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        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, April 18, 2013, Vol. 16, No. 76


                            Headlines


A U S T R A L I A

BYRON BAY: Corporate Shell Placed in Liquidation
INFRATEL NETWORKS: Placed in Administration
STONEHAVEN WINES: Grape Processor Goes Into Liquidation


C H I N A

FUTURE LAND: S&P Rates Chinese Renminbi-Denominated Notes 'B+'
GEMDALE CORP: 2012 Financials Support Moody's Ba1 CFR
KAISA GROUP: S&P Rates Chinese Renminbi-Denominated Notes 'B+'
LDK SOLAR: Fails to Make Full Payment of 2013 Convertible Notes
YINGDE GASES: Fitch Assigns 'BB' Rating to $300MM Senior Notes

YOSEN GROUP: Goldman Kurland Raises Going Concern Doubt


H O N G  K O N G

TITAN PETROCHEMICALS: Wants Creditors' Liquidation Bid Set Aside


I N D I A

BIHANI BINAYAKE: CARE Assigns 'B+' Rating to INR10cr Loan
CLS INDUSTRIES: CARE Rates INR8.30cr LT Loan at 'CARE B'
GOURISHANKAR COTEX: CARE Rates INR7.5cr LT Loan at 'CARE B'
GURUKRUPA GINNING: CARE Rates INR6cr Long-Term Loan at 'B+
INDRA MARSHAL: CARE Assigns 'B+' Rating to INR7cr LT Loan

PRINIK STEELS: CARE Rates INR9.02cr Long-Term Loan at 'B+'
RAMDOOT STEELS: CARE Assigns 'B' Rating to INR3.6cr Loan
RAUNAQ ICE: CARE Assigns 'B' Rating to INR0.95cr Loan
REI AGRO: Fitch Assigns 'B+' Long-Term Issuer Default Rating
RISHI ICE: CARE Rates INR7cr Long-Term Loan at 'CARE C'

SHASHANK AUTO: CARE Reaffirms 'B+' Rating on INR11.35cr Loan
TATA STEEL: Fitch Affirms 'BB+' Issuer Default Rating
TRICOM INDIA: CARE Assigns 'D' Ratings to INR46.9cr Loans


I N D O N E S I A

BANK RAKYAT: S&P Assigns 'BB+' Rating to 2.95% Sr. Unsec. Notes


J A P A N

GK ORSO: Fitch Affirms Rating on Class F Notes to 'D'


M O N G O L I A

MONGOLIA: S&P Revises Outlook to Negative & Affirms 'BB-' Rating


N E W  Z E A L A N D

BELGRAVE FINANCE: Director Pleads Guilty to 25 Fraud Charges
SOUTH CANTERBURY: Former Executive Seeks Discharge


P H I L I P P I N E S

EXPORT AND INDUSTRY: BSP Orders PDIC to Proceed With Liquidation


S I N G A P O R E

MMI INTERNATIONAL: S&P Assigns 'B+' Rating to US$230MM Loan
PRECISION CAPITAL: Moody's Outlook on Ba3 Ratings is Negative


S O U T H  K O R E A

* Fitch Says Supplementary Budget Delays Fiscal Consolidation


                            - - - - -


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


BYRON BAY: Corporate Shell Placed in Liquidation
------------------------------------------------
The Age reports that the corporate shell of the Byron Bay Cookie
Company is now in liquidation after the Australian Tax Office
fended off attempts by its previous management to regain control
and successfully pursued its application to wind up the company
instead.

It is expected to make little difference to unsecured creditors,
including suppliers to the business, who can expect little return
on what they are owed, the report says.

Byron Bay Cookies' former owner, part-time orthopaedic surgeon
Gordon Slater, was offering a deed of company arrangement (DOCA)
offering unsecured creditors as little as 10 cents in the dollar,
The Age recalls.

According to The Age, the administrators, lead by Lawler Partners
John Vouris, who opposed the wind up, have been appointed as
liquidators by the court.

"We sought an adjournment of the winding up proceedings as it was
our view that it was in the interests of creditors for the company
to continue under administration, than to be wound up," the report
quotes Mr. Vouris as saying.

The Age notes that the end of the administration means Mr. Vouris
is unable to issue a report to creditors or offer a DOCA from the
company's directors as an alternative to liquidation.

The liquidators are continuing investigations into the company and
said they will update creditors in due course, the report adds.

                          About Byron Bay

Byron Bay Cookie Company biscuits are well known on a string of
Australian airlines through its partnership with Qantas, Virgin,
Tiger and Strategic Airlines.

National Australia Bank, one of the major secured creditors,
stepped in on March 15 and appointed Derrick Vickers and Michael
Fung from PricewaterhouseCoopers in Brisbane to take over control
of the gourmet biscuit company.

The company's manufacturing arm was only placed in voluntary
administration on March 6, 2013, after the tax office began wind-
up action.  John Vouris and Brad Tonks of the business recovery
team at Lawler Partners in Sydney, were appointed voluntary
administrators. It listed debt of more than AUD10 million to
creditors.


INFRATEL NETWORKS: Placed in Administration
-------------------------------------------
SmartCompany reports that Infratel Networks has been placed in
administration and the company is up for sale with the
administrators calling for expressions of interest.

The business was placed in administration on April 10, 2013 and
John Vouris -- jvouris@lawlerpartners.com.au -- and Bradley Tonks
-- btonks@lawlerpartners.com.au -- of Lawler Partners have been
appointed administrators. The first meeting of creditors will be
held on April 19.

An advertisement for the sale of the company says the business
provides services in engineering design, product management,
construction, maintenance and restoration of broadcast and
telecommunications plant and equipment.

Infratel Network is a broadband, mobile, wireless transmission
infrastructure company.  The company has offices in Melbourne and
Sydney, along with a New Zealand presence.


STONEHAVEN WINES: Grape Processor Goes Into Liquidation
-------------------------------------------------------
Wendy Collis at ABC News reports that Stonehaven Wines Australia
Pty Ltd has gone into liquidation.

More than 20 grape growers in the south-east of South Australia
have been waiting for months for payment for grapes they have
supplied to the company, the report says.

According to the report, Greg Andrews of GS Andrews Advisory, the
appointed liquidator, says that it's far too early at this stage
to determine the outcome for unsecured creditors.

"The company finds itself in a significant hole," he said.
"There are approximately AUD3 million worth of unsecured
creditors, and we believe that assets are of the order of about,
let's just say AUD600,000."

Stonehaven Wines Australia Pty Ltd is a processing company.



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


FUTURE LAND: S&P Rates Chinese Renminbi-Denominated Notes 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating and 'cnBB' long-term Greater China regional scale
rating to a proposed issue of Chinese renminbi-denominated senior
unsecured notes by Future Land Development Holdings Ltd. (BB-
/Stable/--; cnBB+/--).  The China-based property developer intends
to use the proceeds to repay some existing loans, fund land
acquisitions for residential and commercial property development,
and for general corporate purposes.  The rating is subject to
S&P's review of the final issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Future Land 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 company's ratio of priority debt to total assets will
continue to be above S&P's threshold of 15% for speculative-grade
companies.

The rating on Future Land reflects the company's volatile and low
profit margins, some geographic concentration, and its short
record in developing mixed-use property projects.  Future Land's
good sales execution capability, established market position in
its home base of Changzhou, and disciplined financial management
temper the above weaknesses.  S&P assess Future Land's business
risk profile as "weak" and its financial risk profile as
"aggressive."

The stable outlook on the corporate credit rating reflects S&P's
expectation that Future Land will improve its property sales and
margins over the next 12 months, and maintain disciplined
financial management while pursuing growth.


GEMDALE CORP: 2012 Financials Support Moody's Ba1 CFR
-----------------------------------------------------
Moody's Investors Service reports that Gemdale Corporation's 2012
results are in line with Moody's expectations and continue to
support its Ba1 corporate family rating. The rating outlook
remains stable.

"Gemdale's satisfactory contract sales performance and stable
financial profile, as evidenced by its improved debt leverage and
maturing profile, continue to support its Ba1 corporate family
rating," says Kaven Tsang, a Moody's Vice President and Senior
Analyst.

Gemdale recorded a 10% year-on-year growth in contract sales to
RMB34.2 billion in 2012, 14% higher than its target. It continued
this momentum in the first quarter of this year, achieving
contract sales of RMB8.6 billion (+88.6% year-on-year).

"The company's satisfactory sales and disciplined land
acquisitions have allowed it to manage down its debt leverage,"
adds Tsang, who is also the Lead Analyst for Gemdale.

Gemdale's adjusted debt/capitalization ratio fell to 51.5% as of
December 2012 from 55.0% as of December 2011. Its adjusted net
debt/net capitalization declined to 27.1% from 31.8%.

Moody's expects Gemdale's adjusted debt/capitalization to stay
between 50% and 55% over the next one to two years, which would
continue to position it in the Ba1 rating category.

On the other hand, Gemdale's EBITDA interest coverage dropped to
3.5x in 2012 from 3.9x in the previous year, as a result of a
decline in its EBITDA margin to 22% from 27%.

Moody's expects the company's interest coverage ratio will
continue to stay between 3.5x-4.0x in the next two years, on the
back of strong sales in 2012.

Moody's notes that Gemdale maintains adequate liquidity. Its cash
balance of RMB20.6 billion as of end-2012 can cover more than two
times of its RMB9.6 billion of short-term debt. This is another
strength that supports Gemdale's Ba1 rating.

Moody's further notes that Gemdale has developed access to long-
term funding in the offshore bond markets, as evidenced by its
issuance of: (1) a 3-year RMB1.2 billion bond in July 2012; (2) a
5-year $350 million bond in November 2012; and (3) a 5-year RMB2
billion bond in March 2013.

The offshore debt funding has substantially improved the company's
debt maturity profile and has offered financial stability. Its
short-term debt composition declined to 31% at end-December 2012
from 48% a year ago.

The principal methodology used in this rating was Global
Homebuilding Industry Methodology published in March 2009.

Incorporated in China, Gemdale Corporation is one of the leading
developers in China's residential property sector. It began its
property development business in Shenzhen in 1993 and has
progressively expanded its business to cover the six major regions
across the country over the past 20 years. As of December 2012, it
had a land bank of 19.2 million sqm in gross floor area in 21
cities.


KAISA GROUP: S&P Rates Chinese Renminbi-Denominated Notes 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' unsolicited
long-term issue rating and 'cnBB' long-term Greater China regional
scale rating to a proposed issue of Chinese renminbi-denominated
senior unsecured notes by Kaisa Group Holdings Ltd. (B+/Stable/--;
cnBB/--).  The China-based property developer intends to use the
net proceeds to partially refinance the senior notes it issued in
2010.

S&P do not notch down the issue rating from the issuer rating on
Kaisa because the company has improved its debt structure by
reducing structural subordination risk on its offshore debt.  S&P
expects the company to maintain its priority debt at less than 15%
of total assets over the next 12 months.  The ratio was below this
threshold for speculative-grade companies in 2011 and 2012.

The rating on Kaisa reflects the company's high leverage and lack
of consistent financial management.  The company's large and low-
cost land bank and its established market position in Shenzhen and
Guangdong temper these weaknesses.  S&P views Kaisa's business
risk profile as "weak" and its financial risk profile as
"aggressive."

The stable outlook reflects S&P's expectation that Kaisa can
maintain its good sales execution and sufficient liquidity, and
continue to control its debt-funded expansion over the next 12
months.  S&P also expect Kaisa's cash flow adequacy to improve.

This unsolicited rating(s) was initiated by Standard & Poor's.  It
may be based solely on publicly available information and may or
may not involve the participation of the issuer.  Standard &
Poor's has used information from sources believed to be reliable
based on standards established in S&P's Credit Ratings Information
and Data Policy but does not guarantee the accuracy, adequacy, or
completeness of any information used.


LDK SOLAR: Fails to Make Full Payment of 2013 Convertible Notes
---------------------------------------------------------------
LDK Solar Co., Ltd., said Tuesday that, due to a temporary cash-
flow shortage, it was not able to make full payments to the
holders of its 4.75% convertible senior notes due 2013 in an
aggregate principal amount of US$23,793,000, plus interest,
otherwise due and payable on their maturity date of April 15,
2013.

LDK Solar has, however, privately and individually negotiated with
two holders of such convertible notes in the aggregate principal
amount of US$16,553,000, and reached settlement with them, shortly
before the maturity date, through a partial payment in cash and
effectively a loan facility to postpone the repayment of the
remaining indebtedness.

LDK Solar had informed The Bank of New York Mellon, as trustee for
the holders of the convertible notes, of such nonpayment. LDK
Solar is nevertheless ready and willing to discuss and reach a
settlement for the remaining convertible notes.

Earlier this month, the Company said it continues to work with the
relevant governmental agencies on the review and approval of the
purchase agreement for LDK Anhui.  The purchase agreement was
announced in January with Shanghai Qianjiang Group.  According to
the terms of the agreement, Qianjiang Group agreed to purchase all
shares of LDK Anhui, located in Hefei City, for RMB 25 million and
release the guarantee LDK Solar provided to LDK Anhui and its
subsidiaries within 12 months, as well as compensate LDK Solar for
any loss associated with such guarantee, prior to its release. The
planned closing date for this purchase agreement was originally
set for March 31, 2013 subject to relevant governmental approvals.

For more information contact:

         Lisa Laukkanen
         The Blueshirt Group for LDK Solar
         Tel: 415-217-4967
         E-mail: lisa@blueshirtgroup.com

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

KPMG in Hong Kong, China, said in a May 15, 2012, audit report,
there is substantial doubt on the ability of LDK Solar Co., Ltd.,
to continue as a going concern.  According to KPMG, LDK Solar has
a net working capital deficit and is restricted to incur
additional debt as it has not met a financial covenant ratio
under a long-term debt agreement as of Dec. 31, 2011.  These
conditions raise substantial doubt about the Group's ability to
continue as a going concern.

LDK Solar's balance sheet at Sept. 30, 2012, showed
US$5.76 billion in total assets, US$5.41 billion in total
liabilities, US$299.02 million in redeemable non-controlling
interests and US$45.91 million in total equity.


YINGDE GASES: Fitch Assigns 'BB' Rating to $300MM Senior Notes
--------------------------------------------------------------
Fitch Ratings has assigned Yingde Gases Group Company Limited's
(Yingde, BB/Stable) guaranteed USD300 million 8.125% senior
unsecured notes due 2018 a final rating of 'BB'. The notes are
issued by Yingde Gases Investment Limited and unconditionally and
irrevocably guaranteed by Yingde.

The assignment follows the receipt of documents conforming to
information already received. The final rating is in line with the
expected rating assigned on April 2, 2013. Of the net proceeds
from the issue, USD150 million will be used for capital
expenditure and for general corporate purposes, and the remainder
for refinancing certain existing debt.

Key Rating Drivers

Utility type business: Yingde's on-site gas supply business, which
contributed to 88% of revenue in 2012 (82% in 2011), generates
stable cash flow similar to utilities companies. This operation
benefits from the cost pass-through and minimum off take mechanism
in the long-term contracts between Yingde and its on-site
customers.

Stable profitability: Relative to peers in the industry, Yingde
enjoys more stable profitability with its high contribution from
the on-site business. Gross profit has risen every year with
growing capacity. Yingde's gross margin (2012: of 32%; 2008-2011
between 34% and 41%) showed slight volatility since its merchant
sales business, which enjoys high gross margins of over 80%, is
subject to volatile demand and pricing. Yingde's competitors, who
have higher exposure to this segment, tend to have a more volatile
earnings profile.

Diversified funding sources: Yingde's strengthening access to
various funding sources has given it greater financial flexibility
to fund its long-standing projects. This is demonstrated by the
following financing arrangements - offshore syndicated loans
amounting to USD300m, onshore CNY880m MTN notes, and long-term
project financing loans with long maturities of more than five
years.

Negative free cash flow (FCF) constrain ratings: High capex over
the next three to five years will put Yingde in negative FCF.
Yingde is still at an expansionary stage and its cash flow will be
insufficient to fully fund its capex unless capex stabilises at
CNY2bn by 2015. The high capex has caused funds from operations
(FFO) net leverage to rise to 4.1x in 2012, above Fitch's negative
rating guideline of 3.5x. However, Fitch expects this to be
temporary. Expedited capex in 2012 will result in higher cash flow
generation from 2014.

Small by global standards: The international industrial gases
sector is dominated by top international players who have strong
market positions in the merchant market and with financial
strength to compete in the on-site business. Although Yingde has a
stronghold in the Chinese on-site segment, the scale of the
company is still small by global standards.

Rating Sensitivities:

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

- deterioration of Yingde's business profile demonstrated by
  falling cash gross profit per unit for the on-site gas supply
  business

- failure to secure long-term funding for future growth

- FFO adjusted net leverage being sustained above 3.5x, or higher
  than 4.5x in any single year

- FFO fixed charge coverage being sustained below 4.0x

Positive: Positive rating action is not expected in the next 12-18
months due to Yingde's high capex needs and negative FCF. However,
future developments that may, individually or collectively, lead
to positive rating action include:

- significant increase in business scale increases without
  deterioration in financial metrics

- positive FCF on a sustained basis


YOSEN GROUP: Goldman Kurland Raises Going Concern Doubt
-------------------------------------------------------
Yosen Group, Inc., filed on April 12, 2013, its annual report on
Form 10-K for the year ended Dec. 31, 2012.

Goldman Kurland and Mohidin LLP, in Encino, California, expressed
substantial doubt about Yosen Group's ability to continue as a
going concern.  The independent auditors noted that the Company
has incurred significant losses from operations for the past two
years.  "In addition, the Company's cash position substantially
deteriorated from 2011," the independent auditors said.

The Company reported a net loss of $15.7 million on $21.5 million
of sales in 2012, compared with a net loss of $51.8 million on
$39.0 million of sales in 2011.

The Company's balance sheet at Dec. 31, 2012, showed $4.77 million
in total assets, $4.82 million in total liabilities, and a
stockholders' deficit of $49,000.

A copy of the Form 10-K is available at http://is.gd/znKgRF

Yosen Group, Inc., headquartered in HangZhou City, Zhejiang
Province, China, was incorporated on Aug. 20, 1998, under the laws
of the State of Nevada.  As of Dec. 31, 2012, the Company operated
41 "stores in stores", under the brand names Hangzhou Wang Da and
Zhejiang YongXin.  Wang Da focuses on distributing domestic brands
mobile phones and some brand name computers.  Zhejiang focuses on
distributing Samsung and Apple brand products.



================
H O N G  K O N G
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TITAN PETROCHEMICALS: Wants Creditors' Liquidation Bid Set Aside
----------------------------------------------------------------
South China Morning Post reports that Titan Petrochemicals said it
hopes to have creditors' demands for its liquidation set aside and
its shares trading again by the end of the year after it releases
its financial results for last year.

The report recalls that trading in Titan shares has been suspended
since June last year, pending a court decision on demands for its
liquidation by creditors and until the publication of its interim
and final results for the year.

According to the report, Executive Director Patrick Wong Siu-hung
said the debt-ridden oil trading and logistics firm will also
consider adding more strategic investors, now that it has secured
HK$130 million of new investment from Singapore-listed offshore
oilfield services provider Falcon Energy Group.

"We do not rule out any possibility," the report quotes Mr. Wong
as saying, when asked if Titan would consider international
private equity firms of similar stature to United States-based
Warburg Pincus, which became a substantial shareholder in Titan in
2007.

The report says Titan's board also plans to propose raising up to
HK$396 million by issuing a five-year, zero-coupon, unlisted bond
that will be convertible to shares. The bonds will be offered to
all existing shareholders, the report adds.

                   About Titan Petrochemicals

Headquartered in Hong Kong, Titan Petrochemicals Group Limited
(HKG:1192) -- http://www.petrotitan.com/-- is an investment
holding.  The Company is engaged in supply of oil products and
provision of bunker refueling services; provision of logistic
services, including oil storage and oil transportation, and
shipbuilding and commencement of building of ship repair
facilities.  The Company operates in three business segments:
supply of oil products and provision of bunker refueling
services; provision of logistic services (including oil
transportation and oil storage), and shipbuilding. Titan's wholly
owned subsidiaries include Titan Oil (Asia) Ltd., Titan FSU
Investment Limited, Titan Oil Storage Investment Limited, Titan
Oil Trading (Asia) Limited, Titan Bunkering Investment Limited,
Harbour Sky Investments Limited and Titan Shipyard Holdings
Limited.



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I N D I A
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BIHANI BINAYAKE: CARE Assigns 'B+' Rating to INR10cr Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Bihani Binayake Cotex Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       10.00     CARE B+ Assigned
   Short-term Bank Facilities       2.50     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bihani Binayake
Cotex Private Limited are constrained by its modest scale of
operations along with a strained financial risk profile marked by
thin profitability margins and high gearing level. The ratings are
further constrained by presence of the company in highly
fragmented cotton ginning industry with limited value addition,
risk associated with seasonal availability of raw material and
susceptibility to government policies related to prices and export
of cotton.

The ratings, however, draw strength from the promoter's experience
in cotton ginning and location advantage due to proximity of the
company to suppliers and customers.

The ability of company to improve its profitability margins along
with improvement in solvency position is the key rating
sensitivity.

Incorporated in the year 2004 Bihani Binayake Cotex Private
Limited is engaged in cotton ginning and pressing. The company is
promoted by the Bihani and the Binayake family having
equal shareholding in the company. The major raw material for the
company is raw cotton which is procures from the Mandi (regional
market) on spot purchase basis. The company has an installed
capacity of 54,000 bales per annum which was utilized
approximately 50% in FY12 (refers to the period April 1 to March
31). The company operates for six months in a year i.e. from
October to March owing to seasonal availability of cotton. The
customers of BBCPL are located in and around Marathwada region of
Maharashtra. The company also sells the cotton seeds which is the
byproduct after the process of ginning and pressing.

In FY12, BBCPL has registered a PAT of INR0.11 crore as against
the total operating income of INR42.82 as compared with PAT of
INR0.46 crore against the total income of INR 80.31 crore in FY11.

In 9MFY13, company has registered a PAT of INR0.46 crore as
against the total operating income of INR47.40 crore.


CLS INDUSTRIES: CARE Rates INR8.30cr LT Loan at 'CARE B'
--------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' to the bank facilities of
CLS Industries Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.30      CARE B Assigned
   Short-term Bank Facilities      6.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of CLS Industries
Private Limited are primarily constrained on account of the
limited experience of the promoters in the plywood industry,
modest scale of operation in highly fragmented plywood industry,
modest turnover, thin profitability, highly leveraged capital
structure and stressed liquidity position. The ratings are further
constrained by susceptibility of profit margins to raw material
price and foreign exchange fluctuation coupled fortunes linked to
demand from end user industry.

The ratings, however, favorably take into account the resourceful
promoters having diversified business interests.

Increase in the scale of operations with improvement in financial
risk profile and the ability to manage high fluctuation in the raw
material prices are the key rating sensitivities

Gandhidham (Kutch) based CLS, erstwhile Ave Hotels and Resorts
Private limited, was incorporated in 2008 as a private limited
company by Shyam Sharma (director) and his two sons Mr Mohit
Sharma (director) and Rohit Sharma (director). The name of the
company was changed to its present name on May 18, 2010. CLS is
engaged in the manufacturing of plywood, veneer, flush doors and
block boards. The promoter group also has business interests
invarious other fields such as hospitality, leasing, trading etc.

The commercial production of CLS commenced in February 2011. The
product line of CLS includes plywood and veneers of various
qualities and thickness ranging from 4 mm to 19 mm.

As per the audited results for FY12 (refers to the period April 1
to March 31), CLS reported a total operating income (TOI) of
INR10.05 crore (FY11: INR2.07 crore) and Profit After Tax (PAT) of
INR0.01crore (FY11: INR0.00 crore). During 11MFY13 (Provisional),
CLS reported TOI of INR12.55 crore and PAT of INR0.02 crore.


GOURISHANKAR COTEX: CARE Rates INR7.5cr LT Loan at 'CARE B'
-----------------------------------------------------------
CARE assigns 'CARE B' to the bank facilities of Gourishankar
Cotex.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.50      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 a change in case of the withdrawal of
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Gourishankar Cotex
(GCX) is primarily constrained by its modest scale of operations
of in a highly competitive and fragmented cotton ginning industry
and financial risk profile marked by fluctuating turnover, thin
profitability, leveraged capital structure and elongated working
capital cycle. The rating continues to be further constrained by
the volatility associated with raw material (cotton) prices and
impact of changes in the government policy.

The rating, however, continues to draw strength from experience of
the partners in the cotton ginning business and proximity to the
cotton producing region of Gujarat.

The ability of GCX to increase its scale of operations, move
upward in the textile value chain and improvement in its overall
risk profile remains the key rating sensitivity.

Sillod (Maharashtra)-based, Gourishankar Cotex was incorporated as
a partnership firm in March 2007 by four partners namely Omprakash
Garg, Chittarmal Agarwal, Nandkishore Garg and Rakseh Garg to
undertake the business of cotton ginning and pressing from cotton
seeds. It operates from its sole manufacturing plant located at
Sillod (Maharashtra) with installed capacity for cotton bales of
300 bales per day and for cotton seeds of 900 quintal per day as
on March31, 2012.

As against a net profit of INR0.06 crore on a total operating
income of INR31.63 crore in FY11 (refers to the period April 1 to
March 31), GCX reported a net profit of INR0.03 crore on a total
operating income of INR22.67 crore during FY12.


GURUKRUPA GINNING: CARE Rates INR6cr Long-Term Loan at 'B+
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Gurukrupa
Ginning & Oil Industries.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities         6       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 capital
or the unsecured loans brought by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Gurukrupa Ginning &
Oil Industries is primarily constrained on account of its weak
financial risk profile marked by fluctuating income, thin
profitability margins and moderate debt coverage indicators. The
rating is further constrained on account of its presence in the
highly competitive and fragmented cotton-ginning business with
limited value addition, volatility associated with the raw
material prices, working capital intensive operations and
susceptibility to changes in the government policy for cotton.
The above constraints far offset the benefits derived from the
experience of the partners in cotton ginning business, proximity
to the cotton-producing region of Gujarat and moderate capital
structure.

The ability of GGOI to move upward in the textile value chain
along with improvement in the financial risk profile and better
working capital management remains the key rating sensitivity.

Incorporated in 2005, GGOI is promoted by Anil Jivani along with
five other partners to undertake the business of cotton ginning
and pressing. It operates from its sole manufacturing plant
located at Amreli (Gujarat) with a total installed capacity of
6,000 MTPA of cotton bales and 17,140 MTPA of cotton seed as on
March 2012.

During FY12 (refers to period April 1 to March 31), GGOI achieved
a PAT of INR0.05 crore on a TOI of INR46.71 crore, as against PAT
of INR0.06 crore on a TOI of INR51.23 crore in FY11.


INDRA MARSHAL: CARE Assigns 'B+' Rating to INR7cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Indra Marshal Power Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.00      CARE B+ Assigned
   Short-term Bank Facilities      9.28      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Indra Marshal Power
Private Limited are constrained by financial risk profile marked
by low net worth base, weak debt coverage indicators and stretched
liquidity position. The ratings are further constrained by
exposure of IMPL to volatility in the raw material prices leading
to fluctuation in profitability margins, dependence of the company
on Government bodies along with fixed price nature of contracts
and highly fragmented nature of industry resulting in intense
competition from both organized and unorganized sector.

The ratings, however, draw comfort from experienced promoters
along with long track record of entity, reputed and established
clientele and strong marketing & distribution network.

The ability of the company to increase its scale of operations
along with improvement in profitability margins and capital
structure are the key rating sensitivities.

Incorporated in the year 1968, Indra Marshal Power Private Limited
belongs to the Jhawar group based in Indore. IMPL is engaged in
the assembling of pumping set with horsepower of 3.5 to 20 and air
(garage) compressors which are used for agriculture purpose. The
company has an installed capacity of 56,000 pumps and 5,000
compressors per annum which it utilized approximately 44% of in
FY12 (refers to the period April 1 to March 31). The company
imports 90% of the required components (spare parts) from china
and rest from domestic market. The company sells its assembled
pump sets and compressors to irrigation department of State
Governments and to private players like Usha International
Limited, Greaves Cotton Limited, Kirloskar Brothers Limited and
Kirloskar Pneumatic Limited etc. The assembled pumps are sold
under the brand name 'Indra Marshall'. The company has a pan India
presence with network of 275 dealers. IMPL is an ISO 9001:2008
certified company.

In FY12, IMPL has registered a PAT of INR0.63 crore as against the
total income of INR31.83 crore. In 9MFY13, the company has
registered a PAT of INR0.02 crore as against the total income of
INR12.95 crore.


PRINIK STEELS: CARE Rates INR9.02cr Long-Term Loan at 'B+'
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Prinik
Steels Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       9.02      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Prinik Steels Pvt.
Ltd. is primarily constrained by its weak financial risk profile
marked by erratic trend in the revenue, low profitability margins
and elongated working capital cycle. The rating also factors in
its low capacity utilization, lack of backward integration vis-…-
vis volatility in raw materials prices, intense competition,
cyclical nature of the iron & steel industry.

The above constraints are partially offset by strengths derived
from the long track record of operations, experience of the
promoters and diversified customer base with top five accounting
for only 15% of the total sales in FY12 (refers to the period
April 01 to March 31).

The ability of the company to increase its scale of operations
along with improvement in the profitability parameters while
managing the working capital efficiently would be the key rating
sensitivities.

Prinik Steels Pvt. Ltd., incorporated in June, 1999 and having
commenced commercial operation from November, 2001 was promoted by
two brothers, Shri Rajeev Kumar Agarwal and Shri Sanjeev Kumar
Agarwal of Bhubaneswar (Odisha). The company is engaged in
manufacturing of mild steel (MS) Ingots (capacity - 18,000 MTPA),
rolled products (like TMT & MS square bars, rods and flats;
capacity- 16,000 MTPA), MS Wire (capacity - 1,300 MTPA) and Wire
nails (capacity - 1,200 MTPA) with plant being located at Khordha,
Odisha. The facilities have quality systems
certifications of ISO: 9001:2008.

During FY12 (refers to the period April 01 to March 31), PSPL
reported a total operating income of INR25.96 crore and a PAT
(after deferred tax) of INR0.03 crore. Furthermore, in M10FY13
(provisional), the company reported gross sales of INR20.75 crore.


RAMDOOT STEELS: CARE Assigns 'B' Rating to INR3.6cr Loan
--------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Ramdoot Steels Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        3.6      CARE B Assigned
   Short-term Bank Facilities       2.0      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ramdoot Steels Pvt.
Ltd.  are primarily constrained by its short track record and
relatively small scale of operations coupled with low
profitability margins. The ratings are also constrained by
volatility in the raw material prices, lack of backward
integration for basic raw material, counter party payment risk in
view of customer concentration and fragmented nature of the
industry.

The above constraints outweigh the comfort derived from the
experience of the promoters in the iron and steel industry.

The ability of the company to enhance the scale of operations with
the improvement in profitability margins while diversifying its
customer base would be the key rating sensitivities.

RSPL was incorporated in July 2004, belongs to the Parmarth group,
promoted by Lalit Kumar Agarwal (aged 51 years) of Bijnor, Uttar
Pradesh. The company remained dormant for about two years and in
2006 the promoters decided to set-up an Induction furnace unit to
manufacture MS Ingots and Runner & Riser (capacity of 13,200 MTPA)
to cater the raw material requirement of its associate company
[Parmarth Iron Pvt Ltd (PIPL; 'CARE B-/CARE A4'), engaged in the
manufacturing of TMT bars]. The unit commenced commercial
operation in May 2008.

Accordingly, FY09 (refers to the period April 1 to March 31) was
the first year of operation for RSPL. During FY12, RSPL reported a
total operating income of INR24.32 cro e and a PAT (after deferred
tax) of INR0.19 crore. In M11FY13 (provisional), RSPL reported net
sales of INR22 crore.


RAUNAQ ICE: CARE Assigns 'B' Rating to INR0.95cr Loan
-----------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Raunaq Ice & Cold Storage.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       0.95      CARE B Assigned
   Short-term Bank Facilities     13.50      CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Raunaq Ice & Cold
Storage are primarily constrained on account of its modest scale
of operations in the highly fragmented seafood processing industry
with limited value addition and weak financial risk profile
characterized by thin profitability margins, highly leveraged
capital structure and weak debt coverage indicators. The ratings
are further constrained by the inherent risk associated with
seafood processing industry, dependence on Government policies and
susceptibility of profitability margins to foreign exchange rate
fluctuations.

The ratings, however, favorably take into account the wide
experience of the partners and established track record of
operations of over two decades in the seafood processing industry.
Increase in the scale of operations along with improvement in the
overall financial risk profile with improvement in profitability
and efficient working-capital management are the key rating
sensitivities.

RICS was established as a partnership firm in 1995 by the
Khetalpar family of Mangrol (Gujarat). Headed by Naranbhai
Khetalpar and his brother, Hirabhai Khetalpar, the firm is engaged
in export of seafoods such as squid, ribbon fish, cuttlefish and
shrimp primarily to USA, China, Europe and Middle-East. The firm
has a processing facility at Mangrol with an installed capacity of
40 tonnes per day for processing of seafood and a cold storage
facility with a capacity of 750 tonnes per day for preserving
processed seafood.

During FY12 (refers to the period April 1 to March 31), RICS
achieved a PAT of INR0.10 crore on a TOI of INR44.30 crore, as
against PAT of INR0.10 crore on a TOI of INR37.65 crore in FY11.


REI AGRO: Fitch Assigns 'B+' Long-Term Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has assigned India-based agricultural processing and
trading company REI Agro Ltd's Long-Term Issuer Default Rating
(IDR) of 'B+'. The Outlook is Positive. The agency has also
assigned the company a senior unsecured rating of 'B+' and its
proposed guaranteed senior unsecured bond an expected rating of
'B+(EXP)'.

The bonds are proposed to be issued by REI's Dubai-based
subsidiary Ammalay Commoditiess JLT and are backed by an
unconditional and irrevocable guarantee by REI. The final rating
is contingent upon the receipt of final documents conforming to
information already received.

Key Rating Drivers

Leading market position: REI's leading market position and
integrated business model in the basmati rice industry is
supported by its well-known brand and a strong distribution
network in India. The company also has a presence in the key
export markets of Middle East and has established a distribution
network through Ammalay to support its branded rice sales.

The company, through its strong sourcing network, procures paddy
from agricultural markets, matures and processes rice. This
integrated business model, coupled with its market position,
drives strong profitability in the branded and export segments.

Moderate liquidity: REI's had cash of INR6.6bn and unutilised bank
lines of INR7.7bn at end-December 2012. Fitch derives comfort from
the liquid nature of REI's inventory and historically limited
volatility in basmati prices. Furthermore, the proposed bond issue
is likely to lower the company's average cost of debt. As such,
the Positive Outlook reflecta an expected improvement in REI's
financial profile which is likely to result in FFO interest
coverage improving to over 2x on a sustained basis.

Higher share of trading revenues: REI's overall profitability has
been decreasing (FY12: 18.5%; FY11: 20.7%) primarily on account of
its increasing proportion of low margin trading revenues (about
25% of total revenues in FY12, FY11 - nil). The company trades in
rice and pulses, leveraging on its sourcing and distribution
network in India. REI has also started trading in other
agricultural commodities and metals/minerals (coal, iron ore)
through Ammalay. Fitch expects the increase in trading revenues to
continue to impact the REI's overall profitability over the medium
term. The company's trading (other than basmati rice) is, however,
largely against orders resulting in minimum price risk on account
of inventory. During Q3FY13, REI's revenues grew by 59.3% to
INR28.2bn with EBITDA margins of 16.9% (Q3FY12:19%).

Highly working capital-intensive: The ratings are constrained by
the high working capital requirement of the company. Basmati
requires maturing of about 18-24 months, resulting in high
inventory levels (FY12: 320 days). The high working capital
requirement also led to high funds from operations (FFO)-adjusted
net leverage and weak FFO interest cover, of 4.8x of 1.8x,
respectively, in FY12. The high working capital, coupled with
large capex during FY11 and FY12, has resulted in negative free
cash flows (FCF) during the last five years. Fitch expects FCF to
remain negative in the near term and to turn positive by FY15 in
the absence of any capex.

Rating Sensitivities

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

- FFO interest cover of 2x or above on a sustained basis

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

- FFO interest cover remaining below 2x on a sustained basis may
  result in Outlook being revised to Stable


RISHI ICE: CARE Rates INR7cr Long-Term Loan at 'CARE C'
-------------------------------------------------------
CARE assigns 'CARE C' ratings to the bank facilities of Rishi Ice
And Cold Storage Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.00      CARE C Assigned

Rating Rationale

The rating assigned to the bank facilities of Rishi Ice and Cold
Storage Private Limited is constrained by the weak financial risk
profile, stretched liquidity position & past instances of delays
in debt servicing. The rating is further constrained by the
operations in highly competitive & fragmented cold & dry storage
industry restricting the operating margins.
The aforesaid constraints are partially offset by the long track
record of the experienced promoters, satisfactory infrastructure
and location advantage.

The ability of Rishi to improve the overall scale of operations
along with improvement in the liquidity profile is the key rating
sensitivities.

Incorporated in 2002, Rishi Ice and Cold Storage Private Limited
started commercial operations from March 2006 and is involved in
the business of providing cold and dry storage facilities. Rishi
has a multi-purpose storage facility and provides storage service
for various products (such as fruits, dates, vegetables, dry
fruits, spices and milk products). The company has storage
capacity of 14,000 MT, at the warehouse located in Navi Mumbai.

During FY12 (refers to the period April 1 to March 31), Rishi
reported a total operating income of INR7.49 crore (growth of
51.31% vis-a-vis FY11) and PAT of INR0.34 crore (compared with
loss of INR1.23 crore in FY11). During 9MFY13, the company has
achieved a total income of INR4.97 crore and PAT of 0.75 crore.


SHASHANK AUTO: CARE Reaffirms 'B+' Rating on INR11.35cr Loan
------------------------------------------------------------
CARE reaffirms 'CARE B+' and 'CARE A4'To the bank facilities of
Shashank Auto Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       11.35     CARE B+ Reaffirmed
   Short-term Bank Facilities       0.50     CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Shashank Auto
Private Limited are mainly constrained by highly leveraged capital
structure, losses incurred during its nascent stage of
operations and high inventory holding period. The ratings are
further constrained by presence in the highly competitive
automobile dealership market and cyclicality in the automobile
sector.

The above mentioned constraints are partially offset by the
strength derived from the experience of the promoters, authorized
dealership of Mahindra & Mahindra (M&M) multi-utility vehicles
(MUV), which has a dominant position in the MUV segment in India.

The ability of SAPL to establish its operations and achieve the
projected level of sales in a highly competitive market,
maintaining the margins as envisaged and improvement in the
capital structure, are the key rating sensitivities.

Incorporated in 2010, SAPL is an authorized dealer for M&M MUVs
for Muzaffarpur, Bihar. Besides being engaged in the dealing of
mid-size to high-end range of M&M MUV's, SAPL also provides
after-sales services and also sells M&M car spare
parts/accessories. Furthermore, the company also has dealership of
one of M&M's construction equipment (Earth Master Backhoe Loader).

SAPL has group companies, namely, Sharma Cold Storage & Ice
Factory Private Limited involved in providing cold storage
facilities on hire basis, and Balaji Hyundai Auto Private Limited,
a dealer of Hyundai cars in Muzaffarpur.

During FY12 (refers to the period 01 April to March 31), SAPL
reported total income of INR1.17 crore with net loss of INR0.10
crore.


TATA STEEL: Fitch Affirms 'BB+' Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign Currency Issuer
Default Rating (LT FC IDR) of India-based Tata Steel Limited's at
'BB+. The agency has also affirmed Tata Steel UK Holdings Limited
LT FC IDR at 'B+'. The Outlook remains Negative. The agency has
also assigned TSL a senior unsecured rating of 'BB+' A full list
of rating actions is provided at the end of this commentary.

Key Rating Drivers:

Profitability Pressure: The negative outlook continues to reflect
Fitch's expectations of likely pressure on TSL's profitability at
its Indian and European operations. The company's performance was
weak in the 9 months of FY13 with EBITDA margin falling to 8%
(9mFY12- 9%) reflecting the challenging economic conditions.
Profitability at TSL's Indian operations fell to 28.5% (9mFY12 -
34.8%), while TSUKH recorded EBITDA losses during two quarters.
The pressure on profitability is likely to result in TSL's net
leverage deteriorating to around the 5x level, above Fitch's
negative guideline of 4x for FY13.

Expanded Indian Operations: Fitch expects TSL's leverage to
improve back to 4x levels by FY14 and below 4x levels thereafter,
supported by increasing volumes at its expanded Indian operations.
Volumes at TSL's Indian operations grew to 7.5 metric tonnes per
annum (mtpa) during FY13 (FY12 - 6.6 mtpa) driven by volumes from
the additional 2.9 mtpa of capacity which came on line during
Q2FY13. Fitch expects the stable growth in volumes to result in
EBITDA growth over the medium term, with a larger proportion of
additional volume likely to be in value added products. However,
any significant fall in steel prices may impact the company's
financial profile negatively.

De-leveraging Plans: TSL plans to reduce its debt levels in FY14.
This is reflected in TSL's (through its subsidiary) sale of
investments amounting to INR9.8bn in March 2013. Fitch believes
that the company is likely to divest additional assets to
deleverage. However, the agency notes that any non-reduction in
debt levels may impact the ratings negatively.

Tata Group Support: TSL's ratings continue to benefit from a one-
notch uplift on account of the potential support from the Tata
group due to the former's strategic importance to the group. Any
weakening of linkages between the group and TSL, and/or the
group's inability to provide support would likely affect the
ratings negatively. Fitch takes a consolidated view of TSL - with
TSUKH's rating benefiting from potential parental support in line
with its Parent and Subsidiary Rating Linkage methodology.

Strong Liquidity: The ratings benefit from TSL's strong liquidity
with consolidated cash and bank balances of USD1.26bn and access
to undrawn lines of USD1.12bn as at end-December 2012.
During 9mFY13, TSL recorded revenue of INR1000bn (9mFY12 -
INR989bn) with EBITDA of INR79.5bn (9mFY12 - INR88.9bn).

Rating Sensitivities

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

- Net financial leverage of more than 4x on a sustained basis
- Any weakening of linkages of TSL with Tata group
- Any weakening of linkages between TSL and TSUKH

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

- Improvement in TSL's net financial leverage to 4x or below on
  a sustained basis may result in the Outlook being revised to
  Stable

- Significant improvement in net financial leverage below 2.5x on
  a sustained basis, coupled with sustained profitable operations
  at TSUKH would be positive for the FC IDR.

- Also TSUKH's rating may be positively impacted in case of any
  strengthening of linkages between TSL and TSUKH

Rating actions on debt instruments are as follows:

TSL:
LT FC IDR: Affirmed at 'BB+'/ Negative;
Senior unsecured rating:Assigned 'BB+'

TSUKH:
LT FC IDR:Affirmed at 'B+'/ Negative
- Secured bank facilities aggregating around GBP3.6bn affirmed at
Long-Term 'BB-' with a recovery rating of 'RR3'.


TRICOM INDIA: CARE Assigns 'D' Ratings to INR46.9cr Loans
---------------------------------------------------------
CARE assigns 'CARE D' ratings to the long-term and short-term bank
facilities of Tricom India Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      35.65      CARE D Assigned
   Short-term Bank Facilities     11.25      CARE D Assigned

Rating Rationale

The ratings are constrained by the ongoing delay of Tricom India
Ltd in servicing the term loan obligations, persistent over-
utilisation of its working-capital limits and expected continuance
of the cash flow mis-match on account of its high debt repayment
obligation as compared with the cash accruals, in the near term.

The ratings factor in the promoter's experience in the IT Enabled
Services/BPO business. Regularization of the working-capital
limits and Tricom's ability to generate positive cash flows to
service its debt obligation remain the key rating sensitivities.

Tricom India Ltd was promoted by Mr Chetan Kothari and Hiren
Kothari in 1992 as a Non-Banking Finance Company.  In
February 2000, Tricom diversified into ITES/BPO business and
the NBFC business was hived off to another company in 2003.
Presently, the company has offices in India and US and is listed
at BSE, NSE and Luxemborg Stock Exchange.

The company's operations include non-voice BPO services such as
indexing services, litigation coding, e-publishing services,
services in the areas of medical billing and claim processing to
healthcare providers and insurance carriers etc.

During FY12 (refers to the period April 01 to March 31), Tricom
registered a PAT of INR10.14 crore on the net sales of INR137.51
crore as against a PAT of INR19.47 crore on net sales of INR113.14
crore during FY10.



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


BANK RAKYAT: S&P Assigns 'BB+' Rating to 2.95% Sr. Unsec. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue rating
to the 2.95% senior unsecured notes due March 28, 2018, by PT Bank
Rakyat Indonesia (Persero) Tbk. (BRI: BB+/Stable/B; axBBB+/axA-2).
The rating on the notes reflects the long-term issuer credit
rating on the bank.

The notes will constitute unsecured and unsubordinated obligations
of BRI.  They shall at all times rank equally among themselves and
with all other unsecured obligations of the bank.



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


GK ORSO: Fitch Affirms Rating on Class F Notes to 'D'
-----------------------------------------------------
Fitch Ratings has downgraded G.K. Orso Funding CMBS 7's class B to
E notes and affirmed the class F notes. All the notes are due in
May 2014. The transaction is a Japanese multi-borrower type CMBS
securitisation. The rating actions are as follows:

JPY2.2bn* Class B notes downgraded to 'BBBsf' from 'Asf'; Outlook
Negative

JPY5bn* Class C notes downgraded to 'Bsf' from 'BBsf'; Outlook
Stable

JPY5bn* Class D notes downgraded to 'CCsf' from 'CCCsf'; Recovery
Estimate revised to 0% from 60%

JPY5.5bn* Class E notes downgraded to 'Csf' from 'CCsf'; Recovery
Estimate 0%

JPY0.2bn* Class F notes affirmed at 'Dsf'; Recovery Estimate 0%

*as of 15 April 2013

Key Rating Drivers

The downgrade of the class B and C notes reflects Fitch's view
that the timing of full redemption of these notes will be around
six months later than was expected at the previous rating action
in May 2012. Since then, three properties backing one defaulted
loan have been sold and the total sales value was higher than
Fitch's expectation, resulting in the partial redemption of the
class B notes. The sale of a further two properties is expected to
be sufficient to redeem the class B notes in full. However, given
the current status of the workouts on the remaining two defaulted
loans, including the preparation work for the business plan, Fitch
expects the class B and C notes will be fully redeemed in either
Q413 or Q114.

The downgrade of the class D and E notes reflects Fitch's view
that the possibility of the write-down of the notes principal has
increased. The workout of one defaulted loan is likely to result
in a large principal loss based on information received by Fitch
to date. Fitch has revised down the value of the single property
backing this loan.

Rating Sensitivities

Any unexpected delay in the workouts could cause a further
downgrade of class B to non-investment grade. Decisions of the
controlling class holders for this transaction may also negatively
affect the progress of workouts, unlike most Japanese CMBS
transactions. This is reflected in the Negative Outlook on this
class.

The rating of the class C notes is sensitive to both the pace of
the workout and Fitch's valuation of the remaining properties.
Should the prospective sales value be significantly lower than the
agency's estimation, further negative rating action may result.

In accordance with the payment waterfall stipulated in the related
documents, interest on the defaulted loans is collected prior to
the principal. The default interest rate of the remaining two
defaulted loans is high and as such may negatively affect the
recovery amounts if the workout is prolonged.

At closing the transaction was a securitisation of four non-
recourse loans and two Tokutei Mokuteki Kaisha specified bonds,
which were ultimately backed by 42 real estate properties. The
transaction is now backed by two defaulted loans, ultimately
backed by a total of five properties.



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


MONGOLIA: S&P Revises Outlook to Negative & Affirms 'BB-' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
rating outlook on Mongolia to negative from stable.  At the same
time, S&P affirmed the 'BB-' long-term and 'B' short-term
sovereign credit ratings on Mongolia.  S&P also affirmed its
'BB-' issue rating on the country's senior unsecured notes.  S&P's
'BB' transfer and convertibility (T&C) assessment on Mongolia is
unchanged.

"We revised the outlook on Mongolia to negative to reflect our
opinion that higher policy risk has increased the chances of a
downgrade to more than one-in-three for the country over the next
six to 18 months," said Standard & Poor's credit analyst Agost
Benard.  "Mongolia's fiscal and external profiles could
deteriorate materially over the next year or two in the absence of
a significant improvement in policymaking regarding government
borrowing, public spending, and the business environment."

S&P may downgrade Mongolia if: (1) government borrowing increases
substantially; (2) policy risk for the mining sector remains
elevated and hurts foreign direct investment (FDI) inflow; or
(3) exports remain weak.

On the other hand, S&P may revise the outlook to stable if the
government significantly strengthens the management of its debt
and investment, and the improvement in mining sector policy and
practices enhances FDI inflow and mineral exports.

Mongolia's underdeveloped economy, with low GDP per capita,
constrains the government's revenue base and its room to maneuver
policy to support its creditworthiness in a downturn.

The mining sector has largely driven Mongolia's strong growth in
recent years.  It will account for an even larger share of the
country's exports and fiscal revenue as the Oyu Tolgoi copper-gold
mine becomes operational and other large mines increase production
and exports.

The weak policy environment accentuates the sovereign's
vulnerability stemming from its narrow economic profile.  Frequent
changes in the political landscape and the lack of a strong
political leadership in recent years make it difficult for
Mongolia to develop and implement a viable and consistent mining
policy.  This gives rise to significant policy risk for this
sector, which is a pillar of the country's economy.

S&P expects Mongolia's external and fiscal risks to increase
further over the next few years.  This is largely because of S&P's
expectation that the government would resort to a greater use of
debt to finance its ambitious development strategy.  Although S&P
expects mineral exports to grow fast, the positive impact of such
growth on the current account would be largely offset over the
next three years by imports associated with still sizable FDI
inflow and the large bill for transportation charges on exports.

Mongolia's strong growth potential offsets some of the weaknesses
in the sovereign's creditworthiness.  The sovereign rating also
benefits from the government's modest interest expense.



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


BELGRAVE FINANCE: Director Pleads Guilty to 25 Fraud Charges
------------------------------------------------------------
Stephen Charles Smith pleaded guilty at the Auckland High Court to
25 charges arising out of the collapse of Belgrave Finance
Limited.  The charges were brought in a joint prosecution by the
Financial Markets Authority (FMA) and the Serious Fraud Office
(SFO).

Mr. Smith pleaded guilty to 19 Crimes Act charges of theft by
person in a special relationship, four charges of false statement
by promoter, one Securities Act charge of making an untrue
statement and one Companies Act charge of making a false statement
to a trustee.

The charges relate to more than $18 million of loans made by
Belgrave Finance to various related entities between June 2005 and
March 2008.

FMA Head of Enforcement, Belinda Moffat, said all directors should
treat the guilty plea as a reminder of their duties and
responsibilities.

"Anyone who invests their hard earned money relies on directors to
do the right thing," said Ms. Moffat. "There are standards of
behavior that are expected and consequences of getting it wrong."

Acting SFO Chief Executive, Simon McArley, added that Mr. Smith's
plea is another positive step towards concluding the response to
the finance company collapses.

"The impact of fraud on its victims is substantial. Whether it's
the loss of financial investments or jobs, many New Zealanders'
lives and prosperity are irrevocably changed through the impact of
fraud. The completion of these prosecutions sends a strong
deterrent message that will help ensure we don't see a repetition
of the finance company issues and will deter any new forms of
financial crime developing," he said.

Under the Companies Act, Stephen Smith's conviction means he is
automatically banned from managing companies for five years.

Mr. Smith has been remanded in custody pending a bail hearing at
3:15 p.m. on April 17, and will next appear for sentencing on June
7, 2013.

                      About Belgrave Finance

Based in Auckland, New Zealand, Belgrave Finance Limited --
http://www.belgrave.co.nz/-- engaged in property development
financing.

Belgrave Finance was placed into receivership in May 2008, owing
an estimated 1,000 investors approximately NZ$22 million.  The
company's trustee, Covenant Trustee Company Limited, appointed
Grant Graham and Brendan Gibson from KordaMentha as receivers.
The company was liquidated in April 2010.


SOUTH CANTERBURY: Former Executive Seeks Discharge
--------------------------------------------------
Stuff.co.nz reports that South Canterbury Finance former chief
executive Lachie McLeod has applied for a discharge without
conviction in the lead up to the failed finance company's
NZ$1.58 billion fraud trial.

Stuff.co.nz relates that a minute issued from Justice Heath on
April 17 revealed Mr. McLeod's pre-trial application for a
discharge, which will be heard during the week of August 5 in the
Timaru High Court.

The trial, set to start on Feb. 10, 2014, has been moved back a
month to March 12, 2014 at the request of the Crown, the report
relays.

According to the report, Mr. McLeod is one of five men facing
charges arising from the 2010 collapse of South Canterbury Finance
(SCF), which cost the country $1.58b under the Crown deposit
guarantee scheme.  The five defendants, including former directors
Edward Sullivan and Robert White, former SCF chief financial
officer Graeme Brown and accountant Terry Hutton face a total of
21 charges, brought by the Serious Fraud Office in 2011.

In his minute, Justice Heath outlined pre-trial applications being
made which included Mr. McLeod's discharge under section 347 of
the Crimes Act, Stuff.co.nz relates.  This section allows a person
to be discharged at the judge's discretion after perusal of the
case against the accused. The arguments for and against this
application will be heard on August 5, according to the report.

Application has also been made for some of the charges to be
dropped, the report says.

The actual trial will be in 2014 and is set down for between 12
and 16 weeks, the report adds.

                      About South Canterbury

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.



=====================
P H I L I P P I N E S
=====================


EXPORT AND INDUSTRY: BSP Orders PDIC to Proceed With Liquidation
----------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) has been
directed by the Monetary Board (MB) of the Bangko Sentral ng
Pilipinas (BSP) to proceed with the liquidation of the closed
Export and Industry Bank (EIB).  The order was issued pursuant to
Section 30 of Republic Act 7653 (the New Central Bank Act) after
the MB received the report of the PDIC on the non-satisfaction to
the conditions for the rehabilitation of EIB.

The March 20, 2013 rebidding for the rehabilitation of EIB was
declared a failure when no letter of interest was received from
any of the pre-qualified strategic third party investors (STPIs).
For the bidding last October 18, 2012, no bids were received from
the pre-qualified STPIs who submitted letters of interest to
participate in the bidding.

The net realizable value of EIB's recorded assets estimated at
PHP13.65 billion is deficient by PHP11.02 billion to cover its
liabilities aggregating to PHP24.67 billion as of December 31,
2012.

In line with procedures, PDIC will file with the liquidation court
a petition for assistance in the liquidation (PAL) of the closed
EIB. Liquidation of the bank will involve collection and
resolution of loan accounts, and disposal or sale of assets via
bidding and negotiated sale.

EIB was ordered closed by the Monetary Board on April 26, 2012
after EIB voluntarily surrendered its banking operations to the
BSP due to its inability to service withdrawals.

Headquartered in Makati City, Manila, Export & Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2012, ABS-CBNnews.com said Bangko Sentral ng Pilipinas
placed EIB under receivership on April 26, 2012.  The Monetary
Board cited the bank's "inability to meet obligations as they
becomes due, insufficient realizable assets to meets its
liabilities and its inability to continue its business without
involving probable losses to its depositors and creditors."

The Philippine Deposit Insurance Corporation (PDIC) took over the
Export & Industry Bank on April 27, 2012, to implement Monetary
Board Resolution No. 686 dated April 26, 2012.  As Receiver, PDIC
will gather all the assets of the closed bank and verify and
validate all bank records.



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


MMI INTERNATIONAL: S&P Assigns 'B+' Rating to US$230MM Loan
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating to a US$230 million secured bank loan by MMI
International Ltd., a wholly owned subsidiary of Precision Capital
Pte. Ltd. (PCPL; B+/Stable/--; axBB/--). PCPL, along with some
subsidiaries of MMI, guarantees the loan.  MMI expects to use the
proceeds to refinance existing debt.

The rating on PCPL reflects the Singapore-based hard disk drive
manufacturer's exposure to industry risks relating to rapid
product evolution and commoditization.  The rating also reflects
the company's "aggressive" financial risk profile, as S&P's
criteria define the term, and high customer and product
concentration.  PCPL's established market position globally,
steady free cash flows, and large-scale operations temper the
above weaknesses.

The stable outlook on PCPL reflects S&P's expectation that the
company will maintain its financial performance and prudent
financial policy over the next 12-18 months.


PRECISION CAPITAL: Moody's Outlook on Ba3 Ratings is Negative
-------------------------------------------------------------
Moody's Investors Service revised to negative from stable the
outlook for Precision Capital Private Limited's Ba3 ratings. PCPL
is a subsidiary of MMI Technologies Limited, a leading precision
engineering components company for hard drive disk manufacturers
worldwide.

At the same time, Moody's has affirmed PCPL's Ba3 corporate family
rating and the Ba3 rating on the existing secured notes issued by
MMI International Ltd. and guaranteed by PCPL and some of MMI's
subsidiaries.

Moody's has also assigned a (P)Ba3 rating to the company's
proposed seven year $230 million Term Loan B. The rating outlook
is also negative.

Ratings Rationale:

"The change in outlook to negative, in part, reflects our concerns
regarding a more subdued outlook for the HDD industry combined
with MMI's higher debt levels over the next 2 years following the
proposed refinancing of its bank loan facilities", says Annalisa
di Chiara, a Moody's Vice President and Senior Analyst.

"However, the Ba3 rating continues to reflect the company's
dominant position in the HDD industry and its entrenched customer
relationship with the leading HDD OEMs players, especially Seagate
(Ba1/stable) and Western Digital (not rated)", Di Chiara adds, who
is also the lead analyst for PCPL/MMI.

"While the company has maintained its market position with its key
customers, more subdued demand will limit revenue opportunities
over the next 12-24 months which will also cause the company to
continue to rely on cost reductions and productivity gains to
support cash flow expansion," says Di Chiara.

"Furthermore, the light amortization payments will keep debt
levels elevated and somewhat weaken credit metrics from our
previous expectations. While this transaction will have a neutral
impact on leverage at closing, adjusted debt/EBITDA is expected to
remain around 3.7x at FYE June 2013 and 2014, reflecting adjusted
debt levels in the $560-580 million range," adds Di Chiara.
Proceeds from the new Term Loan B will be used to refinance
existing bank debt. The new facility will extend the maturity
profile and significantly reduce debt servicing requirements.

Furthermore, the subdued outlook for the industry will likely
temper cash flows and PCPL may face challenges in improving
margins over the intermediate period, Still Moody's does not
expect any significant deterioration in its market position or
relationships with its key customers.

PCPL reported $387million in revenues for the 1H FY2013, which was
an 11% decline year-over-year, reflecting a reduction in industry
volumes, normalization in ASP's from the Thai floods in 2012 and a
reduction in rare earth magnet prices that were being passed
through to its voice coil motor assembly (VCMA) customers. At the
same time, adjusted EBITDA margins contracted to around 18% in the
1H FY2013 from 20% at FYE June 2012 reflecting lower revenues, and
higher costs and wage expenses.

The rating could come under additional pressure if market
conditions continue to deteriorate and HDD demand further falls
beyond Moody's expectations, leading the debt/EBITDA remaining
above 3.5x, and retained cash flow (RCF) to debt falling below 20%
over an extended period.

On the other hand, the rating could return to stable, if HDD
demand picks up resulting in EBITDA growth and PCPL's debt/EBITDA
trends to 3.0x and RCF/Debt is maintained well within the 25-30%
range.

The principal methodology used in these ratings was the Global
Technology Hardware Industry Methodology published in October
2010.

PCPL and its subsidiaries together represent a market-leading
precision manufacturing technology company with a key focus on
producing mechanical and electro-mechanical components for the HDD
industry.



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


* Fitch Says Supplementary Budget Delays Fiscal Consolidation
-------------------------------------------------------------
Korea's KRW17.3 trillion supplementary budget will delay further
fiscal consolidation, but is consistent with the sovereign's 'AA-
'/Stable rating, Fitch Ratings says. Sustained fiscal discipline
in recent years has given Korea some headroom to accommodate fresh
stimulus, but any inability to resume fiscal consolidation could
limit the potential for upward ratings pressure.

Fitch says, "We think the supplementary budget illustrates policy
flexibility in the face of an economic slowdown rather than a
sudden break with the prudent policy stance that underpinned our
upgrade of the sovereign last September. The supplementary budget,
which totals KRW19.3trn (1.5% of GDP) if state funds are included,
indicates that Korea's authorities also remain cautious regarding
the global economic outlook and its possible implications for
Korean growth. This concern was reflected in their recent decision
to lower their real GDP growth forecast to 2.3% from 3.0% in 2013.
It was also evident in the two stimulus packages presented last
year, which totalled KRW14.4trn, or 1.2% of GDP."

The Korean government announced the supplementary budget on
Tuesday. It will mainly be funded by bond issuance. According to
the government's own calculations (which exclude social security
funds), it will increase the 2013 budget deficit to 1.8% of GDP
from 0.3% in 2012 and debt to GDP by 1.9pp to 36.2% of GDP at end-
2013.

The main provisions of the stimulus component, such as job
creation, SME support, and measures to boost the housing market,
are consistent with pre- and post-election pro-growth policy
statements by the government of Park Geun-hye, which won power in
December. The administration recently unveiled a 140-point policy
agenda that stressed "fiscal soundness" and said that "middle and
long-term fiscal sustainability" would be a key component of the
National Fiscal Management Plan for 2013-2017.

A continued emphasis on fiscal prudence would support Korea's
creditworthiness if it resulted in a resumption of the improvement
in public debt dynamics after a delay caused by the supplementary
budget. At 34.3% at end-2012, according to the government's
figures, debt to GDP is already higher than the 'AA' median of
32.0%.

"Our September upgrade incorporated an assessment that
geopolitical risks associated with North Korea cannot be entirely
discounted, but are not inconsistent with an 'AA-' rating. The
recent rise in tensions between the North and South does not
materially affect this assessment," Fitch says.
"We continue to judge that the risk of a military conflict or a
sudden collapse of the North (leading to reunification costs for
the South) remains small, and therefore does not have implications
for South Korea's current ratings. This judgement is partly
informed by recent historical experience, such as in 2010, when
tensions with North Korea had arguably increased even further, but
hostilities did not ultimately reach the point where South Korea's
creditworthiness was affected."


                             *********

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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