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                      A S I A   P A C I F I C

          Thursday, February 28, 2013, Vol. 16, No. 42


                            Headlines


A U S T R A L I A

BECTON PROPERTY: Holding Companies Placed in Receivership
HAMPER MAGIC: Goes Into Administration, Owes AUD830,000
UNLEASH SOLAR: In Administration, Owes $5 Million
VEGA COLOUR: Placed Into Administration
* Queensland Records Highest Number of Distress Sales


H O N G  K O N G

SUMMIT FORTUNE: Court to Hear Wind-Up Petition on April 10
TUNGDA INNOVATIVE: Lai and Haughey Appointed as Liquidators
TWIN PROFIT: Court to Hear Wind-Up Petition on April 10
WAY AND FUNG: Court to Hear Wind-Up Petition on April 10
WELLCO DEVELOPMENT: Court to Hear Wind-Up Petition on April 10


I N D I A

ARM OVERSEAS: CRISIL Upgrades Rating on INR120MM Loan to 'B'
ASCENT INDUSTRIES: CRISIL Places 'B+' Ratings on INR70MM Loans
BALAJI GINNING: CRISIL Upgrades Rating on INR100MM Loan to 'B+'
GOPAL DIAMONDS: CRISIL Assigns 'B+' Ratings to INR150MM Loans
MALABAR HOTELS: CRISIL Places 'B-' Ratings on INR490MM Loans

PAREKH ALUMINEX: CRISIL Cuts Ratings on INR13.45BB Loans to 'D'
POOJITHA PARBOILED: CRISIL Ups Ratings on INR90MM Loans to 'B+'
PONMANI INDUSTRIES: CRISIL Puts 'B+' Ratings to INR57.5MM Loans
SELVALAKSHMI GARMENTS: CRISIL Puts 'D' Ratings on INR177MM Loans
SHREE BALAJI: CRISIL Upgrades Ratings on INR436.9MM Loans to 'D'

STATE BANK OF INDIA: Moody's Keeps (P)Ba1 Rating on Jr. MTN
U. M. RAMESH: CRISIL Rates INR50MM Term Loan at 'B-'
VFC INDUSTRIES: Delays in Loan Payment Cue CRISIL to Junk Ratings
* Hong Kong Reinforces Banks Against Property Risk, Fitch Says


J A P A N

MF2 SENIOR: S&P Keeps BB Rating on Creditwatch Negative
* S&P Raises Rating on 4 Japanese Synthetic CDO Tranches


S O U T H  K O R E A

SSANGYONG ENG'G: Creditors Move to Put Firm on Debt Work Program


N E W  Z E A L A N D

IAN FRANKLIN: Owner Puts Boat Building Firm Into Liquidation
MAINZEAL PROPERTY: Fletcher Building to Rescue Some Projects


                            - - - - -


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


BECTON PROPERTY: Holding Companies Placed in Receivership
---------------------------------------------------------
Becton Property Group Limited (BPGL) and a limited number of non-
trading corporate subsidiaries were placed under receivership and
Mark Korda -- mkorda@kordamentha.com -- and Janna Robertson --
jrobertson@kordamentha.com -- of Kordamentha were appointed
receivers and managers of the companies.  The receivership has no
impact on the Becton operating companies involved in construction,
development and retirement businesses.

Shares in BPGL and units in the Becton Property Trust are stapled
securities which are listed on the ASX (code BEC). BEC securities
were suspended from trading on the ASX on February 22.

"It is important to understand this is a very limited receivership
which affects the ownership and control of Becton, but not the
business operations," Mr. Korda said in statement.

"It will be business as usual in the development, construction and
retirement operations."

Mr. Korda said settlements on sale of homes and retirement villas
will continue as scheduled and deposits for future villas will be
preserved. Creditors including contractors will continue to be
paid.

The retirement business is a joint venture between Becton and Oman
Investment Fund (OIF) and is unaffected by the receivership, Mr.
Korda said. The receivership has no impact on resident contracts,
service fees, occupation rights or staff entitlements.
The development of the sites known as Bonnyrigg and Waterloo
continues.

The operating companies will continue to be managed by the Chief
Executive Officer, Mr. Matthew Chun.

Mr. Korda said: "The entity that employs Becton staff is part of
the 'headstock' and we can confirm that all salaries will continue
to be paid and all accrued employee entitlements will be paid as
and when they fall due."

The Australian reports that the receivers were appointed after the
company failed to reach an agreement with its consortium of
bankers led by Goldman Sachs.

Goldman Sachs and consortium partner Fortress Investment Group
have called in two major loans to Becton totalling
AUD200 million, The Australian relates.

That move has placed the listed headstock Becton Property Group
Ltd and associated entities Becton Pty Ltd, Becton Group Holdings
Pty and Becton Construction Group Pty Ltd into receivership.

The main operating entities of the company, which includes the
entities which control its residential projects and its retirement
business, have not been placed into receivership and will continue
as a going concern, The Australian reports.

Becton Property Group Limited (ASX:BECDC) --
http://www.becton.com.au/-- is a listed Australian diversified
property group involved in property development and construction,
property funds management and retirement village ownership and
operation.  It was established in 1976.


HAMPER MAGIC: Goes Into Administration, Owes AUD830,000
-------------------------------------------------------
SmartCompany reports that Hamper Magic has gone into
administration placing the deposits of over 1,600 customers in
jeopardy.

Andrew Cummins and Antony Resnick of BRI Ferrier were appointed as
administrators of Hamper Magic earlier this month, the report
discloses.

Louisa Sijabat, manager at BRI Ferrier, told SmartCompany Hamper
Magic owed AUD830,000 to creditors, which are mainly trade
suppliers.

"The administrators are conducting an urgent review of the
business, its financial position and its operations," SmartCompany
quotes Ms. Sijabat as saying.  "The administrators are actively
seeking to sell the business and or assets of Hamper Magic and are
currently speaking with several prospective purchasers."

SmartCompany relates that Ms. Sijabat said the administrators are
currently seeking to protect the deposits of the 1,600 customers
for Christmas this year.

"The administrators are encouraging prospective purchasers to
consider taking over the deposits paid by customers for 2013
hampers in their offer to purchase the business and or assets of
Hamper Magic," Ms. Sijabat told SmartCompany.

Hamper Magic operated layby Christmas hamper company.  Hamper
Magic's hampers start from AUD1.53 per week for a "beans and
spaghetti" hamper to AUD39.98 per week for the "mega" hamper with
a total cost of AUD1,399.  Last year, SmartCompany recalls, the
company had more than 1,100 customers for Christmas and 1,600 were
already signed up, having paid deposits for the coming Christmas.


UNLEASH SOLAR: In Administration, Owes $5 Million
-------------------------------------------------
Yahoo! 7News reports that Unleash Solar has gone into voluntary
administration with debts of $5 million, and warranties on its
products might not be honored.

After issuing a public warning, Consumer Affairs has received 40
complaints about the company, according to Yahoo! 7News.

The report relates that Consumer Affairs has seized documents from
the company and has defended its decision not to name the company
earlier.

"We have to be particularly careful when publicly naming companies
that could suffer as a result so we have to go through due process
and we did that as quickly as possible," the report quoted
Consumer Affairs Commissioner Paul White as saying.  Consumer
Affairs has also revealed it is investigating another two solar
companies, but won't say which ones, the report relates.


VEGA COLOUR: Placed Into Administration
---------------------------------------
SmartCompany reports that Melbourne-based printing business
Vega Colour Group has been placed in administration.

Damian Templeton --- djtempleton@kpmg.com.au -- and Darren Lewis
-- dlewis@kpmg.com.au -- from KPMG were appointed on February 20
by the secured creditor, National Australia Bank, ProPrint
discloses.

KPMG confirmed the company turned over AUD17.4 million in the
2011-12 financial year, with earnings before interest, tax,
depreciation and amortization of AUD1.7 million, SmartCompany
relates.

Mr. Templeton told SmartCompany while an investigation is still
underway into why the business collapsed, the industry in general
is facing tough times.

"It's a little early to say too much, we were only appointed late
last week so we're undertaking an urgent view of the business'
situation. But we are continuing to trade and have . . . been
approached by a number of parties already," the report quotes Mr.
Templeton as saying.

KPMG is putting the business up for sale as a going concern.
SmartCompany relates that Mr. Templeton said he could not reveal
details of debt, but said creditors were mostly other entities in
the printing industry.

"The printing industry has been one that's been quite tough for a
while now, there have been some that have gone under, including
Geon last week," Mr. Templeton told SmartCompany.  "A big part of
it is over capacity in the industry, and people are chasing work.
It does tend to impact those that are weakest first."

Vega Colour Group is a Melbourne-based printing business focused
on creating environmentally-friendly printing material. The
business was founded in 1960 as a family business, and now
operates out of a factory and office space larger than 5,000
square metres.


* Queensland Records Highest Number of Distress Sales
-----------------------------------------------------
Jenny Rogers at goldcoast.com.au reports that Queensland again has
the highest number of distressed sales in Australia as receivers
move to rid their books of commercial properties that have fallen
victim to financial failure.

The report relates that more than half (52%) of advertised
properties nationwide listed by a mortgagee, receiver or
liquidator in the December quarter were in Queensland.

The Gold Coast was on par with the rest of the state, with 51.9%
of all commercial properties advertised representing forced sales,
goldcoast.com.au relates citing the latest LandMark White Forced
Sales Monitor.

However, the figure is an improvement on the previous quarter when
67.7% of all commercial properties advertised on the Gold Coast
were receiver-instigated sales, the report notes.

Nationwide, 31% of properties listed were forced sales, with the
New South Wales figure at 21% and Victoria's at 11%.

goldcoast.com.au notes that most of the receiver stock advertised
was in regional areas rather than metropolitan areas (82% of the
total).

Queensland was the state hit hardest by the malaise in the
residential sector, with 39 per cent of all residential
advertisements representing distressed sales, the report adds.



================
H O N G  K O N G
================


SUMMIT FORTUNE: Court to Hear Wind-Up Petition on April 10
----------------------------------------------------------
A petition to wind up the operations of Summit Fortune Investments
Limited will be heard before the High Court of
Hong Kong on April 10, 2013, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Li & Partners
          22/F, World-Wide House
          19 Des Voeux Road
          Central, Hong Kong


TUNGDA INNOVATIVE: Lai and Haughey Appointed as Liquidators
-----------------------------------------------------------
Messrs. Lai Kar Yan (Derek) and Darach E Haughey on Sept. 10, 2012
were appointed as liquidators of Tungda Innovative Lighting
Holdings Limited.

The liquidators may be reached at:

         Messrs. Lai Kar Yan (Derek)
         Darach E Haughey
         35/F One Pacific Place
         88 Queensway, Hong Kong


TWIN PROFIT: Court to Hear Wind-Up Petition on April 10
-------------------------------------------------------
A petition to wind up the operations of Twin Profit Limited will
be heard before the High Court of Hong Kong on April 10, 2013, at
9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Li & Partners
          22/F, World-Wide House
          19 Des Voeux Road
          Central, Hong Kong


WAY AND FUNG: Court to Hear Wind-Up Petition on April 10
--------------------------------------------------------
A petition to wind up the operations of Way and Fung Property
Development Limited will be heard before the High Court of
Hong Kong on April 10, 2013, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Li & Partners
          22/F, World-Wide House
          19 Des Voeux Road
          Central, Hong Kong


WELLCO DEVELOPMENT: Court to Hear Wind-Up Petition on April 10
--------------------------------------------------------------
A petition to wind up the operations of Wellco Development Limited
will be heard before the High Court of Hong Kong on
April 10, 2013, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Li & Partners
          22/F, World-Wide House
          19 Des Voeux Road
          Central, Hong Kong



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


ARM OVERSEAS: CRISIL Upgrades Rating on INR120MM Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
ARM Overseas Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            120      CRISIL B/Stable (Upgraded from
                                  'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that ARM will continue to
witness healthy revenue growth over the medium term, supported by
stabilization of its operations, and increase in its order flow.
ARM registered revenues of around INR917.8 million for the five
months ended August 31, 2012, compared to INR799.8 million for the
entire year 2011-12 (refers to financial year, April 1 to March
31). ARM's working capital management has been comfortable,
supported by extended trade credits from its group company, and
increased bank limits. The upgrade also factors in financial
flexibility that ARM has, reflected from equity infusion of
INR28 million in 2011-12 to support its increased scale of
operations.

The ratings reflect ARM's below-average financial risk profile,
marked by a highly leveraged capital structure, because of the
working-capital-intensive nature of the company's business, modest
scale of operations in highly fragmented rice industry and
susceptibility of operating margin to volatility in rice prices.
These rating weaknesses are partially offset by the extensive
industry experience of ARM's promoters.

Outlook: Stable

CRISIL believes that ARM will continue to benefit over the medium
term from its promoters' extensive industry experience. CRISIL,
however, also believes that ARM's financial risk profile will
remain weak over the same period, because of the company's large
working capital requirements. The outlook may be revised to
'Positive' in case ARM registers significant improvement in its
capital structure and scale of operations, with improvement in its
margins. Conversely, the outlook may be revised to 'Negative' if
the company registers deterioration in its working capital cycle
or undertakes any large, debt-funded capital expenditure
programme.

ARM, incorporated in 2008, mills and processes basmati rice; it
sells to exporters in India. ARM is managed by Mr. Anand Goel and
his family.

ARM reported a profit after tax (PAT) of INR1.8 million on net
sales of INR799.7 million for 2011-12; the company reported a PAT
of INR1.9 million on net sales of INR633.6 million for 2010-11.


ASCENT INDUSTRIES: CRISIL Places 'B+' Ratings on INR70MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ascent Industries Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             30      CRISIL B+/Stable (Assigned)
   Term Loan               40      CRISIL B+/Stable (Assigned)

The rating reflects AIPL's below-average financial risk profile
marked by a modest net worth and weak debt protection metrics. The
rating also factors in the company's small scale of operations in
the intensely competitive kraft board and straw board industry.
These rating weaknesses are partially offset by the benefits that
AIPL derives from its promoters' extensive experience in the kraft
board and straw board manufacturing business and its established
relationships with its customers and suppliers.

Outlook: Stable

CRISIL believes that AIPL will continue to benefit over the medium
term from its promoters' extensive experience in the kraft board
and straw board industry. The outlook may be revised to 'Positive'
in case the company registers improvement in its financial risk
profile, most likely because of more-than-expected improvement in
its scale of operations and in its operating margin, or further
equity infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' in case AIPL's financial risk profile or
liquidity deteriorates, most likely because of lower-than-expected
cash accruals, more-than-expected increase in working capital
requirements, or further debt-funded capital expenditure.

AIPL, incorporated in January 2007, manufactures kraft board and
straw board. The company's manufacturing unit is at Gangavaram in
East Godavari district (Andhra Pradesh). AIPL is promoted by Mr. B
Venkateshwara Rao and Mr. M Ramakrishna and their family members.


BALAJI GINNING: CRISIL Upgrades Rating on INR100MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Balaji
Ginning & Pressing to 'CRISIL B+/Stable' from 'CRISIL B/Stable'

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           100      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The upgrade reflects the healthy growth in revenues over the past
two years expected to continue in 2013-14 (refers to financial
year, April 1 to March 31) as well. The upgrade also reflects the
regular support from promoters in terms of capital infusion.

BGP's net sales have exhibited healthy growth of around 57 per
cent, to INR533 million in 2011-12 from INR339 million in 2010-11.
The firm is expected to post significant growth in 2012-13 as
well, with it already achieving around INR450 million of sales in
the first nine months of 2012-13. The firm is expected to maintain
a moderate growth rate going forward.

The promoters have been supporting the business via regular equity
infusions, with around INR35 million of equity infusion and INR5
million of unsecured loans infused over the past three years.

The rating reflects BGP's moderate financial risk profile, marked
by small net worth, moderate gearing, and weak debt protection
metrics, and the adverse impact the government's minimum support
prices regime has on players in the cotton industry. These
weaknesses are partially offset by the experience of BGP's
promoters in the cotton ginning industry.

For arriving at the ratings, CRISIL has treated the unsecured
loans of INR25 million as on March 31, 2012, extended to SKP by
its promoters as neither debt nor equity, as these loans would be
retained in the business and have a lower rate of interest than
bank rates.

Outlook: Stable

CRISIL believes that BGP will benefit over the medium term from
its promoters' established experience in the cotton ginning
industry. The outlook may be revised to 'Positive' in case of
significant improvement in accruals and equity infusion, leading
to improvement in the capital structure and financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm's operating margin declines, leading to lower cash
accruals, or if a debt-funded capital expenditure adversely
impacts its debt protection metrics.

BGP, based in Yavatmal (Maharashtra), is in the business of cotton
ginning and pressing. The firm was established in 2003, with Mr.
Ashok Nilwar and Mr. Sainath Motewar as equal partners.

BGP reported a profit after tax (PAT) of INR4.5 million on net
sales of INR533.3 million for 2011-12, against a PAT of INR3.2
million on net sales of INR338.6 million for 2010-11.


GOPAL DIAMONDS: CRISIL Assigns 'B+' Ratings to INR150MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Gopal Diamonds Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Proposed Long-Term     92.5     CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Cash Credit            17.5     CRISIL B+/Stable (Assigned)

   Long-Term Loan         40.0     CRISIL B+/Stable (Assigned)

The rating reflects GDPL's below-average financial risk profile,
marked by a weak capital structure, small scale of operations with
low profitability, and susceptibility to intense competition in
the jewellery business and to volatility in gold prices. These
rating weaknesses are partially offset by the extensive experience
of GDPL's promoter in the jewellery business, and the benefits
that the company is expected to derive from its new jewellery
showroom, which is currently being set up.

Outlook: Stable

CRISIL believes that GDPL will continue to benefit over the medium
term from its promoter's extensive experience in the jewellery
business. The outlook may be revised to 'Positive' in case the
company registers substantial improvement in its scale of
operations and profitability, leading to higher-than-expected cash
accruals and subsequent improvement in its debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case GDPL registers deterioration in its financial risk profile,
particularly in its liquidity, because of larger-than-expected
working capital requirements, pressure on its cash accruals, or
large, debt-funded capital expenditure.

GDPL was set up in February 2012 by Mr. Yash Pal Verma. The
company, based in New Delhi, mainly trades in gold and diamond-
studded gold jewellery. GDPL has taken over the business
operations of its promoter's proprietorship firm, Gopal Jewellers,
with effect from November 1, 2012. GDPL has a showroom of around
750 square feet (sq ft) at Karol Bagh (New Delhi); it is currently
setting up a showroom of around 1000 sq ft in New Delhi.


MALABAR HOTELS: CRISIL Places 'B-' Ratings on INR490MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the long-term bank facilities of Malabar Hotels Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long-Term Loan         460      CRISIL B-/Stable (Assigned)
   Bank Guarantee          10      CRISIL A4 (Assigned)
   Cash Credit             30      CRISIL B-/Stable (Assigned)

The ratings reflect MHPL's weak liquidity, modest scale of
operations, and exposure to cyclicality and intense competition in
the hospitality segment. These rating weaknesses are partially
offset by the extensive experience of MHPL's management in the
hospitality industry.

Outlook: Stable

CRISIL believes that MHPL will continue to benefit over the medium
term from its management's experience in the hospitality segment.
The outlook may be revised to 'Positive' if the company records
more-than-expected increase in its revenues and profitability on
account of higher occupancy levels and average room rates (ARR),
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if MHPL
undertakes a larger-than-expected, debt-funded capital expenditure
programme, or if its accruals are less than expected because of
lower occupancy levels or ARR.

MHPL, incorporated in 2002, owns a five-star hotel, Kohinoor-
Asiana, in Old Mahabalipuram Road in Chennai (Tamil Nadu). The
hotel commenced operations in October 2007. The company's day-to-
day operations are managed by Mr. S Sriharan and Mr. S Alagurajan.

For 2011-12 (refers to financial year, April 1 to March 31), MHPL
reported a profit after tax (PAT) of INR3.5 million on total
revenues of INR333.9 million; the company reported a PAT of
INR11.5 million on total revenues of INR326.5 million in 2010-11.


PAREKH ALUMINEX: CRISIL Cuts Ratings on INR13.45BB Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the non-convertible
debentures and bank facilities of Parekh Aluminex Ltd to 'CRISIL
D/CRISIL D' from 'CRISIL BB+/CRISIL A4+/Rating Watch with Negative
Implications'; the ratings have been removed from watch.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash credit           3,450     CRISIL D (Downgraded from
                                   'CRISIL BB+; Removed from
                                   'Rating Watch with Negative
                                   Implications')

   Letter of Credit        550     CRISIL D (Downgraded from
                                   'CRISIL A4+; Removed from
                                   'Rating Watch with Negative
                                   Implications')

   Letter of Credit        900     CRISIL D (Downgraded from
   and Bank Guarantee              'CRISIL A4+; Removed from
                                   'Rating Watch with Negative
                                   Implications')

   Proposed Long-Term    8,550     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB+; Removed from
                                   'Rating Watch with Negative
                                   Implications')

The downgrade reflects continued overdrawals of more than thirty
days in some of PAL's bank facilities; the overdrawals have been
caused by the company's weak liquidity. The liquidity is weak on
account of cash flow mismatches, driven by the company's large
capital expenditure (capex) plan and large working capital
requirements. The efforts by the company to resolve its cash flow
mismatches were disrupted following the demise of the chairman and
managing director.

CRISIL believes that PAL's liquidity will remain weak over the
medium term because of delay in infusion of long-term funds for
the large capex plan and large working capital requirements.

PAL has a leadership position in the aluminium foil container
(AFC) industry, strong clientele, and sound operational
capabilities. PAL has working-capital-intensive operations, and it
is exposed to risks associated with its large, debt-funded capex
plans over the medium term.

PAL, incorporated in 1994, manufactures AFC, lids, covers, and
allied products. The products are used in packaging food items.
PAL's manufacturing units are in Dadra and Nagar Haveli. In 2005,
PAL acquired a Singapore-based company to enter the Southeast
Asian markets. In 2008, PAL's manufacturing units acquired an
export-oriented-unit status. PAL ventured into the retail space
with two brands, PAL and ME Foil, in 2010-11 (refers to financial
year, April 1 to March 31). Currently, the company has production
capacity of 6880 million pieces of AFC, 39.6 million pieces of
aluminium foil roll, and 1790 million pieces of aluminium foil
lids per annum. PAL provides customised products through a bank of
more than 288 multi-cavity moulds.

PAL reported a profit after tax (PAT) of INR846.6 million on net
sales of INR13.7 billion for 2011-12, against a PAT of INR672.5
million on net sales of INR9.0 billion for 2010-11. For the six
months ended September 30, 2012, PAL reported a PAT of INR580.4
million on net sales of INR10.1 billion, against a PAT of INR378.9
million on net sales of INR6.08 billion for the corresponding
period of the previous year.


POOJITHA PARBOILED: CRISIL Ups Ratings on INR90MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Poojitha
Parboiled Rice Mill to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            80      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Term Loan              10      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade reflects the improvement in PRPM's business
risk profile on account of a substantial and sustained increase in
its revenues, while maintaining its moderate profitability
margins. The subsequent increase in PRPM's cash accruals, on
account of its healthy revenue growth and its stable profitability
margins, would also result in sustenance of its above-average debt
protection metrics.

The revenues of the firm are estimated to register a compounded
annual growth rate of around 35 per cent from 2010-11 (refers to
financial year, April 1 to March 31) to 2012-13; the operating
profit margins of the firm are also expected to remain moderate at
around 6.5 per cent to 7.5 per cent over this period. The healthy
revenue growth has been mainly driven by lifting of the ban on
exports of non-basmati rice by the Government of India. The
subsequent increase in PRPM's cash accruals, coupled with its
moderate debt levels contracted for funding its working capital
requirements, are expected to result in sustenance of its above-
average debt protection metrics; PRPM's interest coverage and net
cash accruals to total debt ratios are expected to be 2.5 times
and 15 per cent, respectively, for 2012-13.

The ratings continue to reflect PRPM's modest scale of operations,
its large working capital requirements, and its susceptibility to
adverse regulatory changes and volatility in raw material prices.
These rating weaknesses are partially offset by the experience of
PPRM's partners in the rice business, and its moderate financial
risk profile marked by moderate gearing and above-average debt
protection metrics.

Outlook: Stable

CRISIL believes that PPRM will continue to benefit over the medium
term on the back of its partners extensive experience in the rice
business and its established relationships with customers. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the firm's profitability margins, while
maintaining its healthy revenue growth or there is an improvement
in its working capital management. Conversely, the outlook may be
revised to 'Negative' if there is a steep decline in the firm's
profitability margins from the current levels or there is a
significant deterioration in its capital structure on account of
larger-than-expected working capital requirements or large debt-
funded capex.

PPRM was established in 1986 as a partnership firm by Mr. Bachu
Janarthan and his family members; it is based in Hayatnagar,
Rangareddy district (Andhra Pradesh). The firm has a processing
capacity of 12 tonnes of rice per hour. It processes varieties of
raw non-basmati rice and sells its products in the open market
under the brands Paddyzz and Daisy. The firm owns two retail
stores in Andhra Pradesh.


PONMANI INDUSTRIES: CRISIL Puts 'B+' Ratings to INR57.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ponmani Industries.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Proposed Cash          10       CRISIL B+/Stable (Assigned)
   Credit Limit

   Bank Guarantee         12.5     CRISIL A4 (Assigned)

   Cash Credit            47.5     CRISIL B+/Stable (Assigned)

The ratings reflect PI's modest scale of operations and customer
concentration. These rating weaknesses are partially offset by the
extensive industry experience of PI's proprietor and its above-
average financial risk profile, marked by a healthy capital
structure.

Outlook: Stable

CRISIL believes that PI will continue to benefit from its
proprietor's extensive industry experience over the medium term.
The outlook may be revised to 'Positive' in case PI scales up its
operations significantly while diversifying its customer profile
and maintaining its financial risk profile, leading to a
substantial increase in its cash accruals. Conversely, the outlook
may be revised to 'Negative' if there is a decline in orders from
the Tamil Nadu government, or deterioration in PI's working
capital management, or if the firm undertakes a larger-than-
expected debt-funded capital expenditure (capex) programme,
weakening its financial risk profile.

PI, set up in 1985, is a sole proprietorship concern that
manufactures and supplies table-top wet grinders, primarily to the
Tamil Nadu government. Its day-to-day operations are managed by
its proprietor, Mr. P Kumaresan.

PI reported a profit after tax (PAT) of INR24.2 million on net
sales of INR521.7 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR800,000 on net sales
of INR15.2 million for 2010-11.


SELVALAKSHMI GARMENTS: CRISIL Puts 'D' Ratings on INR177MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Selvalakshmi Garments.  The rating reflects
instances of delay by SG in servicing its debt owing to stretched
liquidity.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long-Term Loan         107      CRISIL D (Assigned)
   Cash Credit             40      CRISIL D (Assigned)
   Letter of Credit        30      CRISIL D (Assigned)

SG's below-average financial risk profile is marked by highly
leveraged capital structure and weak debt protection metrics.
However, the firm benefits from the extensive experience of its
promoters in the textile industry.

Set up in 1999 and based in Tirupur (Tamil Nadu), SG manufactures
fabrics. The firm is promoted by Mr. C Thangaraj.

For 2011-12 (refers to financial year, April 1 to March 31), SG
reported a profit after tax (PAT) of INR3.6 million on net sales
of INR198.0 million, against a PAT of INR1.2 million on net sales
of INR181.1 million for 2010-11.


SHREE BALAJI: CRISIL Upgrades Ratings on INR436.9MM Loans to 'D'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Shree
Balaji Engicons Private Limited to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              79.5     CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long-Term     14.9     CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Bank Guarantee        300.0     CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit            42.5     CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The upgrade follows sizeable track record of timely servicing of
debt obligations by SBEPL, backed by improvement in its liquidity.
The company's liquidity has improved, with accruals increasing to
INR163 million in 2011-12 compared to INR75 million in 2010-11, on
an increased scale of operations.

The ratings continue to reflect its geographical concentration in
the revenue profile and its high working capital intensity of
operations. These weaknesses are partially offset by the
longstanding experience of promoters in the civil construction
industry and its average financial risk profile, marked by
comfortable capital structure, though constrained by its stretched
liquidity profile.

Outlook: Stable

CRISIL believes that SBEPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the company registers
significant improvement in its accruals and cash flow management.
Conversely, the outlook may be revised to 'Negative' in case SBEPL
faces stretch in its working capital cycle or undertakes any
large, debt-funded capital expenditure programme, or make large
investments in group companies, thereby adversely affecting its
liquidity and financial risk profile.

SBEPL was set up as a partnership firm in 1993 by Mr. Anil Agarwal
and family, which got reconstituted as a private limited company
in 1998. It undertakes civil construction, road construction, and
related jobs in Orissa. The company also runs a petrol pump.

For 2011-12, SBEPL reported a profit after tax (PAT) of INR119
million on net sales of INR1.2 billion, against a PAT INR34
million on revenues of INR1.0 billion for 2010-11.


STATE BANK OF INDIA: Moody's Keeps (P)Ba1 Rating on Jr. MTN
-----------------------------------------------------------
Moody's Investors Service has affirmed the ratings of the State
Bank of India, while repositioning its baseline credit assessment
one notch lower.

The ratings affirmed are its:

Local currency bank deposit ratings of Baa2/P-2

Foreign currency bank deposit ratings of Baa3/P-3

Senior unsecured MTN program (foreign currency) of (P)Baa2

Subordinate MTN Program (foreign currency) of (P)Baa3

Junior subordinate MTN program (foreign currency) of (P)Ba1

Other short-term debt of (P)P-3

Foreign currency senior unsecured debt rating of Baa2

Senior unsecured foreign currency debt of Baa2

In the process, Moody's has also affirmed SBI's D+ bank financial
strength rating, while adjusting its mapping to a baseline credit
assessment of ba1 from baa3 previously on the long-term scale.

BFSRs and BCAs are inputs in the determination of long-term
ratings, and a BFSR of D+ can be mapped to either ba1 or baa3,
depending on the relative credit standing of a bank.

The lowering of SBI's BCA reflects its relatively high level of
non-performing loans, which are unlikely to be managed down
quickly, and the bank's relatively weaker ability to sustain any
further deterioration in the economic environment relative to its
similarly-rated peers globally.

The bank benefits from this support uplift based on Moody's
assessment of its systemic importance, which is characterized by
its dominant market position as the largest bank in the country,
its critical function in India's payment system -- processing 14%
of all transactions -- its 61.58% ownership by the government, and
historical evidence of government support for the bank. As a
result of this systemic importance, Moody's has left unchanged the
global local currency deposit rating and senior unsecured debt
rating at Baa2 despite the lowering of the stand-alone credit
assessment to ba1.

However, as a result of the one-notch lowering of the BCA, Moody's
has revised its foreign hybrid Tier 1 debt rating (preferred stock
non-cumulative) to B1 (hyb) from Ba3 (hyb), as these ratings of
junior securities are notched off from the BCA under Moody's bank
rating methodology.

The outlook on all SBI's ratings is stable.

Ratings Rationale:

Moody's ratings on SBI recognize its dominance as the largest
commercial bank in India. However, the deterioration in asset
quality witnessed over the last 18 months -- including a rise in
impaired loans (gross NPL and re-structured loans), and a smaller
cushion to absorb losses due to low-provision coverage and lower
Tier 1 capital relative to other large banks in emerging markets -
- increases the bank's risk profile.

SBI's gross NPL ratio rose to 5.3% at end-December 2012 from 4.4%
at end-March 2012, while its restructured loans ratio rose to
2.35% from 1.75%. Such levels for poorly performing assets are
among the highest for its similarly rated peers in BRIC countries,
and are unlikely to fall quickly, given the economic environment
in India.

Furthermore, SBI's shock-absorbing buffers are also not as robust
as those of its peers. Its loan-loss reserves of 61% of gross NPLs
or less than 45% of impaired loans are modest when compared
globally. And although the Tier 1 capital ratio improved to 9.8%
at end-March 2012 from an industry low of 7.8% a year ago, SBI's
business model entails frequent capital injections from the
government because internal capital generation is lower than
credit growth. This situation is an important consideration as to
why the BCA is more appropriately positioned at ba1 compared to
baa3.

Moody's further notes that SBI's pre-provision profitability is
characterized by rising net interest margins. Moody's believes
that this rise is in turn driven by the growth in loans outpacing
the growth in deposits, and the rise in loan yields, whereas the
costs of deposit rise with a lag.

The rise in the bank's margins have improved cost-income ratios
but, in view of expected increases in wages provisions, this
benefit may be short lived. Overall, Moody's expects the
improvement in pre-provision profitability may be under pressure
and could now decline. Rising credit costs, due to pressures on
asset quality, would curb growth in net income and internal
capital generation.

SBI is the largest bank in India and accounts for more than 16% of
the system's loans and deposits. The bank has nationwide reach
through more than 14,000 branches and 22,000 ATMs. Moody's expects
these factors to reinforce the long-running advantages in its
franchise, funding and liquidity positions, and sees no material
outstanding threat to SBI's credit profile.

SBI's BCA of ba1 could be revised upwards if asset quality
improves and the improvement seems sustainable and capitalization
levels improve; specifically, if its gross NPL ratio improves to
around 2% and the bank sustains its Tier 1 capital levels via
internal capital generation rather than depending upon frequent
capital injections from government.

SBI's ratings could face downward pressure if asset quality
deteriorates further with its reported gross NPL ratio increasing
to above 6% or total impaired loans increasing to over 8.5% of
total loans. A deterioration in the bank's loss-absorbing buffer,
and more particularly a decline in its Tier 1 capital level to
below 8%, or a material decline in the combination of profits,
loan-loss reserves and capital relative to impaired assets. A
downgrade of the Indian government's ratings would have negative
implications for SBI's ratings.

The principal methodology used in these ratings was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

State Bank of India, headquartered in Mumbai, had assets of
INR13.36 trillion as of March 31, 2012.


U. M. RAMESH: CRISIL Rates INR50MM Term Loan at 'B-'
----------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the term loan
facility of U. M. Ramesh Rao.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan               50      CRISIL B-/Stable (Assigned)

The rating reflects UMRR's working-capital-intensive operations
and vulnerability of its operating profitability to risks related
to the fragmented nature of the coffee plantation industry and
fluctuations in global coffee prices. These rating weaknesses are
partially offset by the extensive industry experience of UMRR's
promoters.

Outlook: Stable

CRISIL believes that UMRR will continue to benefit over the medium
term from its promoters' extensive experience in the coffee
plantation industry. The outlook may be revised to 'Positive' in
case of more-than-expected increase in the firm's revenues and
profitability, or improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if UMRR
generates lower-than-expected cash accruals, or undertakes a
significantly debt-funded capital expenditure programme, resulting
in deterioration in its financial risk profile.

UMRR, set up in 1975 as a proprietorship firm, operates two coffee
estates, Watekhan and Yellikodige, in Chikmagalur district
(Karnataka). The firm is managed by Mr U M Ramesh Rao and Mr.
Bhaskar Rao.


VFC INDUSTRIES: Delays in Loan Payment Cue CRISIL to Junk Ratings
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of VFC
Industries Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          2       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit           115       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Letter of Credit       43       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long-Term     12.9     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Term Loan              46.6     CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects the continued delays by VIPL in servicing
its term debt; the delays have been caused by the company's weak
liquidity. VIPL has weak liquidity because of increase in the
working capital intensity of its operations, and on account of the
large debt contracted to fund its capital expenditure programme
towards improving the efficiency of its manufacturing plant.
CRISIL believes that VIPL's liquidity will remain weak over the
medium term because of the company's working-capital-intensive
operations and large debt obligations.

VIPL also has a weak financial profile marked by adverse gearing
and debt protection metrics on account of depletion of its net
worth because of losses in its business. Also, VIPL's business
risk profile is constrained by lower profitability on account of
the company's relatively small scale of operations, and its
inability to pass on increase in prices to its customers. These
rating weaknesses are partially offset by VIPL's established
market position, supported by limited market competition because
of stringent product quality requirements.

VIPL, incorporated in 1994, manufactures folding boxboard cartons
(FBCs) at its plant in Halol (Gujarat). FBCs are used for
packaging products such as fast-moving consumer goods, liquor,
tobacco, stationery, perfumes, and pharmaceutical products. The
company was formed by the merger of Vijay Art Printing Press, a
partnership concern that was set up in 1969, and Rathika Pvt Ltd.

For 2011-12 (refers to financial year, April 1 to March 31), VIPL
reported a net profit of INR1.48 million on net sales of INR403.64
million, against a net loss of INR75.1 million on net sales of
INR464.1 million for 2010-11.


* Hong Kong Reinforces Banks Against Property Risk, Fitch Says
--------------------------------------------------------------
The Hong Kong regulator's measures to tighten conditions for
mortgage financing and introduce a risk-weight floor for
residential mortgages help to underpin the banks' credit profiles,
Fitch Ratings says. These macro-prudential initiatives are
expected to curb new lending and help strengthen banks' resilience
against property risk. This is because new property loans will
require higher safeguards against any sharp property downturn.

Fitch says: "We see no weakening of the banking sector, despite
concerns over a possible domestic housing bubble. Hong Kong banks
already follow prudent underwriting standards, which have been
tightened regularly since 2009. In addition, property-related loan
growth was moderate in 2012 at 4.3%.

"HKMA's imposition of a more severe 300bp interest-rate stress
test (previously 200bp) for all real estate-related underwriting -
to determine whether the borrower meets the maximum debt-servicing
ratio of 50%-60% - should bolster the banks' defences against a
deterioration in mortgage affordability if and when interest rates
rise.

"The introduction of a 15% risk-weight floor for residential
mortgages will only have a limited immediate impact on the strong
capital adequacy of the Hong Kong banks. It may help ease pricing
competition, and have an overall benefit on net interest margins.
This is because the floor will increase the amount of capital that
banks using the internal ratings based approach have to set aside
for new mortgages. It will bring these large banks' risk-weighted
assets/total assets (around 30%-40%) closer to the mid-60% to 70%
range for banks using the standardised approach.

"The banks also have substantial collateral coverage to help
withstand a significant correction in Hong Kong property prices.
Residential mortgage loans in negative equity are scarce, while
maximum LTVs for new residential mortgage loans remain unchanged
at between 30% and 70%. We estimate that residential and
commercial property loans are on average at a low 40% of the
property value. The lowering of the maximum loan-to-value ratios
for financing commercial and industrial properties by 10
percentage points - to 20%-40% - provide additional buffers for
these loans.

"We do not expect a sudden and severe correction in property
prices at present as we see low interest rates and constrained
property supply supporting the market. Nevertheless, property
loans account for around a third of Hong Kong banks' loans, so
they are vulnerable to property-price fluctuations. The banks'
sensitivity to property is even greater if unsecured exposures to
developers and investments in property (including head office and
branches) are included. Banks also rely on property collateral for
other types of loans.

"The measures, announced last week along with a significant
increase in stamp duty, are part of a continuing policy response
to the threat of a residential property bubble. However, the
higher taxes and stricter underwriting requirements may not
contain the risk without effective measures to boost housing
supply."


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


MF2 SENIOR: S&P Keeps BB Rating on Creditwatch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services said that it has kept its
ratings on the class A1 and A2 senior asset-backed loans (ABLs)
issued under the MF2 Senior Loan transaction on CreditWatch with
negative implications, where they were placed on Nov. 28, 2012.

S&P placed its ratings on the class A1 and A2 ABLs on CreditWatch
negative because the performance of some of the properties backing
the transaction's nonrecourse loan was worse than the assumptions
S&P had made when it had last reviewed its ratings in October
2011.  Three office buildings in Tokyo back the loan, which
defaulted in March 2012.  The CreditWatch negative placements
reflected S&P's view that the likely collection amounts from these
properties could come under additional downward pressure.

The sales of the properties backing the transaction's nonrecourse
loan are currently progressing, and S&P expects the class A1 and
A2 ABLs to repay in full upon completion of the sales.
Nevertheless, S&P kept its ratings on the class A1 and A2 ABLs on
CreditWatch negative because it may still downgrade these ABLs if
S&P sees a decreased likelihood that the sales of the related
collateral properties will be completed as currently planned.

S&P intends to review its ratings on classes A1 and A2 after
considering the status of the sales of the above properties and
the amount of time remaining until the transaction's legal final
maturity date, which is drawing closer.

Morgan Stanley Japan Securities Co. Ltd. arranged this commercial
mortgage-backed securities (CMBS) transaction.  The ratings
reflect S&P's opinion on the likelihood of the full and timely
payment of interest and the ultimate repayment of principal by the
transaction's legal final maturity date in March 2014 for the
class A1 ABL and the full payment of interest and ultimate
repayment of principal by the legal final maturity date for the
class A2 ABL.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS KEPT ON CREDITWATCH NEGATIVE
MF2 Senior Loan
JPY25.4 billion senior ABLs due March 2014
Class        Rating                    Initial issue amount
A1 ABL       AA- (sf)/Watch Neg        JPY19.0 bil.
A2 ABL       BB (sf)/Watch Neg         JPY4.0 bil.


* S&P Raises Rating on 4 Japanese Synthetic CDO Tranches
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
ratings on four Japanese synthetic collateralized debt obligation
(CDO) transactions by one notch, and removed the ratings from
CreditWatch with positive implications.  At the same time, S&P
kept its ratings on two synthetic CDO transactions on CreditWatch
with negative implications.

S&P's upgrades of four transactions reflect, among other factors,
the tranches' synthetic rated overcollateralization (SROC) ratios,
which exceeded 100% with sufficient SROC cushions at higher rating
levels as of S&P's February review, as well as S&P's sensitivity
analyses in line with its criteria.

On the other hand, the SROC ratio of Corsair (Jersey) No. 2 Ltd.'s
series 58 fixed rate credit-linked loan was less than 100% as of
the February review.  However, assuming no rating migration of the
reference entities in the portfolio, S&P projects that the loan's
SROC would exceed 100% in 90 days.  As a result, S&P kept its
rating on series 58 on CreditWatch negative.  Also, S&P kept its
rating on Corsair (Jersey) No. 2 Ltd.'s series 46 credit default
swap (CDS) on CreditWatch negative because S&P believes additional
information from the issuer on one of the reference entities in
the portfolio is required to complete S&P's review of the
transaction's credit quality.

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

Limited recourse secured floating-rate credit-linked notes series
10 class
A1-E
To              From                       Amount
BBB- (sf)       BB+ (sf)/Watch Pos         EUR10.0 mil.

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

RATINGS KEPT ON CREDITWATCH NEGATIVE
Corsair (Jersey) No. 2 Ltd.
Series 46 credit default swap
Rating                     Amount
BBsrp (sf)/Watch Neg       JPY3.0 bil.

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


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


SSANGYONG ENG'G: Creditors Move to Put Firm on Debt Work Program
----------------------------------------------------------------
Yonhap News reports that creditors of Ssangyong Engineering &
Construction Co. are moving to place the troubled builder under a
debt-rescheduling program in a bid to salvage it from a cash
crunch, the financial regulator said Wednesday.

Ssangyong E&C filed for the program on February 26 after it has
suffered from capital erosion due to massive losses for the second
straight years in 2012 amid the lackluster housing market.

"The creditors shared the view that they would kick off the debt
workout program for Ssangyong E&C," Kim Jin-soo, director-general
at the Financial Supervisory Service, said in a briefing, Yonhap
relates.

The builder owed some 50% of its debt to Woori Bank, the main
creditor bank, and four other banks.

Yonhap says the creditors' meeting to decide to approve the
workout program will be held on March 4.  If approved, the builder
will again be put under a program after it was released from a
similar workout scheme in 2004.

Based in Seoul, Korea, Ssangyong Engineering & Construction Co.,
Ltd. -- http://www.ssyenc.com/eng/-- is involved in the areas of
construction and engineering.



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


IAN FRANKLIN: Owner Puts Boat Building Firm Into Liquidation
------------------------------------------------------------
The Marlborough Express reports that Franklins of Waikawa owner
Ian Franklin is wrapping up his boat building company after more
than 30 years, to concentrate on his boat repairs and maintenance
business.

The report relates that Mr. Franklin said he put his boat building
business Ian Franklin Boat Builders into voluntary liquidation on
February 14.

The business had been based in Christchurch until August 2011,
when he moved to Waikawa after his home and business were damaged
by the Canterbury earthquakes.

According to the report, Mr. Franklin said it had been a "rough
few years" following the earthquakes, which caused major
disruptions to his Christchurch business.

"After the earthquakes business dried up and the overseas market
dried up, it [the Christchurch business] was a big hole," the
Express quotes Mr. Franklin as saying.   "Business at the Waikawa
boatyard, where he provided boat repairs and refurbishments was
good and strong . . . it's always been strong up here.
Christchurch pulled it down a bit but it's a good feeling to have
everything wrapped up."

Mr. Franklin started his boat-building business in Christchurch in
1971, and started up the boat repairs and maintenance business in
Waikawa in 1992, the Express notes.


MAINZEAL PROPERTY: Fletcher Building to Rescue Some Projects
------------------------------------------------------------
Maria Slade at The Dominion Post reports that Fletcher Building is
in talks with the receivers of failed construction group Mainzeal
Property to see if it can rescue some of the projects left high
and dry by the collapse.

The Post says improved trading conditions in New Zealand helped
Fletcher Building yesterday post marginally higher net earnings
for the six months till December of NZ$146 million, up from
NZ$144 million at the same time the previous year.

Sharebroker Forsyth Barr said net earnings came in above its
estimate of NZ$136 million, albeit reflecting better-than-expected
tax and interest costs in the period, the Post relays.

At its interim results briefing in Auckland on February 20, chief
executive Mark Adamson said the trans-Tasman building materials
group had agreed with receivers PricewaterhouseCoopers that it
would assess partly finished Mainzeal developments job by job,
according to the report.

The Post relates that Mr. Adamson said picking up half-finished
building work was fraught, and it did not want to inherit any
issues. "But we are extremely keen to try and see these projects
to completion, because some of the developers, or indeed some of
the sponsors in the form of the government, are our customers as
well. And probably as importantly, we're looking to protect the
supplier base." the report quotes Mr. Adamson as saying.

Mr. Adamson said the company also had a vested interest in that it
was owed NZ$7.5 million by sub-contractors at risk because of the
Mainzeal situation, the Post adds.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, on Feb. 6, 2013, were appointed receivers
to Mainzeal Property and Construction Limited and associated
entities as a result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

The receivers are currently in talks with some parties interested
in buying the business and assets of Mainzeal, either as a whole
or by segment.



                             *********

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, Psyche A. Castillon, 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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