TCRAP_Public/131226.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

          Thursday, December 26, 2013, Vol. 16, No. 254


                            Headlines


A U S T R A L I A

AIR AUSTRALIA: ASIC Disqualifies Michael James For Three Years
BRINDABELLA AIRLINES: Retrenches 128 Staff After Collapse
NUFARM LTD: S&P Lowers Rating on US$325 Million Notes to 'B+'
WALTON CONSTRUCTION: ASIC Challenges Liquidators on Independence


I N D I A

ARIHANT SHIP: CRISIL Assigns 'B' Rating to INR80MM Loan
ASHTAVINAYAK CINE: CRISIL Suspends 'D' Ratings on INR315MM Loans
BLISS ANAND: CRISIL Suspends 'B+' Ratings on INR106MM Loans
BRITEX COTTON: CRISIL Upgrades Rating on INR200MM Loan to 'B+'
COGENT ENGINEERS: CRISIL Suspends 'B+' Ratings on INR38MM Loans

COMPUTER ENGINEERS: CRISIL Suspends 'B+' Rating on INR50MM Loan
GAYATRI SEA: CRISIL Reaffirms 'B+' Rating on INR150MM Loan
JIWAN POLYCOT: CRISIL Cuts Ratings on INR57.5MM Loans to 'B'
RATHORE FREIGHT: CRISIL Reaffirms 'D' Ratings on INR99MM Loans
SATYAM ISPAT: CRISIL Raises Ratings on INR440MM Loans to 'C'

SHAMLI SUGAR: CRISIL Suspends 'B-' Ratings on INR74.8MM Loans
SUMESH ENGINEERS: CRISIL Reaffirms 'B' Rating on INR30MM Loan
TATA STEEL: S&P Raises CCR of UK Unit to 'BB-'; Outlook Negative
UNITED INDIA: CRISIL Reaffirms 'D' Ratings on INR382MM Loans


J A P A N

CORSAIR (JERSEY): S&P Raises Rating on JPY3BB Loan to BB-


M O N G O L I A

MONGOLIAN MINING: S&P Keeps 'B-' CCR on CreditWatch Negative


N E W  Z E A L A N D

AORANGI SECURITIES: Bid to Exclude Jenks as Investor Junked


S I N G A P O R E

AEGIS LTD: S&P Lowers CCR to 'B+'; Outlook Stable


S R I  L A N K A

* SRI LANKA TELECOM: S&P Affirms Foreign Currency CCR at 'B+'


T H A I L A N D

* THAILAND: Slowdown Sees Rise in Personal, Business Bankruptcies


                            - - - - -


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


AIR AUSTRALIA: ASIC Disqualifies Michael James For Three Years
--------------------------------------------------------------
The Australian Securities and Investment Commission has
disqualified Michael David James, of Brisbane, Queensland, from
managing corporations for three years for his involvement in the
failure of seven companies in the Air Australia Group.

The seven companies in the Air Australia Group were:

    Strategic Airlines Pty Ltd
    Strategic Aviation Group Pty Ltd
    Air Australia Airways Pty Ltd
    Ozjet Airlines Pty Ltd
    Strategic Engineering Australia Pty Ltd
    Strategic Global Pty Ltd
    Strategic Aviation Pty Ltd.

Liquidators were appointed to those companies in March 2012. ASIC
found that Mr. James allowed the companies to trade in
circumstances where there were a number of insolvency indicators
present and failed to comply with his director's duty to act with
care and diligence.

The Air Australia Group of Companies was wound up with an
estimated deficiency of approximately AUD97.1 million, including
approximately AUD36 million owing to Air Australia ticketholders.

ASIC Commissioner Greg Tanzer said, "ASIC's power to disqualify
directors of failed companies is an important preventative measure
that we use to safeguard and secure the public interest in
transparency and accountability of companies."

                       About Air Australia

The Air Australia fleet consists of five Airbus A330-200 and
A320-200 aircraft, with headquarters in Hendra, Queensland.
Regular flight paths included Bali, Phuket and Honolulu as well
as Australian domestic destinations such as Melbourne, Brisbane,
Perth, Port Hedland and Derby.

On Feb. 17, 2012, Mark Korda and John Park of KordaMentha were
appointed by the Director of the Strategic Aviation Group as
voluntary administrators for the firm.  The group consists of
seven companies including Air Australia, Strategic Engineering
Australia, and Strategic Aviation Charter.

ANZ was the airline's the biggest creditor, owed more than
AUD20 million, Australian Associated Press discloses.


BRINDABELLA AIRLINES: Retrenches 128 Staff After Collapse
---------------------------------------------------------
The Australian Associated Press reports that nearly all staff at
Brindabella Airlines have been told they're out of a job just two
days before Christmas.

AAP relates that the 140 workers at the Canberra-based airline
were told on Dec. 23 that 128 of them had lost their jobs.

According to the news agency, staff were told the airline could no
longer be sold after it lost most of its licenses and the majority
of its planes were returned to their owners.

All but a dozen staff at the cash-strapped airline will be
retrenched, as the receivers KordaMentha try to sell the company's
remaining assets, mainly four J-41 jetliners, AAP relays.

According to the AAP, KordaMentha spokesman Michael Smith said the
receivers did not want to dangle false hope in front of the
workers once it became clear there wasn't anything left to sell.

"It's a terrible time of year for this to happen," Mr. Smith told
AAP on Dec. 23.  "But the receivers thought it was better to be
upfront with the workers as soon as the worst had been realised,
to give them every possible chance to use the holiday period to
look for work."

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.

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.


NUFARM LTD: S&P Lowers Rating on US$325 Million Notes to 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BBB-' long-term issue rating to Nufarm Ltd.'s senior secured
A$530 million bank facility, which has replaced the company's
A$406 million facility.  At the same time, S&P lowered the senior
unsecured issue rating on Nufarm Australia Ltd.'s US$325 million
notes to 'B+' from 'BB-', following the refinancing of its senior
secured syndicated bank facilities.

The downgrade on the senior unsecured issue reflects its
structural subordination and an increase in the senior secured
facility size to A$530 million from A$406 million.  Security
offered for the new senior secured facility will be Australian,
New Zealand, and U.S. tangible assets, except for assets already
pledged to the securitized receivables program's special-purpose
vehicle, Nufarm Finance BV, but including the subordinated loan
provided by Nufarm Holdings SAS to Nufarm Finance BV.

Standard & Poor's simulated default scenario assumes a payment
default in 2018 due to material worsening in Nufarm's operating
results arising from a significant and prolonged weakening in
global demand from the agribusiness sector.  Under this scenario,
there is adequate enterprise value to provide a very high recovery
for the senior secured credit facilities (assuming a fully drawn
facility).  Therefore, S&P has assigned a recovery rating of '1'
to the senior secured bank facility, indicating that lenders
should expect high recovery of principal (90%-100%) in the event
of default.  S&P also assigned a recovery rating of '6' to the
senior unsecured notes, indicating lenders should expect
negligible recovery (0%-10%).

At the same time, S&P has affirmed the 'BBB-' issue rating on the
securitized receivables program and the recovery rating of '1',
indicating that lenders should expect high recovery of principal
(90%-100%) in the event of default.  Subsequently, S&P has
withdrawn the rating on the securitized receivables program at the
request of the issuer.  S&P has also affirmed the 'B+' issue
rating and recovery rating of '6' on Nufarm's subordinated NSS
hybrid notes, indicating lenders should expect negligible recovery
(0%-10%).

The outlook on the 'BB' issuer credit rating on Nufarm is
negative, reflecting S&P's view that the company may face
challenges in restoring its metrics to those comfortably in line
with its expectations for the 'BB' rating.  If the company is
unable to restore its adjusted debt to EBITDA to about 3.5x and
generate meaningful positive free operating cash flow metrics, or
its liquidity deteriorates during the next 12 months, S&P may
lower the rating to 'BB-'.

S&P may revise the outlook to stable if Nufarm were to restore its
metrics and demonstrate its commitment to sustaining its metrics
in line with its expectations for the rating.  A stable outlook
would assume that Nufarm's appetite for acquisitions remained
modest and focused predominantly on small bolt-on opportunities.
A significant improvement in working capital management to
mitigate its exposure to the volatile agribusiness sector would be
evidenced by adjusted debt to EBITDA of about 3.5x, and a return
to generating meaningful positive free operating cash flow.


WALTON CONSTRUCTION: ASIC Challenges Liquidators on Independence
----------------------------------------------------------------
The Australian Securities and Investment Commission has applied to
the Federal Court of Australia seeking the removal and replacement
of the liquidators of Walton Construction Pty Ltd and Walton
Construction (Qld) Pty Ltd on the grounds of a perceived lack of
independence.

ASIC is also seeking a declaration from the court that the
liquidators' declarations of independence, relevant relationships
and indemnities made to the companies' creditors were inadequate.

If the court decides not to remove the liquidators, ASIC will seek
orders that the liquidators:

   * provide new declarations of independence, relevant
     relationships and indemnities, and
   * convene meetings of creditors so that they can consider
     whether to replace the liquidators, having been fully
     informed of the relevant matters.

In carrying out their functions and duties, the liquidators will
be required to investigate prior transactions involving entities
connected with the adviser which referred the companies to them.
ASIC believes that those transactions and the referral
relationship were not sufficiently disclosed to creditors at the
appropriate time and that there is a perceived lack of
independence that makes it inappropriate for the liquidators to
hold office as liquidators of the companies.

ASIC Commissioner, John Price said: 'Independence is vital to a
fair and efficient market, particularly given the referral model
widely used in the insolvency profession. The law sets a high
standard for insolvency practitioners to act in the interest of
creditors.

'Creditors must have absolute confidence in a liquidator's
independence knowing that they are free of any conflict, both
actual and perceived.'

Glenn Franklin -- gfranklin@lawlerdd.com.au -- Stirling Horne --
shorne@lawlerdd.com.au -- and Jason Stone --
jstone@lawlerdd.com.au -- were appointed as voluntary
administrators of the companies on Oct. 3, 2013. They were
subsequently appointed as liquidators on Nov. 8, 2013.

The matter will be heard by the Federal Court on Feb. 19, 2014.

Walton Construction was a Melbourne-based builder.  The company
was founded in 1993 by Craig Walton and had offices in Melbourne,
Sydney and Brisbane.



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


ARIHANT SHIP: CRISIL Assigns 'B' Rating to INR80MM Loan
-------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Arihant Ship Breakers, and assigned its 'CRISIL
B/Stable/CRISIL A4' ratings to these facilities. CRISIL had
suspended its rating on Nov. 1, 2013, as Arihant had not provided
the necessary information required for reviewing the rating.
Arihant has now shared the requisite information, thereby enabling
CRISIL to assign a rating to the bank facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            20      CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit               80      CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

The ratings reflect Arihant's susceptibility to risks related to
project execution, large working capital requirements, and modest
scale of operations in the cyclical and fragmented ship-breaking
industry. These rating weaknesses are partially offset by the
extensive industry experience of Arihant's proprietor in the ship
breaking industry.

Outlook: Stable

CRISIL expects Arihant to maintain its business risk profile over
the medium term backed by the established track record of the
proprietor in the ship breaking industry. The outlook maybe
revised to 'Positive' if Arihant is able to execute the current
project from the Goa government in time and also able to achieve
timely realisation of dues from the project. Conversely, the
outlook may be revised to 'Negative' if execution of the project
is delayed leading to impact on the revenues, margins and
liquidity of the concern.

Arihant was set up in 1983 as a partnership firm by Mr. Sanjeev
Jain and his wife, Mrs. Nita Jain. The firm was subsequently
reconstituted as a proprietorship concern under Mrs. Nita Jain.
Arihant used to operate from Alang (Gujarat) but later on shifted
base to Mumbai (Maharashtra). Along with the ship-breaking
business, Arihant is also engaged in ship broking business.

In March 2011, Arihant was awarded a tender by the Government of
Goa to demolish MV River Princess (dead weight of 20,000 tonnes),
which has been stranded at the Candolim Beach in North Goa since
June 2000. As per the company, the total consideration for this
project will be INR 990 million including the proceeds from scrap
sales and the amount to be received from the Goa government.

Arihant reported a profit after tax(PAT) of INR1.4 million on net
sales of INR32.6 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.6 million on net
sales of INR384.5 million for 2011-12.


ASHTAVINAYAK CINE: CRISIL Suspends 'D' Ratings on INR315MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Ashtavinayak Cine Vision Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            20      CRISIL D Suspended

   Cash Credit              255      CRISIL D Suspended

   Proposed Long-Term
   Bank Loan Facility        40      CRISIL D Suspended

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

SACVL, incorporated in 2001, is a film production house and also
undertakes distribution and exhibition of films. It is managed by
Mr. Dhilin Mehta, who acquired the company from its original
promoter, Mr. Amit Behl. SACVL has produced 13 films so far, and
distributed 32 films. The company raised funds through initial
public offering in December 2006 by issuing 3,728,000 equity
shares at INR160 per share. The proceeds of INR596.4 million were
utilised to fund film production. In December 2009, the company
raised INR3.25 billion through a global depository receipt issue.
The majority of the proceeds were given as advances to SACVFZE for
film production.


BLISS ANAND: CRISIL Suspends 'B+' Ratings on INR106MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bliss
Anand Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           25       CRISIL A4 Suspended

   Cash Credit              50       CRISIL B+/Stable Suspended
   Proposed Bank
   Guarantee                55       CRISIL A4 Suspended

   Proposed Bill
   Discounting Facility     20       CRISIL A4 Suspended

   Proposed Cash Credit
   Limit                    10       CRISIL B+/Stable Suspended

   Proposed Export
   Packing Credit           40       CRISIL A4 Suspended

   Proposed Term Loan       46       CRISIL B+/Stable Suspended

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

Incorporated in 1975, BAPL manufactures level gauges and control
and safety relief valves used in the oil and gas sector. Based in
Manesar (Haryana), the company has three manufacturing facilities;
one each in Manesar, Bawal (Haryana), and Jaber Ali (Dubai). The
company is promoted by Mr. Prem Anand. Over the years, Mr. Prem
Anand's sons, Mr. Vikas Anand, Mr. Gaurav Anand, and Mr. Kunal
Anand, have also joined the business and look after various
departments.


BRITEX COTTON: CRISIL Upgrades Rating on INR200MM Loan to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Britex Cotton International Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and reaffirmed its rating on the company's short-term
facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               200     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit          300     CRISIL A4 (Reaffirmed)

The rating upgrade reflects the substantial improvement in BCIL's
revenues. The company registered operating revenues of INR3.11
billion in 2012-13 (refers to financial year, April 1 to
March 31) as against INR1.67 billion in 2011-12. The increase was
driven by higher demand for raw cotton by cotton mills on account
of robust demand for cotton yarn by Chinese fabric and ready-made
garment manufacturers. BCIL has achieved sales growth while
maintaining a moderate operating profit margin of around 2.3 per
cent in 2012-13, as against 1.67 per cent in 2011-12.

The rating upgrade also factors in BCIL's improved liquidity as a
result of unsecured loans extended to its group companies in the
past being brought back into the company to fund its incremental
working capital requirements. The funds brought back are expected
to remain in the business over medium term, further supplemented
by support extended by its group entities. The improvement in
liquidity is also reflected in the improvement in BCIL's gross
current assets to 150 days as on March 31, 2013, from 230 days as
on March 31, 2012.

The ratings, however, continue to reflect BCIL's modest scale of
operations, and its limited pricing flexibility in an industry
that is vulnerable to volatility in commodity prices and to any
regulatory changes. The ratings also factor in the company's
below-average financial risk profile, marked by a high total
outside liabilities to tangible net worth ratio of 6.22 times as
on March 31, 2013, and a low interest coverage ratio of 1.47 times
in 2012-13. These rating weaknesses are partially offset by the
extensive experience of BCIL's promoters in the cotton and yarn
trading industry, the company's established clientele, and its
tie-ups with suppliers.

For arriving at the ratings, CRISIL has treated unsecured loans of
INR60 million as on March 31, 2013, extended to BCIL by its
promoters as neither debt nor equity, as these loans will be
retained in the business and interest charged on them is lower
than the bank rate.

Outlook: Stable

CRISIL believes that BCIL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if BCIL reports more-than-
expected growth in its revenues and margins, leading to
improvement in its cash accruals and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
company's debt protection metrics deteriorate, caused most likely
by lower-than-expected growth in revenues and margins, or a
significant stretch in its working capital cycle. Significant
outflow of funds to its group companies may also result in a
'Negative' outlook.

BCIL was incorporated in 1996, promoted by Mr. Badresh Mehta, a
first-generation entrepreneur from Mumbai. The company trades in
yarn, fabrics, and cotton, and operates mainly in the Indian
market.


COGENT ENGINEERS: CRISIL Suspends 'B+' Ratings on INR38MM Loans
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Cogent
Engineers Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL A4 Suspended

   Bill Discounting           5      CRISIL A4 Suspended

   Cash Credit               34.3    CRISIL B+/Stable Suspended

   Overdraft Facility         3.7    CRISIL B+/Stable Suspended

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

Cogent, set up in 1984, manufactures and erects water tube
boilers. The company also undertakes projects for upgrading
boilers, boiler re-tubing, steam piping, and spent wash firing. It
also sells boiler spare parts. Cogent has in-house engineers to
design the boilers. Based on customer requirements, it designs
boilers with pressure, temperature, and tonnage specifications.
The company primarily supplies to independent power plants, and
process industries such as sugar, paper, chemicals, and
distilleries. It has a diversified customer base with exports to
South East Asia (including countries such as Thailand,
Philippines, Vietnam, Indonesia, and Turkey) and some parts of the
European Union. Cogent derives about 35 per cent of its total
revenues from exports.


COMPUTER ENGINEERS: CRISIL Suspends 'B+' Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Computer
Engineers.

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

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

CE was established in 1990 as a proprietorship firm by Mr. Chetan
Mehta. The firm undertakes civil construction contracts for the
BMC (Brihan Mumbai Corporation) and MHADA (Maharashtra Housing and
Area Development Authority) in and around Mumbai (Maharashtra). CE
gets majority of the contracts from the School Infra Cell
department of the BMC. The firm undertakes building repair and
construction work; of its total sales, around 70 per cent comes
from building repair work, and the remaining from building
construction work. CE is registered as an AA grade contractor for
the BMC.


GAYATRI SEA: CRISIL Reaffirms 'B+' Rating on INR150MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Gayatri Sea Foods and
Feeds Private Limited continue to reflect its modest scale of
operations in the intensely competitive seafood trading business,
working capital intensive nature of its operations and
geographical concentration of its revenues. These rating
weaknesses are partially offset by the extensive experience of
GSFFPL's promoters in seafood business.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         10       CRISIL A4 (Reaffirmed)
   Letter of Credit      150       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GSFFPL will continue to benefit from its
promoters' extensive experience in the seafood trading business.
The outlook may be revised to 'Positive' in case of a substantial
and sustained improvement in the company's scale of operation and
profitability leading to higher-than-expected cash accruals with
consequent improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' in case GSFFPL faces a decline in
revenues and profitability or lengthening of its working capital
cycle leading to pressure on liquidity and financial risk profile.

GSFFPL is an Andhra Pradesh based company incorporated in 2005.
The company trades in shrimp feed in the domestic market.
Currently, Mr. S.R. Satyanarayana Murthy and Mr. G Govardhan Rao
are the directors of the company.

GSFFPL reported a profit after tax (PAT) and net sales of INR3.5
million and INR533.9 million, respectively, for 2012-13 (refers to
financial year, April 1 to March 31); the company reported a PAT
of INR5.6 million on net sales of INR634.4 million for 2011-12.


JIWAN POLYCOT: CRISIL Cuts Ratings on INR57.5MM Loans to 'B'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank loan
facilities of Jiwan Polycot to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' while reaffirming its ratings on JP's short-term bank
loan facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 5.0     CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Cash Credit              52.5     CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit         10.0     CRISIL A4 (Reaffirmed)

The rating downgrade reflects weakening in JP's liquidity because
of large incremental working capital requirements, commensurate
with estimated year-on-year revenue growth of more than 20 per
cent in 2013-14 (refers to financial year, April 1 to March 31)
and reduction in capital. Three promoters exited the firm with
total capital withdrawals of around INR35 million in 2012-13.
Large incremental working capital requirements and significant
capital withdrawals led to extensive utilisation of the firm's
fund-based limits with instances of the limits being overdrawn;
the utilisation of the limits is expected to remain high over the
medium term, with expected low cash accruals.

The ratings reflect JP's stretched liquidity because of working-
capital-intensive operations, small scale of operations in a
highly fragmented industry, and susceptibility to changing demand
patterns for partially oriented yarn (POY) and to sharp volatility
in raw material prices. These rating weaknesses are partially
offset by the extensive experience of JP's promoters in the POY
industry and the firm's established relationship with customers.

Outlook: Stable

CRISIL believes that JP's liquidity will remain constrained by
large working capital requirements over the medium term. The
outlook may be revised to 'Positive' if the firm scales up its
operations significantly while improving its profitability,
leading to larger-than-expected cash accruals, and consequently,
improvement in liquidity. Conversely, the outlook may be revised
to 'Negative' if the firm's financial risk profile, especially
liquidity, deteriorates, mostly because of lower-than-expected
cash accruals and larger-than-expected working capital
requirements, or if the firm undertakes any large debt-funded
capital expenditure programme.

JP was established by members of the Goyal and Bansal families in
2005 to manufacture polyester POY. The firm set up its POY
manufacturing unit in Haridwar (Uttarakhand) with capacity of 5
tonnes per day (tpd), which commenced commercial operations in
September 2006. In 2008-09, the promoters set up fully drawn yarn
(FDY) capacity of around 3 tpd. The firm sells its polyester yarn
to socks and fabric weaving units in and around Delhi through its
exclusive distributors.

JP reported a profit after tax of INR6.4 million on net sales of
INR240.9 million for 2012-13, against a PAT of INR18.5 million on
net sales of INR271.7 million for 2011-12.


RATHORE FREIGHT: CRISIL Reaffirms 'D' Ratings on INR99MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of Rathore
Freight Carriers (RFC) continue to reflect instances of delay by
RFC in servicing its debt; the delays have been cause by RFC's
weak liquidity marked by stretched receivables.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              52.5     CRISIL D (Reaffirmed)

   Rupee Term Loan          36.0     CRISIL D (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility       10.5     CRISIL D (Reaffirmed)

RFC also has a weak financial risk profile, marked by high gearing
and below-average debt protection metrics, and a modest scale of
operations in the transportation industry. These rating weaknesses
are partially offset by the extensive experience of RFC's partners
in the transportation industry and its established clientele.

RFC was set up as a partnership firm in 1986 by the late Mr.
Girdharisingh Rathore. The firm operates in the transportation
industry; it has also diversified into the liquefied petroleum gas
(LPG) transportation business. The operations of the firm are
managed by Mr. Hanwant Singh Rathore.

For 2012-13 (refers to financial year, April 1 to March 31), RFC
reported profit of INR2.8 million on net sales of INR331.5 million
as against profit of INR3.2 million on net sales of INR352.5
million for 2011-12.


SATYAM ISPAT: CRISIL Raises Ratings on INR440MM Loans to 'C'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Satyam
Ispat (North East) Limited to 'CRISIL C/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               283     CRISIL C (Upgraded from
                                     'CRISIL D')

   Letter of Credit           95     CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Working Capital
   Term Loan                 123     CRISIL C (Upgraded from
                                     'CRISIL D')

   Proposed Long-Term         34     CRISIL C (Upgraded from
   Bank Loan Facility                'CRISIL D')

   Bank Guarantee              5     CRISIL A4 (Upgraded from
                                    'CRISIL D')

The upgrade reflects closure of one of its term loans leading to
reduced debt obligations and timely servicing of interest over the
past few months. However, rating remains constrained by the
commencement of repayment of its working capital demand loan from
January 2014, which will again exert pressure on its liquidity.
The company's ability to service the increased obligations on
time, given its large working capital requirement and low net cash
accruals remains a key rating sensitivity factor.

SINEL also has large working capital requirements, along with
limited pricing flexibility because of intense competition in the
steel industry. The company, however, benefits from the semi-
integrated nature of its operations.

SINEL, incorporated in 2005, is part of Satyam Group of
Industries. SINEL commenced commercial operations in April 2007.
It manufactures thermo-mechanically treated (TMT) bars, which it
sells under its Satyam Super TMT brand. The company has a semi-
integrated steel plant, with capacity to manufacture TMT and mild
steel billets.

SINEL reported a provisional profit after tax (PAT) of INR9
million on net sales of INR1267 million for 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR13
million on net sales of INR2138 million for 2011-12.


SHAMLI SUGAR: CRISIL Suspends 'B-' Ratings on INR74.8MM Loans
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shamli
Sugar Works Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               65      CRISIL B-/Stable Suspended
   Term Loan                  9.8    CRISIL B-/Stable Suspended

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

SSWPL, set up in 1995 by Mr. Ankit Singhal, manufactures MS ingots
used in the rolling mills. It uses sponge, pig, and scrap iron as
raw materials to produce steel billets and ingots. It has
manufacturing capacity of 22,500 tonnes per annum of steel ingots
at its plant in Muzaffarnagar (Uttar Pradesh). The average
capacity utilisation of the plant over the past three years has
been around 57 per cent. The company has two blast furnaces; the
second one was installed in 2009-10 (refers to financial year,
April 1 to March 31).


SUMESH ENGINEERS: CRISIL Reaffirms 'B' Rating on INR30MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sumesh Engineers Pvt
Ltd continue to reflect SEPL's working-capital-intensive, and
small scale of, operations in the highly fragmented electrical
industry, and high customer concentration in its revenue profile.
These rating weaknesses are partially offset by SEPL's moderate
financial risk profile, marked by healthy debt protection metrics,
and the extensive experience of its promoter in the electrical
industry, leading to established customer and supplier
relationships.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL A4 (Reaffirmed)
   Cash Credit               30      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the medium
term from its promoter's extensive industry experience and
established customer and supplier relationships. The outlook may
be revised to 'Positive' if SEPL's scale of operations improves
substantially, while it maintains its profitability, leading to
higher-than-expected cash accruals, or if it improves its working
capital management. Conversely, the outlook may be revised to
'Negative' if the company's liquidity weakens further, most likely
due to larger-than-expected working capital requirements or
substantial debt-funded capital expenditure (capex).

Update

SEPL's net sales of INR147.5 million in 2012-13 (refers to
financial year, April 1 to March 31), were marginally lower than
CRISIL's expectations. In current year also, the firm has achieved
revenues of about INR95 million till November 2013. The company's
revenues were mainly derived from the Gujarat Electricity Board
(GEB) and its subsidiaries. SEPL had an operating profitability
margin of about 7.5 per cent for 2012-13, which was higher than
6.95 per cent recorded in 2011-12 because of better realisations
on its order book.

SEPL's working capital requirement was better than expectations,
with receivables of about 50 days as on March 31, 2013, much lower
than 112 days a year earlier, as its major customer was GEB, to
which the company extends lower credit period of about 30 to 60
days. The company's inventory was also negligible because of the
low stock of finished goods maintained. SEPL's financial risk
profile was also moderate, with low gearing of about 1.3 times as
on March 31, 2013, though it had a small net worth of about INR20
million as on this date. The company's debt protection metrics
were moderate, with interest coverage ratio of about 2.55 times
and net cash accruals to total debt ratio of about 0.24 times, in
2012-13. SEPL does not have any significant debt-funded capex
plans, and is hence likely to maintain its moderate financial risk
profile over the medium term. SEPL's liquidity is marked by no
term debt obligations and low bank limit utilisation.

SEPL, on a provisional basis, reported a profit after tax (PAT) of
INR3.9 million on net sales of INR147.4 million for 2012-13, as
against a PAT of INR3.6 million on net sales of INR139.1 million
for 2011-12.

SEPL was established by Vadodara (Gujarat)-based Mr. Suresh Vyas
in 1992. It manufactures distribution transformers in the range of
5 kilovolt amperes to 5 megavolt amperes.


TATA STEEL: S&P Raises CCR of UK Unit to 'BB-'; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Tata Steel UK Holdings Ltd.
(TSUKH) to 'BB-' from 'B+'.  The outlook is negative.  S&P also
affirmed its 'B' short-term corporate credit rating on the U.K-
based company.  At the same time, S&P raised the issue rating on
TSUKH's GBP3.53 billion bank loan to 'BB' from 'BB-'.  S&P removed
all the ratings from CreditWatch, where they were placed with
positive implications on Nov. 26, 2013.  The recovery rating is
'2'.

"We upgraded TSUKH to 'BB-' from 'B+' because we view the company
as a "highly strategic" subsidiary of Tata Steel Ltd. under our
revised group rating methodology," said Standard & Poor's credit
analyst Mehul Sukkawala.  "We expect TSUKH to continue to receive
strong support from its parent.  We have therefore raised the
rating on TSUKH to one notch below the 'bb' group credit profile
of Tata Steel.  We assess TSUKH's stand-alone credit profile
(SACP) as 'b'."

S&P believes Tata Steel (BB/Negative/--) is fully committed to
supporting TSUKH because it considers the company to be a
strategic investment.  The companies share a common name.  Tata
Steel also intends to maintain good banking relationships with the
common lenders of TSUKH.  Tata Steel continues to provide
significant financial support to the subsidiary.  Nevertheless,
S&P notes that the investment has significantly underperformed as
compared with initial expectations and TSUKH has a significantly
weaker competitive position than the group.

TSUKH's "weak" business risk profile reflects S&P's view of the
company's "weak" competitive position and "moderately high" risk
in the steel industry.

"TSUKH's weak operating efficiency and competitive advantage stem
from the company's lack of raw material integration and its
exposure to volatility in prices, given the high proportion of
spot contracts," said Mr. Sukkawala.  "Higher cost of production
in U.K. plants and low capacity utilization in Europe underpin
TSUKH's below-average profitability compared with industry peers."

Nevertheless, TSUKH has a good market position as the second-
largest steel producer in continental Europe; it is the largest in
the U.K.  It also has a good product mix, with a large proportion
of value-added products.

S&P's assessment of TSUKH's financial risk profile as "highly
leveraged" is based on its expectation that the company's
financial ratios will remain weak over the next 12-18 months.  S&P
estimates the ratio of debt to EBITDA to exceed 7x and EBITDA
interest coverage to be less than 1.5x over the period.  S&P also
expects TSUKH's free cash flows to remain negative for the next
two years.

The negative outlook on TSUKH reflects S&P's rating outlook on
Tata Steel.

S&P would lower the rating on TSUKH if: (1) it lowers the rating
on Tata Steel; or (2) Tata Steel shows signs of reducing support
to TSUKH--although S&P believes this is unlikely.

S&P may revise the outlook to stable if it revises the outlook on
Tata Steel to stable.

Tata Steel UK Limited is the 100% subsidiary of Tata Steel Ltd,
and is the holding company for its European steel operations,
which principally consists of the Corus group.


UNITED INDIA: CRISIL Reaffirms 'D' Ratings on INR382MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of United India Shoe
Corporation Private Limited (part of the Florind group) continue
to reflect instances of delay by the Florind group in servicing
its debt; the delays have been caused by the group's weak
liquidity, arising from its working-capital-intensive operations.

                              Amount
   Facilities               (INR Mln)   Ratings
   ----------               ---------   -------
   Export Packing Credit       340      CRISIL D (Reaffirmed)

   Foreign Bill Discounting     42      CRISIL D (Reaffirmed)

The Florind group also has a weak financial risk profile, marked
by high gearing and weak debt protection metrics. Furthermore, the
group has customer concentration in its revenue profile and is
exposed to risks related to fluctuations in foreign exchange
rates. The Florind group, however, benefits from its integrated
operations, its long-standing relationships with its customers,
and the extensive industry experience of its promoters.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of UNISCO, Florind Shoes Pvt Ltd (FSPL),
and Eastern Chrome Tanning Corporation Pvt Ltd (ECTC). This is
because all these companies, collectively referred to as the
Florind group, have a common management, are in similar lines of
business, and have fungible cash flows among them.

The Florind group was set up in 1978 by Mr. K Ameenur Rahman under
the K Ameenur Rahman (KAR) group of companies, with FSPL as the
group's flagship company. FSPL (set up in 1978) and UNISCO (2001)
manufacture shoes. ECTC, set up in 2001, specialises in processing
finished leather from cow hides.

The KAR group comprises nine companies, all engaged in activities
ranging from leather processing to manufacturing finished leather
products; however, the entities other than the Florind group, are
managed independently.



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


CORSAIR (JERSEY): S&P Raises Rating on JPY3BB Loan to BB-
---------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
rating on one Japanese synthetic collateralized debt obligation
(CDO) transaction, and removed the rating from CreditWatch with
positive implications.

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

S&P has raised its rating to the level at which the tranche's SROC
level exceeds 100% and meets our minimum cushion requirement as of
the review date.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATING RAISED, REMOVED FROM CREDITWATCH POSITIVE

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



===============
M O N G O L I A
===============


MONGOLIAN MINING: S&P Keeps 'B-' CCR on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had kept its 'B-'
long-term corporate credit rating on Mongolian Mining Corp. (MMC)
and its 'B-' issue rating on the company's outstanding senior
unsecured notes on CreditWatch with negative implications.  S&P
had first placed all the ratings on CreditWatch with negative
implications on Aug. 30, 2013.

"We kept MMC on CreditWatch with negative implications because the
company continues to face heightened liquidity and refinancing
risks in 2014, pending the completion of its initiatives to
bolster its liquidity," said Standard & Poor's credit analyst
Xavier Jean.

MMC intends to sell certain assets, refinance its amortizing bank
loans, and settle its promissory notes to stem the erosion in its
liquidity buffer.  S&P has better clarity on the terms,
conditions, and likely timing of MMC's asset sales compared with
three months ago.  But the company is yet to receive the asset
sales proceeds and refinance its amortizing bank loans throughout
2014 and promissory notes due in March and December 2014.

S&P do not expect the rating on MMC to be higher than 'B-'
following the resolution of the CreditWatch, and even if the
company's liquidity situation improves markedly over the next 12
months.  That's because S&P expects MMC's financial risk profile
to remain "highly leveraged" in 2014 and 2015, with S&P's forecast
of a ratio of debt to EBITDA of about 10x and EBITDA interest
coverage of close to 1.5x.

The CreditWatch resolution will depend on the final execution of
MMC's following liquidity management initiatives: (1) the receipt
of proceeds from asset sales; (2) the refinancing of its
amortizing bank loans with a slower debt amortization profile than
at present; and (3) the settlement of the amortizing promissory
notes.

"We will likely lower the rating if MMC does not receive the
proceeds from its asset sales by the end of 2013," said Mr. Jean.
While these proceeds will support MMC's short-term liquidity, S&P
believes substantial downward rating pressure will remain until
the company refinances its bank loans and addresses the settlement
of its promissory notes, given its debt servicing requirements in
March 2014.

S&P believes downward rating pressure on MMC could reduce if the
company: (1) receives the proceeds from the asset sales before the
end of 2013; and (2) addresses the amortization of its bank loans
and the settlement of its promissory notes before the end of
February 2014.



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


AORANGI SECURITIES: Bid to Exclude Jenks as Investor Junked
-----------------------------------------------------------
BusinessDesk reports that the statutory managers for the late
Allan Hubbard's Aorangi Securities have lost a bid to exclude an
American widow who had some $5.8 million invested with the Timaru
businessman.

In the High Court in Christchurch, Justice Robert Dobson on
Dec. 23 struck down a bid by Grant Thornton's Richard Simpson,
Trevor Thornton and Graeme McGlinn to have Susan Jenks and her
deceased husband declared not investors in Aorangi Securities, one
of the Hubbard investment vehicles under their statutory
management, according to BusinessDesk.

The report relates that the statutory managers claimed the Jenks'
investment was with Southbury Group, and were resisting their
claim to be recognised as a creditor of Aorangi, as it would cut
the proportionate entitlement of other creditors.

They claimed the exclusion was confirmed by Allan Hubbard's
juggling of the Jenks' investment between the entities leading up
to their appointment, the report says.

BusinessDesk notes that while the judge was satisfied the
investment was in the Southbury unit at the time the managers were
appointed, he said they erred in dismissing a letter from Hubbard
to Susan Jenks in October 2010 affirming a personal guarantee to
Aorangi and implying a constraint on moving her funds without
obtaining her instructions.

That meant Hubbard's shuffling of Jenks' assets amounted to breach
of his fiduciary duties, though the statutory managers did not
argue he had been deliberately untruthful, the judgment said, the
report relays.

"However well meaning, and irrespective of any misguided
subjective justification Mr Hubbard had for taking Mrs Jenks'
money out of ASL, his conduct in doing so breached the fiduciary
obligations he owed her, to deal with her money only in her best
interests," the report quotes Justice Dobson as saying.

The judge said that given Hubbard's close identity with and
authority to bind Aorangi, the fund wasn't able to deny that it
continued to hold Jenks' funds, meaning the statutory managers are
obliged to treat her as a depositor, BusinessDesk relays.

Justice Dobson awarded costs to Jenks, turning down the managers'
bid to have each party bear their own costs, the report notes.

                     About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reported.



=================
S I N G A P O R E
=================


AEGIS LTD: S&P Lowers CCR to 'B+'; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on India-based business process outsourcing (BPO)
company Aegis Ltd. to 'B+' from 'BB-'.  The outlook is stable.
S&P removed the rating from CreditWatch, where it was placed with
negative implications on Nov. 26, 2013.  S&P then withdrew the
rating at the company's request.

S&P lowered the rating on Aegis to primarily reflect its
assessment of the group's credit profile under its revised group
rating methodology and Aegis' strategic role within the group.
S&P believes the Ruia family is the majority shareholder of Essar
Global Fund, which owns and controls the Essar Group entities and
has influence over their strategies.  The group companies include
Essar Energy PLC, Essar Steel Ltd., and Aegis.  S&P consolidated
these entities as if they were a single entity and arrived at its
'b' assessment for the group credit profile of Essar Group.

S&P's stand-alone credit profile of Aegis was 'bb-'.  However,
S&P's rating on Aegis was negatively affected by the company being
a part of the Essar Group.  Based on S&P's criteria, it viewed
Aegis as a "nonstrategic" and an "insulated" member of the group,
and capped the rating at 'B+', one notch above its group credit
profile of Essar Group.

S&P viewed the group's financial profile as "highly leveraged,"
given that key group companies, such as Essar Energy and Essar
Steel, have sizable debt.  S&P evaluated the group's consolidated
cash flow adequacy and leverage as weaker than that of Aegis on a
stand-alone basis.  In addition, S&P assessed Essar Group's
business risk profile as "weak," considering the market presence
and profitability of key group members in its mainstay
infrastructure business.

S&P's assessment of Aegis as a "nonstrategic" member of the group
indicated that the group could sell Aegis in the near to medium
term.  Aegis' business is not integral to the group and it does
not share the group's name.  S&P also assessed Aegis to be an
"insulated" member of the group mainly because its financial
performance and funding prospects are highly independent.  S&P
therefore rated the company one notch above the group credit
profile on Essar Group.  However, S&P still believes that the
Essar Group and the Ruia family retain a certain level of control
over Aegis' management policy, backed by the group's almost 100%
ownership in the company.

Aegis' stand-alone credit profile was underpinned by its "weak"
business risk profile and "significant" financial risk profile, as
defined in S&P's criteria.  S&P's business risk profile assessment
reflected the company's high reliance on its inbound voice
business, its relatively low margins, and high attrition rate in
the competitive BPO industry.  The company's moderate size and
recurring revenues from a good client base mitigated those
weaknesses.  In addition, Aegis' financial risk profile reflected
the steady cash flow from its BPO business and our expectations of
a ratio of funds from operations to debt of 25%-30% and a ratio of
debt to EBITDA of 2x-3x over the next two years.

At the time of the withdrawal, the stable outlook on Aegis
reflected S&P's expectation that the company would steadily
improve its EBITDA margin and maintain a stable financial
performance over the next 12 months.  At the same time, S&P
expected Aegis to remain "insulated" from its parent group over
the medium term.

S&P could have lowered the rating if it believed the group credit
profile had deteriorated.  S&P could also have downgraded Aegis if
the company had lost the required characteristics of an "insulated
subsidiary," such as rising influence from the group members.

S&P could have upgraded Aegis if it believed it was no longer part
of Essar Group, or if its view of the group credit profile
strengthened.

RATINGS SCORE SNAPSHOT

Corporate Credit Rating: B+/Stable/--

Business risk: Fair
   -- Industry risk: Intermediate risk
   -- Country risk: Intermediate risk
   -- Competitive position: Weak
Financial risk: Significant
   -- Cash flow/leverage: Significant
Anchor: 'bb-'

Modifiers
   -- Diversification: No impact
   -- Capital structure: Neutral (no impact)
   -- Liquidity: Adequate (no impact)
   -- Financial policy: Neutral (no impact)
   -- Management and Governance: Fair (no impact)
   -- Comparable Rating Analysis: Neutral (no impact)
Stand-alone credit profile: bb-

Group credit profile: b

Entity status within group: Nonstrategic



================
S R I  L A N K A
================


* SRI LANKA TELECOM: S&P Affirms Foreign Currency CCR at 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services carried out several rating
actions on five companies: PT Telekomunikasi Selular (Telkomsel);
PT Astra International Tbk.; Pakistan Mobile Communications Ltd.;
Sri Lanka Telecom PLC; and Philippine Long Distance Telephone Co.
(PLDT).

S&P raised the long-term local currency and ASEAN regional scale
ratings on Telkomsel.  S&P affirmed the long-term local currency
ratings on Astra, Pakistan Mobile, and Sri Lanka Telecom.  S&P
also affirmed the long-term ASEAN regional scale ratings on Astra
and PLDT.  S&P removed all these ratings from CreditWatch, where
they were placed with positive implications on Nov. 26, 2013, as a
result of its new criteria.

At the same time, S&P affirmed the foreign currency ratings on all
the five companies.

S&P also assigned its 'BBB' long-term local currency rating to
PLDT.

The rating outlooks on all the companies are stable.

RATINGS LIST

                              To               From
PT Telekomunikasi Selular
Corporate credit rating
Local currency               BBB/Stable/--    BBB-/Watch Pos/--
Foreign currency             BBB-/Stable/--   BBB-/Stable/--
ASEAN regional scale          axA/--           axA-/Watch Pos/--

PT Astra International Tbk.
Corporate credit rating
Local currency               BBB-/Stable/--   BBB-/Watch Pos/--
Foreign currency             BBB-/Stable/--   BBB-/Stable/--
ASEAN regional scale          axA-/--          axA-/Watch Pos/--

Philippine Long Distance Telephone Co.
Corporate credit rating
Local currency               BBB/Stable/-- (new rating)
Foreign currency             BBB/Stable/--    BBB/Stable/--
ASEAN regional scale          axA/--           axA/Watch Pos/--

Sri Lanka Telecom PLC
Corporate credit rating
Local currency               B+/Stable/--     B+/Watch Pos/--
Foreign currency             B+/Stable/--     B+/Stable/--

Pakistan Mobile Communications Ltd.
Corporate credit rating
Local currency               B-/Stable/--     B-/Watch Pos/--
Foreign currency             B-/Stable/--     B-/Stable/--

Based on S&P's criteria for ratings above the sovereign, it
applies a stress test simulating a hypothetical sovereign foreign
currency default scenario for ratings to be above the sovereign
foreign currency rating.  S&P also applies a test with incremental
stress for ratings to be above the sovereign local currency
rating.  All the five companies pass these stress tests.  The
foreign currency rating is then capped by S&P's transfer and
convertibility (T&C) assessment for the country in which the
company operates.

Although local currency ratings are not directly capped by the T&C
assessment, S&P considers the incremental stress associated with a
T&C event while evaluating if a local currency rating should
exceed the T&C assessment.  S&P specifically considers: (1) the
impact of T&C controls on factors other than debt-service, such as
the company's ability to import the required raw materials and
capital equipment; and (2) the impact of T&C controls on debt
acceleration clauses on the company's foreign currency debt and
cross default clauses on its local currency debt.  Therefore, for
the local currency rating to exceed the T&C assessment, a company
should have the ability to repay all its foreign currency debt (in
the local currency equivalent amount), all the local currency debt
accelerated due to cross default with foreign currency debt, and
other regular debt maturities using cash and bank balances (after
applying S&P's standard criteria assumptions) and funds from
operations expected to be generated under sovereign stress over
two to three months.

T&C stress refers to an event in which the sovereign is under
severe stress and restricts a non-sovereign entity's access to
foreign exchange to meet debt-service obligations.  Under the
hypothetical T&C stress test, S&P assumes that T&C restrictions by
the sovereign result in companies defaulting on all their foreign
currency debt obligations within a few months of the T&C event.
Such a default could trigger acceleration of the companies' local
currency obligations that have cross default clauses with foreign
currency debt.

Of the five companies, S&P expects only Telkomsel to clear its
hypothetical T&C stress because the company has a very low level
of debt and a net cash position.  S&P will continue to rate Astra
and PLDT one notch above sovereign rating, i.e., the same as the
T&C assessment for Indonesia and Philippines, respectively.  The
ratings on Sri Lanka Telecom and Pakistan Mobile will remain in
line with the sovereign rating because S&P's T&C assessment for
Sri Lanka and Pakistan is the same as the sovereign rating.  Based
on S&P's new corporate ratings methodology, the stand-alone credit
profiles of all the five companies are two to three notches above
the final rating: Telkomsel at 'a-'; Astra at 'bbb+'; PLDT at 'a-
'; Sri Lanka Telecom at 'bb+'; and Pakistan Mobile at 'bb-'.

S&P has restricted the local currency rating on Telkomsel to two
notches above the sovereign foreign currency rating on Indonesia,
which is one notch above its T&C assessment for the country.  S&P
believes the company benefits from the agreement between its
shareholders, Indonesia government-owned PT Telekomunikasi
Indonesia Tbk. (Telkom Indonesia), which owns 65%, and Singapore
Telecommunications Ltd., which owns the balance stake.  The
agreement limits Telkom Indonesia's influence on Telkomsel's
business and financial strategies.  However, S&P believes
government intervention in case of significant T&C stress could be
negative considering Telkom Indonesia's majority ownership of
Telkomsel.



===============
T H A I L A N D
===============


* THAILAND: Slowdown Sees Rise in Personal, Business Bankruptcies
-----------------------------------------------------------------
The Nation reports that bankruptcy cases, both personal and
commercial, have shown signs of rising due to the economic
slowdown this year.

However, the cases will take time after the economy saw slight
growth or dropped about one or two years, the report relates.
According to the Nation, Att Attanont, deputy director-general of
the Legal Execution Department, said bankruptcies increase when
people or businesses face a drop in their income to the point that
they can no longer pay back creditors.

When a bankruptcy case enters the court process, it will take at
least one year before the case will end and the Legal Execution
Department has to open bidding to sell the debtor's assets and pay
the proceeds to its creditors, the report notes.

As of October, the department had 264,232 cases with assets for
sale valued at up to THB3.47 trillion, The Nation discloses.

In the last fiscal year ended September, the department succeeded
in settling 25,717 cases by mediating between debtors and
creditors and selling assets for THB33.14 billion out of an
estimated value of THB33.23 billion, according to the report.

For this fiscal year, the department targets to clear at least
150,000 cases. In the first two months, it succeeded in clearing
5,026 cases with an estimated value of THB6.97 billion. It
disposed of assets for THB7.07 billion, the report adds.


                             *********

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

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

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


                            *********


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

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

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

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

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



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