TCRAP_Public/140514.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

            Wednesday, May 14, 2014, Vol. 17, No. 94


                            Headlines


A U S T R A L I A

ALLSONS TRANSPORT: Placed Into Administration
GM HOLDEN: Posts AUD553.8 Million Loss in 2013
QANTAS AIRWAYS: Emirates No Plans to Buy Equity Stake


C H I N A

BAOXIN AUTO: S&P Affirms 'BB-' CCR; Outlook Stable
MAOYE INTERNATIONAL: S&P Assigns 'BB' Rating to US$ Sr. Notes


I N D I A

DR. KAMAKSHI: CRISIL Reaffirms 'D' Rating on INR675MM Loans
ENVIRO PLASTECH: CRISIL Reaffirms B- Rating on INR123MM Loans
HERALD PUBLICATIONS: CRISIL Puts B Rating on INR134.5MM Loans
KAKUMANU SEEDS: CRISIL Raises Rating on INR72.5MM Loan to 'B+'
KHUSHI FOODS: CARE Assigns 'B+' Rating to INR7.90cr Bank Loan

KKRISHNA VAAHAN: CRISIL Assigns 'B+' Rating to INR120MM Loan
NSN REDDY: CRISIL Upgrades Rating on INR346MM Loans to 'B+'
PRASHANTH POULTRY: CRISIL Puts 'B' Rating on INR190MM Loans
RAMI CHANDIDAS: CRISIL Reaffirms B Rating on INR69MM Loans
SAHARA GROUP: Mulls Exiting Finance Business by December 2017

SHIPLA TEXTILE: CARE Assigns 'B+' Rating to INR4.42cr Bank Loan
SHIVANG CARPETS: CRISIL Assigns 'C' Rating to INR101MM Loans
SUS AGRO: CRISIL Assigns 'B' Rating to INR120MM Loans
TPC TECHNO: CRISIL Lowers Rating on INR150MM Loans to 'D'


I N D O N E S I A

PROFESIONAL TELEKOMUNIKASI: S&P Raises CCR to 'BB+'


J A P A N

GODO KAISHA: S&P Lowers Rating on 2 Classes of Notes to D


M A L A Y S I A

MALAYSIAN AIRLINE: In Talks With Banks For Restructuring


N E W  Z E A L A N D

PHOENIX FOREX: Creditor Claims Top NZ$2 Million
SOUTH CANTERBURY: Accused Bosses Denied Access to Docs


                            - - - - -


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


ALLSONS TRANSPORT: Placed Into Administration
---------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Allsons Transport
Pty Ltd has been placed into administration.  Mark Rudolph
Lieberenz -- mark@heardphillips.com.au -- and Andrew James Heard -
- andrew@heardphillips.com.au -- of Heard Philips have been
appointed as administrators of the company on May 7, 2014, the
report discloses.

dissolve.com.au says trading of the company has been stopped and
the stock is being run up by the administrators. On May 7, the
linehaul operations stopped, the report notes.


GM HOLDEN: Posts AUD553.8 Million Loss in 2013
----------------------------------------------
The Australian Associated Press reports that GM Holden has
announced its biggest financial loss of AUD553.8 million while
Ford is AUD267 million in the red, its second-worst result on
record.

Both car makers are preparing to close their manufacturing plants
in Australia by 2017, the report says.

According to the news agency, Holden said the cost of winding up
those operations had driven up its losses.

The Australian Securities and Investments Commission has published
the car makers' latest financial results online, AAP notes.

AAP relates that Holden issued a statement on its website saying
the company was hit with a AUD500.4 million one-off impairment
charge on property, plant and equipment after announcing that it
would stop manufacturing in Australia.

The company also recorded a AUD122.3 million charge for employee
separation costs, the report notes.

Holden chief financial officer Jeff Rolfs said the decision to
stop domestic manufacturing was the right one for the company's
future, the report relays.

"Clearly, there are significant costs associated with our decision
. . . these costs drove the financial loss for Holden in 2013,"
the report quotes Mr. Rolfs as saying.

As reported in the Troubled Company Reporter on Dec. 12, 2013,
Rob Taylor and Jeff Bennett, writing for The Wall Street Journal,
said that General Motors Co., ending months of speculation,
said on Dec. 10 it would cease all production in Australia,
reflecting an accelerating shift by auto makers to leave what has
become a high-cost country for foreign manufacturers.  According
to the Journal, the U.S. auto maker said it would take a
US$400 million to US$600 million charge to earnings in its fourth
quarter to discontinue vehicle and engine manufacturing in
Australia.  The decision will result in more than 2,900 job
losses.  The decision is the latest in a series of moves by
departing Chief Executive Dan Akerson to clean up trouble spots in
GM's operations before he steps down in January and hands the CEO
job to product-development chief Mary Barra, the Journal related.

GM Holden is Australia's oldest automotive company, having grown
from a saddlery business established in Adelaide in 1856.  GM
Hoden is the Australian arm of U.S.-based automaker General
Motors Corporation.


QANTAS AIRWAYS: Emirates No Plans to Buy Equity Stake
-----------------------------------------------------
Jamie Freed at The Sydney Morning Herald reports that Emirates
chairman Sheikh Ahmed bin Saeed Al Maktoum said the Emirates has
no plans to buy an equity stake in Qantas Airways despite the
Australian's government's attempt to lift foreign investment
restrictions on the carrier.

"As we stated when the partnership began, neither airline is
looking to take an equity stake in the other," Sheikh Ahmed told
The Australian Financial Review last week, the report relays.

SMH says Trade and Investment Minister Andrew Robb met with Sheikh
Ahmed in Dubai during a trade mission last month, where he is
believed to have noted the government's policy of removing
restrictions in the Qantas Sale Act that require the carrier to be
majority Australian-owned.

The report notes the House has passed legislation amending the
act, which also restricts a single airline from owning more than
25 per cent and a group of airlines from owning more than 35 per
cent. But Labor, the Greens and the Palmer United Party oppose
lifting the majority Australian ownership requirement and could
block the legislation even when a new Senate sits in July.

Sheikh Ahmed, who is also the chairman of Dubai International
Airport and Dubai World ports, said he discussed "a number of
items" during his meeting with Mr Robb but reiterated neither
Emirates nor Qantas was looking to take a stake in the other.

Sheikh Ahmed said Dubai had benefited from the Qantas partnership
in the form of extra visitation by Australian tourists. More than
1 million people took advantage of the combined Qantas-Emirates
network into Australia last year.

"Emirates and Qantas are dedicated to providing travellers with
the best products in the sky and a fantastic network, now
connecting 55 destinations in Australia with over 70 points in
Middle East, Africa and Europe," he said.

"Emirates, in addition to its 36 European destinations, offers the
world's largest A380 network, with 28 destinations including
Barcelona, Rome, Munich, Paris and London."

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training, catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2014, Moody's Investors Service said Qantas Airways
Limited's half year results to Dec. 30, 2013, are credit negative
though broadly within expectation and have no immediate impact on
its Ba1 corporate family rating, Ba2 senior unsecured long term
rating or non-prime (NP) short term rating. The outlook for
Qantas' ratings remains negative.

The TCR-AP reported on Jan. 27, 2014, that Standard & Poor's
Ratings Services affirmed its 'BB+' long-term issue rating on
Qantas Airways Ltd.'s senior unsecured debt, in line with the
corporate credit rating.  At the same time, S&P assigned a
recovery rating of '3', indicating its expectation of meaningful
(50%-70%) recovery for creditors in the event of a payment
default.  S&P has also removed the senior unsecured debt from
CreditWatch with negative implications, where it was placed on
Dec. 5, 2013.



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


BAOXIN AUTO: S&P Affirms 'BB-' CCR; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on China-based auto retailer Baoxin Auto
Group Ltd.  The outlook is stable.  S&P also affirmed its 'cnBB+'
Greater China regional scale rating on Baoxin.

S&P's rating affirmation follows its expectation that Baoxin will
focus on improving its cost efficiencies while continuing to
sustain its profitability amid an economic slowdown.

"We expect the company's leverage to remain high and its ratio of
funds from operation (FFO) to debt to stay weak in the next 12
months, in line with the company's "significant" financial risk
profile," said Standard & Poor's credit analyst Lillian Chiou.
"Baoxin has improved its leverage and cash flow adequacy in 2013,
although it was less than we expected.  The company has become
more cost efficient and refined its marketing strategies, after
completing the acquisition and integration of NCGA Holdings Ltd."

Standard & Poor's expects Baoxin's revenue will remain
concentrated on new car sales and its largest brand.  S&P expects
new car sales to continue to contribute more than 85% of revenue
in the next two to three years and BMW to account for more than
50% of sales.  However, S&P believes Baoxin will gradually improve
its brand diversity while maintaining its focus on high-end cars.

"In our view, the auto retail industry in China will stay highly
fragmented and competitive, and we expect fiercer competition in
tier-one cities where Baoxin has a stronger presence.  We
therefore anticipate overall gross margin of new car sales to
decline.  Baoxin's good market position in some tier-two cities
somewhat mitigates the risk," Ms. Chiou said.

Supportive factors for Baoxin's business risk profile are the
company's good market position, especially on the high-end car
segment, healthy growth prospects for luxury and ultra-luxury cars
in China, good profitability, and growth in after-sales services.
S&P views that Baoxin's good store locations in tier-one cities
and its focus on high-end cars can help the company to grow its
after-sales service business and the extended services such as car
insurance and second-hand car transactions.  The continued
urbanization and rising household income in China support growth
prospects of luxury car sales.

The stable outlook reflects S&P's expectation that Baoxin will
gradually improve its competitive position over the next 12 months
with its plan to expand further in the high-end car segment and
after-sales services while keeping its financial risk profile
unchanged.  S&P also expects the industry to remain highly
fragmented and competitive, and sales growth of high-end cars to
slow down in the next 12 months.

S&P may lower the rating if the growth in Baoxin's new-car sales
or profit margin is below its expectation or the company takes on
large debt-funded expansion, such that its debt-to-EBITDA ratio
stays above 4.0x for a sustained period.  This could happen if
Baoxin doesn't balance its growth and profit well, industry growth
slows down significantly, or competition intensifies.

An upgrade in the coming 12 months is unlikely, in S&P's view.
Nonetheless, S&P may upgrade Baoxin if the company demonstrates
material diversification of brand dealership and revenue sources
as well as disciplined financial and working capital management,
while consistently improving its debt-to-EBITDA ratio to below
3.0x.


MAOYE INTERNATIONAL: S&P Assigns 'BB' Rating to US$ Sr. Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
issue rating and 'cnBBB' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by Maoye International Holdings Ltd.
(BB+/Stable/--; cnBBB+/--).  The ratings are subject to S&P's
review of the final issuance documentation.

The issue rating is one notch below the long-term corporate credit
rating on Maoye to reflect S&P's opinion that offshore noteholders
would be materially disadvantaged, compared with onshore
creditors, in the event of default.  S&P anticipates that the
China-based department store operator's ratio of onshore debt to
total assets will remain above our threshold of 15% for
speculative-grade companies.

Maoye intends to use the majority of the net proceeds from the
proposed notes to refinance existing onshore debt and for general
corporate purposes.  The company's debt-to-EBITDA ratio was 3.8x
in 2013 and we expect it to stay below 4.0x in 2014.

The rating on Maoye reflects the company's operation in a highly
competitive and fragmented department store industry.  In
addition, the company has cyclical cash flows from property sales
and a capital-intensive business model.  The rating also reflects
Maoye's aggressive acquisition appetite to expand its market
share.  The company's good ability to consolidate acquired stores,
fair geographical diversification, strong market position in a few
cities, and operational stability because of its high portion of
self-owned properties temper these weaknesses.

The stable outlook on the corporate credit rating reflects S&P's
view that Maoye will continue to focus on its core department
stores business and generate good cash flows.  However, stiff
market competition could hurt the company's profitability.  S&P
also expects that management will exercise some financial
discipline in the next 12 months to manage its leverage and pace
of expansion.



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


DR. KAMAKSHI: CRISIL Reaffirms 'D' Rating on INR675MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Dr. Kamakshi
Memorial Hospital Pvt Ltd continues to reflect instances of delay
by DKMHPL in servicing its term debt; the delays have been caused
by the company's weak liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Cash Credit             52.5       CRISIL D (Reaffirmed)
   Long Term Loan         470.9       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     151.6       CRISIL D (Reaffirmed)

DKMHPL's weak liquidity is driven by large debt-funded capital
expenditure coupled with significant incremental working capital
requirements. However, the company benefits from its promoter's
experience, and its healthy operating efficiencies, in the
tertiary healthcare segment.

DKMHPL was set up in November 2004 by Dr. T G Govindarajan; it
commenced operations in January 2006. It is a Chennai (Tamil
Nadu)-based tertiary care hospital, which specialises in
cardiology and oncology.

DKMHPL reported a profit after tax (PAT) of INR75.7 million on an
operating income of INR696.6 million for 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR20.8
million on an operating income of INR617.2 million for 2011-12.


ENVIRO PLASTECH: CRISIL Reaffirms B- Rating on INR123MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Enviro Plastech Pvt Ltd
continue to reflect EPPL's small scale of operations,
susceptibility to intense competition in the fragmented packaging
industry, large working capital requirements, and weak financial
risk profile, marked by high gearing and weak debt protection
metrics. These rating weaknesses are partially offset by the
promoter's experience in, the packaging industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit             35       CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility      24.8     CRISIL B-/Stable (Reaffirmed)
   Term Loan               63.2     CRISIL B-/Stable (Reaffirmed)
   Letter of Credit        20       CRISIL A4 (Reaffirmed)
   Proposed Long Term

Outlook: Stable

CRISIL believes that EPPL will benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if the company demonstrates a
significant and sustained improvement in its operating margin and
cash accruals, leading to improvement in its liquidity and debt
servicing metrics. Conversely, the outlook may be revised to
'Negative' in case EPPL's financial risk profile weakens further,
as a result of less-than-expected cash accruals, or larger-than-
expected working capital requirements, or in case of delay in
funding support from its promoters.

Update
For 2012-13 (refers to financial year, April 1 to March 31),
EPPL's turnover fell around 5 per cent year on year (y-o-y) due to
moderation in the order-flows. In the year 2013-14, the company's
scale of operations is estimated to be supported through
increasing share of polyethylene terephthalate (PET) straps sales.
With support from renewed product demand EPPL's scale of operation
is estimated to have grown by around 30 per cent in the 2013-14 to
INR     150 million.

CRISIL believes that the company's sales growth would continue to
be in the moderate range of 17 to 22 per cent over the medium
supported mainly by renewed product demand. In 2013-14 EPPL's
operating level margins are estimated to be close to 8 per cent
and CRISIL expects the company to maintain the margins over the
medium term. In 2013-14 the book debts are expected to stay close
to 90 days and the book debts are expected to be range bound at
90-95 days over the medium term. Also, the company is expected to
maintain high inventory levels with increasing scale as well as
increasing bulk raw material (RM) imports leading to high RM
inventory. CRISIL expects EPPL's GCA in the range of 210-220 days
and the overall working capital requirements is expected to rise
with its scale of operations over the medium term. As on March
2014, the gearing is expected to increase to 4.0 times on account
of additional unsecured loan (USL) infusion of INR     9 million
to support its requirements including the term loan repayment.
Over the medium term the gearing is expected to be close to 4.0
times on account of modest accruals vs. incremental debt to
support its funding requirements.

Over the medium term the financial risk profile is expected to be
constrained by its modest networth leading to high gearing, weak
debt protection metrics and stretched liquidity.

For 2012-13 (refers to financial year, April 1 to March 31), EPPL
reported nil profit after tax (PAT) on sales of INR107.2 million;
the company reported a net loss of INR5.5 million on sales of
INR122.9 million for 2011-12.

EPPL was established in 2009 by Mr. Vishal Patel. The company
manufactures polyethyelene terephthalate (PET) flakes, PET sheets,
and PET straps from waste PET bottles as well as virgin PET.


HERALD PUBLICATIONS: CRISIL Puts B Rating on INR134.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Herald Publications Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             51.7       CRISIL B/Stable
   Letter of Credit       5         CRISIL A4
   Cash Credit           65         CRISIL B/Stable
   Bank Guarantee         0.5       CRISIL A4
   Buyer Credit Limit    17.8       CRISIL B/Stable

The ratings reflect HPPL's modest scale of operations with
geographic concentration in its revenue profile, large upcoming
debt obligations viz-a-viz the current level of cash generation
from operations and working capital intensive nature of
operations. These rating weaknesses are partially offset by the
extensive experience in HPPL's promoters in the newspaper
publishing industry and moderate financial risk profile marked by
moderate capital structure and debt protection metrics.

Outlook: Stable

CRISIL believes that HPPL would continue to benefit from its
promoters' extensive experience in newspaper publishing industry
over the medium term. The outlook may be revised to 'Positive' in
case HPPL registers higher-than-expected growth in its accruals
while maintaining its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in HPPL's revenues or margins or further elongation of its
working capital cycle, impacting its liquidity and financial risk
profile.

Herald Publications Pvt Ltd (HPPL), set up in 1989, publishes an
English daily newspaper 'Herald' in Goa. The company has also
publishes a Marathi weekly newspaper 'Dainik Herald' and a Konkani
weekly newspaper 'Amcho Avaz'. The company also has an operational
24-hour free-to-air (FTA) English news and entertainment channel
named 'HCN' in Goa. HPPL is also engaged in the printing and
packaging business wherein the company does printing of labels,
cartons, card board boxes etc.

The promoters of the company are Mr. Raul Fernandes and his
brother Mr. Oswald Fernandes. HPPL's office and manufacturing unit
is located at Panaji (Goa).

HPPL reported a profit after tax (PAT) of INR5.7 million on
operating income of INR373.6 million for 2012-13, as against a PAT
of INR13.7 million on operating income of INR351.2 million for
2011-12.


KAKUMANU SEEDS: CRISIL Raises Rating on INR72.5MM Loan to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the bank facility of Kakumanu
Seeds to 'CRISIL B+/Stable' from 'CRISIL B /Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Long Term Loan        72.5       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects the improvement in Kakumanu Seeds' business
risk profile driven by a sustained increase in its scale of
operations, while maintaining its profitability margins. The
upgrade also reflects the improvement in Kakumanu Seeds' net
worth, thereby enhancing its financial flexibility, and the
subsequent improvement in its capital structure. CRISIL believes
that Kakumanu Seeds will sustain the improvement in its financial
risk profile over the medium term supported by consistent growth
in its net-worth and its efficient working capital management.

Kakumanu Seed is estimated to have registered a compounded annual
growth rate of 35 per cent in its revenues from 2011-12 (refers to
financial year, April 1 to March 31) to 2013-14; the operating
profit margins of the firm is estimated to have remained stable at
around 52.0 per cent over this period. The revenue growth has been
driven by a continued increase in its share of business from its
key customer.  CRISIL believes that the Kakumanu Seeds will
continue to register an annual revenue growth of around 15 per
cent to 20 per cent over the medium term supported by the assured
offtake from its key customer.

Kakumanu Seeds' net worth is estimated to have increased to around
INR45 million as on March 31, 2014 from INR27 million as on March
31, 2012 on the back of healthy accretion to reserves. The
improvement in the firm's net worth is estimated to have resulted
in a decline in its gearing to around 0.8 times as on March 31,
2014 from 1.9 times as on March 31, 2012. The gearing of the firm
is expected to remain low at around 0.7 times over the medium term
supported by continued growth in net-worth and its efficient
working capital management.

The rating reflects Kakumanu Seeds' modest scale and seasonal
nature of operations, high degree of customer concentration in its
revenue profile, and its small net worth limiting its financial
flexibility. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoter in seed
processing business, the assured offtake from its key customer,
and the firm's above-average financial risk profile marked by low
gearing and robust debt protection metrics.

Outlook: Stable

CRISIL believes that Kakumanu Seeds will continue to benefit over
the medium term from the extensive industry experience of its
promoters, and the assured offtake from its key customer. The
outlook may be revised to 'Positive' if the firm diversifies its
revenue profile, while registering a healthy revenue growth and
stable profitability margins, or there is a substantial increase
in the firm's net worth on the back of sizeable capital infusion
by its promoter. Conversely, the outlook may be revised to
'Negative' Negative' in case of a steep decline in the firm's
profitability margins, or significant deterioration in its capital
structure caused most likely because of a large debt-funded
capital expenditure or a stretch in its working capital cycle.

Set up by Ms. Karumanchi Karthika as a sole proprietorship concern
in 2009, Kakumanu Seeds undertakes processing, conditioning, and
drying of seeds. The firm's facilities are located in Medak
district in Andhra Pradesh.


KHUSHI FOODS: CARE Assigns 'B+' Rating to INR7.90cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Khushi
Foods Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.90       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Khushi Foods Limited
is primarily constrained on account of its low net-worth base, low
profitability, leveraged capital structure, weak debt indicators
and moderate liquidity coupled with working capital intensive
nature of business.  Furthermore, the risk associated with its
presence in the fragmented food processing industry also
restricts its rating.

The rating, however, draws strength from the experience of the
promoters and its private equity agreement with Bennett Coleman Co
Ltd.

The ability of KFL to increase its scale of operations, improve
its profitability and capital structure while efficiently managing
its working capital requirements will be the key rating
sensitivities.

KFL, earlier known as Khushi Foods Pvt Ltd (changed from Dec. 23,
2011), was incorporated on March 5, 2008 by Mr Rajendra Sharma and
Mr Jagdish Sharma. KFL's processing unit is located
at Mahua, Bhavnagar, spread over 464.51 sq mtrs with an installed
capacity of 1,800 metric tones per annum (MTPA). KFL is engaged in
the business of dehydration of vegetables and processes instant
ready to cook products. KFL also exports its products to various
countries such as Nepal, Russia, Bulgaria and Poland which amounts
to almost 20% of its total sales for the last two years.

During February 2014, KFL installed additional fully automatic
machineries of INR0.42 crore having an installed capacity of 900
MTPA. KFL is awarded Star K-Kosher and Hazard Analysis and
Critical Control Points (HACCP) certifications. KFL is a member of
APEDA and Spices Board of India.

During FY13 (refers to the period April 1 to March 31), KFL
reported a total operating income (TOI) of INR24.55 crore and PAT
of INR0.02 crore as against a TOI of INR22.82 crore and PAT of
INR0.14 crore. Furthermore during FY14 (provisional), KFL reported
a TOI of INR31.46 crore and PAT of INR0.04 crore.


KKRISHNA VAAHAN: CRISIL Assigns 'B+' Rating to INR120MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Kkrishna Vaahan Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Proposed Long Term      120        CRISIL B+/Stable   -
   Bank Loan Facility

The rating reflects KVPL's exposure to risks associated with
successful commercialisation of operations, and its susceptibility
to intense competition in the commercial vehicle dealership
business. These rating weaknesses are partially offset by the
benefit that the company is expected to derive from its
association with Tata Motors Ltd (TML; rated 'CRISIL
AA/Stable/CRISIL A1+').

Outlook: Stable

CRISIL believes that KVPL will continue to benefit over the medium
term from its association with TML. The outlook may be revised to
'Positive' if the company reports more-than-expected revenue or
cash accruals, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
KVPL's accruals are lower-than-expected, or its working capital
cycle is stretched, or if there is any time or cost overrun in
setting up its showroom, leading to deterioration in its financial
risk profile.

KVPL was established in September 2013 by Mr. Sajjan Khaitan and
his son Mr. Rahul Khaitan. The company has been formed to
undertake commercial vehicle dealership (including medium and
heavy commercial vehicles and buses) for TML in the Debagarh and
Sundergarh districts of Odisha. The management is setting up two
sales-service-spares (3S) showrooms in Rourkela (Odisha) and
Sundergarh; the operations are expected to start in June and July
2014, respectively. The workshops would have a cumulative capacity
to service 50 vehicles per day. The warehouse (around 0.12 million
square feet) is also located in the vicinity of the Rourkela
showroom.


NSN REDDY: CRISIL Upgrades Rating on INR346MM Loans to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
NSN Reddy Rice Industry to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            340       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Long Term Loan           6        CRISIL B+/Stable  (Upgraded
                                    from 'CRISIL B-/Stable')

The rating upgrade reflects the improvement in NSN's business risk
profile, driven by a sustained increase in its scale of
operations, while it maintained its profitability margins. The
upgrade also factors in the increase in the firm's net worth,
thereby enhancing its financial flexibility, and the subsequent
improvement in its capital structure. CRISIL believes that NSN
will sustain the improvement in its financial risk profile over
the medium term, on the back of consistent growth in its net worth
and the absence of any large debt-funded capital expenditure
(capex) plan.

NSN is likely to have registered a compounded annual growth rate
of around 16 per cent in its revenues from 2011-12 (refers to
financial year, April 1 to March 31) to 2013-14; its operating
profit margin is estimated to have remained stable at around 5.0
per cent over this period. CRISIL believes that the company would
continue to register a moderate revenue growth over the medium
term with the continued enhancement of its distribution network
and the assured offtake from the Food Corporation of India (FCI).

NSN's net worth is likely to have increased to INR190 million as
on March 31, 2014 from INR143 million as on March 31, 2012 on the
back of its moderate accretion to reserves. Consequently, the
firm's gearing is estimated to have declined to 1.5 times as on
March 31, 2014 from 1.9 times as on March 31, 2012. MMBPL's
gearing is expected to further reduce to around 1.3 times as on
March 31, 2015 with consistent growth in its net worth and the
absence of any large debt-funded capex plan.

The rating reflects NSN's working capital intensive nature of
operations, the susceptibility of its profitability margins to
volatility in paddy prices, and its exposure to regulatory
changes. The ratings of the firm are also constrained on account
of its average financial risk profile marked by its modest net
worth, moderate gearing, and below-average debt protection
metrics. The rating weaknesses are partially offset by the
benefits that NSN derives from its promoters' extensive experience
in the rice industry, and the assured off-take by FCI.

Outlook: Stable

CRISIL believes that NSN will benefit over the medium term from
its promoters' extensive experience in the rice industry. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in the firm's profitability margins, while
it registers a healthy revenue growth, or there is substantial
increase in its net worth on the back of sizeable equity infusion
from its promoters. Conversely, the outlook may be revised to
'Negative' if there is steep decline in the firm's profitability
margins, or there is significant deterioration in its capital
structure caused most likely because of a stretch in its working
capital cycle.

Set up in 2006 as a partnership firm in Kakinada (Andhra Pradesh),
NSN mills and processes paddy into raw and parboiled rice; the
firm also generates by-products, such as broken rice, bran, and
husk. The firm is currently managed by Mr. N Bheemeshwar Reddy and
his wife, Mrs. Prasanna Lakshmi.


PRASHANTH POULTRY: CRISIL Puts 'B' Rating on INR190MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Prashanth Poultry Pvt Ltd. The rating reflects
PPPL's weak financial risk profile, its working capital intensive
operations and its exposure to inherent risks related the poultry
industry. These rating weaknesses are partially offset by the
benefits derived by PPPL from the extensive industry experience of
its promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Proposed Long Term
   Bank Loan Facility     96        CRISIL B/Stable

   Proposed Cash Credit
   Limit                  25        CRISIL B/Stable

   Cash Credit            25        CRISIL B/Stable

   Long Term Loan         44        CRISIL B/Stable

Outlook: Stable

CRISIL believes that PPPL will benefit from its promoters'
extensive experience in the poultry industry. The outlook may be
revised to 'Positive' if the company manages its working capital
efficiently coupled with higher-than-expected growth in its scale
of operations while maintaining its profitability margin,
resulting in improvement in its financial risk profile and
particularly liquidity. Conversely the outlook may be revised to
'Negative' in case of a stretch in its working capital cycle
resulting in weakening of liquidity profile or substantial decline
in its revenue or profitability or large debt funded capital
expenditure resulting in deterioration of its financial risk
profile.

PPPL, set up in 2005 as a private limited company, is in the
poultry business; it produces commercial eggs. Promoted by Mr. V
Bhaskar Rao and his family, the poultry unit is located in
Mahbubnagar (Andhra Pradesh).

During 2012-13 (refers to financial year, April 1 to March 31),
PPPL reported a profit after tax (PAT) of INR0.4 million on net
sales of INR113.6 million, as against a net loss of INR0.2 million
on net sales of INR87.5 million for 2011-12.


RAMI CHANDIDAS: CRISIL Reaffirms B Rating on INR69MM Loans
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rami Chandidas
Rice Mill Pvt Ltd continues to reflect RCRMPL's exposure to risks
related to stabilisation of its operations at its plant in the
Birbhum district of West Bengal, to volatility in raw material
prices, and to changes in government regulations. These rating
weaknesses are partially offset by the extensive experience of its
promoters in the rice industry, its advantageous location, and
stable offtake by Food Corporation of India (FCI; rated 'CRISIL
AAA (so)/Stable'), leading to low demand risk.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            25        CRISIL B/Stable (Reaffirmed)
   Term Loan              44        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RCRMPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
rice industry and stable offtake from FCI. The outlook may be
revised to 'Positive' if the company reports higher-than-expected
revenue and profits after stabilisation of its operations.
Conversely, the outlook may be revised to 'Negative' if RCRMPL's
working capital limits remain insufficient to fund its increasing
working capital requirements, leading to lower-than-expected
increase in revenue, or if its financial risk profile
deteriorates, most likely on account of a decline in net
profitability leading to negative accretion to reserves.

Update
RCRMPL's business risk profile is moderate, with healthy scale-up
of operations; however, its financial risk profile remains weak,
marked by a small net worth and weak debt protection metrics. The
company is estimated to report net sales of about INR280 million
in 2013-14 (refers to financial year, April 1 to March 31), which
is its first year of operations. However, it is estimated to
report a marginal loss of INR0.3 million to INR0.4 million for
2013-14 on account of high fixed costs in the initial year of
operations and increase in procurement prices.

RCRMPL's financial risk profile remains weak, with a small net
worth and weak debt protection metrics. Its net worth is estimated
to be small on account of the marginal loss it reported in 2012-13
and 2013-14 and preliminary expenses of INR3.8 million. Its net
worth is estimated to improve over the medium term as its
operating profitability increases; however, the net worth will
remain small as the accruals are expected to remain low at INR0.4
million to INR0.8 million over this period. RCRMPL's debt
protection metrics are weak, with net cash accruals to total debt
and interest coverage ratios estimated at about 0.01 times and
0.96 times, respectively, for 2013-14.

RCRMPL's liquidity remains stretched on account of low cash
accruals, estimated at INR4 million to INR5 million in 2014-15,
which are expected to be insufficient to meet the maturing
repayment obligations of INR5.6 million during the year. The
company's bank limits have been utilised at an average of 97 per
cent over the 12 months through December 2013. However, its
liquidity is supported by timely extension of unsecured loans by
promoters; it had outstanding loans of about INR9.7 million as on
March 31, 2014.

RCRMPL reported a net loss of INR4.5 million on net sales of
INR28.9 million for 2012-13. The company is estimated to report
net sales of INR280 million for 2013-14.

Formed in 2011 by Mr. Asesh Kumar Pal and Mr. Jagabandhu Pal,
RCRMPL manufactures and trades in parboiled rice. It has its
manufacturing facility in village Nanoor, Birbhum district. The
milling unit became operational in March 2013. The company derives
a major portion of its revenue from its sales to traders in Bihar,
West Bengal, Assam, and Meghalaya, with the rest derived from FCI.


SAHARA GROUP: Mulls Exiting Finance Business by December 2017
-------------------------------------------------------------
The Times of India reports that faced with a tight cash flow,
Sahara Group is contemplating to exit its finance business by
December 2017 and focus on retail, real estate, life insurance and
mutual fund, its chief Subroto Roy has said in a letter to Prime
Minister Manmohan Singh.

According to the report, the letter signed by his son Smanto Roy
was sent to PM on April 15 after Roy had spent over one month in
Tihar jail over its legal standoff with stock market regulator
Securities & Exchange Board of India (Sebi).

"Sahara wants to go away totally from financial business to non-
financial business. Had there not been the Sebi issue, we could
have achieved this stage by 2015," the letter said, TOI relays.

"However, now plans are all in place, but cash flow has been badly
beaten up. Nonetheless, if we are left in peace we shall
definitely be done with the financial business maximum by December
2017," it said.

TOI notes that the Sahara India Pariwar, which has a net worth of
INR68,174 crore, has been locked in a legal battle with Sebi over
the issue of refunding of INR24,000 crore by its two companies --
Sahara India Real Estate Corporation (SIREC) and Sahara Housing
Investment Corporation (SHIC) -- to investors from whom they had
raised the money. Sebi said the funds were raised illegally, the
report relates.

The Supreme Court had ordered Sahara to refund the money raised
from investors with interest, TOI recalls. Roy has been sent to
jail for his failure to comply with the top court's orders. He has
been in Tihar jail since March 4. While the SC has given him bail,
the company has been unable to meet the bail conditions so far.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said Sebi on Feb. 13, 2013,
seized bank accounts and properties of two Sahara Group companies
and its promoter, Subrata Roy.  The move comes following the
group's failure to refund INR24,000 crore to investors as directed
by the Supreme Court.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.


SHIPLA TEXTILE: CARE Assigns 'B+' Rating to INR4.42cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shipla
Textile Prints.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     4.42       CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of the withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
Rating Rationale The rating assigned to the bank facilities of
Shilpa Textile Prints (STP) is primarily constrained on account of
its modest scale of operations in a highly fragmented and
competitive textile industry, its financial risk profile marked by
leveraged capital structure and weak liquidity position and its
constitution as a partnership firm.

The rating, however, derives strength from the wide experience of
the partners in the textile industry and established group
operations.

The ability of the firm to increase its scale of operations and
improve profitability in light of the highly competitive textile
industry would be the key rating sensitivities.

STP was formed in April 2004 as a partnership concern by the
Jaipur-based (Rajasthan) Sodhi family. STP was primarily formed
with an objective to do business of dying and printing on job-work
basis for its associate concern, Suprint Textiles (Jaipur) Private
Limited (STPL, incorporated in May 2000 and rated 'CARE A4')
engaged in the manufacturing and export of home furnishing items
and Suprint Sales (SPS, partnership firm formed in 2003) engaged
in the manufacturing and domestic sale of home furnishing items.

Currently, the firm also takes orders on job-work basis from other
entities as well. STP operates from its two processing units
located at Sanganer and Bagru with a total installed capacity of
45 Lakh Meter Per Annum (LMPA) as on March 31, 2014.

During FY13 (refers to the period April 1 to March 31), STP
reported a total operating income of INR10.11 crore (FY12: INR7.55
crore) with a PAT of INR0.21 crore (FY12: INR0.18 crore).


SHIVANG CARPETS: CRISIL Assigns 'C' Rating to INR101MM Loans
------------------------------------------------------------
CRISIL has assigned rating to the long-term bank facilities of
Shivang Carpets Pvt Ltd at 'CRISIL C' while reaffirming its rating
on the company's short-term bank facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------             --------      -------
   Corporate Loan            90        CRISIL C (Assigned)

   Foreign Bill Purchase     70        CRISIL A4 (Reaffirmed)

   Packing Credit            20        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        11        CRISIL C (Assigned)

   Proposed Standby
   Line of Credit             9        CRISIL A4 (Reaffirmed)

CRISIL's ratings reflect SCPL's small scale of operations with low
profitability, and the geographical and customer concentration in
its revenue profile. The rating reflects SCPL's weak liquidity,
marked by use of corporate loan of INR90 million to fund forward
contract losses of around INR95 million in 2013-14 (refers to
financial year, April 1 to March 31). Shivang is estimated to make
insufficient cash accruals of INR 1-2 million vis-a-vis debt
repayment obligations of around INR 23 million for 2014-15. The
rating also reflects SCPL's weak financial risk profile marked by
estimated small net worth and high gearing of INR6.3 million and
29.58 times, respectively, as on March 31, 2014, against INR42.4
million and 2.47 times, respectively, as on March 31, 2013 and its
large working capital requirements. These rating weaknesses are
partially offset by the experience of SCPL's promoters in the
floor coverings business.

SCPL was established in 2001 as a proprietorship firm by Mr.
Ranjeet Singh. It was reconstituted as a private limited company
in 2005, with Mr. Abhishek Singh, the founder's nephew, joining
the company as director. SCPL manufactures and exports floor
coverings, mainly handmade woolen rugs and carpets, at its
facilities in Bhadohi (Uttar Pradesh). In 2007-08 (refers to
financial year, April 1 to March 31), the company started
manufacturing polyester carpets, which now contribute around 60
per cent to its total revenues.


SUS AGRO: CRISIL Assigns 'B' Rating to INR120MM Loans
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the long-term
bank facilities of SUS Agro Foods India Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             82.8       CRISIL B/Stable
   Cash Credit           35         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     2.2       CRISIL B/Stable   -

The ratings reflect SAFPL's exposure to risks related to project
implementation, offtake and ramp up of operations. The rating also
factors in weak financial risk profile driven by high project
gearing. These rating strengths are partially offset by extensive
experience of SAFPL's promoters in the dairy products industry.

Outlook: Stable

CRISIL expects SAFPL's business risk profile to benefit from
extensive experience of its promoters. The financial risk profile
is however expected to remain weak on account of high debt and
weak capital structure. The outlook may be revised to 'Positive'
in case of timely completion and stabilization of the new plant
leading to improvement in financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of any delay in the
implementation of the project or ramp-up of its operations leading
to the deterioration of the financial risk profile.

SAFPL was incorporated in 2013 and is in the process of setting up
a new plant in Kathua, J&K for processing milk to produce skimmed
milk powder (SMP) and ghee. Its operations are expected to
commence from August 2014. The company is promoted by Mr. Sanjeev
Arora, Mr. HS Dureja and Mr. Virender Kumar.


TPC TECHNO: CRISIL Lowers Rating on INR150MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
TPC Techno Power Corporation LLP to 'CRISIL D / CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bill Discounting       80        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            45        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Letter of credit       25        CRISIL D (Downgraded from
   & Bank Guarantee                 'CRISIL A4')

The rating downgrade reflects instances of delay by TPC in
servicing its debt; the delays were because of the firm's weak
liquidity. Its liquidity weakened due to the significant decline
in its scale of operations, resulting in lower cash accruals, and
its stretched working capital cycle. TPC also witnessed a slowdown
in inventory movement, leading to instances of over-utilisation of
its bank limits.

TPC has an average financial risk profile, marked by a modest net
worth and weak debt protection metrics, though its gearing is
comfortable. Furthermore, it has a small scale of operations in
the highly fragmented electrical products manufacturing industry.
The firm, however, benefits from the extensive industry experience
of its promoters.

TPC was originally established in 2003 as a proprietary concern,
Techno Power Corporation; the firm was reconstituted as a limited
liability partnership (LLP) with the current name in April 2012.
TPC manufactures power and distribution transformers.

TPC reported a profit after tax (PAT) of INR0.6 million on net
sales of INR86.8 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.7 million on net
sales of INR293.5 million for 2011-12.



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


PROFESIONAL TELEKOMUNIKASI: S&P Raises CCR to 'BB+'
---------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on PT Profesional Telekomunikasi Indonesia
(Protelindo) to 'BB+' from 'BB'.  The outlook is stable.

At the same time, S&P raised the long-term issue rating on the
existing senior unsecured bank loan that the Indonesia-based
independent tower company guarantees to 'BB+' from 'BB'.  S&P also
raised the long-term ASEAN regional scale rating on Protelindo to
'axBBB+' from 'axBBB-'.

"We raised the rating as we believe Protelindo's scale, cash
flows, and financial position have significantly improved over the
past two years--sufficient to even allow the company to absorb a
large tower portfolio acquisition," said Standard & Poor's credit
analyst Mehul Sukkawala.  "We have factored in acquisition of
4,500 mobile phone transmission towers as part of our base-case
scenario.  We believe the company's current financial position
could even accommodate acquisition of about 7,500 towers, although
this quantum is highly unlikely, in our view."

Protelindo's financial position is supported by moderate revenue
growth from new towers and increase in co-locations, positive free
operating cash flow, and conservative dividend policy.  The
company has not declared dividends in the past to preserve cash
for potential tower acquisitions.

Protelindo's business risk profile reflects stable cash flow
generation from long-term tower leases of about 10 years, strong
operating efficiency, and good market position.  It is Indonesia's
largest independent tower company, with PT Tower Bersama
Infrastructure Tbk. being a close second.  Protelindo's more than
9,500 towers have a tenancy ratio (the number of operators sharing
a tower) of about 1.88x.  S&P also recognizes that large telecom
operators still control about two-thirds of telecom towers in
Indonesia.  Nevertheless, S&P believes that the demand for towers
from independent tower companies will increase as local
regulations encourage tower sharing.

Tower portfolio acquisitions could help accelerate a reduction in
Protelindo's customer concentration from PT Hutchison CP
Telecommunications (HCPT).  HCPT contributes about 35% of
Protelindo's revenue and has a weak market position, in S&P's
view.  Protelindo's concentration risk is mitigated by (1) the
essential nature of the telecom infrastructure to the industry;
(2) the support of HCPT's parent Hutchison Whampoa Ltd. (A-
/Stable/--; cnAA/--) through consistent investments in the
company; and (3) non-cancelable lease contracts, even if ownership
of the telecom operator changes.

"The stable outlook reflects our expectation that Protelindo will
be able to maintain its operating efficiency, cash flows, and
"significant" financial risk profile even if the company makes a
large tower portfolio acquisition.  We also expect any material
tower acquisition to improve Protelindo's customer diversity but
not weaken the ratio of FFO to debt materially below 20%,"
Mr. Sukkawala said.

S&P could lower the rating if the company undertakes large debt-
financed tower acquisitions, such that S&P expects the FFO to debt
to remain below 20% for a prolonged period.  S&P could also
downgrade Protelindo if the company's market position deteriorates
because HCPT winds up its operations or sells them to a weak
telecom operator.

S&P could raise the rating if Protelindo's scale, market position,
and diversity materially improve.  S&P could also upgrade the
company if it expects it to strengthen and then maintain its
financial performance, including FFO to debt of close to 30% or
more, supported by a robust financial policy framework.  In either
case, the company would need to meet S&P's sovereign stress test
to be rated above the sovereign rating of Indonesia.



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


GODO KAISHA: S&P Lowers Rating on 2 Classes of Notes to D
---------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its ratings on the class D and E notes issued under the Godo
Kaisha Orso Funding CMBS 7 (Orso Funding CMBS 7) transaction in
July 2007.

The servicer has completed collections from the transaction's two
remaining loans.  Combined, the loans originally represented about
45% of the total initial issuance amount of the notes.  However,
the outstanding balances of the class D and E notes exceeded the
total amount of proceeds collected from the loans that was payable
to these notes, and the principal on the notes was impaired.  S&P
lowered to 'D (sf)' its ratings on classes D and E because these
classes incurred losses on the transaction's final maturity date.

S&P also lowered to 'D (sf)' our rating on the class F notes
issued under the same transaction in May 2012.  S&P intends to
maintain its 'D (sf)' ratings on the class D to F notes for at
least 30 days, and then withdraw its ratings on these classes.

Four loans and two TMK ("tokutei mokuteki kaisha"; special-purpose
company) bonds extended to or issued by six obligors initially
secured the floating-rate notes, and 42 real estate properties
originally backed the loans and TMK bonds issued under this
commercial mortgage-backed securities (CMBS) transaction.  Bear
Stearns (Japan) Ltd. Tokyo Branch (currently, JPMorgan Securities
Japan Co. Ltd.) arranged this transaction, and Premier Asset
Management Co. acted as the servicer.

          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

RATINGS LOWERED
Godo Kaisha Orso Funding CMBS 7
JPY50.3 billion floating-rate notes due May 2014
Class     To         From        Initial issue amount
D         D (sf)     CC (sf)     JPY5.4 bil.
E         D (sf)     CC (sf)     JPY5.9 bil.



===============
M A L A Y S I A
===============


MALAYSIAN AIRLINE: In Talks With Banks For Restructuring
--------------------------------------------------------
Anshuman Daga at Reuters reports that Malaysian Airline System Bhd
and its key stakeholders are in talks with banks for a strategic
overhaul that could include the partial sale of its engineering
unit and an upgrade of its ageing fleet, sources involved in the
discussions said.

Reuters relates that even before the loss of its flight MH370 from
Kuala Lumpur to Beijing on March 8 there was talk that loss-making
MAS might need a financial rescue from state investor Khazanah
Nasional Bhd, which owns 69 percent of the company.

"They are sending all these feelers to banks to try and test the
waters," Reuters quotes a banking source familiar with the
situation as saying.

"The most imminent move looks to be on the engineering business,
an IPO or trade sale," said the source, who declined to be
identified as the talks are private, Reuters relates.

According to Reuters, MAS aimed to break even this year after
three years of red ink, but analysts expect losses to widen as the
airline cuts fares to spur demand shaken by the disappearance of
its MH370 flight over the Indian Ocean. It was already facing
stiff competition from AirAsia Bhd (AIRA.KL) on local and short-
haul routes and from AirAsia X (AIRX.KL) and Gulf carriers in the
medium and long-haul market, Reuters notes.

"The next step will be to kick off a formal auction process for
the engineering unit. They wanted to cut down the stake for many
years, but from all the other options now, this might be one of
the easier things to do," the banking source, as cited by Reuters,
said.

In a research report in April, MayBank Investment Bank Bhd
highlighted MAS Engineering as the biggest profitable business
unit in MAS, valuing it at MYR2 billion ($619 million), Reuters
relays.

Officials from MAS, Malaysia's Ministry of Transport and Khazanah
KHAZA.UL are involved in the informal talks with a handful of
banks including CIMB Group Holdings Bhd (CIMB.KL), sources said.

A spokesman from Khazanah declined to comment while CIMB was not
immediately available to comment. Officials from MAS and the
Ministry of Transport did not offer any immediate comment when
contacted by Reuters for the story.

Malaysian Airline is the flag carrier airline of Malaysia.



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


PHOENIX FOREX: Creditor Claims Top NZ$2 Million
-----------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that creditors
are now claiming NZ$2 million from Phoenix Forex, a company which
sold controversial currency trading software. This is up from the
NZ$300,000 which creditors were claiming last year.

Phoenix Forex was the New Zealand distributor of the OakFX foreign
exchange trading system, which customers paid up to NZ$25,000 to
access, the Herald discloses.

The Herald recalls that in August last year the FMA warned the
public about doing business with the Auckland-based company and
the regulator said Phoenix Forex was misrepresenting the
profitability of, and risks associated with, its trading system.

The company was put into liquidation last October, with an initial
report showing creditors claiming NZ$300,000, the Herald says.

According to the Herald, the second report released on May 5 by
liquidator Jared Booth shows creditors are now claiming
NZ$2 million from the firm.

Inland Revenue says it is owed $1.44 million from the firm while
former clients are claiming $448,774. Trade creditors were
claiming $124,148, the Herald discloses citing the liquidators'
report.

Mr. Booth told the Herald that the liquidators, in turn, are
claiming NZ$402,401 from a related-company, Restaurant Limited,
which is also in liquidation and operated the Brownstone
Restaurant and Cocktail Lounge on Auckland's Ponsonby Rd.

One of Restaurant Limited's shareholders, Phoenix Group Ventures,
is also the owner of Phoenix Forex, the Herald notes.

The Herald relates that Restaurant Limited's liquidators said the
company is owed NZ$109,118 by Phoenix Group Ventures for food and
drink.

Phoenix Forex and Phoenix Group Ventures are directed by Kendall
Twidgen, who is in her mid-twenties. Last year when the FMA issued
its warning about OakFX she was travelling overseas with twice-
bankrupted businesssman Mark Brewer, who was employed at Phoenix
Forex as a senior salesperson.

Foreign exchange software company Phoenix Forex was placed into
liquidation in October 2013.


SOUTH CANTERBURY: Accused Bosses Denied Access to Docs
------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that three South
Canterbury Finance principals accused of dishonest conduct have
been denied access to invoices and correspondence between the
Serious Fraud Office and one of its expert witnesses.

Some of the documents were sought so the trio -- former SCF chief
executive Lachie McLeod and two of the company's former directors,
Edward Sullivan and Robert White -- could determine if there was
anything done by the witness that would put his independence as an
expert into issue, the Herald relates.

The Herald says Messrs. McLeod, Sullivan and White face a mix of
charges brought by the SFO, including theft by a person in a
special relationship, false statements by promoter, obtaining by
deception and false accounting.

Their trial at the High Court in Timaru began in March and is
expected to run for between 12 and 16 weeks, the report notes.

At the end of last month Mr. Sullivan -- with support from his two
co-accused -- applied for orders for more disclosure from the
prosecution.

According to the report, Mr. Sullivan applied for disclosure of
all invoices rendered by advisory and investment firm Korda Mentha
relating to any investigation into South Canterbury Finance,
including invoices to the Serious Fraud Office and law firm
Meredith Connell.

The Herald says Korda Mentha forensic accountant Grant Graham is
being called as an expert witness for the Crown.

According to the report, Mr. Sullivan also wanted access to
documents and correspondence that went between the Serious Fraud
Office, the Crown, Meredith Connell and Graham or KordaMentha. He
also asked for the disclosure of all correspondence between the
Serious Fraud Office, the Crown, Meredith Connell and any witness
or potential witness in the South Canterbury Finance investigation
or trial.

The Herald relates that Mr. Sullivan's Queen's Counsel, Pip Hall,
told trial judge Paul Heath that the order was required because
the Crown had not disclosed all relevant information to the
defendants.

Mr. Hall said the Korda Mentha invoices were required so that the
accused could determine whether there was any activity done by
Graham that would put his independence as an expert witness into
issue, the report relays.

According to the Herald, Crown lawyer Nick Flanagan told Justice
Heath all relevant information had been submitted and said there
was no obligation to provide invoices of the type sought by
Sullivan.

Justice Heath said he was not prepared to order the disclosure,
the report adds.

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



                             *********

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, and Peter A. Chapman,
Editors.

Copyright 2014.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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