TCRAP_Public/130515.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 15, 2013, Vol. 16, No. 95


                            Headlines


A U S T R A L I A

BLUESTONE MORTGAGES: Fitch Assigns 'BB-' Rating to Class F Notes
DISCOUNT SUPERSTORES: Closes Crazy Clarks Store Due High Rent
MOBIUS NCM 03: Fitch Upgrades Rating on Class E Notes to 'B'
PERPETUAL TRUSTEE: Fitch Assigns 'BB' Rating to Class E Notes
SMART ABS 2013-2US: Fitch Rates AUD12.15MM Class E Notes at 'BB'

SMART ABS 2013-2US: Moody's Rates AUD12.16MM Class E Notes (P)Ba3
WESTPOINT GROUP: Case Against Two Former Directors Dropped
YANLORD LAND: S&P Assigns 'BB-' Rating to Chinese Notes
* Aussie Banks' Earnings Growth Weaker Through 2014, Fitch Says
* Moody's Notes Improving Liquidity Metrics for Australian Banks


C H I N A

ANV SECURITY: Incurs $149K Net Loss in First Quarter
CHINA JO-JO: Receives NASDAQ Listing Non-Compliance Notice
MOUNTAIN CHINA: Posts C$17.85-Mil. Net Loss in Fiscal Year 2012
SUNTECH POWER: Hongkuan Jiang Resigns as CHRO
* China's Tighter Control on WMPS is Credit Positive


I N D I A

ALM INFOTECH: CRISIL Assigns 'B+' Rating to INR450MM Loan
AMITY IRON: CRISIL Rates INR95MM Cash Credit at 'B'
ARTHANARI LOOM: CRISIL Reaffirms 'BB+' Ratings on INR382MM Loans
BASANTH WIND: CRISIL Assigns 'B+' Rating to INR120MM LT Loan
CHHABRA ISPAT: CRISIL Reaffirms 'B+' Ratings on INR202MM Loans

GRACIOUS COMM: CRISIL Places 'BB-' Ratings to INR62.5MM Loans
GREEN CONCRETEX: CRISIL Cuts Ratings on INR150MM Loans to 'D'
KINGFISHER AIRLINES: Bank Seek Buyers for Kingfisher Brand
LANCER PHARMA: CRISIL Places 'B+' Ratings on INR115MM Loans
M.R.S. SHRI: CRISIL Raises Ratings on INR150MM Loans to 'B-'

NIPRA INDUSTRIES: CRISIL Cuts Ratings on INR221.5MM Loans to BB+
SAMARTHA LEISURES: CRISIL Assigns 'D' Ratings to INR63MM Loans
SHAGOON PACKAGING: CRISIL Assigns 'B' Rating to INR20MM Loan
SIVARAM YARNS: CRISIL Assigns 'B' Ratings to INR245MM Loans
SREE KUMAR: CRISIL Raises Rating on INR155MM Loans to 'B'

TCG-URBAN INFRA: CRISIL Rates INR216MM Term Loan at 'BB+'
UTHAN EDUCATIONAL: CRISIL Ups Ratings on INR255.5MM Loans to 'B+'


I N D O N E S I A

* Fitch Says Indonesia Regulations to Temper Multi-Finance Risks


J A P A N

PANASONIC CORP: Recovery Slow; Challenges Remain, Fitch Says


N E W  Z E A L A N D

NEW ZEALAND ASSOCIATION: S&P Withdraws 'BB+' Rating
ROSS ASSET: FMA Chief Denies Allegations


S O U T H  K O R E A

* Foreign Funding Profiles of Korean Banks Continue to Improve


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BLUESTONE MORTGAGES: Fitch Assigns 'BB-' Rating to Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned Bluestone Mortgages Warehouse Trust's
mortgage-backed floating-rate notes final ratings as follows:

AUD169.8m Class A notes: 'AAAsf'; Outlook Stable
AUD6.8m Class B notes: 'AAsf'; Outlook Stable
AUD5.8m Class C notes: 'Asf'; Outlook Stable
AUD5m Class D notes: 'BBBsf'; Outlook Stable
AUD0m Class E notes: 'BBBsf'; Outlook Stable
AUD3.6m Class F notes: 'BB-sf'; Outlook Stable
AUD3m Class G notes: not rated
AUD6m seller notes: not rated

The notes are issued by Permanent Custodians Limited in its
capacity as trustee of Bluestone Mortgages Warehouse Trust.

At the pool cut-off date, the total collateral pool consisted of
422 loans with a total portfolio balance of AUD78.7 million and an
average size of AUD186,598. The weighted average current loan-to-
value ratio was 66%, and the weighted average seasoning was 93.9
months. Credit-impaired mortgages comprise 49.1% of the pool.
Reduced documentation loans make up 70.1% of the portfolio. Of the
mortgages in the portfolio 0.5% are interest-only loans.
Investment loans account for 10.5% of the pool and owner occupier
loans the remainder. The agency has incorporated all the above-
mentioned factors into its credit analysis of the transaction. The
current facility limit is AUD200 million.

Key Rating Drivers

The Long-Term 'AAAsf' ratings on the Class A notes are based on
the quality of the collateral; 15.1% credit enhancement provided
by the subordinate class B, C, D, E, F, G and seller notes; excess
spread; a liquidity reserve account of 1.7% of outstanding notes,
funded by issue proceeds; and Bluestone Mortgages Limited's
underwriting and servicing capabilities.

The ratings on the class B, C, D, E and F notes are based on all
the strengths supporting the class A notes except their credit
enhancement levels.

Rating Sensitivity

Unexpected decreases in the value of residential property or
increases in the frequency of foreclosures and loss severity on
defaulted mortgages could produce loss levels higher than Fitch
base case and could result in negative rating actions on the
notes. Fitch evaluated the sensitivity of the ratings assigned to
Bluestone Mortgages Warehouse Trust to increased defaults and
reduced recovery rates over the life of the transaction. Its
analysis found that all rated notes displayed little sensitivity
to increased defaults, with the Class A and C notes showing
downgrades of only one rating category even under Fitch's severe
(30% increase) scenario, the remaining rated notes did not
experience a downgrade under the same scenario. When subject to
reduced recovery rates, the class A, B and C notes suffered a one
category downgrade under Fitch's medium (15% reduction) scenario,
while the remaining rated notes did not experience a downgrade
under the same scenario.

The transaction shows significantly more sensitivity to a
combination of increased defaults and reduced recovery rates.


DISCOUNT SUPERSTORES: Closes Crazy Clarks Store Due High Rent
-------------------------------------------------------------
Austin King at News-Mail reports that Discount Superstores Group
is closing its Rockhampton Stockland Crazy Clarks store at the end
of this month due to "excessive rental prices" and a lack of
profit.

An area manager said that the closure would affect less than 10
staff members who work at the North Rockhampton centre, the report
relates.

He said Discount Superstores Group could look at relocating the
staff members to the South Rockhampton Crazy Clarks store in East
St or Sam's Warehouse in Gladstone Rd., according to the report.

News-Mail notes that Discount Superstores Group also owns Sam's
Warehouse.

Grant Vandenburg, who handles the media for Crazy Clarks, said
that if the staff members could not be relocated they would
receive their full pay entitlements.

"The rent charges are excessive and the store is not economically
viable," the report quotes Mr. Vandenburg as saying.

The store closes its doors for good on May 23.


MOBIUS NCM 03: Fitch Upgrades Rating on Class E Notes to 'B'
------------------------------------------------------------
Fitch Ratings has upgraded two Mobius notes and affirmed the other
three rated notes. The notes were issued by BNY Trust Company of
Australia Limited in its capacity as trustee of the Mobius Trusts.
Both Mobius transactions are securitisations of Australian non-
conforming residential mortgages. The rating actions are as
follows:

Mobius NCM 03 Trust (NCM 03):
AUD10.7m Class D (AU300MOB2051) affirmed at 'BBsf'; Outlook Stable
AUD6.6m Class E (AU300MOB2069) upgraded to 'Bsf' from 'CCCsf';
Outlook Stable

Mobius NCM-04 Trust (NCM 04):
AUD7.6m Class D (AU3FN0000907) affirmed at 'BBBsf'; Outlook Stable
AUD8.6m Class E (AU3FN0000915) affirmed at 'BBsf'; Outlook Stable
AUD7.7m Class F (AU3FN0000923) upgraded to 'Bsf' from 'CCCsf';
Outlook Stable

Key Rating Drivers

The upgrades reflect Fitch's view that the credit quality and
performance of the loans in the respective collateral pools have
improved and that the possibility of the notes defaulting has
reduced.

As at end-March 2013, NCM 03's total 30+ days arrears stood at
10.15%, down from 13.22% at the last rating action in May 2012. Of
the loans, 4.91% were in arrears by 90+ days.

NCM 04's total 30+ days arrears stood at 24.09% with 19.67% of
loans in arrears by 90+ days. The balance in arrears was little
changed over the 12 months to March 2013, although the percentage
remained high as the pool size decreases. Moreover, credit
enhancement has significantly built up, as few defaults have
occurred over the 12 months to March 2013. The servicer, Pepper
Australia Pty Ltd, has significantly reduced or cleared long-dated
arrears since 2009.

Both transactions feature an excess spread reserve that provides
additional credit enhancement if excess income becomes
insufficient to reimburse any principal charge-offs. As at end-
April 2013, the balance of this reserve was zero for NCM 03 and
AUD3.5m for NCM 04. NCM 03 experienced a loss of AUD1.06m in
September 2011 that depleted the then balance of the reserve
account (AUD715,000) and resulted in a charge-off on the class F
notes. Currently the Class F has outstanding charge-offs of
AUD192,657.

Since closing, 138 and 169 loans have been foreclosed in NCM 03
and NCM 04 respectively, resulting in cumulative losses of
AUD23.9m and AUD27.3m. Three loans defaulted over the 12 months to
March 2013 in NCM 03, six in NCM 04. Losses have been mainly
charged off against the lower rated notes and where excess income
has been insufficient to reimburse the charge-offs, amounts were
drawn from the excess spread reserve.

Credit enhancement has significantly built up since closing as the
transaction has amortised. Since closing, overcollateralisation
has slightly built up as the capitalised interest charges of the
loans in arrears have been covered by excess spread when loan
principal has been written off.

Rating Sensitivities

As the mortgage portfolios reduce in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver of Fitch's analysis. Although, NCM 03's
class E notes and NCM-04's class F notes have been upgraded, their
ratings remain sensitive to on-going changes in arrears, default
and expenses.


PERPETUAL TRUSTEE: Fitch Assigns 'BB' Rating to Class E Notes
-------------------------------------------------------------
Fitch Ratings has assigned Series 2013-1 REDS EHP Trust expected
ratings. The transaction is an asset-backed securitisation of
automotive and equipment loan receivables. The ratings are as
follows:

AUD401m Class A notes: 'AAA(EXP)sf'; Outlook Stable
AUD25m Class B notes: 'AA(EXP)sf'; Outlook Stable
AUD19m Class C notes: 'A(EXP)sf'; Outlook Stable
AUD13m Class D notes: 'BBB(EXP)sf'; Outlook Stable
AUD14m Class E notes: 'BB(EXP)sf'; Outlook Stable
AUD28m seller notes: not rated

The notes, due March 2019, will be issued by Perpetual Trustee
Company Limited as trustee of Series 2013-1 REDS EHP Trust. The
Series 2013-1 REDS EHP Trust is a legally distinct trust
established pursuant to a master trust and security trust deed.

The final ratings are contingent on the receipt of final documents
conforming to information already received.

At the cut-off date, the total collateral pool consisted of 8,515
loan receivables totalling approximately AUD500m, with an average
size of AUD58,720. The pool comprises loan receivables originated
by BOQ Equipment Finance's (BOQEF) whose ultimate parent is Bank
of Queensland (BBB+/Stable/F2). All loans are amortising principal
and interest loans for both cars and light commercial vehicles
(29.9%), trucks and buses (22.6%), trailers (13.6%), excavators
(11.5%) and other wheels (22.4%). Within the pool 48.5% are loans
with varying balloon amounts payable at maturity, with a weighted
average balloon payment of 29.4%.

The transaction also benefits from a diversification of a large
number of small business borrowers across a broad range of
industries.

Key Rating Drivers

The expected ratings of the Class A notes are based on the quality
of the collateral; the 19.8% credit enhancement provided by the
subordinate class B, C, D, E and seller notes; a liquidity reserve
account of 1.25% of outstanding notes, funded by issue proceeds;
an interest rate swap provided by Bank of Queensland, the standby
interest rate swap provider, Westpac Banking Corporation (AA-
/Stable/F1+); and BOQEF's underwriting and servicing capabilities.

The ratings on the class B, C, D and E notes are based on all the
strengths supporting the class A notes except their credit
enhancement levels.

Rating Sensitivities

Fitch's stress and rating sensitivity analysis is discussed in the
corresponding presale report entitled "Series 2013-1 REDS EHP
Trust", published today, now available on www.fitchratings.com or
by clicking on the above link. Included in a corresponding presale
appendix is a description of the representations, warranties and
enforcement mechanisms.


SMART ABS 2013-2US: Fitch Rates AUD12.15MM Class E Notes at 'BB'
----------------------------------------------------------------
Fitch Ratings has assigned SMART ABS Series 2013-2US Trust's notes
expected ratings. The transaction is a securitisation backed by
Australian automotive lease receivables originated by Macquarie
Leasing Pty Limited (Macquarie Leasing).

USD95m Class A-1 notes: 'F1+(EXP)sf'
USD125m Class A-2 (a & b) notes: 'AAA(EXP)sf'; Outlook Stable
USD145m Class A-3 (a & b) notes: 'AAA(EXP)sf'; Outlook Stable
USD135m Class A-4 (a & b) notes: 'AAA(EXP)sf'; Outlook Stable
AUD5.942m Class B notes: 'AA(EXP)sf'; Outlook Stable
AUD19.717m Class C notes: 'A(EXP)sf'; Outlook Stable
AUD13.504m Class D notes: 'BBB(EXP)sf'; Outlook Stable
AUD12.155m Class E notes: 'BB(EXP)sf'; Outlook Stable
AUD8.103m seller notes: not rated

The final ratings are contingent on receipt of final documents
conforming to information already received.

The notes will be issued by Perpetual Trustee Company Limited as
trustee for SMART ABS Series 2013-2US Trust. The latter is a
legally distinct trust established pursuant to a master trust and
security trust deed.

Key Rating Drivers

The expected ratings of the Class A notes are based on the quality
of the collateral; 11% credit enhancement provided by the
subordinate Class B, C, D, and E notes; the unrated seller notes
and excess spread. They also reflect a liquidity reserve account
sized at 1% of the aggregate amount of the notes at closing; an
interest rate swap arrangement the trustee has entered into with
Macquarie Bank Ltd (A/Stable/F1); a currency swap arrangement the
trustee has entered into with Australia & New Zealand Banking
Group (AA-/Stable/F1) and Macquarie Leasing Pty Ltd's lease
underwriting and servicing capabilities.

The expected ratings on the other classes of notes are based on
all the strengths supporting the Class A notes, excluding their
credit enhancement levels, but including the credit enhancement
provided by each class of notes' respective subordinate notes.

The transaction benefits from a highly diverse portfolio in terms
of both obligor and regional concentration and is similar, in both
portfolio characteristics and structure, to other SMART ABS Series
issued into the US market.

At the cut-off date, Macquarie Leasing's representative collateral
portfolio consisted of 29,635 leases totalling AUD1,055m with an
average size of AUD35,614. The pool comprises predominantly
passenger and light commercial vehicle lease receivables from
Australian residents across the country, consisting of amortising
principal and interest leases with varying balloon amounts payable
at maturity.

The main industry exposures include property and business services
(34.8%); government, administration & defence (17%); health &
community services (10.4%); other industries (9.1%); transport &
storage (7.4%); and construction (6.4%). The weighted average
balloon payment for the portfolio is 26.8% of the original lease
balance. The majority of leases consist of novated contracts
(65%), where the lease is novated to the employer in salary
packaging arrangements.

Historical gross loss rates by quarterly vintage on passenger
vehicle and truck leases range between 0.3% and 1.8%, and between
0.5% and 5%, respectively.


SMART ABS 2013-2US: Moody's Rates AUD12.16MM Class E Notes (P)Ba3
-----------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to notes
issued by Perpetual Trustee Company Limited in its capacity as
trustee of the SMART ABS Series 2013-2US Trust.

Issuer: SMART ABS Series 2013-2US Trust

$95.00 million Class A-1 Notes, Assigned (P)P-1 (sf);

$125.00 million Class A-2 Notes, Assigned (P)Aaa (sf);

$145.00 million Class A-3 Notes, Assigned (P)Aaa (sf);

$135.00 million Class A-4 Notes, Assigned (P)Aaa (sf);

AUD5.94 million Class B Notes, Assigned (P)Aa2 (sf);

AUD19.72 million Class C Notes, Assigned (P)A2 (sf);

AUD13.50 million Class D Notes, Assigned (P)Baa2 (sf);

AUD12.16 million Class E Notes, Assigned (P)Ba3 (sf).

The AUD8.10 million Seller Notes are not rated by Moody's.

The Class A-1 Notes will be fixed rate notes. The Class A-2, Class
A-3 and Class A-4 Notes may be offered as either fixed or floating
rate notes. Where the Class A-2, Class A-3 and Class A-4 fixed and
floating rate Notes are offered, the notes will be issued as Class
A-2a, Class A-2b, Class A-3a, Class A-3b, Class A-4a and Class A-
4b respectively.

The transaction is a securitization of a portfolio of Australian
novated leases, commercial hire purchase agreements, chattel
mortgages and finance leases secured by motor vehicles, originated
by Macquarie Leasing Pty Limited. This is Macquarie's second ABS
transaction issued in 2013.

Ratings Rationale:

SMART ABS Series 2013-2US Trust replicates structures seen in
previous SMART transactions sponsored by Macquarie, and closely
follows the structure seen in other SMART ABS Series offered in
the US. Notable features of the transaction include the
conservative composition of the receivables pool backing the
transaction, the $-denominated senior notes and the sequential to
pro-rata principal repayment profile.

The pool includes a high percentage of novated leases (65%), which
exhibit a lower level of risk than other contract types. At the
same time, the deal is exclusively backed by motor vehicles,
predominantly cars. Past non-US SMART transactions and other
Australian ABS transactions typically include 10-15% of other
equipment types. Motor vehicles exhibit less pro-cyclical default
patterns and, on average, higher recovery rates. As a result,
Moody's views the SMART ABS Series 2013-2US Trust pool as having
more positive collateral characteristics than peer portfolios.

In order to fund the purchase price of the portfolio, the Trust
will issue up to twelve classes of notes. The notes will be repaid
on a sequential basis in the initial stages (until the
subordination percentage increases from the initial 11.0% to
18.9%, and from 12.0% to 19.9% including the liquidity reserve)
and during the tail end of the transaction. At all other times,
the structure will follow a pro rata repayment profile. This
principal paydown structure is comparable to other structures in
the Australian ABS market in recent years.

The deal will include a minimum of four (and up to seven in the
event both fixed and floating rate notes are issued) senior, $-
denominated tranches. The Class A-1 Notes are fast-pay money-
market notes, rated P-1. The Class A Notes will be repaid
sequentially within the Class A Note allocation. The ratings are
based on the credit enhancement provided by the subordinated notes
and the liquidity reserve, in total equal to 12% for the Class A
Notes.

An unusual feature of this and previous $-denominated SMART
transactions is that the maturity dates of the Class A Notes were
set not with reference to the maturity of the longest dated
receivable but rather with reference to the scheduled principal
amortization profile (with a certain buffer to allow for defaults
and delinquencies). Moody's has accounted for the possibility of
losses and delinquencies during the term of the Class A notes in
its assessment of the likelihood of their repayment and believes
scheduled principal amortization to be sufficient to repay the
Class A Notes by the maturity dates in full.

Moody's base case assumptions are a default rate of 1.80% and a
recovery rate of 40.00%. These rates imply an expected (net) loss
of 1.08%. Both the default rate and the recovery rate have been
stressed relative to observed historical levels of 1.44%
(extrapolated) and 53.24% respectively.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

Volatility Assumption Scores And Parameter Sensitivities

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among other
factors, Moody's notes the availability of a substantial amount of
historical performance data in the Australian ABS market as well
as on an issuer-by-issuer basis. Here, for instance, Moody's has
been provided with detailed vintage and individual default data
for the 1998-2012 period. In addition, Moody's observes that
Australian auto ABS, and specifically past SMART transactions,
have to date been performing stably. Overall, the V score of
Low/Medium allows Moody's to have a material degree of comfort
with regard to assumptions made in rating the SMART ABS Series
2013-2US Trust.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of rating
changes. The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Asia/Pacific RMBS
Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the expected
loss and the Aaa credit enhancement - differed. The analysis
assumes that the deal has not aged. Parameter Sensitivities only
reflect the ratings impact of each scenario from a
quantitative/model-indicated standpoint.

In the case of SMART ABS Series 2013-2US Trust, the model
indicated rating for the Class A Notes remain investment grade
when the default rate rises to 3.6% (double of Moody's assumption
of 1.80%) and recovery rates are reduced to 20% (half of Moody's
assumption of 40%); the model indicated rating for the Class A-4
Notes drop 7 notches to Baa1. While the Class A Notes rank pari
passu for losses, the Class A sub-classes pay down sequentially.
This results in the Class A-4 Notes being outstanding when the
structure is paying pro rata, hence exposing the notes to a
relatively higher risk of loss as the dollar value of
subordination decreases over time. The model indicated ratings for
the Class B notes drop 8 notches to Ba1.

The principal methodology used in this rating was Moody's Approach
to Rating Australian Asset-Backed Securities published in July
2009.

The cash flow model used to analyze the transaction was ABSROM
3.4, in which, substantially all default scenarios were
considered. Therefore, Moody's analysis encompasses the assessment
of stress scenarios.


WESTPOINT GROUP: Case Against Two Former Directors Dropped
----------------------------------------------------------
The Australian Security and Investments Commission on May 14,
2013, provided an update on its proceedings against former
Westpoint officers Norman Carey and Graeme Rundle.

ASIC alleged Mr. Carey and Mr. Rundle breached their duties as
officers. The trial started in late April.

"During the course of the trial, ASIC located a document relevant
to the charges. In accordance with ASIC's procedural fairness
obligations, ASIC immediately disclosed the document and copies
were given to Mr. Carey and Mr. Rundle, and the court," ASIC said
in a statement.

Following an assessment of the document in the context of the
prosecution's case, the Commonwealth Director of Public
Prosecutions advised the District Court of Western Australia that
the case should proceed no further and filed Notices of
Discontinuance.

Meanwhile, ABC News reports that Mr. Carey said he will be seeking
millions of dollars in compensation from the corporate watchdog
over its failed prosecution of him.

The case collapsed after it was revealed the ASIC had not
disclosed a document that backed up Mr. Carey and Mr. Rundle's
claim they had not acted dishonestly.

"This has cost me around half a million dollars to defend these
charges and I'll be seeking that in the future from ASIC," Mr.
Carey said, notes the report.

Mr. Carey says he will lodge a complaint with the Commonwealth
Ombudsman over the prosecution, the report added.

                       About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- was engaged in property
development and owned or managed retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC initiating
action in late 2005 in the Federal Court of Australia against a
number of mezzanine companies in the Westpoint Group, including
winding up proceedings.  The ASIC contended that Westpoint
projects are suffering from significant shortfall of assets over
liabilities so that hundreds of investors are at serious risk of
not receiving repayment of their investments.  The ASIC also
sought wind-up orders after the Westpoint companies failed to
comply with its requirement to lodge accounts for certain
financial years.  These wind-up actions are still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believed that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  The
ASIC was concerned that Westpoint Corporation was unable to pay
its debts, including its obligations under the guarantees given
to the mezzanine companies to make good expected shortfalls in
the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


YANLORD LAND: S&P Assigns 'BB-' Rating to Chinese Notes
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating and 'cnBB+' long-term Greater China regional scale
rating to a proposed issue of Chinese renminbi-denominated senior
unsecured notes by Yanlord Land (HK) Co. Ltd., a subsidiary of
Yanlord Land Group Ltd. (Yanlord: BB-/Stable/--; cnBB+/--).  The
parent irrevocably and unconditionally guarantees the notes.  The
notes rank equally with Yanlord's existing senior unsecured notes
and offshore syndicated bank loans.  Yanlord will use the proceeds
to finance its existing and new projects.

S&P do not notch down the issue rating from the issuer rating on
Yanlord because it expects the company to maintain its priority
debt at less than 15% of total assets over the next 12 months.
The ratio was below this threshold for speculative-grade companies
in 2012.

The stable outlook on Yanlord reflects S&P's expectation that the
company will maintain its good sales execution and be cautious
while expanding over the next 12 months.  S&P expects the property
market in China to be stable over the period.  The company's
capital structure and liquidity are likely to improve over the
next year.


* Aussie Banks' Earnings Growth Weaker Through 2014, Fitch Says
---------------------------------------------------------------
A build-up of domestic headwinds for Australian banks is likely to
slow down their earnings growth slightly, Fitch Ratings says.
Recent results at the four big banks were strong, and such
consistent earnings are one of the sector's key rating strengths.
Such earnings performance, together with surplus capital and
conservative loan provisions, provide substantial buffers to
absorb pressure on earnings in a modest downturn -- which is
already factored into our ratings.

"The operating environment is likely to deteriorate as mining
sector investment peaks and unemployment rises slowly with softer
economic growth. So we expect a rise in loan-impairment charges
from cyclical lows in the rest of 2013, even though asset quality
improved in the six months to March. However, it is unlikely that
asset-quality indicators will deteriorate significantly - so long
as there are no unexpected shocks to the economy. We expect any
increase in impairment charges through 2014 to be readily absorbed
by operating profit," Fitch says.

"Asset-quality problems are more likely to arise from commercial
lending. The strong Australian dollar and receding consumer and
business confidence has already affected retail trade,
construction, tourism and manufacturing. Commercial loans have
traditionally been the primary source of loss for the Australian
banks, despite the loan portfolios being weighted toward
residential mortgages. This reflects the conservative nature of
the banks' mortgage underwriting.

"We believe credit expansion is likely to be more subdued in this
environment -- which in turn constrains revenue growth. However,
one benefit of slower loan growth is that it should help to
strengthen funding profiles, together with high household savings
rates. A shift to longer-term wholesale funding should also assist
in boosting the banks' efforts to enhance funding stability."

The four largest Australian banks -- NAB, Commonwealth Bank,
Westpac and ANZ -- are rated 'AA-', and are among the strongest in
the world on a standalone basis.


* Moody's Notes Improving Liquidity Metrics for Australian Banks
----------------------------------------------------------------
Moody's Investors Service says that Australian banks continue to
rely on wholesale markets and confidence-sensitive funding, a
factor that weighs negatively on their credit profiles.

"Nonetheless, the banks' funding and liquidity metrics have
improved significantly, and they are much more resilient to
liquidity shocks than they were before the 2008-09 global
financial crisis," says Patrick Winsbury, a Moody's Senior Vice
President.

Moody' conclusions are part of a just-released report, titled
Australian Bank Funding and Liquidity: Trends Remain Favorable.

The report, which will be updated semiannually, tracks the key
trends in the funding and liquidity metrics of Australian banks.

"Our debut edition concludes that the banks' reduced wholesale
funding requirements are a credit positive, and notes that
customer deposit growth is outpacing loan growth," says Winsbury.

"However, the differential between deposit growth and loan growth
may narrow because, as wholesale funding market conditions
improve, banks may compete less hard for deposits," adds Winsbury.
"Nevertheless, the banks will make ongoing efforts to attract
stable deposits to meet future regulatory requirements, including
the liquidity coverage ratio and net stable funding ratio under
the Basel III regime. "

As indicated, Australian banks have reduced their vulnerability to
wholesale funding market shocks. The report notes that they have
lengthened their average funding tenors and increased their
issuance in AUD, suggesting that they are better equipped to
withstand future shocks to international financial markets.

Unsecured debt issuance by the four major Australian banks has
also rebounded, as improved debt market conditions have seen the
spreads on banks' new debt issuance decline.

The report says that covered bonds have also helped diversify
funding options for the major banks, although their issuance has
slowed to a steady pace, after an initial flurry following their
introduction.

The growth in customer deposits is seen as positive overall,
although the report notes evidence that high deposit spreads over
the cash rate have also attracted wholesale and confidence-
sensitive funding into deposits, with negative implications for
their stability.

Positively, the report notes that the banks' liquid asset coverage
of short-term wholesale liabilities has improved, as they have
increased their holdings of cash, government bonds and self-
securitized assets, whilst lengthening their average wholesale
funding tenors.

Australian banks now have enough liquid assets (excluding self-
securitized RMBS) to cover, on average, 60% of their wholesale
funding liabilities maturing in the coming 12 months. This
coverage ratio is a record high.

And they have the potential to further improve their coverage
ratios, because they have self-securitized less than 15% of their
mortgage assets. Their ability to enter into repurchase
arrangements with the Reserve Bank of Australia (RBA), the
country's central bank, using self-securitized RMBS as collateral,
provides them with the means to monetize their large portfolios of
prime residential mortgages.



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ANV SECURITY: Incurs $149K Net Loss in First Quarter
----------------------------------------------------
ANV Security Group, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of $148,959 on $179,875 of
revenues for the three months ended March 31, 2013, compared with
a net loss of $1.1 million on $nil revenue for the same period
last year.

The net loss decreased mainly due to loss from discontinued
operations of $844,986 for the three months ended March 31, 2012.
There was no loss from discontinued operations during the three
months ended March 31, 2013.

The Company's balance sheet at March 31, 2013, showed
$2.6 million in total assets, $105,216 in total current
liabilities, and stockholders' equity of $2.5 million.

According to the regulatory filing, the Company has incurred $15
million losses since inception.  "Further, as of March 31, 2013,
the cash resources of the Company were insufficient to meet its
current business plan.  These and other factors raise substantial
doubt about the Company's ability to continue as a going concern."

A copy of the Form 10-Q is available at http://is.gd/2zvocF

Shenzhen, China-based ANV Security Group, Inc. provides alarm
service through an internet based video service platform.  This
platform performs instant notification to the owner via SMS, e-
mail, telephone or cellular phone when an alarm is triggered
worldwide in any time zone and captures the event images in user
accessible video surveillance servers.


CHINA JO-JO: Receives NASDAQ Listing Non-Compliance Notice
----------------------------------------------------------
China Jo-Jo Drugstores, Inc. on May 10 disclosed that on May 9,
2013, it was notified by The NASDAQ Stock Market LLC, of its
failure to maintain a minimum closing bid price of $1.00 over the
then preceding 30 consecutive trading days for its common stock as
required by NASDAQ Listing Rule 5550(a)(2).  The Company has until
November 5, 2013, to regain compliance.

The Company intends to actively monitor the bid price for its
common stock between now and November 5, 2013, and will consider
available options to resolve the deficiency and regain compliance
with the minimum bid price requirement.

                About China Jo-Jo Drugstores, Inc.

Headquartered in Hangzhou, China Jo-Jo Drugstores, Inc., through
its subsidiaries and contractually controlled affiliates, is a
retailer and wholesale distributor of pharmaceutical and other
healthcare products in the People's Republic of China.  As of
March 31, 2013, the Company has 52 retail pharmacies throughout
Zhejiang Province and Shanghai.


MOUNTAIN CHINA: Posts C$17.85-Mil. Net Loss in Fiscal Year 2012
---------------------------------------------------------------
Mountain China Resorts on May 10 reported its financial results
for the fiscal year ended December 31, 2012.  MCR reports its
results in Canadian Dollars.

                        Financial Results

Total revenue and the net results were from resort operations with
no real estate sales revenue during the Reporting Period.  For the
year ended December 31, 2012, the Company generated revenues from
resort operations of $9.45 million and a net loss of $17.85
million or $0.06 per share compared to $6.66 million and a net
loss of $42.66 million or $0.21 per share.  Resort Operations
EBITDA from continuing operations for the 2012 year were $2.54
million compared to negative $0.8 million in the 2011 year.

Resort operations expenses from continuing operations totaled
$8.08 million for the year ended December 31, 2012 compared to
$6.43 million in 2011.  Operations expenses within the resorts are
mainly attributable to snow making, grooming, staffing, fuel and
utilities, which also include the G&A expenses relating to the
resort's senior management, marketing and sales, information
technology, insurance and accounting.

Corporate general and administrative expenses ("G&A expenses")
totaled $1.51 million for the year ended December 31, 2012
compared to $1.46 million in 2011.  This amount mainly comprised
executive employee costs, public company costs, and corporate
information technology costs.

Depreciation and amortization expense from continuing operations
totaled $11.18 million for the year ended December 31, 2012
compared to $12.38 million in 2011.

The Group incurred financing cost of $8 million for the year ended
December 31, 2012 from continuing operations compared to $7.41
million in 2011.  Financing costs were mainly related to the loan
interest, and also included bank administrative fees, and service
charges.

Cash and cash equivalents totaled $14.08 million and working
capital was negative $60.66 million as at December 31, 2012.

                 Operations Sun Mountain Yabuli

The 2012-2013 MCR's Sun Mountain Yabuli Resort winter season
operations commenced on November 24, 2012 and closed on March 24,
2013.  The 2011-2012 winter season operations commenced on
November 26, 2011 and closed on March 25, 2012.  The revenue of
Sun Mountain Yabuli Resort operation comprises mainly by mountain
operation, beverage, skiing-related services and hotel lodging.
Skiing-related services includes rental of ski equipment, goggles,
lockers, gloves, etc, sales of ski equipment and skiing training
services offered in the ski school.  It also includes the mountain
operation which is using the facilities built in the mountain,
such as sight-seeing trams, snow tubing and alpine.  Revenue from
the Yabuli Resort for the year ended December 31, 2012 was $9.45
million versus $6.66 million in 2011.

          Sun Mountain Yabuli - Real Estate Development

At the end of Fiscal 2010, the Company had finished working on the
exterior decoration of the 55 villas of which three were completed
with interior finishing.  At this time of the reporting date,
certain construction is still needed on the exterior grounds to
complete lighting, roads and utility connections.  Management
expected to be able to begin selling the villas and use the
proceeds to complete the construction.  As of
December 31, 2012 the Company had not been successful in selling
any of the villas.

Management is of the opinion that in order to complete sales it is
necessary to first complete the exterior construction.  Management
estimates these additional construction costs to be $4,486 and has
plans to commence construction in the summer of 2013.

Since 2010, due to a combination of temporary Chinese government
policies trying to cool down the rapid growing housing price in
mainland China, the property investment demand have gone down
significantly, which also impacted the Yabuli area.  At the same
time, with a tight expense budget and shortage of working capital,
the Company had decided for the time being not to take the risk by
inputting its limited working capital into the villa's remaining
public infrastructure construction (for example: public
lighting)(for example: roads)(for example: landscape engineering)
and a full scale marketing and advertising regime.  However, the
Company does have confidence with its first of a kind skiing in
and skiing out villas in China.  And the Company will be
reasonably flexible with its pricing when the market shows sign of
a turn around.  No other detail milestones for the above matter
are available from the Company as the related government policies
are set to be temporary but with durations undetermined.

                       Going Concern Doubt

The Company has an accumulated deficit, a working capital
deficiency and has defaulted on a bank loan, which casts
substantial doubt on the Company's ability to continue as a going
concern.  The Company's ability to meet its obligations as they
fall due and to continue to operate as a going concern is
dependent on further financing and ultimately, the attainment of
profitable operations.  These consolidated financial statements do
not include any adjustments to the amounts and classifications of
assets and liabilities that might be necessary should the Company
be unable to continue as a going concern.  Management of the
Company plans to fund its future operation by obtaining additional
financing through loans and private placements and through the
sale of the properties held for sale.  However, there is no
assurance that the Company will be able to obtain additional
financing or sell the properties held for sale.

                       Subsequent Events

On February 17, 2013, the convertible debenture with CZL of $7,600
(Note 15 (b)(ii)) was due.  The Company did not repay the loan and
it is currently in default.

In April 2013 the Company was made aware by the bank with an
outstanding balance of $39,315, that they are taking legal actions
to demand repayment.  As of the reporting date that Company has
not received any formal claim.

Fiscal 2012 Major Corporate Developments

Club Med Resorts management has further improved the revenue of
Sun Mountain Yabuli Resort

In 2012, Club Med started its first summer operation from July 14
till September 2, 2012 for a total of 50 days at the Sun Mountain
Yabuli Resort.  The resort provided outdoor activities including:
archery, cross country mountain bike/hiking, mountain top
afternoon tea party, etc.  The first summer operation of ClubMed
promoted the Yabuli summer brand, so that guests from all over the
country could experience Yabuli beautiful summer scenery.  The
revenue created in the summer operations reached $1.2 million in
2012, and management is expecting the revenue to be further
increased to $1.5 million in the 2013 summer operation.

New bank loan for the amount of RMB140 million

On February 14, 2012, the Company secured a new bank loan for the
amount of $22.36 million (RMB140 million) with the Harbin Bank.
The New Bank Loan carries a three year term with a maturity date
of February 15, 2015 and a fixed annual interest rate of 7.315%,
with interest to be paid on a monthly basis commencing
February 16, 2012.  The principal of the New Bank Loan is
repayable in four instalments of $5.59 million (RMB35 million)
each, starting with the first instalment repayment due on
August 15, 2013 and each subsequent instalment repayment due every
six month thereafter. The original 23.96 million (RMB150 million)
bank loan with the same bank was repaid with advances from a short
term bridge loan made by a third party trust company when it was
due in on February 9, 2012.  The Company then used the advance
from the New Bank Loan and $1.60 million (RMB10 million) of its
own funds to repay bridge loan from the third party trust company.

Debt Restructuring

On February 8, 2012, the Company entered into a Debt Settlement
Agreement with Melco Leisure and Entertainment Group Limited for
the settlement of a loan in the principal of US$12 million made by
Melco to the Company and a loan in the principal of US$11 million
made by Melco to Mountain China Resorts Investment Limited, the
Company's Cayman subsidiary, both in 2008.  On
May 29, 2012, the Company and Melco entered into Amended and
Restated Debt Settlement Agreement to clarify details of the loan
settlement mechanism and procedures to implement the settlement of
the Melco Loans.  As of the reporting date, the Company has not
implemented the transactions contemplated under the Amended and
Restated Debt Settlement Agreement at this time.  The Melco Loans
have matured on 31 March 2013, so that the entire Melco Loans now
become immediately due and payable.

Non-Brokered Private Placement

On February 22, 2012, the Company announced that it has closed the
non-brokered private placement of 105,700,000 common shares
initiated in September 16, 2011, priced at $0.18 per Share for
gross proceeds of $19 million.  The proceeds from the Offering
will be used for general working capital and for the repayment of
certain debentures.  The Shares are subject to a TSX Venture
Exchange hold period of four months and one day from closing of
the Offering.  On March 9, 2012, the Shares were issued to the
corresponding shareholders.

Loan Defaults

On March 2, 2012, Yabuli Resort missed the second principal
repayment in the amount of $4.79 million (RMB 30 million) under
its $39.93 million (RMB 250 million) loan agreement with the China
Construction Bank.  On March 31, 2013 the Company defaulted on its
third principal payment of 6.34 million (RMB40 million). According
to the Loan Agreement between Yabuli and Construction Bank,
Construction Bank has the right to accelerate Yabuli's obligation
to repay the entire unpaid principal plus interest immediately and
to take legal actions to enforce on the security.  The collaterals
associated with the loan agreement are made up of the Company's
land use rights and property and equipment with a carrying value
of approximately $68.64 million as at December 31, 2012.  During
the Company's initial negotiation with the bank, the bank required
the Company to repay the interest.  However, the Company has
stopped the interest payment starting from February 2012.  As a
result, negotiations have ceased and the bank has indicated their
intention to take possession of the pledged assets if the loan
principal and interest are not repaid in full.  On December 31,
2012 the principal and interest owing was $39,315.  As of the
reporting date that Company has not received any formal claim.

                             About MCR

Headquartered in Beijing, Mountain China Resorts --
http://www.mountainchinaresorts.com-- is a developer of four
season destination ski resorts in China.


SUNTECH POWER: Hongkuan Jiang Resigns as CHRO
---------------------------------------------
Hongkuan Jiang has tendered his resignation as chief human
resources officer of Suntech Power Holdings Co., Ltd. for personal
reasons.  Steven Duan has been appointed human resources director
to lead the Corporate Human Resources function.

                           About Suntech

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

As reported by the TCR on March 20, 2013, Suntech Power Holdings
Co., Ltd., has received from the trustee of its 3% Convertible
Notes a notice of default and acceleration relating to Suntech's
non-payment of the principal amount of US$541 million that was due
to holders of the Notes on March 15, 2013.  That event of default
has also triggered cross-defaults under Suntech's other
outstanding debt, including its loans from International Finance
Corporation and Chinese domestic lenders.


* China's Tighter Control on WMPS is Credit Positive
----------------------------------------------------
Moody's Investors Service says that China's latest regulatory
steps to tighten controls on wealth management products (WMPs),
part of China's shadow banking market, are credit positive for
banks, while Moody's expects the issue of shadow banking to
continue to weigh on the banks' credit profiles.

"Ultimately, the impact from shadow banking on banks will depend
on the amount, timing and allocation of potential losses,
variables that are difficult to assess at this point, given the
lack of transparency and the fast-evolving nature of shadow
banking in China," says Bin Hu, a Moody's Vice President and
Senior Analyst.

"We recognize that, even in more advanced economies, shadow
banking remains a key channel of credit intermediation that
complements the formal banking system. Its growth in China has
provided borrowers who have limited or no access to regular bank
loans with an alternative source of funding, thus reducing
potential pressure on banks to finance less credit-worthy segments
of the economy.

"Nonetheless, we reflect shadow banking as a negative credit issue
in our analysis of Chinese banks. In our view, the opacity
associated with shadow banking products and the threat of loss and
contagion outweigh their potential benefits of diverting riskier
borrowers from the formal banking system," adds Hu.

Hu was speaking on the release of a new Moody's report, titled,
"Risks to China's Lenders from Shadow Banking: Frequently Asked
Questions."

The report notes that China's banks have significant exposures to
shadow banking activities, through (i) their involvement in the
structuring and marketing of WMPs, and (ii) their lending to
companies and individuals that are active in shadow banking.

Among the key themes examined in the report are what constitutes a
shadow banking market, the size of China's market, the drivers
behind its growth, the role of WMPs, the risks to the banking
system, and recent steps to impose some form of regulation.

The report estimates that core Chinese shadow banking products --
those that are relatively non-transparent, loosely regulated, and
carry elevated credit risk -- totaled a large RMB21 trillion at
end-2012, or 39% of 2012 GDP.

To gain a wider perspective on potential risks, Moody's considers
it prudent to also monitor a wider range of instruments that
facilitate non-bank credit extension. This broader approach to
shadow banking leads to an estimate of RMB29 trillion (55% of GDP)
in products at end-2012.

Shadow banking involves credit intermediation outside the regular
banking system, which allows borrowers to circumvent banks' formal
underwriting standards. As a non-transparent and less-regulated
form of credit extension, shadow banking can stoke asset bubbles
and may pose risks to financial stability. Illustrating these
risks, some large European and US banks sustained severe losses in
recent years from exposures to subprime lenders, structured
investment vehicles, sponsored money market funds, and other off-
balance sheet conduits, all of which are examples of shadow
banking.

Accordingly, Moody's believes shadow banking poses continuing
risks to banks in many systems, including China, particularly when
experiencing rapid growth.

Expansion of China's shadow banking market has been fast, and
Moody's estimates the growth rate of core and broad shadow banking
activities in China to have exceeded a cumulative 75% and 67% over
the past two years, respectively.

This high growth partly reflects tighter credit conditions in the
formal banking sector, as well as banks' efforts to manage their
loan-to-deposit and capital ratios. Regulators have implemented
several measures to tighten controls over shadow banking, but the
sector's growth has so far persisted.



=========
I N D I A
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ALM INFOTECH: CRISIL Assigns 'B+' Rating to INR450MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of ALM Infotech City Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        450     CRISIL B+/Stable
   Bank Loan Facility

The rating reflects ALM's exposure to implementation and funding
risks associated with its ongoing project, and its susceptibility
to cyclicality and other risks inherent in the real estate sector
in India. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the real estate
sector.

Outlook: Stable

CRISIL believes that ALM will continue to benefit over the medium
term from the extensive experience of its promoters in the real
estate sector. The outlook may be revised to 'Positive' if ALM
receives more-than-expected customer advances for its ongoing
project, thereby improving its overall liquidity. Conversely, the
outlook may be revised to 'Negative' if the company faces a time
or cost overrun in its project, and the sales of units in the
project are less than expected.

Incorporated in 2006, ALM is engaged in real estate development in
Gurgaon (Haryana) and the National Capital Region. The company is
promoted by Mr. Alimuddin and Mr. Nuzhat Alim of the International
Land Developers (ILD) group. It has recently launched ILD Grand, a
residential real estate project in Sector 37C, Gurgaon.


AMITY IRON: CRISIL Rates INR95MM Cash Credit at 'B'
---------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Amity Iron Trading.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              95       CRISIL B/Stable

The rating reflects the firm's modest scale of operations in the
steel industry along with its working capital intensive nature of
operations. These rating weaknesses are mitigated by the benefits
that AIT is expected to derive from its proprietor's extensive
experience in the steel industry.

Outlook: Stable

CRISIL believes that AIT will continue to benefit from its
proprietor's extensive experience in the steel industry over the
medium term. The outlook may be revised to 'Positive' in case
AIT's of improvement in its financial risk profile, or its
liquidity improves on account of better working capital
management.  Conversely, the outlook may be revised to 'Negative'
if AIT's profitability and revenues decline, resulting in lower-
than-expected cash accruals or the firm undertakes any large debt-
funded capital expenditure programme or its working capital cycle
weakens, constraining its financial flexibility.

AIT, set up in 2010, is a proprietorship firm based in Bhubneshwar
(Odisha). The firm trades in various steel products like ingots,
flats, angles and thermo-mechanically treated bars. It is being
managed by Mr. Satyajit Mohanty.

For 2011-12 (refers to financial year, April 1 to March 31), AIT
reported a profit after tax (PAT) of INR7.06 million on net sales
of INR310.6 million.


ARTHANARI LOOM: CRISIL Reaffirms 'BB+' Ratings on INR382MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Arthanari Loom
Centre (Textile) Pvt Ltd continues to reflect ALC's established
position in the yarn dyed fabric business, with sound operating
efficiencies. These rating strengths are partially offset by the
company's average financial risk profile, marked by average debt
protection metrics, a small net worth and a moderately high
gearing, and large working capital requirements.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           250      CRISIL BB+/Stable (Reaffirmed)
   Long-Term Loan        132      CRISIL BB+/Stable (Reaffirmed)


Outlook: Stable

CRISIL believes that ALC will maintain its established position in
the yarn dyed fabric business over the medium term. The outlook
may be revised to 'Positive' if the company registers significant
increase in its revenues and cash accruals, leading to improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if ALC's revenues and operating margins
decline, or if ALC registers significant deterioration in its
capital structure, most likely because of large, debt-funded
capital expenditure.

ALC was set up in 1991 by Mr. A Alagarasan. It manufactures yarn
dyed shirting fabric at its facilities in Salem (Tamil Nadu).

ALC, reported a profit after tax (PAT) of INR30.2 million on net
sales of INR1.52 billion for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR31.5 million on net
sales of INR1.49 billion for 2010-11.


BASANTH WIND: CRISIL Assigns 'B+' Rating to INR120MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Basanth Wind Farm (BWF; part of the Basanth
group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           120      CRISIL B+/Stable

The rating reflects the susceptibility of the Basanth group's
operations to the regulatory environment, its small scale of
operations, and segmental concentration in its revenue profile.
These rating weaknesses are partially offset by the extensive
experience of the Basanth group's promoters in the wind energy
business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BWF, Kshema Builders & Developers,
Kairaly Securities (KS), and Kshema Windfarm Services, together
referred to as the Basanth group. This is because all the entities
are in similar line of business and are managed by the same
proprietor. Furthermore, there is fungible cash flow between these
entities, and the management has indicated that the entities will
support one another financially as and when required.

Outlook: Stable

CRISIL believes that the Basanth group's credit risk profile will
remain stable, backed by promoters' extensive industry experience
over the medium term. The outlook may be revised to 'Positive' if
the group diversifies its business risk profile, and achieves
substantial and sustained growth in revenues, leading to higher-
than-expected cash accruals and a consequent improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case the group reports deterioration in its
profitability and pressure on its revenues, or larger-than-
expected working capital borrowings, leading to pressure on its
liquidity.

The Basanth group, which comprises Tamil Nadu-based entities BWF,
KBD, KS, and KWS, is the windmill power project business. The
group is promoted and managed by Mr. Satish Basant.


CHHABRA ISPAT: CRISIL Reaffirms 'B+' Ratings on INR202MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chhabra Ispat Pvt Ltd
continue to reflect CIPL's below-average debt protection metrics,
marginal market share, and vulnerability to cyclicality in the
steel industry. These rating weaknesses are partially offset by
the company's moderate operating efficiencies.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             140.0     CRISIL B+/ Stable
   Term Loan                62.0     CRISIL B+/ Stable
   Letter of Credit         38.0     CRISIL A4

Outlook: Stable

CRISIL believes that CIPL will continue to benefit over the medium
term from its moderate operating efficiencies. The outlook may be
revised to 'Positive' if the company's revenues and profitability
increase, leading to an improvement in its debt protection metrics
and liquidity. Conversely, the outlook may be revised to
'Negative' if lower availability of power impacts CIPL's
operations, leading to a decline in capacity utilisation, or if it
undertakes a larger-than-expected debt-funded capital expenditure
programme, constraining its financial risk profile.

Update

CIPL's turnover increased by 55 per cent year-on-year to INR1441
million in 2011-12 (refers to financial year, April 1 to
March 31), backed by increase in capacity utilisation to 52 per
cent from 36 per cent in the previous year, as well as increase in
trading revenues. In the nine months ended December 31, 2012, the
company had booked sales of INR1339 million; sales for the entire
year are estimated at around INR1500 million. CIPL's operating
margin remains low but stable, at 4 to 4.5 per cent.


CIPL's liquidity is constrained by large working capital
requirements, as reflected in its gross current assets (GCAs) of
around 160 days as on March 31, 2012, driven by high debtor and
inventory levels. This has resulted in high bank limit utilisation
at an average of 95 per cent in the 12 months through February
2013, with instances of ad hoc limits being availed. Also, despite
regular equity infusion totalling INR64 million in the four years
through 2011-12, CIPL had a small net worth of INR165 million as
on March 31, 2012. The small net worth is because of low accretion
to reserves, driven by the company's small scale of operations and
low profitability. The small net worth affects CIPL's ability to
raise additional funds and causes its financial risk profile to be
vulnerable to changes in profitability.

CIPL's cash accruals in 2012-13 are estimated to be low, at INR23
million to INR36 million, driven by its low profitability, against
term debt obligations of INR18.4 million. The company's cash
accruals are expected to remain low, driven by its low operating
margin. Low profitability coupled with high debt has resulted in
weak debt protection metrics, with net cash accruals to total debt
and interest coverage ratios at 0.10 times and 1.7 times,
respectively, for 2011-12.

CIPL reported a profit after tax (PAT) of INR14 million on net
sales of INR1302 million for 2011-12, against a PAT of INR10
million on net sales of INR837 million for 2010-11.

CIPL, promoted by Mr. Surendra Kumar Jain, a first generation
entrepreneur in the steel industry, produces mild steel billets.
Its production facilities near Durgapur (West Bengal) have an
installed capacity of 62,400 tonnes per annum.


GRACIOUS COMM: CRISIL Places 'BB-' Ratings to INR62.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Gracious Communication Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       2.5      CRISIL BB-/Stable
   Bank Loan Facility

   Bank Guarantee           7.5      CRISIL A4+

   Cash Credit             60.0      CRISIL BB-/Stable

The ratings reflect the extensive experience of GCPL's promoters
in the advertising business and its revenue visibility due to
long-term agreements with its customers. The rating also factors
in GCPL's moderate financial risk profile, marked by moderate
gearing and debt protection metrics. These rating strengths are
partially offset by GCPL's small scale and working-capital-
intensive operations and susceptibility to intense industry
competition.

Outlook: Stable

CRISIL believes that GCPL will continue to benefit from its
promoter's extensive experience in the advertising agency
business. The outlook may be revised to 'Positive' in case GCPL's
scale of operations and profitability improve considerably,
leading to substantial cash accruals. Conversely, the outlook may
be revised to 'Negative', if GCPL's financial risk profile
deteriorates due to delayed receivables or a decrease in
profitability.

Mr. Ketan Fadia set up Gracious Advertising, a proprietorship
firm, in 1985 in Mumbai (Maharashtra). In 1995, the firm was
reconstituted as a private limited company, GCPL, promoted by Mr.
Ketan Fadia, his wife, Mrs. Jagruti Fadia, and his family members.
The company is an advertising agency specialising in print media
advertising, particularly advertisements in newspapers. The
company also undertakes advertisements on outdoor media,
television, and radio for its clients.

GCPL's profit after tax (PAT) and net sales are estimated at
INR9.2 million and INR390.1 million, respectively, for 2012-13
(refers to financial year, April 1 to March 31), as against a PAT
of INR3.4 million on net sales of INR231 million for 2011-12.


GREEN CONCRETEX: CRISIL Cuts Ratings on INR150MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Green
Concretex Global Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting         10       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              90       CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Proposed Cash Credit     50       CRISIL D (Downgraded from
   Limit                             'CRISIL BB+/Stable')

The rating downgrade reflects GCGL's continuously overdrawn cash
credit for over 30 consecutive days; the cash credit has been
overdrawn on account of the company's weak liquidity.

GCGL also has a limited track record of operations, and is exposed
to cyclicality in the cement and ready-mix concrete industry and
to risks related to the commodity-like nature of its product.
However, the company benefits from its promoter's technical
background and extensive industry experience.

GCGL was established in 2007 by Mr. Partha De, an engineer by
profession and a first-generation entrepreneur. The company
manufactures ready-mix concrete required by infrastructure and
realty companies. GCGL's office is in Kolkata (West Bengal [WB])
and its manufacturing units are in Durgapur, Howrah, Dankuni,
Kolkata (all in WB), and Bhilai (Chhattisgarh).

GCGL reported a profit after tax (PAT) of INR23 million on net
sales of INR1292 million for 2010-11, against a PAT of INR5
million on net sales of INR263 million for 2009-10.


KINGFISHER AIRLINES: Bank Seek Buyers for Kingfisher Brand
----------------------------------------------------------
The Financial Express reports that banks have initiated the
process of searching for a buyer for the Kingfisher Airlines brand
even as they start recovering some of their dues through sale of
liquor baron Vijay Mallya's assets.

SBI has valued the collateral of KFA at about INR6,500 crore,
excluding the brand, which falls short of their debt of around
INR7,000 crore.  While some of the assets are being sold, SBI has
started searching for a buyer for the Kingfisher brand, news
agency agencies said quoting a PNB official, Financial Express
relays.

It was not immediately ascertained how much the Kingfisher brand
will fetch after the airline has been grounded.

According to the report, top officials said Punjab National Bank
is hopeful of recovering at least INR60-70 crore from sale of
Kingfisher Airlines' assets, which, along with a faster loan
growth and lower provisioning, may improve its bottomline in 2013-
14.

State Bank of India, which leads the consortium of lenders, has
already initiated winding-up proceedings against the beleaguered
airline and recovered INR800 to INR1,000 crore, the report notes.

"(Banks) have enough collateral like his house and personal
assets. SBI as a consortium leader is looking into it. We are
hopeful of recovering R60-70 crore," PNB executive director Rakesh
Sethi told reporters, the Express reports.

Of the 17 banks' total exposure of about INR7,000 crore in
Kingfisher, SBI's exposure was at INR1,600 crore followed by PNB
and IDBI Bank at INR800 crore each. Banks have written off the
loans as the loss-making airline failed to repay in time, the
report adds.

                     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.


LANCER PHARMA: CRISIL Places 'B+' Ratings on INR115MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Lancer Pharmaceuticals Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                15       CRISIL B+/Stable
   Overdraft Facility       30       CRISIL A4
   Letter of Credit         30       CRISIL A4
   Bank Guarantee            5       CRISIL A4
   Cash Credit             100       CRISIL B+/Stable

The ratings reflect LPPL's modest scale of operations in the
highly fragmented pharmaceutical industry and moderate financial
risk profile marked by high gearing and subdued debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of LPPL's promoters in the pharmaceutical
industry and established customer relationships.

Outlook: Stable

CRISIL believes that LPPL will maintain its stable business risk
profile over the medium term, backed by the extensive experience
of its promoters in the pharmaceutical industry and their
established customer relationships. The outlook may be revised to
'Positive' if LPPL's financial risk profile improves significantly
driven by higher-than-expected revenues and profitability, while
improving its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes significant debt-funded capital expenditure or
if cash accruals decrease significantly resulting in deterioration
in LPPL's financial risk profile.

Lancer Pharmaceuticals Pvt. Ltd. (LPPL), incorporated in 1992-93,
is engaged in the manufacturing and marketing of pharmaceutical
products like tablets, capsules, liquid orals, and injectibles.
The company has its own brands as well as undertakes contract
manufacturing activities. The company has manufacturing facilities
at Baddi (Himachal Pradesh) and its day-to-day operations are
managed by Mr. Umesh Bhasin and his son, Mr. Chetan Bhasin.

LPPL reported a profit after tax (PAT) of INR6.8 million on net
sales of INR678.3 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.3 million on net
sales of INR272.2 million for 2010-11.


M.R.S. SHRI: CRISIL Raises Ratings on INR150MM Loans to 'B-'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
M.R.S. Shri Prannath Parnami Education Society to 'CRISIL B-
/Stable' from 'CRISIL D'. The rating upgrade reflects timely
servicing of debt by MRSS over the past six months.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility       10.0     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long-Term        4.4     CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Term Loan               135.6     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating continues to reflect MRSS's weak liquidity resulting
from large debt-funded capital expenditure (capex) and large term
loan obligations, and vulnerability to regulatory risks associated
with educational institutions. These rating weaknesses are
partially offset by the extensive industry experience of MRSS's
promoters, and the healthy demand prospects for the education
industry.

Outlook: Stable

CRISIL believes that MRSS's financial risk profile will remain
weak over the medium term because of the society's large capex
programme and small cash accruals. The outlook may be revised to
'Positive' in case MRSS registers higher-than-expected improvement
in its scale of operations, while it maintains its profitability.
Conversely, the outlook may be revised to 'Negative' in case the
society registers substantial decline in its revenues and
profitability, or undertakes a significantly larger-than-expected,
debt-funded capital expenditure programme, thereby negatively
impacting its liquidity.

MRSS was set up as a non-profit society under the patronage of
Guruji Shree Sadanandji Maharaj in September 2008 in Hisar
(Haryana). The society operates four institutes on the same campus
- Prannath Parnami Institute of Management and Technology (PPIMT),
Prannath Parnami Institute of Footwear Technology (PPIFT),
Prannath Parnami Institute of Film and Media (PPIFM), and Prannath
Parnami Institute of Professional Studies (PPIPS). MRSS commenced
admissions in academic year 2009-10 (refers to financial year,
April 1 to March 31) for PPIMT; in 2011-12 for PPIFT; and in 2012-
13 for PPIFM and PPIPS. The society's operations are currently
managed by Mr. Nitin Kathuria and Mrs. Geeta Kathuria. All the
courses offered by MRSS are either approved by the All India
Council for Technical Education or by the Haryana state
government.

MRSS has reported surplus (excess of income over expenditure) of
INR10.1 million on operating income of INR77.7 million for
2011-12, against surplus of INR54.1 million on operating income of
INR701 million for 2010-11.


NIPRA INDUSTRIES: CRISIL Cuts Ratings on INR221.5MM Loans to BB+
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Nipra
Industries Private Limited to 'CRISIL BB+/Stable/CRISIL A4+' from
'CRISIL BBB-/Negative/CRISIL A3'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           100      CRISIL BB+/Stable (Downgraded
                                  from 'CRISIL BBB-/Negative')

   Letter of credit &     20      CRISIL A4+ (Downgraded
   Bank Guarantee                 from 'CRISIL A3')

   Proposed Long-Term     97      CRISIL BB+/Stable (Downgraded
   Bank Loan Facility             from 'CRISIL BBB-/Negative')

   Term Loan              24.5    CRISIL BB+/Stable (Downgraded
                                  from 'CRISIL BBB-/Negative')

The downgrade reflects deterioration in Nipra's financial risk
profile and the strain on its liquidity profile die to the
significant debt funded capex taken up by the group. The downgrade
also reflects the significant deterioration in the group's
margins, reflective of the increasing competition in the aluminum
printing business.

Nipra has completed a capex of INR160 million, for setting up a
large pilfer proof (PP) bottle cap manufacturing capacity, with
installed capacity expected to be around 15 to 20 million bottle
caps per month. This capex was funded be around INR92.5 million of
debt and the balance was internal accruals and promoters own
funds. This capex plan was implemented over the past two years.

The group's financial risk profile has deteriorated over the past
couple of years, with a series of debt funded capex undertaken.
This has resulted in the gearing levels to reach around 1.8 times
as on March 31, 2012, from 0.8 times 3 years ago. The group's debt
protection metrics has also deteriorated, with interest coverage
of 1.9 times expected in 2013-14, from 3.7 times in 2010-11.

The group's liquidity profile also remains constrained on the back
of its net cash accruals (NCA) being tightly matched against its
term debt repayment obligations. The group had NCA of around INR40
million in 2012-13, with its NCA in 2013-14 expected to improve.
The group's NCA in 2013-14 is expected to be tightly matched
against its term debt repayment obligation of INR47 million in the
same period.

The group's credit profile will however remain contingent on the
successful offtake of its PP bottle cap manufacturing capacity,
leading to increased cushion between its NCA and term debt
repayment obligations.

CRISIL has combined the financial and business profiles of Nipra
Industries Pvt Ltd, Jain Packaging Pvt Ltd and Orbit Industries
Pvt Ltd (collectively referred to as the Jain group). These
companies have the same management and there are significant
related-party transactions.

Outlook: Stable

CRISIL expects that the Jain group will maintain its business risk
profile on the back of its established market position in metal
printing and processing and its experienced management and
benefits of presence in the entire value chain of bottle cap
manufacturing chain. The outlook may be revised to 'Positive' if
there is better-than-expected revenue growth and improved
profitability, resulting in significant improvement in the group's
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the group loses its strong market position or if
there is significant deterioration of its financial risk profile.

Nipra prints aluminum sheets and manufactures bottle caps for the
pharmacy and brewery sectors. Nipra is the flagship company of the
Jain group, which has two other companies engaged in the similar
line of business. The group's operations are managed by Mr. Nikhil
Jain, executive director, and his father Mr. Prakash Jain,
managing director.

Nipra reported a net loss of INR0.71 million on net sales of
INR506.9 million for 2011-12, as against a profit after tax (PAT)
of INR11.2 million on net sales of INR611.5 million for 2010-11.


SAMARTHA LEISURES: CRISIL Assigns 'D' Ratings to INR63MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Samartha Leisures & Restaurants Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               54.5      CRISIL D
   Cash Credit              3.0      CRISIL D
   Proposed Long-Term       5.5      CRISIL D
   Bank Loan Facility

The rating reflects instances of delay by SLRPL in servicing its
debt owing to weak liquidity reflected in its low cash accruals
vis-a-vis its debt obligations.

SLRPL has a small scale of operations due to limited track record,
and geographic concentration in revenue profile; moreover, its
revenues are vulnerable to cyclical trends in the tourism
industry. However, the company benefits from its promoters'
extensive experience in the hospitality industry through group
entities.

SLRPL, incorporated in 2010, operates a hotel, Tanarika Resort, at
Bhusaval in Jalgaon (Maharashtra). The hotel started its operation
in October 2012. It is equipped with 2 suits, 33 business class
rooms, 2 banquet halls, a bar, a multi cuisine restaurant, a
conference hall, a lawn and a swimming pool.


SHAGOON PACKAGING: CRISIL Assigns 'B' Rating to INR20MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Shagoon Packaging Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                20       CRISIL B/Stable
   Letter of Credit         20       CRISIL A4
   Packing Credit           20       CRISIL A4

The ratings reflect SPPL's modest scale of operations, weak
financial risk profile, marked by high gearing and weak debt
protection metrics, and large working capital requirements. These
rating weaknesses are partially offset by SPPL's promoters'
extensive experience in the polymer products industry and its
established relationships with its customers and suppliers.

Outlook: Stable

CRISIL believes that SPPL will maintain its stable business risk
profile over the medium term, backed by its promoter's extensive
experience in polymer products industry. The outlook may be
revised to 'Positive' if the company reports a significant growth
in its revenues and profitability while improving its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case significant decline in revenues and margins or further
lengthening of its working capital cycle leads to pressure on its
financial risk profile, particularly its liquidity.

SPPL is a private limited company engaged in manufacturing plastic
flexible intermediate bulk containers shopping bags ranging from
30 to 40 microns. The current promoter and director Mr. Dilip
Murarka took over the company in 2009 and has been looking after
the day-to-day operations. SPPL is a 100 per cent export oriented
unit located at Navi Mumbai in Maharashtra.

SPPL reported a profit after tax (PAT) of INR3.9 million on net
sales of INR90 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR3.9 million on net sales
of INR62 million for 2010-11.


SIVARAM YARNS: CRISIL Assigns 'B' Ratings to INR245MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sivaram Yarns Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              90       CRISIL B/Stable (Assigned)
   Long-Term Loan          155       CRISIL B/Stable (Assigned)

The rating reflects SYPL's modest scale of operations in a
fragmented industry, its modest financial risk profile, marked by
a moderate capital structure and weak debt protection metrics, and
the susceptibility of its operating margins to fluctuations in raw
material prices. These weaknesses are partially offset by the
extensive experience of SYPL's promoters in the textile industry.

Outlook: Stable

CRISIL believes that SYPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company reports
higher-than-expected revenues while improving its profitability
and capital structure. Conversely, the outlook may be revised to
'Negative' in case of a decline in SYPL's revenues or
profitability, or if the company undertakes a large, debt-funded
capital expenditure programme, resulting in deterioration in the
company's financial risk profile.

Promoted by Mr. Mediseeti Venkata Rattaiah and incorporated in the
year 2012, Sivaram Yarns Pvt Ltd (SYPL) is engaged in
manufacturing of cotton yarn. The company commenced operations
during November 2012.


SREE KUMAR: CRISIL Raises Rating on INR155MM Loans to 'B'
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sree Kumar Agro Oils Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             99.8      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

     Term Loan             55.2      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in Sree Kumar's business
risk profile on account of a substantial and sustained increase in
its scale of operations, while maintaining its profitability
margins. The revenues of the company are expected to register a
compound annual growth rate of around 27 per cent from 2009-10
(refers to financial year, April 1 to March 31) to 2012-13; the
operating profit margin of the company are also expected to remain
stable at around 4.0 per cent over this period. CRISIL believes
that the revenues of the company would continue to grow at a
healthy rate over the medium term on account of the company's
established presence in the rice bran oil industry and its
continued focus on adding new customers.

The upgrade also reflects the improvement in the company's capital
structure with healthy accretion to reserves, repayment of term
loans and efficient working capital management. The gearing of the
company is expected to decline to around 3.0 times as on March 31,
2013 from 3.8 times as on March 31, 2011. CRISIL believes that the
company would sustain the improvement in its capital structure on
account of its efficient working capital management and absence of
any major debt-funded capex plans.

The rating continues to reflect Sree Kumar's below-average
financial risk profile marked by its small net-worth, high gearing
and below-average debt protection metrics, and its modest scale of
operations in the intensely competitive edible oil industry. These
rating weaknesses are partially offset by the benefits that Sree
Kumar derives from the extensive experience of its promoters in
the edible oil industry.

Outlook: Stable

CRISIL believes that Sree Kumar will maintain its established
presence in the edible oil industry over the medium term on the
back of its promoters' extensive industry experience and its
established relationships with its customers. The outlook may be
revised to 'Positive' if the company achieves substantial and
sustained improvement in its profitability margins, while
maintaining a healthy revenue growth or if there is an improvement
in its net-worth on the back of equity infusion by its promoters.
Conversely, the outlook may be revised to 'Negative' if there is
decline in the company's profitability margins from the current
levels or if there is a significant deterioration in its capital
structure on account of larger-than-expected working capital
requirements or large, debt-funded capital expenditure.

Incorporated in December 2006, Sree Kumar started commercial
production in October 2008. It manufactures rice bran oil and de-
oiled rice bran at its solvent extraction plant at Jakkaram
village, near Bhimavaram (Andhra Pradesh).

Sree Kumar reported a profit after tax (PAT) of INR3.7 million on
net sales of INR658 million for 2011-12 (refers to financial year,
April 1 to March 31), against PAT of INR3.2 million on net sales
of INR585 million for 2010-11.


TCG-URBAN INFRA: CRISIL Rates INR216MM Term Loan at 'BB+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facility of TCG-Urban Infrastructure Holdings Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                216      CRISIL BB+/Stable

The rating reflects TCG-UIH's established market position in the
commercial real estate business and steady cash flows from its
existing tenant base in First India Place, Gurgaon (Haryana).
These rating strengths are partially offset by the company's
exposure to revenue risks related to successful commercialisation
of its new property, TCG Financial Center (TFC), Mumbai, exposure
to cyclicality in the commercial real estate market, and its weak
capital structure.

Outlook: Stable

CRISIL believes that TCG-UIH will continue to benefit over the
medium term from its established market position in the commercial
real estate business. The outlook may be revised to 'Positive' in
case of improvement in TCG-UIH's rental incomes, most likely due
to more-than-expected occupancy in the TFC property, thus leading
to improvement in its debt-service coverage metrics and in its
capital structure over the medium term. Conversely, the outlook
may be revised to 'Negative' if the company extends any larger-
than-expected financial support to the TCG group's other real
estate projects, or if it undertakes any new debt-funded real
estate project, or in case of lower-than-expected occupancy in
TFC, thus adversely affecting its cash flows.

TCG-UIH, incorporated in 1981, is a part of the Chatterjee group
(TCG) of companies promoted by Dr. Purnendu Chatterjee. TCG-UIH is
the holding company for TCG's real estate ventures. The company
acts as a real estate developer and investment company and is also
engaged in development, construction, and leasing and sale of
commercial properties in India and providing consultancy services.
The company presently holds two properties: TFC and First India
Place.


UTHAN EDUCATIONAL: CRISIL Ups Ratings on INR255.5MM Loans to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Uthan
Educational Society to 'CRISIL B+/Stable' from 'CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        30      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan                 47.8    CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Term Loan       177.7    CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade in rating reflects timely servicing of term loan by
UES. UES's credit risk profile improved significantly over the
past year, backed by increasing cash accruals, driven by increase
in scale of operations and the absence of significant capital
expenditure (capex) programmes. The cash accruals have increased
to INR65.9 million in 2012-13 (refers to financial year, April 1
to March 31) as compared to INR49.6 million in 2011-12 owing to
increased occupancy and commencement of second shift for its
engineering courses; this has resulted in improved liquidity
profile.

The rating upgrade also factors in the improvement in UES's
financial risk profile, marked by decline in the society's gearing
because of reduction in debt levels on account of repayments,
coupled with increase in corpus owing to higher accretion to
reserves and fund infusion by members of the society. CRISIL
believes that UES will sustain its capital structure over the
medium term, backed by the absence of any debt-funded capex.
Furthermore, with increase in intake for two of its courses,
coupled with commencement of second shift for one course, CRISIL
believes that UES will maintain its liquidity over the medium
term, marked by improved cash accruals, which are expected to be
sufficient to meet all its maturing debt obligations.

CRISIL's ratings on UES's bank facilities reflect the society's
modest scale of operations, geographical concentration, and
susceptibility to unfavourable changes in regulatory policies
associated with educational institutions. These weaknesses are
partially offset by UES's established position in the education
sector in Faridabad (Haryana), and the benefits expected from the
healthy demand prospects in the sector.

Outlook: Stable

CRISIL believes that UES will continue to benefit over the medium
term from its strong brand position in Faridabad and the
surrounding areas, and its members' extensive experience in the
education sector. The outlook may be revised to 'Positive' if the
society reports significantly higher-than-expected revenues, most
likely through higher-than-expected occupancy levels for its
courses. An improvement in UES's operating margin, leading to
more-than-expected cash accruals, further enhancing its business
risk profile, may also result in a 'Positive' outlook. Conversely,
the outlook may be revised to 'Negative' if UES reports lower-
than-expected profitability, leading to low cash accruals
constraining its business risk profile or the society's capital
structure deteriorates, most likely because of larger-than-
expected debt-funded capex, or its fee and hostel receipts decline
because of lower occupancy levels at its college and hostels.

UES was established in Haryana in 1999; it offers BTech, MTech,
MBA and MCA courses. UES belongs to the Manav Rachna group of
institutes founded by Dr. O P Bhalla. The group runs five other
educational societies and a deemed university in Faridabad and
Gurgaon.



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


* Fitch Says Indonesia Regulations to Temper Multi-Finance Risks
----------------------------------------------------------------
Fitch Ratings says that while Indonesia's steady economy and low
credit penetration may support the domestic multi-finance
industry's growth prospect and performance, challenges may be
material under difficult operating conditions, especially when
preceded by brisk lending and lax underwriting, alongside
structural issues of limited funding and business diversity.
Nonetheless, incremental progress in the regulatory framework and
potential shareholder support for most major finance companies may
help to partly mitigate such threats.

Profitability and asset quality indicators of most multi-finance
companies are at their cyclical best, reflecting benign operating
conditions. Nonetheless, their performance can be volatile through
credit cycles, considering their narrowly-focused business
profiles in consumer loan products and/or equipment leasing, with
end-borrowers generally sensitive to inflation and commodity
prices. This indirectly inhibits the ability of most finance
companies in diversifying their funding sources, which are mostly
from banks. These characteristics are the main constraints to the
ratings of independent players, even better established ones, in
the 'A(idn)' rating category.

In comparison, higher National ratings for Fitch-rated entities
reflect the impact of shareholder support in funding, liquidity
and capital, as well as wide distribution channels of parent
banks. One potentially positive industry-wide development is the
plan to have a single regulator for both banks and finance
companies in Indonesia, if it results in improvements in corporate
governance, transparency, and prudential standards for finance
companies. Finance companies - currently under the control of the
Ministry of Finance - have been only moderately regulated, with
the few notable regulations being the 10x cap on the debt/equity
ratio and minimum down-payment rules on selected consumer loan
products.

The report titled "Indonesian Multi-Finance Industry; Regulation
Could Partly Curb Volatile Growth and Risk Profiles" is available
at www.fitchratings.com or by clicking on the link above



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


PANASONIC CORP: Recovery Slow; Challenges Remain, Fitch Says
------------------------------------------------------------
Fitch Ratings says Panasonic Corporation's (Panasonic,
BB/Negative) on-going restructuring effort will continue to
contribute to the improvement of its financial profile in the
financial year ending March 2014 (FYE14). However, the agency
believes that any significant turnaround in the company's
struggling TV/panel business is unlikely and currency benefits by
themselves will not bail the company out of its difficulties.
The weaker Japanese yen will only be modestly positive for the
company's profitability, despite Panasonic generating close to 50%
of revenue abroad. This is because the benefits of a cheaper yen
are offset by foreign currency costs of its overseas manufacturing
plants, mainly in China, particularly as some of these products
are imported to be sold back in Japan. The company forecasts that
the weaker yen will only add JPY5bn EBIT contribution in FYE14
(FYE13: JPY3bn).

Fitch believes that weak demand will continue to threaten
Panasonic's efforts to turn around the TV/panel business segment
in FYE14. In addition, company will struggle to catch up with
Korean rivals in product competitiveness due to a lack of
investment as it continues its lengthy restructuring. For FYE13,
the company's audio, visual, and communication (AVC) network
division recorded an EBIT loss of 1.7% as sales of LCD and plasma
TVs declined by 3% and 49% yoy, respectively. In Fitch's opinion,
the company's overall EBIT margin target of 3.5% in FYE14 will be
a challenge, due to weak demand and intense competition.

Further Panasonic's net debt reduction may be short-lived without
a proven ability to generate consistent cash flow from operations
(CFO) from product sales; improved cash flow in FYE13 was largely
driven by asset sales. The company's continued recovery in the
financial profile over the medium- to long-term will hinge on its
ability to improve operational fundamentals in its core
businesses.

Fitch may downgrade the ratings if Panasonic's FFO-adjusted
leverage rises above 4.5x with its EBIT margin falling below 2% on
a sustained basis. However, Fitch will consider revising the
Outlook to Stable if leverage falls below 4x and EBIT margin
improves above 2.5% on a sustained basis.

In FYE13, Panasonic was able to reduce its net debt by JPY319bn to
JPY645bn due to improved CFO to JPY339bn (FY12: 2bn), and proceeds
from asset sales amounting to JPY342bn. Fitch estimates funds flow
from operations (FFO)-adjusted leverage to have improved below 4x
at FYE13 from 14x at FYE12. EBIT margin improved to 2.2% from 0.6%
during the same period.



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


NEW ZEALAND ASSOCIATION: S&P Withdraws 'BB+' Rating
---------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
'BB+/Stable' insurer financial strength rating on New Zealand
Association of Credit Unions (issuer credit rating: BB+/Stable/B),
at the request of the company.


ROSS ASSET: FMA Chief Denies Allegations
----------------------------------------
The New Zealand Herald reports that suggestions the Financial
Markets Authority knew about David Ross long before his business
was raided were "crap", the regulator's chief executive told a
conference on Tuesday.

"Let me very clear about this because there have been some
assertions and some whispering campaigns that everybody knew about
Ross and that we were too slow to act. I'm standing here before
you today to say that it took one phone call, one, for us to take
action. Any suggestion that we knew about Ross beforehand is
crap," FMA head Sean Hughes said at the 2013 Forensic Conference
in Auckland Tuesday, the Herald relates.

The Herald recalls that Wellington's Ross Asset Management was
raided by the Financial Markets Authority last year after
complaints from an investor attempting to get money out. The High
Court then froze the business' assets as well as those of its
founder, David Ross, and appointed receivers to manage the firm's
affairs.

Although Mr. Ross' 900 clients believed their investments were
worth almost NZ$450 million, receivers from PwC could identify
only about NZ$11 million in his group of companies, the report
relays.

According to the Herald, PwC's John Fisk also said last year that
they had found "characteristics of a Ponzi scheme" at Ross Asset
Management and the FMA and Serious Fraud Office are both
investigating Ross and his company.

While the FMA expected market participants to put customers
interest first, Mr. Hughes said Tuesday that the authority also
expected investors to take responsibility for their own financial
decisions, the Herald reports.

"This is not, ladies and gentleman, a nanny state and one where we
can stand behind the shoulders of every investor to guide them to
what is prudent for them," the report quotes Mr. Hughes as saying.

"And I have to say in the sad case of Ross Asset Management many
investors were too trusting with their money. They relied on word
of mouth recommendations but did little else . . . now that's all
very easy for me to stand here and say what they should and
shouldn't have done and we know that financial markets can be
confusing to the unintiated, but Ross does remind us of the need
for investors to do their homework and to become more actively
involved in their investments," he said.

"At the end of the day responsibility starts and ends at home -
not with Government, not with regulators, not with legislators.
You have to take responsibilities for your own financial well-
being," Mr. Hughes said.

The Forensic Conference is organised by the New Zealand Institute
of Chartered Accountants and the New Zealand Chapter of the
Association of Certified Fraud Examiners.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).



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


* Foreign Funding Profiles of Korean Banks Continue to Improve
--------------------------------------------------------------
Moody's Investors Service says that Korean banks have shown
further improvements in their foreign currency funding profiles in
the six months since its last publication on the sector in October
2012 and expects further enhancements.

"Foreign currency liquidity has traditionally been a structural
weakness for the country's banks because of their customary heavy
reliance on wholesale funding," says Heejin Kwon, a Moody's
Associate Analyst.

"But, the banks have managed to improve their profiles because of
ongoing efforts to (1) reduce their short-term foreign currency
debt, (2) boost their liquidity buffers, and (3) diversify their
foreign currency funding sources," says Kwon.

Moody's view were contained in a just-released report, titled
"Improvement in the Foreign Currency Liquidity Profiles of Korean
Banks to Continue". The report is based on an analysis of Korea's
eight largest banks by foreign currency assets.

Moody's notes that the developments have occurred against a
backdrop of tighter regulatory oversight of the banks' management
of their foreign currency liquidity.

And looking ahead, Moody's expects the authorities to maintain
their vigilant stance -- established since they began introducing
measures to stabilize foreign currency liquidity since December
2009 -- and for the banks to remain cautious, particularly in view
of the ongoing uncertainty in the global economy and the financial
markets.

The report notes that Korean banks are refinancing their short-
term debt with long-term debt, taking advantage of favorable
funding conditions in the global capital markets in 2H 2012.

For the eight Korean banks in the Moody's report, the ratio of
short-term foreign currency debt to total foreign currency debt
improved to 42% in 2H 2012 from 49% in 1H 2012 and 53% at end-
2011.

Korean banks have also boosted their liquidity buffers by
increasing their foreign currency cash and deposit assets, and by
securing more committed credit lines to mitigate against potential
disruptions in the global capital markets.

The banks have further increased the diversity in the composition
of their foreign currency funding. The proportion of Korean banks'
foreign currency debt in currencies outside the US dollar, the
euro and the yen rose to 16.9% at end-2012 from 14.9% at June-
2012.

Generally, the banks' adoption of a conservative stance towards
foreign currency lending has also helped reign in the growth in
their foreign currency loans, easing the demands of managing their
foreign currency liquidity positions.

As a result, the overall banking system's foreign currency loan-
to-deposit ratio fell to 283% at end-2012 from 315% at end-June
2012, the lowest level since 2007.

Moody's expects this trend to continue as the banks remain keen to
attract foreign currency deposits under the authorities'
guidelines, while still adopting a cautious stance towards
expanding their foreign currency loans.

The report also notes the Korean government's strengthened
capacity to provide foreign currency liquidity support to the
banks, as highlighted by the increase in the country's foreign
currency reserves relative to its short-term liabilities.

Korea's external short-term liabilities to foreign currency
reserves improved to 40.0% in 2H 2012 from 46.3% in 1H 2012.



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


* 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 ***