TCRAP_Public/130508.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, May 8, 2013, Vol. 16, No. 90


                            Headlines


A U S T R A L I A

BARMINCO HOLDINGS: S&P Assigns 'B-' Corporate Credit Rating
BARMINCO HOLDINGS: Moody's Assigns First-Time (P)B1 CFR
LM INVESTMENT: ASIC Seeks to Wind Up Investment Fund
NATIONAL BUILDPLAN: Creditors' Meeting Adjourned to May 30
PACT GROUP: Moody's Assigns (P)Ba3 Corporate Family Rating

PACT GROUP: S&P Assigns Preliminary 'B+' Issuer Credit Rating
PORT KEMBLA: Club Set to Appoint Hall Chadwick as Administrators
WARWICK AWNINGS: Homeowners Have Chance to Get Deposit Back


C H I N A

GREENTOWN CHINA: Dim Sum Bond Issuance No Impact on B2 CFR
PARKSON RETAIL: Moody's Rates $500MM Senior Bonds Offer 'Ba1'
SRE GROUP: S&P Affirms 'B-' Corporate Credit Rating
WINSWAY COKING: Fitch Downgrades Sr. Unsecured Rating to 'B'


I N D I A

A POWER: ICRA Downgrades Rating on INR17.6cr Loan to 'D'
AMBEY METALLIC: ICRA Reaffirms 'B+' Rating on INR4.7cr Loan
BIL METAL: ICRA Cuts Ratings on INR9.35cr Loans From 'C'
CASHPOR MICRO: ICRA Rates INR25cr Loan at '[ICRA]BB+'
HUNSUR PLYWOOD: ICRA Assigns 'B+' Ratings to INR5cr Loans

KINGFISHER AIRLINES: Banks Recover Up to INR1000cr
LOK RAJ: ICRA Assigns 'B+' Rating to INR18cr Cash Credit
RICHA PETRO: ICRA Assigns 'D' Ratings to INR19cr Loans
SIR SHADI: ICRA Cuts Ratings on INR234.9cr Loans to 'B'
SUDHARMA INFRATECH: ICRA Cuts Ratings on INR8.25cr Loans to 'B'

TRADEWEL CONSTRUCTION: ICRA Cuts Rating on INR7cr Loan to 'D'
ZENITH EXPORTS: ICRA Reaffirms 'BB+' Rating on INR16cr Loan


I N D O N E S I A

BAKRIE TELECOM: S&P Lowers Corporate Credit Rating to 'CCC'
PERTAMINA (PERSERO): S&P Assigns 'BB+' Rating to US$5BB Notes


N E W  Z E A L A N D

PROPERTY VENTURES: Recovered Money Not Enough
STARPLUS HOMES: Liquidator Calls in KMPG as Joint Liquidator


P H I L I P P I N E S

EXPORT AND INDUSTRY: Shareholders Seek to Block Liquidation Order


S O U T H  K O R E A

STX GROUP: Finance Firms' Exposure Hits KRW13.19 Tril.


X X X X X X X X

* Asian Liquidity Stress Index Rises to 27% in April
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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BARMINCO HOLDINGS: S&P Assigns 'B-' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B-' corporate credit rating to Australia-based contract miner
Barminco Holdings Pty Ltd.  The outlook on the rating is stable.
At the same time, S&P has assigned a 'B+' preliminary rating to
Barminco's proposed senior secured revolving credit facility with
a recovery rating of '1', and a 'B-' preliminary rating to its
proposed unsecured notes with a recovery rating of '4'.

The 'B-' preliminary issuer credit rating on Barminco Holdings Pty
Ltd. reflects S&P's view of the company's "highly leveraged"
financial risk profile and "weak" business risk profile.  The
issuer credit rating and the proposed issue ratings are
preliminary and will be finalized upon completion of the company's
proposed debt raising and recapitalization.

"Barminco's financial risk profile is a constraint on the ratings
and reflects the company's highly leveraged capital structure and
very aggressive financial policies.  Following Barminco's proposed
recapitalization, we estimate pro-forma fully adjusted debt-to-
EBITDA will increase to above 5x," said Standard & Poor's credit
analyst Graeme Ferguson.

Based on S&P's criteria, it treats the company's redeemable
preference shares (RPS) as debt, despite their payment-in-kind
feature.  Accordingly, S&P adds the preference shares, accruing at
14% per year, to total debt, but do not impute a cash interest
expense for its liquidity or cash flow assessment.  S&P expects
Barminco to generate modest levels of free operating cash flow
after meeting its cash interest obligations over the forecast
period.

S&P's assessment of Barminco's "weak" business risk profile
reflects its small scale and narrow business focus, offset by its
leading share of a niche market.  In S&P's view, underground hard-
rock contract mining is a fragmented and highly competitive market
that is generally subject to higher operating risks than surface
contract mining.  Barminco competes mostly against local and
regional contractors, as well as owner operators. Barminco
currently has 12 mining contracts which, in S&P's opinion, offer
limited customer, geographic, or commodity diversity.

Mr. Ferguson added: "The stable outlook incorporates our
expectation that over the medium term the company will maintain
work-in-hand at about year ending June 30, 2013 levels, despite
the uncertain market outlook for commodities."

Barminco's highly leveraged capital structure renders it
vulnerable to a contraction in hard rock mining activity.  The
rating could come under pressure if the termination or suspension
of a material contract, or failure to achieve historical win rates
on new contracts, reduces the financial covenant headroom buffer
to less than 15%.

The rating could be raised if the company delivers a more
conservative financial profile or if business conditions
materially exceed expectations, enabling the credit metrics to
improve.  This could occur if adjusted debt-to-EBITDA (excluding
Barminco's African Underground Mining Services joint venture) is
sustained at about 5x and adjusted funds from operations-to-debt
at about 10%.  Given the current ownership structure, any positive
rating action is likely to be capped within the 'B' category.


BARMINCO HOLDINGS: Moody's Assigns First-Time (P)B1 CFR
-------------------------------------------------------
Moody's Investors Service assigned a first time provisional (P)B1
corporate family rating to Barminco Holdings Pty Limited, a
privately owned mining services contractor based in Western
Australia.

At the same time, Moody's has also assigned a provisional (P)B1
rating to the proposed $500 million of 5 year Senior Unsecured
Notes due 2018 and a (P)Ba3 rating to the proposed $100 million 3
year senior secured credit facility due 2016 of Barminco Finance
Pty Limited (Barminco Finance), which is the wholly owned
financing subsidiary of Barminco.

This is the first time that Moody's has assigned ratings to
Barminco. The outlook on the ratings is stable.

The assignment of a definitive CFR, Senior Secured and Senior
Unsecured ratings are subject to review of final documentation,
and successful close of the transaction. The proceeds of the
transactions will be used to refinance existing debt, working
capital requirements and general corporate purposes.

Ratings Rationale:

"Barminco's (P)B1 corporate family rating primarily reflects the
company's high financial leverage and exposure to the cyclical and
volatile minerals industry, which is currently facing significant
headwinds" says Matthew Moore, a Moody's Assistant Vice President
-- Analyst, adding, "the rating also reflects Barminco's moderate
scale and concentrated revenue base, the capital intensive
industry in which it operates and the need to continually replace
and renew its contracts to sustain and grow revenues".

"The rating is balanced by Barminco's strong franchise and market
position in the underground hard rock mining segment in Australia,
its established relationships and contracted, albeit short term,
revenue with high quality customers and mines, and its variable
cost structure and flexibility around capital expenditures" says
Moore. The rating is further supported by the expected solid
liquidity following the proposed transaction.

The provisional rating for the senior unsecured notes is the same
as the corporate family rating, reflecting the low level of
secured debt relative to assets ranking ahead of the notes in the
capital structure and Moody's expectation the AUD100 million
senior secured revolving credit facility will remain undrawn over
the forecast period.

The senior secured revolving credit facility is rated one notch
above the corporate family rating reflecting its priority position
in the capital structure and solid asset coverage.

The rating outlook is stable reflecting Moody's expectation that
Barminco will continue to perform under its contracts, which
combined with the generally low cost operations and high credit
quality of its customers should support a solid baseline of
revenues even under the current softer macro-economic conditions,
says Moore.

A rating upgrade or positive outlook could be considered if
Barminco is able to successfully achieve its growth plans - which
would strengthen scale and diversity - while improving credit
metrics to levels more appropriate for higher ratings.
Specifically, Moody's would expect the key credit metrics
(inclusive of AUMS and partial debt treatment of the RPS) of debt-
to-EBITDA and EBITDA-to-interest to be sustained below 3.0x and
above 3.5x, respectively.

The ratings could be downgraded if a deteriorating macro
environment, operating underperformance, or competitive pressures
leads to a material amount of Barminco's contracts being
terminated or not renewed on similar terms, thus reducing revenue
and cash flow generation. Ratings could also be downgraded if
Barminco's cushion within in its covenants deteriorates beyond
acceptable levels or the company makes any material acquisitions
which increase leverage.

Specifically, ratings would likely be downgraded if reductions in
revenue and cash flow caused Barminco's credit metrics (inclusive
of AUMS and partial debt treatment of the RPS) of Debt-to-EBITDA
and/or EBITDA-to-interest to be sustained above 5.00 to 5.25x or
below 2.0x to 2.5x, respectively.

The principal methodology used in this rating was the Global
Business and Consumer Services Methodology published in October
2010.

Barminco Finance Pty Limited is the financing vehicle for the
Western Australia based Barminco Holdings Pty Ltd and its
operating subsidiaries. Barminco is a market leader in underground
hard rock contract mining in Australia. In addition, Barminco
provides diamond drilling, crushing and screening and support
services to its mining customers. Barminco's core underground
mining division provides plant, personnel and technical expertise
to assist mining companies with both mine development and
production, primarily in gold, copper, zinc and nickel operations.

Barminco also has material operations across Africa, both directly
and through its 50% interest in the African Underground Mining
Services Joint Venture (AUMS JV) with Ausdrill. The joint venture,
which was established in 2007, currently has underground contract
mining operations in Ghana and Mali.


LM INVESTMENT: ASIC Seeks to Wind Up Investment Fund
----------------------------------------------------
The Sydney Morning Herald reports that the Australian Securities
and Investments Commission is seeking to wind up a $400 million
investment fund run by failed Gold Coast group LM Investment
Management.

The move comes after an attempt by rival Trilogy Funds Management
to take over the fund as responsible entity, the report says.

In an application filed in the Queensland Supreme Court, SMH
relates, ASIC called on Derrick Vickers, Darryl Kirk and Gregory
Hall of PricewaterhouseCoopers to be appointed receivers of the
fund, known as the First Mortgage Income Fund.

ASIC told the court the receivers would then act to ensure the
fund is wound up in accordance with its constitution, SMH reports.

The report says ASIC's move is resisted by Trilogy, which had
asked the court to give it control of the fund.

According to the report, lawyers for Trilogy, Piper Alderman, said
the request by ASIC would mean unit holders paid double
remuneration costs, as members would still be required to pay LM
Investment Management, which is also insolvent.

The First Mortgage Income Fund, one of LM's many funds, has been
illiquid since 2009.

Trilogy's case will return to court on May 13, SMH notes.

New Zealand Herald reported that voluntary administrators have
been appointed to LM Investment Management, a beleaguered
Australian firm that controlled a frozen mortage fund which
New Zealanders had more than NZ$100 million tied up in.  LM
directors on March 19, 2013, appointed John Park and Ginette
Muller of FTI Consulting as voluntary administrators, blaming the
move on liquidity problems caused by a smear campaign.

LM is the responsible entity of these registered managed
investment schemes:

-- LM Cash Performance Fund;
-- LM First Mortgage Income Fund;
-- LM Currency Protected Australian Income Fund;
-- LM Institutional Currency Protected Australian Income Fund;
-- LM Australian Income;
-- LM Australian Structured Products Fund; and
-- The Australian Retirement Living Fund.

LM also operates the unregistered LM Managed Performance Fund.

The Supreme Court of Queensland in April appointed KordaMentha and
its affiliate firm Calibre Capital as joint trustees of the AUD350
million Gold Coast-based LM Managed Performance Fund (LMPF).


NATIONAL BUILDPLAN: Creditors' Meeting Adjourned to May 30
----------------------------------------------------------
Catherine Clifford at ABC News reports that the Federal Court has
extended the deadline for the convening of the next creditors'
meeting in the National Buildplan collapse.

ABC News relates that administrators BRI Ferrier on May 3 applied
to the Sydney registry of the Federal Court seeking an extension,
informing the Court additional time is needed because of the size
and complexity of the collapse.

The report says National Buildplan had 132 outstanding contracts
when administrators were appointed, among them the $15-million
Armidale Court House and the Dubbo Hospital re-development.

According to the report, BRI Ferrier said it's determined a
handful of projects can be completed, allowing some sub-
contractors to be paid for work done.

ABC News notes that BRI Ferrier said investigations into National
Buildplan's affairs are continuing, but further work is required
before creditors can be properly appraised of the company's
financial status.

BRI Ferrier says the director of the failed construction company
is also proposing a Deed of Company Arrangement (DOCA) for
consideration by creditors, with the extension of time allowing
creditors to receive and consider the Deed, the report relays.

The second creditors meeting is now expected to be held on
May 30, ABC News adds.

Martin Green and Peter Krejci of BRI Ferrier have been appointed
as Voluntary administrators of construction company National
Buildplan Group Pty Ltd.  The appointment follows a resolution by
the company's Director.

The Voluntary Administrators have commenced an urgent assessment
of the financial position of the company. In the interim it has
ceased work on its construction projects.


PACT GROUP: Moody's Assigns (P)Ba3 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3 corporate
family rating to Pact Group Pty Ltd. At the same time, Moody's has
assigned a provisional (P)Ba3 senior secured rating to a proposed
USD Term Loan Facility (equivalent to around AUD 900 million) to
be entered into by Pact and wholly owned subsidiary, Pact Group
(USA), Inc.

Additionally Moody's has assigned a (P)Ba3 rating to an AUD100
million Senior Secured Revolving Credit Facility to be entered
into by Pact and wholly owned subsidiary Pact Group Holdings (NZ)
Limited.

This is the first time that Moody's has assigned ratings to Pact.
The outlook on the ratings is stable.

The assignment of a definitive corporate family rating is subject
to the successful completion of a recapitalization currently
underway. The assignment of a definitive rating to the senior
secured loan facilities is subject to review of the final
documentation and to successful close of the transactions.

Ratings Rationale:

"Pact's (P)Ba3 rating reflects its strong market position in the
Australian/New Zealand (ANZ) rigid plastics market in which it is
the largest manufacturer with a market share estimated to be in
excess of 40%", says Maurice O'Connell, a Moody's Vice President -
- Senior Analyst. "Pact's market leadership is underpinned by a
national footprint of manufacturing facilities across ANZ. Its
size in a capital intensive industry allows it to provide a "one-
stop" and comprehensive offering to its customer base which
includes many major household consumer products", O'Connell adds.

The rating also reflects the expected capital structure post
recapitalization including materially weakened credit metrics, the
heightened leverage and lower interest cover in the next 1-2
years. The recapitalization will result in leverage (adjusted
Debt/EBITDA) increasing to around 5 times in FY2014 and adjusted
EBIT interest cover falling to around 1.5 times. Moody's expects
that Pact will, as in the past when leverage has exceeded 4 times,
reduce leverage over the medium term. This expectation is
reinforced by the more limited acquisitive opportunities following
the rationalization that has taken place in the local industry
over the past few years.

Pact's rating considers the diverse nature of its customer base
with no single customer accounting for greater than 10% of sales.
Pact has long-standing multi-year relationships with its top
customers with multiple contracts across a number of products.
Pact has strong cost increase and decrease pass-through provisions
which typically extend beyond raw material price movements and
include broader cost increases. This has helped Pact to maintain a
profile of steady operating margins over time.

The rating additionally reflects the high proportion of revenues
derived from the more stable food and beverage end-markets. This
accounts for around 70% of revenue with the remainder coming from
a broad spectrum of other end markets including chemical,
household, industrial and health industries.

Under Moody's base case assumptions, Moody's expects Pact's
leverage to remain at elevated levels over the next 12-24 months
with adjusted Debt/EBITDA falling from around 5 times to circa 4.5
times. EBIT interest cover is expected to remain low with adjusted
EBIT/Interest of around 1.5 times, albeit adjusted EBITDA/Interest
is more robust at around 2.5 times. High servicing costs also
restrain cashflow metrics with adjusted FCF/Debt expected to be
around 10-12% over the period.

These ratios may be challenged in the event of acquisitions that
Pact may undertake.

The stable outlook reflects an expectation that cashflow from
operations will remain strong and that credit metrics will improve
steadily over the next 1-2 years as Pact reduces leverage.
Assuming that the debt raising proceeds as planned, then the
stable outlook would also consider Pact's adequate liquidity
profile with no refinancing risk over the next 2-3 years.

Financial metrics Moody's would consider for an upgrade include
Adjusted Debt/EBITDA ratio of 3.5x and adjusted EBIT/Interest of
greater than 2.5x on a consistent basis.

The ratings could be subject to negative rating pressure in the
event that the company's earnings and/or earnings margins are
impacted by more difficult operating conditions. This could be
evidenced by EBIT margins falling to below 10%. Financial metrics
that Moody's would consider for a downgrade include Adjusted
Debt/EBITDA exceeding 5.0x on a consistent basis and adjusted
EBIT/Interest coverage falling and remaining below 1.2x.

The principal methodology used in these ratings was the Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
Industry Methodology published in June 2009.

Pact is the largest manufacturer of rigid plastic packaging
products in Australia and New Zealand. The company produces rigid
plastic packaging for the food and beverage, chemical, household,
industrial and health industries. Pact also manufactures tinplate
packaging products.


PACT GROUP: S&P Assigns Preliminary 'B+' Issuer Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' preliminary long-term issuer credit rating to Australia-based
rigid plastics and industrial metals packaging company Pact Group
Industries Pty Ltd. with a stable outlook.  At the same time, S&P
assigned its 'B+' preliminary issue-level rating to Pact's
proposed U.S.-dollar equivalent, A$900 million, first-lien, senior
secured, term loan; and A$100 million, first-lien, senior secured,
revolving credit facility.  The recovery rating on the proposed
term loan and revolver is '3', indicating S&P's expectation for a
"meaningful" (50%-70%) level of recovery in the event of a payment
default.

The 'B+' preliminary issuer credit rating on Pact Group Industries
Pty Ltd (Pact Group) reflects S&P's view of the company's "highly
leveraged" financial risk profile and "fair" business risk
profile.  These ratings are preliminary and will be finalized upon
completion of the company's proposed recapitalization in line with
similar terms and conditions presented to S&P, including a
comprehensive security and financial covenant package.  S&P
expects the transaction will be completed on or about May 31,
2013.

"Pact's financial risk profile is a constraint on the ratings,
with its highly leveraged capital structure, very aggressive
financial and operating policies, and ownership structure," said
Standard & Poor's credit analyst Adrian Chow.

The group is owned by Geminder Holdings Pty Ltd., a holding
company that is ultimately owned by an entity related to Raphael
Geminder, Executive Chairman of Pact Group.  The investment
interests and level of indebtedness above Geminder Holdings are
unclear.

Pact's business profile is supported by the group's: leading
market position in the Australian and New Zealand rigid plastic
packaging industry; predominant exposure to relatively stable food
and beverage end-markets; and strong operating margins and
profitability.  Partly tempering these strengths are the group's
exposure to consumer demand and industrial cycles, relatively
smaller scale, and somewhat concentrated geographical diversity
relative to the major global packaging companies.

Mr. Chow added: "The stable outlook on Pact Group reflects our
expectation that upon recapitalization, the group's pro-forma
fully adjusted (including operating leases) debt to EBITDA will be
about 5.2x and trend lower over the next 12 months.  We also
expect Pact will maintain a fair business risk profile.  The 'B+'
rating has limited buffer and assumes no material transactions
within the wider group activities."

Negative ratings pressure could arise if fully adjusted debt-to-
EBITDA trended upward from the initial level toward mid-5x, which
could result from weak operating performance or debt-funded
acquisitions.

Upward rating potential is currently limited given the opacity of
the group's ownership structure.


PORT KEMBLA: Club Set to Appoint Hall Chadwick as Administrators
----------------------------------------------------------------
Angela Thompson at Illawara Mercury reports that administrators
are poised to take control of Port Kembla RSL as continuing
financial troubles come to a head.

The Mercury relates that club directors lodged documents to
appoint Sydney's Hall Chadwick as administrators last month after
they were told the venue was likely headed for insolvency.

According to the report, the club's secretary manager Gerd Zaremba
said falling patronage had led to the financial woes.

The report relates that Mr. Zaremba said the downturn in the
steelmaking and metal manufacturing industries, and related job
losses, was the beginning of the club's falling custom.

Other pressures, such as rising electricity prices, workers'
compensation and insurance had further damaged the bottom line in
recent years, as had the ban on indoor smoking, the report relays.

The Mercury notes that Mr. Zaremba is hopeful voluntary
administration will yet save the club from closure.

The club lodged appointment documents with Hall Chadwick on
April 17 after an auditor told the board the club was headed for
insolvency, the report adds.


WARWICK AWNINGS: Homeowners Have Chance to Get Deposit Back
-----------------------------------------------------------
Georja Ryan at Gatton Star reports that the Department of Fair
Trading said some home owners who have lost money with the defunct
Warwick Awnings and Blinds may have some hope of getting their
deposit back.

The business went into liquidation, and 52 creditors await payment
and work promised by owner Mark Lawler.

However, while hopes of ever getting a cent back remain slim, for
some there could be a way around it.

According to the report, senior Fair Trade officer Sue Harten said
if clients paid their deposit with a credit card, their bank might
have power to dispute the transaction.

"They should initially contact their bank and see if their bank
can do it; they can usually back track to about three months," the
report quotes Mrs. Harten as saying.

The Department of Fair Trading has not yet taken on Mr Lawler's
case, but if a complaint is made directly to them, Mrs Harten
said, they would investigate, Gatton Star relays.

Alternatively, if there was proof of Mr Lawler's taking deposits
after knowledge of liquidation, the Department of Fair Trading
would get involved, the report says.



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C H I N A
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GREENTOWN CHINA: Dim Sum Bond Issuance No Impact on B2 CFR
----------------------------------------------------------
Moody's Investors Service says that Greentown China Holdings
Limited's B2 corporate family rating and B3 senior unsecured
rating remain unaffected by the company's proposed dim sum bond
issuance. The ratings outlook remains positive.

On May 5, 2013, Greentown announced the proposed issuance of RMB-
denominated notes.

"The RMB notes issuance will help Greentown facilitate the
development of property projects, including settling outstanding
land premium payments. The company will also be able to improve
its debt maturity profile by refinancing some of its existing
short-term debts," said Jiming Zou, a Moody's analyst.

Moody's expects Greentown's reported gross debt to rise to around
RMB30 billion at the end of 2013. This total includes the issuance
of $700 million notes in early 2013, the currently proposed RMB
notes issuance and additional onshore bank loans for property
development.

As a result, Greentown's net gearing ratio -- as expressed by net
debt to equity -- is expected to be in the range of 70%-80%, which
is below its ceiling of 100% as agreed with Wharf (Holdings)
Limited (unrated). Also, its debt/book capital ratio is expected
to reach about 60% (excluding prorated debt from joint ventures)
and its interest coverage ratio, as indicated by EBITDA/interest
expenses, to reach about 2.5x in 2013.

Greentown's current positive outlook reflects (i) its ability to
achieve continuous strong contract sales performance; for example,
it had recorded a year-on-year increase of 128% in the first four
months of 2013; and (ii) Moody's expectation that its credit
metrics, especially beyond 2013, could benefit from improved
sales.

Moody's ratings have considered Greentown adopting a less
aggressive financial and expansion strategy after Wharf became a
major shareholder in 2012. However, Greentown's recent acquisition
of a large-scale project in Shanghai indicates its resumption of
its growth appetite amid an improved market environment. As the
company has only a short history of recovery in its credit
profile, any further large-scale debt-financed projects could
return its ratings outlook to stable from positive.

Greentown's B2 corporate family rating reflects its well-
established market position in property development in Zhejiang
Province, including a long operating track record, sound brand
name, quality products, and a large land bank. It also reflects
Greentown's improved financial profile after the strategic
investment by Wharf and the disposal of various projects through
sales to third parties.

The rating has further taken into consideration the challenge of
the company's significant exposure to luxury residential
properties which face purchase restrictions and tight credit
conditions. Capital constraints limit the company's growth through
joint ventures. Moreover, the rating is constrained by Greentown's
still weak, albeit improving, liquidity due to substantial short-
term debt.

The ratings could be upgraded, if Greentown (i) improves its
liquidity position through reducing its short-term debt; (ii)
continues to show good sales execution, such as meeting its
presales targets; and (iii) maintains prudence in its financial
management and land acquisitions.

The ratings would return to stable, if Greentown (i) maintains a
relatively high level of short term debt; (ii) shows weaker-than-
expected contract sales, or is unable to improve book sales; or
(iii) exhibits a deterioration in its financial profile with
Debt/Capitalization climbing above 60% (not including prorated
debt) and EBITDA/interest falls below 2.0x.

The principal methodology used in rating Greentown China Holdings
Limited was the Global Homebuilding Industry Methodology published
in March 2009.

Wharf (Holdings) Limited is listed on the Hong Kong Stock
Exchange. The principal business of the Wharf Group is ownership
of properties for development and letting, and investment. It also
owns container terminals as well as businesses in communications,
media and entertainment.

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou city and Zhejiang
Province. As of December 2012, the company had 96 projects,
including those under construction and available for construction,
with a total GFA of 41.87 million sqm. Of this total, 22.58
million sqm were attributable to the company.


PARKSON RETAIL: Moody's Rates $500MM Senior Bonds Offer 'Ba1'
-------------------------------------------------------------
Moody's Investors Service assigned a definitive Ba1 rating to the
$500 million, 4.50%, five-year, senior unsecured bonds issued by
Parkson Retail Group Limited. The rating outlook is stable.

Moody's definitive rating on this debt obligation follows
Parkson's successful completion of its USD bond issuance, the
final terms and conditions of which are consistent with Moody's
expectations.

Ratings Rationale:

The provisional rating was assigned on April 22, 2013. Moody's
ratings rationale was set out in a press release published on the
same day.

The company will use the proceeds from the issuance to refinance
$400 million in offshore syndicated loans due November 2013, and a
$50 million bridging loan due June 2013.

The remaining proceeds will be used for general corporate
purposes.

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 had 53 self-owned stores
and one managed store 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, an affiliate of Malaysia's Lion Group.


SRE GROUP: S&P Affirms 'B-' Corporate Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B-' long-term corporate credit rating on China-based property
developer SRE Group Ltd. with a negative outlook.  S&P also
affirmed the 'cnB-' long-term Greater China regional scale rating
on the company.  S&P then withdrew all the ratings at the
company's request.  SRE repaid its remaining outstanding senior
unsecured notes in April.

The affirmed rating prior to the withdrawal reflected S&P's
opinion that SRE was exposed to revenue concentration risk because
of the company's limited number of projects and the execution risk
associated with its geographic expansion.  The rating also
reflected the company's "weak" liquidity, as S&P's criteria define
the term, and high leverage.  SRE's somewhat established track
record in Shanghai and the low land costs of some projects
partially tempered these risks.  The negative outlook prior to the
rating withdrawal reflected S&P's expectation that SRE's liquidity
would remain weak and its leverage would stay high because of weak
sales.


WINSWAY COKING: Fitch Downgrades Sr. Unsecured Rating to 'B'
------------------------------------------------------------
Fitch Ratings has downgraded China-based Winsway Coking Coal
Holdings Ltd's Long-Term Issuer Default Rating (IDR) and senior
unsecured rating to 'B' from 'BB-'. This is due to its worse-than-
expected business performance arising from a volatile coking coal
environment. The Outlook remains Negative.

Key Rating Drivers

Bargaining power remains weak: Winsway continues to be unable to
execute its back-to-back pricing strategy for its Mongolian coal
supplies to Chinese steel mills. This strategy, which allowed it
to enjoy around HKD250/ton cash gross profit in 2011, fell apart
in 2012 as coking coal prices dropped and remained volatile. Many
end-customers, primarily Chinese steel mills, renegotiated on
previously agreed purchase prices, resulting in cash gross profit
falling to only HKD3/ton in 2012. There is no sign that Winsway
will be able to re-establish its pricing power against the steel
mills, particularly in an environment where seaborne coking coal
remains a competitively priced alternative to Mongolian imports.

Changing strategies: Management has stated its intention to search
for more opportunities in upstream coal production as its asset-
light trading/logistics core business remains unprofitable. Thus,
the acquisition of a 60% stake in Canadian Grand Cache Coal (GCC)
can no longer be seen as a one-off opportunistic move. Fitch
believes that the change in management's strategy will be hard to
execute due to the capital-intensive nature of upstream
production, especially in light of the company's already weakened
balance sheet.

GCC remains unprofitable: GCC, which is ramping up production,
remains loss-making due to the sharp fall in coking coal prices
and stubbornly high production costs. Fitch deconsolidates GCC
from its analysis of Winsway as its debt is ring-fenced. However,
if GCC does not become profitable, there will be little cash
contribution to Winsway in the near future particularly as loans
at GCC, which are non-recourse to Winsway, start amortising from
November 2013.

No immediate liquidity risks: Winsway reduced its inventory
significantly in 2012 to improve liquidity, ending the year with a
HKD2.11bn unrestricted cash balance and HDK980m restricted bank
deposits, compared with short-term debt maturities of HKD1.78bn.
However, unless it is able to turn-around its business over the
next two years, it will be challenged to refinance the USD500m
notes due in April 2016. These risks are underlined in the
Negative Outlook.

Rating Sensitivities

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

  -- deteriorating liquidity profile or funding access

Positive: Future developments that may, individually or
collectively, lead to positive rating action, in this case an
Outlook revision to Stable, include:

  -- sustained stability in Winsway's coal trading/logistics
     operations

  -- GCC turning profitable



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


A POWER: ICRA Downgrades Rating on INR17.6cr Loan to 'D'
--------------------------------------------------------
ICRA has revised the long term rating from '[ICRA]B' to '[ICRA]D'
for the INR17.60 crore fund based facilities of A Power Himalayas
Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Facilities   17.60    [ICRA]D downgraded from
                                    [ICRA]B

The assigned rating factors in instances of delays in debt
servicing (In Solang Project) mainly on account of low plant load
factor (PLF) which has remained ~30-35% in the last 3 years; this
has in turn resulted in relatively modest income, profits and cash
flows of the company. While Beas project was under construction
stage, a natural calamity occurred on 3rd August 2012 which caused
extensive damage to this particular project. This has necessitated
restructuring of term loan (for Beas project) in November 2012
w.e.f July 2012, subsequent to which the repayment date has been
deferred to March 2014 with cost over runs of INR2.80 crores and
COD has been revised to September 2013. The rating continues to be
constrained by the exposure of the company, as an equity investor,
to substantial project execution risks in group companies which
are implementing various hydropower projects. Commissioning of
some of these plants which are being implemented by the
subsidiaries have been significantly delayed by up to 12 months
(on account of various factors). Further the rating is also
constrained by hydrological risks in case of factors like shortage
of water or loss of generation due to silting.

However, ICRA has taken note of the long track record of the
promoters in power sector and their diversified interests which
include a portfolio spanning over ferro alloys, and tourism in
addition to SHP projects. Going forward, the ability of the
company to timely service its debt obligation, commence commercial
operations in a timely manner (for Beas project) and to meet the
design performance parameters will be key rating drivers.

M/s A. Power Himalayas Limited is an independent power producer
(IPP), promoted by Regency Group which has to develop and operate
SHP projects in Himachal Pradesh. APHL is current operating a 1.5
MW SHP in Solang of Himachal Pradesh. It is also implementing a
2.25 MW SHP project on Beas River in Himachal Pradesh under APHL.
Regency Group has diverse interests including tourism and metal
alloys and is currently implementing a number of other SHP
projects where APHL also holds some equity stake.

Recent Results:

The company has reported an operating income of INR1.15 crore
during FY 2012 and a net profit of INR0.14 crore for FY 2012, as
against an operating income of INR1.14 crore and net profit for
INR0.15 crore for FY 2011. It has witnessed a PLF of 35% and 30%
respectively in FY 2011 and FY 2012.


AMBEY METALLIC: ICRA Reaffirms 'B+' Rating on INR4.7cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' on the
INR4.70 crore fund-based bank facilities of Ambey Metallic
Limited. ICRA has also reaffirmed the short term rating of
'[ICRA]A4' to the INR10.19 crore non-fund based bank facilities of
AML.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit Limits       4.70    [ICRA]B+ reaffirmed
   Letter of Credit        10.00    [ICRA]A4 reaffirmed
   Limits
   Bank Guarantee           0.19    [ICRA]A4 reaffirmed

The rating reaffirmation takes into consideration the uncertainty
associated with the supply of primary raw material (iron ore) and
the resulting increase in its prices, which is expected to impact
AML's profit margins in the near term; and the company's small
scale of current operations, with a limited extent of value
addition. The ratings also reflect AML's significant exposure to
price risks on account of its high level of inventory, given the
cyclicality inherent in the steel industry; and AML's exposure to
forex risk on account of imports of coal, in the absence of a
formal hedging mechanism followed by the company. The ratings,
however, take into account the long standing experience of the
promoters of AML in the iron and steel business; and the company's
conservative capital structure and moderate coverage indicators
which indicate a comfortable financial risk profile. The ratings
also favorably factors in the proximity of AML's plant to its
customers and sources of raw material, namely iron ore, and AML's
access to ports, all of which support profitability.

Incorporated in 2001, AML is engaged in the manufacturing of
sponge iron using iron ore and coal as key raw materials. AML has
an installed capacity of 36,000 Metric Tonnes Per Annum (MTPA) at
its manufacturing facility in Pissurlem, Goa. AML procures iron
ore from the states of Karnataka and Goa and imports coal from
South Africa and Indonesia. More than 95% of the sponge iron
produced is sold to companies within the state of Goa.

Recent Results

AML reported a profit after tax (PAT) of INR0.65 crore on an
operating income of Rs 28.00 crore in 2011-12 as compared to a PAT
of INR1.57 crore on an operating income of INR38.0 crore in 2010-
11. As per the unaudited financials for April'12 to August'12,
AML's operating income and profit before tax (PBT) was INR31.47
crore and INR0.73 crore respectively.


BIL METAL: ICRA Cuts Ratings on INR9.35cr Loans From 'C'
--------------------------------------------------------
ICRA has revised the long-term rating assigned to INR6.00 crore
term loans and the INR3.35 crore cash credit facility of BIL Metal
Industries Limited to '[ICRA]D' from '[ICRA]C'. ICRA has also
revised the short-term rating assigned to INR2.65 crore short-term
non-fund based facilities of BMIL to '[ICRA]D' from '[ICRA]A4'.

                        Amount
   Facilities          (INR Cr)   Ratings
   ----------          --------   -------
   Term Loan              6.00    [ICRA]D (revised from [ICRA]C)
   Cash Credit            3.35    [ICRA]D (revised from [ICRA]C)
   Inland/Foreign         2.65    [ICRA]D (revised from [ICRA]A4)
   Letter of Credit

The rating revision is primarily driven by delays in debt
servicing by the company owing to tightness in liquidity resulting
from low offtake due to weak demand conditions in the main end
user industry viz. heavy commercial vehicles. Besides the ratings
continue to be constrained by the relatively small scale of
operations of the company and the fragmented nature of the auto
components industry resulting in high competition from organized
as well as unorganized players and the vulnerability of the
entity's profitability to any adverse fluctuations in raw material
prices owing to its limited ability to pass on the same to OEMs.
The ratings also consider the company's weak past track record
with history of losses in operations resulting in defaults in debt
servicing; the company was declared a sick unit in FY 10 and is
under BIFR at present. The ratings are also constrained by the
company's high customer concentration risk with about 90% of the
sales in FY12 being derived from two main customers; subdued
outlook for the auto industry over the near term; and the
company's overall weak financial profile characterized by high
gearing; tight liquidity and high working capital requirements.

The assigned ratings however favorably take into account the long
experience of the promoters in auto components manufacturing
business and established relationships with its customers.

BIL Metal Industries Limited started as proprietorship concern in
name of BIL Metal Works and was promoted by Mr. Devendra Patel in
year 1970. It has been a closely held public limited company from
1994. BMIL is based out of Vadodara (Gujarat) and is engaged in
the business of manufacturing sheet metals components which are
used in heavy commercial vehicles.

Recent Results

For the year FY2011-12, the company reported an operating income
of INR29.88 crore (against INR26.71 crore in FY 2010-11) and
profit after tax of INR4.44 crore (against loss of INR2.33 crore
in FY 2010-11).


CASHPOR MICRO: ICRA Rates INR25cr Loan at '[ICRA]BB+'
-----------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating with a stable outlook to the
INR25 crore NCD Programme of CASHPOR Micro Credit.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   NCD Programme           25.00    [ICRA]BB+ (Stable) assigned

The rating draws comfort from CASHPOR's long track in microfinance
activities, experienced management, good asset quality profile
supported by its good systems and processes and various
developmental activities it undertakes in its area of operations,
good earning profile and better earning diversity vis-a-vis peers.
However, CASHPOR's limitations on increasing core capital (it
being a section 25 company), high leveraging (around 11 times as
on Dec-12) and lack of regulatory supervision constrain the
rating. Additionally, the rating factors in the risks associated
with the marginal borrower profile, unsecured lending business,
political risk and operational risks arising out of cash handling,
regional concentration of portfolio of the company. The risk
associated with unsecured lending is mitigated to some extent by
JLG model followed by the company. Also the establishment of
credit information bureau and disciplined lending post the
introduction of norms for MFIs by RBI are likely to mitigate some
of risks associated with overleveraging.

CASHPOR, started its microfinance operations in 2002, has
reasonable track record of microfinance operations and currently
operating out of 264 branches spread over 22 districts of Uttar
Pradesh and Bihar. Over last few years its portfolio has grown at
adequate pace and as on Dec-12 its outstanding managed loan book
was INR373 crore. The portfolio is regionally concentrated with UP
and Bihar accounting for around 2/3rd and 1/3rd of portfolio as on
Dec-12. As for asset quality profile, CASHPOR has been able to
maintain good asset quality profile (portfolio at risk of 0.05% as
on Mar-13) supported by its good systems and processes. CASHPOR's
portfolio vintage is also good as around 2/3rd of its loan book is
in third or further cycle of loans.

CASHPOR's capitalisation profile is inferior to peer MFIs as
reflected in CASHPOR's higher gearing levels (around 11 times as
on Dec-12). CASHPOR's capitalisation profile is inferior as it is
registered as section 25 company which deters its ability to raise
equity capital thus the capital requirement of CASHPOR has been
met through internal capital generation and subordinated debt
raised from social cum financial investors. However, subordinated
debt has been raised at relatively low rate of interest (average
interest cost around 6-7%) for tenure of 5-8 years and are
expected to provide cushion to senior debt holders' of the company
in case of stress. CASHPOR's internal capital generation has been
very good over last 3-4 years, its ability to maintain the same
and maintain portfolio growth commensurate to its internal capital
generation would be critical for its capitalisation profile.
Moreover, as CASHPOR is not registered with RBI as an NBFC-MFI, it
is not required to follow RBI guidelines applicable to NBFC-MFI,
however the company voluntarily follows RBI's guidelines
applicable to NBFC-MFI.

CASHPOR has diversified funding profile supported by established
relationship with banks (both PSBs and private banks), Financial
Institutions and social cum financial investors who have invested
in subordinated debt at low rate of interest. CASHPOR's
incremental cost of funds is comparable to peers. In ICRA's view
the company's ability to raise funds from banking channel at
competitive cost would be critical for its growth.


HUNSUR PLYWOOD: ICRA Assigns 'B+' Ratings to INR5cr Loans
---------------------------------------------------------
ICRA has assigned a long- term rating of '[ICRA]B+' and a short
term rating of '[ICRA]A4' to the INR13.00 Crores bank limits of
Hunsur Plywood Works Private Limited.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Long term Fund based      4.50    [ICRA]B+ (Assigned)
   limits-Cash Credit

   Long term Fund based      0.50    [ICRA]B+ (Assigned)
   limits-Unallocated

   Short term Non Fund       8.00    [ICRA]A4 (Assigned)
   based limits-LC/BG

ICRA's rating factors in the modest scale of operations of the
company, limited value addition and the highly competitive form of
the timber manufacturing business. The rating incorporates the
moderate capital structure of the firm on account of low net
profit margins and moderate coverage indicators. The rating is
also tempered by the exposure to currency fluctuation on account
of substantial raw material import and low level of exports, as
well as the company profitability and cash flows being exposed to
volatility in timber prices. Nevertheless, the rating draws
comfort from established track record of the company and its
promoters in the timber manufacturing business, the proximity of
the company with its key suppliers and the high operating margins
witnessed by the company across the last couple of years.

HPWL is located at Hunsur, Karnataka in an area spread over 26
acres of land, with an installed capacity of 1.0 msft. The company
manufactures Hardwood Plywood, Block Boards, Flush Doors and
Decorative Veneers. The company's products are marketed under the
brand "Hunsply". The firm reported an operating income of
INR35.66 Cr and net profit of INR0.22 Cr for the financial year
2011-2012.


KINGFISHER AIRLINES: Banks Recover Up to INR1000cr
--------------------------------------------------
The Economic Times reports that State Bank of India said the
consortium of lenders has recovered INR800 to INR1,000 crore and
is making all efforts to recover the remaining dues from
beleaguered Kingfisher Airlines.

"KFA recoveries are going on. We have substantial amount of
recoveries. Total recoveries for banks more than INR800 to
INR1,000 crore," the report quotes SBIBSE Chairman Pratip
Chaudhuri as saying.

ET notes that the consortium of 17 banks, led by SBI, has an
outstanding of over INR7,000 crore from the carrier. It has shares
of listed entities like United Spirits as collaterals which should
realise INR500 crore. That apart, lenders have the brand
Kingfisher as a security.

Additionally, ET relates, the consortium has a residual right over
the securities held by Srei Infrastructure Finance, which comes to
INR500 crore. Srei bought this from ICICI Bank in April last year.

SBI has the maximum exposure, over INR1,600 crore in the Vijay
Mallya-led airline. It is followed by PNB (with INR800 crore, IDBI
at INR800 crore, Bank of India at INR650 crore and Bank of Baroda
has INR550 crore, the report notes.

                     About Kingfisher Airlines

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

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

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


LOK RAJ: ICRA Assigns 'B+' Rating to INR18cr Cash Credit
--------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B+' to the
INR18.0 crore, fund-based limits and the short-term rating of
'[ICRA]A4' to the INR7.0 crore, non-fund based limits of Lok Raj
Saini Infra-Tech Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund-Based Limit-        18.00   [ICRA]B+ assigned
   Cash Credit

   Non-Fund Based Limit-     7.00   [ICRA]A4 assigned
   Bank Guarantee

The ratings are constrained by the company's small scale of
operations, and high order-book concentration with more than 50%
of the order backlog constituting of single Dharampur based road
construction project where progress has stalled due to pending
clearances. Further the ratings incorporate high geographic
concentration of its operations in the state of Himachal Pradesh
(H.P.), which poses challenges such as difficult terrain and
intense competition within the road construction segment. The
ratings also take into account the limited revenue visibility due
to low order inflow in FY13 and strained liquidity position as
reflected by high utilization of fund based limits owing to high
inventory days.

The ratings, nevertheless, draw comfort from the long track record
and extensive experience of the promoters in the construction
industry and company's position as a registered 'Class A'
contractor with Public Works Department (PWD), H.P. Going forward,
company's ability to diversify its order book and improve its
liquidity position by efficiently managing working capital
intensity would be the key rating sensitivity factors.

Incorporated in May 2010, 'Lok Raj Saini Infra-Tech Private
Limited' is a Mandi (Himachal Pradesh) based construction company
engaged in civil construction, largely roads, for government
bodies in the region. LRPL is registered as a 'Class A' contractor
with Himachal Pradesh Public Works Department (HPPWD). Besides
road construction, the company also undertakes projects such as
construction of bus stands, installation of telecom systems, cable
work and earthing.

LRPL is closely held by Mr. Lok Raj Saini, who was earlier
undertaking construction operations under the partnership entity
Lok Raj Saini Constructions.  While the bank facilities have been
transferred from LRSC to LRPL in FY13, operations are gradually
being shifted to LRPL.

Recent Results

On consolidated basis (Lok Raj Saini Infra-Tech Private Limited
and Lok Raj Saini Constructions), the company has earned profit
after tax (PAT) of INR1.93 crore with operating income (OI) of
INR54.19 crore in FY12 compared to PAT of INR1.95 crore with
operating income (OI) of INR41.20 crore in the previous year.


RICHA PETRO: ICRA Assigns 'D' Ratings to INR19cr Loans
------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR13.58 crore term
loans and INR5.42 crore fund based limits of Richa Petro Products
Ltd.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans              13.58    [ICRA]D assigned
   Fund Based Limits        5.42    [ICRA]D assigned

The rating primarily takes into account RPPL's low cash accruals
from the operations which, coupled with the high working capital
intensity of the business have led to delays in timely servicing
of debt obligations. The rating also takes into account RPPL's low
capacity utilisation of its facilities at present and its
unfavorable financial profile as reflected by high gearing levels
and depressed coverage indicators, which is unlikely to show a
meaningful improvement over the near term. The rating takes note
of the experience of its management in the plastic industry and
its wide array of products that caters to varied requirement of
customers. While ICRA notes that the ballooning repayment pattern
of the term loan provides some headroom to stabilize the
operations as per stated parameters, funds required for scaling up
of operations, given the working capital intensity of the same,
has exerted pressure on the liquidity position of the company. In
ICRA's opinion the ability of the entity to service its debt
obligations in a timely manner and manage its working capital
requirements while scaling up the operations would remain key
rating sensitivities going forward.

Incorporated in 2010 as Richa Pipes and Fittings Pvt Ltd, the name
of the company was changed to Richa Petro Products Limited (RPPL)
in March'2011. RPPL has been promoted by Odisha based NM Group and
is primarily engaged into manufacturing of plastic items like
pipes, furniture and fittings items and water tanks, with its
manufacturing facility located in Odisha.

Recent Results

During FY12, RPPL reported a net loss of INR1.52 crore on the back
of an operating income of INR1.45 crore.


SIR SHADI: ICRA Cuts Ratings on INR234.9cr Loans to 'B'
-------------------------------------------------------
ICRA has downgraded the long-term rating assigned to INR10.09
Crore term loans, INR210.50 Crore fund based limits and INR14.31
Crore of proposed fund based limits of Sir Shadi Lal Enterprises
Limited from '[ICRA]BB-' to '[ICRA]B'. The short-term rating
assigned to INR6.10 Crore non-fund based limits has been
reaffirmed at '[ICRA]A4'.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans              10.09    [ICRA]B Downgraded
   Fund Based Limits      210.50    [ICRA]B Downgraded
   Proposed Fund Based     14.31    [ICRA]B Downgraded
   Limits
   Non Fund Based Limits    6.10    [ICRA]A4 (reaffirmed)

The revision of rating takes into account significant
deterioration in the financial health of the company
characterized by more than 50% erosion in the net worth of the
company (declined from INR69.16 Crore in FY 2011 and INR29.78
Crore in FY 2012) and high gearing of 7.92 times as on March 31,
2012. This has been mainly on account of significant hike in cane
price in SY 2011-12 by Government of Uttar Pradesh (GoUP) coupled
with decline in the recovery rates in SY 2011-12. UP based sugar
mills including SSLEL have been benefitted from higher sugar
prices in SY 2012-13 as well as higher crushing volumes (around
10% crushing growth for SSLEL) and also higher recovery rates
(improvement of around 0.3% for SSLEL), however a further sharp
increase of INR40/qtl by GoUP in SY 2012-13 has offset the
positive impact of the aforesaid resulting in SSLEL reporting a
loss before tax of INR20.02 Crore in the first 9 months of FY
2013. The ratings also factors in the company's non integration
into co-generation and partial integration into distillery
increasing the vulnerability of its operations to the factors such
as cyclicality in the sugar business, agro-climatic vagaries and
government policies governing cane pricing, and sugar release
mechanism. The ratings have however taken comfort from levy sugar
sale abolition and removing of sugar release mechanism which is
expected to improve the profitability of sugar mills including
SSLEL, nonetheless the quantum of the improvement in profitability
would depend upon the extent to which the sugar mills would be
able to retain this benefit, which in turn would depend upon the
fundamental supply-demand position. The ratings continue to derive
comfort from the company's long track record in the sugar business
and timely servicing of its debt obligations.

The erosion in the net worth by more than 50% has led to SSLEL
being recognized by Board of Industrial & Financial Reconstruction
(BIFR) as a potentially sick unit. Going forward, the improvement
in the net worth of the company via the proposed sale of core &
non-core assets and/or profit generation by the business would
remain key rating sensitivity.

SSLEL, promoted by Sir Shadi Lal in the year 1933, is a partially
integrated sugar manufacturer and is engaged in the production of
sugar and alcohol. It currently operates two units, one each at
Shamli District and Unn District (Muzaffarnagar, Uttar Pradesh).
The company has an aggregate crushing capacity of 11250 MTPA.

SSLEL reported net loss of INR39.38 Crore on operating income of
INR374.82 Crore in FY 2012 and a loss before tax of INR20.04 Crore
on operating income of INR306.00 Crore in the first 9 months of FY
2013.


SUDHARMA INFRATECH: ICRA Cuts Ratings on INR8.25cr Loans to 'B'
--------------------------------------------------------------
ICRA has revised the rating assigned to the INR3.25 crore fund
based bank limits and INR5.00 crore non fund based limits of
Sudharma Infratech Private Limited from '[ICRA]B+' to '[ICRA]B'.

                        Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits       3.25     [ICRA]B revised from
                                    [ICRA]B+

   Non Fund based Limits   5.00     [ICRA]B revised from
                                    [ICRA]B+

The rating revision primarily factors in the limited fund
generation by the company in FY13 primarily on account of low
revenue booking owing to limited progress on its major order
(-INR70 crore) with Gammon India Limited. The rating continues to
factor in the lack of diversity in its client profile with a large
proportion of the current orders and pending order book being
attributed to a single construction contract being executed for
Gammon India Limited with associated concentration risks. Further,
the assigned rating factors in the deterioration in liquidity
profile of GIL owing to which the receivables from GIL continue to
remain stretched. ICRA also notes that, given SIPL's limited
financial flexibility, which restricts its ability to absorb
delayed collections, the dependence on working capital borrowings
could increase in future. The rating continues to factor in SIPL's
short track record and the small scale of past operations which
limits its ability to bid for larger contracts amid growing
competitive intensity within the construction industry at large,
particularly given the ongoing slowdown in construction activity.
The rating however continues to favourably factor in the past
experience of SIPL's promoters and the moderate size of its
current order book position which lends revenue visibility over
the near term.

Sudharma Infratech Private Limited, a special class contractor
registered with Govt of A.P., is involved in executing civil works
orders for irrigation and road projects since its incorporation in
2008. The promoters of the company have adequate experience in
civil construction works having worked with various government and
private entities like Great Visakhapatnam Municipal Corporation,
Navayuga Engineering Limited etc. The same set of promoters had
also promoted a group company, Sri Dattatreya Constructions and
Services Private Limited (SDCSPL) which is not operational at
present. SDCSPL was also involved in the civil construction
business in the past.


TRADEWEL CONSTRUCTION: ICRA Cuts Rating on INR7cr Loan to 'D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR7.0 crore
fund-based facilities of Tradewel Construction Corporation Private
Limited to '[ICRA]D' from '[ICRA]C'.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits        7.0     Revised from [ICRA]C to
                                    [ICRA]D

The rating revision reflects persistent delays by TCCPL in meeting
its debt servicing obligation from November 2012 to March 2013 on
account of inadequate cash flows generated by the company.

Incorporated in 1981, TCCPL is a real estate developer based in
Mumbai. It was formerly known K Mohan & Co. (Fashions) Private
Limited and the name was changed to the present name in January
2006. TCCPL has constructed the Singapore International School
(SIS) on 8 acres of land in the Dahisar suburb of Mumbai. The
school was given on a 5 year sub-lease to Samarpan Education
Society (SES) in August 2006. Currently, SIS is the only revenue
generating property for TCCPL.


ZENITH EXPORTS: ICRA Reaffirms 'BB+' Rating on INR16cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB+' assigned
to the INR16.00 crore long-term fund based bank limits (sub-limit
of short term fund based bank limits) of Zenith Exports Limited.
The outlook on the long-term rating is stable. ICRA has also
reaffirmed the short-term rating of [ICRA]A4+ assigned to the
INR76.00 crore (enhanced from INR69.00 crore) short-term fund
based bank limits and the INR9.00 crore non fund based bank limits
of ZEL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits-      16.00    [ICRA]BB+ (Stable) reaffirmed
   Cash Credit

   Fund Based Limits-       76.00   [ICRA]A4+ reaffirmed
   Packing Credit, Bill
   Discounting

   Non-Fund Based Limits    9.00    [ICRA]A4+ reaffirmed

The ratings factor in the experience of ZEL's promoters in the
textile business, the company's diverse client base and flexible
product mix that strengthen its market position and the improving
demand scenario for leather and velvet goods witnessed in the
recent past. However, the ratings also take into account the weak
financial profile of the company, characterized by low
profitability, subdued return on capital employed and weak
coverage indicators, notwithstanding the improvement in net
profitability in recent quarters. The company's high working
capital intensity, which leads to considerable debt funding of
operations, also has an adverse impact on the ratings.
Nonetheless, overall gearing remains conservative on account of
past accretions to reserves. The ratings also factor in the
vulnerability of the company's profits to exchange rate movements
and raw material price fluctuations, the exposure to counterparty
risks since a significant portion of exports are not backed by
letters of credit, which has resulted in delayed receipts in the
past, and the susceptibility of ZEL's profit margins to any
reduction in fiscal incentives or other adverse regulations
enacted by the Indian Government.

ZEL was incorporated in the year 1981 as a public limited company.
It has three separate operating divisions, namely Zenith Main
Division (ZM), Zenith Textiles (ZT) and Zenith Spinners (ZS). ZM
is engaged in the export of silk fabrics, made-ups, industrial
leather hand gloves and other leather products. ZT is a 100%
Export-Oriented Unit with a manufacturing facility located at
Nanjangud, Karnataka for the production of silk and velvet fabrics
and made-ups. The unit had 44 looms with a production capacity of
approximately 12.46 lakh meters as on 31st March, 2012. ZS is
involved in the manufacture of viscose, polyester, cotton and
blended yarns, with a manufacturing facility located in Sarandi,
Gujarat.

Recent Results

During 2011-12, ZEL recorded a loss after tax of INR0.47 crore on
the back of an operating income of INR274.76 crore. In the first
three quarters of 2012-13 (provisional), the company posted an
operating income and net profit of INR208.04 crore and INR1.02
crore respectively.



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


BAKRIE TELECOM: S&P Lowers Corporate Credit Rating to 'CCC'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Indonesia-based limited
mobility wireless operator PT Bakrie Telecom Tbk. (BTEL) to 'CCC'
from 'B-'.  The outlook is negative.  S&P also lowered its
long-term ASEAN regional scale rating on the company to 'axCCC'
from 'axB'.

At the same time, S&P lowered its rating on the senior unsecured
notes due 2015 that Bakrie Telecom Pte. Ltd. issued to 'CCC' from
'B-'.  BTEL guarantees the notes.  S&P removed all the ratings
from CreditWatch, where they were placed with negative
implications on April 17, 2013.

"We lowered the ratings because BTEL is likely to continue to face
significant liquidity pressure over the next 12 months," said
Standard & Poor's credit analyst Suzanne Smith.  The company has
not disclosed its plans to bridge a funding gap of about
US$100 million over the next 12 months.  Nevertheless, S&P expects
BTEL to meet the semi-annual interest payment of about
US$20 million that is due on May 7, 2013.

BTEL's funding gap is on account of a US$50 million bank loan, of
which about US$5 million is due in June, September, and December
2013, and US$35 million is due on maturity in March 2014.  Also,
the company needs to make finance lease payments for towers of
about US$40 million and has a hedge termination cost of about
US$15 million.  This, S&P believes, makes it critical for BTEL to
raise funds, considering that the company's continuing breach of
an incurrence covenant under its senior unsecured notes restricts
any further fresh borrowings.

"BTEL also continues to inadequately fund the interest reserve
account that was required under the terms of its senior unsecured
notes.  This underfunding exposes the company to a potential
payment acceleration, though unlikely, by bond holders," said Ms.
Smith.  "We do not have clarity on when the company would address
this breach, for which it has already received a notice from the
trustee."

S&P believes BTEL has "weak" liquidity, as defined in its
criteria.  The company's liquidity sources are likely to cover
uses by 0.6x in the next 12 months.  S&P believes the company will
not be able to meet the incurrence covenant on its senior
unsecured notes for the next 12-24 months.

The negative outlook reflects S&P's view that BTEL will continue
to face liquidity pressure and may not be able to undertake fund-
raising measures over the next six months to address the funding
gap.

S&P could lower the rating if: (1) it expects bondholders to
accelerate payment because of the covenant breach; (2) it expects
BTEL to miss any principal or interest payment; (3) it expects the
company to undertake distressed exchange of its bonds; or (4) BTEL
does not share a credible plan to raise funds and strengthen its
liquidity by September 2013.

S&P could revise the outlook to positive or raise the rating if
BTEL arranges adequate funds to bridge a significant portion of
its funding gap over the next 12 months.  This assumes that the
company will maintain its operating performance with EBITDA
interest coverage of at least 1.5x.


PERTAMINA (PERSERO): S&P Assigns 'BB+' Rating to US$5BB Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' and 'axBBB+'
issue ratings to the proposed US$5 billion global medium-term
notes program of PT Pertamina (Persero).  S&P also assigned its
'BB+' issue rating to a proposed issue of up to US$3.0 billion
under this program.

The program and issue ratings reflect the long-term corporate
credit rating on Pertamina (BB+/Stable/--; axBBB+/--).  The rating
on Pertamina incorporates the company's 'bb+' stand-alone credit
profile (SACP) and S&P's view of an "almost certain" likelihood
that the Indonesian government would provide timely and sufficient
extraordinary support to Pertamina in the event of financial
distress.  S&P assess that the company plays a "critical" role and
has an "integral" link with the government of Indonesia
(BB+/Stable/B; axBBB+/axA-2).

Pertamina's SACP reflects the company's "fair" business risk
profile and "significant" financial risk profile, as S&P's
criteria define the terms.  S&P expects the government to continue
to influence Pertamina's business risk profile.  The company
benefits from generous production sharing contracts, and has
preferential access to newly released exploration blocks and
expiring cooperation contracts.  However, Pertamina's public
service obligation (PSO) to distribute fuel in the domestic market
at government-designated and below-market prices tempers these
benefits.  The PSO results in Pertamina having weaker margins than
its integrated oil and gas peers'.

The scale and operating efficiency of Pertamina's downstream
business, in particular its refineries, also constrain the
profitability of the company's PSO business.  The below-average
complexity of Pertamina's refineries compared with regional peers'
influences the product mix of the refineries and reduces margins
for the downstream business.  The company plans to improve
profitability of the downstream business by developing new
refineries and upgrading existing ones.

S&P expects Pertamina's financial performance to weaken in the
next two to three years because of S&P's estimate of the company's
capital expenditure plans of US$8 billion-US$9 billion annually in
2013-2014.  This expenditure will be predominantly debt-funded.
S&P anticipates the company's ratio of debt to EBITDA to rise to
about 3.0x in 2013-2014.

Pertamina has "adequate" liquidity, as S&P's criteria define the
term.  S&P expects the company's liquidity sources to exceed its
uses by at least 1.2x in the next 12 months.  S&P expects
Pertamina to have negative free operating cash flow over 2013-
2015.  Nevertheless, S&P expects the company to maintain adequate
liquidity, given its access to external funding because of its
solid domestic business position and government ownership.

The stable outlook on Pertamina is consistent with the outlook on
the sovereign credit rating, given S&P's view that the company is
highly sensitive to government influence.  S&P expects Pertamina
to remain the government's primary vehicle for distributing
subsidized fuel throughout the country.  S&P's view is based on
the company's integrated operations, dominance in Indonesia's
upstream and downstream oil and gas segments, and the strong
demand prospects for energy in Indonesia.



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


PROPERTY VENTURES: Recovered Money Not Enough
---------------------------------------------
NBR Online reports that the receivers of bankrupt Dave Henderson's
Property Ventures have recovered NZ$200,401 of a NZ$69.3 million
debt.

But receivership fees have taken NZ$151,706 and legal fees
NZ$70,946.

NBR Online relates that receiver Tim Downes of Grant Thornton said
it is unlikely there will be any further recovery of money.

Property Ventures (PVL), the central company of the
David Henderson property development ventures, was put into
receivership in March 2010, and then into liquidation in July the
same year, the report relates.  Bankrupt Christchurch developer
David Henderson is a former director of both PVL and Gibbston
Downs Wines.


STARPLUS HOMES: Liquidator Calls in KMPG as Joint Liquidator
------------------------------------------------------------
Stuff.co.nz reports that the liquidator acting for Waikato and
Starplus Homes Ltd has called in accounting firm KPMG to help
unravel the failed builder's tangled mess of debts.

KPMG issued an updated liquidator's report at the first creditors'
meeting on Monday, which estimates unsecured creditors are owed
more than NZ$14 million, Stuff.co.nz relates.

In the best-case scenario, creditors may receive 18.9 cents in the
dollar back, and in the worst case scenario, nothing, stuff.co.nz
notes.

The report notes that Starplus' sole shareholder, Richard Lee, put
the company into voluntary liquidation last month, appointing
Auckland chartered accountant John Buchanan, stuff.co.nz reports.

According to stuff.co.nz, Mr. Buchanan told a group of 40-50
people that Mr. Lee had declined an invitation to attend the
meeting at KPMG's Auckland offices, and could not be forced to
show up.

On May 2, the High Court approved KPMG insolvency practitioner
Shaun Adams' application to be appointed joint and several
liquidator alongside Mr. Buchanan, stuff.co.nz says.

On May 6, creditors voted almost unanimously to approve the
appointment of both men.

                       About Starplus Homes

Starplus Homes Ltd is a Hamilton-based home building company.

The company was put into voluntary liquidation on April 22- two
days ahead of a major creditor applying to the High Court to have
the business wound up.  John Buchanan, of Northside Insolvency in
Auckland, was named as liquidator.

Westpac Bank also appointed Corporate Finance's Andrew McKay and
John Cregten as receivers, further confusing the situation around
a property company failure thought to be the biggest in the
Waikato since the start of the global financial crisis in 2008,
according to Waikato Times.



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


EXPORT AND INDUSTRY: Shareholders Seek to Block Liquidation Order
-----------------------------------------------------------------
Philippine Daily Inquirer reports that the majority shareholders
of Export and Industry Bank (EIB) have gone to court in an attempt
to stop the bank's liquidation, alleging "indecent haste" and
"grave abuse of discretion" by banking regulators in ordering the
bank's dissolution.

In a 28-page petition filed in the Court of Appeals on April 26,
the majority stockholders sought a temporary restraint order
enjoining the Bangko Sentral ng Pilipinas and Philippine Deposit
Insurance Corp. from taking any action with respect to the order
to liquidate EIB, according to the Inquirer.

The appellate court was likewise asked to issue a writ of
preliminary injunction against the BSP and PDIC and to reverse and
set aside any order, issuance and action pertaining to the
liquidation of EIB or the conversion or disposal of any of its
properties, based on a copy of the petition obtained by Inquirer.

The Inquirer notes that the petition, filed through legal counsel
Zamora Poblador Vasquez & Bretana, was a "special civil action for
certiorari" signed by the following investors: Apex Bancrights
Holdings Inc., Lead Bancfund Holdings Inc., Asia Wide Refreshments
Corp., Medco Asia Investment Corp., Alfredo Yao, Zest-O Corp.,
Harmony Bancshares Holdings Inc. and Excalibur Holdings Inc. These
investors control about 50.07 percent of EIB's outstanding stocks.

The shareholders, in the petition, alleged that PDIC had imposed
"unreasonable and oppressive" conditions that delayed or
frustrated the transaction between EIB and Banco de Oro Unibank,
which earlier agreed to be its white knight.

Among those that PDIC had "erroneously" considered as contingent
liabilities of EIB, according to the petition, was the Pacific
Rehouse case to which EIB was not a party.

The investors also alleged that PDIC had "frustrated" the efforts
of EIB to increase its liquidity by selling its MRT bonds to a
private third party.

PDIC was requested to sell MRT bonds to third party investors to
unlock more funds for the bank but the petitioners said the
regulator had denied the request, requiring EIB instead to sell
them only to government-owned Development Bank of the Philippines
and Landbank of the Philippines. The two state-owned banks,
however, were not interested.

PDIC eventually approved the proposed sale of MRT bonds to third
party investors but the approval came in too late because the
buyers were no longer interested, the petitioners said.

For instance, it noted that PDIC had required consent from all
creditors and uninsured depositors, even as PDIC itself had
acknowledged that 15 percent of depositors could no longer be
located because of incomplete and outdated addresses and contact
details.

Headquartered in Makati City, Manila, Export & Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2012, ABS-CBNnews.com said Bangko Sentral ng Pilipinas
placed EIB under receivership on April 26, 2012.  The Monetary
Board cited the bank's "inability to meet obligations as they
becomes due, insufficient realizable assets to meets its
liabilities and its inability to continue its business without
involving probable losses to its depositors and creditors."

The Philippine Deposit Insurance Corporation (PDIC) took over the
Export & Industry Bank on April 27, 2012, to implement Monetary
Board Resolution No. 686 dated April 26, 2012.  As Receiver, PDIC
will gather all the assets of the closed bank and verify and
validate all bank records.

The Monetary Board (MB) of the BSP this month ordered PDIC to
proceed with the liquidation of EIB.  The order was issued
pursuant to Section 30 of Republic Act 7653 (the New Central Bank
Act) after the MB received the report of the PDIC on the non-
satisfaction to the conditions for the rehabilitation of EIB.

The March 20, 2013 rebidding for the rehabilitation of EIB was
declared a failure when no letter of interest was received from
any of the pre-qualified strategic third party investors (STPIs).
For the bidding last Oct. 18, 2012, no bids were received from
the pre-qualified STPIs who submitted letters of interest to
participate in the bidding.

The net realizable value of EIB's recorded assets estimated at
PHP13.65 billion is deficient by PHP11.02 billion to cover its
liabilities aggregating to PHP24.67 billion as of December 31,
2012.



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


STX GROUP: Finance Firms' Exposure Hits KRW13.19 Tril.
------------------------------------------------------
Yonhap News Agency reports that local financial companies'
exposure to cash-strapped STX Group reached KRW13.19 trillion
(US$11.8 billion) as of end March, industry data showed Tuesday,
boding ill for their future earnings.

State-run Korea Development Bank (KDB), the prime creditor of STX
Group and its troubled affiliates, held the largest exposure of
KRW3.89 trillion, or 29.53 percent, followed by the policy lender
Export-Import Bank of Korea with KRW2.27 trillion, according to
the data obtained by Yonhap.

The new agency discloses that the group under debt rescheduling
owed KRW2.23 trillion to Nonghyup, or the National Agricultural
Cooperatives Federation, KRW1.53 trillion to Woori Bank and
KRW1.13 trillion to the Korea Finance Corp., with the remaining
some KRW1.4 trillion extended by other banks and non-banking firms
like savings banks.

Yonhap notes that STX Corp., the group's holding company, and its
two affiliates asked the KDB last week to inject liquidity in
return for a voluntary debt relief process to salvage the firm
from insolvency.

STX Group, a South Korean shipbuilding conglomerate, has seen its
major affiliates struggling from liquidity shortages as they have
been suffering from mounting debt due to the downturn in the
shipbuilding and shipping sectors, Yonhap disclosed.

STX Corp. has 11 affiliates including STX Pan Ocean and STX
Offshore & Shipbuilding under its wing.

IT service provider ForceTec, in which group chief Kang Duk-soo
holds 69.4 percent stake, has a 23.1 percent stake in STX Corp.
Mr. Kang also holds a 25 percent interest in STX Construction,
which applied for a court receivership on April 26, the report
added.



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


* Asian Liquidity Stress Index Rises to 27% in April
----------------------------------------------------
Moody's Investors Service says that its Asian Liquidity Stress
Index (Asian LSI) inched up to 27% in April from 26.9% in March.
While the deterioration was slight, it was the second consecutive
month that the index had worsened.

"The slight increase in the Asian LSI reflects firstly the
addition of a Chinese issuer to our lowest (weakest) speculative-
grade liquidity score of SGL-4, and secondly, the inclusion of
three new high-yield ratings in April -- all of which relate to
Chinese issuers -- which tempered the impact of the marginally
higher number of companies with SGL-4 scores," says Laura Acres, a
Moody's Senior Vice President.

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 within a narrow range since
reaching a recent high of 29.1% in October 2012.

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

"On the other hand, the number of companies with an SGL-1 score,
reflecting very good liquidity, increased to 13 in April from 11
in March and February and, in percentage terms, is at the highest
level since we started publishing this data. Overall, the number
of SGL-1 scores has increased gradually this year after holding
steady for much of 2012," says Acres.

"In addition, the total number of rated high-yield companies
increased to 111 in April from 108 in March. The number of ratings
and the amount of rated debt, at $58.7 billion, are at all-time
highs. Moreover, we assigned first-time corporate family ratings
(CFR) to three companies in April, all of which are China-based
issuers," adds Acres.

Looking ahead, according to the report, the high-yield default
rate for Asia Pacific (ex-Japan) corporates will stay at a low 2%
in 2013. It will trend downwards during the first half of the year
and rise mildly in the second half. The 2% translates into one or
two potential defaults.

The report also says in terms of the liquidity sub-index for
Chinese speculative-grade property companies, the index decreased
to 31.4% in April from 32.4% the month before.

In contrast, the Indonesian sub-index for speculative-grade
companies as a whole was unchanged for a fourth consecutive month
at 12.5%, and the Australian index was also flat, at 9.1%.

Moody's report points out that the number of high-yield bond
issuances slowed in April. Seven companies successfully issued
bonds totaling approximately $2 billion, versus the nine companies
in March that raised $3.2 billion.

Nevertheless, the first four months of 2013 saw a total of 36
rated, high-yield bond deals closing, which raised an aggregate
$13.4 billion; an amount that was more than that raised in the
whole of 2012 and 2011.

"While we did not change the corporate family ratings of any
companies in April, we changed the outlooks of two companies, both
in a negative direction," says Acres.

As a result, the percentage of companies with a negative outlook
or on review for downgrade rose slightly to 23.4% in April from
23.1% in March. The number of companies with a positive outlook
was unchanged, at 10.

Moody's report notes that liquidity in Asia is generally weaker
than in other regions, partly because its debt capital markets are
not as mature and also because corporates rely more on local bank
markets for uncommitted funding.

Relationship banking, which relies on rolling over short-term and
uncommitted lines of credit rather than providing committed levels
of funding, is far more common in Asia than other major economic
regions. This reliance on the domestic bank markets has
contributed to the Asian LSI's elevated level relative to other
regions.


* 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.



                 *** End of Transmission ***