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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

            Wednesday, April 3, 2013, Vol. 16, No. 65


                            Headlines


A U S T R A L I A

ANGAS SECURITIES: S&P Lowers Issuer Credit Rating to 'B'
BRAND DIRECTIONS: Brown Sugar Owner Placed in Administration
BYRON BAY: Receivers Put Cookie Company Up For Sale
FUEL RITE: Former Director Pleads Guilty to Fraud Charge
MIRABELA NICKEL: S&P Raises CCR to 'B-'; Outlook Stable

PAPERLINX LTD: Appoints Robert Kaye as New Chairman
PATINACK FARM: Tinkler Puts Horseracing Operation on Market
* AUSTRALIA: Upstream LNG Projects' Competitive Advantage Eroding
* AUSTRALIA: Utilities Face Increased Uncertainties, Fitch Says


H O N G  K O N G

TALENT DECADE: Court Enters Wind-Up Order
TECA FURNISHING: Court to Hear Wind-Up Petition on May 15
VAST SKY: Court Enters Wind-Up Order
WANG HOI: Court Enters Wind-Up Order
WHOLE TARGET: Court to Hear Wind-Up Petition on May 8

WING TAT: Court Enters Wind-Up Order
YUEH FUNG: Court Enters Wind-Up Order


I N D I A

ABHINANDAN MOTORS: CRISIL Assigns 'B+' Ratings to INR140MM Loans
DD BUILDERS: CRISIL Rates INR144.5MM Loan at 'CRISIL B+'
DGP STEEL: CRISIL Assigns 'B-' Ratings to INR27.5MM Loans
DINESH TRADING: CRISIL Puts 'BB' Rating on INR100MM Cash Credit
EVERSHINE TIMBER: CRISIL Assigns 'B+' Ratings to INR20MM Loans

GRISHI MANGO: CRISIL Assigns 'D' Ratings to INR89.5MM Loans
KINGFISHER AIRLINES: UB Files Stay Petition as Banks Sell Shares
PONGALUR PIONEER: CRISIL Assigns 'D' Ratings to INR229.6MM Loans
PUNJAB MEDICAL: CRISIL Rates INR204.2MM Term Loan at 'D'
ROYAL CARBON: CRISIL Assigns 'D' Ratings to INR250MM Loans

SATYA SAI: CRISIL Assigns 'B' Ratings to INR60MM Loans
SHIVAM AGRO: CRISIL Upgrades Ratings on INR64.5MM Loans to 'B+'
SHREE MOMAI: CRISIL Assigns 'B' Ratings to INR100MM Loans
SRI BALAJI: CRISIL Assigns 'B' Ratings to INR100MM Loans
SUNTOUCH LAMINATE: CRISIL Assigns 'B+' Ratings to INR60MM Loans


J A P A N

ELPIDA MEMORY: Unsecured Creditors Appeal Micron-Backed Plan
SHARP CORP: May Sell TV Factory in Poland
TOKYO ELECTRIC: Must Cut $1.1BB in Annual Cost to Survive


P H I L I P P I N E S

BANK OF THE PHILIPPINE: Fitch Upgrades LTFC IDR From 'BB+'
BDO UNIBANK: Fitch Upgrades LTLC IDR From 'BB+'


S I N G A P O R E

CEDRIC MOTOR: Creditors Get 0.41233% Recovery on Claims
CMT DIAGNOSTICS: Court to Hear Wind-Up Petition on April 12
HALAL FOOD: Court to Hear Wind-Up Petition on April 12
LIFESTYLE MERCHANDISING: Court Enters Wind-Up Order
MTRC PTE: Court Enters Wind-Up Order

NATURAL FUEL: Creditors' Meetings Set for April 5


S O U T H  K O R E A

* Korean Shipping & Construction Companies Face Insolvency Risk


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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ANGAS SECURITIES: S&P Lowers Issuer Credit Rating to 'B'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term issuer credit rating on Australian finance company Angas
Securities Ltd. to 'B' from 'B+' and at the same time placed the
'B' rating on CreditWatch with negative implications.

"The rating downgrade and CreditWatch action reflect our view that
Angas' liquidity position has weakened as a result of the finance
company's inability to raise debenture funding from new investors
due to a regulatory request from the Australian Securities and
Investments Commission that the company cease taking debentures
from new investors.  In our view, liquidity could come under
further pressure from a potential weakening in existing debenture
holder support," said credit analyst Lisa Barrett.  "This,
compounded with Angas' high level of arrears, which totaled
AUD69.9 million--representing about 30% of its total loan
portfolio--at Feb. 28, 2013, could put pressure on Angas' already
small capital base and weak capital adequacy position should
potential credit losses eventuate."

Prior to the rating action, Angas' rating was on negative outlook,
reflecting the deterioration in its asset-quality experience and
some ongoing challenges that Angas has experienced with resolving
its sizeable portfolio of nonperforming assets, which has taken
longer to resolve than previously expected and includes some large
exposures when assessed against the company's modest capital base.
Standard & Poor's also cited in its negative outlook that the
finance company was exposed to heightened liquidity risk stemming
from unexpected delays in the repayment of maturing loans--an
inherent feature of its business environment.  Furthermore,
Standard & Poor's noted that although Angas has some capacity and
financial flexibility to respond to liquidity pressures through
its balance-sheet cash holdings and new-lending adjustments, a
spike in arrears coupled with a weakening of Angas' debenture
reinvestment experience could cause heightened liquidity pressure.

"We expect to resolve Angas' CreditWatch placement when there is
greater clarity as to the timing to new debenture funding and
after a further assessment of the  high level of loan arrears on
the company's credit profile and forward liquidity position," said
Ms. Barrett.  "At the same time, Standard & Poor's will be further
assessing Angas' asset quality position to determine the prospect
that these arrears will result in losses undermining the company's
already modest capital adequacy position."

Over the medium term, further downward rating pressure is
possible, particularly if Angas is unable to secure new debenture
investors or generate additional liquidity for an extended period
of time, negatively impacting Angas' forward liquidity position.

Alternatively, the rating could be removed from CreditWatch and
stabilize at the current level if Angas were to quickly
reestablish its debenture fundraising capability, and if historic
good debenture support were maintained, particularly if this were
achieved concurrently with material progress in the resolution of
non-performing loans.


BRAND DIRECTIONS: Brown Sugar Owner Placed in Administration
------------------------------------------------------------
SmartCompany reports that women's fashion retailer Brown Sugar is
in trouble once again, just two years after the fashion brand
first collapsed, with the company's owner, Brand Directions, now
being placed in administration.

Brand Directions confirmed with SmartCompany that the business,
which purchased Brown Sugar out of administration back in 2011,
has now been placed in administration itself.

Brand Directions director Winfred Fan told SmartCompany the
women's fashion chain has been placed in administration, although
stores continue to trade, saying it's "business as usual".

There will be store closures, but the precise number is yet to be
determined.  Mr. Fan has also confirmed there will be job losses,
SmartCompany says.

Robyn-Lee Erskine -- rerskine@brookebird.com.au -- from Brooke
Bird & Co has now been appointed as administrator to the company.
ASIC filings indicate the company was placed in administration on
March 28.

Brown Sugar Australia Pty Ltd is a women's fashion house with 40
stores in Victoria, New South Wales, South Australia, Western
Australia and Tasmania.

ABC News said that Brown Sugar in August 2011 voluntarily
appointed administrators after falling victim to the torrid
retail market.  Sal Algeri and Tim Norman from Deloitte Corporate
Reorganisation Group have been appointed as joint voluntary
administrators to the clothing group.  According to ABC News,
Brown Sugar related in a statement that adverse trading
conditions and falling consumer sentiment have taken its toll on
the company's profit.  Successive management changes over the
past several years have also had a negative effect on the
company, ABC noted.

In October 2011, the administrators of fashion chain Brown Sugar
secured a buyer for the Brown Sugar business.  Mr. Algeri said the
purchaser was a company called Brand Directions and that
the retail chain would continue to operate under the Brown Sugar
name.


BYRON BAY: Receivers Put Cookie Company Up For Sale
---------------------------------------------------
The Sydney Morning Herald reports that the Byron Bay Cookie
Company is being put up for sale this week and foreign buyers have
already shown interest as bank-appointed receivers try to recover
millions of dollars.

The company's receivers, led by PricewaterhouseCoopers partner,
Derrick Vickers, have commenced an expression of interest campaign
and will be advertising this week, according to SMH.

"We are looking to find a buyer for the business and have already
issued a number of information memorandums to parties who have
signed confidentiality agreements," the report quotes Mr. Vickers
as saying.

SMH relates that Lawler Partners' John Vouris, who leads the
administration, said that a sales process had commenced prior to
the receivers appointment and around 40 parties had registered
their interest. This includes queries from as far afield as India.

                         About Byron Bay

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

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

The company's manufacturing arm was only placed in voluntary
administration on March 6, 2013, after the tax office began wind-
up action.  John Vouris and Brad Tonks of the business recovery
team at Lawler Partners in Sydney, were appointed voluntary
administrators. It listed debt of more than $10 million to
creditors.


FUEL RITE: Former Director Pleads Guilty to Fraud Charge
--------------------------------------------------------
David John Downey, previously of Mango Hill in Queensland, pleaded
guilty to 14 counts of fraud in the Brisbane District Court on
March 13, 2013, following charges brought by the Australian
Securities & Investment Commission.

Mr. Downey faced court after being extradited from New South Wales
in December 2012, and has since been held in custody after failing
to appear to answer the charges in May 2012.

The fraud offences follow a related investigation and charge by
ASIC of managing a corporation while bankrupt to which Mr. Downey
pleaded guilty, and was sentenced to 80 hours of community service
in February 2012.

ASIC Commissioner Greg Tanzer said: 'This is another example of
ASIC's readiness to prosecute directors where they fail in their
duties to act in the best interest of the organisation."

Mr. Downey had previously come to ASIC's attention following a
2005 investigation that found between March and July of that year
he was responsible for drawing funds from the company account of
the Gold Coast based Fuel Rite Pty Ltd (Fuel Rite), of which he
was then a director, without the knowledge or authority of his co-
director.

Mr. Downey drew a number of cheques totalling approximately
AUD40,000 for purposes not related to company business. The cheque
butts recorded false information to disguise the fraud.

Fuel Rite was placed into liquidation on May 1, 2007, after
previously having an administrator appointed. The liquidator
reported concerns about Mr. Downey misusing the company funds as
well as his management of the company while he was an undischarged
bankrupt.

Mr. Downey was sentenced to two and and a half years imprisonment
with a non-parole period of 7 months.

This matter was prosecuted by the Commonwealth Director of Public
Prosecutions.


MIRABELA NICKEL: S&P Raises CCR to 'B-'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long-term corporate credit and issue ratings on Australia-based
miner Mirabela Nickel Ltd. to 'B-' from 'CCC+'.  The outlook on
the corporate credit rating is stable.  At the same time, S&P
affirmed the recovery rating of '4' on the company's senior
unsecured debt.

"The higher rating reflects the successful commissioning of the
upgrade of Mirabela's processing facilities during 2012.  As a
result of the commissioning, the miner has substantially improved
its operational performance over the second half of 2012,"
Standard & Poor's credit analyst Thomas Jacquot said.

In the fourth quarter ended Dec. 31, 2012, Mirabela's cash costs
decreased to US$4.91 per pound (lb) from an annual average of
US$7.27 per lb in 2011, and averaged US$5.82 per lb for 2012.
Based on S&P's assumed cash costs of US$6 per lb during 2013, S&P
estimates that Mirabela will become cash flow positive during the
year.  In addition, S&P believes it has sufficient liquidity to
cover its marginal free operating cash flow deficit.

S&P's assessment of Mirabela's business risk profile as
"vulnerable" continues to reflect the company's lack of site and
product diversity, as well as its exposure to the volatile nickel
market.  Also weighing on the company's business risk profile is
the unit cash cost of production.  The cash level remains
marginally higher than the level that would enable the company to
maintain positive free operating cash flow if nickel prices were
to drop to recent historical low levels of about US$6.80 per lb.
Counterbalancing those weaknesses are the adequate reserves that
can support Mirabela's operations for about 20 years, as well as
strong offtake arrangements with creditworthy counterparties.

S&P considers that Mirabela's relatively short-term debt maturity
profile constrains the financial risk profile.  The company has a
US$50 million bank loan with Banco Bradesco S.A., which includes
three equal repayments spread across 2014.  Should the gross
profit per lb remain less than US$1.50, the company could face
significant strain in its cash balances during 2014 if it were
unable to roll over that loan facility.

Mr. Jacquot added: "The stable outlook reflects our view that any
major risks associated with the actual performance of Mirabela's
upgraded processing facilities have materially reduced over the
past six months.  The outlook further reflects our expectation
that Mirabela's unit cash cost of production will be maintained at
or below US$6 per lb, which will enable the company to be cash
flow positive during 2013."

S&P would consider lowering the ratings if the following events
were to occur:

   -- Mirabela's gross profit per lb (being the difference
      between nickel spot prices and cash costs) falling to
      less than US$1.50 for six months;

   -- Debt-to-EBITDA ratio expected to remain at more than 9x;
      and

   -- The 12-month projected difference between Mirabela's
      liquidity sources and uses were to fall to less than
      US$25 million.

S&P believes there is very limited upside potential unless
Mirabela improves its earnings such that its gross profit per lb
is consistently at least US$3.


PAPERLINX LTD: Appoints Robert Kaye as New Chairman
--------------------------------------------------
Australia Associated Press reports that PaperlinX Limited has
appointed barrister Robert Kaye as its second chairman in six
months.

AAP relates that Mr. Kaye, who joined the Paperlinx board as a
non-executive director in September 2012, replaces Michael Barker
as chairman.

Mr. Barker was handed the top job last October as the loss-making
company launched a major restructure, the report notes.

AAP says Mr. Barker had joined the board at the same time as
Mr. Kaye, replacing Harry Boon after he and two directors
resigned.

The company also lost its former chief Toby Marchant last July,
the report relays.

AAP adds that Paperlinx on Tuesday said Mr. Barker would remain as
a non-executive director.

                        About PaperlinX Limited

Based in Australia, PaperlinX Limited (ASX:PPX) --
http://www.paperlinx.com.au/-- is a fine paper merchant and
manufacturer of communication and packaging paper.  PaperlinX
employs over 9,600 people in 28 countries.

PaperlinX reported an annual loss of AUD108 million in the 2011
financial year, a loss of AUD225 million in 2010, and a loss of
AUD798 million in 2009.

PaperlinX booked an annual loss of AUD266.7 million for the year
to June 30, 2012, after writing off the value of its European
operations, smh.com.au disclosed.

In February, AAP relates, it posted a first half loss of
AUD57.3 million and said it hoped to return to profitability in
2014 following a major restructure.


PATINACK FARM: Tinkler Puts Horseracing Operation on Market
-----------------------------------------------------------
The Australian reports that Nathan Tinkler has put his entire
Patinack Farm horseracing operation on the market as the embattled
coal entrepreneur continues to shed his trophy assets to focus on
"core operations".

The Australian says the Tinkler Group will put the operation --
which includes over 1000 racehorses, broodmares and stallions and
his Sandy Hollow training facility in NSW's Hunter Valley -- up
for sale via an "international marketing program".

According to the report, the group said the move will allow
Mr. Tinkler to focus on core operations "spanning resources, port
and rail infrastructure and property."

"As I am spending more time overseas, I do not have the time to
manage the business," The Australian quotes Mr. Tinkler as saying.
"Patinack Farm represents a terrific opportunity for a local or
international owner to develop the business to be a world leader."

The sale is to be conducted formally by Magic Millions horse
racing auction group and financial services firm Ernst & Young,
says The Australian.

Mr. Tinkler's legal battles continue, with the ATO confirming it
will seek to wind up one of his main private entities, Tinkler
Group Holdings Administration, over unspecified debts, smh.com.au
said.  Two of Mr. Tinkler's companies, Mulsanne Resources and
Patinack Farm Administration, are in liquidation and another, TGHA
Aviation, is in receivership.  The ATO has also filed wind-up
proceedings against Queen St Capital.


* AUSTRALIA: Upstream LNG Projects' Competitive Advantage Eroding
-----------------------------------------------------------------
Fitch Ratings says the increased costs and risks for Australian
upstream liquefied natural gas (LNG) projects together with likely
lower gas prices over the medium-term can result in a more
challenging environment for upstream projects. "We believe these
factors can affect the viability of some projects under
consideration," Fitch says.

"Australian exploration and production or upstream companies face
rising competition for many of the same resources, and higher
development costs -- with increasing cost-overruns and schedule
slippages. We expect further announcements of project cost-
blowouts and schedule delays -- as occurred in 2012 -- with more
projects moving towards completion.

"Rising execution and development risks will force project
sponsors of these LNG projects to dilute equity stakes or
undertake sales of infrastructure and reserves. We also expect a
slowdown in further capacity additions -- across both greenfield
projects and brownfield expansions. There has been growing
investment by global majors in Australian shale gas acreage.
However, the low domestic gas prices and market size,
infrastructure availability and access, relative cost and
locational disadvantages, all provide effective barriers to
significant uptake of this resource in the medium term.

"Australian LNG export pricing will come under pressure over the
mediumterm due to a potential increase in gas supplies from North
American fields -- driven by the wide price differentials and
surplus stock available in North America, as well as rising gas
exports from Russia to Asia in the medium term. An escalation of
US LNG exports to Asia will moderate buyer appetite for Australian
supplies -- and result in a cancellation of some of the proposed
projects.

"Significant growth capex, long project lead times to revenue
generation, and substantial project-execution risks, will result
in a weaker financial risk profile of upstream companies over the
medium term and a narrowing rating headroom for rated entities.
Borrowings should remain high as Australian upstream companies
commit to new liquefied natural gas (LNG) projects. Free cash flow
should remain negative over the medium term from high debt-funded
capex.

"However, we see growth in Australian gas liquefaction production
capacity, benefitting from contractual arrangements across LNG
projects under development. There are additional 61 million tons
per annum (mtpa) of production capacity under development across
seven projects. Further, upstream producers' operating performance
benefits from higher realised oil and gas prices. The current
high-price environment also provides some funding support in
managing any cost overruns for projects that are under execution.
Woodside Petroleum Ltd's (BBB+/Stable) credit profile has
benefitted from improved revenue and operational diversification
following the start of and strong ramp-up of its Pluto LNG
facility in April 2012."

The report, 'Australian Oil & Gas - Eroding Competitive Advantage
from Project Execution Risks', is available at
www.fitchratings.com. The report details the above challenges
facing the Australian upstream sector. The report also examines
major project equity and sales agreements announced in 2012 and
lists of major LNG projects under development and consideration.


* AUSTRALIA: Utilities Face Increased Uncertainties, Fitch Says
---------------------------------------------------------------
Fitch Ratings says that Australian power and utilities companies
will face lower headroom within current rating levels due to a
difficult operating environment, including regulatory and
competitive pressures in 2013.

The credit profiles of Australian utilities are exposed to
increasing government and regulatory intervention and decisions.
These decisions relate to wholesale and retail electricity prices,
capex and environmental policies. The uncertainty surrounding the
continuity of current emissions abatement policy is also affecting
decisions related to ongoing compliance and investment.

New rules governing the economic regulation of electricity and gas
networks introduced in late 2012 give greater control to the
regulator and discretion in regulatory determinations. It could
result in more prescriptive and less predictable final outcomes.
We expect these rules to suppress network capex growth and result
in lower invested capital returns. These changes will be important
for the long-term credit quality and value of these businesses.
However, we believe the reduced leverage across most large network
businesses in the last few years places them in a more comfortable
position to manage these changes.

Utilities are also faced with significant and unpredictable
changes in electricity consumption, which has resulted in
uncertainty over future earnings. Fitch expects their credit
profiles will remain most exposed to low wholesale prices,
wholesale price volatility and unfavorable weather conditions.

However, the funding profile of these companies greatly benefits
from a lower refinancing need in 2013 and ready access to both
domestic and international capital markets. Fitch expects
utilities to continue to remain well placed to manage their
medium-term funding requirements. Any immediate rating impact is
also limited due to the benefits of increased integration and
consolidation, as well as deleveraging and reduced funding needs.

In a report published on April 1, Fitch notes that the regulated
networks' medium-term capex requirements remain the highest
amongst the Australian utilities. However, these companies - in
particular the state government-owned networks - are facing most
pressures to lower capex. Further consolidation opportunities
exist in the residual generation assets in New South Wales.
Competitive pressures for retail customers will continue to remain
high. Any move towards full retail-price deregulation will result
in increased retail competition.

The report, 'Australian Power & Utilities - Facing Increased
Policy Uncertainty', is available on www.fitchratings.com. The
report details major companies' forthcoming maturities and
refinancing requirements and 2013 credit expectations.



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


TALENT DECADE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order Dec. 5, 2012, to wind
up the operations of Talent Decade Holdings Limited.

The company's liquidator is Bruno Arboit.


TECA FURNISHING: Court to Hear Wind-Up Petition on May 15
---------------------------------------------------------
A petition to wind up the operations of Teca Furnishing Limited
will be heard before the High Court of Hong Kong on May 15, 2013,
at 9:30 a.m.

Fuji (China) Decoration & Engineering Co., Limited filed the
petition against the company on March 13, 2013.

The Petitioner's solicitors are:

          Gary Lau & Partners
          Unit 701, 7th Floor
          Golden Centre
          188 Des Voeux Road
          Central, Hong Kong


VAST SKY: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order Nov. 28, 2012, to
wind up the operations of Vast Sky Investment Limited.

The company's liquidator is Bruno Arboit.


WANG HOI: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order Nov. 8, 2012, to wind
up the operations of Wang Hoi Transportation Limited.

The company's liquidator is Bruno Arboit.


WHOLE TARGET: Court to Hear Wind-Up Petition on May 8
-----------------------------------------------------
A petition to wind up the operations of Whole Target Industries
Limited will be heard before the High Court of Hong Kong on
May 8, 2013, at 9:30 a.m.

Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company.

The Petitioner's Solicitors are:

          Tsang, Chan & Wong
          16th Floor, Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


WING TAT: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order March 13, 2013, to
wind up the operations of Wing Tat International Limited.

The official receiver is Teresa S W Wong.


YUEH FUNG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order March 11, 2013, to
wind up the operations of Yueh Fung International Logistics
Limited.

The company's liquidator is Yuen Tsz Chun Frank.



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I N D I A
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ABHINANDAN MOTORS: CRISIL Assigns 'B+' Ratings to INR140MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Abhinandan Motors Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             90.00     CRISIL B+/Stable (Assigned)
   Channel Financing       50.00     CRISIL B+/Stable (Assigned)

The rating reflects AMPL's weak financial risk profile, marked by
weak debt protection metrics, high total outside liabilities to
tangible networth and small net worth, and exposure to intense
competition and its impact on margins. These rating weaknesses are
partially offset by the extensive industry experience of AMPL's
promoters.

Outlook: Stable

CRISIL believes that AMPL will continue to benefit over the medium
term from its established market position, promoters' extensive
industry experience, and healthy relationship with supplier. The
outlook may be revised to 'Positive' if AMPL's revenues and
profitability improve, along with equity infusion, thus improving
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the company's revenues and profitability decline
significantly, or if it undertakes any large debt-funded capital
expenditure programme, thereby adversely affecting its financial
risk profile.

AMPL was incorporated in 2005, took up dealership of Bajaj Auto
Ltd's (BAL's; rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+') three
wheeler vehicles (goods carriers and passenger carriers), and
started operations in November 2005. AMPL is promoted by Mr.Rohit
Kumar Kothari and Mrs.Sapna Kothari. In October 2010, the company
also added the two-wheeler range of BAL to its product portfolio.
AMPL has three showrooms, three workshops in Karimnagar,
Tolichowki, and Saifabad areas (all in Andhra Pradesh [AP]), and
mainly operates in Hyderabad, Rangareddy, Medak, and Karimnagar
districts in AP.


DD BUILDERS: CRISIL Rates INR144.5MM Loan at 'CRISIL B+'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of D.D. Builders Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            15.0    CRISIL A4 (Assigned)
   Cash Credit              144.5    CRISIL B+/Stable (Assigned)

The ratings reflect DDB's modest scale of operations in the
intensely competitive civil construction industry, high geographic
concentration in its revenue profile, and its working-capital-
intensive operations, leading to stretched liquidity. These rating
weaknesses are partially offset by the company's moderate
financial risk profile, marked by moderate gearing and debt
protection metrics, the extensive experience of its promoters in
the civil construction industry, and its healthy order book.

Outlook: Stable

CRISIL believes that DDB will continue to benefit over the medium
term from its promoters' extensive industry experience and its
healthy order book. The outlook may be revised to 'Positive' if
company's liquidity improves due to larger-than-expected cash
accruals or improvement in its working capital management or there
is sizeable equity infusion by promoters. Conversely, the outlook
may be revised to 'Negative' if the company generates lower-than-
expected cash accruals or undertakes a large, debt-funded capital
expenditure programme, or has larger than expected working capital
requirements, leading to further pressure on its liquidity.

Incorporated in 1994 and promoted by the Agrawal family, is
engaged in execution of irrigation contracts in the state of
Odisha. The company is registered as a super-class contractor with
the irrigation department of the Government of Odisha, and gets
contracts by bidding through tenders.

For 2011-12 (refers to financial year, April 1 to March 31), DDB
reported a profit after tax (PAT) of INR16.3 million on an
operating income of INR553.0 million, against a PAT of INR19.8
million on an operating income of INR542.0 million for 2010-11.


DGP STEEL: CRISIL Assigns 'B-' Ratings to INR27.5MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of DGP Steel Star Engineering Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 5       CRISIL B-/Stable (Assigned)

   Proposed Long-Term        2.5     CRISIL B-/Stable (Assigned)
   Bank Loan Facility

   Bank Guarantee           40.0     CRISIL A4 (Assigned)

   Cash Credit              20.0     CRISIL B-/Stable (Assigned)

The ratings reflect DGP Steel's stretched liquidity owing to its
working-capital-intensive operations, and its small scale of
operations and customer concentration in its revenue profile.
These rating weaknesses are partially offset by the company's
healthy order book, providing good revenue visibility over the
medium term.

Outlook: Stable

CRISIL believes that DGP Steel will continue to benefit over the
medium term from its long track record in the civil and industrial
construction sector and its healthy order book. The outlook may be
revised to 'Positive' in case of improvement in DGP Steel's
liquidity most likely through better-than-expected accruals or
working capital management, or infusion of capital by the
promoters, along with significant improvement in the its scale of
operations. Conversely, the outlook may be revised to 'Negative'
if DGP Steel generates lower-than-expected accruals, there is a
stretch in the working capital cycle, or it undertakes a large,
debt-funded capital expenditure programme, leading to further
deterioration in its liquidity.

DGP Steel was originally established in 1973 as a proprietorship
firm. In 1990, the firm was reconstituted as a corporate entity.
DGP Steel is primarily engaged in industrial construction
including construction of industrial buildings, setting up and
commissioning of industrial machinery and equipment such as
boilers in power plants, and fabrication and erection of rolling
mill structures. The company's day-to-day operations are looked
after by its current promoter-director, Mr. P S Mukherjee.


DINESH TRADING: CRISIL Puts 'BB' Rating on INR100MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Dinesh Trading Company.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              100      CRISIL BB/Stable (Assigned)
   Letter of Credit         150      CRISIL A4+ (Assigned)

The ratings reflect the benefits that DTC derives from its
promoter's extensive experience in the industry and their
established relation with suppliers and low risks related to
receivables. These rating strengths are partially offset by DTC's
average financial risk profile, marked by a modest net worth and
high total outside liabilities to tangible net worth ratio, and
susceptibility of its margin to volatility in steel prices.

Outlook: Stable

CRISIL believes that DTC will continue to benefit from its
promoters' extensive experience in the steel trading industry. The
outlook may be revised to 'Positive' in case of significant
improvement in DTC's scale of operations along with improvement in
its capital structure. Conversely, the outlook may be revised to
'Negative' in case DTC's financial risk profile, particularly its
liquidity, deteriorates because of larger-than-expected working
capital requirements or if there is pressure on the firm's cash
accruals or if the promoters withdraw large capital from the firm.

DTC, set up in 1996 by Mr. Sunil Agarwal, trades in steel products
such as sheets, plates, coils, rails, angles, and channels. DTC's
operations are carried out from its branches at Bhilai
(Chhattisgarh) and Mumbai. It is also in process of opening up a
branch in Nagpur (Maharashtra).


EVERSHINE TIMBER: CRISIL Assigns 'B+' Ratings to INR20MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of Evershine Timber International
Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Working Capital           3       CRISIL B+/Stable (Assigned)
   Demand Loan

   Proposed Cash Credit      2       CRISIL B+/Stable (Assigned)
   Limit

   Cash Credit              15       CRISIL B+/Stable (Assigned)

   Letter of Credit         80       CRISIL A4 (Assigned)

The ratings reflect ETIPL's below-average financial risk profile,
marked by moderate total outside liabilities to tangible net worth
ratio but weak protection metrics, and small scale of operation in
intensely competitive and highly fragmented timber industry. These
rating weaknesses are partially offset by the extensive industry
experience of ETIPL's promoters in timber trading business.

Outlook: Stable

CRISIL believes that ETIPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
timber trading business. The outlook may be revised to 'Positive'
if the company improves its debt protection metrics, supported by
significant increase in scale of operations and higher
profitability, or equity infusion by the promoters. Conversely,
the outlook may be revised to 'Negative' if ETIPL's financial risk
profile further deteriorates, most likely because of a steep
decline in cash accruals, or large, debt-funded capital
expenditure plan.

ETIPL, incorporated in 2005 and promoted by Chennai-based Patel
family, trades in imported medium density fibre boards, particle
boards, timber logs and other related products. The day-to-day
operations of the company are managed by Mr. Shanthilal K Patel.

ETIPL reported a profit after tax (PAT) of INR2.96 million on net
sales of INR95 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.8 million on net
sales of INR99.6 million for 2010-11.


GRISHI MANGO: CRISIL Assigns 'D' Ratings to INR89.5MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Grishi Mango Products and Exports Tamilnadu Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              45.0     CRISIL D (Assigned)
   Long-Term Loan           44.5     CRISIL D (Assigned)

The rating reflects instances of delay by Grishi in servicing its
term debt; the delays have been caused by the company's weak
liquidity, driven by large working capital requirements.

Grishi also has a weak financial risk profile, marked by a highly
leveraged capital structure and is also susceptible to intense
competition in the fruit juices and drinks industry. The company,
however, benefits from the entrepreneurial experience of its
promoters.

Grishi, established in 2004, primarily manufactures fruit drinks.
The company also manufactures aerated drinks and ready-to-eat
packaged snacks. The day-to-day operations of Grishi are managed
by Mr. E Prasanna, Mr. P Rajesh Kumar, and Mr. M Pratap Singh.

Grishi's profit after tax (PAT) for 2011-12 (refers to financial
year, April 1 to March 31) is estimated at INR6.1 million on a
turnover of INR161.5 million, against a profit of INR1.4 million
on net sales of INR159.9 million in 2010-11.


KINGFISHER AIRLINES: UB Files Stay Petition as Banks Sell Shares
----------------------------------------------------------------
The Times of India reports that United Breweries Holding has filed
a petition in the Bombay high court seeking a stay on lenders
selling shares pledged with them as security against loans to
Kingfisher Airlines.

The move comes close on the heels of lenders selling shares worth
close to INR100 crore in the open market as part of its recovery
process, the report says.

Citing information on the Bombay high court website, TOI relates
that United Breweries Holding and two others have filed a petition
on March 26 against State Bank of India and 18 others.  TOI says
the court fixed April 2 as the date for hearing of the petition
which is at the pre-admission stage.  The case was heard by
Justice S J Kathawalla with advocates Bachubhai Munim appearing
for the plaintiff.

According to the report, lenders have announced their intent to
sell shares and real estate assets offered as security against
loans taken by KFA after it became clear that there was no room
for revival of the airline.  TOI relates that sources said lenders
started selling shares after they received a notice from UB asking
them to refrain from selling shares.  According to TOI, banking
sources said that proceeds from the sale of shares would not even
cover 5% of the loan exposure of over INR7,500 crore.  Besides
shares lenders have Mallya's Kingfisher Villa in Goa and the
airline's former headquarters in Ville Parle Mumbai as collateral,
the report says.

                     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.


PONGALUR PIONEER: CRISIL Assigns 'D' Ratings to INR229.6MM Loans
----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Pongalur Pioneer Textiles Pvt Ltd and has assigned
its 'CRISIL D' rating to the bank facilities of PPTPL.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              45       CRISIL D (Assigned;
                                     Suspension Revoked)

   Letter of Credit         80       CRISIL D (Assigned;
                                     Suspension Revoked)

   Term Loan               104.6     CRISIL D (Assigned;
                                     Suspension Revoked)

The rating was previously 'Suspended' by CRISIL vide the Rating
Rationale dated December 21, 2012, since PPTPL had not provided
the necessary information required for a rating review. PPTPL has
now shared the requisite information, enabling CRISIL to assign a
rating to its bank facilities.

The rating reflects instances of delay by PPTPL in servicing its
term loan; the delays have been caused by the company's weak
liquidity. PPTPL has weak liquidity primarily because of its
ongoing large capital expenditure programme and working capital
requirements.

PPTPL has a weak financial risk profile, marked by a high gearing
and weak debt protection metrics, large working capital
requirements, and a small scale of operations. Moreover, the
company's operating margin is susceptible to volatility in raw
material prices. However, PPTPL benefits from its promoters'
extensive experience in the textiles industry.

PPTPL, set up in 1990, manufactures cotton yarn and is based in
Pongalur near Coimbatore (Tamil Nadu). The company is promoted by
Mr. V Selvapathy and his family.

PPTPL reported a net loss of INR2.0 million on net sales of
INR334.3 million for 2011-12 (refers to financial year, April 1 to
March 31), against a profit after tax of INR5.8 million on net
sales of INR281.4 million for 2010-11.


PUNJAB MEDICAL: CRISIL Rates INR204.2MM Term Loan at 'D'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of Punjab Medical Foundation Charitable Trust.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               204.2     CRISIL D (Assigned)

The rating reflects instances of delay by PMFCT in servicing its
term loan; the delays have been caused by the trust's weak
liquidity. PMFCT has weak liquidity because of delay in project
implementation.

PMFCT is also exposed to project implementation risk and
geographical concentration in revenue profile. The trust, however,
has an established track record and moderate financial risk
profile.

PMFCT was set up in 1990 by Mr. Balbir Singh, who is one of the
nine trustees. The trust has been operating a hospital named
Kidney Hospital & Lifeline Medical Institutions (KHLM) since 1988-
89 (refers to financial year, April 1 to March 31) and a pharmacy
named K H Medicos in Jalandhar, Punjab since 2006. KHLM is a
multi-specialty hospital with 110 beds.


ROYAL CARBON: CRISIL Assigns 'D' Ratings to INR250MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Royal Carbon Black Pvt Ltd. The rating reflects
recent instances of delay by RCBPL in servicing its interest on
the term loan; the delays have been caused by weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan            210     CRISIL D (Assigned)
   Cash credit                40     CRISIL D (Assigned)

RCBPL has a weak financial risk profile, marked by high gearing
and weak debt protection measures. On account of low accruals,
RCBPL's liquidity is also weak-as indicated by its almost fully
utilised working capital limits. However, RCBPL benefits from the
experience of its promoters.

Incorporated in October 2009, RCBPL is promoted by Mr. Vishesh
Agarwal, Mr. Kushal Agarwal and their associates. RCBPL extracts
fuel oil, carbon black, and steel from scrap tyres through
pyrolysis.

RCBPL's manufacturing facility, at Patalganga (Maharashtra),
around 20 kilometers from Jawaharlal Nehru Port, Navi Mumbai
(Maharashtra), has a capacity of 31,680 tonnes per annum. The
facility has technology obtained from Jinan Eco Energy and
Technology Company Ltd, China. The project, initially estimated to
cost INR350 million, was to be funded by debt of INR210 million
and equity of INR140 million. The project faced time and cost
overruns, mainly because of delays in financial closure, and
commenced commercial operations in July 2012, a year behind
schedule. The cost overrun of around INR400 million has been
funded by an unsecured loan from a group company.


SATYA SAI: CRISIL Assigns 'B' Ratings to INR60MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Satya Sai Cotton Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                8.70     CRISIL B/Stable (Assigned)
   Cash Credit             50.00     CRISIL B/Stable (Assigned)
   Proposed Long-Term       1.30     CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects SSCI's low operating profitability and
exposure to intense competition in the fragmented cotton ginning
industry; the rating also factors in the firm's weak financial
risk profile, marked by high gearing, small net worth, and weak
debt protection metrics. These rating weaknesses are partially
offset by the benefits that SSCI derives from its promoters'
extensive experience in the cotton ginning industry.

Outlook: Stable

CRISIL believes that SSCI will continue to benefit from its
promoters industry experience over the medium term. The outlook
may be revised to 'Positive' if SSCI significantly improve its
scale of operations, leading to more-than-expected net cash
accruals and any significant capital infusion, thereby
strengthening the financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case the firm's profitability or
revenues decline or if there is a stretch in the firm's working
capital cycle, resulting in lower-than-expected cash accruals, or
larger-than-expected, debt-funded capital expenditure, leading to
deterioration in its financial risk profile.

SSCI was established in 2008 as a partnership firm located in
Warangal (Andhra Pradesh). It is mainly engaged in the business of
cotton ginning. The partnership holding was changed in September
2010, when two new partners were added to the firm. SSCI now,
therefore, has eight partners. Mr. Katukuri Nagabhushanam is the
managing partner of the firm.


SHIVAM AGRO: CRISIL Upgrades Ratings on INR64.5MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shivam Agro Food Industries to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit           24.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Long-Term Loan        40.0     CRISIL B+/Stable (Upgraded from
                                   'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SAFI will
increase its scale of operations while sustaining its operating
margin, over the medium term. SAFI generated sales of about INR233
million in its first full year of operations in 2011-12 and sales
of about INR250 million from April to December 2012. The increase
has been supported by the high demand for agro commodities and
diversity in the firm's product profile. Rating upgrade also
factors in CRISIL's belief that with the increase in scale of
operations incremental working capital funding requirement would
be supported by enhancement of bank limits and funding support
from partners.

The rating reflects SAFI's exposure to risks related to intense
competition in the fragmented agro products industry, and its weak
financial risk profile, marked by a small net worth and high
gearing. These rating weaknesses are partially offset by the
significant ramp-up in SAFI's revenues due to its product
diversity.

Outlook: Stable

CRISIL believes that SAFI will continue to benefit from its
product diversity, over the medium term. The outlook may be
revised to 'Positive' if the firm reports higher-than-expected
sales while maintaining its operating margin and improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if SAFI's financial risk profile deteriorates, most
likely because of lower-than-anticipated profitability, larger-
than-expected working capital requirements, or large, debt-funded
capital expenditure.

Established in 2009, SAFI is a partnership firm that processes
wheat flour and gram flour. It also deals in machine-cleaned wheat
grains, chana dal, and cattle feed (a by-product). SAFI is
currently managed by Mr. Ramesh B Borsaniya, Mr. Tejas V Gol, and
four other partners. The firm set up its manufacturing facility in
Amreli (Gujarat) in 2010; the unit became operational in February
2011.

SAFI reported a profit after tax (PAT) of INR1.3 million on an
operating income of INR233 million for 2011-12, its first full
year of operations.


SHREE MOMAI: CRISIL Assigns 'B' Ratings to INR100MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shree Momai Industries.


                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                  3      CRISIL B/Stable (Assigned)

   Cash Credit               70      CRISIL B/Stable (Assigned)

   Proposed Long-Term        27      CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflecta SMI's small scale of operations in highly
fragmented industry, susceptibility to adverse changes in
government regulations, and its weak financial risk profile marked
by high gearing and below-average debt protection measures. These
rating weaknesses are partially offset by the extensive industry
experience of SMI's promoters and their funding support.

Outlook: Stable

CRISIL believes that SMI will benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if the firm's scale of operations
improves significantly along with a sustained improvement in its
profitability, and its capital structure improves either by equity
infusion or higher-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative', if the firm's financial risk
profile deteriorates further due to increased working capital
borrowings or the firm undertakes any large debt-funded capital
expenditure or in case of a change in government policy having a
negative impact on its operations.

Established in 2008, Shri Momai Industries (SMI) is promoted by
Patan (Gujarat)-based Mr. Karmanbhai Govindbhai Nadoda and Mr.
Rajubhai Gandhabhai Chavada. SMI is mainly engaged in ginning and
pressing of cotton into bales. The firm has a cotton ginning and
pressing unit located at Patan, with a capacity of 180 bales per
day.

SMI reported a profit after tax (PAT) of INR0.6 million on
revenues of INR270.2 million for 2011-12 (refers to financial
year, April 1 to March 31), as against a PAT of INR0.3 million on
revenues of INR308.8 million for 2010-11.


SRI BALAJI: CRISIL Assigns 'B' Ratings to INR100MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Sri Balaji Cotton Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 20.0    CRISIL B/Stable (Assigned)

   SME Credit                 2.5    CRISIL B/Stable (Assigned)

   Cash Credit               50.0    CRISIL B/Stable (Assigned)

   Proposed Long-Term        27.5    CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects SBCI's modest scale of operations in the
fragmented cotton ginning industry and it's below average
financial risk profile marked by a weak capital structure and
modest debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of its
promoters in the cotton ginning industry.

Outlook: Stable

CRISIL believes that SBCI will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm's revenues and
profitability increase substantially leading to an improvement in
its financial risk profile or in case of significant infusion of
capital resulting in an improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes a larger-than-expected debt-funded capital expenditure,
or if its revenues and profitability decline substantially or if
the partners withdraw capital from the firm leading to
deterioration in its financial risk profile.

Set up in 2009 as a partnership entity, SBCI is involved in cotton
ginning activities at Karimnagar (Andhra Pradesh). The firm is
promoted by Mr.D.Malla Reddy.

For 2011-12 (refers to financial year April 1 to March 31), SBCI
reported a profit after tax (PAT) of INR1.5 million on net sales
of INR354 million as against a PAT of INR1.3 million on net sales
of INR313 million during 2010-11.


SUNTOUCH LAMINATE: CRISIL Assigns 'B+' Ratings to INR60MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Suntouch Laminate Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 15      CRISIL B+/Stable (Assigned)
   Cash Credit               30      CRISIL B+/Stable (Assigned)
   Proposed Long-Term        15      CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects SLPL's weak financial risk profile marked by a
high gearing and weak debt protection metrics, large working
capital requirements, and its small scale of operations in the
intensely competitive industry. These rating weaknesses are
partially offset by the extensive experience of SLPL's promoters
in the laminate industry.

Outlook: Stable

CRISIL believes that SLPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SLPL improves its capital
structure either by equity infusion or higher-than-expected cash
accruals, backed by improvement in scale of operations or better
working capital management. Conversely, the outlook may be revised
to 'Negative' if SLPL's financial risk profile deteriorates on
account of further decline in its revenues and profitability or in
case of a larger-than-expected, debt-funded capital expenditure,
or if the company's liquidity weakens significantly on account of
increase in its working capital requirements.

SLPL was incorporated in 2010 by the Morbi (Gujarat)-based Patel
and Nesadiya families. It is managed by Mr. Kamal Patel, Mr.
Rameshbhai Bhurabhai, Mr. Pravinbhai Mavjibhai, Mr. Ravirajbhai
Rameshbhai and Mr. Milanbhai Pravinbhai. SLPL manufactures
decorative laminates.

SLPL reported a net profit of INR0.42 million on net sales of
INR86.92 million for 2011-12 (refers to financial year, April 1 to
March 31), against a net loss of INR7.12 million on net sales of
INR20.77 million for 2010-11.



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


ELPIDA MEMORY: Unsecured Creditors Appeal Micron-Backed Plan
------------------------------------------------------------
Micron Technology, Inc. on March 29 noted that certain unsecured
creditors of Elpida Memory Inc. filed appeals in Tokyo on Friday,
March 29, of the Tokyo District Court's February 28 order
approving Elpida's plan of reorganization.  Elpida's
reorganization plan calls for Micron to sponsor Elpida's
reorganization under which Elpida will become a wholly-owned
subsidiary of Micron.  The Tokyo District Court's approval
followed an Elpida creditor vote, concluded on February 26, in
which the creditors voted overwhelmingly to approve the
reorganization plan.

"Elpida trustees and the court ran a very thorough and competitive
sponsor selection process before selecting Micron as the sponsor,"
said Micron CEO Mark Durcan.  "Their decision and plan of
reorganization was confirmed by the successful vote of the
creditors in February.  We are confident the Tokyo District
Court's approval of Elpida's reorganization plan will be upheld."

The closing of the transaction remains subject to the satisfaction
or waiver of certain conditions -- including finalization of the
Tokyo District Court's approval order under Japanese bankruptcy
rules and recognition of Elpida's reorganization plan by the
United States Bankruptcy Court for the District of Delaware (or
the completion or implementation of alternative actions providing
a substantially similar effect).  It is estimated the appeal
process of the Tokyo District Court's approval order will take
approximately three to four months.

                           About Micron

Micron Technology, Inc. -- http://www.micron.com-- is a provider
of advanced semiconductor solutions.  Through its worldwide
operations, Micron manufactures and markets a full range of DRAM,
NAND and NOR flash memory, as well as other innovative memory
technologies, packaging solutions and semiconductor systems for
use in leading-edge computing, consumer, networking, embedded and
mobile products.

                       About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.

Micron Technology, Inc. on Feb. 28 announced the Tokyo District
Court's issuance of an order approving Elpida Memory Inc.'s plan
of reorganization.  Elpida's plan of reorganization calls for
Micron to sponsor Elpida's reorganization under which Elpida will
become a wholly owned subsidiary of Micron.  The Tokyo District
Court's approval follows an Elpida creditor vote, concluded on
Feb. 26, in which the creditors voted to approve the
reorganization plan.


SHARP CORP: May Sell TV Factory in Poland
-----------------------------------------
Kyodo News reports that Sharp Corp. may sell a factory in Poland
where it makes liquid crystal display TVs for the European market,
sources said Monday.

According to the report, the company appears to be sounding out
investment funds and foreign electronics makers on whether they
are interested in acquiring the factory.

Kyodo relates that sources said it is uncertain whether Sharp will
be able to find a buyer because talks with potential buyers have
run into difficulties. It may eventually move to close the factory
if it does not succeed with negotiations, the report says.

Sharp is keen to improve the profitability associated with its TV
operations and wants to pad its cash reserves by selling the
plant, the report says.

It has already been in talks to sell other overseas TV plants,
including one in Mexico, adds Kyodo.

                       About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

Standard & Poor's Ratings Services said earlier this month that it
had lowered to 'B' from 'B+' its senior unsecured debt rating on
Sharp Corp.  At the same time, S&P kept the senior unsecured debt
rating and 'B+' long-term and 'B' short-term corporate credit
ratings on Sharp and its overseas subsidiaries-- Sharp Electronics
Corp. and Sharp International Finance (U.K.) PLC -- on CreditWatch
with negative implications.  S&P lowered the senior unsecured debt
rating by one notch from the issuer rating because it believes
Sharp's priority liabilities have increased and will likely remain
high against the company's assets in the next six to 12 months.

Fitch Ratings also said continued support from main creditor banks
will be essential for a sustained recovery of Sharp Corporation's
('B-'/Rating Watch Negative) operating performance. The Japanese
electronics manufacturer's liquidity position remains vulnerable
despite a turnaround to post marginally positive EBIT margins in
the third quarter of financial year ending March 2013 (Q3FY13).


TOKYO ELECTRIC: Must Cut $1.1BB in Annual Cost to Survive
---------------------------------------------------------
The China Post reports that Tokyo Electric Power Co. (TEPCO) said
Monday it must cut US$1.1 billion more in annual costs to stay
afloat as the operator of the crippled Fukushima nuclear plant
faces huge compensation and clean-up costs.

The Post relates that the sprawling utility, known as TEPCO, made
the comments in a business operations report, with the extra cuts
of JPY100 billion coming on top of plans to shrink its expenses by
JPY3.36 trillion through to 2021.

"We will carry out these cost reductions to ensure our survival
and strengthen our financial position," the company said in a
statement, the Post relays.

In a bid to reach its goal, TEPCO said it had overhauled the
organization of its business and would review procurement as fuel
costs soar after Japan shut down its nuclear reactors in the wake
of the atomic crisis two years ago, according to the Post.

                       About Tokyo Electric

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

Japan's government took control of Tepco and agreed to provide
JPY1 trillion (US$12.5 billion) as part of the nation's largest
bailout since the rescue of the banking industry in the 1990s,
according to Bloomberg.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8, 2012, by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.



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


BANK OF THE PHILIPPINE: Fitch Upgrades LTFC IDR From 'BB+'
----------------------------------------------------------
Fitch Ratings has revised Support Rating Floors (SRF) of the
following eight Philippine banks: Bank of the Philippine Islands
(BPI), BDO Unibank, Inc. (BDO), Development Bank of the
Philippines (DBP), Land Bank of the Philippines (LBP), China
Banking Corporation (CBC), Rizal Commercial Banking Corp. (RCBC),
Security Bank Corporation (SBC) and Union Bank of the Philippines
(Union). The agency has also upgraded the Support Rating (SR) of
the latter four banks.

In addition, Fitch has upgraded BPI's Long-Term Foreign-Currency
Issuer Default Rating (LTFC IDR) to 'BBB-' from 'BB+', and BDO's
LTFC IDR, LT Local-Currency IDR (LTLC IDR) and Viability Rating
(VR) to 'BB+' from 'BB'. The Outlook on the IDRs is Stable.

Fitch would like to highlight that this is not a comprehensive
list of all ratings of the Philippine banks. A full assessment on
ratings is typically done based on banks' periodic review cycles.

KEY RATING DRIVERS

The actions on the SRs and SRFs follow the upgrade of the
Philippines' sovereign ratings on 27 March 2013, including its
LTFC IDR to 'BBB-' from 'BB+' (see related rating action
commentary at www.fitchratings.com). The SRs of '3' reflect
Fitch's view of a moderate probability of extraordinary state
support available to the aforementioned major local banks, if
needed. The varying degree of state support is indicated through
the banks' SRFs. The systemically-important Philippine banks such
as BPI, BDO, DBP and LBP have SRFs of 'BB+', while those of the
medium-sized banks (CBC, RCBC, SBC and Union) are at 'BB-'.

BPI's LTFC IDR is upgraded to be in line with its 'BBB-' LTLC IDR
and 'bbb-' VR. Although driven by the VR, BPI's LTFC IDR had been
until now constrained by the sovereign's LTFC IDR of 'BB+', due to
the bank's exposure to the financial health of the government,
wider domestic economy and local financial markets. Of the major
Philippine banks rated by Fitch, BPI's ratings have been the
highest, due to its established domestic presence, sound financial
metrics and prudent management.

Not directly related to the sovereign rating action is the upgrade
of BDO's VR and IDRs. One factor is the substantial amount of
fresh capital from the rights issue in 2012, which should help the
bank better support strong loan growth as well as cope with
unexpected setbacks, at least over the medium term. The upgrade
also recognises BDO's growing franchise and funding strengths,
gradual diversification in its loan book, improving albeit still
modest profitability and reasonable asset quality performance.
Moreover, Fitch expects the bank to uphold asset quality despite
continuing strong loan growth.

RATING SENSITIVITIES - SRs AND SRFs

The SRs and SRFs of the Philippine banks would be affected by a
change in the government's ability to provide extraordinary
support. Further movement in the sovereign ratings is another
likely trigger, although this seems less probable in the near term
considering the recent upgrade of, and Stable Outlook on, the
Philippines' sovereign ratings.

The SRs and SRFs would also be impacted by any change in the
government's willingness to extend timely support. One development
that could lead to an adverse outcome, for instance, is the global
initiatives to reduce the implicit state support available to
banks, although Fitch views this to be a long-term prospect for
the Philippines.

An increase in banks' relative domestic systemic importance,
possibly when smaller banks merge with larger peers, could lift
their SRs and SRFs.

RATING SENSITIVITIES - VRs AND IDRs of BDO and LTFC IDR of BPI
Concentrated loan books, foreclosed properties with modest
reserves and conglomerate ownership structures at the major
Philippine banks are some issues that constrain ratings among
Philippine banks, including BDO. A further upgrade of BDO's
ratings appears unlikely after the recent upgrade, as it is
already among the highest rated banks in the Philippines.

On the other hand, BDO's VR could face downward pressure should
their loss-absorption capacities weaken in the face of event risks
(such as large acquisitions), persistently aggressive growth plans
or increasing concentration of exposures.

Of the major local banks, BDO has displayed a higher appetite for
rapid expansion, which in part explained its weaker metrics in
profitability and capitalisation over the last few years. However,
the bank is likely to keep its core capital at more satisfactory
levels than in previous years, considering the stricter capital
rules under Basel III, which had in part influenced the
substantial size of its recent rights issue. This, together with
Fitch's expectations of further progress in the bank's
profitability and internal capital generation metrics as well as
reasonable loan growth targets, could help to minimise downside
risks on its VR. That said, any downgrade of its VR would unlikely
affect its 'BB+' IDRs, unless considerations behind its 'BB+' SRF
were to also weaken.

Fitch says, "Any change in BPI's IDR will be driven by changes in
its VR, which we see little prospect of in the near term, in light
of its sustained strengths in franchise, funding, more modest risk
appetite compared to other local banks, and very sound and stable
financial profile."

RATING SENSITIVITIES - SENIOR NOTES
BDO's upgraded IDR underlines a similar impact on its senior
notes. This link reflects the fact that the senior notes
constitute direct, unsubordinated and unsecured obligations of the
bank, and rank equally with all its other unsecured and
unsubordinated obligations.

The list of rating actions is as follows:

BPI
- LTFC IDR upgraded to 'BBB-' from 'BB+'; Outlook Stable
- Support Rating affirmed at '3'
- Support Rating Floor revised to 'BB+' from 'BB'

BDO
- LTFC IDR upgraded to 'BB+' from 'BB'; Outlook Stable
- LTLC IDR upgraded to 'BB+' from 'BB'; Outlook Stable
- Viability Rating upgraded to 'bb+' from 'bb'
- Support Rating affirmed at '3'
- Support Rating Floor revised to 'BB+' from 'BB'
- Ratings on senior notes upgraded to 'BB+' from 'BB'

DBP and LBP
- Support Rating affirmed at '3'
- Support Rating Floor revised to 'BB+' from 'BB'

CBC, RCBC, SBC and Union
- Support Rating upgraded to '3' from '4'
- Support Rating Floor revised to 'BB-' from 'B+'


BDO UNIBANK: Fitch Upgrades LTLC IDR From 'BB+'
-----------------------------------------------
Fitch Ratings has revised Support Rating Floors (SRF) of the
following eight Philippine banks: Bank of the Philippine Islands
(BPI), BDO Unibank, Inc. (BDO), Development Bank of the
Philippines (DBP), Land Bank of the Philippines (LBP), China
Banking Corporation (CBC), Rizal Commercial Banking Corp. (RCBC),
Security Bank Corporation (SBC) and Union Bank of the Philippines
(Union). The agency has also upgraded the Support Rating (SR) of
the latter four banks.

In addition, Fitch has upgraded BPI's Long-Term Foreign-Currency
Issuer Default Rating (LTFC IDR) to 'BBB-' from 'BB+', and BDO's
LTFC IDR, LT Local-Currency IDR (LTLC IDR) and Viability Rating
(VR) to 'BB+' from 'BB'. The Outlook on the IDRs is Stable.

Fitch would like to highlight that this is not a comprehensive
list of all ratings of the Philippine banks. A full assessment on
ratings is typically done based on banks' periodic review cycles.

KEY RATING DRIVERS

The actions on the SRs and SRFs follow the upgrade of the
Philippines' sovereign ratings on 27 March 2013, including its
LTFC IDR to 'BBB-' from 'BB+' (see related rating action
commentary at www.fitchratings.com). The SRs of '3' reflect
Fitch's view of a moderate probability of extraordinary state
support available to the aforementioned major local banks, if
needed. The varying degree of state support is indicated through
the banks' SRFs. The systemically-important Philippine banks such
as BPI, BDO, DBP and LBP have SRFs of 'BB+', while those of the
medium-sized banks (CBC, RCBC, SBC and Union) are at 'BB-'.

BPI's LTFC IDR is upgraded to be in line with its 'BBB-' LTLC IDR
and 'bbb-' VR. Although driven by the VR, BPI's LTFC IDR had been
until now constrained by the sovereign's LTFC IDR of 'BB+', due to
the bank's exposure to the financial health of the government,
wider domestic economy and local financial markets. Of the major
Philippine banks rated by Fitch, BPI's ratings have been the
highest, due to its established domestic presence, sound financial
metrics and prudent management.

Not directly related to the sovereign rating action is the upgrade
of BDO's VR and IDRs. One factor is the substantial amount of
fresh capital from the rights issue in 2012, which should help the
bank better support strong loan growth as well as cope with
unexpected setbacks, at least over the medium term. The upgrade
also recognises BDO's growing franchise and funding strengths,
gradual diversification in its loan book, improving albeit still
modest profitability and reasonable asset quality performance.
Moreover, Fitch expects the bank to uphold asset quality despite
continuing strong loan growth.

RATING SENSITIVITIES - SRs AND SRFs

The SRs and SRFs of the Philippine banks would be affected by a
change in the government's ability to provide extraordinary
support. Further movement in the sovereign ratings is another
likely trigger, although this seems less probable in the near term
considering the recent upgrade of, and Stable Outlook on, the
Philippines' sovereign ratings.

The SRs and SRFs would also be impacted by any change in the
government's willingness to extend timely support. One development
that could lead to an adverse outcome, for instance, is the global
initiatives to reduce the implicit state support available to
banks, although Fitch views this to be a long-term prospect for
the Philippines.

An increase in banks' relative domestic systemic importance,
possibly when smaller banks merge with larger peers, could lift
their SRs and SRFs.

RATING SENSITIVITIES - VRs AND IDRs of BDO and LTFC IDR of BPI
Concentrated loan books, foreclosed properties with modest
reserves and conglomerate ownership structures at the major
Philippine banks are some issues that constrain ratings among
Philippine banks, including BDO. A further upgrade of BDO's
ratings appears unlikely after the recent upgrade, as it is
already among the highest rated banks in the Philippines.

On the other hand, BDO's VR could face downward pressure should
their loss-absorption capacities weaken in the face of event risks
(such as large acquisitions), persistently aggressive growth plans
or increasing concentration of exposures.

Of the major local banks, BDO has displayed a higher appetite for
rapid expansion, which in part explained its weaker metrics in
profitability and capitalisation over the last few years. However,
the bank is likely to keep its core capital at more satisfactory
levels than in previous years, considering the stricter capital
rules under Basel III, which had in part influenced the
substantial size of its recent rights issue. This, together with
Fitch's expectations of further progress in the bank's
profitability and internal capital generation metrics as well as
reasonable loan growth targets, could help to minimise downside
risks on its VR. That said, any downgrade of its VR would unlikely
affect its 'BB+' IDRs, unless considerations behind its 'BB+' SRF
were to also weaken.

Fitch says, "Any change in BPI's IDR will be driven by changes in
its VR, which we see little prospect of in the near term, in light
of its sustained strengths in franchise, funding, more modest risk
appetite compared to other local banks, and very sound and stable
financial profile."

RATING SENSITIVITIES - SENIOR NOTES
BDO's upgraded IDR underlines a similar impact on its senior
notes. This link reflects the fact that the senior notes
constitute direct, unsubordinated and unsecured obligations of the
bank, and rank equally with all its other unsecured and
unsubordinated obligations.

The list of rating actions is as follows:

BPI
- LTFC IDR upgraded to 'BBB-' from 'BB+'; Outlook Stable
- Support Rating affirmed at '3'
- Support Rating Floor revised to 'BB+' from 'BB'

BDO
- LTFC IDR upgraded to 'BB+' from 'BB'; Outlook Stable
- LTLC IDR upgraded to 'BB+' from 'BB'; Outlook Stable
- Viability Rating upgraded to 'bb+' from 'bb'
- Support Rating affirmed at '3'
- Support Rating Floor revised to 'BB+' from 'BB'
- Ratings on senior notes upgraded to 'BB+' from 'BB'

DBP and LBP
- Support Rating affirmed at '3'
- Support Rating Floor revised to 'BB+' from 'BB'

CBC, RCBC, SBC and Union
- Support Rating upgraded to '3' from '4'
- Support Rating Floor revised to 'BB-' from 'B+'



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


CEDRIC MOTOR: Creditors Get 0.41233% Recovery on Claims
-------------------------------------------------------
Cedric Motor (Pte) Ltd declared the second and final preferential
dividend on March 21, 2013.

The company paid 0.41233% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre East Wing
         45 Maxwell Road #06-11
         Singapore 069118


CMT DIAGNOSTICS: Court to Hear Wind-Up Petition on April 12
-----------------------------------------------------------
A petition to wind up the operations of CMT Diagnostics
(Singapore) Pte Ltd will be heard before the High Court of
Singapore on April 12, 2013, at 10:00 a.m.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          9 Battery Road #25-01
          Straits Trading Building
          Singapore 049910


HALAL FOOD: Court to Hear Wind-Up Petition on April 12
------------------------------------------------------
A petition to wind up the operations of Halal Food Industries Pte
Ltd will be heard before the High Court of Singapore on April 12,
2013, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on March 25, 2013.

The Petitioner's solicitors are:

          Messrs Lee & Lee
          50 Raffles Place #07-00
          Singapore Land Tower
          Singapore 048623


LIFESTYLE MERCHANDISING: Court Enters Wind-Up Order
---------------------------------------------------
The High Court of Singapore entered an order on March 15, 2013, to
wind up Lifestyle Merchandising Pte Ltd's operations.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


MTRC PTE: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on March 15, 2013, to
wind up MTRC Pte Ltd (formerly known as Astrata (Singapore) Pte
Ltd's operations.

Fame Trading, LLC (formerly known as Fame Trading Ltd) filed the
petition against the company.

The company's liquidators are:

         Timothy James Reid
         Tan Aik Kiat
         Ng Yau Yee Theresa
         c/o Ferrier Hodgson
         8 Robinson Road #12-00
         ASO Building, Singapore 048544


NATURAL FUEL: Creditors' Meetings Set for April 5
-------------------------------------------------
Natural Fuel Pte Ltd, which is in compulsory liquidation, will
hold a meeting for its creditors on April 5, 2013, at 3:30 p.m.,
at 6 Shenton Way Tower Two #32-00, in Singapore 068809.

Agenda of the meeting includes:

   a. to provide update on the liquidation administration;

   b. to consider and approve final professional fees and
      liquidation expenses;

   c. approve the liquidators' application to Court for release
      and discharge and destruction of the company's books &
      records; and

   d. discuss other business.

The company's liquidators are:

         Tam Chee Chong
         Lim Loo Khoon
         Deloitte & Touche LLP
         6 Shenton Way Tower Two #32-00
         Singapore 068809



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


* Korean Shipping & Construction Companies Face Insolvency Risk
---------------------------------------------------------------
On the heels of a recent Moody's report lowering Korea's GDP
growth projections for this year from 3.5% to 3.0%, AlixPartners
Vice Chairman Al Koch, the man who headed up the restructuring of
General Motors for the firm, unveiled an AlixPartners analysis on
March 28 citing that 44% of shipping companies and 35% of
construction companies in Korea are in danger of possible
insolvency, absent aggressive preventive measures.

Other industries facing the greatest danger, according to the
analysis of about 1,400 listed Korean companies, are
telecommunications and high tech (with 18% of companies studied
"on alert" for distress), industrials (16%), metals (14%),
consumer products and retail (13%), automotive (13%), life
sciences (11%) and chemicals (10%).  In all, the AlixPartners
analysis finds that 17% of Korean industry is in the "on-alert"
zone for distress, with another 45% in the "on-watch" zone.

Said Mr. Koch: "Korea and Korean industry today face many of the
same problems that General Motors faced prior to its turnaround --
high debt, slow growth and seemingly intractable long-term
structural issues, some of them culturally oriented.  However,
just as GM, working in concert with the U.S. government, was able
to reexamine past orthodoxies as part of its turnaround, I'm
confident that Korea and Korean companies can reexamine their own
past orthodoxies to do the same."

While Korea has long had bankruptcy and other restructuring rules
on the books, many experts believe that ingrained business norms
in the country, including the reluctance to take decisive actions
in struggling companies, have led to the creation of zombie
companies -- and, in aggregate, to a self-perpetuating weakening
of the Korean economy.

AlixPartners' head of Asia, CV Ramachandran, said, "It's very
telling that in addition to the 17% of companies in our analysis
rated as 'on alert' for distress, another 45% are rated as 'on
watch,' leaving only 37% of the Korean companies in the 'healthy'
zone.  Obviously, these are challenging times for all types of
Korean companies, and one of the biggest issues companies should
be worrying about is cash flow.  That's always a number-one issue
in times like these."

Yung Chung, managing director at AlixPartners and head of the
firm's operations in South Korea, said, "In today's environment,
Korean companies hoping for renewal only by cutting costs and
headcounts, expecting to solve all their financial problems with
just that, are merely pacing zombie-hood or even a slow death.
Companies need to simultaneously undertake operational as well as
financial actions, a holistic approach, to survive and prosper
today."

Mr. Koch, who is based in the U.S., was in Seoul to speak at the
2013 Asian Leadership Conference, a gathering of world-renowned
statesmen, scholars and businesspeople from all across the globe,
attended by more than 150 distinguished speakers and more than
1,000 guests.

                       About AlixPartners

AlixPartners -- http://www.alixpartners.com-- is a global
business advisory firm offering comprehensive services in four
major areas: enterprise improvement, turnaround and restructuring,
financial advisory services and information management services.
Founded in 1981, the firm has offices around the world.



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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.



                 *** End of Transmission ***