TCRAP_Public/130415.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, April 15, 2013, Vol. 16, No. 73


                            Headlines


A U S T R A L I A

GUNNS LTD: Liquidator to Sell Timber Plantations
SPRING GULLY: Goes Into Administration as Sales Slump
TINKLER GROUP: ATO Withdraws 3 Wind Up Bids After Tinkler Pays
* Whitsunday Council Insolvent, May Call in Administrator


C H I N A

CHINA GREEN: Delays U.S. Filing of Annual Report
GOLDEN WHEEL: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
GRAND CHINA: HK High Court Issues Liquidation Order
SUNTECH POWER: Short Positions Closed After Stock Price Cuts


I N D I A

AASRA FOUNDATIONS: CARE Rates INR85.4cr Loan at 'CARE B+'
AHW STEELS: CARE Reaffirms 'BB+' Rating on INR76.28cr Loan
AMMAN-TRY SPONGE: CARE Reaffirms 'BB+' Rating on INR16.55cr Loan
APEX TUBES: CARE Reaffirms 'BB' Rating on INR27.52cr LT Loan
CHANDRAUDAI AUTOMOBILES: CARE Rates INR12cr Loan at 'BB+'

EASTERN HEALTHCARE: CARE Reaffirms 'BB+' Rating on INR5.95cr Loan
FILTERATION ENGINEERS: CARE Reaffirms B+ Rating on INR3.64cr Loan
GEO BIOTECHNOLOGIES: CARE Reaffirms 'BB' Rating on INR12cr Loan
JALAN MAPLE: CARE Assigns 'BB-' Rating to INR25cr LT Loan
MS PARTHAS: CARE Reaffirms 'BB' Rating on INR17.3cr Loan

POLY-MECH COMPONENTS: CARE Puts 'B' Rating on INR9.06cr Loan
RCP INFRATECH: CARE Reaffirms 'BB' Rating on INR40.1cr LT Loan
TEXPLAS TEXTILE: CARE Reaffirms 'B+' Rating in INR66cr Loan
TIMBER TRAIL: CARE Rates INR13.65cr LT Loan at 'CARE B+'
VAIBAVLAXMI CLEAN: CARE Reaffirms 'BB' Rating on INR56.57cr Loan


I N D O N E S I A

MERPATI NUSANTARA: Debt-to-Equity Swap Last Option for Merpati
TOWER BERSAMA: Fitch Assigns 'BB' Rating to US$300MM Unsec. Notes
TOWER BERSAMA: Moody's Assigns Ba3 Rating to New $300MM Sr. Notes


M O N G O L I A

* Moody's Sees Challenging Future for Mongolian Banks


N E W  Z E A L A N D

DOMINION FINANCE: Ex-CEO Found Guilty of Theft Charges


X X X X X X X X

* Moody's Notes 26.9% Increase in Asian LSI in March


                            - - - - -


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


GUNNS LTD: Liquidator to Sell Timber Plantations
------------------------------------------------
ABC News reports that more than 200,000 hectares of timber
plantations established by Gunns Ltd are being put on the market.

ABC News recalls that liquidator PPB Advisory had previously said
it was in talks with parties interested in taking over management
of the multi-million-dollar investment schemes.  It is believed
Macquarie Group and the company WA Blue Gum were among them, the
report notes.

Now the liquidator has told investors it has walked away from
those talks and a court-approved sale process is in the best
interests of growers, relays ABC News.

They are being warned they should not expect to see the kind of
returns they were promised when they bought into the timber
investments, according to ABC News.

"I don't think that any grower should be particularly optimistic
about the return they'll get on their investment," the report
quotes Mr. Ellison as saying.  "Certainly some schemes will sell
for more than other. Some of the assets were higher quality than
others."

ABC News notes that about 130 land owners, including many
Tasmanian farmers, leased their properties for the plantations.
They stopped receiving rent when Gunns entered administration last
year and have previously claimed the trees now belong to them, the
report relays.

It remains to be seen whether they will try to block the sale or
stop buyers from coming on to their land to harvest the
plantations, according to ABC News.

Gunns' receiver KordaMentha has said it is waiting for certainty
about the future of the plantations before putting the shelved
AUD2 billion pulp mill project on the market, the report adds.

The liquidator expects to make the application to sell the
plantations in the Victorian Supreme Court in the coming weeks,
ABC News reports.

                       About Gunns Limited

Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- was an hardwood and softwood forest
products company. It operated within three segments: Forest
products, Timber products and Other activities.  Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia.

On Sept. 25, 2012, the directors of Gunns Limited and its 35
entities, and the responsible entity of Gunns Plantations Limited
appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB
Advisory as Voluntary Administrators.  KordaMentha has also been
appointed Receivers and Managers.

The appointment came after Gunns failed to secure an equity
investor amid high debt and a prolonged trading halt, The
Australian reported.


SPRING GULLY: Goes Into Administration as Sales Slump
-----------------------------------------------------
Annabelle Homer at ABC Rural reports that after 65 years of
trading, Spring Gully Foods has gone into voluntary administration
with debts of more than AUD3 million.

The fourth generation Spring Gully Foods went into voluntary
administration April 11, the report says.

According to ABC Rural, managing director Kevin Webb said its
financial losses are due to a dramatic fall in retail sales over
the last five weeks.

ABC Rural says Kangaroo Island beekeeper and creditor Steven
Heatley has been supplying honey to the company for three years
and is owed AUD14,000.

Spring Gully Foods is one of South Australia's iconic food
businesses.  The company specialises in jams, chutneys, pickles,
sauces and honey.


TINKLER GROUP: ATO Withdraws 3 Wind Up Bids After Tinkler Pays
--------------------------------------------------------------
The Sydney Morning Herald reports that the Australian Tax Office
has formally withdrawn from proceedings against a series of
companies owned or controlled by Nathan Tinkler, with a court
being told that their tax debts have been paid.

SMH relates that the Newcastle-based Buildev Group, in which
Mr. Tinkler is a major shareholder, and four related companies
were being pursued by the ATO for more than AUD620,000 in unpaid
tax.

During a brief appearance in the Federal Court last week, Sharif
Hammoud, representing the Deputy Commissioner of Taxation, said
several companies had made tax payments in recent weeks, according
to SMH.

On April 12, Mr. Hammoud said the ATO had formally withdrawn from
three matters as the tax debts had been paid.

In December, SMH recalls, the tax office applied to wind up
Buildev Group, Buildev Development Qld, BD (Qld) Project G075,
Buildev Aviation, and Buildev Development (NSW).

SMH relates that a supporting creditor, who was not mentioned in
court, has to apply to be substituted for the tax office in the
matters against the Buildev Group and BD (Qld) Project G075 before
May 17, while the case against Buildev Development (QLD) was
dismissed.

Those remaining matters have been adjourned to that date, when
cases against Buildev Aviation, Buildev Development (NSW) and the
Newcastle Jets will also be mentioned, adds SMH.

smh.com.au related that former billionaire Nathan 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.  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.


* Whitsunday Council Insolvent, May Call in Administrator
---------------------------------------------------------
Whitsunday Times reports that Whitsunday mayor Jennifer Whitney
told last week's ordinary council meeting that Council was
insolvent and an administrator could be called in.

Whitesunday Times relates that Cr Whitney said that since
discovering the multi-million dollar unfunded liabilities and
crippling bill for an ambitious program of capital works,
Council's books had been opened to a number of government
organisations including the Queensland Audit Office (QAO).

Council's recent application for loan borrowings also triggered a
credit review by the Queensland Treasury Corporation (QTC), the
report says.

According to the report, Cr Whitney said that the audit office
would not sign off on Council's financial statements from 2011-12
"because we are in a position where we are unable to trade
further".

The report relates that Cr Whitney said Council was waiting on a
letter from QTC to confirm the advancement of funding that would
allow it to carry on. She said this was no longer a loan, but
"emergent funding".

"This is really, really, dire stuff. It is real. I'm not making it
up," the report quotes Cr Whitney as saying.  "Our CEO dreams
numbers at night because he's been thrown and locked into a corner
to get us out of this predicament and there is no way out."

According to Whitesunday Times, Cr Whitney said ratepayers would
not be spared from the effects.  She said the overall debt was
expected to reach almost AUD100 million and with a population of
just over 33,000 and a rate base of just over 17,000, "you don't
need to be Einstein to read those figures".

"All of us need to start saving up more dollars because our rates
will increase -- have to increase," Cr Whitney, as cited by
Whitesunday Times, said.



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


CHINA GREEN: Delays U.S. Filing of Annual Report
------------------------------------------------
China Green Creative, Inc., is in the process of preparing its
consolidated financial statements as at Dec. 31, 2012, and for the
fiscal year then ended.  The process of compiling and
disseminating the information required to be included in its Form
10-K Annual Report for the 2012 fiscal year, as well as the
completion of the required audit of the Company's financial
information, could not be completed by April 1, 2013, without
incurring undue hardship and expense.  The Company undertakes the
responsibility to file that annual report with the U.S. Securities
and Exchange Commission no later than 15 calendar days after its
original due date.

                         About China Green

China Green Creative, Inc., located in Shenzhen, Guangdong
Province, People's Republic of China, is principally engaged in
the distribution of consumer goods and electronic products in the
PRC.

After auditing the 2011 results, Madsen & Associates CPA's, Inc.,
in Salt Lake City, Utah, expressed substantial doubt about China
Green Creative's ability to continue as a going concern.  The
independent auditor noted that the Company does not have the
necessary working capital to service its debt and for its planned
activity.

The Company reported a net loss of $344,901 on $1.93 million of
revenues for 2011, compared with a net loss of $3.35 million on
$2.78 million of revenues for 2010.

The Company's balance sheet at June 30, 2012, showed $5.43 million
in total assets, $7.43 million in total liabilities, and a $2
million total stockholders' deficit.


GOLDEN WHEEL: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to China-based real estate developer
Golden Wheel Tiandi Holdings Co. Ltd. (GW Tiandi).  The outlook is
stable.  S&P also assigned its 'cnBB-' Greater China regional
scale rating to the company.

The rating on GW Tiandi reflects S&P's view of the company's high
geographic and revenue concentration risk due to a small project
portfolio, and the execution risk associated with business
expansion.  GW Tiandi's small but growing recurring income from
investment properties and relatively disciplined financial
management temper these risks.  S&P views the company's business
risk profile as "vulnerable" and its financial risk profile as
"aggressive," as defined in S&P's criteria.

"GW Tiandi has a business model that is different from other rated
Chinese developers," said Standard & Poor's credit analyst Dennis
Lee.  "The company builds and holds relatively small mixed-use
property projects that are close to or connected to major
transportation hubs.  The majority of these projects are
commercial developments; residential projects for sales
constituted only 25% of GW Tiandi's total land reserves."

Standard & Poor's expects the company will be more aggressive in
acquiring land over the coming years, following its IPO and other
fund-raising measures.  GW Tiandi has a limited number of projects
and limited geographic diversification.  It has 10 completed
properties and properties under development, seven of which are in
Nanjing.

"In our opinion, GW Tiandi will continue to focus on Nanjing
because the company can leverage its experience and relationship
with the Nanjing government and Nanjing Metro to obtain more
projects in the city," Mr. Lee said.

Rapid expansion could test GW Tiandi's financial and operational
capabilities, in S&P's view.  The company's expansion was slow
prior to its IPO early this year.  S&P believes the execution risk
associated with fast expansion is high, given the company's
relative inexperience in managing several projects across
cities at the same time, Mr. Lee added.

Land costs for GW Tiandi are in line with peers'.  They accounted
for about 15% of the company's average selling prices in the past
few years.  The company's land costs, however, could increase as
competition intensifies.

The stable outlook reflects S&P's expectation that GW Tiandi will
execute its business plan to generate sufficient cash flow to fund
its land acquisition and expansion needs.  S&P also believes the
company will maintain some discipline in land acquisition to keep
its liquidity position unaffected.  GW Tiandi is likely to
continue to increase its investment properties to generate more
recurring rental income.

S&P may lower the rating if GW Tiandi's debt-funded growth
appetite is more aggressive than S&P's expectation or the
company's contract sales in 2013 are materially below S&P's
expectation.  A downgrade trigger could be the debt-to-EBITDA
ratio exceeding 5x.  S&P may also lower the rating if GW Tiandi's
liquidity becomes "weak," as defined by S&P's criteria.

An upgrade in the coming 12 months is unlikely.  S&P may raise the
rating if: (1) GW Tiandi expands its scale and improves diversity;
and (2) establishes a consistent record of operational performance
and disciplined financial management while pursuing high growth.


GRAND CHINA: HK High Court Issues Liquidation Order
---------------------------------------------------
SinoShip News reports that Grand China Shipping, one of the
subsidiaries of Shanghai-based Grand China Logistics, is facing
the embarrassing situation of liquidation forced by the Hong Kong
High Court.

According to the report, Shagang Shipping Company submitted a
petition to the High Court of Hong Kong because Grand China
Shipping is still in arrears with around $58 million adjudicated
by London arbitration last year.  SinoShip News relates that Grand
China objected to the petition, and explained that the company has
fixed assets of $476 million, and it is just a short-term capital
flow problem.  However, the high court has finally issued the
winding-up order to Grand China.


SUNTECH POWER: Short Positions Closed After Stock Price Cuts
------------------------------------------------------------
Marc Roca at Bloomberg News reports that short interest in Suntech
Power Holdings Co. has plunged to its lowest level since 2007,
suggesting investors have closed out positions betting it will
decline after the Chinese solar company's main unit went bankrupt.

The portion of outstanding American depositary receipts sold short
fell to as little as 2.2% on April 3 from 6.5% on March 18,
Bloomberg News discloses citing data from Markit Group Ltd., a
London-based researcher. The percentage was 3.2% April 11.

"Short sellers have gradually covered their positions in Suntech,
taking profits as the stock neared zero," Alex Brog, a director at
Markit, told Bloomberg News by phone. "Now that the shares can't
fall much further, almost all are out." Suntech's ADRs are each
worth one ordinary share, the report notes.

                          About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,
Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.

Suntech Power announced that on March 18, 2013, a group of eight
Chinese banks filed a petition for insolvency and restructuring of
its Chinese subsidiary Wuxi Suntech Power Holdings Co., Ltd., in
the Wuxi Municipal Intermediate People's Court in Jiangsu
Province, China.  Wuxi Suntech notified the Court that it will not
file an objection against the petition.

Wuxi Suntech is the Company's principal operating subsidiary in
China engaged in the manufacture of photovoltaic (PV) cells and PV
modules.  The Company has additional cell and module production
facilities at wholly owned or partially owned subsidiaries in
Wuxi, Shanghai and Luoyang and, in the event insolvency and
restructuring of Wuxi Suntech is approved by the Court, the
Company said it intends to continue production of solar products
to meet customer orders.  In addition, management said it will
work with any Court-appointed administrators to ensure all of
Suntech's product warranty obligations are met.



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


AASRA FOUNDATIONS: CARE Rates INR85.4cr Loan at 'CARE B+'
---------------------------------------------------------
CARE assigns 'CARE B+/A4' ratings to the Bank Facilities of Aasra
Foundations (Regd.).

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      85.40      CARE B+ Assigned
   Short-term Bank Facilities      3.67      CARE A4 Assigned

Rating Rationale

The ratings of Aasra Foundations (Regd.) (AF) are constrained by
high gearing ratio on account of the debt-funded capital
expansions, stressed liquidity position as reflected by high fee
receivables, the society's small scale of operations and limited
reach on account of a single-campus operations. The ratings are
further constrained by increasing competition in higher education
and high level of government regulation in the education sector.
The ratings, however, derive strength from the society's
experienced members, award of private university status to the
society, established brand name and wide range of courses offered
in the society.

The ability of AF to scale up its operations and continue to
attract a large number of students while also maintaining a
favorable capital structure would be the key rating sensitivities.

Aasra Foundations (Regd.) is a society which had been established
in the year 1996 by Dr. Zora Singh and his family members for
operating educational institutions. AF's educational institutions
were granted Private University status in the name of Desh Bhagat
University (DBU) in October 2012 vide Desh Bhagat University Act
2012. DBU offers variety of courses under 24 institutes situated
at its campus at Mandi Gobindgarh (Punjab). DBU's total student
strength stood at 8,617 students as on December 31, 2012.

During FY12 (refers to the period April 1 to March 31), the
society registered a total operational income of INR37.74 crore
with a surplus of INR6.85 crore. As per the provisional H1FY13
(refers to the period April 01 to September 30), the society
registered a total operating income of INR24.97 crore with a
surplus of INR5.50 crore.


AHW STEELS: CARE Reaffirms 'BB+' Rating on INR76.28cr Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the Bank Facilities of
AHW Steels Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      76.28      CARE BB+ Reaffirmed
   Short-term Bank Facilities     25.00      CARE A4+ Reaffirmed

Rating Rationale

The ratings continue to be constrained by the low profitability of
AHW Steels Ltd due to predominance of low-margin trading business,
cyclicality of the steel industry, intense competition and lack of
backward integration. The constraints are partially offset by the
long track record of the company, experience of the promoters and
satisfactory leverage ratios. Increasing scale of operation,
improving profitability and sustaining the present capital
structure are the key rating sensitivities.

AHW was formed in 1949 by the Beriwal family and was engaged in
manufacturing of tor steel. The Bagaria family of Kolkata took
over the company in 1982 and since then AHW is a part of the
Bagaria group, which has interest in tea plantation, steel and
power sectors. AHW, the steel and power arm of the group, began
rolling mill operation in 1985 with a capacity of 24,000 tonnes
per annum (tpa). The company currently has an installed capacity
of 48,000 tpa of steel rods and bars; however, a substantial
portion of its revenue (78% in FY12) is derived from trading in
steel products. The company ventured into power business in FY06
(refers to the period April 2005 to March 2006), and currently has
two wind turbine generators, with a total power generation
capacity of 2.5 megawatts, in Maharashtra. The company sells TMT
bars under the brand name 'Shan'.

In FY12, AHW achieved PAT of INR1.7 crore on total income of
INR424.5 crore. As per unaudited working results for the nine
months ended December 31, 2012, AHW achieved PBT of INR2.3 crore
on net sales of INR336.5 crore.


AMMAN-TRY SPONGE: CARE Reaffirms 'BB+' Rating on INR16.55cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the Bank Facilities of
Amman-TRY Sponge & Power Private Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      16.55      CARE BB+ Reaffirmed
   Short-term Bank Facilities     10.00      CARE A4+ Reaffirmed

Rating Rationale

The ratings of the bank facilities of Amman-TRY Sponge & Power Pvt
Ltd continued to be constrained by its low profit margin on
account of the commodity nature of finished product,
susceptibility of margins to volatile raw material prices and
foreign exchange rate fluctuations, losses in FY12 (refers to the
period April 1, 2011 to March 31, 2012) on account of the first
year of operations and low capacity utilization levels of its
production facilities due to the poor power scenario in the State
of Andhra Pradesh.  The ratings also take into account the
relatively high gearing level and cyclical nature of the steel
industry.

The ratings favorably factor in the significant experience of the
promoters in the steel industry and the benefits derived from
being part of the Amman group, including synergies of the
operations with the group companies, having established market
position in the TMT bars segment in the State of Tamil Nadu.
Going forward, the ability of the company to improve its
profitability and capacity utilization levels in view of the power
supply situation is the key rating sensitivity.

ATSPL, incorporated in September 2008, is engaged in the
manufacture of billets since July 2011. ATSPL is a closely-held
company and is a part of the Trichy-based Amman group, having
interests in manufacturing steel ingots and steel bars, local bus
transportation and real estate. ATSPL has a steel melting shop in
Nellore with production capacity of 84,000 Tonnes per annum (TPA)
of billets.

As per audited results for FY12 (refers to the period April 01 to
March 31), the company reported total operating income of INR105
crore and net loss of INR3.5 crore


APEX TUBES: CARE Reaffirms 'BB' Rating on INR27.52cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the Bank Facilities of Apex
Tubes Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       27.52     CARE BB Reaffirmed
   Short-term Bank Facilities      15.00     CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by moderate financial risk
profile as indicated by thin and declining trend in the
profitability margins, high gearing ratio and high total debt/GCA
as on March 31, 2012, along with working capital intensive nature
of operations. The ratings also take into account the
vulnerability of margins to volatile raw material prices, high
supplier concentration risk and the company's operations in a
fragmented and highly competitive steel industry. The ratings,
however, continue to favorably factor in the experience of the
promoters, long track record of operations and diversified product
range catering to wide spectrum of industries.
Going forward, the company's ability to scale up its operations in
a highly competitive scenario and improve its overall financial
risk profile while mitigating the raw material price fluctuation
would be the key rating sensitivities.

Apex Tubes Pvt Ltd, incorporated in 1992, is promoted by Mr M.P
Mudgal. ATPL is engaged in the manufacturing of diverse range of
stainless tubes and pipes (SS tubes) like condenser heater tubes,
welded pipes, electric fusion welded pipes (EFW) and seamless
pipes and other tubes. These SS tubes find application in many
industries including oil & gas, power, fertilizers, heat-
exchangers, pharmaceuticals, chemicals, water treatment, dairy,
sugar & food processing etc.

The manufacturing facility is located at Behror, Rajasthan with an
installed capacity of 5200 Metric Tonnes per annum (MTPA) as on
March 31, 2012.

As per audited results for FY12, ATPL reported total operating
income of INR107 crore and PAT of INR0.14 crore.


CHANDRAUDAI AUTOMOBILES: CARE Rates INR12cr Loan at 'BB+'
---------------------------------------------------------
CARE assigns 'CARE BB+' rating to the Bank Facilities of
Chandraudai Automobiles Private Limited. The short term rating
assigned to the bank facilities stands withdrawn with immediate
effect.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank                  12        CARE BB+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Chandraudai
Automobiles Private Limited is constrained due to its presence in
the highly competitive automobile dealership business, its limited
bargaining power against principal manufacturer and recently
completed debt funded capex for new showroom. The rating is
further constrained due to deterioration in overall gearing and
liquidity indicators in FY12 (refers to the period April 1 to
March 31).

The above constraints are partially offset by experience of the
promoters in the automobile dealership business, improved
profitability margins and shifting consumer preference towards
luxury car segment.

CAPL's ability to increase its scale of operations along with
improvement in financial risk profile is the key rating
sensitivity.

CAPL, incorporated in 2004, is promoted by Mr Rishi Raj
Singh, who was a Non-Resident Indian (NRI) with accounts and
finance background having experience in coffee trading business in
USA.
CAPL is an authorized dealer of Toyota Kirloskar Motor Private
Limited (TKMPL) for all kinds of Toyota cars and has two showrooms
located at Jodhpur and Bikaner under business name "Rishi Toyota".
The Bikaner showroom commenced the operations in February 2012.
CAPL also provides after sales and service for Toyota cars. The
company's revenue sources include sale of vehicles and their spare
parts, service income, target incentive from TKMPL and commission
from the financers.

During FY12 (as per audited results; refers to the period April 1
to March 31), CAPL reported total operating income of INR72.90
crore (FY11: INR45.18 crore ) and PAT of INR1.91 crore (FY11:
INR0.83 crore). During 9MFY13 (as per provisional results), CAPL
earned a total income of INR95.22 crore.


EASTERN HEALTHCARE: CARE Reaffirms 'BB+' Rating on INR5.95cr Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the Bank Facilities of
Eastern Healthcare.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.95      CARE BB+ Reaffirmed
   Short-term Bank Facilities      0.65      CARE A4+ Reaffirmed

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

Rating Rationale

The ratings of Eastern Healthcare continues to be constrained by
small scale of operations, constitution as a partnership firm,
negative impact on PAT margin due to partial completion of tax
holiday period and increasing working capital cycle.
The ratings, however, derive strength from the experienced
promoters, diversified customer base and healthy profitability
margins.

Timely execution of expansion plan and maintaining profitability
while increasing the scale of operations will be the key rating
sensitivities.

Established in the year 2005, Eastern Healthcare is a partnership
firm promoted by Mr. Ajay Surana and his father, Mr. Suraj Mal
Surana. The firm undertakes contract manufacturing of soft gelatin
capsules for allopathic oral formulations, external preparations,
ophthalmic ointments, dietary supplements, ayurvedic products and
hormonal preparations on principal-to-principal (P2P) and loan-
license basis from its manufacturing facility in Haridwar. Eastern
Healthcare also does the manufacturing and marketing of its own
generic allopathic, herbal and dietary products under soft gelatin
category.

As per audited results for FY12 (refers to the period April 1 to
March 31), Eastern Healthcare reported total operating income of
INR16.45 crore and PAT of INR1.48 crore.


FILTERATION ENGINEERS: CARE Reaffirms B+ Rating on INR3.64cr Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the Bank Facilities of
Filteration Engineers India Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      3.64       CARE B+ Reaffirmed
   Short-term Bank Facilities     6.25       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Filteration
Engineers India Private Limited continue to be constrained by its
highly leveraged capital structure with elongated operating cycle,
its exposure volatility in raw material prices and susceptibility
to adverse movement in foreign exchange rate. The ratings continue
to draw comfort from the experienced promoters, wide marketing and
distribution channel, moderate order book position and established
relationship with its customers.

The ability of the company to increase its scale of operations
with improvement in its overall financial risk profile will be the
key rating sensitivity.

Filteration Engineers India Private Limited was incorporated in
1994 by Sunil Agarwal. FEIPL is into the manufacturing of
industrial filters and strainers which cater to industries like
refineries, petrochemical plants, fertilizers, and chemicals and
the company is also into trading of cyclone separators (which are
used to remove particulates from air, gas and liquid stream). All
its products and equipments are manufactured in accordance with
the required international standards viz ISO 2008:9001, European
Council Certificate and Indian Boilers Research Certificate. The
company uses Computer Aided Designs (CAD) for the purpose of
customizing the products as per the requirement of the customers.
The company's customers include reputed clients like Bharat Heavy
Electronics Limited, Larsen & Turbo Limited, JSW Steel Limited,
etc. FEIPL derives around 90% of its revenue from the
manufacturing of filters and strainers and remaining 10% from
trading of cyclone separators which are procured from Timex
Filtration and Water Systems (Turkey).

During FY12 (refers to the period April 1 to March 31), FEIPL
reported a total operating income of INR16.30 crore and PAT of
INR0.61 crore.


GEO BIOTECHNOLOGIES: CARE Reaffirms 'BB' Rating on INR12cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the Bank Facilities of
Geo Biotechnologies India Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        12       CARE BB Raffirmed

Rating Rationale

The rating assigned to the bank facilities of Geo Biotechnologies
India Private Limited continues to be constrained on account of
small scale of operations with low cash accruals, modest
profitability margins, highly leveraged capital structure and
stretched working capital cycle. The rating further continues to
be constrained by GBIPL's concentrated revenue profile and
competition from large and established domestic players. The
rating, however, continue to derives strength from the vast
experience of the promoters in hybrid seed business, increasing
scale of operations with improvement in the profitability during
last three years, professional scientific advisory committee
coupled with in-house R&D facility and technology collaborations
with reputed institutes.

The ability of the company to scale up its operations along with
improvement in its overall financial risk profile is the key
rating sensitivity.

GBIPL, incorporated on January 1, 2009, is engaged in R&D,
production and sales of hybrid seeds in field crops like
sunflower, corn, rice, Bt Cotton and hybrid vegetable seeds. It is
promoted by Mr. K S Narayanaswamy, with an experience of 26 years
in the same line of business. GBIPL has its corporate office
located at Bangalore and its processing plant located at
Hyderabad. GBIPL has research farms located at both Hyderabad and
Bangalore. The seed production activities are conducted across
multiple locations in Karnataka and Andhra Pradesh, through
contract farming arrangements. GBIPL has marketing presence across
13 states through a distribution network of over 500 C&F agents.

As per the audited results for FY12 (refers to the period April 1
to March 31), GBIPL reported total operating income of INR35.45
crore and PAT of INR0.62 crore.


JALAN MAPLE: CARE Assigns 'BB-' Rating to INR25cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE BB-' rating to the Bank Facilities of Jalan
Maple Shelters.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        25       CARE BB- Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Jalan Maple Shelters
is primarily constrained by nascent stage of construction of its
real estate project with execution risk, pending approvals for the
project, competition from other projects in the vicinity and the
cyclical nature of the real estate industry. The rating, however,
derives strength from the experienced promoters and its management
team in the Pune real-estate market, proximity of the on-going
project to the key locations of Pune, good sales momentum of 50%
of the project being sold and achievement of financial closure for
the project and all proceeds being routed through the escrow
arrangement.

The ability of JMS to complete as per schedule and within the
budgeted cost and to mobilize customer advances in due time will
be critical in shaping the financial risk profile.

Jalan Maple Shelters, incorporated in 2010, is jointly promoted by
the promoters of the Jalan Group and the Maple Group. The Jalan
Group, promoted by Dwaraka Jalan, commenced operation in 1985 and
has a track record of 28 years in the real estate industry. The
group till date has developed 100 lsf of saleable area. The Maple
Group, promoted by Ashok Agarwal, commenced operation from 1997
and has a track record of 16 years in the real estate industry and
till date has completed development 18.57 lsf.

The project, Aura City is of total Saleable area of 4.56 lsf and
comprises of 668 units of 1 and 2 BHK configurations in 39 towers
of which JMS has a revenue share is 68.50% and the remaining is to
the land owner. As on December 31, 2012, the firm has incurred 30%
of the total project cost. The project is slated to be completed
by September 2016. As on February 20, 2013, 49 % of JMS share in
the project is sold and financial closure for the total project is
achieved with all proceeds being routed through the escrow
arrangement.


MS PARTHAS: CARE Reaffirms 'BB' Rating on INR17.3cr Loan
--------------------------------------------------------
CARE reaffirms the rating assigned to the long-term bank
facilities of M/s. Parthas.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      17.30      CARE BB Reaffirmed

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

Rating Rationale

The rating is primarily constrained by the low net worth base of
M/s. Parthas due to frequent withdrawal of capital made by the
partners, its highly leveraged capital structure and the working
capital intensive nature of operations. The rating also takes note
of concentration risk with the revenue stream limited to just one
showroom at Thiruvananthapuram (in Kerala) especially in light of
intensifying competition in the region and exposure to group
entities in the form of loans and advances.

The rating, however, takes comfort from the experience of the
partners in the line of business, long operational track record of
the firm, favorable image of the 'Parthas' brand and the firm's
long-term relationships with its suppliers. In addition, the
rating also takes into account the entity's healthy profit margins
despite moderation in the past two years ended FY12 (refers to the
period April 1 to March 31).

Going forward, ability of 'Parthas' to grow its revenue while
sustaining the profitability amidst increasing competition and
rising costs will be critical. Besides, the entity's ability to
improve its capital structure and effectively manage its growing
working capital requirements will be the key rating sensitivities.

Parthas is a partnership firm engaged in retailing of branded
garments, clothing materials and household furnishings through its
retail showroom (owned by Parthas) located at Thiruvananthapuram,
Kerala having a built-up area of about 50,000 sq ft. The firm is
part of the Parthas Group, engaged in retailing of garments
primarily in the Kerala market, promoted in 1960 by the late
Lakshmana Reddiar and the late Sreenivasa Reddiar at Kottayam. At
present, the family members of Sreenivasa Reddiar are managing the
partnership firm.

As per the audited results, Parthas reported PAT of INR5 crore on
a total operating income of INR83 crore in FY12 as against PAT of
INR6 crore on a total operating income of INR87 crore in FY11.


POLY-MECH COMPONENTS: CARE Puts 'B' Rating on INR9.06cr Loan
------------------------------------------------------------
CARE assigns 'CARE B and CARE A4' ratings to the Bank Facilities
of Poly-Mech Components Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       9.06      CARE B Assigned
   Short-term Bank Facilities      3.08      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Poly-Mech
Components Private Limited are constrained by small scale of
operation, weak debt coverage, stretched liquidity profile and
high leverage. The ratings are further constrained by customer
concentration risk and operations in highly fragmented auto
component and construction hardware parts industry.  The above
mention factors far outweigh the strength derived from the
experienced and qualified promoter with long track record of
operations.

PMCPL's ability to improve overall scale of operations along with
the improvement in financial risk profile and liquidity profile
are the key rating sensitivities.

Established in 1982 as a partnership firm, Poly-Mech Components
Private Limited is engaged in the manufacturing of auto components
and construction hardware parts at its plant located at Asangaon,
Thane. PMCPL manufactures various products (such as hose clamps,
circlips, bearing pullers, washers, snap ring, spring steel parts,
sheet metal components, steel clamps, pipe clamps, sanitary
clamps) which finds application in automobiles, construction and
engineering sector. The auto components segment contributed around
60% of the total income of PMCPL in FY12 (refers to the period
April 01 to March 31).

During the FY12, PMCPL reported total operating income of INR31.35
crore (up by 54% vis-a-vis FY11) and PAT of INR0.53 crore (up by
102% vis-a-vis FY11). Furthermore, as per the provisional 9MFY13
results, PMCPL has posted total income of INR27.87 crore and PAT
of INR0.54 crore.


RCP INFRATECH: CARE Reaffirms 'BB' Rating on INR40.1cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the Bank Facilities of R.C.P
Infratech Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       40.1      CARE BB Reaffirmed

Rating Rationale

The rating continues to be constrained by the large size of the
project being undertaken by R.C.P. Infratech Pvt Ltd vis-a-vis
projects executed by the group in the past, risk inherent with the
real estate industry and intense competition from other players
despite growing demand in the region. The constraints are
partially offset by the experience of the promoters, established
track record of the group and tie-up of debt for the project.
Timely execution of the projects without cost overruns and ability
of the company to market the same at the envisaged sales
realisation are the key rating sensitivities.

RCPL, formerly known as R.P. Real Estate Pvt. Ltd was incorporated
in 1988 for developing real estate projects for both residential &
commercial purposes in Raipur, Chhattisgarh. The promoter of the
company, Mr. Rakesh Kumar Pandey, has 26 years of experience in
real estate development. Presently RCPL is developing two
residential projects in Raipur namely VIP City II and VIP Karishma
III. VIP City II comprises of 171 row houses and 144 apartments
and is planned to be executed in four phases (at a cost of
INR116.6 crore) near Vidhan Sabha, in Saddu. Phase I & II have
already been completed and the entire project is likely to be
completed by June, 2014. VIP Karishma III, a G+6 building
comprising of 12 flats at Shankar Nagar, Raipur (at a cost of
INR8.0 crore) is expected to be completed by September, 2013.
In FY12 (refers to the period April 2011 to March 2012), RCPL
achieved PAT of INR1.1 crore on total income of INR10.5 crore.


TEXPLAS TEXTILE: CARE Reaffirms 'B+' Rating in INR66cr Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the Bank Facilities of
Texplas Textile India Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       66        CARE B+ Reaffirmed
   Short-term Bank Facilities      17        CARE A4 Reaffirmed

Rating Rationale

The ratings are constrained on account of delay in the
implementation of the textile project which has resulted in lower
than envisaged cash flows, thereby, leading to a stretched
liquidity position of the company. Furthermore, the ratings
continue to be constrained by the operational and marketing risk
associated with the new venture which exposes the company to
higher competitive pressures from the existing players, having
established brands and marketing network, and somewhat subdued
textile industry outlook as a result of which the company's
realizations and margins may get impacted in the initial years of
operations. However, the ratings continue to derive strength from
the experienced promoters and management, and low funding risk
with achievement of financial closure for the project.
Going forward, the ability of the company to stabilise its
operations by achieving optimum capacity utilisation levels and
market its product successfully along with continuing support from
the promoters in the initial period would be the key rating
sensitivities.

Texplas Textile India Pvt Ltd is a closely-held company
incorporated in 2010 by J.C Jain. It is a part of the Texplas
group, which also consists of Texplas (India) Pvt Ltd, Texplas
Lifestyle (India) Pvt Ltd and Texplas Composites (India) Pvt Ltd.
The promoters also have an engineering college under the name of
'College of Engineering' in Roorkee.

TTPL has recently commissioned a manufacturing plant for
production of woollen yarn and worsted yarn in Roorkee, Haridwar.
The annual capacity of the plant is 4,237 MT. The project has been
completed at a total cost of INR69.65 crore. The commercial
production has commenced from November 2012 with a delay of around
eight months.


TIMBER TRAIL: CARE Rates INR13.65cr LT Loan at 'CARE B+'
--------------------------------------------------------
CARE assigns 'CARE B+' ratings to the Bank Facilities of Timber
Trail Travel Today Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      13.65      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Timber Trail Travel
Today Pvt Ltd is primarily constrained due to its small size of
operations with low net profitability margins, high leverage,
intense competition and seasonality of business.
The above-mentioned constraints are partially offset by the
experience of the promoters and location advantage.

The ability of TTPL to improve its scale of operations and
profitability margins, and improve its capital structure are the
key rating sensitivities.

Timber Trail Travel Today Pvt Ltd was incorporated in April, 2005
by Nainee Garg. TTPL is a part of Asia Resorts Limited, which owns
few hotels under the brand name 'Timber Trail'.  TTPL is engaged
in the business of air ticketing services, hospitality and travel
related services like visa processing, itinerary planning and car
rentals. TTPL is registered under the International Air Transport
Association (IATA), and has three branch offices located in
Chandigarh, Goa and Delhi. In March 2011, TTPL bought an existing
operational three-star hotel 'Vista Do Rio Resort' in Goa, and
renamed it to 'Camphor Goa'. Since its purchase of the hotel, TTPL
has added 29 rooms and renovated the hotel. The same was completed
in May 2012, however, the unit remained operational during FY12.
The hotel was built on a plot of about 66,000 sq.ft., comprising
76 fully furnished rooms, restaurant, bar, conference hall,
swimming pool, games and gym room.

As per the audited results of FY12 (refers to the period April 1
to March 31), TTPL reported PBILDT of INR32.9 lakhs (INR1.8 lakhs
in FY11) and PAT of INR2.5 lakhs (INR1.2 lakhs in FY11),
respectively, on a total income of INR279 crore (Rs.147 crore in
FY11). Furthermore, till 9MFY13, the company achieved a total
operating income of INR130 lakhs.


VAIBAVLAXMI CLEAN: CARE Reaffirms 'BB' Rating on INR56.57cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the Bank Facilities of
Vaibavlaxmi Clean Energy LLP.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      56.57      CARE BB Reaffirmed

Rating Rationale

The rating of Vaibhavlaxmi Clean Energy LLP continues to be
constrained due to initial stages of operations, dependence on
seasonal wind pattern for power generation, weak financial risk
profile and exposure to financially weak power sector utilities.
The rating, however, derives strength from the experienced and
resourceful promoters and favorable industry outlook.

Going forward, the ability of VCEL to operate the wind farms at
the projected Plant Load Factor (PLF) levels, timely receipt of
the payments from State Electricity Boards and continuing support
from partners would remain the key rating sensitivities.

VCEL is a limited liability partnership firm (LLP), incorporated
in September 2010 and promoted by Sanjay Agarwal, Manjari Agarwal
and M/s Mantram Power Private Limited (Investment company). The
partners of VCEL are also operating Lord Shiva Trust an
educational institute at Agra with annual sanctioned intake of 420
students.

VCEL operate 14.4 MW Wind Mill Power plants in Ratlam, MP and
Tirunelveli, Tamil Nadu. During March 2011, VCEL undertook the
project to set-up a wind mill power generation project at a total
cost of INR84 crore funded by debt of INR60 crore and equity of
INR24 crore. The installation of the wind mills at Ratlam, Madhya
Pradesh (MP) (8.4MW), and Tirunelveli, Tamil Nadu (TN) (6 MW), was
completed in phases in June 2011 and September 2011, respectively.

During FY12 (refers to the period April 1 to March 31), VCEL
registered a total operating income of INR5.69 crore, net loss of
INR5.64 crore and gross cash accruals of INR0.52 crore.



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


MERPATI NUSANTARA: Debt-to-Equity Swap Last Option for Merpati
--------------------------------------------------------------
The Jakarta Post, citing Antara news agency, reports that state-
owned Enterprises Minister Dahlan Iskan said he will likely make
use of a last ditch debt-to-equity swap option in order to save PT
Merpati Nusantara Airlines from liquidation.

"Debt-to-equity swap would be the last option to bring Merpati
back to business. If it fails, there will be no other way than to
liquidate the company," the report quotes Mr. Dahlan as saying.

The Post relates that Mr. Dahlan said he would still need
agreement from the Finance Ministry and the House of
Representatives in order to pursue that option.

He acknowledged that some lawmakers had earlier suggested that
national carrier Garuda Indonesia take over Merpati's business,
the Post says.

"Taking over Merpati might be the wrong decision," the Post quotes
Mr. Dahlan as saying.

Echoing Mr. Dahlan's statement was Merpati president director Rudy
Setiopurnomo, who believed that Mr. Dahlan's plan would save
Merpati, just as it had once saved Garuda, according to the Post.

Currently, Merpati is reported to have accumulated IDR6 trillion
(US$ 403 billion) of debts to state-owned oil firm PT Pertamina as
well as to the state-owned airport management companies of PT
Angkasa Pura I, PT Angkasa Pura II and PT Perusahaan Pengelola
Aset, the Post discloses.

                      About Merpati Nusantara

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.  The
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.

                          *     *     *

The Jakarta Globe reported on May 19, 2011, that State Enterprises
Minister Mustafa Abubakar said the financial restructuring of
Merpati Nusantara Airlines will carry on despite a recent crash
that led to questions about the safety of its fleet.

Jakarta Globe said Merpati was under the care of the state-asset
management company Perusahaan Pengelola Aset, which has injected
hundreds of billions of rupiah to bring it back to profitability.
But after the crash of a Merpati MA-60 that killed 25 people on
May 7, 2011, pressure is building to let the airline go under.


TOWER BERSAMA: Fitch Assigns 'BB' Rating to US$300MM Unsec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned TBG Global Pte Ltd.'s USD300 million
4.625% guaranteed senior unsecured 2018 notes a final rating of
'BB'. The final rating follows the receipt of documents conforming
to information already received, and is in line with the expected
rating assigned on March 25, 2013.

TBG Global Pte Ltd is a finance subsidiary of Indonesia-based
telecommunications tower operator PT Tower Bersama Infrastructure
Tbk (TBI, BB/Stable). TBI will use the proceeds from the notes to
refinance USD144.6m of its existing debt and for general corporate
purposes.

Key Rating Drivers

Notes not notched: The notes are unconditionally and irrevocably
guaranteed by TBI but not by TBI's operating subsidiaries (opcos)
which generate all of the group's revenue. Therefore the notes are
subordinated to the opcos' secured debt which totaled IDR8.1trn
(USD834m) at end-December 2012. However, a high proportion of the
group's operating cash flows are contractually locked in (USD2bn
at end-December 2012), which leads to strong creditor recovery in
a distressed scenario. Therefore, despite subordination, Fitch
believes that recovery given default on the notes would be at
least average, which warrants an instrument rating at the same
level as the TBI's Issuer Default Rating.

Unsecured debt replaces secured: As opco secured debt amortises,
the company's financing strategy is to replace this with holding
company unsecured debt which will reduce the level of
subordination, further supporting recovery on the proposed notes.

Predictable cash, strong margins: TBI's ratings reflect its
ability to generate predictable cash flows backed by long-term
contracts (average contract life: 7.7 years) with Indonesian
telcos. Further, 72% of TBI's of Q412 revenue was contributed by
investment-grade telcos. Fitch expects TBI's operating EBITDAR
margin to remain above 80% in the medium term. In addition,
incremental organic capex required to expand its tenancies is low.
Its tenancy ratio, measured in total tower tenants/towers, was
1.75x in 2012, which has potential to increase given ample co-
location opportunities in the industry.

Acquisitions drive leverage: Given the predictability of its
operating and capex cash flows, credit metrics are only likely to
be affected by M&A activity. However, the ability to add
additional tenants can reduce leverage quickly (12-18 months)
after an acquisition. Barring acquisitions, Fitch expects funds
from operations (FFO)-adjusted net leverage to improve to 4.5x in
2013 and 3.2x in 2014 (2012: 5.9x).

Counterparty risks manageable: TBI could also face difficulties in
payments from weaker telcos (28% of Q412 revenue). PT Bakrie
Telecom (BTel, CCC) and PT Smartfren (CC(idn)), which together
contributed about 8.3% of TBI's Q412 revenue, could face liquidity
problems as they struggle to grow their market share and generate
sufficient cash flows to meet their obligations and capex
commitments. However, Fitch believes that telcos typically regard
leases as senior obligations as their business continuity is
dependent on tower infrastructure.

No liquidity concerns: TBI has strong liquidity due to its robust
access to domestic and foreign-owned banks. This is evident from
TBI's committed undrawn facilities of USD250m. At end-December
2012, cash balance of IDR705bn (including restricted cash marked
for short term debt of IDR198bn) and undrawn committed facilities
were sufficient to cover its short-term debt of IDR856bn.

Rating Sensitivities

Negative: Future developments that could individually or
collectively lead to negative rating actions include

- A debt-funded acquisition of another tower portfolio or lease
  defaults by weaker telcos leading to deterioration in FFO-
  adjusted net leverage to over 4.0x on a sustained basis

- A fall in revenue contribution from investment-graded telcos to
  below 50%

A positive rating action is not expected in the medium term as the
company is unlikely to deleverage significantly as it invests to
maintain growth.


TOWER BERSAMA: Moody's Assigns Ba3 Rating to New $300MM Sr. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3 rating to
the $300 million 4.625%, five-year, senior unsecured notes of TBG
Global Pte. Ltd., a wholly-owned subsidiary of Tower Bersama
Infrastructure Tbk (Ba2 stable). The rating has a stable outlook.

The proposed notes will be unconditionally and irrevocably
guaranteed by TBI. The bond proceeds will be primarily used for
refinancing existing debt -- specifically the outstanding
revolving credit facilities of $50 million under Tower Bersama
Group's $2 billion debt programme, and loans at the holding
company of $95 million. The remaining funds will be used for
business growth.

Ratings Rationale:

Moody's definitive rating on this debt obligation confirms the
provisional rating assigned on March 25, 2013.

The principal methodology used in this rating was Global
Communications Infrastructure Rating Methodology published in June
2011.

TBI is the holding company of the TBG, one of the two leading
independent tower operators in Indonesia, with 8,439
telecommunication sites serving 13,708 tenants as of December
2012. It leases space on its telecommunications towers to cellular
telecommunications operators on long-term contracts.



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


* Moody's Sees Challenging Future for Mongolian Banks
-----------------------------------------------------
Moody's Investors Service has assigned a negative outlook for the
Mongolian banking system to reflect the challenges the banks face
in managing what will likely be a period of rapid loan growth in
an economy that is increasingly exposed to commodity-driven boom-
bust cycles.

Further underpinning the negative outlook is the presence of
various structural features, such as high loan concentrations,
weak risk-monitoring systems, and the developing character of the
regulatory framework.

Moody's detailed the change in outlook in its just-released and
first Banking System Outlook: Mongolia, authored by Hyun Hee Park,
a Moody's analyst. The outlook expresses Moody's expectations for
the fundamental credit conditions in the system over the next 12-
18 months.

"Mining and government spending have become the two dominant
sources of economic growth behind the current double-digit growth
rates of gross domestic product (GDP) and loans, and these
concentrated growth drivers raise overheating concerns and
undermine the banks' ability to diversify their loan portfolios,"
says Park. "Although inflation has declined from its high 2012
levels, it poses a risk that could hurt confidence in the banking
system."

"Furthermore, our analysis also considers the banks' limited
capital resources which provide only a weak buffer to absorb
losses in a downside scenario. Under our central scenario, limited
capital will put a strain on banks' ability to maintain current
high loan growth," says Park.

The new Moody's report specifically examines the Mongolian banking
system's operating environment, asset quality and capital, funding
and liquidity, profitability and efficiency, and systemic support.

With the operating environment, Moody's baseline scenario assumes
GDP growth of around 12% in 2013, up from 10% in the first nine
months of 2012, as the country's two main mines enter production.
Loan growth will likely rebound to 30%-40% in 2013, up from around
24% in 2012, testing the banks' ability to control risks, build
capital and maintain liquidity.

With asset quality and capital, the current low reported non-
performing loan (NPL) ratio largely reflects recent double-digit
loan growth, which in turn inflates the ratio's denominator.
Moody's expect the ratio to rise as these new loans season,
especially in the fast growing mortgage and mining-related
segments.

In the area of funding and liquidity, Moody's expects that
conditions for the banks will remain tight despite some benefit
from further monetary easing. At the same time, the key driver of
underlying liquidity pressures will be the very high pace of loan
growth.

With profitability and efficiency, Moody's expects both to
stabilize in 2013 after a modest decline in 2012, based on the
assumption that the period will continue to see double-digit loan
growth and a slight widening in margins. However, top-line gains
will be offset by rising operating costs in a high-inflation
environment, and by rising credit costs as bank loan books season.

The report further says that Moody's does not incorporate any
systemic support in its ratings for Mongolian banks because it
does not consider Mongolia a high-support country. This view is
consistent with the resolution of Zoos Bank and Anod Bank in 2009;
in both cases, the government protected depositors with blanket
deposit guarantees, but also opted to liquidate the banks.

Moody's rates the four largest banks in Mongolia, and which
together hold a combined 77.7% of total system loans and 77.6% of
total system deposits as of September 2012. The four all have a
standalone baseline credit assessment (BCA) of b1, and local
currency deposit ratings of B1 and stable rating outlooks. Moody's
also rates the Development Bank of Mongolia (B1 stable), a
government-related issuer.

The negative banking system outlook contrasts with the stable
rating outlooks for the rated banks .These stable rating outlooks
reflect the view that the current rating levels of B1 for all four
already incorporate substantial downside risks.

Nonetheless, Moody's believes that, on balance, negative rating
actions are more likely than positive actions over the next 12-18
months. The stable outlook on Mongolia's B1 government bond rating
reflects the risks highlighted in the report, as balanced by
improved government finances and foreign exchange reserves.



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


DOMINION FINANCE: Ex-CEO Found Guilty of Theft Charges
------------------------------------------------------
Georgina Bond at NBR Online reports that Dominion Finance boss
Paul Cropp has been found guilty of theft in relation to the
collapsed finance company.

Justice Graham Lang has just delivered his verdict on the theft
charges, brought by the Serious Fraud Office, at Auckland High
Court, NBR Online relates.

According to the report, the mixed-bag verdict saw Mr. Cropp
singled out from two other co-accused -- Dominion Finance director
Robert Barry Whale and a third company executive who has name
suppression.

Mr. Whale was found not guilty of the five charges of theft in a
special relationship he faced and the third executive was found
not guilty of the three charges he faced, NBR relays.

NBR says Mr. Cropp is the first chief executive, in the recent
finance company trials before the court, to be convicted. The four
charges Mr. Cropp was found guilty of related to related-party
lending of about NZ$13.57 million in breach of Dominion's trust
deeds.

He has been remanded on bail until sentencing and was asked to
hand in his passport by the end of the day, relates NBR.

NBR notes that Justice Lang heard the six-week trial alone between
February and March, in which the SFO alleged the directors
breached the financier's trust deeds when they took part in
unauthorised related-party lending to the value of more than NZ$20
million.

This related to allegedly stripping cash from Dominion Finance
Holding's subsidiary North South Finance in favor of Dominion
Finance Group, in order to stave off receivership.

                     About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited was engaged in the provision of financial services
through the raising of debenture stock.  The company operated
through its wholly owned subsidiaries Dominion Finance Group
Limited and North South Finance Limited, and investment vehicle
Dominion Investment Fund Limited.  Both Dominion Finance Group
Limited and North South Finance Limited accepted debenture stock
investments and apply them (in conjunction with its own funds)
towards the provision of certain loans and other financial
accommodation.

Dominion Finance was put into receivership in September 2008
owing about NZ$176.9 million to more than 5,900 investors. It was
put into liquidation by the High Court at Auckland in May 2009.
Associate Judge Faire appointed William Black and Andrew Grenfell
of McGrathNicol as liquidators of the firm.  Receiver Rod
Partington of Deloitte said the liquidation application will not
affect the progress of the receivership.

North South Finance went into receivership in July 2010.

In total, the group is estimated to owe creditors NZ$400 million.



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


* Moody's Notes 26.9% Increase in Asian LSI in March
----------------------------------------------------
Moody's Investors Service says that its Asian Liquidity Stress
Index (Asian LSI) increased to 26.9% in March from 24.8% in
February, reversing the downward trend seen during the first two
months of 2013.

"The higher reading reflects a net increase in the number of
companies with our lowest (weakest) speculative-grade liquidity
score (SGL-4), to 29 from 26 in February," says Laura Acres, a
Moody's Senior Vice President.

"The total number of rated high-yield companies also rose, to 108
from 105, as Moody's assigned corporate family ratings (CFR) to
China Minzhong Food Corporation Limited, Tianneng Power
International Limited and Sunac China Holdings Limited. In
addition, both the number of ratings and the amount of rated debt,
at $56.9 billion, are at all-time highs," she adds.

Acres was speaking on the release of Moody's latest "Asian
Liquidity Stress Index" report.

The index -- which rises when speculative-grade liquidity appears
to decrease -- has increased steadily since late 2011, and has
held in a tight range since reaching a high of 29.1% in October
2012.

This level was below the record high of 37% seen during the fourth
quarter of 2008, or during the global financial crisis, but well
above the all-time low of 9% seen in November 2011.

The liquidity sub-index for Chinese speculative-grade companies
also rose in March, after declining for the first two months of
the year. It edged up to 30.9% from 26.9% in February, with the
addition of three companies with SGL-4 scores to the list of
speculative-grade rated Chinese companies.

China's high-yield property index also rose to 32.4% from 30.3% in
February with the addition of one rated Chinese property developer
with an SGL-4 score.

On the other hand, the Indonesian sub-index was unchanged for a
third straight month at 12.5%, just slightly higher than the 12.0%
seen from October through December.

High-yield bond issuance picked up in March after a quiet February
in which just one rated deal closed. Ten companies issued bonds,
and eight closed deals totaling $2.8 billion. One deal remained in
market at the end of the month, while, in early April, Tianneng
Power International Limited (Ba3 stable) postponed its proposed
issuance.

The number of Corporate Family Rating downgrades (5) outnumbered
upgrades (4) during the first quarter of the year - the seventh
straight quarter of such a trend. However, positive momentum is
building and in March upgrades (3) surpassed downgrades (2).

Furthermore, the percentage of companies with negative rating
outlooks or those on review for downgrade fell to 23.1% during the
first quarter from 34.3% in the previous quarter, while the number
of companies with positive rating outlooks rose to 10 in the first
quarter from eight in the fourth quarter.

Moody's had assigned speculative-grade ratings to 108 issuers in
Asia (excluding Japan and Australia) covering $56.9 billion of
rated debt by the end of March, up from 105 issuers and $54.3
billion in February.



                             *********

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 ***