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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

            Friday, June 28, 2013, Vol. 16, No. 127


                            Headlines


A U S T R A L I A

APEX MINERALS: Ferrier Hodgson Appointed as Receivers
APEX MINERALS: Falls Into Receivership
DRILLING & GROUTING: Ferrier Hodgson Seek Expressions of Interest
WICKHAM SECURITIES: ASIC Cancels Auditor's Registration
WORLD OF WOOD: Placed in Administration


C H I N A

CHINA FISHERY: B1 CFR Unchanged Following Revised Copeinca Bid
SUNRISE REAL ESTATE: Mi Jun Replaces Wang Yan as CFO
* Spillover of China's Liquidity Risks Limited for HK Banks


I N D I A

ACRON HOSPITALITY: CARE Assigns 'BB-' Rating to INR8cr Loan
ALFA ELECTRONIC: CRISIL Assigns 'B+' Rating to INR100MM Loan
BEHARI COLDS: CARE Rates INR7.81cr LT Loan at 'CARE B'
BORAH MOTORS: CARE Rates INR8.78cr LT Loan at 'CARE B+'
DHANDAPANI CEMENTS: CRISIL Cuts Ratings on INR257.5MM Loans to D

KANDIVALI EDUCATION: CARE Rates INR23cr LT Loan at 'CARE BB'
KINGFISHER AIRLINES: Employees File Claims Over Unpaid Wages
KRISHNA HYDROCARBONS: CARE Rates INR6.6cr LT Loan at 'CARE B+'
PANNA GOLD: CARE Assigns 'BB-' Rating to INR10cr LT Loan
RAMESH ZAVERI: CRISIL Upgrades Rating on INR150MM Loan to 'B+'

S A IRON: CARE Assigns 'B+' Rating to INR20.65cr Loans
SHREE SIDDHIVINAYAK: CARE Rates INR40.87cr Loans at 'CARE BB+'
THATAVARTHI APPARELS: CARE Rates INR37.11cr Loan at 'CARE B'


J A P A N

* S&P Raises Ratings on Six Japanese Synthetic CDO Tranches


M A L A Y S I A

RHB BANK: Moody's Raises Baseline Credit Assessment to ba1


N E W  Z E A L A N D

FIVE STAR: Director Pleads Guilty SFO Charges


S R I  L A N K A

NATIONAL DEVELOPMENT: S&P Assigns 'B+' Rating; Outlook Stable


X X X X X X X X

* Emerging Market Strains Weigh on Growth Outlook, Fitch Says
* S&P Applies New Criteria to AP Nonlife Insurance Companies
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


APEX MINERALS: Ferrier Hodgson Appointed as Receivers
-----------------------------------------------------
Darren Weaver -- darren.weaver@fh.com.au -- and Andrew Saker --
andrew.saker@fh.com.au -- of Ferrier Hodgson were appointed
Receivers and Managers of Apex Minerals NL on June 25, 2013.

Concurrent with Ferrier Hodgson appointment, Bryan Hughes of
Pitchers Partners was appointed administrator of both Apex
Minerals NL and Apex Gold Pty Ltd.

"We are working with management and the board to determine the
future of both companies," Ferrier Hodgson said in a statement.

Apex Minerals NL is an Australian listed gold mining company which
operates gold mines at Wiluna located in Western Australia through
its subsidiary, Apex Gold Pty Ltd (Receivers and Manager
Appointed) (Administrators Appointed).


APEX MINERALS: Falls Into Receivership
--------------------------------------
Nick Evans at thewest.com.au reports that creditors of Apex
Minerals have finally called time on Ed Eshuys' attempt to revive
the struggling gold producer, with receivers appointed to the
company overnight.

A last ditch attempt to borrow more money to keep the company
afloat appears to have failed, with one of the company's major
secured creditor -- RF Capital, the family company of Multiplex
heir Andrew Roberts -- appointing Pitcher Partners as
administrators and Ferrier Hodgson as receivers, according to
thewest.com.au.

In a statement to the ASX, Ferrier Hodgson's Darren Weaver --
darren.weaver@fh.com.au -- said: "We are working with management
and the board to determine the future of both companies (Apex
Minerals and subsidiary Apex Gold)," the report relates.

Apex called a halt to trading in its shares earlier, after a
mechanical breakdown at the gas generator at its Wiluna mine
forced the company to halt mining operations because of a lack of
power, the report notes.

The report says that the company said at the time it needed to
borrow another million dollars to make repairs and return to full
production.  It appears that loan was a bridge too far for Apex,
once one of the darlings of the local gold sector, the report
discloses.

The report relays that last month, Apex was forced to announce
that a deal to sell the Wiluna mine to China's Everprosperity
Investment for $50 million had collapsed.

The report adds the company has returned regularly to the market
for more cash in recent years, battling to turnaround the flagging
fortunes at its low-grade, high-cost Wiluna operation, but the
recent plunge in the gold price sounded the death knell for the
company.


DRILLING & GROUTING: Ferrier Hodgson Seek Expressions of Interest
-----------------------------------------------------------------
Ferrier Hodgson is seeking expressions of interest for the assets
of Drilling & Grouting Services Pty Ltd.  Key assets include:

   * Contracts in progress;
   * skilled labor force;
   * leased two hectare depot in Welshpool, WA; and
   * plant and equipment.

"Expressions of interest are sought from parties interested in
participating in either a financial restructuring or purchase of
the assets of DGS either in part or as a whole," Ferrier Hodgson
said.  "An opportunity exists for parties to take either a debt or
equity position in the company, or to purchase the business as a
whole."

Drilling & Grouting Services Pty Ltd was established in Western
Australia in 1990 and operated nationally and across South-East
Asia. The company performs the design and fabrication of
specialist drill rigs and grouting systems and essential repairs
and maintenance.

Darren Weaver, Ben Johnson, and Andrew Saker of Ferrier Hodgson
were appointed Joint and Several Administrators of Drilling &
Grouting Services Pty Ltd on June 11, 2013, pursuant to Section
436A of the Corporations Act 2001.


WICKHAM SECURITIES: ASIC Cancels Auditor's Registration
-------------------------------------------------------
The Australian Securities and Investment Commission said it has
cancelled the registration of the auditor of Wickham Securities
Limited following the collapse of the AUD30 million property
lender.

Under an enforceable undertaking (EU) with ASIC, Brian Patrick
Kingston of Bapaume, Queensland, has agreed to never reapply for
registration or perform any duties or functions of an auditor.

"Auditors are important gatekeepers -- investors rely on what
auditors do and naturally expect their work to be top quality,"
ASIC Commissioner John Price said.

"Mr. Kingston clearly failed in his job.

"ASIC will not tolerate inferior work and is determined to lift
standards within the auditing profession."

Wickham collapsed on Dec. 21, 2012. On Sept. 27, 2012,
Mr. Kingston issued an unqualified audit opinion on the financial
report of Wickham for the year ended June 30, 2012.

ASIC formed the view that, in respect of the audit, Mr. Kingston
failed to carry out or perform adequately and properly the duties
of an auditor. In particular, ASIC was concerned the audit was not
conducted in accordance with the Australian Auditing Standards
because:

  -- sufficient appropriate audit evidence to support material
     financial balances contained in the 2012 financial report
     was not obtained;

  -- an unqualified audit opinion was rendered without sufficient
     appropriate audit evidence supporting the appropriateness of
     the going concern basis of accounting in the preparation of
     the 2012 financial report;

  -- an adequate level of professional scepticism was not
     exercised in auditing the recoverability of loan assets and
     assessing going concern, and reliance was placed on
     representations from Wickham management and directors
     without having performed appropriate audit procedures to
     corroborate or confirm those representations; and

  -- key audit planning, execution and completion procedures were
     not performed or documented by Mr. Kingston.

ASIC's investigation into the collapse of Wickham, and Sherwin
Financial Planners Pty Ltd and related entities continues.

                     About Wickham Securities

Wickham Securities Limited is a Brisbane-based financial services
company. Director Bradley Sherwin appointed Messrs. Grant Sparks
and David Leigh of PPB in Brisbane as administrators to the
company on Dec. 21, 2012.

On Jan. 24, 2013, Stefan Dopking -- stefan.dopking@twcs.com.au,
Quentin Olde -- quentin.olde@twcs.com.au -- and Michael Ryan --
michael.ryan@twcs.com.au -- of Taylor Woodings were appointed
Voluntary Administrators to the following companies in the
Wickham Financial Group:

* Astor Funds Pty Ltd
* Blue Diamond Investments Pty Ltd
* DIY Superannuation Services Pty Ltd
* Reacroft Pty Ltd
* Sherwin Financial Planners Pty Ltd
* SP Property Pty Ltd
* Wickham Capital Pty Ltd


WORLD OF WOOD: Placed in Administration
---------------------------------------
Yolanda Redrup at SmartCompany reports that World of Wood, trading
as WOW Timber Floors, was placed in administration last week with
Stewart McCallum -- stewart.mccallum@fh.com.au -- and John
Lindholm -- john.lindholm@fh.com.au -- from Ferrier Hodgson
appointed to oversee the business.

Mr. McCallum told SmartCompany the business suffered because of a
soft home building market in Victoria.

"The dwelling approvals have fallen over the last five months and
they've been hanging on and hanging on, but their creditor terms
have been increasing and they entered a payment plan with the
Australian Taxation Office," the report quotes Mr. McCallum as
saying.

WOW Timber Floors only employed two people and had a relatively
small turnover of AUD500,000.

SmartCompany relates that Mr. McCallum said the business is
unlikely to be salvaged.

"A sale is unlikely, given the size of the business and the soft
housing market. There is very little chance of any future other
than liquidation for this business," Mr. McCallum told
SmartCompany.

Money is owed to a total of 40 creditors and Mr. McCallam said the
Australian Tax Office is the largest creditor, with some wood
suppliers also owed money, adds SmartCompany.



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


CHINA FISHERY: B1 CFR Unchanged Following Revised Copeinca Bid
--------------------------------------------------------------
Moody's Investors Service says that China Fishery Group Limited's
revised offer of $11.4 per share Copeinca ASA has no immediate
impact on its B1 corporate family rating, the senior unsecured
rating on notes issued by its subsidiary, CFG Investment S.A.C,
and the negative ratings outlook.

"We believe that China Fishery has a good chance of successfully
executing the deal because 57.04% of Copeinca's shareholders have
already accepted the revised offer, which is 28% higher than the
original bid," says Alan Gao, a Moody's Vice President and Senior
Analyst.

Including the 17.2% interest it already owns in Copeinca, China
Fishery has gained an effective and controlling interest of
74.23%, and which reduces the uncertainty related to the
management of Copeinca and the business integration risk following
the acquisition.

"Although the revised offer will cost China Fishery an additional
$100 million, bringing the total price for a 100% stake in
Copeinca to about $721 million, we expect its key leverage ratio
to remain within its current rating range," Gao says.

The acquisition of Copeinca -- subject to the approval of China
Fishery's shareholders and regulators -- could bring some positive
economic benefit to China Fishery. The deal would make the China
Fishery Group the largest fishmeal and fish oil producer in Peru
by giving it a 16.9% fishing quota in the north center of the
country.

On June 24, 2013, China Fishery said that it had raised its
takeover offer price for Copeinca to NOK68.17 or $11.35 per share,
from NOK53.2, or $8.9 per share. The company's main funding
sources for the acquisition include: 1) $281 million cash raised
from its recent rights issue; and 2) a one-year bridging loan
facility of up to $402 million from DBS and Rabo Bank.

On a pro-forma basis, acquiring Copeinca could increase China
Fishery's revenue for the financial year ended September 2012 by
51% to $910 million and EBIT by 83% to $212 million. Importantly,
the contribution from the Peruvian fishmeal business would
increase to 53% of total revenue from 30% previously, and to 65%
of total EBIT from 34% previously.

The deal will also lower China Fishery's revenue and EBIT reliance
on its Russian contract supply business, where the regulatory risk
has been increasing, to 41% and 47%, respectively, from 62% and
90% currently.

After the completion of the deal, China Fishery's pro-forma
consolidated EBITDA for the financial year ended in September 2013
is likely to drop by around 15% year-on-year to $300 million,
mainly because of lower total allowable catch. Consequently, its
pro-forma debt/EBITDA is likely to reach 4.3x in the financial
year ended September 2013 compared with 3.0x as of the previous
financial year. This level, while on the higher side, is within
the B1 rating.

China Fishery's pro-forma debt/EBITDA could drop below 4.0x if it
uses the large cash balance at Copeinca -- which Moody's estimates
is at around $150 million -$200 million following the company's
share placement in April -- to repay part of the acquisition debt.

On the other hand, the increased financial leverage will likely
reduce the headroom available under China Fishery's bank loan
covenants and lower its financial flexibility. Moody's also
expects the company's liquidity to tighten, as it will need to
refinance the bridging loan related to the acquisition upon its
maturity in 12 months.

The ratings outlook remains negative, reflecting: 1) the potential
refinancing risk of the bridging loan; and 2) regulatory
uncertainties on its Russian contract supply business, which will
contribute over 40% to its revenues even after the Copeinca
acquisition.

Moody's would consider changing the outlook to stable if China
Fishery: (1) successfully integrates Copeinca and diversifies its
earnings base; (2) improves its liquidity and capital structure by
repaying or refinancing the bridging loan facility; and (3) does
not suffer any financial loss, liquidity pressure, or loss of
customers as a result of the ongoing enquiry by Russian
authorities into its operations in the country.

The ratings would come under pressure if China Fishery's revenues
and profit decline substantially owing to integration challenges
or its liquidity deteriorates as a result of its failure to repay
or refinance the bridging loan facility.

Moreover, if the Russian authorities conclude that China Fishery's
supply agreements amount to acquiring control of biological
resources in Russian waters without government approval and the
firm is forced to change its business model in Russia, or if it is
charged with non-compliance or breach of regulations and
consequently incurs material losses, then its ratings would be
pressured.

China Fishery Group Ltd, listed in Singapore, is engaged mainly in
industrial fishery operations in the North Pacific and Peruvian
waters. Its catches are processed on board and frozen, packed, and
delivered to market. It is 36% effectively owned by Pacific Andes
International Holdings Ltd (unrated), a Hong Kong-listed
integrated fish and seafood processor.

Listed in both the Oslo Stock Exchange and the Lima Stock
Exchange, Copeinca ASA conducts its business through its major
subsidiary Corporacion Pesquera Inca (B2 positive). It is the
second-largest fishmeal and fish oil producer in Peru and the
third-largest globally.


SUNRISE REAL ESTATE: Mi Jun Replaces Wang Yan as CFO
----------------------------------------------------
Mr. Wang Wen Yan resigned as Chief Financial Officer of Sunrise
Real Estate Group, Inc., effective June 24, 2013.  His resignation
was not due to any disagreement with the Company or its management
regarding any matter relating to the Company's operations,
policies or practices.  At the same day, Mr. Mi Yong Jun is
appointed as CFO of Sunrise.

Mr. Mi, 39 years old, was the Chief Financial Officer of Wanbang
from 2010 until his appointment as our CFO. From 2009 to 2010, he
worked for the Company as the financial controller. Prior to 2009,
he worked for Macquarie Banking Limited, as a senior finance
manager. Mr. Mi graduated from East China Normal University in
2012 with an MBA degree.

                     About Sunrise Real Estate

Headquartered in Shanghai, the People's Republic of China, Sunrise
Real Estate Group, Inc. was initially incorporated in Texas on
Oct. 10, 1996, under the name of Parallax Entertainment, Inc. On
Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc., filed Articles of Amendment with the
Texas Secretary of State, changing the name of Sunrise Real Estate
Development Group, Inc. to Sunrise Real Estate Group, Inc.,
effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.

Sunrise Real Estate incurred a net loss of US$3.47 million on
US$8.52 million of net revenues for the year ended Dec. 31, 2012,
as compared with a net loss of US$1.15 million on US$8.97 million
of net revenues for the year ended Dec. 31, 2011.  As of
March 31, 2013, the Company had $50.79 million in total assets,
$46.81 million in total liabilities and $3.98 million in total
shareholders' equity.

Finesse CPA, P.C., in Chicago, Illinois, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012.  The independent auditors noted that
the Company has a working capital deficiency, accumulated deficit
from recurring net losses for the current and prior years, and
significant short-term debt obligations currently in default or
maturing in less than one year.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


* Spillover of China's Liquidity Risks Limited for HK Banks
-----------------------------------------------------------
The spillover of risks from China's tight interbank market to Hong
Kong banks is initially limited as long as the Chinese liquidity
squeeze does not intensify and is not sustained, Fitch Ratings
says. The offshore renminbi (CNH) market -- unlike the onshore
renminbi interbank market -- is experiencing only moderate
volatility, and the small extent of Hong Kong banks' renminbi
exposure means the impact should be manageable.

"We expect some outflows of renminbi deposits from Hong Kong
banks. But the bulk are not being deployed, due to the limited
opportunities to use this funding, leaving the system-wide
renminbi-denominated loans/deposits ratio at a low 13% at end-
Q113. These deposits could decline substantially before the Hong
Kong banks encounter any meaningful CNH liquidity stress,
especially as the renminbi deposits make up less than 10% of
system-wide deposits," Fitch says.

"Competition in Hong Kong's CNH deposit market is likely to rise
as the branches of mainland Chinese banks pay aggressively,
especially ahead of end-June -- the first-half reporting date.
Hoarding offshore customer deposits could benefit Chinese banks'
interim results since deposit positions would be reported on a
consolidated basis.

"HK dollar and US dollar liquidity are more important for Hong
Kong banks, as their balance sheets are denominated predominantly
in these currencies. These markets have so far suffered only
limited contagion from the Chinese situation.

"We do not expect the Chinese liquidity squeeze to escalate,
especially after yesterday's announcement by China's central bank
that it would guide market rates to reasonable levels and that it
expects a gradual fading-out of the seasonable factors that caused
the recent spike in interbank rates. However, tighter interbank
liquidity may persist.

"Sustained stress in the Chinese interbank market would raise
counterparty risks for Hong Kong banks' exposure to mainland banks
-- that arises mainly from interbank placements and from
guarantees on trade finance. At 13% of banks' assets at end-March
2013, any increase in the claims on mainland banks could put
pressure on the asset quality of Hong Kong banks.

"Surges in CNH borrowing costs are unlikely to be as extreme as
for onshore renminbi, where flows are restricted by capital
controls. Even though there are some channels for transferring
offshore renminbi to onshore, these are subject to constraints
that limit the repatriation of funds to trade-settlement
transactions. The one-week CNH Hong Kong interbank offered rate
(HIBOR) rose to 6.0% on 25 June, compared with the Chinese
interbank rate of 7.6% and the CNH deposit rate of 5.6%.

"Hong Kong banks could take the opportunity to expand lending to
Chinese corporates while their mainland counterparts are
constrained. This could kick-start a second wave of corporate loan
growth. But many Hong Kong banks have strict underwriting criteria
to maintain quality control on China-related lending, which stood
at 18% of system-wide assets at end-2012."



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


ACRON HOSPITALITY: CARE Assigns 'BB-' Rating to INR8cr Loan
-----------------------------------------------------------
CARE assigns 'CARE BB-' to the bank facilities of Acron
Hospitality Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Proposed Long-term              8         CARE BB- Assigned
   Bank Facilities

Rating Rationale

The rating assigned to the bank facilities of Acron Hospitality
Private Limited is tempered by the weak financial risk profile
characterized by cash losses, weak debt coverage indicators and
moderate gearing. The rating is further constrained by the nascent
stage of operations in a highly competitive hospitality industry,
project execution risk and cyclical nature of the industry. The
rating derives strength from strong management tie-ups and
marketing arrangement through tie-ups with charter clients,
favorable location and financial support extended from the group
company.

The ability of AHPL to successfully complete and launch the hotel
as envisaged, and continuous support from the promoters until the
company achieves self-sufficiency remain the key ratings
sensitivities.

Incorporated in 2006, Acron Hospitality Private Limited (AHPL) is
promoted by the Acron group. The group's core activity comprises
of civil construction, infrastructure and real estate development
and it has track record of around 25 years. As a diversification
initative the group ventured into hospitality business with a
five-star hotel along with a Spa center in Goa.

Currently, AHPL owns three properties in Goa; among which two are
operational and one is under construction. The promoters have
entered into management contracts with Fortune Park Hotels
Limited [a subsidiary of ITC Limited] to manage the hotel and Thai
restaurant & SPA in Goa.

During FY12 (refers to the period April 01 to March 31), the
company reported a total operating income of INR13.08 crore (up by
23.63% in FY11) and loss of INR3.05 crore (vis-a-vis loss of
INR3.68 crore in FY11). The company has posted sales of INR13.93
crore and operating profit of INR3.48 crore until February 2013.


ALFA ELECTRONIC: CRISIL Assigns 'B+' Rating to INR100MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Alfa Electronic Services (India) Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Cash            100      CRISIL B+/Stable (Assigned)
   Credit Limit

   Proposed Letter of        40      CRISIL A4 (Assigned)
   Credit & Bank Guarantee

The ratings reflect Alfa's weak financial risk profile, marked by
a high gearing and a small net worth, modest scale of operations,
and large working capital requirements. These rating weaknesses
are partially offset by the extensive industry experience of
Alfa's promoters and the company's established relationships with
its major customers.

Outlook: Stable

CRISIL believes that Alfa will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company ramps up its
scale of operations and registers more-than-expected revenues,
resulting in an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case Alfa
registers lower-than-expected revenues and profitability, or in
case of further delay in the realisation of its receivables or if
it undertakes a significantly large, debt-funded capital
expenditure programme, resulting in deterioration in its financial
risk profile.

Alfa. set up in 1991, manufactures embedded electronic systems
such as amplifiers, integrated instrumentation and communication
systems, and cable harnesses for various defense entities. The
company is promoted by Mr. Sarat Chand and his family.

Alfa reported a provisional profit after tax (PAT) of INR13
million on net sales of INR183 million for 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR6
million on net sales of INR99 million for 2011-12.


BEHARI COLDS: CARE Rates INR7.81cr LT Loan at 'CARE B'
------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Behari
Colds Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.81      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Behari Colds Pvt Ltd
is constrained by its small scale of the operation, competition
from other local players, dependence on the vagaries of nature
with seasonality of business and weak financial risk profile
marked by high leverage ratio. The rating, however, draws strength
from the promoter's experience and proximity of its unit to the
potato-growing areas.

The ability of the company to improve the scale of operations and
profitability margin, with efficient management of the working
capital, would be the key rating sensitivities.

Behari Colds Private Ltd, incorporated in February 1995, was
promoted by Mr. Bankey Behari Agarwal of Mathura, Uttar Pradesh,
along with his family members. Since inception, BCPL is engaged in
the business of providing cold storage facilities to the potato-
growing farmers and traders of the region, through its sole unit
located at Jataura village of Mathura district, Uttar Pradesh. The
storage capacity of the unit is around 208,627 quintals. Besides
providing cold storage facility, BCPL also works as a mediator
between the farmers and marketers of potato by taking advances
from the marketers on behalf of the farmers, in order to
facilitate sale of potato stored and it also provides interest
free advances to farmers for farming purposes against the potato
stored.

During FY12 (refers to the period April 1 to March 31), BCPL
achieved a PBILDT of INR1.06 crore (INR0.81 crore in FY11) and a
PAT of INR0.01 crore (INR0.02 crore in FY11) on the net sales of
INR2.43 crore (INR2.13 crore in FY11). Furthermore, till 11MFY13,
BCPL has achieved a sale of about INR2.8 crore.


BORAH MOTORS: CARE Rates INR8.78cr LT Loan at 'CARE B+'
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Borah
Motors Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      8.78       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Borah Motors Pvt Ltd
is constrained by the company's limited track record, its small
scale of operations and moderate financial profile characterised
by low margins, and highly leveraged capital structure due to the
working capital intensive nature of the business. The rating is
further constrained by the limited bargaining power of the company
with the principal automobile manufacturer, namely, Toyota
Kirloskar Motor Private Limited, the increasing competition in the
automobile dealership space and the dependence on volume momentum.

The rating, however, derives strength from the experience of the
promoters in the automobile dealership business and the company's
positioning as sole authorized dealer of Toyota cars for four
districts of Assam.

The company's ability to increase its market presence in light of
competitive nature of the industry, improvement in profitability
margins and capital structure, along with efficient management of
working capital, are the key rating sensitivities.

Borah Motors Pvt Ltd, incorporated in November 2009 by Mr Bhupen
Borah of Dibrugarh, Assam. The company is an authorized dealer of
Toyota cars for four districts of Assam i.e. Tinsukhia, Dibrugarh,
Sibsagar and Johrat. The company started its commercial operations
from November 2010, after getting letter of commencement from
Toyota. It offers Toyota cars, like Innova, Corolla Altis,
Fortuner, Etios and Liva, through its showroom equipped with 3-S
facilities (Sales, Service and Spare-parts) at Dibrugarh, Assam.
Apart from this, the company also purchases and sells pre-owned
cars.

During FY12 (refers to the period April 01 to March 31), BMPL
reported a total operating income of INR35.63 crore and a PAT
(after deferred tax) of INR0.29 crore. Furthermore, in FY13
(provisional), BMPL reported total operating income of INR21.23
crore.


DHANDAPANI CEMENTS: CRISIL Cuts Ratings on INR257.5MM Loans to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Dhandapani Cements Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit            127.60     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Long-Term Loan         129.90     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects instances of delay by DCPL in servicing its
term loan; the delays have been caused by the company's weak
liquidity. DCPL has weak liquidity because of the working-capital-
intensive nature of its operations and also on account of its
large capital expenditure in 2012-13 (refers to financial year,
April 1 to March 31).

DCPL also has an average financial risk profile, marked by a high
gearing and is exposed to geographical concentration in its
revenue profile. Moreover, the company is susceptible to
cyclicality in the cement industry. However, DCPL benefits from
its established regional market position, supported by its
promoter's experience in the cement industry.

DCPL was established in 1996 by Mr. S Subramaniam. The company
manufactures blended cement. Its unit is in Trichy (Tamil Nadu).
Its day-to-day operations are managed by the promoter's son, Mr. S
Saravanan.

DCPL's profit after tax (PAT) is estimated at INR11.4 million on
net sales of INR930 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR8.7 million on net sales
of INR458.6 million for 2011-12.


KANDIVALI EDUCATION: CARE Rates INR23cr LT Loan at 'CARE BB'
------------------------------------------------------------
CARE assigns 'CARE BB' to the bank facilities of Kandivali
Education Society.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Proposed Long-term Bank          23       CARE BB Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Kandivali Education
Society is constrained by modest scale of operations, moderate
operating margins, increasing competition and susceptibility
to regulatory changes in the education sector. The rating also
factors in likely deterioration in capital structure on account of
debt-funded capacity expansion. The rating derives strength from
the trust's long track record of operations, well-experienced
management and trustees in the education sector, and fairly
diversified courses offered by the trust, along with high
enrolment ratio.

The ability of KES to maintain the healthy student enrolment
amidst the increasing competition, attracting experienced faculty
for its institutes and timely sanction of debt for executing the
project as envisaged remain the key rating sensitivities.

Founded in the year 1936, Kandivali Education Society is an
educational trust registered under Society's Registration Act,
1860, in June 1947 and Bombay Public Trust Act, 1950, in 1953, for
operating educational institutions. KES operates schools and
colleges in Kandivali (Mumbai), which are recognized by the
Maharashtra State Board of Secondary & Higher Secondary education,
All India Council of Technical Education (AICTE) and other
regulatory board, with around 13,064 students as on
March 31, 2013.

During FY12 (refers to the period April 01 to March 31), KES
posted total income of INR21.64 crore (up by 14.36% vis-a-vis
FY11) and surplus of INR0.25 crore (down by 23% vis-a-vis FY11).
Furthermore, KES posted income of INR28.75 crore and surplus of
INR2.09 crore as per the provisional results for FY13.


KINGFISHER AIRLINES: Employees File Claims Over Unpaid Wages
------------------------------------------------------------
The Times of India reports that employees of Vijay Mallya's
grounded Kingfisher Airlines (KFA) have approached the Karnataka
High Court to recover their unpaid salaries.  The employees
haven't received salaries for the past 10 months, the report says.

According to the report, around 93 KFA employees from Karnataka
-- pilots, engineers, technicians, and cabin crew -- filed an
impleading application in the High Court on June 24.  The court is
yet to admit the application, TOI relays.

"We have filed an impleading application in the on-going court
proceedings in the High Court to recover salaries on humanitarian
grounds," said a KFA pilot, who requested that his name not be
mentioned, TOI reports.  "After the recent hunger strike by KFA
employees in Mumbai, UB Group officials had verbally advised us to
approach the courts to get our salaries."

The report noted that this application follows the ongoing winding
up petitions being heard in the High Court that were filed against
KFA by its creditors, who include Interactive Avenues, Wells Fargo
Bank Northwest, Siesta Hospitality Services, Aerotron, and Future
Businesstech India.

                     About Kingfisher Airlines

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

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

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


KRISHNA HYDROCARBONS: CARE Rates INR6.6cr LT Loan at 'CARE B+'
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Krishna
Hydrocarbons Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.6       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Krishna Hydrocarbons
Pvt Ltd is primarily constrained by its nascent stage of
operations, coupled with poor performance during FY12 (refers to
the period April 01 to March 31), vulnerability of profitability
to volatile raw material prices, limited bargaining power owing to
dominance of large players on supply front, highly fragmented and
competitive industry, and substantial dependence of the company on
the fortunes of the cyclical aluminium and steel industry.

The above constraints are partially offset by the strengths
derived from the experience of the promoters and locational
advantage being located in close proximity to the Barauni refinery
of Indian Oil Corporation, resulting in low inward freight cost.
The future trend in sales price realisation vis-…-vis key raw
material prices would be the key rating sensitivities.

Krishna Hydrocarbons Pvt Ltd incorporated in October 2007, by the
Gupta family of Bihar for the purpose of setting up a calcination
plant. The company, after remaining dormant till 2009, set up a
38,400 metric tonne per annum (MTPA) capacity plant at Barauni
Industrial Area, Begusarai, which is in close proximity to the
refinery of Indian Oil Corporation Ltd (IOCL). The plant commenced
commercial production from November 2011.

During FY12, KHPL had reported a total operating income of INR0.22
crore and net loss of INR0.16 crore. Furthermore, in FY13
(provisional), the company reported a total operating income of
INR15.20 crore.


PANNA GOLD: CARE Assigns 'BB-' Rating to INR10cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Panna
Gold Impex Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        10       CARE BB- Assigned

Rating Rationale

The rating assigned to bank facilities of Panna Gold Impex Limited
is primarily constrained by modest scale of operations with
fluctuating total income, low profitability, moderately high
overall gearing, weak debt coverage indicators and moderately
stretched operating cycle. The rating is further constrained by
customer concentration, risk associated with fluctuation in gold
prices and presence in highly fragmented industry, leading to a
stiff competition.

The rating takes into account the experience of promoters and
their financial support in the past, and established relationship
with the customers.

The ability of PGIL to improve overall scale of operation and
diversify clientele base amidst the increasing competition, along
with efficient management of working capital cycle are the key
rating sensitivity.

Incorporated in 2003 as Shree Madhur Jewellers Limited, Panna Gold
Impex Limited is engaged in the manufacturing (on job work basis)
of gold jewellery. The company mainly deals in 22 carat gold
jewellery. The revenue & procurement of gold are from the domestic
market only. The company has an in house design team and the job
work is primarily given to Om Jewellers (group entity).

During FY12, PGIL reported total operating income of INR48.45
crore (down by 29.44% vis-…-vis FY11) and PAT of INR0.61 crore
(down by 14.61% vis-a-vis FY11). Furthermore, during FY13
(provisional), the company has posted revenue of INR72.51 crore
and PAT of INR0.56 crore.


RAMESH ZAVERI: CRISIL Upgrades Rating on INR150MM Loan to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Ramesh Zaveri & Co (RZC; part of the Ramesh Zaveri group) to
'CRISIL B+/Stable' from 'CRISIL B/Stable'.


                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              150      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the Ramesh Zaveri
group will maintain the improvement in its financial risk profile
over the medium term. The group's gearing improved to an estimated
2.5 times as on March 31, 2013, from about 6 times as on March 31,
2011. The improvement in the group's gearing was driven by higher
operating profitability coupled with healthy growth in sales. The
upgrade also factors in CRISIL's belief that absence of major
debt-funded capital expenditure (capex) plans and a shorter
working capital cycle will help the group reduce its reliance on
external debt. CRISIL expects the Ramesh Zaveri group's gearing to
remain at 2 to 2.5 times, with interest coverage and net cash
accruals to total debt ratios at 2 to 3 times and 0.1 to 0.2
times, over the medium term.

Despite the improvement, the Ramesh Zaveri group's financial risk
profile remains below-average, marked by a small net worth. The
rating also factors in the group's exposure to risks related to
intense competition in the business-to-business segment in the
jewellery industry. These rating weaknesses are partially offset
by the extensive experience of the group's promoter in
manufacturing and trading in gold jewellery, and its established
relationships with customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RZC, a sole proprietorship firm, and
Rahul Jewellers (RJ), the Hindu undivided family (HUF) concern.
This is because the two entities, together referred to as the
Ramesh Zaveri group, are under a common management, in a similar
line of business, and have fungible cash flows between them.

Outlook: Stable

CRISIL believes that the Ramesh Zaveri group will benefit over the
medium term from its established market position and its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the group records higher-than-expected
sales growth with a stable operating margin, resulting in higher
cash accruals and hence in an increase in its net worth, leading
to an improved capital structure. Conversely, the outlook may be
revised to 'Negative' if there is a steep decline in the Ramesh
Zaveri group's profitability margins or significant deterioration
in its capital structure, most likely because of larger-than-
expected working capital requirements or large debt-funded capex.

Set up in 1968 by Mr. Ramesh Ranavat, the Ramesh Zaveri group
manufactures and trades in gold jewellery with a specialisation in
gold chains. The group operates through MRJ, the HUF unit which
manufactures the chains, and RZC, the sole proprietorship concern,
which trades in gold chains manufactured by MRJ. The group
operates from its factory in Sewri and office in Zaveri Bazar,
both in Mumbai (Maharashtra). RZC, the trading arm, sells to
wholesalers from its office in Zaveri Bazar and branch in Cuttack
(Odisha).

The Ramesh Zaveri Group is estimated to report a profit after tax
(PAT) of INR25 million on sales of INR1.96 billion for 2012-13
(refers to financial year, April 1 to March 31), against PAT of
INR14 million on sales of INR1.47 billion for 2011-12.


S A IRON: CARE Assigns 'B+' Rating to INR20.65cr Loans
------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of S. A. Iron & Alloys Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      17.15      CARE B+ Assigned
   Long-term/short-term Bank       3.50      CARE B+/CARE A4
   Facilities                                Assigned

Rating Rationale

The ratings assigned to the bank facilities of S. A. Iron & Alloys
Private Limited are primarily constrained by its fluctuating total
operating income, its low profitability margins with low capacity
utilization and working capital intensive nature of operations
leading to a weak liquidity position. The ratings are further
constrained by the exposure to raw material price volatility and
cyclicality associated with the steel industry.

The ratings, however, derive comfort from the experienced
promoters and moderate capital structure attributed to the
company.

Going forward, the ability of SIPL to improve its profitability
margins and maintain the moderate capital structure would be the
key rating sensitivities.

S. A. Iron and Alloys Private Limited was incorporated in 2003 by
Mr Arun Kumar Jain and Mr Subhash Chandra Aggarwal. SIPL is
engaged in the manufacturing of sponge iron. The manufacturing
facility of SIPL is located at Ramnagar in Uttar Pradesh with an
installed capacity of 90,000 MTPA. SIPL is selling its final
product mainly to the manufacturers of iron ingots in Uttar
Pradesh and Uttarakhand. The major raw materials required for the
production of sponge iron are iron ore, coal and limestone. The
company procured iron ore mainly from the mines in Orissa.
For FY12 (refers to the period April 1 to March 31), SIPL achieved
a total operating income of INR57.53 crore with PAT of INR0.29
crore. For FY13 (based on the provisional numbers), SIPL had
achieved a total operating income of INR80.16 crore with a PAT of
INR0.53 crore.


SHREE SIDDHIVINAYAK: CARE Rates INR40.87cr Loans at 'CARE BB+'
--------------------------------------------------------------
CARE assigns 'CARE BB+/CARE A4+' ratings to the bank facilities of
Shree Siddhivinayak Cotspin Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      40.87      CARE BB+ Assigned
   Short-term Bank Facilities     52.40      CARE A4+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shree Siddhivinayak
Cotspin Private Limited are constrained by the relatively small
scale of manufacturing operations, relatively low and volatile
PBILDT margins, high overall gearing and extremely fragmented and
cyclical nature of the textile industry. The ratings, however,
derive strength from the vast promoters' experience in the textile
business, established track record of operations, significant
growth in the operations in the past, and geographically
diversified clientele base. The ability of the company to improve
its capital structure, and enhance and sustain its operating
profit margin amidst volatility in raw material
prices are the key rating sensitivities.

Shree Siddhivinayak Cotspin Private Limited was incorporated in
September 2004 by Mr Jaswantrai D. Mehta. Mr Jaswantrai D. Mehta
is first generation entrepreneur started his career as an intern
in the textile industry in 1960s by joining a textile company
named, M/s. S.B. Enterprises Private Limited. Later in 1968, he
ventured into the cotton trading business. In 1991, he started
operating closed textile mills on job-work basis in Mumbai and
interior parts of Maharashtra.

SSCPL was initially incorporated as a cotton-trading company with
ginning and processing facilities. Later in 2007, SSCPL commenced
the manufacturing of yarn by installing 12,000 spindles.

Since then, by way of expansion it increased its installed
capacity to 22,560 spindles as on March 31, 2013. SSCPL mainly
manufactures coarse and medium staple carded and combed yarn in
the range of 20s to 32s and 40s. SSCPL is also engaged in the
trading of cotton seed, bales and cotton yarn.

SSCPL carries out ginning activity through its group company M/s.
Shree Siddhivinayak Cotspin, on job work basis. SSCPL has also
installed windmills of 2.5MW capacity for its captive
consumption.

In the past, SSCPL has witnessed varying sales mix from its
manufacturing and trading division. The trading of cotton seed,
bales and yarn, which accounted for 12-30% of the net sales in
FY10-FY12 (refers to the period April 1 to March 31) has increased
significantly in FY13 (Prov.), wherein, it accounted for 65% of
the net sales. SSCPL caters to both, domestic and export market.
In the past, the contribution from export sales has increased from
9% of the net sales in FY10 to 56% of the net sales in FY12. The
export sales are primarily driven by manufactured yarn. SSCPL
mainly exports to the Asian countries like China, Bangladesh,
Taiwan, Pakistan, Japan, Dubai, Hongkong, etc, and few European
countries while its trading activity is primarily confined to the
domestic market.

During FY13 (prov), the company reported profit before tax of
INR16.22 crore on a total income of INR322.33 crore.


THATAVARTHI APPARELS: CARE Rates INR37.11cr Loan at 'CARE B'
------------------------------------------------------------
CARE assigns 'CARE B' to the bank facilities of Thatavarthi
Apparels Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      37.11      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Thatavarthi Apparels
Limited factor in the weak financial position with net loss during
the last two financial years ending FY13 (refers to the period
April 1 to March 31) and highly leveraged capital structure,
volatility in raw material prices, weak power scenario in the
Andhra Pradesh region and high working capital intense nature
operations.

However, the rating derives strength from the experienced
promoters, diversified client base and geographical revenue
diversification. The ability of the company to improve the capital
structure and the company's scale of operations with efficiently
managing its operating cycle will be the key rating sensitivities.

Thatavarthi Apparels Limited was incorporated in 1999 to carry on
the business of manufacture and sale of cotton yarn. The company
was promoted by Mr T Chandra Sekhara Rao and his family, and
started its commercial operations in November 2011. The company
set up a spinning mill with 16,320 spindles to manufacture cotton
yarn of counts ranging from 40's to 60's in Guntur District. TAL
belongs to the Vilan Group based at Vijayawada. The Vilan Group is
into the manufacture of Inner Garments and Knitwear for the last
three decades. Seshasayee Knitting's Private Ltd is the flagship
company of the VILAN Group and also the holding company of TAL
(66.38% shareholding).

TAL registered a net loss of INR0.30 crore (Rs.0.73 crore in FY12)
on a total income of INR42.54 crore (Rs.19.34 crore in FY12) in
FY13 Provisional.



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


* S&P Raises Ratings on Six Japanese Synthetic CDO Tranches
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
ratings on six Japanese synthetic collateralized debt obligation
(CDO) transactions, and removed the ratings from CreditWatch with
positive implications.

The upgrades reflect the tranches' synthetic rated
overcollateralization (SROC) levels as well as S&P's sensitivity
analyses in line with its criteria.  S&P also reviewed the
counterparty risk in cases where the creditworthiness of a tranche
relies on a swap counterparty and/or collateral asset.

S&P has raised its ratings to the levels at which the SROC levels
exceed 100% and meet its minimum cushion requirements as of this
month's review date.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED, REMOVED FROM CREDITWATCH POSITIVE
Corsair (Jersey) No. 2 Ltd.
Series 46 credit default swap
To               From                      Amount
BBB-srp (sf)     BB+srp (sf)/Watch Pos     JPY3.0 bil.

Fixed rate credit-linked loan series 58
To               From                      Amount
B+ (sf)          B (sf)/Watch Pos          JPY3.0 bil.

Silk Road Plus PLC
Limited-recourse secured floating-rate credit-linked notes series
2 class B1-U
To               From                      Amount
BB+ (sf)         BB (sf)/Watch Pos         $70.0 mil.

Limited recourse secured floating-rate credit-linked notes series
5 class C1-J
To               From                      Amount
BB- (sf)         B+ (sf)/Watch Pos         JPY1.0 bil.

Limited-recourse secured variable return combination credit-linked
notes
series 6 class B3-U
To               From                      Amount
BB+pNRi (sf)     BBpNRi (sf)/Watch Pos     $14.0 mil.

Hummingbird Securitisation Ltd.
Series 2 loan
To               From                      Amount
B (sf)           B- (sf)/Watch Pos         JPY3.0 bil.


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


RHB BANK: Moody's Raises Baseline Credit Assessment to ba1
----------------------------------------------------------
Moody's Investors Service has affirmed the A3/P-2 foreign currency
deposit ratings of RHB Bank Berhad. At the same time, Moody's has
raised the bank financial strength rating (BFSR)/baseline credit
assessment (BCA) of RHB Bank to D+/ba1, from D/ba2, which
previously carried a positive outlook, following an improvement in
RHB Bank's asset quality, which is supported by stable funding
profile and sustained high Tier 1 ratio.

RHB Bank's A3/P-2 deposit ratings are based on its BFSR/BCA of
D+/ba1, and Moody's assessment of a very high probability of
systemic support, if required.

The outlook on all ratings is stable.

Ratings Rationale:

"RHB Bank's BFSR/BCA of D+/ba1 is the result of a gradual
improvement across the bank's key fundamental credit factors over
the last three years, particularly its asset quality, and which
positions it well amongst other ba1-rated banks," says Wee Siang
Ng, a Moody's Vice President and Senior Analyst.

"The stabilization of RHB Bank's new impaired loan formation ratio
over the past three years and aggressive bad debt write-offs have
been driving the improvement in the bank's asset quality," adds
Ng.

As at end-March 2013, the bank's gross impaired loan ratio was
2.8%, down from 3.6% at end-2011 and 4.6% at end-2010.

Its impaired loan coverage ratio also improved to 73.1% at end-
March 2013, from 68.1% at end-2011.

The bank's asset quality should stay strong over the next 18
months, given the favorable shift in its loan mix in recent years
and an expectation of a sustained low interest rate environment.

RHB Bank has reduced its exposure to the more vulnerable small and
medium-sized enterprises to 11% at end-2012, from 16% in 2009,
while increasing its exposure to the safer government-related
bodies to 10% at end-2012, from 5% in 2009.

The bank's BCA is raised from its previous level, reflecting
Moody's expectation that RHB Bank will continue to maintain a high
Tier 1 ratio at above 10% (10.7% at end-March 2013), while keeping
its funding profile stable.

Moody's will consider raising the BCA of RHB Bank if it
demonstrates a sustained increase in profitability through
improvements in its asset quality and operating efficiency.

The specific ratios that Moody's would look for include a further
reduction in impaired loans to below 2% of gross loans (2.78% at
end-March 2013), and a net income/risk-weighted asset ratio at
above 2.1% (1.85% at end-2012).

Moody's will consider lowering the BCA if the bank experiences a
sharp slippage in its credit quality, which pushes up its impaired
loan ratio to 4.0%, and if its loan loss coverage falls below 60%.

A downgrade in Malaysia's sovereign rating (A3 stable) may lead to
a corresponding downgrade of RHB's long-term deposit ratings.

The other bank ratings remain unaffected, and are as follows:

- Foreign currency senior unsecured: A3

- Foreign currency senior unsecured medium-term notes: (P)A3/(P)P-
2

The principal methodology used in these ratings was Moody's Global
Banks Rating Methodology published on May 31, 2013.

Headquartered in Kuala Lumpur, RHB Bank Berhad reported total
assets of MYR164.3 billion ($51.2 billion) as of March 31, 2013.
It is the fourth largest bank by assets in Malaysia.



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


FIVE STAR: Director Pleads Guilty SFO Charges
---------------------------------------------
Stuff.co.nz reports that Five Star director Neill Williams has
pleaded guilty to Serious Fraud Office (SFO) charges relating to
the failed finance company.

In an arraignment hearing at the High Court in Auckland on
June 26 Mr. Williams changed his plea to guilty on two charges of
theft brought by the SFO, according to Stuff.co.nz.

The Crown discharged Mr. Williams on five charges of dishonesty
under the Crimes Act, the report says.

Stuff.co.nz relates that the plea and discharge came on day-four
of the Five Star Finance shadow director's trial.

According to Stuff.co.nz, Mr. Williams has already been jailed on
Securities Act charges laid by the Financial Markets Authority
(FMA). He was back in the High Court to face two charges of theft
by a person in a special relationship, and five charges of
dishonestly using a document.

The 79-year-old was sentenced to three years and seven months in
jail in April for misleading investors through Five Star's
prospectus, the report relays.

The trial, which was expected to take up to three weeks and was
being heard by Justice Murray Gilbert without a jury, has been
vacated, Stuff.co.nz discloses.

Mr. Williams will be remanded in custody until his sentencing on
August 22, the report adds.

                     About Five Star Finance

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June
2009, the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.



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


NATIONAL DEVELOPMENT: S&P Assigns 'B+' Rating; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' long-term and 'B' short-term counterparty credit ratings to
Sri Lanka's National Development Bank PLC (NDB).  The outlook on
the long-term rating is stable.

"The ratings on NDB reflect the bank's satisfactory business and
revenue diversification and adequate risk management practices,"
said Standard & Poor's credit analyst Amit Pandey.  "The ratings
also reflect the bank's funding and liquidity position, which is
weaker than other large banking peers.  We assess NDB's stand-
alone credit profile as 'b+'."

The issuer credit rating on NDB is the same as the bank's stand-
alone credit profile (SACP).  S&P assess that there is a
"moderate" likelihood that the government would provide timely and
sufficient extraordinary support to NDB in the event of financial
distress.  The bank's SACP is at the same level as the sovereign
rating on Sri Lanka (B+/Stable/B), and therefore the bank does not
get any uplift over the SACP.

Standard & Poor's assesses NDB's business position as "adequate,"
capital and earnings as "moderate," risk position as "adequate,"
funding as "below average," and liquidity as "adequate," as S&P's
criteria defines these terms.

S&P's bank criteria uses its Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor SACP, the starting point in assigning an
issuer credit rating.  S&P's anchor SACP for a commercial bank
operating only in Sri Lanka is 'bb-'.

NDB's business position reflects S&P's view of the bank's
satisfactory business and revenue diversification, and the fact
that NDB is a well-managed bank compared with peers in emerging
markets.  NDB is the ninth-largest bank in Sri Lanka.  The bank
provides a full range of banking services and operates on a
universal banking platform.  NDB's revenue base is stable and
diversified.  Fee income has been about 17% of net revenue for the
past five years.

The bank's capital and earnings are "moderate" based on S&P's
expectation that Standard & Poor's pre-diversification risk-
adjusted capital (RAC) ratio will fall into the moderate category
in the next two years.  The ratio is 8% as of Dec. 31, 2012.
NDB's earnings profile is better than the industry.  In S&P's
view, the bank's profitability could decline somewhat in 2013
because it expects its margin to fall and credit costs to rise.
Moreover, given the high loan growth of about 20%, S&P expects the
RAC ratio to decline to about 6.5% in the next two years.

NDB's risk position reflects the bank's adequate risk management
practices for its size and scale and its good loan loss
experience.  NDB's credit costs have been lower than the industry
average.  In the past eight years, the bank's peak credit cost (as
a percentage of average assets) was about 31 basis points in 2009,
compared with the industry average of 93 basis points.

NDB's funding and liquidity reflect the bank's smaller branch
network.  NDB's funding profile has improved over time, but it
still remains weaker than other large banking peers.
Nevertheless, S&P expects NDB's funding profile to improve
further, albeit at a slower pace.  The bank's sizable holdings of
government bonds and central bank balances underpin its liquidity.

"The stable outlook reflects our view that NDB will maintain its
financial profile over the next 12 months, despite a slight
weakening in its asset quality and capitalization," said Mr.
Pandey.

S&P could downgrade NDB if it lowers the sovereign rating or the
bank's SACP deteriorates, which could happen if NDB's asset
quality weakens substantially leading to a considerable increase
in credit costs.

S&P could upgrade NDB if it upgrades the sovereign, provided that
the bank's SACP improves.  An improvement in NDB's funding profile
to levels in line with the industry could result in a better SACP-
-a scenario that S&P views as unlikely in the near term.



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


* Emerging Market Strains Weigh on Growth Outlook, Fitch Says
-------------------------------------------------------------
Fitch Ratings says in its newly published Global Economic Outlook
(GEO) that it expects the global economy to strengthen gradually
in H213 and 2014-15 as the US gathers steam and the eurozone
approaches a cyclical turning point. However, the agency has cut
its 2013-2014 growth forecasts for all four of the BRIC nations.
Its latest forecasts for world GDP growth are 2.4% in 2013, 3.1%
in 2014% and 3.2% in 2015 (weighted at market exchange rates).

For the major advanced economies (MAE), Fitch forecasts weak
growth of just 0.9% in 2013 before accelerating to 1.9% in 2014
(both practically unchanged from the March GEO) and 2.0% in 2015
(included for the first time).

"Several of the largest emerging markets are experiencing strains
from spill-overs from advanced economies and China, difficult
policy trade-offs, a declining impact from credit growth and
structural bottlenecks. Therefore growth differentials will narrow
between advanced economies and emerging markets over the forecast
horizon" says Gergely Kiss, Director in Fitch's Sovereign team.
Nonetheless EM growth will continue to far outstrip the pace in
MAEs and to strengthen from 4.8% in 2013 to 5.2% in 2014-2015.

Fitch estimates that 2012-2013 will see the second weakest BRICs'
growth (after 2009) since the Russian crisis in 1998. It forecasts
China to grow by 7.5% in 2013 (down from 8.0% in the March GEO)
and 2014, followed by 7% in 2015. The agency has also cut its
growth forecasts for other major EMs. Downward revisions for
India, Brazil and Russia total 0.8pp, 1.1pp and 1.7pp for 2013 and
2014, respectively.

The US private sector's positive growth momentum is supported by
the housing market recovery, improving household balance sheets,
strong corporate profitability and loose monetary conditions.
Fiscal drag, stemming from tax increases and spending cuts due to
the sequester, is a near term downside risk. GDP growth will
accelerate from 1.9% in 2013 to 2.8% in 2014 and 3% in 2015 as the
pace of fiscal consolidation eases.

The eurozone remained mired in recession in Q113 for a record
sixth consecutive quarter, and leading indicators for Q213 are
mixed. Nonetheless, Fitch expects a weak recovery to start in H213
and gradually strengthen in 2014-15 as gains in competitiveness
and country and cross-sectional rebalancing bear fruit, fiscal
consolidation eases and credit channels are repaired. It forecasts
GDP to contract by 0.6% in 2013, before growth of 0.9% in 2014 and
1.3% in 2015.

Fitch maintains its expectations of a modest and gradual recovery
in the UK. UK GDP growth forecasts are unchanged at 0.8% in 2013
and 1.8% in 2014, followed by 2% in 2015. Progress with balance
sheet adjustment of the private sector, including the reduction in
the household debt to income ratio, and the prolonged period of
accommodative monetary policy stance will gradually translate into
strengthening of private demand. However, fiscal consolidation
will remain a drag on the economy over the medium term.

'Abenomics', the reflationary economic policy strategy in Japan,
will buoy growth in the short term, though its medium term success
is less certain. Fitch forecasts growth of 1.8% in 2013 as fiscal
and monetary stimulus provides an initial boost to confidence,
before moderating to 1.5% in 2014 and 1.2% in 2015 as the impetus
fades.

In this GEO's alternative scenario, Fitch looks at the implication
of an even greater and enduring boost to confidence in Japan,
which lifts real GDP growth further in 2014-2015 and nominal GDP
growth by up to 1% a year on a lasting basis, relative to the
baseline. East Asia would benefit through greater trade and the
rest of the world mainly via higher equity prices. By 2020, the
world's third biggest economy would be 7% or some USD480bn larger
relative to the base line and better placed for fiscal
consolidation.

Loose monetary conditions will persist over the forecast horizon.
Despite recent market palpitations over the timing and impact of
the eventual exit from loose monetary policy by the US Federal
Reserve, Fitch expects MAE central bank policy to be gradual and
in line with domestic growth and inflation developments. Fitch
expects the US Federal Reserve to only start increasing interest
rates in mid-2015, after tapering QE in 2013-2014. Other central
banks will likely take it slower. Nevertheless, uncertainty over
the exit from current unprecedented monetary policy settings is
likely to generate bouts of market volatility.

The full report, entitled "Global Economic Outlook", is available
at www.fitchratings.com

To complement the release of the GEO, Fitch has also published a
datasheet containing the agency's latest macroeconomic forecasts
by country and region.


* S&P Applies New Criteria to AP Nonlife Insurance Companies
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has reviewed its
ratings on 25 nonlife insurance companies, groups, and their
associated subsidiaries in the Asia-Pacific region (excluding
Japan), by applying its new ratings criteria for insurers, which
were published on May 7, 2013.

S&P will publish individual analytical reports on the insurance
groups identified below, including a list of ratings on affiliated
entities, as well as the ratings by debt type -- senior,
subordinated, junior subordinated, and preferred stock.  The
research updates will be available at
http://www.standardandpoors.com/insurancecriteriaand on
RatingsDirect.com.  To view the reports on Australian and New
Zealand insurers, go to http://www.standardandpoors.com.au;on the
left-hand column click on Insurance, then Insurance Rating Action
Articles. Ratings on specific issues will be available on
RatingsDirect and http://www.standardandpoors.com.

RATINGS LIST

(All ratings are affirmed, except where a "from" rating is
indicated.)

Pacific
                                       To               From
Lumley General Insurance (N.Z.) Ltd.
Issuer Credit Rating                  A-/Stable/--
Financial Strength Rating             A-/Stable/--

Wesfarmers General Insurance Ltd.
Issuer Credit Rating                  A-/Stable/--
Financial Strength Rating             A-/Stable/--

Allianz New Zealand Ltd.
Issuer Credit Rating                  A/Stable/--
Financial Strength Rating             A/Stable/--

Zurich Australian Insurance Ltd.
Issuer Credit Rating                  A+/Stable/--
Financial Strength Rating             A+/Stable/--

Teleco Insurance (NZ) Ltd.
Issuer Credit Rating                  BBB+/Stable/--
Financial Strength Rating             BBB+/Stable/--

Hallmark General Insurance Co. Ltd.
Issuer Credit Rating                  BBB+/Stable/--
Financial Strength Rating             BBB+/Stable/--

Hallmark General Insurance Co. Ltd. (New Zealand Branch )
Financial Strength Rating             BBB+/Stable/--

AIG Insurance New Zealand Ltd.
Issuer Credit Rating                  A/Stable/--
Financial Strength Rating             A/Stable/--

Asia excluding Japan

Bangkok Insurance Public Co. Ltd.
Issuer Credit Rating                  A-/Negative/--
Financial Strength Rating             A-/Negative/--
ASEAN Regional Scale Rating           axAA-

Bank of China Group Insurance Co. Ltd.
Issuer Credit Rating                  A-/Stable/--
Financial Strength Rating             A-/Stable/--
Greater China Regional Scale Rating   cnAA

Chung Kuo Insurance Co. Ltd.
Issuer Credit Rating                  BBB+/Stable/--
Financial Strength Rating             BBB+/Stable/--
Greater China Regional Scale Rating   cnA+

Fubon Financial Holding Co. Ltd.
Issuer Credit Rating                  BBB+/Stable/A-2
BBB+/Negative/A-2
Greater China Regional Scale Rating   cnA+/cnA-1

Taipei Fubon Commercial Bank Co. Ltd.
Issuer Credit Rating                  A-/Stable/A-2      A-
/Negative/A-2
Greater China Regional Scale Rating   cnAA/cnA-1         cnAA-
/cnA-1

Fubon Bank (Hong Kong) Ltd.
Issuer Credit Rating                  BBB+/Stable/A-2
BBB+/Negative/A-2
Greater China Regional Scale Rating   cnA+/cnA-1

Fubon Insurance Co. Ltd.
Issuer Credit Rating                  A-/Stable/--       A-
/Negative/--
Financial Strength Rating             A-/Stable/--       A-
/Negative/--
Greater China Regional Scale Rating   cnAA               cnAA-

Fubon Life Insurance Co. Ltd.
Issuer Credit Rating                  A-/Stable/--       A-
/Negative/--
Financial Strength Rating             A-/Stable/--       A-
/Negative/--
Greater China Regional Scale Rating   cnAA               cnAA-

India International Insurance Pte. Ltd.
Issuer Credit Rating                  A-/Stable/--
Financial Strength Rating             A-/Stable/--
ASEAN Regional Scale Rating           axAA

Malayan Insurance Co. Inc.
Issuer Credit Rating                  BB/Stable/--
Financial Strength Rating             BB/Stable/--
ASEAN Regional Scale Rating           axBBB-

Shinkong Insurance Co. Ltd.
Issuer Credit Rating                  A-/Stable/--
BBB+/Stable/--
Financial Strength Rating             A-/Stable/--
BBB+/Stable/--
Greater China Regional Scale Rating   cnAA               cnA+

Tokio Marine Newa Insurance Co. Ltd.
Issuer Credit Rating                  A+/Stable/--
A/Stable/--
Financial Strength Rating             A+/Stable/--
A/Stable/--
Greater China Regional Scale Rating   cnAAA              cnAA+

AIG Taiwan Insurance Co. Ltd.
Issuer Credit Rating                  A-/Stable/--
BBB+/Stable/--
Financial Strength Rating             A-/Stable/--
BBB+/Stable/--
Greater China Regional Scale Rating   cnAA               cnA+

Hyundai Marine & Fire Insurance Co. Ltd.
Issuer Credit Rating                  A-/Stable/--
BBB+/Positive/--
Financial Strength Rating             A-/Stable/--
BBB+/Positive/--

Dongbu Insurance Co. Ltd.
Issuer Credit Rating                  A-/Stable/--
BBB+/Positive/--
Financial Strength Rating             A-/Stable/--
BBB+/Positive/--

Dongbu Insurance Co. Ltd. (U.S. Branch)
Financial Strength Rating             A-/Stable/--
BBB+/Positive/--

Seoul Guarantee Insurance Co.
Issuer Credit Rating                  A/Stable/--
Financial Strength Rating             A/Stable/--


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------
AUSTRALIA

AACL HOLDINGS LT          AAY              39.61       -4.66
AAT CORP LTD              AAT              32.50      -13.46
ANAECO LTD                ANQ              12.09      -16.38
ARASOR INTERNATI          ARR              19.21      -26.51
AUSTRALIAN ZI-PP          AZCCA            77.74       -2.57
AUSTRALIAN ZIRC           AZC              77.74       -2.57
BECTON PROPERTY           BEC             267.47      -15.73
BIRON APPAREL LT          BIC              19.71       -2.22
CLARITY OSS LTD           CYO              28.67       -8.42
CWH RESOURCES LT          CWH              12.09       -1.29
HAOMA MINING NL           HAO              23.85      -33.70
LANEWAY RESOURCE          LNY              10.84      -11.48
MACQUARIE ATLAS           MQA           1,643.35   -1,018.17
MISSION NEWENER           MBT              10.95      -25.02
NATURAL FUEL LTD          NFL              19.38     -121.51
QUICKFLIX LTD             QFX              15.84       -1.91
REDBANK ENERGY L          AEJ             295.35      -13.08
RENISON CONSO-PP          RSNCL            10.84      -11.48
RIVERCITY MOTORW          RCY             386.88     -809.14
RUBICOR GROUP LT          RUB              60.12      -61.63
STERLING PLANTAT          SBI              37.84      -10.78
TZ LTD                    TZL              26.01       -1.69


CHINA

ANHUI GUOTONG-A           600444           73.14       -9.75
ATLANTIC NAVIGAT          ATL              89.78       -6.98
CHANG JIANG-A             520             818.55     -122.68
CHENGDU UNION-A           693              24.18      -30.53
CHINA KEJIAN-A            35               49.24     -299.06
CHINA OILFIELD T          COT              18.84      -19.88
HEBEI BAOSHUO -A          600155          101.91     -102.90
HUASU HOLDINGS-A          509              73.01      -35.36
HULUDAO ZINC-A            751             471.13     -546.12
HUNAN TIANYI-A            908              58.94      -11.50
JIANGSU ZHONGDA           600074          351.03       -9.74
JILIN PHARMACE-A          545              32.98       -6.85
QINGDAO YELLOW            600579          139.12      -58.98
SHENZ CHINA BI-A          17               26.30     -279.51
SHENZ CHINA BI-B          200017           26.30     -279.51
SHENZ INTL ENT-A          56              334.77      -70.20
SHENZ INTL ENT-B          200056          334.77      -70.20
SHIJIAZHUANG D-A          958             212.89     -118.63
TAIYUAN TIANLO-A          600234           63.16      -15.00
WUHAN BOILER-B            200770          214.39     -201.83
WUHAN XIANGLON-A          600769           83.73      -85.75
XIAN HONGSHENG-A          600817          138.05      -60.58


HONG KONG

ASIA COAL LTD             835              20.37      -11.89
BIRMINGHAM INTER          2309             63.14       -6.89
BUILDMORE INTL            108              16.89      -47.61
CELEBRATE INTERN          8212             17.15       -3.56
CHINA E-LEARNING          8055             22.22       -2.95
CHINA HEALTHCARE          673              32.51      -25.02
CHINA OCEAN SHIP          651             339.71      -56.14
CHINA ORIENTAL            2371             14.94       -1.53
EFORCE HLDGS LTD          943              63.68       -4.62
FU JI FOOD & CAT          1175             26.40     -153.32
GRANDE HLDG               186             255.10     -208.18
HAO WEN HOLDINGS          8019             20.40       -0.60
ICUBE TECHNOLOGY          139              20.70       -4.03
MASCOTTE HLDGS            136             176.50     -142.02
MELCOLOT LTD              8198             13.19      -28.51
PALADIN LTD               495             162.31       -3.89
PROVIEW INTL HLD          334             314.87     -294.85
SINO RESOURCES G          223              38.67      -23.83
SURFACE MOUNT             SMT              32.88      -10.68
TLT LOTTOTAINMEN          8022             20.48       -3.75
U-RIGHT INTL HLD          627              16.58     -204.32


INDONESIA

APAC CITRA CENT           MYTX            187.16       -6.32
ARPENI PRATAMA            APOL            416.73     -206.52
ASIA PACIFIC              POLY            410.59     -809.94
ICTSI JASA PRIMA          KARW             56.78       -1.30
MATAHARI DEPT             LPPF            232.55     -190.10
PANCA WIRATAMA            PWSI             28.67      -35.63
PERMATA PRIMA SA          TKGA             10.70       -1.55
RENUKA COALINDO           SQMI             14.81       -1.35


INDIA

ABHISHEK CORPORA          ABSC             58.35      -14.51
AGRO DUTCH INDUS          ADF             105.49       -3.84
ALPS INDUS LTD            ALPI            215.85      -28.22
AMIT SPINNING             AMSP             16.21       -6.54
ARTSON ENGR               ART              11.81      -10.16
ASHAPURA MINECHE          ASMN            167.68      -67.64
ASHIMA LTD                ASHM             63.23      -48.94
BELLARY STEELS            BSAL            451.68     -108.50
BLUE BIRD INDIA           BIRD            122.02      -59.13
CAMBRIDGE TECHNO          CTECH            12.77       -7.96
CELEBRITY FASHIO          CFLI             27.59       -8.60
CFL CAPITAL FIN           CEATF            12.36      -49.56
CHESLIND TEXTILE          CTX              20.51       -0.03
COMPUTERSKILL             CPS              14.90       -7.56
CORE HEALTHCARE           CPAR            185.36     -241.91
DCM FINANCIAL SE          DCMFS            18.46       -9.46
DFL INFRASTRUCTU          DLFI             42.74       -6.49
DHARAMSI MORARJI          DMCC             21.44       -6.32
DIGJAM LTD                DGJM             99.41      -22.59
DISH TV INDIA             DITV            517.02      -18.42
DISH TV INDI-SLB          DITV/S          517.02      -18.42
DUNCANS INDUS             DAI             122.76     -227.05
FIBERWEB INDIA            FWB              13.22       -9.70
GANESH BENZOPLST          GBP              43.90      -18.27
GOLDEN TOBACCO            GTO             109.72       -5.01
GSL INDIA LTD             GSL              29.86      -42.42
GUJARAT STATE FI          GSF              10.26     -303.64
GUPTA SYNTHETICS          GUSYN            52.94       -0.50
HARYANA STEEL             HYSA             10.83       -5.91
HINDUSTAN SYNTEX          HSYN             11.46       -5.39
HMT LTD                   HMT             123.83     -517.57
INDAGE RESTAURAN          IRL              15.11       -2.35
INTEGRAT FINANCE          IFC              49.83      -51.32
JAGJANANI TEXTIL          JAGT             10.69       -1.88
JCT ELECTRONICS           JCTE             88.67      -72.23
JENSON & NIC LTD          JN               16.65      -75.51
JOG ENGINEERING           VMJ              50.08      -10.08
JYOTHY CONSUMER           JYOC             69.07      -31.72
KALYANPUR CEMENT          KCEM             24.64      -38.69
KANCO ENTERPRISE          KANE             10.59       -4.93
KDL BIOTECH LTD           KOPD             14.66       -9.41
KERALA AYURVEDA           KERL             13.97       -1.69
KINGFISHER AIR            KAIR          1,782.32     -997.63
KINGFISHER A-SLB          KAIR/S        1,782.32     -997.63
KITPLY INDS LTD           KIT              37.68      -45.35
KM SUGAR MILLS            KMSM             19.14       -0.47
LLOYDS FINANCE            LYDF             14.71      -10.46
LML LTD                   LML              50.66      -70.76
MADRAS FERTILIZE          MDF             158.91      -64.91
MAHA RASHTRA APE          MHAC             22.23      -15.85
MALWA COTTON              MCSM             44.14      -24.79
MARKSANS PHARMA           MRKS             76.23      -31.89
MILTON PLASTICS           MILT             17.67      -51.22
MODERN DAIRIES            MRD              32.97       -3.87
MTZ POLYFILMS LT          TBE              31.94       -2.57
MYSORE PAPER              MSPM             87.99       -8.12
NATL STAND INDI           NTSD             22.09       -0.73
NICCO CORP LTD            NICC             71.84       -4.91
NICCO UCO ALLIAN          NICU             25.42      -79.20
NK INDUS LTD              NKI             141.35       -7.71
NRC LTD                   NTRY             73.10      -51.18
NUCHEM LTD                NUC              24.72       -1.60
PANCHMAHAL STEEL          PMS              51.02       -0.33
PARAMOUNT COMM            PRMC            124.96       -0.52
PARASRAMPUR SYN           PPS              99.06     -307.14
PAREKH PLATINUM           PKPL             61.08      -88.85
PIONEER DISTILLE          PND              53.74       -5.62
PREMIER INDS LTD          PRMI             11.61       -6.09
QUADRANT TELEVEN          QDTV            150.43     -137.48
QUINTEGRA SOLUTI          QSL              16.76      -17.45
RATHI ISPAT LTD           RTIS             44.56       -3.93
RELIANCE BROADCA          RBN              86.71       -0.35
RELIANCE MEDIAWO          RMW             425.22      -21.31
RELIANCE MED-SLB          RMW/S           425.22      -21.31
REMI METALS GUJA          RMM             101.32      -17.12
RENOWNED AUTO PR          RAP              14.12       -1.25
ROLLATAINERS LTD          RLT              22.97      -22.24
ROYAL CUSHION             RCVP             14.42      -73.93
SADHANA NITRO             SNC              16.74       -0.58
SANATHNAGAR ENTE          SNEL             39.67      -11.05
SAURASHTRA CEMEN          SRC              89.32       -6.92
SCOOTERS INDIA            SCTR             19.75      -13.35
SEN PET INDIA LT          SPEN             11.58      -26.67
SHAH ALLOYS LTD           SA              213.69      -39.95
SHALIMAR WIRES            SWRI             25.78      -38.78
SHAMKEN COTSYN            SHC              23.13       -6.17
SHAMKEN MULTIFAB          SHM              60.55      -13.26
SHAMKEN SPINNERS          SSP              42.18      -16.76
SHREE RAMA MULTI          SRMT             49.29      -25.47
SIDDHARTHA TUBES          SDT              75.90      -11.45
SITI CABLE NETWO          SCNL            110.69      -14.26
SOUTHERN PETROCH          SPET            210.98     -175.98
SPICEJET LTD              SJET            386.76      -30.04
SQL STAR INTL             SQL              10.58       -3.28
STATE TRADING CO          STC           1,279.23     -219.37
STELCO STRIPS             STLS             14.90       -5.27
STI INDIA LTD             STIB             24.64       -0.44
STORE ONE RETAIL          SORI             15.48      -59.09
SUPER FORGINGS            SFS              16.31       -5.93
TAMILNADU JAI             TNJB             19.13       -2.69
TATA METALIKS             TML             156.70       -5.36
TATA TELESERVICE          TTLS          1,311.30     -138.25
TATA TELE-SLB             TTLS/S        1,311.30     -138.25
TODAYS WRITING            TWPL             20.12      -24.62
TRIUMPH INTL              OXIF             58.46      -14.18
TRIVENI GLASS             TRSG             24.23      -12.34
TUTICORIN ALKALI          TACF             20.48      -16.78
UNIFLEX CABLES            UFCZ             47.46       -7.49
UNIWORTH LTD              WW              159.14     -146.31
UNIWORTH TEXTILE          FBW              21.44      -34.74
USHA INDIA LTD            USHA             12.06      -54.51
UTTAM VALUE STEE          UVSL            510.00      -48.98
VANASTHALI TEXT           VTI              25.92       -0.15
VENTURA TEXTILES          VRTL             14.33       -1.91
VENUS SUGAR LTD           VS               11.06       -1.08


JAPAN

FLIGHT SYS CONSU          3753             10.10       -2.62
HARAKOSAN CO              8894            187.50       -1.90
HIMAWARI HD               8738            251.56      -42.26
INDEX CORP                4835            227.23      -15.54
MISONOZA THEATRI          9664             56.72       -4.80
PROPERST CO LTD           3236            140.82     -353.70
TAIYO BUSSAN KAI          9941            142.90       -0.41
WORLD LOGI CO             9378             34.44      -71.60


KOREA

DAISHIN INFO              20180           740.50     -158.45
DVS KOREA CO LTD          46400            17.40       -1.20
ROCKET ELEC-PFD           425             111.09       -0.42
ROCKET ELECTRIC           420             111.09       -0.42
SHINIL ENG CO             14350           199.04       -2.53
SSANGYONG ENGINE          12650         1,231.13     -119.47
TEC & CO                  8900            139.98      -16.61
WOONGJIN HOLDING          16880         2,197.34     -635.50


MALAYSIA

HO HUP CONSTR CO          HO               54.37      -16.70
LFE CORP BHD              LFE              39.65       -0.70
PUNCAK NIA HLD B          PNH           4,400.41      -24.59
VTI VINTAGE BHD           VTI              17.74       -3.63


NEW ZEALAND

NZF GROUP LTD             NZF              11.69       -4.60
PULSE UTILITIES           PLU              14.58       -4.84


PHILIPPINES

GOTESCO LAND-A            GO               21.76      -19.21
GOTESCO LAND-B            GOB              21.76      -19.21
PICOP RESOURCES           PCP             105.66      -23.33
UNIWIDE HOLDINGS          UW               50.36      -57.19


SINGAPORE

ADVANCE SCT LTD           ASCT             48.74       -2.27
HL GLOBAL ENTERP          HLGE             83.11       -4.63
SCIGEN LTD-CUFS           SIE              68.70      -42.35
TT INTERNATIONAL          TTI             227.86      -88.73
ZHONGXIN FRUIT            NLH              19.34       -5.25


THAILAND

ASCON CONSTR-NVD          ASCON-R          59.78       -3.37
ASCON CONSTRUCT           ASCON            59.78       -3.37
ASCON CONSTRU-FO          ASCON/F          59.78       -3.37
CALIFORNIA W-NVD          CAWOW-R          28.07      -11.94
CALIFORNIA WO-FO          CAWOW/F          28.07      -11.94
CALIFORNIA WOW X          CAWOW            28.07      -11.94
DATAMAT PCL               DTM              12.69       -6.13
DATAMAT PCL-NVDR          DTM-R            12.69       -6.13
DATAMAT PLC-F             DTM/F            12.69       -6.13
K-TECH CONSTRUCT          KTECH            38.87      -46.47
K-TECH CONSTRUCT          KTECH/F          38.87      -46.47
K-TECH CONTRU-R           KTECH-R          38.87      -46.47
M LINK ASIA CORP          MLINK            83.61       -7.85
M LINK ASIA-FOR           MLINK/F          83.61       -7.85
M LINK ASIA-NVDR          MLINK-R          83.61       -7.85
PATKOL PCL                PATKL            52.89      -30.64
PATKOL PCL-FORGN          PATKL/F          52.89      -30.64
PATKOL PCL-NVDR           PATKL-R          52.89      -30.64
PICNIC CORP-NVDR          PICNI-R         101.18     -175.61
PICNIC CORPORATI          PICNI           101.18     -175.61
PICNIC CORPORATI          PICNI/F         101.18     -175.61
SHUN THAI RUBBER          STHAI            19.89       -0.59
SHUN THAI RUBB-F          STHAI/F          19.89       -0.59
SHUN THAI RUBB-N          STHAI-R          19.89       -0.59
SUNWOOD INDS PCL          SUN              19.86      -13.03
SUNWOOD INDS-F            SUN/F            19.86      -13.03
SUNWOOD INDS-NVD          SUN-R            19.86      -13.03
THAI-DENMARK PCL          DMARK            15.72      -10.10
THAI-DENMARK-F            DMARK/F          15.72      -10.10
THAI-DENMARK-NVD          DMARK-R          15.72      -10.10
TONGKAH HARBOU-F          THL/F            62.30       -1.84
TONGKAH HARBOUR           THL              62.30       -1.84
TONGKAH HAR-NVDR          THL-R            62.30       -1.84


TAIWAN

BEHAVIOR TECH CO          2341S            30.90       -0.22
BEHAVIOR TECH-EC          2341O            30.90       -0.22
HELIX TECH-EC             2479T            23.39      -24.12
HELIX TECH-EC IS          2479U            23.39      -24.12
HELIX TECHNOL-EC          2479S            23.39      -24.12
IDM INTERNATIONA          IDM              30.99      -23.62
POWERCHIP SEM-EC          5346S         2,036.01      -52.74




                             *********

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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