TCRAP_Public/130424.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

            Wednesday, April 24, 2013, Vol. 16, No. 80


                            Headlines


A U S T R A L I A

PERPETUAL TRUSTEE: Fitch Affirms 'BB' Rating on Class B Cert.
WINDSOR FARM: Administrators Recommend Liquidation


C H I N A

CHINA DU KANG: Reports $925,000 Net Income in 2012
CHINA GREEN: Swings to $635,800 Profit in 2012
LAI FUNG: Fitch Assigns 'BB-' Rating to CNY1.8BB Senior Notes


I N D I A

AMRUT COTTON: ICRA Reaffirms 'B+' Rating on INR15cr Loan
ARNEJA CARRIERS: ICRA Assigns 'D' Rating to INR5cr Loan
CLAD METAL: ICRA Reaffirms 'BB' Rating on INR4.25cr Loans
INDO DUTCH: ICRA Reaffirms 'B-' Ratings on INR10cr Loans
NEEMRANA FOODS: ICRA Reaffirms 'D' Rating on INR4.16cr Loan

OM SAI: ICRA Assigns 'BB' Rating to INR7cr Long Term Limits
PARAMOUNT AIRWAYS: Madras High Court Appoints Official Liquidator
SHREE KHIWAJ: ICRA Rates INR8cr Loan at '[ICRA]B+'
SHREEJI FOILS: ICRA Assigns 'B' Ratings to INR7cr Loans
SK POLYFOAMS: ICRA Assigns 'B' Ratings to INR4.06cr Loans

SPAS INFRA: ICRA Assigns 'B+' Rating to INR15cr LT Limits
SR DISTILLERY: ICRA Assigns 'D' Rating to INR47.26cr Term Loans
TEESTA URJA: ICRA Cuts Rating on INR1,860cr Term Loan to 'D'


I N D O N E S I A

PERUSAHAAN GAS: S&P Revises Outlook to Pos. & Affirms 'BB+' CCR


J A P A N

* Moody's Notes Effect of Easing Policy on Japanese Insurers


M A L A Y S I A

PARKSON RETAIL: New Notes Issue Gets Moody's (P)Ba1 Rating


N E W  Z E A L A N D

ALLIED FARMERS: Sells Taranaki Real Estate Unit for NZ$472,500
MAINZEAL PROPERTY: Receivers Put Company's Assets on Market
NEW PLYMOUTH: High Kiwi Dollar Prompts Club Closure


S I N G A P O R E

AMARU INC: Won't be Able to File 2012 Annual Report for Audit


X X X X X X X X

* Fitch Releases Asia-Pacific Monthly April 2013 Highlights
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


PERPETUAL TRUSTEE: Fitch Affirms 'BB' Rating on Class B Cert.
-------------------------------------------------------------
Fitch Ratings has affirmed 22 classes of seven conforming RMBS
transactions issued by Perpetual Trustee Company Limited in its
capacity as trustee of the RESIMAC Triomphe Trusts. The agency has
also affirmed 2 classes of one non-conforming transaction issued
by Perpetual Trustee Company Limited in its capacity as trustee of
RESIMAC Bastille Trust Series 2012-1NC.

The RESIMAC Triomphe transactions are backed by pools of
Australian conforming residential mortgages originated by RESIMAC
Limited, while RESIMAC Bastille Trust Series 2012-1NC is backed by
a pool of Australian conforming and non-conforming residential
mortgages originated by RESIMAC Limited, accredited mortgage
aggregators and third-party brokers.

The transactions are RESIMAC Premier Series 2008-1 (RESIMAC 2008-
1), RESIMAC Premier Series 2009-1 (RESIMAC 2009-1), RESIMAC
Premier Series 2009-2 (RESIMAC 2009-2), RESIMAC Premier Series
2010-1 (RESIMAC 2010-1), RESIMAC Premier Series 2010-2 (RESIMAC
2010-2), RESIMAC Premier Series 2011-1 (RESIMAC 2011-1), RESIMAC
Premier Series 2012-1 (RESIMAC 2012-1) and RESIMAC Bastille Trust
Series 2012-1NC (RESIMAC Bastille 2012-1NC). The rating actions
are listed at the end of this commentary.

Key Rating Drivers

The rating actions reflect Fitch's view that available credit
enhancement supports the notes at their current ratings, and that
the credit quality and performance of the underlying loans have
remained within the agency's expectations. Arrears and losses have
consistently been low and excess spread has remained stable. The
ratings also reflect RESIMAC Limited's mortgage underwriting and
servicing capabilities.

As at Feb. 28, 2013, the seven RESIMAC Triomphe transactions have
experienced arrears below the Fitch Dinkum 30+ day arrears index
of 1.46%. RESIMAC 2010-2 experienced the highest arrears at 1.07%,
while RESIMAC 2012-1 had the lowest arrears at 0.28% of their
respective outstanding collateral balance. RESIMAC 2010-1 has a
high concentration of low doc assets (67.9% of the pool) and its
arrears levels remain below the 30+ day conforming low-doc Dinkum
arrears index. RESIMAC Bastille 2012-1NC experienced 30+ days
arrears of 2.11%, below the Fitch's Non-conforming Index of
11.99%.

RESIMAC 2010-1 had the maximum cumulative loss claimed against the
lenders' mortgage insurance (LMI) at 0.13% of the original
mortgage balance. All underlying conforming loans of the RESIMAC
transactions carry LMI cover, and the policies are provided by QBE
Lenders Mortgage Insurance Limited (AA-/Stable Outlook) and
Genworth Financial Mortgage Insurance Pty Limited.  As of
Feb. 28, 2013, all losses not covered by the mortgage insurers
have been covered by excess spread.

Rating Sensitivities

The prospect for downgrades is considered remote at present given
the satisfactory performance of the pools, as well as adequate
excess spread and subordination.

Individual representations, warranties, and enforcement mechanisms
reports are available for all structured finance transactions
initially rated on or after Sept. 26, 2011 at
www.fitchratings.com.

RESIMAC 2008-1:
AUD160.6m Class A3 (ISIN AU3FN0007290) affirmed at 'AAAsf';
Outlook Stable
AUD12.0m Class AB (ISIN AU3FN0007308) affirmed at 'AAAsf'; Outlook
Stable
AUD13.4m Class B (ISIN AU3FN0007316) affirmed at 'BBsf'; Outlook
Stable

RESIMAC 2009-1:
AUD200.1m Class A3 (ISIN AU3FN0008280) affirmed at 'AAAsf';
Outlook Stable
AUD11.6m Class AB (ISIN AU3FN0008298) affirmed at 'AAAsf'; Outlook
Stable
AUD8.9m Class B1 (ISIN AU3FN0008306) affirmed at 'AAsf'; Outlook
Stable
AUD6.9m Class B2 (ISIN AU3FN008314) affirmed at 'BBsf'; Outlook
Stable

RESIMAC 2009-2:
AUD108.3m Class A2 (ISIN AU3FN0009387) affirmed at 'AAAsf';
Outlook Stable
AUD11.9m Class AB (ISIN AU3FN0009395) affirmed at 'AAAsf'; Outlook
Stable
AUD4.6m Class B1 (ISIN AU3FN0009403) affirmed at 'AAsf'; Outlook
Stable

RESIMAC 2010-1:
AUD91.0m Class A (ISIN AU3FN0010658) affirmed at 'AAAsf'; Outlook
Stable
AUD12.7m Class AB (ISIN AU3FN0010666) affirmed at 'AAAsf'; Outlook
Stable
AUD3.2m Class B1 (ISIN AU3FN0010674) affirmed at 'Asf'; Outlook
Stable

RESIMAC 2010-2
AUD78.0 m Class A1 (AU3FN0012134) affirmed at 'AAAsf'; Outlook
Stable
AUD148m Class A2 (ISIN AU3FN0012159) affirmed at 'AAAsf'; Outlook
Stable
AUD26.6m Class AB (AU3FN0012167) affirmed at 'AAAsf'; Outlook
Stable

RESIMAC 2011-1
AUD245.0m Class A (ISIN AU3FN0013140) affirmed at 'AAAsf'; Outlook
Stable
AUD25.3m Class AB (ISIN AU3FN0013157) affirmed at 'AAAsf'; Outlook
Stable

RESIMAC 2012-1
USD250.0m Class A1-A (USQ80655AA33) affirmed at 'F1+sf';
AUD0.0m Class A1-R affirmed at 'AAAsf'; Outlook Stable;
AUD160.0m Class A2 (AU3FN0015772) affirmed at 'AAAsf'; Outlook
Stable;
AUD25.0m Class AB (AU3FN0015780) affirmed at 'AAAsf'; Outlook
Stable

RESIMAC Bastille 2012-1NC
AUD186.7m Class A1 (AU3FN0017117) affirmed at 'AAAsf'; Outlook
Stable
AUD34.8m Class A2 (AU3FN0017125) affirmed at 'AAAsf'; Outlook
Stable


WINDSOR FARM: Administrators Recommend Liquidation
--------------------------------------------------
The Cowra Guardian reports that the administrators appointed to
Windsor Farm Foods have recommended creditors place the company
into liquidation at a meeting in Cowra on April 16.

Grant Thorton administrator Trevor Pogroske told The Cowra
Guardian creditors have been issued with a report with the
recommendation the company be wound up.

It comes as employees stood down without pay have raised concerns
they could be left without any financial entitlements unless the
company is liquidated, the Cowra Guardian relays.

According to the report, the company had not made a profit since
2008 and had recorded a AUD2 million loss in the six months to
December 2012, creditors were told at a meeting last month.

While more than 30 businesses expressed interest in purchasing all
or part of the Cowra cannery, administrators said they have not
had a purchaser willing to continue its operations, says The Cowra
Guardian.

Administrators are however in confidential negotiations to sell
the plant and equipment at the cannery, the report adds.

                       About Windsor Farm

Windsor Farm Foods Group's principal activities comprise the
canning of food products for the retail and food service industry,
and the preparation and distribution of dry food products to the
food service industry and manufacturing.

Grant Thornton Recovery and Reorganisation Partners, Trevor
Pogroske, Said Jahani and Paul Billingham were appointed Joint and
Several Voluntary Administrators of Windsor Farm Foods Group
Limited, Windsor Farm Foods Pty Limited, Cowra Export Packers
Limited and Cowra Canners Pty Limited on March 12, 2013.

The Administrators will conduct investigations and review the
business in an effort to try to sell the business and realise
assets for the benefit of all creditors.



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


CHINA DU KANG: Reports $925,000 Net Income in 2012
--------------------------------------------------
China Du Kang Co., Ltd., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing net
income of $924,661 on $5.07 million of gross revenues for the year
ended Dec. 31, 2012, as compared with a net loss of $696,001 on
$3.09 million of gross revenues for the year ended Dec. 31, 2011.

The Company's balance sheet at Dec. 31, 2012, showed $17.60
million in total assets, $7.24 million in total liabilities and
$10.36 million in total equity.

Keith K. Zhen, CPA, in Brooklyn, New York, did not issue a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.

After auditing the 2011 financial statements, Keith K. Zhen, CPA,
in Brooklyn, New York, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the company incurred an operating loss for
each of the years in the two-year period ended Dec. 31, 2011, and
as of Dec. 31, 2011, had an accumulated deficit.

A copy of the Form 10-K is available for free at:

                        http://is.gd/WaTtri

                        About China Du Kang

Headquartered in Xi'an, Shaanxi, in the PRC, China Du Kang Co.,
Ltd., was incorporated as U.S. Power Systems, Inc., in the State
of Nevada on Jan. 16, 1987.  The Company is principally engaged in
the business of production and distribution of distilled spirit
with the brand name of "Baishui Dukang".  The Company also
licenses the brand name to other liquor manufactures and liquor
stores.

                           *     *     *

This concludes the Troubled Company Reporter's coverage of
China Du Kang until facts and circumstances, if any, emerge
that demonstrate financial or operational strain or difficulty at
a level sufficient to warrant renewed coverage.


CHINA GREEN: Swings to $635,800 Profit in 2012
----------------------------------------------
China Green Creative, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing net
income of $635,873 on $6.87 million of revenues for the year ended
Dec. 31, 2012, as compared with a net loss of $344,901 on $1.92
million of revenue during the prior year.

The Company's balance sheet at Dec. 31, 2012, showed
$6.35 million in total assets, $8.06 million in total liabilities
and a $1.71 million total stockholders' deficit.

Madsen & Associates CPA's, Inc., in Salt Lake City, Utah, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2012.  The independent
auditors noted that the Company does not have the necessary
working capital to service its debt and for its planned activity,
which raises substantial doubt about its ability to continue as a
going concern.

A copy of the Form 10-K is available for free at:

                        http://is.gd/ALUuEo

                        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.


LAI FUNG: Fitch Assigns 'BB-' Rating to CNY1.8BB Senior Notes
-------------------------------------------------------------
Fitch Ratings has assigned Lai Fung Holdings Ltd's (Lai Fung, BB-
/Stable) CNY1.8 billion 6.875% senior notes due 2018 a final
rating of 'BB-'. The assignment of the final rating follows the
receipt of documents conforming to information already received
and the final rating is in line with the expected rating assigned
on
Feb. 15, 2013.

Key Rating Drivers

Recurring earnings support ratings: Lai Fung's stable rental
income generated from its prime location properties and a healthy
financial profile warrant a higher rating than 'B+' rated Chinese
homebuilders that generate double its EBITDA. Lai Fung's EBITDA
for investment properties/gross interest expenses of 1.5x and
total debt/adjusted property assets of 0.24x in financial years
ending 31 July 2012 indicated sufficient headroom to meet its
current debt obligations. Its ratings are, however, constrained by
its small scale relative to the expansion of investment properties
the company is undertaking.

Small scale, project concentration: Lai Fung's small scale means
that it has only one sizeable investment property, Shanghai Hong
Kong Plaza, which contributed 74% of its rental revenue of HKD474m
in 2012. This asset concentration had caused Lai Fung's rental
EBITDA interest coverage to weaken considerably below 1.0x between
2008 and 2010 when it undertook a major upgrading of Shanghai Hong
Kong Plaza. Outside of this period, Lai Fung's rental EBITDA
interest coverage was at least 1.5x between 2006 and 2012.

Debt funded expansion: Lai Fung's debt will increase to help fund
committed capex and to invest for future growth, thus weakening
its credit metrics until its new assets start contributing income
from 2015. Fitch expects that its current and future investments
in investment properties will be in excess of HKD2bn over the next
five years, resulting in accumulated negative free cash flow of
above HKD1.5bn. This means that Lai Fung's 2012 rental EBITDA of
HKD309m will grow slower than the increase in interest expenses
before 2015.

Prime location properties: Lai Fung's investment properties in
Shanghai and Guangzhou will benefit from China's continued strong
economic growth. Its key asset, Shanghai Hong Kong Plaza, is
located in a prime location attracting high quality tenants.

Financially prudent track record: Lai Fung has maintained a low
loan-to-value ratio of below 30% and adequate liquidity even as
its property assets have grown 140% between 2006 and 2012. The
company's financial prudence was also demonstrated in 2009 and
2010 where property development sales outstripped development
expenditure, generating positive operating cash flow. Furthermore,
the company has access to diversified funding sources in both
onshore and offshore debts as well as equity funding.

Parent co-operation supports growth: Lai Fung can now allow its
largest shareholder Lai Sun Development Company Limited (LSD) to
participate in its Chinese projects where Lai Fung has control.
This follows the lifting of an anti-competition restriction on LSD
to participate in Chinese projects in 2012. Furthermore, access to
group funding allows Lai Fung to compete for larger projects in
prime locations to enhance its portfolio.

Rating Sensitivities:

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

- EBITDA for investment properties/interest expenses falling
  below 1.0x on a sustained basis

- total debt/property assets exceeding 0.4x on a sustained basis

- increase of development assets to above 25% (22% in 2012) of
  total property assets

Positive: Positive rating action is not expected in the next 18-24
months due to Lai Fung's small operational scale and high capex
resulting in negative free cash flow. However, future developments
that may, individually or collectively, lead to positive rating
action include:

- EBITDA from investment properties rising above HKD600m and
  EBITDA for investment properties/interest expenses exceeding
  1.5x on a sustained basis



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


AMRUT COTTON: ICRA Reaffirms 'B+' Rating on INR15cr Loan
--------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR15.00 crore
cash credit facility of Amrut Cotton Industries.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Cash Credit Limit          15.00    [ICRA]B+ reaffirmed

The reaffirmation of rating factors in ACI's modest operating
scale and weak financial profile as reflected by low profitability
and adverse capital structure leading to weak debt protection
indicators. Besides, high inventory level owing to the seasonal
nature of business and comparatively slow recovery of receivables
has increased the working capital intensity. The rating continues
to factor in the pressure on margins due to raw material prices
volatility, which in turn is subject to seasonality, crop harvest
and government regulations; and low value additive nature of
business coupled with strong competition due to low entry
barriers. Moreover, ACI being a partnership concern, any
significant withdrawals from the capital account could adversely
affect its capital structure. The rating, however, continues to
draw comfort from the long experience of the promoters in cotton
ginning business and location advantage of ACI's manufacturing
facility in Gondal, Gujarat giving it easy accessibility to raw
material requirement.

Amrut Cotton Industries was established in 2003 and is engaged in
cotton ginning operation. The manufacturing facility of the firm
is currently equipped with 30 ginning machines with its plant
location in Gondal, Gujarat. ACI is currently headed by Mr. Suresh
V Senepara along other 8 family members, being partners, who hold
long experience in cotton industry.

Recent Results

For the year ended March 31, 2012, the company has reported an
operating income of INR64.23 crore with a profit after tax (PAT)
of INR0.50 crore.


ARNEJA CARRIERS: ICRA Assigns 'D' Rating to INR5cr Loan
-------------------------------------------------------
ICRA has assigned '[ICRA]D' rating for the INR5.0 Crore bank
facilities of Arneja Carriers Private Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund Based Limits-          5.0     [ICRA]D assigned
   Cash Credit

The rating reflects irregularities in debt servicing as reflected
in excess drawing against the cash credit facility for prolonged
period indicating stretched liquidity position.  The firm has
modest scale of operations with a significant proportion of
revenues coming from its Bharat Petroleum dealership unit. The
profit margins remain low given the high competitive intensity in
the cargo transportation business and the inherent thin margin in
dealership operations. The financial risk profile remains adverse
as reflected in adverse gearing and stretched liquidity position.

ICRA, however, notes the sizeable owned fleet strength and
established relationship of the company with automotive OEMs for
transport of vehicles. Going forward, the company's ability to
prudently manage its working capital requirements to avoid excess
drawings against sanctioned fund based limits, improve its capital
structure as well as generate adequate revenues to justify its
asset heavy business model would remain key rating sensitivities.

ACPL was incorporated in December 2001 to carry on the goods
transportation business. The logistics operations of the company
include FTL cargo transportation from dry port to port, and
transportation of passenger cars from OEM plants to dealers. Apart
from the transportation business, the company has a dealership of
Bharat Petroleum (BP) in the outskirts of Indore. The promoters
have been in the cargo transportation business since 1970s'. The
company is promoted by the Arneja family based in Indore. The day
to day operations are directed by Mr. Surinder Arneja and his
younger brother Mr. Surjit Singh Arneja.


CLAD METAL: ICRA Reaffirms 'BB' Rating on INR4.25cr Loans
---------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' to the
INR3.0 crore term loans (enhanced from INR0.7 crore) and INR1.25
crore fund based limits of Clad Metal India Private Limited.  The
outlook on the long term rating is 'Stable'.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans               3.0     [ICRA]BB (Stable) Reaffirmed
   Fund Based Limits        1.25    [ICRA]BB (Stable) Reaffirmed
   Non Fund Based Limits   11.45    [ICRA] A4+ Upgraded from
                                    [ICRA] A4

ICRA has upgraded the short term rating assigned to the Rs.11.45
crore non fund based limits of CMIPL from '[ICRA]A4' to
'[ICRA]A4+'. The upgrade in the short term rating favorably
factors in the improvement in the company's working capital cycle
with focus on securing receivables through LCs and collecting
advances from certain clients. This has resulted in reduction in
working capital borrowings and hence leverage in FY12. The ratings
continue to favorable factor in the company's strong customer base
with healthy market share with major OEMs, proximity to
manufacturing units of the OEMs resulting in lower fright costs
and strong experience of promoters in the sheet metal industry.

The ratings continue to remain constrained by the company's
relatively small scale of operations, high client concentration
with top five clients accounting for more than 75% of revenues,
relatively high inventory risk, competition from Chinese imports,
weak profitability indictors and stretched capital structure
characterised by weak coverage indicators. Leverage of the company
remains sensitive to working capital cycle. Also gearing is likely
to increase in light of the future capex plans.

Promoted by Mr. Ashok Kale in 2005, the company has been involved
in the manufacturing of roll bond evaporators used in
refrigerators and supplies it to reputed OEMs such as LG, Haier
and Videocon. Roll bond evaporators refer to the aluminium body
present inside refrigerators on which gas tubes are engraved for
cooling.

Recent Results

The company recorded a net profit of INR2.0 crore on a turnover of
INR43.9 crore in 9MFY13.


INDO DUTCH: ICRA Reaffirms 'B-' Ratings on INR10cr Loans
--------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B-' rating to the INR8.50 crore
term loan and INR1.50 crore open cash credit facilities of Indo
Dutch Carpet Mfg. Pvt. Ltd.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             --------    -------
   Fund Based Limit-        8.50      [ICRA]B- reaffirmed
   Term Loan

   Fund Based Limit-        1.50      [ICRA]B- reaffirmed
   Open Cash Credit

The rating reaffirmation takes into account the weak financial
profile of the company as reflected by losses incurred in 2011-12,
high gearing and depressed level of coverage indicators. The
rating also takes into account the current small scale of
operations at an absolute level despite a significant growth
registered in the recent past, high working capital intensity of
operations adversely impacting its liquidity position which leads
to a high level of utilization of the working capital limits,
reducing financial flexibility. ICRA also notes the limited
bargaining power of the company as they acts as a backward
integration of established associated group companies and the
current sluggishness in the auto ancilliary sector which may lead
to stressed cash flows, impacting the debt servicing capacity of
the company. Nevertheless, the rating reaffirmation factors in the
promoter's experience in the auto component industry and its
proximity to raw material sources that reduces freight costs.

Incorporated in 2006, as PCP Infrastructure Pvt Ltd, the company
changed its name to Indo Dutch Carpet Mfg Pvt Ltd in 2008. The
manufacturing facilities of the company are located at Pathredi
and Khuskhera at Bhiwadi district, Rajasthan with a total capacity
of 3,500 metric tonne per annum (MTPA).The commercial production
from Pathredi and and Khuskhera facilities started from December
2010 and July 2011 respectively. Besides IDCMPL, the group has
other companies engaged in auto ancilliary business including
Paracoat Products Limited rated at [ICRA]BBB- stable/[ICRA]A3 and
PCP Auto Interiors Pvt Ltd.

Recent Results

During the first ten months of 2012-13, the company has reported
loss before tax (provisional) of INR0.0007 crore on an operating
income of INR8.27 crore (provisional). The company reported a net
loss of INR0.30 crore on an operating income of INR4.68 crore in
2011-12.


NEEMRANA FOODS: ICRA Reaffirms 'D' Rating on INR4.16cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA] D' assigned to
INR4.16* bank lines of Neemrana Foods Private Limited.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Term Loans               4.16     [ICRA]D reaffirmed

The rating takes into account the continuing delays in debt
servicing by the company, it's relatively high gearing and weak
debt protection indicators. Further, the rating also factor in the
limited track record of company's operations as the operations of
the company are yet to stabilize and its exposure to movements in
raw material prices. ICRA also takes into consideration the
competition faced by the company from the import of window blinds
which might exert pressure on its profitability. However, the
rating favorably factors in the long track record of the promoters
in the trading of window blinds.

Neemrana Foods Private Limited is engaged in the business of
manufacturing of fabric and fabric coatings for window blinds
which are comprehensively used in homes, offices, restaurants,
hotels, hospitals and other similar areas to give protection from
excess sunlight and harsh weather conditions. The operations of
the company were started in November 2011.

Recent results

For the year ended FY2012, the company posted a profit after tax
(PAT) of INR-0.22 crore on a turnover of INR1.22 crore.


OM SAI: ICRA Assigns 'BB' Rating to INR7cr Long Term Limits
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR7.00
crore fund based limits and a short term rating of '[ICRA]A4' to
the INR8.00 crore non fund based limits of Om Sai Enterprises. The
outlook assigned to the long term rating is "Stable".

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Long term Fund Based       7.00     [ICRA]BB (Stable) assigned
   Limits (OCC)

   Short Term Non Fund        8.00     [ICRA]A4 assigned
   Based Limits (ILC/FLC)

The assigned ratings are constrained by the company's modest
profitability levels on account of low value addition in the
business and modest interest coverage ratios. ICRA also notes the
vulnerability of the margins to the fluctuations in the steel
prices and to the competitive pressure prevailing in the steel
trading industry. The ratings also incorporate the risk of capital
withdrawals, given its constitution as a proprietorship firm. The
assigned ratings however draws comfort from the extensive
experience of the promoters in the business of trading steel
products, well diversified client and substantial growth in
operating income during FY 2012.

Om Sai Enterprises was incorporated in 1996, as a proprietorship
firm by Mr. Kuldeep Singh Bhatti. The firm is into the business of
processing and trading of steel and iron products in the domestic
market. The firm has a registered office in Mumbai and a
processing unit in Kalamboli, Navi Mumbai.

Recent Results:

During 2011-12, the company has reported a net profit of INR0.54
crore on an operating income of INR96.36 crore. As per the 8M
unaudited results of 2012-2013, the company has reported a net
profit of INR0.84 crore on an operating income of INR113.48 crore.


PARAMOUNT AIRWAYS: Madras High Court Appoints Official Liquidator
-----------------------------------------------------------------
The New Indian Express reports that declaring the Paramount
Airways Private Limited in the city commercially insolvent, the
Madras High Court has appointed its Official Liquidator to
provisionally take charge of the assets of the airline company
till a decision is reached.

The Express says Justice S Rajeswaran made the declaration as the
airways company was not in a position to pay its dues to various
companies. The judge said former directors of the airways have
been directed to file their statement of affairs before the
Liquidator within 21 days, according to the report.

The bench was passing ex-parte interim orders on the Company
Petitions from Taj Madras Flight Kitchen Private Limited, IDBI
Bank Limited and four other companies, the report relates.

The petitioners prayed to the court to wind up the airline,
appoint an Official Liquidator to take charge of its assets and to
conduct its affairs in the course of the winding up and distribute
the assets to them in accordance with law, the report notes.

According to the petitioners, who lent their respective services,
there were dues running to several crores of rupees from Paramount
Airways. The dues remained unsettled for years despite reminders.

Paramount Airways operated scheduled services, mainly targeting
business travellers until it ceased operations in 2010.  The
company was based in Chennai, India.


SHREE KHIWAJ: ICRA Rates INR8cr Loan at '[ICRA]B+'
--------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR8.00
crore fund-based facilities of Shree Khiwaj Traders.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund based limits         8.00     [ICRA]B+ Assigned

The assigned rating is constrained on account of the low scale of
operations and thin operating profit margins due to low value add
nature of distribution business. The assigned rating also factors
in the stretched financial profile as characterized by a high
gearing at 2.05 times as on March 31, 2012 and low interest
coverage of 1.32 times in FY12. The rating also takes into account
the possibility of partners withdrawing capital from the business
for personal needs and/or to fund other group companies.

The rating however draws comfort from the presence of the firm for
over a decade in the FMCG distribution business and the strong
demand associated with distribution of HUL products. The rating
also positively factors in the steady revenue growth over the past
five years and the minimal debtor and inventory position resulting
in healthy cash conversion cycle for the firm.

Shree Khiwaj Traders was established as a partnership firm in the
year 2003 by Mr. Nirmal Sharma and family. The firm is a
redistribution stockist for Hindustan Unilever Limited products
for modern trade format stores in Hyderabad and Secunderabad. The
promoters have experience of over a decade in FMCG distribution
business.

Recent Results

In the financial year 2011-12, Shree khiwaj traders reported an
operating income of INR76.07 Crore with a Profit before Tax of
INR0.18 Crore.


SHREEJI FOILS: ICRA Assigns 'B' Ratings to INR7cr Loans
-------------------------------------------------------
ICRA has assigned '[ICRA]B' rating for the INR7.0 Crore bank
facilities of Shreeji Foils Private Limited.

                              Amount
   Facilities                (INR Cr)   Ratings
   ----------                --------   -------
   Working Capital Facilities   6.0     [ICRA]B assigned
   Term Loans                   0.8     [ICRA]B assigned
   Proposed Fund Based          0.2     [ICRA]B assigned
   Facilities

The rating assigned is constrained by the company's small scale of
operations as well as its weak financial risk profile
characterized by high gearing, weak debt coverage indicators and
stretched liquidity profile. The rating is also constrained by the
competitive nature of the ingot manufacturing industry as well as
the exposure of the company's profitability to the cyclicality
associated with the industry. The rating, however, factors in the
long experience of the promoters in a similar line of business.
Going forward, the company's ability to scale up its operations as
well as manage its working capital intensity would remain key
rating sensitivities.

Incorporated in 1956, Shreeji Foils Private Limited (erstwhile
Ananya Foils Private Limited) was engaged in manufacturing of
Stainless Steel Sheets. In September 2011, the company changed its
name to its current name SFPL and started manufacturing of Alloy
Steel Ingots as well as trading of Stainless Steel, mild steel
ingots and sheets. The company has an induction furnace located in
Bhiwadi with a capacity of about 1000T/month.

Recent Results

In Apr-Feb 2012-13 (provisional financials), SFPL has recorded an
operating income of about INR24.6 Crore. The company's operating
profit before depreciation, interest and tax was INR1.2 Crore.


SK POLYFOAMS: ICRA Assigns 'B' Ratings to INR4.06cr Loans
---------------------------------------------------------
The ratings of '[ICRA]B' on the long-term scale and '[ICRA]A4' on
the short-term scale have been assigned to the INR7.06 crore bank
limits of S.K. Polyfoams Pvt. Ltd.

                           Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans              1.31     [ICRA]B Assigned
   Cash Credit Limits      2.75     [ICRA]B Assigned
   Non fund based Limits   3.00     [ICRA]A4 Assigned

The ratings are constrained by the modest scale of the company's
operations; limited ramp-up since commencement in July 2009; its
weak credit profile and tight liquidity; limited bargaining power
with customers and exposure to high competition in the market. The
ratings however positively factor in the reasonable experience of
the promoters in the polyurethane foam (PU foam) business and the
good demand prospects for PU foam driven by its varied
applications.

S.K. Poly Foams Pvt. Ltd. incorporated on December 23, 2008 is
engaged in the manufacturing of P.U Foam and Mattresses used in
various types of home furnishing products like sofas, cushion,
pillows, bed linen, furnishing material, upholstery. The company's
plant is located in Jaipur and it commenced commercial operations
from July 2009. The company has been co-promoted by Mr. Vishnu
Agarwal and Mr. Sukhdeep Singh Khurana (who is a director in
Coirfoam India Pvt Ltd).

Recent Results

In 2011-12, S.K. Polyfoams reported an operating income (OI) of
INR22.05 crore and profit after tax (PAT) of INR0.13 crore
compared to OI of INR19.15 crore and PAT of INR0.31 crore in 2010-
11.


SPAS INFRA: ICRA Assigns 'B+' Rating to INR15cr LT Limits
---------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR15.00 crore fund
based limits of SPAS Infrastructures Private Limited.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Long Term Fund          15.00     [ICRA]B+ assigned
   Based Limits

The assigned rating reflects the company's exposure to regulatory,
execution and market risks, given the nascent stage of project
development. The rating also takes into account the funding risks
faced by the company as significant portion of the project cost is
expected to be met through customer advances which are contingent
on its ability to generate strong bookings while maintaining
healthy collection efficiency. Moreover with significantly high
margin requirements, the debt drawdown in initial phases of the
construction is expected to remain limited resulting into a heavy
dependence on promoter's funds. The rating is also constrained by
the revenue concentration on a single project and further the
geographical concentration risk.

The rating, however, derives comfort from the past experience of
the promoters in real estate development through a group company,
Pooja Ventures Private Limited. ICRA also notes that SPAS is
developing one of the few residential villa projects of such size
in Mangalore region and as a result the prospects for the project
remain healthy.

Incepted in 2010, SPAS Infrastructures Private Limited is a
Hyderabad based real estate developer currently involved in
development of a 150 residential villa project in Shaktinagar,
Mangalore. The company is being promoted by D Showri Reddy and
B J Kiran Kumar Reddy who have adequate experience in real estate
development through group company Pooja Ventures Private Limited.
The project is being developed under the joint development mode at
a cost of INR73.47 crore to be funded by INR15 crore equity, INR15
crore debt and INR43.47 crore customer advances.


SR DISTILLERY: ICRA Assigns 'D' Rating to INR47.26cr Term Loans
---------------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR47.26 crore term
loans of SR Distillery Private Limited.

                         Amount
   Facilities           (INR Cr)   Ratings
   ----------           --------   -------
   Term Loans            47.26     [ICRA]D assigned

The rating primarily takes into account SRDPL's stretched
liquidity position resulting in delays in timely servicing of debt
obligations. Delays in the commissioning of the project, partly on
account of delays in getting approval from Government authorities,
have led to time and cost overruns. Moreover, the large capital
expenditure (capex) plans in the group which, coupled with the
commencement of the debt repayment from March'13, is likely to
keep the liquidity position of the company stretched at least over
the near term. The rating also takes into consideration the
limited experience of the promoters in the distillery business,
although the promoters are running a brewery unit in one of the
group entities for the last 15 months, and the presence of
regulatory risks due to the heavily regulated nature of the
industry. The rating takes note of easy availability of grain in
Odisha that reduces raw material availability risk. In ICRA's
opinion, the ability of the company to service its debt
obligations in a timely manner would be a key rating sensitivity
going forward.

Incorporated in 2010, SR Distillery Private Limited is promoted by
Cuttack based Mr. Ranjan Kumar Padhi. The company proposes to set
up a grain based distillery unit at Cuttack, Odisha, with an
installed capacity of 30000 litres per day of Extra Neutral
Alcohol (ENA). The company also plans to produce Indian made
Foreign Liquor (IMFL).


TEESTA URJA: ICRA Cuts Rating on INR1,860cr Term Loan to 'D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR1,860
crore long-term loans of Teesta Urja Limited from '[ICRA]BB+' to
'[ICRA]D'.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Term Loans              1,860     [ICRA]D revised from
                                     [ICRA]BB+ (Stable)

The rating revision takes into account of the delays in servicing
of debt by Teesta Urja Limited which is developing a 1200 MW hydro
power project in the state of Sikkim. The project has faced cost
and time overrun. While time overruns have followed geological
surprises and natural calamities including a landslide at the dam
site in June 2010, earthquake in September 2011, collapse of
Rangchang Khola bridge (which was a critical link for transferring
heavy equipment to the dam site), and flash floods in September
2012, cost overruns have arisen because of damages and change in
design aspects following the aforementioned events as well as
significant increase in the interest during construction (IDC)
element of the project cost because of hardening in the interest
rates and also on account of time overrun. Thus ICRA now expects
the project to be completed in the last quarter of FY 2014 as
against its last estimate of completion of project by first half
of FY 2014 while the final project cost is expected to be INR8581
crores as against an initial approved cost of INR5760 crores.
Moreover, with the project funding tied up in a debt: equity of
80:20, the financial risk profile is also high. Although the
project cost has increased, the same is a pass through in tariff
as per the terms of the power purchase event (PPA) for increase in
project costs on account of Force Majeure event. The increase in
project cost will have to be approved by CERC for recovery of
costs through tariffs for regulated sales.

While the rating had been factoring strengths such as the
experienced management and support extended by investors (Asian
Genco and PTC India Ltd) and the consultant (Energy Infratech
Limited) and infusion of significant amount of equity amounting to
the entire amount against original cost and cost overrun infused
(barring Government of Sikkim (GoS) portion for cost overrun),
completion of 100% excavation works which limit the geological
risks to a certain extent; approval for evacuation of power
through interim evacuation arrangement through Teesta V HEP line;
limited offtake risk given the expectations of continued energy
deficit, signing of firm offtake arrangements for 70% of capacity
with a levellised tariff that is likely to remain competitive in
spite of this increase in project cost; potential upside in tariff
as 30% of the power generated will be sold through merchant route,
and deemed generation clauses providing cushion against
hydrological and silting risks; improvement in debt servicing will
remain the key trigger for change in rating apart from completing
the project without any further time and cost overrun.

Teesta Urja Limited is a Special Purpose Vehicle (SPV)
incorporated on March 11, 2005 for the development of the 1200 MW
Teesta Stage III Hydroelectric Electric Project. The company has
been promoted by a consortium comprising of Asian Genco Pte
Limited, Government of Sikkim (GoS), Athena Projects Private
Limited (APPL), PTC India Limited (PTC) and having percentage
equity holding shares of 50.1%, 26%, 12.9%, and 11% respectively.
Till date, the promoters have infused equity of INR1720.6 crore in
the project. As per the latest estimates, the cost of the project
is estimated at INR8581 crore (INR7.15 crore per MW). The company
has signed a PPA with Power Trading Corporation (PTC) for sale of
power wherein PTC will sell 70% of the total generation on Long
term basis and rest 30% on merchant basis.



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


PERUSAHAAN GAS: S&P Revises Outlook to Pos. & Affirms 'BB+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on PT Perusahaan Gas Negara (Persero) Tbk. (PGN) to
positive from stable.  At the same time, S&P affirmed its 'BB+'
long-term corporate credit rating on the Indonesia-based gas
transmission and distribution utility.  S&P also affirmed its
'axBBB+' long-term ASEAN regional scale rating on the company.

"The outlook revision reflects our view that PGN's cash flow and
leverage will improve over the next 12 to 18 months, and that the
Indonesian government will continue to support the company," said
Standard & Poor's credit analyst Rajiv Vishwanathan.

S&P has revised its assessment of the company's financial risk
profile to "modest" from "intermediate."  S&P has revised the
company's stand-alone credit profile (SACP) to 'bbb-' from 'bb+'
to reflect PGN's healthy cash flow from its gas transmission and
distribution business, and favorable operating conditions.  S&P
assess PGN's business risk profile as "fair."

The sovereign credit rating on Indonesia (BB+/Positive/B;
axBBB+/axA-2) constrains the corporate credit rating on PGN.  This
is because of the company's strong link and counterparty exposure
to government-related entities, on both the supply and demand
side.  The rating on PGN incorporates S&P's expectation of
potential negative intervention from the government if the
sovereign comes under significant fiscal or external stress.

"We could raise the rating on PGN if we upgrade Indonesia; PGN's
SACP remains at 'bbb-' or higher while the company undertakes new
projects; and our assessment of government support does not
weaken," said Mr. Vishwanathan.

S&P could lower the rating if it downgrades Indonesia, or PGN's
SACP weakens by two notches or more.  A significant decline in gas
exploration and production in Indonesia that diminishes the
reliability of gas supplies or lowers pipeline utilization rates
could weaken PGN's SACP.  S&P may also lower the rating if
significant delays or cost overruns in PGN's capital expenditure
plan materially weaken the company's financial measures, such that
the debt-to-EBITDA ratio rises above 4.0x.

S&P expects PGN's cash flow to remain strong due to higher gas
sales volume stemming from robust demand for gas in Indonesia and
the company's ability to recover any increase in costs of securing
supplies without much lead time.

PGN has signed several new multi-year supply contracts in 2012, to
support the increase in transmission and distribution volumes.
This should enable the company to maintain its ratio of funds from
operations (FFO) to debt at more than 100% and its debt-to-EBITDA
ratio at 0.5x-0.8x in the next 12 to 18 months.

S&P's affirmed rating on PGN is based on its criteria for
government-related entities, and its view of a "moderately high"
likelihood of extraordinary government support weighing the
following assessments:

  -- PGN's "important" role in executing the administration's
     Integrated Indonesian Gas Pipeline projects and reducing the
     country's dependence on oil.  PGN is the sole gas
     transmission and distribution entity in Indonesia.  The
     business has reasonably high entry barriers.

  -- PGN's "strong" link with its 57% owner, the Indonesian
     government.  The government also holds a "golden" share in
     PGN and maintains oversight of the company through the
     Ministry of State-Owned Enterprises.



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


* Moody's Notes Effect of Easing Policy on Japanese Insurers
------------------------------------------------------------
Moody's Japan K.K. reports that the monetary-easing measures
announced by the Bank of Japan targeting lower long-term interest
rates will have several credit negative effects on Japanese life
insurers.

The direct negative effects of lower long rates include a
reduction in economic capitalization, an exacerbation of negative
yields and reinvestment risk, as well as delays in efforts to
reduce duration mismatches.

These observations were outlined in Moody's just released special
comment, "Ultra-Loose Monetary Policy Means More Problems for the
Japanese Life Insurance Industry."

The report also notes that recent monetary developments are
putting more pressure on life insurers and incentivizing
policyholders to alter behavior in ways that negatively impact the
industry.

First, the overall risk in life insurers' investment portfolios
will rise owing to increased investments in foreign-currency
securities.

At the same time, insurers will partly offset the rise in their
portfolio risk by reducing their investments in domestic equities.

Second, the low rates offered on both new policies and
alternatives will lead to lower-than-expected surrender rates of
legacy policies that offer higher returns. Policy-reserve
durations will also lengthen.

All these factors will worsen negative spread and duration
mismatches.

From the perspective of new business, the impact of lower yields
is manageable, as the rates on new products are set in line with
market rates.

A side effect of lower rates on new policies may be a reduction in
sales, although the appetite for longevity products remains
strong.

Moody's notes that the sector's reaction to these developments
will vary from company to company.

However, one feature is certain, that is Japanese life insurers
all face a dilemma: either maintain their well-established
strategy of purchasing low-return assets, mainly Japanese
Government Bonds (JGBs), locking in larger negative spreads, or
increase risk in pursuit of higher returns.

Financially stronger entities will have more leeway to pursue
higher investment yields, as they can deploy their higher
capitalization levels to support the consequent higher level of
risk.

Among Moody's-rated Japanese life insurers, Meiji Yasuda Life and
Nippon Life exhibit the highest capitalization, while Mitsui Life
displays the weakest.

The new policy of aggressive monetary easing was announced by the
Bank of Japan on 4 April at the conclusion of the first monetary
policy meeting.



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


PARKSON RETAIL: New Notes Issue Gets Moody's (P)Ba1 Rating
----------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba1 rating to
the US dollar senior notes proposed by Parkson Retail Group
Limited. At the same time, Moody's has affirmed Parkson's Ba1
corporate family rating.

The ratings outlook is stable.

Approximately 90% of the bond proceeds will be used to refinance
the $400 million offshore syndicated loan due November 2013 and
the $50 million bridging loan due June 2013. The remaining
proceeds will be used for general corporate purposes.

The provisional rating status will be removed upon completion of
the notes issuance on satisfactory terms and conditions.

Ratings Rationale:

"The proposed notes will improve Parkson's debt maturity profile
without adversely affecting its credit metrics in any material
way," says Alan Gao, a Moody's Vice President and Senior Analyst.

Moody's notes that Parkson adopts a growth-driven strategy to
maintain its long-term competitiveness against a fast-changing
industry landscape.

Such expansion has increased its debt leverage with adjusted
debt/EBITDA ratio deteriorating to 3.9x in 2012 from 3.3x in 2011.

Moody's expects adjusted debt/EBITDA to stay in the range of 4.0x-
4.3x over the next 2 years, mainly due to the capitalization of
new store leases under its fast expansion plan.

"Parkson's Ba1 rating further reflects its well-recognized brand
name, leading market share, and track record of operating in China
for over 18 years," says Gao, who is also the lead analyst for
Parkson.

Parkson operates in 35 cities and is the one of the few
department-store chains in China with an extensive national
footprint in this fragmented market. According to Euromonitor, it
is China's second largest department store operator by gross sales
proceeds and had a stable market share of 1.7% in 2012.

Parkson's Ba1 rating is also based on its lower risk
concessionaire model when compared with other operators.
Concessionaire sales accounted for around 90% of the company's
gross sales proceeds in 2012. Under this model, it benefits from a
low inventory exposure and very low level of receivables risk.

But Parkson faces pressure on concessionaire rates as it expands
into lower tier cities. These rates dropped to 18.4% in 2012 from
20% in 2008.

On the other hand, the company has maintained both productivity
per square meter and adjusted EBIT margin at around 40% over the
last 5 years through targeted sales, promotions, and cost
rationalization.

Another challenge is the execution risks associated with Parkson's
fast expansion, although it has expanded its geographic coverage.
Moreover, intensifying competition and the opening of new stores
in new locations will weigh on profitability.

Moody's further notes that a developing rating constraint is the
structural changes in China's retail sector that could pose a
medium- and long-term challenge to department store operators,
including Parkson. The traditional department store model faces
growing competition from other fast-growing channels, such as
internet retailing and specialty stores.

To respond, Parkson needs to focus on the increasingly lifestyle-
driven shopping behavior of consumers. The maintenance of its
leading position will depend on the better performance of its
large portfolio of new stores in tier-2 and tier-3 cities.

Parkson maintains a strong liquidity profile. Its total cash
balance at end-2012 stood at RMB5.1 billion, largely unchanged
from end-2011. The balance -- which is much larger than the $400
million syndicated loan due in 2013 -- together with annual
operating cash flow of RMB1.6 billion-RMB1.8 billion provides a
good buffer against any market downturn.

The stable outlook reflects Moody's expectation that Parkson will
remain prudent in its expansion plan and will continue to achieve
steady operating and financial performance.

Upward rating pressure could arise over time if Parkson
demonstrates a track record of successful organic and inorganic
growth, especially when executing its accelerated growth plans,
while also maintaining strong financial discipline and generating
positive free cash flow on a sustained basis.

The rating may experience downward pressure if adjusted
debt/EBITDA exceeds 4.5x-5.0x and retained cash flow
(RCF)/adjusted net debt falls below 12%-14% on a sustained basis.

These credit metrics could be the result of: (1) significant
weakness in its profit margins, due to rising competition, and/or
an erosion in its bargaining power over its
concessionaires/suppliers; (2) worse-than-expected softness in
consumer spending due to an economic downturn; and/or (3)
aggressive debt-funded expansion which is beyond the scope of its
original plan.

Furthermore, any sign that the company is extending financial
support to its parent, the Lion Group, would also pressure the
ratings.

The principal methodology used in this rating was the Global
Retail Industry Methodology published in June 2011.

Parkson Retail Group Limited, listed on the Hong Kong Stock
Exchange, is one of the largest operators of department-store
chains in China. As of March 31, 2013, it has 53 self-owned stores
and 1 managed stores in 35 cities. It targets the middle- and
middle-upper-end of the Chinese retail market. It is 51.5% owned
by Parkson Holdings Berhad (PHB), an affiliate of Malaysia's Lion
Group.



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


ALLIED FARMERS: Sells Taranaki Real Estate Unit for NZ$472,500
--------------------------------------------------------------
Allied Farmers Limited said that as part of its ongoing asset
sale/debt reduction process, its wholly owned subsidiary, Allied
Farmers Rural Limited, has sold its Taranaki based real estate
business, Allied Farmers First National, to Shawn Gibbon and Owen
Mills for NZ$472,500.

Mr. Gibbon manages Allied Farmers First National presently and Mr.
Mills is one of the company's senior sales staff and is also the
Branch Manager of the Allied Farmers First National Stratford
office.

Mr. Gibbon said: "the decision to purchase the real-estate
business was not made lightly but was a good one for our
salespeople, employees and our clients alike. Allied Farmers real-
estate business is a close group of individuals and it was
important to us to keep this team together, this purchase
guarantees this. We believe our clients also benefit as there will
be no change to the management structure or our sales team which
leaves our successful business model intact and positioned well to
drive this business forward."

BusinessDesk relates that the sale price was about 26 percent of
Allied's $1.82 million market cap. Issuers need to get a waiver
from the NZX or shareholder approval to sell assets exceeding 50
percent of their average market cap.

The rural business had assets worth $7.72 million and liabilities
of NZ$9.44 million as at December 31, BusinessDesk discloses
citing Allied's first-half report.

BusinessDesk notes that Allied survived two calls on debt from an
unnamed creditor and the Inland Revenue Department last month
after it sold various loan assets with no book value for
NZ$100,000 upfront and potential for a further NZ$500,000.

                       About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied
Nationwide Finance Limited in Auckland, Wellington and
Christchurch.  Timber processing comprises the Company's
discontinued sawmilling operations.

nzherald.co.nz said the future of Allied Farmers is in doubt after
its accounts revealed it needs to sell property, collect money
owed to it, and reach an agreement with its rural creditors in
order to survive as a going concern.  The rural services business,
which acquired the assets of Hanover and United Finance in
December 2009, revealed its position in half-year accounts filed
to the NZX on March 26, 2012.

Allied Farmers Limited reported an unaudited loss of NZ$14.1
million for the year ended June 30, 2012, compared with NZ$40.9
million in 2011.  A significant part of this loss, NZ$10.3
million (last year NZ$34.1 million), largely relates to the
further impairment of assets acquired from Hanover and United
Finance.  Also included were NZ$0.7 million costs related to the
disposal of the rural merchandise business.


MAINZEAL PROPERTY: Receivers Put Company's Assets on Market
-----------------------------------------------------------
The New Zealand Herald reports that assets belonging to failed
Mainzeal Property and Construction -- including everything from
toilet blocks to tower cranes -- are being put under the hammer.

According to the Herald, Turners Auctions said it had been asked
by the receivers of Mainzeal Property to carry out a mass sale of
the company's assets.

The Herald relates that Jason Tredgett, a senior valuer and
auctioneer, said most items, including power cables, office
furniture, hand tools, ladders and shipping containers, would go
on the block at a series of auctions around the country next
month.

Mr. Tredgett said all heavy machinery, such as tower cranes,
scissor lifts and building hoists, was open for tender, the Herald
relays.

"The receivers asked us to go to the market and bring back the
right price," the report quotes Mr. Tredgett as saying.

PwC partners Colin McCloy and David Bridgman would make the final
call on whether those tenders were acceptable, Mr. Tredgett, as
cited by the Herald, said.

The Herald notes that Mr. McCloy confirmed that Turners was
undertaking a tender and auction process but said any overall
valuation of the assets was commercially sensitive.

"The objective is to sell the plant and equipment and generate
funds for the receivership process," the Herald quotes Mr. McCloy
as saying.

Tenders for Mainzeal's assets close on May 9 at 4:00 p.m. Auctions
are to be held in Palmerston North, Hamilton, Christchurch,
Auckland and Wellington, starting on May 1 and ending on May 29,
the report discloses.

                      About Mainzeal Property

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

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

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

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.

Mainzeal's key assets are listed with a book value of
NZ$111.4 million, of which NZ$71 million is related party
receivables, NZ$21.2 million contract receivables, fixed assets
NZ$12.3 million and residential properties NZ$5.9 million, the New
Zealand Herald discloses.

Mainzeal owes NZ$11.3 million to its only first-ranking secured
creditor, Bank of New Zealand.  Unsecured trade creditors are owed
about NZ$70 million, not including payments and invoices for
January and February, according to the receivers' first report
cited by the Herald.


NEW PLYMOUTH: High Kiwi Dollar Prompts Club Closure
---------------------------------------------------
Taranaki Daily reports that the financially strapped New Plymouth
Aero Club has closed its doors and is facing liquidation.

According to the report, general manager Peter Budden said the
club and its flight training school ceased trading last week and a
meeting will be held on May 8 to determine its fate.

The closure has been put down to a decline in student pilot
numbers, a high Kiwi dollar and rising Civil Aviation Authority
compliance costs, the report says.

Taranaki Daily relates that Mr. Budden said voluntary liquidation
was an option but he remained optimistic.

"I think there will be enough will in members for it to continue
running," the report quotes Mr. Budden as saying.

He would not disclose how much debt the club had, the report
relays.

Taranaki Daily notes that the club had been struggling to attract
trainee pilots since 2011 when the Tertiary Education Commission
stopped granting students funding to train at the New Plymouth
Aero Club.

The club had been selling down its assets to reduce debt including
selling its hangar and an aircraft, the report adds.



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


AMARU INC: Won't be Able to File 2012 Annual Report for Audit
-------------------------------------------------------------
Amaru, Inc., will not be filing with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, as planned,
because it is unable to obtain the consent of its previous
independent registered public accounting firm, Wilson Morgan, LLP,
with respect to the inclusion of their opinion and audited
financial statements for the fiscal year 2011.  Wilson Morgan
informed the Company that it cannot locate its back up files and
records supporting its 2011 audit, and thus the new audit will
have to be done for the fiscal year 2011, the costs of which
Wilson Morgan agreed to cover.  The audit of the fiscal year 2012
has been performed by Wei Wei & Co., LLP., the Company's new
auditors, however, the report could not have been completed and
filed.

                          About Amaru Inc.

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.

After auditing the 2011 results, Wilson Morgan, LLP, in Irvine,
California, noted that the Company has sustained accumulated
losses from operations totalling $40.7 million at Dec. 31, 2011.
This condition and the Company's lack of significant revenue,
raise substantial doubt about the Company's ability to continue as
going concern, the auditors said.

Amaru reported a net loss from operations of $1.37 million in
2011, compared with a net loss from operations of $1.50 million in
2010.  The Company's balance sheet at Sept. 30, 2012, showed $3.28
million in total assets, $3.08 million in total liabilities and
$195,261 in total stockholders' equity.



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


* Fitch Releases Asia-Pacific Monthly April 2013 Highlights
-----------------------------------------------------------
Fitch Ratings has published the latest edition of its Asia-Pacific
monthly newsletter. The 'Asia-Pacific Monthly' is one of the most
viewed reports on the Fitch website.

In March, Fitch became the first international rating agency to
upgrade the Philippines to Investment Grade (Fitch Upgrades
Philippines to Investment Grade; Outlook Stable). Another
sovereign upgrade was that of Thailand (Fitch Upgrades Thailand to
'BBB+'; Outlook Stable).

Last month also saw a plethora of new bond issues by corporates
and financial institutions. Among them were 'Fitch Rates
Indonesia's Alam Sutera 'B+''; USD Bonds 'B+(EXP)''; 'Fitch Rates
Noble Group's Proposed Senior Notes 'BBB-(EXP)'; 'Fitch Rates Star
Energy Geothermal's USD Notes 'B+(EXP)''; 'Fitch Rates Sompo
Japan's Hybrid Debt 'BBB+''; 'Fitch Rates KEXIM's Senior Unsecured
GBP Notes 'AA-(EXP)''; and 'Fitch Rates KEXIM's Senior Unsecured
GBP Notes 'AA-(EXP)''.

Fitch also released several key research reports such as its 2012
transition and default studies, which occupied 4 out of the top 5
most-reads in March. They were 'Fitch Ratings Global Corporate
Finance 2012 Transition and Default Study'; 'Fitch Ratings
Sovereign 2012 Transition and Default Study'; 'Fitch Ratings
International Public Finance 2012 Transition and Default Study';
and 'Fitch Ratings Global Structured Finance 2012 Transition and
Default Study'.

Other highlights included 'Fitch Downgrades LG Electronics to
'BBB-'; Outlook Stable'; 'Fitch: Global Economy Lagging Financial
Recovery'; 'Fitch Releases Emerging Markets Insights - Driving
Global Growth'; and 'Fitch: Lower Profit Growth Adds to Chinese
Banks' Capital Strain'.

Regular features such as Fitch's key rating actions are provided
in the newsletter. Also, Fitch's international ratings coverage by
sector, and international and national ratings coverage by country
can be found in this month's newsletter.


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

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.



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