINERALS: CARE Assigns 'B+' Rating to INR11.3cr Loans
CARE assigns 'CARE B+' rating to the bank facilities of Madhusudan
Minerals Private Limited.
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       11.30       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Madhusudan Minerals
Private Limited is primarily constrained on account of its modest
scale of operations and its financial risk profile marked by thin
profitability, leveraged capital structure and working capital
intensive nature of operations. The rating is further constrained
on account of vulnerability of margins to fluctuation in raw
material prices and its presence in the highly competitive
industry with fortunes linked to cyclical real estate industry.

The rating, however, favourably takes into account the experienced
promoters with long track record of operations and location
advantage with ease of availability of raw material and labour.
Improvement in financial risk profile with increase in scale of
operation and improvement in solvency position are the key rating

MMPL was incorporated in 1996 by Mr Basant Kumar Kabra and Mr
Manoj Kumar Kabra. The company is engaged in the business of
processing of marble slabs & tiles and trading of marble and
granite slabs. The company has two processing plants one is
situated in Borawar (Rajasthan) and second one is situated in
Kishangarh (Rajasthan) which the company has set up recently in
November 2011. It has total installed capacity of 3.19 Lakh Square
Feet Per Annum (LSFPA) to process marble slabs and tiles and has
utilized 42.95% capacity during FY13 (refers to the period April 1
to March 31). It procures granites from Brazil and marble blocks
and slabs from domestic market as well as imports from China,
Italy, Egypt and Vietnam. The promoters also manage
Madhusudan Marbles Private Limited which is engaged in processing
and export of marble slabs and tiles.

During FY13 (refers to the period April 1 to March 31), MMPL
reported PAT of INR0.24 crore on a Total Operating Income (TOI) of
INR30.09 crore as compared with PAT of INR0.38 crore on a TOI of
INR22.27 crore during FY12.

MAHAVEER GINNING: CARE Cuts Rating on INR11.76cr Loans to 'B+'
CARE revises the rating assigned to the bank facilities of
Mahaveer Ginning & Pressing.
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        11.76      CARE B+ Revised from
   Facilities                       CARE BB-

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

Rating Rationale

The revision in the rating assigned to the bank facilities of
Mahaveer Ginning & Pressing factors in the decline in revenue and
deterioration in the debt coverage indicators. The rating
continues to be constrained by the weak financial risk profile
marked by thin profitability margin and high overall gearing
level, seasonal availability of raw material leading to higher
working capital intensity and presence in a highly fragmented
cotton ginning and spinning sector.

The rating derives strength from the experienced partners and
strategic location of the manufacturing units.

Going forward, the ability of MGP to improve the scale of
operations, profitability margins and prudent working capital
management are the key rating sensitivities.

Mahaveer Ginning & Pressing, established in September 2005, is a
partnership firm managed by Mr Arvind Shantilal Jain and Mr Ajay
Shantilal Jain. MGP was earlier set up as a proprietorship entity
in 2003 and was converted into a partnership firm in 2005. The
firm is engaged in the processing of raw cotton and pressing the
same into cotton bales, trading in cotton, cotton seeds and cotton
seeds oil extraction. The manufacturing unit is located in the
Jalgaon region of Maharashtra with an installed capacity of
processing 24,820 metric tonnes per annum (MTPA) of full press
bales cotton and production of cotton wash oil.

MGP's reported a PAT of INR0.09 crore against a total operating
income of INR147.71 crore in FY13 (refers to the period April 1 to
March 31) as against a PAT of INR0.08 crore on a total operating
income of INR175.33 crore in FY12.

MINAKSHI COTTON: CARE Assigns 'B+' Rating to INR18cr Loans
CARE assigns 'CARE B+' rating to the bank facilities of Minakshi
Cotton Private Limited.
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         18        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Minakshi Cotton
Private Limited is constrained by the weak financial risk profile
marked by thin profitability margins, high overall gearing and
elongated operating cycle. The rating further takes into account
the seasonal availability of raw material leading to highly
working capital intensive operations, susceptibility of
profitability to the fluctuating raw material prices and
fragmented nature of the cotton ginning industry.

The rating, however, derives strength from the experienced
promoters, strategic location of the manufacturing units. The
rating further takes note of the decrease in share of trading
sales and the company's focus on manufacturing activity.

Going forward, the ability of MCPL to improve the scale of
operations, profitability margins, gearing levels and prudent
working capital management are the key rating sensitivities.

Minakshi Cotton Private Limited (MCPL) was incorporated in the
year 2008, located in Aurangabad, Maharashtra. MCPL is engaged in
the processing of raw cotton and pressing the same into cotton
bales, trading in cotton and cotton seeds. MCPL is promoted by Mr
Ajay Agrawal and Mr Vijay Agrawal. The manufacturing unit is
located at Aurangabad which has an installed capacity of
processing 400 Metric Tonnes per Day (MTPD) of full press bales

MCPL reported a PAT of INR0.35 crore against a total operating
income of INR105.79 crore in FY13 (refers to the period April 01
to March 31) as against a PAT of INR0.38 crore on a total
operating income of INR119.28 crore in FY12.

PARSVNATH ESTATE: CARE Assigns 'C' Rating to INR210cr Debenture
CARE assigns 'CARE C' rating to the proposed long-term NCD of
Parsvnath Estate Developers Private Limited.
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term Non-            210        CARE C Assigned
   Debenture Proposed

Rating Rationale

The rating is constrained by irregular debt servicing in the
recent past on account of constrained liquidity position of the
company attributable to more-than-anticipated time taken for the
let-out of the office complex.

Parsvnath Estate Developers Pvt. Ltd. was incorporated on July 24,
2007 and became a subsidiary of Parsvnath Developers Ltd. (PDL) on
August 27, 2010. PEDPL is a joint venture between Redfort Capital
(RFC) and Delhi-based developer PDL for executing a commercial
real estate project 'Red Fort Parsvnath Tower' on Bhai Veer Singh
Marg, near Connaught Place (New Delhi) under a concession
agreement with Delhi Metro Rail Corporation (DMRC) for 30 years.

The construction of new office tower was completed in March 2013
at total cost of INR309 crore and occupancy certificate was
received in October 2013.

SARASWATI WOOD: ICRA Rates INR3cr Cash Credit at 'B'
ICRA has assigned the long term rating of '[ICRA]B' to INR3 crore
bank facilities of Saraswati Wood Private Limited and the short
term rating of '[ICRA]A4' to INR29.0 crore bank facilities of the

   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.0         [ICRA]B assigned
   Letter of Credit     29.0         [ICRA]A4 assigned

The ratings takes into account the promoters experience in timber
trading business and healthy growth in revenues of the company.
The rating is constrained by relatively low value addition and
highly competitive nature of the timber trading that manifests
into thin margins. Moderate net worth and operating profits
coupled with significant borrowings results in weak debt
protection metrics. Further, import dependence for entire timber
requirements exposes the company to exchange rate fluctuations on
the un-hedged portion of its import payables. Going forward, the
company's ability to improve its profitability and credit profile
while sustaining healthy growth in scale would remain key rating

Saraswati Wood Private Limited has been in the business of timber
processing and trading since 1971. The promoter and his family
have been involved in the timber business for decades and hence
have vast experience in the industry. SWPL was a proprietorship
firm earlier (under the name of Saraswati Timbers) and has been
converted into Private Limited Company in May-11. SWPL imports
timber from various international locations including Germany,
Canada, South Africa, Malaysia, Burma, Ghana etc and deals in a
diverse variety of timber including teakwood, hardwood and
pinewood. Timber from international markets is imported at Mundra
port and is then processed at the company's facility located in
Gandhidham (Gujarat). The processing involves cutting and sawing
as per customer requirements. Post processing, wood is supplied to
regional wholesalers as well as retailers all across the country,
the major demand centers being Delhi, Karnataka, Punjab, and

Recent Results

As per 2012-13 audited financials, the company achieved an
operating income of INR101.1 crore and reported PAT of INR0.2

STAR ALLOYS: CARE Assigns 'B+' Rating to INR5.75cr Bank Loans
CARE assigns 'CARE B+' rating to the bank facilities of Star
Alloys & Chemicals Pvt. Ltd.
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        5.75       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Star Alloys &
Chemicals Pvt. Ltd. is primarily constrained by its small scale of
operations and weak financial risk profile marked by low
profitability margins, leveraged capital structure, weak debt
service coverage indicators and elongated operating cycle. The
rating is also constrained by susceptibility of margins to
volatility in raw materials prices and foreign exchange rates,
concentrated customer base, high working capital intensity and its
presence in a fragmented and competitive industry.

The rating, however, favorably takes into account the experience
of the promoters in Ferro alloys and chemicals manufacturing
industry, strategic location of the plant and its association with
reputed clientele.

The ability of the company to grow its operations and improve its
profitability along with future performance of the steel industry
and effective management of working capital will remain the key
rating sensitivities.

Star Alloys & Chemicals Pvt. Ltd., was incorporated in February
2008 by Mr Vimal Kohli & Mr Ashok Kumar Pati of Chhattisgarh is
engaged in manufacturing of ferro alloy products and chemicals.
The manufacturing facility of the company is situated at Korba,
Chhattisgarh, having an installed capacity of 1,370 Metric Tonnes
Per Annum (MTPA). The manufacturing facility of SACPL has quality
system certification of ISO 9001:2008 and environment management
certification of ISO 14001:2004.

In FY13 (refers to the period April 01 to March 31), SACPL
reported a PBILDT of INR1.07 crore and a PAT of INR0.11 crore on a
total operating income of INR20.00 crore.

TANGLING MINI: ICRA Raises Ratings on INR20cr Loans to 'C'
ICRA has revised the long term rating of Tangling Mini Hydel power
Project from '[ICRA]D' to '[ICRA]C' for INR20.00 crore fund based

   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-Based Limits-
   Term Loan             19.40        [ICRA]C Upgraded from

   Fund-Based Limits-
   Unallocated            0.60        [ICRA]C Upgraded from

The rating action factors in resumption of timely debt servicing
by Tangling Mini Hydel Power Project which operates a 5MW hydro
power project in Himachal Pradesh. The rating also draw comfort
from the company's off take arrangement with Himachal Pradesh
State Electricity Board (HPSEB) for tenure of 40 years and limited
demand risks due to energy deficit in northern India.

However the rating is constrained by low generation levels (14.90
MUs) in FY 2013 as well as in 6 months of FY2014 on account of
adverse weather conditions and some technical problem in
transmission lines which led to lower generation. The rating
action also factors in the company's weak financial risk profile
characterized by relatively high gearing of 1.44X as on
March 31, 2013, modest coverage indicators and inadequate cash
accruals. ICRA's rating also factors in the limited track record
of promoters in hydro power sector as well as the exposure to high
hydrological risks as TMHPP is not covered under deemed generation
clause in case of factors like shortage of water or loss of
generation due to silting, etc.

Going forward, satisfactory hydrology and the ability of the
company to meet the designed performance parameters will remain
the key rating drivers.

Tangling Mini Hydel Power Project is a Partnership firm jointly
promoted by Sai Engineering Foundation and Mr. K.K. Kashyap. The
firm operates a 5 MW run of the river hydel power plant which
utilizes the water of Tangling Nallah, a tributary of River Sutlej
in district Kinnuar of Himachal Pradesh. The plant commenced
commercial operations in December 2010. The total cost of the
project is INR29.42 crore (including a cost overrun of INR2
crores), which is funded by a term loan of Rs.19.40 crores from
State Bank of India, and promoter's equity as well as a capital
subsidy of INR3.2 crores. TMHPP has entered into a PPA of 40 years
with HPSEB for sale of power generated from the project at a fixed
tariff of INR2.95 per unit. The project is expected to generate
22.74 MU in a 75% dependable year.

Recent Results:

As per the audited results, TMHPP reported a net profit of INR0.54
crore on an operating income of INR4.40 crore for the year ended
March 31st, 2013 as against net profit after tax of INR0.54 crore
on an operating income of INR4.22 crore for FY2012.

TATA TELESERVICES: Parent to Inject INR4,000cr to Unit
Deepali Gupta & Arijit Barman at The Economic Times reports that
the Tata Group is investing around INR4,000 crore in two tranches
in its telecom arm Tata Teleservices, said four people aware of
the matter, after banks said they could not renew loans for Tata
Tele until the company's annual losses were funded.

The investment is likely to be through a convertible loan
instrument the exact terms of which are yet to be finalized, says
the report. The group will invest INR2,500 crore now and INR1,500
crore in a few months, one of ET's sources said, the Economic
Times relates. The investment isn't meant to fund spending on the
impending airwave auction to be conducted by the government, the
source added.

The report notes that Japan's NTT DoCoMo, a 26% partner in Tata
Tele, and Temasek, a 7% shareholder, will not be investing along
with the Tata Group. As a result, the Tata Group may opt for a
redeemable debt instrument that can be changed into shares of Tata
Tele in case the Japanese firm exits or other investors enter the
company, the people quoted earlier said, ET relates.

The Tata Group had earlier reportedly cut further funding to Tata
Teleservices, ET notes.  In the financial year that ended in March
2013, Tata Teleservices' net worth was completely wiped out.

In the financial year ended March 2013, Tata Teleservices' net
worth was completely wiped out and equity value fell to a negative
INR1,863 crore from around INR3,000 crore in the previous year,
according to data with the Registrar of Companies cited by ET.

In the last financial year, the report discloses, company incurred
a net loss of INR4,858 crore on operating income of INR10,799
crore. It's debt, which stood at INR23,491 crore on March 31 this
year, has ballooned to INR28,000 crore as of November this year on
account of loans meant for working capital, ET adds.

Mumbai, India-based Tata Teleservices Limited is a
telecommunications service provider. It is a subsidiary of the
Tata Group.

TODARMULL INFRA: CARE Assigns 'B+' Rating to INR2.72cr LT Loans
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Todarmull Infrastructure Pvt Ltd.

   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            2.72       CARE B+ Assigned

   Short-term Bank
   Facilities            2.60       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Todarmull
Infrastructure Private Limited are constrained by its small scale
of operations limiting the ability of the company to bid for
larger projects, risk associated with delay in execution of
projects and receipt of contract proceeds, client concentration
risk, high level of competition resulting from the fragmented
nature of the industry and exposure to tender-driven process risk.
The aforesaid constraints are partially offset by the long
operating history of the promoters, established relationship with
South East Central Railways (SECR) and partial comfort from the
price escalation clause in contracts of long tenure, comfortable
capital structure and satisfactory order book position.

The ability of the company to enhance its order book position with
an improvement in its scale of operation and profitability and
effective management of working capital would be the key rating

TIPL, incorporated in March 2008, was promoted by the Suntwal
family of Raipur, Chhattisgarh to take over the business of M/s
Todarmull Bharwal, a partnership firm established by the family.
The firm was engaged in different types of contract work (civil
projects) for government, semigovernment entities mainly for South
East Central Railways (SECR) for the last four decades. This
apart, TIPL is registered as Class A-5 civil contractor under the
Public Works Department [PWD] of Chhattisgarh for roads, bridges
and building works. TIPL has been accredited with ISO 9001:2008

During FY13 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR0.6 crore (Rs.0.5 crore in FY12)
and a PAT of INR0.2 crore (Rs.0.2 crore in FY12) on the total
income from operations of INR11 crore (Rs.10.5 crore in FY12).

VISHAL SPONGE: CARE Assigns 'D' Rating to INR15.82cr Loans
CARE assigns 'CARE D' rating to the bank facilities of Vishal
Sponge Pvt Ltd.
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       15.82       CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Vishal Sponge Pvt
Ltd factors in the ongoing delays in debt servicing on account of
the stretched liquidity position of the company. The timely
servicing of debt obligations would be the key rating sensitivity.

Vishal Sponge Pvt Ltd was incorporated in August 2004 by Mr Mehul
Kumar Basant, Mr Manoj Agarwal and Mr Joginder Prasad of Jharkhand
with an objective of setting-up a sponge iron manufacturing plant.
The company commenced commercial production in April 2006 with
installed capacity of 9,150 metric tonnes per annum (MTPA).
Subsequently in 2007, VSPL was acquired by Mr Mukesh Kumar Agarwal
and Mr Digvijay Kumar Singh of Ramgarh, Jharkhand.

Over the years, the company gradually expanded its capacity to
37,500 MTPA and also commenced trading in iron ore. The
manufacturing unit of the company is located at the Ramgarh
district of Jharkhand.

In FY12 (refers to the period April 01 to March 31), VSPL reported
a PBILDT of INR3.4 crore and a loss of INR0.2 crore on a total
operating income of INR25.9 crore. Furthermore in FY13
(provisional), VSPL reported a total operating income of INR16.2
crore and loss of INR0.2 crore.

WELL WISHER: ICRA Assigns 'B' Rating to INR24cr Term Loans
ICRA has assigned a long term rating of '[ICRA]B' for INR24.00 Cr
fund based facilities of Well Wisher Homes.

   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans           24.00        [ICRA]B assigned

The assigned rating favorably factors in the long standing
experience of over two decades of the promoters in the residential
and commercial real estate development. The rating also derives
comfort from the attractive location of the project given
catchment area having sizeable population of IT professionals and
proximity to commercial hubs of Kharadi, Hadapsar and Magarpatta
though sizeable number of ongoing projects from well known
developers in vicinity will provide stiff competition. ICRA also
take note of modest ticket size of the apartments which will
appeal to middle income group and all major approvals in place for
commencement of construction of the project. The rating, however,
remains constrained by nascent stage of project execution with
company receiving commencement certificate (CC) in Oct'13 only.
Further, around 42% of the project is being financed by term loans
which are yet to be tied up, although the management has indicated
to achieve financial closure by Dec'13 end with sanction being in
final stages of approval. ICRA also notes that the promoters have
executed majority of its projects in Navi Mumbai with marketing
and customer response to the same in Pune market remains to be
seen. The management expects to start marketing of the project in
Q1FY15 and given partial funding of project through customer
advances along with bullet repayments of term loan in FY16 and
FY17, adequate booking and collection efficiency will remain
critical ICRA also takes note of inherent risks of capital
withdrawal in a partnership nature of constitution.

Established in Sept 2011, WWH is developing a residential real
estate project Leisure Town' at Hadapsar, Pune. WWH is a joint
venture between two real estate groups primarily based in Navi
Mumbai - Proviso Group and Well Wisher Group. The Proviso group is
promoted by Gupta family and Mr. Sanjay Gawande while Well wisher
group is promoted by Chandrakant Bhansali. The two groups have
developed over 15.1 million sq. feet in the commercial and
residential segment.


MONGOLIA: Fitch Affirms B+ IDR; Revises Outlook to Negative
Fitch Ratings has revised the Outlooks on Mongolia's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) to
Negative from Stable and affirmed the IDRs at 'B+'. The Country
Ceiling is affirmed at 'B+' and the Short-Term Foreign-Currency
IDR at 'B'. The issue ratings on Mongolia's senior unsecured
foreign- and local-currency bonds are also affirmed at 'B+'.

Key Rating Drivers:

The revision of the Outlook to Mongolia's IDRs to Negative from
Stable reflects the following key rating drivers:

-- Macroeconomic policy settings are highly expansionary and Fitch
believes this poses a growing threat to Mongolia's economic and
financial stability. Fitch estimates Mongolia's government deficit
at 12% of GDP in 2013, after taking into account off-budget
spending, although the deficit could be smaller depending on the
rate of spending towards the end of the year. This has rendered
the country's Fiscal Stability Law ineffective as a constraint on
policy-making. Bank of Mongolia (BoM) has significantly loosened
monetary conditions, fuelling credit growth of 53% in the year to
October 2013. Inflation was 10% yoy in October, despite a special
BoM-funded price-stabilisation scheme.

-- Gross government debt is projected at about 50% of GDP at end-
2013, against a median of 40% for sovereigns rated in the 'B'
category (those rated 'B-', 'B' and 'B+') and the median of 36.4%
for the 'BB' category. The Mongolian sovereign's government debt
is mainly foreign-currency denominated. The sovereign and a public
sector entity, the Development Bank (DBM), have borrowed heavily
in international debt capital markets since March 2012, to the
tune of USD2,080m or 18% of 2013 GDP. Fitch expects DBM to issue a
further USD300m of debt imminently. There is marketable debt
maturing in 2017 (USD580m from DBM), 2018 (USD500m) and 2022

-- The external finances are weak and deteriorating. The current
account balance plus net foreign direct investment (FDI) flows
will swing to a projected deficit of 11% in 2013 from a 9.7%
surplus in 2012. FDI is estimated to halve in US dollar terms to
about USD2.2bn in 2013. Fitch projects net external debt at
USD13.5bn or 119% of GDP at end-2013, up from 96% at end-2012 and
70% at end-2011 (although about USD10.2bn of external debt takes
the form of intercompany lending, which is likely to be stable).

-- External liquidity is weak and projected to deteriorate
further. Official foreign reserves are projected at USD2.5bn or
3.1 months of current external payments (CXP) by end-2013, below
the medians for 'B' and 'BB' category sovereigns of 3.4 months and
4.4 months respectively. Fitch projects Mongolia's reserves will
decline to two months of CXP by 2015 compared with the 'B'
category median of around 3.1 months.

-- Non-performing loans (NPLs) in the banking system grew 83% in
the year to October, outpacing the 53% in credit growth, and
taking the NPL/total loan ratio up to 5.3% from 3.7% in June.
Government subsidies for mortgages are fuelling house prices,
which were up 32% yoy in 3Q13. The 24% depreciation of the
Mongolian currency, the tugrik, in the year to date may strain the
ability of borrowers to repay the 30% of loans denominated in
foreign currency. Savings Bank, the country's fifth-biggest, was
declared insolvent in July 2013 after a related entity defaulted
on a large exposure.

-- Counterbalancing these factors is Mongolia's five-year average
real GDP growth of 9.3%, which is far stronger than the 'B' rating
category median of 4.1% or the 'BB' median of 3.6%. Some credit
fundamentals including the standard of governance and the business
climate (as measured by the World Bank's Ease of Doing Business
framework) exceed 'B' medians. The country's long-term prospects
are bright, underpinned by a generous endowment of natural
resources, including coal, copper, gold and rare earths. However,
development of its endowment has largely stalled amid
disagreements between developers and the authorities. Resolution
of these issues could unlock large FDI inflows in 2014. A reform
of the Investment Law that took effect on 1 November 2013 may help
bring in FDI.

Rating Sensitivities:

The Negative Outlook reflects the following risk factors that may,
individually or collectively, result in a downgrade:

-- Further deterioration of Mongolia's external finances - such as
a further rise in net external indebtedness, or sustained declines
in international reserves.
-- A continuation of loose macroeconomic policy settings that
leads to an intensification of risks to basic economic and
financial stability via pressure on inflation, the trade deficit,
bank balance sheets, and the currency.
-- Emergence of systemic financial stress such as a run on
deposits, a further sharp rise in NPLs, and/or a flight out of the
tugrik into foreign currency.
-- A further marked increase in sovereign and quasi-sovereign
external borrowing that calls into question fundamental foreign-
currency solvency.
-- A sharp and sustained drop in prices for Mongolia's main
commodity exports, in particular copper and coal

The current Outlook is Negative. Consequently, Fitch's sensitivity
analysis does not currently anticipate developments with a
material likelihood, individually or collectively, of leading to
an upgrade. However, future developments that may, individually or
collectively, lead to a revision of the Outlook to Stable include:

-- Progress in resolving policy, financial and regulatory hurdles
to the development of Mongolia's natural resource endowment, in
particular the large Oyu Tolgoi copper and gold mine, that unlocks
substantial FDI inflows above Fitch's expectation of USD2bn in
-- Credible and coherent macroeconomic policy-making that
increases confidence in Mongolia's basic economic stability.
-- Strengthening of Mongolia's buffers against commodity-price
volatility, for example through a sustained increase in official
reserves, a reduction in the budget deficit in line with the
Fiscal Stability Law, and structural budgetary reform to bring
spending on budget.

Key Assumptions:

Fitch assumes that Mongolia's key trade and investment partner
China does not experience a severe, disruptive slowdown in its

Fitch assumes Mongolia remains basically politically stable and
continues to solicit foreign direct investment, and does not
resort wholesale to business-unfriendly practices such as
expropriation of assets.

N E W  Z E A L A N D

CHORUS LTD: TUANZ to Seek Inquiries Over Share Price Movements
The Telecommunications Users Association of New Zealand (TUANZ)
will today, Dec. 17, write to the New Zealand Stock Exchange
(NZX), the Financial Markets Authority (FMA) and the State
Services Commission (SSC) asking them to investigate unusual
movements in the share price of Chorus Ltd (NZX: CNU).

On Dec. 13, when a report by EY Australia into the financial
viability of Chorus was received by the government but not
released publicly, shares in Chorus Ltd jumped by over 7%.  On
Dec. 16, after the report was rushed out on Saturday, Dec. 14, by
Communications & IT Minister Amy Adams, the shares have remained
broadly stable.

A similar trading pattern has been observed other times that Ms
Adams has made major announcements, such as when she issued a
Discussion Document on pricing for copper broadband and voice
services in August.

"Looking at the graphs, it seems when Ms Adams makes a market-
sensitive announcement, shares in Chorus move significantly
beforehand but not after," TUANZ chief executive Paul Brislen

"While TUANZ is not making any accusations against anyone, many
hundreds of millions of dollars are at stake. The strange price
movements in Chorus shares over the last year merit investigation
by the NZX and FMA in order to assure everyone that no insider
trading has occurred.

"Given the strange price changes all seem connected with
government announcements, it also makes sense for the SSC to
investigate the matter, as it did over the leaks about MFAT

"Assurances are needed that people who may be privy to forthcoming
government announcements are neither trading on that information
themselves nor providing it to third parties."

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2013, said credit ratings agency Standard &
Poor's expects Chorus will breach its banking covenants within two
years unless it receives help. said that fresh
evidence has emerged both for and against the contention that
Chorus could absorb a NZ$10 reduction in the price it can charge
for copper broadband without government intervention.  According
to, Standard & Poor's and Moody's are both reviewing
Chorus's credit ratings after the Commerce Commission on
November 5 ordered a 23 per cent cut in wholesale copper broadband

                          About Chorus Ltd

Chorus Ltd -- is a telecommunications
utility provider. The Company provides services, such as network
access services, property co-location services, field services and
roadmap of services. The Company's network access services provide
direct access to Chorus local access network. It connects around
1.8 million New Zealand homes and businesses. Its property
portfolio includes local telephone exchanges, roadside cabinets,
mobile masts and radio towers. The Company manages security and
access to its buildings and infrastructure across the country. The
Company installs or repairs end customers' phone or Internet
services. The phone and Internet companies use its network to
deliver services. The Company also provides services to radio
operators or organizations that need wireless communications.
These organizations include TeamTalk, NZ Police, Civil Defense
organizations and broadcasters.

PIKE RIVER: Charges Against CEO Dropped
--------------------------------------- reports that the Ministry of Business, Innovation and
Employment said it has dropped its court case against former Pike
River Coal CEO Peter Whittall, saying it "wasn't appropriate" to

The report relates that Mr. Whittall had faced 12 charges under
the Health and Safety in Employment Act following the
November 2010 blast in the West Coast coal mine that claimed the
lives of 29 men.

According to the report, the ministry's lawyer Mark Zarifeh said
it faced "substantial problems" in its case against Mr. Whittall,
who has maintained his innocence and had earlier entered not
guilty pleas.

Family of some of the men were in the court and became upset as
Mr. Zarifeh outlined the reasons for the decision,

One of Mr. Whittall's lawyers, Stuart Grieve, QC, told the court
that, as a consequence of the case not proceeding, $3.41 million
had come available to enable a voluntary payment to the families
and the two survivors, according to the report. relates that Mr. Whittall had proposed that voluntary
payments be made to the families of the dead men on behalf of the
PRCL directors and officers.

Also, he had proposed that NZ$110,000 be allocated to each of the
dead men's families and the two survivors in reparation for loss
and ongoing trauma, the report states.

The report relates that under the charges Mr. Whittall faced, four
of those had alleged Pike River Coal failed to take all
practicable steps to ensure the safety of its employees at work
and that Mr. Whittall participated in that failure.  Each charge
came with a maximum penalty of $250,000. Imprisonment of Mr.
Whittall was not an available option. Fines were also dependent on
a defendant's ability to pay. relates that the Ministry of Business, Innovation and
Employment said it halted court proceedings as it said it was
unlikely to get a conviction.

                         About Pike River

Pike River Coal Limited (NZE:PRC) -- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd was placed into receivership in December 2010
after 29 miners died in a series of explosions on Nov. 19, 2010.
New Zealand Oil & Gas, the company's largest shareholder,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and NZ Oil &
Gas.  Pike River Coal also owed another estimated NZ$10 million
to NZ$15 million to contractors, including some of the men who
lost their lives in the disaster.

Bloomberg notes that Pike River Coal was found guilty in April
this year of nine breaches of health and safety laws including
those relating to ventilation and methane management.  A
New Zealand court awarded victims compensation of about NZ$110,000
each in July, adding that as the company was in receivership it
may be unable to make that payment, Bloomberg adds.

ROSS ASSET: David Ross to Challenge 10-Year Jail Sentence
BusinessDesk reports that convicted Ponzi scheme perpetrator David
Ross is to appeal against his sentence of 10 years and
10 months, claiming it is "manifestly excessive".

According to BusinessDesk, Fairfax Media reports confirmation of
the appeal from Mr. Ross's Wellington barrister, Gary Turkington,
who did not immediately return calls for confirmation.

The appeal is expected to be heard in April or May next year, the
reports said, BusinessDesk relates.

The report says Mr. Ross is destined to serve a non-parole period
of five years and five months under his current sentence, which
Mr. Turkington reportedly says will be contested either on the
grounds of its being "manifestly excessive" or "inappropriate."

The fraud was the largest single such crime committed by an
individual in New Zealand, and preyed on many wealthy lower North
Island investors, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 18, 2013, Mr. Ross has been sentenced in the Wellington
District Court to 10 years and 10 months of imprisonment following
a joint agency investigation by the Serious Fraud Office (SFO) and
the Financial Markets Authority (FMA).

The Wellington based financial adviser pleaded guilty in August
this year to four Crimes Act charges of false accounting and one
charge of theft by person in special relationship laid by the SFO.

He pleaded guilty to three FMA charges of providing a financial
service when he was not registered for that service, knowingly
making a false declaration to FMA for the purposes of obtaining
authorisation as an Authorised Financial Adviser (AFA) and
producing documents to FMA which he knew to be false or

The TCR-AP reported on Nov. 8, 2012, that the High Court appointed
PricewaterhouseCoopers partners John Fisk and David Bridgman as
Receivers and Managers to Ross Asset Management Limited and nine
other associated entities following application by the Financial
Markets Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).


UNIWIDE HOLDINGS: Investors Sue MBDC Head, 2 Former Execs
Tetch Torres-Tupas at reports that investors of
Uniwide Holdings Inc. filed a case for estafa against the head of
the Manila Bay Development Corp. (MBDC) and two former Uniwide
executives who, they say, had allegedly conspired to defraud UHI
of PHP2.1 billion that caused bleeding of what used to be the
country's biggest retail chain. relates that the estafa complaint was filed by the
investors led by Brenelie Rualo before the Office of the City
Prosecutor in Makati City against MBDC president Jacinto Ng Sr.
along with Jimmy Cabangis and Corazon Rey for questionable
spending for the construction of its Coastal Mall and then
defrauding PHP381 million more through the payment of unnecessary
mall rentals.

Coastal Mall, which was envisioned in the 1990s to become the
country's biggest shopping mall complex, was built on a 10-hectare
portion of MBDC's 40-hectare Central Business Park II in Paranaque
City at that time when Mr. Cabangis and Ms. Rey were Uniwide's
respective chief financial officer and controller, according to

The report relates that Ms. Rualo said in her Derivative Suit for
Estafa/Other Deceits that she was filing the case against the trio
on behalf of over 15,000 investors "similarly situated" who bought
PHP4 billion-worth of stocks combined when Uniwide made its
Initial Public Offering (IPO) in 1996.

"The amount of PHP2.1 billion that was squandered was more than
half of the PHP4 billion that was raised through public offering,"
said Ms. Rualo adding that "the fraudulent acts and unlawful
payments couldn't have been perpetrated without the complicity of
Ng of MBDC and the Chief Financial Officer Cabangis and the
Controller Rey of Uniwide," reports.

This complaint was the second case that UHI investors had filed
against Mr. Ng and MBDC in a bid to legally compel Uniwide's
lessor to return PHP381 million in rentals and extend by another
20 years the lease on its Paranaque reclamation property along
Roxas Boulevard that is home to the Coastal Mall,

                       About Uniwide Holdings

Uniwide Holdings Inc. (UW) was incorporated on Sept. 15, 1994,
primarily to engage in the business of investment by way of
acquisition, transfer, exchange or disposal of real or personal
property.  The company started commercial operations on July 1,
1995.  UW was established to act as the franchisor of the
retail/wholesale stores that trade under the name Uniwide Sales,
and to consolidate the real estate interests of the Gow Family.
The company is currently the franchisor of five Uniwide Sales
Warehouse Clubs and one Uniwide Sales Department Store.

Uniwide filed for rehabilitation in June 1999, and the
Securities and Exchange Commission approved its rehabilitation
plan in 2000.  Under the plan, the Company will convert 50% of
its unsecured debt into 15-year convertible notes redeemable
anytime at its convenience, while the remaining 50% would be
restructured into a 10-year loan with 0% interest and a 3-year
grace period; payment will begin on the fourth year.

At that time, it still had eight warehouse clubs and two
department stores with total assets of PHP19.864 billion and
liabilities worth PHP11.101 billion, according to GMANews.TV.
By the end of 2008, Uniwide was operating only five warehouse
clubs and a department store.  At the end of September 2009, the
group's assets stood at PHP2.726 billion, while liabilities
further increased to PHP12.292 billion.

The Uniwide group is composed of Uniwide Sales, Inc., Uniwide
Holdings, Inc., Naic Resources and Development Corp., Uniwide
Sales Realty & Resources Corp., First Paragon Corp., and Uniwide
Sales Warehouse Club, Inc.

S O U T H  K O R E A

STX GROUP: Shipbuilding Unit to Raise KRW38.4BB Thru New Shares
Yonhap News Agency reports that STX Offshore & Shipbuilding Co.
said it will issue new shares worth KRW38.4 billion (US$36.5
million) as part of its debt-to-equity swap scheme.

The shipbuilder will float 15.37 million shares, which will be
listed on the main Seoul bourse on Jan. 9, the company said in a
regulatory filing, according to the news agency.

The new share issuance is part of the KRW700 billion debt-to-
equity swap program aimed at stabilizing the company, Jeong
Yu-mi, a spokesperson for STX Offshore & Shipbuilding, told
Yonhap.  Since the end of July, STX Offshore & Shipbuilding has
been under voluntary debt-relief and rescheduling program, the
report notes.

According to the report, financial sources said the company's
creditors plan to provide KRW200 billion this month instead of
next year as planned, due to its debts worth about KRW97 billion
that are set to expire on Dec. 23.

Yonhap relates that creditors, including the state-run Korea
Development Bank (KDB), were to provide KRW2.7 trillion, of which
KRW650 billion would be offered next year, to help the shipbuilder
get back on its feet.

KDB, the main creditor of the shipbuilder, plans to ask other
creditors to approve of the plan by Sunday, December 22, the
sources said, Yonhap reports.

STX Offshore and two other units of the STX Group had voluntarily
sought debt rescheduling with their creditors, Bloomberg News

STX Pan Ocean sought court receivership after Korea Development
Bank, the main creditor and Pan Ocean's second-biggest
shareholder, decided against buying the company from STX Group,
Bloomberg News reported.

STX Group -- with businesses ranging from shipbuilding to
components that go into vessels -- is the largest shareholder of
Seoul-based Pan Ocean.  The parent has been trying to raise
KRW2.5 trillion (US$2.2 billion) by selling stakes in units as a
slump in bulk shipping rates caused ship orders to tumble,
Bloomberg News said.

V I E T N  A M

VIETNAM NATIONAL: Two Former Executives Get Death Sentence
South China Morning Post reports that Vietnam on Dec. 16 sentenced
two former top executives at scandal-hit Vietnam National Shipping
Lines or Vinalines to death for embezzlement as authorities try to
allay rising public anger over corruption.

State-owned Vinalines nearly collapsed under some US$3 billion of
debt, according to official media, in one of several high profile
scandals at large state-run companies that are a pillar of the
economy, SCMP relates.

Former Vinalines chairman Duong Chi Dung, who fled the country but
was later apprehended, and the group's chief executive Mai Van
Phuc were given the death penalty on Dec. 16 after a three-and-
half day trial, according to the report.

"Dung's behaviour caused especially serious consequences," the
report quotes court president Ngo Thi Anh as saying.
The report says Mr. Dung, 56, fled after the scandal broke in May
last year when Vinalines defaulted on loans worth more than US$1.1
billion.  He was arrested in September last year in neighbouring
Cambodia after three months on the run.

According to SCMP, the death sentences relate to the chairman and
CEO's role in the procurement of an old, broken Japanese floating
dock which then racked up enormous repair and maintenance bills.

"Going on the run showed that he (Dung) wanted to escape from his
responsibilities," the court president said, adding that he was
the main driver of the embezzlement scheme that was estimated to
involve more than US$1.5 million.

"All the defendants were (communist) party members but became
rotten in their nature (and) need to be seriously punished before
law," Ngo Thi Anh, as cited by SCMP, added.

Eight other defendants, all officials at Vinalines or other state-
owned entities, were given between four and 22 years in jail on
charges of defying state regulations and embezzlement, the report

Vietnam National Shipping Lines engages in port and marine

VIETNAM: Moody's Says B2 Rating Reflects Macroeconomic Stability
In a report published Dec. 12, 2013, Moody's Investors Service
says that the stable outlook on Vietnam's B2 government bond
rating reflects a firming of macroeconomic settings and initial
progress on the restructuring of the banking system.

The rating agency's report is an annual update to the markets and
does not constitute a rating action. Moody's Sovereign Bond
Ratings Methodology looks at four factors and assesses them as
follows for Vietnam: economic strength at moderate; institutional
strength at very low; fiscal strength at moderate (+); and
susceptibility to event risk at high.

Vietnam's real GDP growth has rebounded from lows reached last
year and has been accompanied by stable inflation and a
strengthening in the external payments position. In particular,
the growth of the foreign-owned manufacturing sector's exports,
particularly in telephones, has helped restore health to the
current account and the overall balance of payments. As a result,
foreign exchange reserves are near multi-year highs. Consequent
exchange rate stability has in turn contributed to benign
inflation over the past two years.

Vietnam's most pressing credit challenges relate to contingent
risks from the banking system and state-owned enterprises (SOE).
While the government's direct liabilities to the two sectors
remain moderate, the expansion of SOEs' balance sheets in the last
decade was facilitated by rapid domestic credit growth that has
contributed to a much larger debt burden for the public sector.

However, Moody's report also says that there has been progress on
the restructuring of the banking system, although the risks that
contributed to the rating downgrade to B2 in September 2012 have
not been completely alleviated. Notably, the Vietnam Asset
Management Company has started to absorb non-performing loans from
the banking sector, which should over time reduce downside risks.

Vietnam's favorable debt structure provides additional credit
support. A significant portion of the government's annual
financing needs and thus its debt stock are sourced from official
creditors on concessional, low cost and generous repayment terms,
bolstering debt affordability.


* BOND PRICING: For the Week Dec. 9 to Dec 13, 2013

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


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 GOVERNMENT       1.64   12/15/33    CNY       61.72


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


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


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


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 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


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


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


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

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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