TCRAP_Public/130520.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, May 20, 2013, Vol. 16, No. 98


                            Headlines


A U S T R A L I A

HERITAGE BAR: Ferrier Hodgson Appointed as Receivers
TINKLER GROUP: Tinkler Reaches Settlement Deal With Tax Office
TRIMS: Clothing Retailer Goes Into Voluntary Administration
XCITELOGIC PTY: In Administration; Unsecured Debt at AUD3.8MM


I N D I A

ACTION INDUSTRIAL: ICRA Reaffirms 'BB+' Rating on INR1.78cr Loan
BUTTA CONVENTION: ICRA Rates INR15cr Fund Based Loan at 'BB-'
CHENNAI ELEVATED: ICRA Reaffirms 'D' Rating on INR1,610cr Loan
EURO FORGE: ICRA Reaffirms 'BB+' Ratings on INR13.31cr Loans
HIMGIRI ZEE: ICRA Reaffirms 'BB' Rating on INR70.75cr Term Loan

KIZ FOODS: ICRA Assigns 'BB-' Rating to INR5cr Cash Credit
NEEV INFRASTRUCTURE: ICRA Cuts Rating on INR45cr Loan to 'BB+'
P.K. COLD: ICRA Assigns 'D' Ratings to INR4.58cr Loans
PERCEPT LIMITED: ICRA Lowers Rating on INR18cr LT Loan to 'D'
SANCHIT POLYMERS: ICRA Reaffirms 'BB+' Rating on INR13cr Loans

SHREE SADBHAV: ICRA Assigns 'B' Ratings to INR6.5cr Loans
SKY LINK: ICRA Assigns 'C' Ratings to INR15.0cr Loans
SRI NAKODA: ICRA Withdraws 'B+' Loan Rating Upon Full Redemption
SRI RAMA: ICRA Assigns 'B+' Ratings to INR6.75cr Loans
UNISOURCE PAPERS: ICRA Cuts Ratings on INR8.02cr Loans to 'D'

VALMARK BUILDERS: ICRA Withdraws 'B' Rating Upon Full Redemption
VEDANTA RESOURCES: Fitch Affirms 'BB+' LT Issuer Default Rating
VEDANTA RESOURCES: Moody's Keeps CFR at Ba1, Senior Debt at Ba3
YATHARTH HOSPITALS: ICRA Assigns 'BB' Ratings to INR35cr Loans


J A P A N

ELPIDA MEMORY: Court Nixes Creditors Appeal Vs. Micron Takeover


P H I L I P P I N E S

BDO UNIBANK: Fitch Affirms 'BB+' LT Foreign-Currency IDR


S I N G A P O R E

GENPACT LTD: Moody's Revises Outlook on Ba2 CFR to Positive


S O U T H  K O R E A

* N. Korean Crisis Bolsters Exporters Against Weakening Yen


T A I W A N

ACER INC: Fitch Downgrades IDR to 'BB'; Outlook Negative


X X X X X X X X

* Moody's Notes Stable Credit Trend for Asian Non-Fin'l. Corp.


                            - - - - -


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

HERITAGE BAR: Ferrier Hodgson Appointed as Receivers
----------------------------------------------------
Morgan Kelly -- morgan.kelly@fh.com.au -- and Ryan Eagle --
ryan.eagle@fh.com.au -- of Ferrier Hodgson were appointed as
Receivers and Managers to the assets and undertakings of Heritage
Bar and Restaurant Pty Limited on May 16, 2013.

The Receivers' appointment follows the appointment of Trent Devine
and Trajan Kukulovski of Jirsch Sutherland as Voluntary
Administrators to the Company on April 26, 2013.

"The Receivers now control the Company's assets and operations.
The Receivers are continuing to operate the Hotel in the ordinary
course while they undertake an assessment of the financial
position," Ferrier Hodgson said in a statement.

"At this stage, it is too early to advise creditors of the likely
outcome of the Receivership."

Payment of unsecured creditors' accounts as at May 16, 2013 is
deferred.


TINKLER GROUP: Tinkler Reaches Settlement Deal With Tax Office
--------------------------------------------------------------
The Sydney Morning Herald reports that coal baron Nathan Tinkler
has reached an in-principle settlement with the Australian
Taxation Office over unpaid debts owed by several of his
companies.

In the Federal Court on Friday, a lawyer for the Deputy
Commissioner of Taxation said there had been a "meeting of the
minds" between Mr. Tinkler and the ATO about debts owed by four of
his companies, the report relates.

The companies include the Newcastle Jets Football Operations,
Hunter Valley Sports Group, Buildev Aviation, and Buildev
Development (NSW).

Hunter Valley Sports is the owner of the Newcastle Jets Football
Club and the Newcastle Knights rugby league team, the report says.

According to the report, the Federal Court was told that "a
proposal had been accepted" by the Tax Office and Mr Tinkler but
that both parties wanted more time to settle.

Earlier this year, SMH recalls, Mr. Tinkler's Buildev Group and
four related companies were reported to have owed the ATO more
than AUD600,000.

He was also originally being pursued over a large debt owed by the
Hunter Valley Sports Group to the ATO.

But in April, lawyers for the Tax Office told the Federal Court
there were no more debts owed by Buildev Group, Buildev
Development (Queensland), and BD (Qld) Project G075, though two of
those cases were not dismissed because another creditor wanted to
be substituted, SMH relays.

However, on Friday that substituted creditor agreed to settle with
Mr. Tinkler on matters involving Buildev Group and BD (Qld)
Project G075. The judge ordered that both those proceedings be
dismissed, the report notes.


TRIMS: Clothing Retailer Goes Into Voluntary Administration
-----------------------------------------------------------
ABC News reports that clothing retailer Trims has gone into
voluntary administration because of trading difficulties.

ABC says the company has been in business in Adelaide for 76
years, but its only remaining store, in King William Street in
Adelaide, was closed for a stocktake on May 14 and may reopen on
May 16.  Its last Adelaide suburban store, Marion, closed three
weeks ago, the report relays.

Customers outside the city store have expressed their dismay.

"It's very very unfortunate, it's sad to see another Adelaide and
South Australian icon [in trouble] probably as a result of
probably cheap imports," one of the customers told ABC.

"A good range of products and good prices so I'm surprised, I
suppose it's a reflection of the downturn in the market," another
said.

The remaining Adelaide store has about 20 staff, who now face an
uncertain future, the report says.

According to ABC, Adelaide City Councillor Anne Moran said the
financial plight facing Trims showed the city's businesses were in
a fragile state.

ABC relates that Ms. Moran said the South Australian Government's
planned levy on city car parking spaces was the last thing traders
wanted.

"Even a business like Trims is on a knife-edge and we know that
many businesses in the city have very narrow margins and anything
that trips them over or is negative is likely to have this sort of
effect," the report quotes Ms. Moran as saying.


XCITELOGIC PTY: In Administration; Unsecured Debt at AUD3.8MM
-------------------------------------------------------------
SmartCompany reports that XciteLogic Pty Ltd has collapsed, owing
unsecured creditors AUD3.8 million.

Matthew Donnelly -- matthew.donnelly@au.gt.com -- and
Dino Travaglini -- dino.travaglini@au.gt.com -- of Grant Thornton
have been appointed as administrators of XciteLogic.

The company's branches -- trading as XciteLogic Pty Ltd,
XciteLogic (NSW) and XciteLogic (Vic) -- have been placed in
administration.

Mr. Travaglini told SmartCompany initial investigations reveal the
company owes unsecured creditors AUD3.8 million, with IT industry
suppliers being the major creditors.

"I think it's basically the group was under-capitalised. [They]
invested significant amounts of money into the development of
software and R&D," the report quotes Mr. Travaglini as saying.

The three branches of the group employed approximately 80 people,
with 55 jobs lost so far, the report notes.

The report says XCiteLogic is now up for sale, with an
advertisement placed in The Australian Financial Review.

The first meeting of creditors is due to be held on May 21 in
Perth, SmartCompany reports.

XCiteLogic is a Perth-based information and communication services
firm offering onsite and remote ICT help.


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


ACTION INDUSTRIAL: ICRA Reaffirms 'BB+' Rating on INR1.78cr Loan
----------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB+' rating for INR1.78 crore term
loan (earlier INR2.00 crore) and INR5.00crore (earlier INR4.50
crore) fund based limits of Action Industrial Corporation. The
outlook on the long term rating is stable. ICRA has also
reaffirmed [ICRA]A4+ rating for INR3.00 crore (earlier
INR1.00 crore) non fund based limits of AIC.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan               1.78     [ICRA]BB+(Stable), Reaffirmed
   Fund-based              5.00     [ICRA]BB+(Stable), Reaffirmed
   Non-fund-based          3.00     [ICRA]A4+, Reaffirmed

The ratings reaffirmation continues to factor in AIC's long track
record of operations in the footwear business, operational and
financial support to and from its other group entities, its
established brand image and established distribution network.
However the ratings are constrained by the firm's modest scale of
operations, decline in margins in FY2012, vulnerability of its
profitability to the volatility in raw material prices and highly
competitive nature of the footwear industry. The ratings also take
into consideration the risks inherent in the proprietorship form
of organization namely limited ability to raise equity capital and
risk of dissolution of the firm on insolvency, death and
retirement of proprietor etc. The ratings further factor in its
high debt levels to fund the high working capital requirements and
the decline in its net worth owing to withdrawal of capital by
proprietor resulting in increased gearing of 1.9 times as on March
31, 2012. With the addition of capital by proprietor in FY13 its
gearing is expected to improve. High debt level coupled with
moderate accruals has resulted in moderate debt protection
metrics. Going forward the company's ability to scale up its
operations and improve its profitability and capitalization ratios
will remain key rating sensitivities.

Established in 2005, Action Industrial Corporation (AIC) is a
proprietorship firm promoted by Mr. Raj Kumar Gupta. The firm is a
part of the Action group and comes under the faction of Mr. Raj
Kumar Gupta. The firm is involved in the manufacturing of shoes,
kid footwear, sandals etc. AIC established its manufacturing
facility at Baddi, Himachal Pradesh. The firm is also setting up
additional manufacturing unit at Bahadurgarh, Haryana.

Recent Results

The firm reported net profit (before tax) of INR0.46 crore on an
operating income of INR16.58 crore in FY 2012.


BUTTA CONVENTION: ICRA Rates INR15cr Fund Based Loan at 'BB-'
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' toINR15.00
crore fund based limits of Butta Convention Services Private
Limited. The long term rating carries a stable outlook.

                          Amount
   Facilities            (INRCr)   Ratings
   ----------            --------   -------
   Fund based limits       15.00    [ICRA]BB- (Stable) Assigned

The assigned rating is constrained by the nascent stage of project
execution (convention center) exposing the company to time and
cost overruns; and competition from other convention centers
(located within 20 kms) which is likely to result in initial
pricing pressure. With repayment of term loan obligations starting
from August 2013 (COD expected August - September 2013), timely
infusion of requisite funds by the promoters, achieving early
operational stability and adequate levels of capacity utilisation
will remain critical to timely servicing of obligations. The
rating however favorably factors in the long track record of the
promoters in the hospitality industry in Hyderabad, a comfortable
project debt-equity mix and a favorable outlook for MICE tourism
in India.

Butta Convention Services Private Limited was incorporated on 16th
May 2012 with the objective of carrying on business of
constructing and operating convention, conference and seminar
centers and other places of exhibition. The Company is promoted by
Mr. Butta S Neelakanta and his wife Mrs. Butta Renuka and is part
of the BUTTA group of companies based out of Andhra Pradesh.
The group has presence in the Hospitality, Education, Branded
Retail and Automobile space in Hyderabad.


CHENNAI ELEVATED: ICRA Reaffirms 'D' Rating on INR1,610cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]D' assigned
earlier to the INR1,610.0 crore bank facilities of Chennai
Elevated Tollways Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans             1,610     [ICRA]D (re-affirmed)

The rating continues to take into account the delays in servicing
of debt obligation by the company. Further, ICRA notes that the
project continues to be on hold because of alleged deviation from
the approved designs. The matter is pending resolution, thus,
leading to inordinate delays and impacting the project cash flows
and viability. ICRA will continue to monitor the developments
w.r.t resolution of the issue and its impact on the credit profile
of the company.

Going forward, timely servicing of debt obligation, acquisition of
the remaining right of way, timely infusion of promoter's equity
contribution and execution of the project within estimated
cost/time will be the key rating sensitivities.

Chennai Elevated Tollway Limited is a Special Purpose Vehicle
(SPV) incorporated in 2009 and is a 100 % subsidiary of Soma
Enterprises Limited.  The SPV is involved in the construction of
an elevated highway from Gate no. 10 of Chennai Port to
Maduravoyal Junction on NH 4 and its operation and maintenance on
BOT (Toll) basis. The project was awarded by National Highway
Authority of India (NHAI) on Design Build Finance Operate and
Transfer (DBFOT) basis with a concession period of 15 years. The
earlier appointed date of November 14, 2009 was shifted to
September 14, 2010 due to delay in the acquisition of land.
However, the project has been on hold for more than a year now and
a resolution is awaited.


EURO FORGE: ICRA Reaffirms 'BB+' Ratings on INR13.31cr Loans
------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB+' rating for INR5.00 crore term loan
(enhanced from INR2.50 crore),INR8.00 crore (enhanced from INR7.00
crore) fund based limits and INR2.31 crore of unallocated limits
of Euro Forge Private Limited. The outlook on the long term rating
is stable. ICRA has also reaffirmed '[ICRA]A4+' rating for INR1.00
crore non fund based limits of EFPL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term loans              3.00     [ICRA]BB+(Stable), Reaffirmed
   Fund-based limits       8.00     [ICRA]BB+(Stable), Reaffirmed
   Unallocated, Long       2.31     [ICRA]BB+(Stable), Reaffirmed
   term facilities
   Non-fund-based limits   1.00     [ICRA]A4+, Reaffirmed

The ratings reaffirmation takes into consideration EFPL's long
track record of operations in the footwear business, operational
and financial support to and from other group entities, its
established brand image and established distribution network.
However, the ratings are constrained by its relatively moderate
scale of operations, decline in margins in FY2012, vulnerability
of its profitability to the volatility in raw material prices and
highly competitive nature of the footwear industry. The ratings
also take into account its moderate debt levels to fund the high
working capital requirements resulting in gearing of 1.12 times as
on March 31, 2012. This coupled with moderate accruals has
resulted in moderate debt protection metrics. Going forward, the
company's ability to scale up its operations and improve its
profitability and capitalization ratios will remain key rating
sensitivities.

Incorporated in 2001, Euro Forge Private Limited (EFPL) is
involved in the manufacturing of shoes, ladies footwear, sandals
etc. The company was incorporated in 2001 as a forging unit and
subsequently was taken over by Action group in 2003 and falls
under Mr. Raj Kumar Gupta's faction within the Action Group. EFPL
commenced operations in January 2005. The manufacturing facility
is at Baddi, Himachal Pradesh and the company is also setting up
another unit at Bahadurgarh, Haryana which is expected to become
operational in FY2014.

Recent Results

The company reported net profit after tax of INR0.37 crore on an
operating income of INR25.04 crore in FY2012.


HIMGIRI ZEE: ICRA Reaffirms 'BB' Rating on INR70.75cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating outstanding on the
INR70.75 crore Term Loans of Himgiri Zee University (HZU, formerly
known as Himgiri Nabh Vishwavidyalaya) at '[ICRA]BB'. The outlook
on the long-term rating is Stable.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan               70.75    [ICRA]BB (stable) reaffirmed

The reaffirmation of rating takes into account the university's
weak financial profile as indicated by loss making operations,
high gearing and low cash accruals. The university has undertaken
a significant debt funded capital expenditure for setting up its
campus in Dehradun, which, however is yet to realize commensurate
returns from the same. The university's scale of operations
remains modest as reflected by limited course profile and with low
occupancy rates in most courses. This coupled with high fixed cost
has led to marginal cash flows from operations. The risks are
further exacerbated given the high debt obligations in the near
term. However, the demonstrated support from the group provides
comfort to a large extent. The rating continues to favorably
factor in the strong parentage by virtue of it's association with
the Essel Group; established position of Zee Learn in the
education industry enabling the university to leverage upon the
brand and reach of the promoter group; and qualified and
experienced management. Going forward, the university's ability to
successfully add new courses to its portfolio, scale up its
operations and achieve a healthy profitability level as well as
receive adequate and timely support from the promoter group
remains key rating sensitive factors.

Himgiri Zee University (HZU, formerly known as Himgiri Nabh
Vishwavidyalaya) is a part of TALEEM Research Foundation which is
a charitable trust promoted by Mr. Subhash Chandra, the Chairman
of the Essel Group. HZU is located at Dehradun, Uttarakhand and
offers vocationally oriented higher education courses. Though the
university was established in 2003, the actual operations started
in 2006. The university offers regular classroom learning programs
in education and architecture and distance learning programs in
computer applications as well as animation. Mr. Subhash Chandra is
Chancellor of the university.

In the financial year ending March 31, 2012, HZU reported a net
loss of INR0.59 crore on an operating income of INR1.54 crore as
against a net profit of INR0.34 crore on an operating income of
INR1.34 crore in the previous fiscal.


KIZ FOODS: ICRA Assigns 'BB-' Rating to INR5cr Cash Credit
----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating to the INR5.00 crore
(enhanced from INR3.20 crore) cash credit facility and INR2.16
crore (reduced from INR3.10 crore) term loan facility of KIZ Foods
Limited. The outlook on long term rating is 'Stable'.

                          Amount
   Facilities            ( INRCr)   Ratings
   ----------            --------   -------
   Cash Credit             5.00     [ICRA]BB- (stable)
                                    reaffirmed/assigned

   Term Loan               2.16     [ICRA]BB- (stable) reaffirmed

The rating continues to be constrained by the moderate scale of
operations which limits scale economies, low profitability and
leveraged capital structure given the working capital intensive
nature of operations. The rating also takes into account the
intense competition on account of fragmented nature of the
industry which exerts pressure on profitability and exposure to
currency fluctuation risk which is however mitigated to an extent
through booking of forwards. The rating further incorporates the
vulnerability of profitability to government regulations and raw
material price movements which are subject to seasonality and crop
harvest. However, the rating positively considers the extensive
experience of promoters in the industry, locational advantage due
to its location in Mahuva providing easy access to quality raw
material and diversified product portfolio along with
geographically diversified revenue base supporting revenue growth.

KIZFL was incorporated in 2008 and is engaged in processing and
exporting a wide variety of processed food items viz. pickles,
chutney, sauces, pastes, dehydrated onion & garlic products,
onions and mix vegetables in brine/vinegar. The associate concerns
of the company namely Murtuza Foods Pvt Ltd, H.M. Dehy Foods and
A&F Dehy Foods are engaged in preparation of dehydrated onion and
garlic products.

Recent Results

During FY 2012, KIZFL reported an operating income of INR19.79
crore and profit after tax of INR0.14 crore.


NEEV INFRASTRUCTURE: ICRA Cuts Rating on INR45cr Loan to 'BB+'
--------------------------------------------------------------
ICRA has revised the rating assigned to the INR45.0 crore long
term fund based limits of Neev Infrastructure Private Limited from
'[ICRA]BBB-' to '[ICRA]BB+'. ICRA has also revised the rating
assigned to INR90 crore (reduced from INR135 crore) short term non
fund based limits of NIPL from '[ICRA]A3' to '[ICRA]A4+'. The
outlook on the long term rating is stable.

                          Amount
   Facilities            (INRCr)   Ratings
   ----------            --------   -------
   Long Term-Fund          45.0     Revised to [ICRA]BB+ from
   Based Limits                     [ICRA]BBB-

   Short Term-Non          90.0     Revised to [ICRA]A4+ from
   Fund Based Limits                [ICRA]A3

The ratings revision factor in the continued execution related
delays faced on orders in hand because of delayed approvals, non-
availability of site and lack of funds with the awarding
authority, the high working capital intensity of operations on
account of high receivables and inventory and capital blocked in
the residential redevelopment projects being undertaken by the
company and NIPL's diversification into the residential
redevelopment segment exposing the company to market and execution
risks inherent these projects. Nevertheless the ratings continue
to be supported by the long track record of the company in the
construction sector, healthy order position of the company and
geographically diversified order book with orders in Maharashtra,
Tamil Nadu, Goa and Rajasthan.

Neev Infrastructure Private Limited was incorporated on January
14, 2002 as construction contractors. In the last nine years, the
Company has executed contracts in Public Utility services with
focus on water supply, sewer line work, slum rehabilitation, and
building construction works. The key clientele includes Municipal
Corporation of Greater Mumbai (MCGM), Public Works Department
(PWD), Maharashtra Housing and Area Development Authority (MHADA),
Maharashtra State Road Transport Corporation (MSRTC) etc. The
promoters, Mr. Chandulal Jain and Mr. Jitendra Jain have wide
experience in the construction business and are involved in the
day to day operations and management of the company.


P.K. COLD: ICRA Assigns 'D' Ratings to INR4.58cr Loans
------------------------------------------------------
The rating of '[ICRA]D' has been assigned to the INR4.58 crore
long term fund based facilities of P.K. Cold Storage.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Loan                    3.10     [ICRA]D assigned
   Cash Credit             0.20     [ICRA]D assigned
   Term loan               1.28     [ICRA]D assigned

The assigned rating is constrained by the stretched liquidity
position of the firm as reflected by irregularities in servicing
of principal and interest obligations and the small scale of
operations of the firm. Also the firm's capital structure is
leveraged and the same is expected to remain so given the working
capital intensive nature of operations arising from the need to
provide advances to farmers/customers. ICRA also notes that PCS is
a partnership firm and any significant withdrawals from the
capital account would affect its net worth and thereby have an
adverse impact on the capital structure.

The rating, however, favorably considers the long standing
experience of the promoters in cold storage business, favorable
location of the firm in Deesa (Gujarat), an area with high output
of potato and a fixed space allocation agreement with a U.S based
potato chips Company.

P.K. Cold Storage was incorporated in 2004 and started commercial
operation from 2005.The firm is located at Deesa, Gujarat; it is
engaged in the business of operating cold storage and provides
service for storage of potatoes. The firm increased its storage
capacity from 1, 40,000 bags to 206,000 bags of 50 kg each in FY
12.


PERCEPT LIMITED: ICRA Lowers Rating on INR18cr LT Loan to 'D'
-------------------------------------------------------------
ICRA has revised the rating assigned to the INR18.0 crore, long-
term, fund-based facilities of Percept Limited to '[ICRA]D' from
'[ICRA]B'.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long-term, fund-        18.0     Revised to [ICRA]D
   based facilities                 from [ICRA]B

The rating revision reflects delays in debt servicing by the
company. Despite an equity infusion of INR22.5 crore by Brand
Equity Treaties Limited (BETL, a Times of India Group company) in
2011-12 taking the total infusion by BETL to INR32.5 crore as on
March 2012, the company's liquidity profile has deteriorated in
2012-13 on the back of sustained losses in its Sunburn - musical
event business and movie production business.

Founded in 1984, Percept Picture Company Private Limited was an
entertainment, media and communications company. On July 19, 2007,
the company was converted from a private limited company to a
public limited company; and on January 17, 2008, the name of the
company was changed to Percept Limited. This was followed by the
business transfer agreements in February 2008 between Percept
Limited and six other group companies, whereby Percept Limited
acquired, as a going concern on a slump sale basis, the entire
business of the six companies. Percept Limited has a team of over
1,000 people and 62 offices in India and the Middle East. The
company operates in three main verticals - Entertainment (which
includes content creation for movies, television and ad films;
talent management; sports and experiential & entertainment
marketing), Media (which includes media services; out-of-home and
digital media) and Communications (which includes advertising;
public relations and integrated marketing communication
consultancy).

Recent Results

For the twelve months ended March 31, 2012 (unaudited), Percept
reported a net loss of INR9.2 crore on revenues of INR188.9 crore
as against a net loss of INR7.2 crore on revenues of INR176.2
crore for the twelve months ended March 31, 2011.


SANCHIT POLYMERS: ICRA Reaffirms 'BB+' Rating on INR13cr Loans
--------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB+' rating for INR5.00 crore (earlier
nil) term loan andINR8.00 crore (earlier INR5.75 crore) fund based
limits of Sanchit Polymers. The outlook on the long term rating is
stable. ICRA has also reaffirmed '[ICRA]A4+' rating for INR1.70
crore (earlier INR3.00 crore) non fund based limits of the firm.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term loans               5.00    [ICRA]BB+(Stable) Reaffirmed
   Fund-based limits        8.00    [ICRA]BB+(Stable) Reaffirmed
   Non-fund-based limits    1.70    [ICRA]A4+ Reaffirmed

The ratings reaffirmation factors in SP's long track record of
operations in the plastic compounds manufacturing business,
assured off take for its products by its group companies and
operational and financial support to and from its other group
entities. However the ratings are constrained by its moderate
scale of operations, its moderate profitability, decline in
margins in FY2012 and vulnerability of its profitability to the
volatility in raw material prices, foreign exchange fluctuations
and highly competitive nature of the industry.

The ratings also take into consideration the risks inherent in the
proprietorship form of organization namely limited ability to
raise equity capital and risk of dissolution of the firm on
insolvency, death and retirement of proprietor etc.

The ratings also factor in its high debt levels to fund the high
working capital requirements and the decline in its net worth
owing to withdrawal of capital by proprietor thereby resulting in
increased gearing of 3.7 times as on March 31, 2012. With the
addition of capital by proprietor in FY13 its gearing is expected
to improve. High debt level coupled with moderate accruals has
resulted in moderate debt protection metrics. Going forward the
firm's ability to scale up its operations and improve its
profitability and capitalization ratios will remain key rating
sensitivities

Sanchit Polymers, a part of the Action Group, was incorporated in
1993. It is a part of Mr. Raj Kumar Gupta faction within the
larger Action group that has been in the footwear business for
more than three decades. It is involved in the manufacturing of
plastic compounds such as Poly Vinyl Chloride (PVC) and Ethylene
Vinyl Acetate (EVA) which are used in footwear manufacturing. Its
manufacturing facility is located at Daman and it sells its
products primarily to group companies.

Recent Results

The company reported net profit after tax of INR2.68 crore on an
operating income of INR47.35 crore in FY 2012.


SHREE SADBHAV: ICRA Assigns 'B' Ratings to INR6.5cr Loans
---------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR5.00 crore cash
credit facility and INR1.50 crore term loan facility of Shree
Sadbhav Cotton Industries.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan                1.50    [ICRA]B assigned
   Cash Credit              5.00    [ICRA]B assigned

The assigned rating is constrained by the absence of track record
of the firm as the commercial production commenced in February
2013 and modest scale of planned operations. The rating also takes
into account the low value additive nature of the cotton ginning
and crushing industry and intense competition on account of
fragmented industry structure which restricts pricing flexibility
resulting in thin profitability; and vulnerability of
profitability to fluctuations in raw material prices which are in
turn subject to seasonality and crop harvest. The rating also
takes into account the highly working capital intensive nature of
the industry and the predominantly debt funded capital expenditure
which is expected to result in a highly leveraged capital
structure for the firm in the medium term. ICRA also notes that
SSCI is a partnership firm and any significant withdrawals from
the capital account would adversely impact its net worth and
thereby the capital structure.

The rating, however, positively considers the experience of the
promoters in the cotton industry through associate concerns,
location advantage enjoyed by the firm and mitigation of project
execution risk with the commencement of commercial operations at
the newly set up plant in February 2013.

Shree Sadbhav Cotton Industries was incorporated in April 2012 and
is engaged in ginning & pressing of raw cotton to produce cotton
seeds & cotton bales and in crushing of cotton seeds to produce
cotton seed oil & oil cake. The firm is promoted jointly by Mr.
Limbabhai Kamariya, Mr. Jayantibhai Kamariya along with other
family members. The firm's plant is located in Rajkot (Gujarat)
with an installed capacity of processing 5,000 MT of raw cotton
and seed crushing capacity of 3,150 MT of cotton seed per annum.


SKY LINK: ICRA Assigns 'C' Ratings to INR15.0cr Loans
-----------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]C' to the INR5.00
crore fund based limits and INR10.00 crore term loans of Sky Link
Construction Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits        5.00    [ICRA]C (assigned)
   Term Loans              10.00    [ICRA]C (assigned)

The rating factors in the extensive experience of SCPL's promoter
- Mr. N.K.Malhan in the real estate sector, vantage location of
its projects and low approval risk for its on-going projects. The
strengths are partially offset by stretched liquidity position of
the company as reflected by high utilizations of the limits
resulting in limited financial flexibility available with the
company. Further, rating factors in SCPL's modest credit risk
profile as reflected by net profitability of 0.5% on a turnover of
INR31.42 crore and NCA/Total Debt of 1% in FY12 as well as its
high exposure to marketing risk. ICRA notes that a key
characteristic of the market segment where SCPL operates is back
ended sales. Thus, ability to improve the cash flows through
timely sale and collection will be amongst the key rating
sensitivities going forward.

Sky Link Construction Private Limited was incorporated in 2007 by
Mr. N.K. Malhan. Mr. Malhan has more than three decades of
experience in the real estate construction business. He along with
his son, Mr. Ashish Malhan, manages the day to day operations of
the company. SCPL undertakes construction of homes mainly in South
Delhi region. It has 5 projects under development in areas like
Greater Kailash, Green Park, Jasola etc. The company is developing
more than 80000 sq.ft of built up area.

For FY12, the company reported INR0.17 crore of net profit on an
operating income of INR31.42 crore as compared to net profit of
INR0.19 crore on a OI of INR56.17 crore a year ago.


SRI NAKODA: ICRA Withdraws 'B+' Loan Rating Upon Full Redemption
----------------------------------------------------------------
ICRA has withdrawn the "[ICRA]B+" rating assigned to INR5.50 Crore
bank limits of Sri Nakoda Construction Limited at the request of
the company as the company has fully redeemed the instrument.
There is no amount outstanding against the rated instrument.


SRI RAMA: ICRA Assigns 'B+' Ratings to INR6.75cr Loans
------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' toINR3.65 crore
fund based limits and short-term rating of '[ICRA]A4' to INR3.25
crore fund based limits of Sri Rama Raw & Boiled Rice Mill. ICRA
has also assigned ratings of [ICRA]B+/[ICRA]A4 to INR3.10 crore
unallocated limits of SRRBRM.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             3.00     [ICRA]B+ assigned
   Term loans              0.65     [ICRA]B+ assigned
   SME Credit Plus         0.25     [ICRA]A4 assigned
   Working Capital         3.00     [ICRA]A4 assigned
   Demand Loan
   Unallocated             3.10     [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by intensely competitive
nature of rice industry with presence of several small-scale
players which further increases the pressure on the operating
margins; weak financial profile of the firm characterized by low
profitability & moderate gearing levels; and risks inherent in a
partnership firm. These apart, the ratings are also constrained by
the susceptibility of profitability & revenues to agro-climatic
risks which impact the availability of the paddy in adverse
weather conditions. The ratings however take comfort from the long
track record of the promoters in the rice mill business and
favorable demand prospects for rice with India being the second
largest producer and consumer of rice internationally.

Founded in the year 1997 as a partnership firm, Sri Rama Raw &
Boiled Rice Mill is engaged in the milling of paddy and produces
raw & boiled rice. The rice mill is located at Medarametla village
of Prakasham district, Andhra Pradesh. The installed production
capacity of the rice mill is 4 tons per hour.

Recent Results

In FY2012, the firm reported an operating income of INR16.06 crore
and operating profits of INR1.26 crore.


UNISOURCE PAPERS: ICRA Cuts Ratings on INR8.02cr Loans to 'D'
-------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to
INR0.90 crore term loan; INR0.37 crore working capital term loan;
INR0.01 crore vehicle loan and INR1.50 crore cash credit limits of
Unisource Papers Private Limited to '[ICRA]D' from '[ICRA]C+'.
ICRA has also revised downwards the short term rating assigned to
the INR4.00 crore non-fund based bank limits of UPPL to '[ICRA]D'
from '[ICRA]A4'. ICRA has also downgraded the rating assigned to
the unallocated amount of INR1.24 crore to [ICRA]D from
[ICRA]C+/[ICRA]A4.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based-Working      0.37     Revised to [ICRA]D from
   Capital Term Loan                [ICRA]C+


   Fund based-Cash         1.50     Revised to [ICRA]D from
   Credit                           [ICRA]C+


   Term Loans              0.90     Revised to [ICRA]D from
                                    [ICRA]C+

   Vehicle Loan            0.01     Revised to [ICRA]D from
                                    [ICRA]C+

   Non-fund based-Letter   4.00     Revised to [ICRA]D from
   of Credit                        [ICRA]A4

   Unallocated Amount      1.24     Revised to [ICRA]D from
                                    [ICRA]C+/[ICRA]A4

The downward revision of ratings primarily incorporates the
frequent instances of LC devolvement; delays in debt servicing and
instance of overutilization reflecting highly stressed liquidity
profile of the company. The ratings also incorporate the
fragmented nature of the industry with low entry barriers and
vulnerability of margins to raw material prices and foreign
exchange fluctuations. The ratings, however, also take into
consideration the promoter's long track record in the business of
trading and paper processing and marginal improvement in financial
profile of the company with the net profit margins turning
positive, improvement in capital structure of the company
supported by equity infusion and repayment of term loan and
unsecured loans.

Incorporated in 2005, UPPL was promoted by Mr. Aurora and is
engaged in the business of paper processing. UPPL has an installed
production capacity of 26,400 metric tonnes/annum at its
manufacturing units located in Pune. The company has a registered
office in Mumbai.

Recent Results

In 2011-12, UPPL recorded a net loss of INR0.31 crore on an
operating income of INR25.90 crore, while it recorded a net profit
of INR0.17 crore on an operating income of INR24.08 crore for the
financial year 2012-13 (Provisional).


VALMARK BUILDERS: ICRA Withdraws 'B' Rating Upon Full Redemption
----------------------------------------------------------------
ICRA has withdrawn the "[ICRA]B" rating assigned to INR23.0 Crore
bank limits of Valmark Builders at the request of the company as
the company has fully redeemed the instrument.  There is no amount
outstanding against the rated instrument.


VEDANTA RESOURCES: Fitch Affirms 'BB+' LT Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has revised India-based Vedanta Resources Plc's
Outlook to Stable from Positive while affirming its Long-Term
Issuer Default Rating (IDR) at 'BB+'.

The agency has also affirmed VRPLC's senior unsecured debt rating
at 'BB' and assigned an expected rating of 'BB (EXP)' to its
proposed bond issue. The final rating of the proposed bond is
contingent upon the receipt of documents conforming to information
already received.

Key Rating Drivers

Rising regulatory risks: The outlook revision reflects the impact
of regulatory risks in the metals & mining industry, particularly
in India, on VRPLC's businesses. The ban on iron ore mining
operations during FY13 impacted VRPLC's iron ore mines in the
state of Goa, its largest mines, causing EBITDA from iron ore
mining business to decline to USD84m from USD721m in FY12.
Consequently the company's consolidated EBITDA fell to USD4.9bn
(FY12:USD5.4bn on a proforma basis considering full year of Cairn
India Ltd's operations).

VRPLC's copper operations in India have also been impacted by the
closure of the unit since end-March 2013 due to environmental
concerns. The company has been facing challenges in obtaining
clearance for its bauxite mining operations and also expanding its
alumina processing facility in India. While the Supreme Court has
allowed commencement of iron ore mining in the state of Karnataka,
Fitch expects VRPLC's operations to continue to be impacted by
regulatory challenges in the near term.

Reduced refinancing risk: VRPLC has refinanced most of the holding
company debt maturing in FY14. The company is also refinancing its
major debt maturing in FY15, resulting in extended maturities and
improved liquidity. Consequently VRPLC's debt maturities in FY15
will decline to around USD1.4bn from USD2.7bn currently (assuming
the put on the USD1.25bn convertible debt is exercised on the put
date in July 2014), reducing refinancing risk. Most of the debt
maturing in FY14 at VRPLC's operating entities has also been
refinanced.

Re-organisation to lower holdco debt: VRPLC's has received most of
the approvals required for its re-organisation announced in
February 2012. The re-organisation is likely to reduce the high
level of debt at the holding company level to about one-third of
the current USD9bn. Until the restructuring is complete, Fitch
expects dividend and other cash flows from operating entities to
be used for interest servicing.

Cash flow subordination remains: The group structure post re-
organisation will continue to result in subordination of cash
flows at VRPLC given the minority shareholding at its key
operating entities. The agency will continue to evaluate the group
structure of VRPLC, the level of subordination and VRPLC's ability
to access cash flows from its subsidiaries post re-organisation.

Rating Sensitivities

Positive: Future developments that may, individually or
collectively, lead to positive rating action include

- Continued positive free cash flow (FCF post acquisitions) and
  net leverage (adjusted net debt/operating EBITDAR) of below 2x
  on a sustained basis

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

- Margin pressures, more-than-expected capex, or a major debt-
  funded acquisition resulting in net leverage of over 2.75x on
  a sustained basis

The single-notch differential between the IDR and the senior
unsecured rating reflects structural subordination at VRPLC (the
holding company) due to its complex and fragmented holding
structure. Fitch may equalise the senior unsecured rating with the
IDR if structural subordination is reduced such that the
difference between the adjusted net debt (plus minority
interest)/EBITDAR and the adjusted net debt/EBITDAR ratios is
sustained around 1x.

In FY13, VRPLC recorded revenue of USD15bn (FY12: USD15.6bn on a
proforma basis) and EBITDA of USD4.9bn (FY12: USD5.4bn on a
proforma basis). At end-March 2013, VRPLC's total debt was
USD16.6bn, with about USD9bn of debt at the holding company level,
and liquidity in the form of cash balance of about USD8bn which
was largely held at subsidiaries, Hindustan Zinc Ltd and Cairn
India Ltd.

Fitch has also affirmed the ratings on Vedanta's debt instruments
as follows:

- USD1.25bn senior unsecured bonds: affirmed at 'BB'
- USD1.65bn senior unsecured bonds: affirmed at 'BB'
- USD180m senior unsecured loan facility: affirmed at 'BB'

Twinstar Holdings Ltd, Mauritius

- USD150m unsecured loan facility backed by an unconditional,
  irrevocable guarantee of Vedanta Resources Plc: affirmed at
  'BB'


VEDANTA RESOURCES: Moody's Keeps CFR at Ba1, Senior Debt at Ba3
---------------------------------------------------------------
Moody's Investors Service confirmed Vedanta Resources plc's
corporate family rating at Ba1 and its senior unsecured ratings at
Ba3. The ratings outlook is negative.

This rating action concludes the review for downgrade that Moody's
initiated on March 21, 2013.

At the same time, Moody's has assigned a provisional (P)Ba3 rating
to the proposed benchmark senior unsecured bond issuance of mixed
maturities, to be issued by Vedanta Resources plc. The rating
outlook is also negative.

Ratings Rationale:

Vedanta's rating reflects its earnings generation underpinned by
58.5%-owned Cairn India Ltd. (CIL) which was acquired in December
2011 and which is currently contributing around 50% of reported
group EBITDA. The other main driver of the business is Hindustan
Zinc Limited (HZL) which provided 24% of reported group EBITDA in
FYE March 2013.

"The stability provided by Cairn India has sustained the group
over the last 18 months with the group achieving respectable
credit metrics despite the weaker base metal prices compared to
2011, and the fact that its iron ore mining operations and certain
copper and aluminum assets have been largely idle in the past
year," says Alan Greene, a Moody's Vice President - Senior Credit
Officer.

Moody's review focused on three broad areas: operational
performance, liquidity constraints and progress in restructuring
the group.

The operational performance has been resilient and is expected to
remain so. While the single asset risk posed by CIL's Mangala
processing terminal and heated pipeline is noteworthy, Moody's
rating accommodates this risk. Similarly, Moody's notes that
Vedanta's expected EBITDA generation remains strong when tested
using Moody's base case commodity price assumptions.

However, progress in restructuring the group has been limited. The
formation of Sesa Sterlite Limited is close to completion. The
establishment of this company as a holding company for all the
Indian investments in addition to its own substantial operating
assets is potentially positive for reinforcing the flow of funds
to the parent when needed. On the other hand, the uncertainty
associated with the group's acquisition of the government's 29.5%
interest in Hindustan Zinc continues. The acquisition, if
successful, could help reduce the imbalance between debt-laden and
cash rich units within Vedanta.

"Nevertheless, we expect the news flow over the next 6 to 12
months to be positive and believe that once the idled assets start
producing and Vedanta receives approvals for the various
restructuring elements, the company will make some progress
towards a stable rating outlook," Greene says.

A major reason for Moody's review was the refinancing challenges
Vedanta faced with respect to the $810 million exchangeable bond
put, which was repaid in April 2013, and a loan of $1.35 billion
falling due in June 2013. Moody's was concerned about Vedanta's
ability to marshal funds in a timely manner ahead of the
maturities.

Moody's understands that the company is now instituting two key
elements of liquidity management: 1) the maintenance of certain
cash levels and the establishment of a credit facility at the
parent company; and 2) a target to execute refinancing agreements
at least three months ahead of the due date.

A successful implementation of this policy will also contribute to
a stable rating. Vedanta's next major refinancing is a $500
million bond maturing in January 2014.

Moody's retains the two-notch differential between the corporate
family rating of the group and the senior unsecured debt issued by
the parent company, mainly because of the inherently weak
financial profile of the standalone UK-listed entity.

At the same time, the proportion of priority debt in the
subsidiaries to total debt remains high. Moody's also notes that
Vedanta's creditors are subordinated to the minority shareholders
and not just the creditors of the operating subsidiaries.

The current two notch gap between the corporate family rating and
the senior unsecured ratings may change once the new Sesa Sterlite
structure has crystallized and on gaining unrestricted access to
the liquid funds currently held at Hindustan Zinc.

The rating outlook is negative and an upgrade is unlikely in the
near term.

Moody's would revise the rating outlook to stable if: 1) the
currently idled assets, particularly Sesa Goa, successfully begin
operations; and 2) there is evidence of new liquidity and
refinancing arrangements, and the Sesa-Sterlite merger is
completed.

The following credit metrics on a sustained basis could support a
stable rating outlook: cash flow from operations (less
dividends)/adjusted debt above 20%; adjusted debt/EBITDA below
3.0x to 3.3x; EBIT interest coverage of more than 4.0x and free
cash flow/debt above 6% to 8%.

Conversely, the ratings could come under pressure if: 1) CIL
encounters material difficulties in production; 2) the parent
remains thinly capitalized with less-than-expected dividends
upstreamed from the core operating subsidiaries; 3) Vedanta
undertakes further acquisitions, investments or shareholder
remuneration policies that include incremental debt; and 4)
earnings from its oil and base metal businesses weaken as a result
of depressed commodity prices or material obstructions to
production.

Credit metrics that Moody's would consider for a ratings downgrade
include cash flow from operations (less dividends)/adjusted debt
below 15%; adjusted debt/EBITDA of more than 3.5-4.0x; and EBIT
interest coverage below 3.5x or less on a sustained basis. An
inability to keep free cash flow/debt at least marginally
positive, would also suggest downward pressure on the rating.

The principal methodology used in this rating was the Global
Mining Industry published in May 2009.


YATHARTH HOSPITALS: ICRA Assigns 'BB' Ratings to INR35cr Loans
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR35.0
Cr fund based limits of Yatharth Hospitals & Trauma Care Services
Private Limited. The outlook on the assigned ratings is 'Stable'.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans              34.5     [ICRA]BB (Stable) assigned
   Cash Credit Facility     0.5     [ICRA]BB (Stable) assigned

The assigned ratings favorable factors in more than 15 years of
track record of the promoters in healthcare industry and good
reputation of the company's main hospital in Greater Noida, whose
occupancy levels have been steady improving. The revenues have
been witnessing strong growth on the back of rise in IPD as well
as OPD revenues, and have been contributed by various specialities
across both the units. However, the ratings remain constrained by
the large predominantly debt funded capex being carried out
towards setting up a 250 bedded super speciality unit in Noida,
which would adversely impact the already stretched capital
structure as well as the coverage indicators in the near term. The
ratings are also constrained by the possible deterioration in
profitability in the initial phase of operations and competition
from reputed players present within 10-15 kms of the new unit.
Going forward, the ratings will remain sensitive to the timeliness
of completion of the project as well as its occupancy levels over
the medium term.

Yatharth Hospital & Trauma Care Services Pvt Ltd was formed in the
year 2008 as a private limited hospital by Dr. Ajay Tyagi,
Dr. Kapil Tyagi, Dr. Neena Tyagi and Dr. Manju Tyagi. It has two
hospitals both in Greater Noida. One hospital has 30 beds and
another one has 120 beds facility. Latter one was started in Nov,
2010. The hospital currently has six-storied premises built on an
area of 35000 Sq. feet covering the specialized services in
Obstetrics and Gynaecology, General Medicine, Paediatrics and
Neonatology, General Surgery, ENT, Microbiologist and Pulmonology.
The company is currently in the middle of capex of a 250 bedded
super specialty hospital in Noida Sector 110 at a capex ofINR42.0
Cr, which is expected to get completed by the end of FY14.



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


ELPIDA MEMORY: Court Nixes Creditors Appeal Vs. Micron Takeover
---------------------------------------------------------------
Idaho Statesman reports that Micron Technology Inc. moved a step
closer to its takeover of bankrupt Japanese memory chip producer
Elpida Memory Inc. last week.

The Statesman relates that the Tokyo High Court tossed out an
appeal by creditors to a Tokyo District Court's approval of the
company's reorganization plan which calls for Micron to take over
the Japanese company.

"This is an important milestone on the way to Micron and Elpida
joining to become the world's second largest memory provider," the
report quotes Mark Durcan, Micron CEO, as saying.

A U.S. bankruptcy court must sill recognize Elpida's
reorganization plan, the report notes.

The Statesman notes that Micron's acquisition of Elpida will give
the memory chip company a larger share of the market for dynamic
random access memory used in PC's and mobile devices. It also will
give the company access to mobile technology that will help Micron
better compete in the smartphone and tablet markets.

                     About Elpida Memory Inc.

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

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

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

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



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


BDO UNIBANK: Fitch Affirms 'BB+' LT Foreign-Currency IDR
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of four Philippine banks
-- Bank of the Philippine Islands (BPI), BDO Unibank, Inc. (BDO),
Development Bank of the Philippines (DBP) and Land Bank of the
Philippines (LBP). The Rating Outlooks are Stable.

Key Rating Drivers

The banks' Long-Term Issuer Default Ratings (IDRs) and National
Long-Term Ratings are driven by their Viability Ratings (VRs). The
credit strengths of these four banks are their stable deposit
bases, satisfactory liquidity, high core capitalisation and rising
loan loss reserves. These are counterbalanced by varying degrees
of structural issues faced by all four banks, including their
concentrated loan books, foreclosed properties with modest
reserves and developing corporate governance standards, alongside
the presence of conglomerates as controlling shareholders.

BPI's ratings are supported by its established domestic franchise,
sound and steady financial metrics and prudent management record
through economic cycles. The ratings of DBP and LBP reflect their
satisfactory financial profiles, albeit with asset-related and
state-influence risks, including policy-led loans and government-
directed exposures. BDO's ratings reflect its growing domestic
presence and funding strength, high capitalisation and reserves,
improving but still modest profitability and reasonable asset
quality.

The Stable Outlooks reflect Fitch's expectation that these banks
will largely maintain steady risk profiles over the near- to
medium-term, underpinned by a benign domestic economy, manageable
corporate leverage and low interest rates. Lending activities and
fee-based income growth are backed by domestic demand, with rising
overseas remittances and business process outsourcing countering
the fragile global economy. This backdrop, alongside strong
foreign inflows, is likely to increase brisk expansion of credit
activities (especially in property lending) and asset prices in
the Philippines. However, based on Fitch's own stress testing the
large banks are in a strong position to weather reasonable
deterioration in the operating environment, due to their funding
and loss-absorption capacity. Furthermore, Fitch expects the
domestic regulator to act promptly to prevent excessive risks
building up within the system.

Rating Sensitivities - VRs, IDRs and National Ratings

The VRs could come under pressure should the banks' loss-
absorption capacities weaken in the face of event risks (such as
sizeable takeovers), excessive growth or a material increase in
risk appetite, including increasing concentration of exposures.
However, because the 'BB+' IDRs of BDO, DBP and LBP are at the
same level as their Support Rating Floors (SRFs), the IDRs will
not be affected by a downgrade of the banks' VRs, unless
considerations underpinning their 'BB+' SRFs also weaken.

Rating upside for the large Philippine banks may stem from
sustainable improvements in the broader operating and regulatory
environment, including the abovementioned structural features.
Upgrade prospects are low in the near term for BPI, whose ratings
are presently the highest among the Philippine banks rated by
Fitch, and also high compared with major banks in similarly rated
countries. The same can be said for DBP and LBP, whose ratings are
already high - among major domestic banks - and for quasi-policy
banks. Upward rating action may arise for BDO from a steadier
credit profile, with its profitability and loan growth moving
closer to the levels of higher-rated Philippine banks while
maintaining its capital and funding strengths, reasonable asset
quality record and reserve levels. Further build-up of risks (such
as from that of strong property sector growth) may also limit the
prospect of upside rating potential, all else being equal.

Rating Sensitivities - Support Ratings (SRs) and SRFs
The SRs and SRFs of the four Philippine banks are the same at '3'
and 'BB+', respectively, reflecting Fitch's view of a moderate
probability of extraordinary state support available to them, if
needed. Fitch believes that BPI and BDO are systemically important
to the country on account of their sizeable domestic deposit
bases, while the same is true for DBP and LBP owing to their state
ownership, policy mandates and status as government depository
banks.

A change in the government's ability to provide extraordinary
support would affect the SRs and SRFs. This could occur with a
change in the sovereign ratings, although this seems highly
unlikely in the near term considering the recent upgrade of, and
Stable Outlook on, the Philippines' sovereign ratings (see related
rating action commentary dated 27 March 2013 at
www.fitchratings.com).

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

Rating Sensitivities - Debt Ratings

The senior notes of BDO and DBP are rated the same as their Long-
Term IDRs. This is because the notes constitute direct,
unsubordinated and senior unsecured obligations of the banks, and
rank equally with all their other unsecured and unsubordinated
obligations. Any change in the IDRs would affect these issue
ratings.

The subordination status and absence of going-concern loss-
absorption features are reasons behind BPI's local currency
subordinated notes being rated one notch below its VR-driven
National Long-Term Rating. DBP's perpetual hybrid notes are rated
three notches below its VR, reflecting the presence of both
subordination and going-concern loss-absorption mechanisms. The
ratings of these securities are ultimately sensitive to a change
in the VRs.

The list of rating actions is as follows:

BPI
- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
  Stable
- Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook Stable
- National Long-Term Rating affirmed at 'AAA(phl)'; Outlook
  Stable
- Viability Rating affirmed at 'bbb-'
- Support Rating affirmed at '3'
- Support Rating Floor affirmed at 'BB+'
- Ratings on subordinated notes affirmed at 'AA+(phl)'

BDO
- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
  Stable
- Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook Stable
- National Long-Term Rating affirmed at 'AA(phl)'; Outlook Stable
- Viability Rating affirmed at 'bb+'
- Support Rating affirmed at '3'
- Support Rating Floor affirmed at 'BB+'
- Ratings on senior notes affirmed at 'BB+'

DBP
- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
  Stable
- Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook Stable
- National Long-Term Rating affirmed at 'AA+(phl)'; Outlook
  Stable
- Viability Rating affirmed at 'bb+'
- Support Rating affirmed at '3'
- Support Rating Floor affirmed at 'BB+'
- Ratings on senior notes affirmed at 'BB+'
- Ratings on perpetual callable subordinated hybrid notes
  affirmed at 'B+'

LBP
- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
  Stable
- Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook Stable
- National Long-Term Rating affirmed at 'AA+(phl)'; Outlook
  Stable
- Viability Rating affirmed at 'bb+'
- Support Rating affirmed at '3'
- Support Rating Floor affirmed at 'BB+'



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


GENPACT LTD: Moody's Revises Outlook on Ba2 CFR to Positive
-----------------------------------------------------------
Moody's Investors Service has changed the outlook for Genpact
Limited's Ba2 corporate family rating to positive from stable.
Moody's also affirmed the Ba2 Corporate Family Rating of Genpact
and the Ba2 rating of the senior secured credit facility, drawn by
three of Genpact's indirectly wholly-owned subsidiaries under its
guarantee and that of other material subsidiaries, whose outlook
is now also positive.

Ratings Rationale:

Genpact's Ba2 Corporate Family Rating reflects its favorable
market position in the upper, mid-sized tier of BPO providers.
Originally a captive unit of General Electric, Genpact has grown
its Global Client business through strong organic growth and with
small bolt-on acquisitions. This has resulted in a broad spread of
customers both by industry and geography while the locations of
Genpact's delivery centers are similarly diverse.

Since the initial rating of Genpact in August 2012, it has
exceeded Moody's expectations in terms of revenue and cash
generation. Furthermore, in the intervening period, it has
welcomed a new major shareholder, Bain Capital Partners, as well
as paying some $500 million in a special dividend, and
successfully adapting to a permanently geared balance sheet.

"We had concerns that, after the large, $550 million purchase of
Headstrong in mid-2011, the payment of the dividend and the
arrival of a new shareholder, that Genpact's leverage and strategy
would be overly aggressive for the rating level," says Alan
Greene, a Moody's Vice President -- Senior Credit Officer.

"However, adjusted EBITDA margins have been maintained above 20%,
while revenue growth is at 15% and employee attrition rates at 25%
or lower, hallmarks of a well-run stable operation. At the same
time the proportion of work from GE has declined to 23.8% of total
revenue, down from 30% in Q2 FY2012, although it is still
increasing in absolute value," adds Greene, who is Moody's Lead
Analyst for Genpact.

The positive outlook reflects Genpact's achievement of the upgrade
triggers and Moody's expectations that Genpact's business model
remains consistent and the company is able to grow its business
without over-depending on acquisitions. After a hint of EBITDA
margin softness In Q1 FY2013, albeit the seasonally weak quarter,
Moody's will monitor performance over the next 6 to 12 months, for
confirmation that Genpact is comfortably on track, with margins
broadly maintained and the company able to drive growth, and its
market share, in a highly competitive market.

The rating could be upgraded in the near to medium term if the
company maintains EBITDA growth while not overpaying for acquired
businesses, as it holds or modestly improves its relative market
share in BPO. Credit metrics that could support this would include
i) total debt/EBITDA around 2.5x; or ii) FCF/total debt of around
15% or better, on a sustained basis.

On the other hand, the rating could return to stable if free cash
flow is adversely impacted by a decline in revenues and rising
costs, or by an over-aggressive acquisition policy or by further
large distributions. This could be accompanied by i) a total
debt/EBITDA ratio in excess of 3.0-3.5x; or ii) FCF/total debt
falls below 12%, on a sustained basis.

The principal methodology used in this rating was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010.

Genpact Limited provides customer relationship management and
other business process outsourcing (BPO) for businesses in the
telecom, media and technology sectors. With some 60,000 employees
worldwide, predominantly in India, and around 700 clients, it is a
leading player in the BPO sector and increasingly extending into
other areas such as network and technology services. Listed on
NYSE since 2007, Genpact reported revenue of $1.9 billion and pre-
tax income of $263 million in the year to December 2012.



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


* N. Korean Crisis Bolsters Exporters Against Weakening Yen
-----------------------------------------------------------
The North Korean crisis is temporarily weakening the South Korean
won, and has helped South Korean exporters offset the challenge
from Japanese exporters which are taking advantage of a sliding
yen following Japan's dramatic shift in monetary policy.
The benefit from a weak won will be short-lived, though, Fitch
Ratings says. The geopolitical flare-up on the Korean peninsula is
likely to abate over the next few months, whereas the factors
pushing the yen weaker should continue.

The won strengthened by 5% against the US dollar between the
start of Q412 and the UN's 22 January resolution condemning
North Korea's rocket launch. However, since then the won has
fallen by 5% against the dollar as tensions on the peninsula
escalated, particularly during March and April. However, it has
only partially offset the yen's drop, which is down by 30% against
the dollar since the beginning of Q412 when Shinzo Abe was elected
prime minister.

Historically, South Korean exporters appear to have benefited from
a lower won when North Korea geopolitical tensions flared up. One
example was the abrupt change in the direction of the won after
the sinking of a South Korean military vessel, ROKS Cheonan, by an
alleged North Korean torpedo in 2010.

The weaker yen is likely to hurt Korean auto manufacturers more
than technology companies because Japanese auto manufacturers
still produce market-leading vehicles. This is reflected in
Toyota's quarterly operating profit for the January to March 2013
period, which more than doubled from one year earlier, with the
company attributing this to cost-cutting measures and the weaker
yen.

For the Korean auto makers, including Hyundai Motor and Kia
Motors, Q113 results did not reveal any significant loss in
revenues due to market share gains by the Japanese auto makers.
Nevertheless, the negative impact could become more evident from
Q213 onwards if Japanese companies use the weaker yen to cut sales
prices to gain market share in key regions - including the US -
rather than to boost profit margins.

The impact on Korean tech companies is likely to be more muted
because Japan's major technology companies have lost their
technological leadership for many of their core products.

"We expect the US market to be the main profit driver for both
Japanese and Korean auto-makers, but especially for the Japanese
who now have the added advantage of a weaker yen. Demand for new
autos continued to grow in the US in Q113, with the seasonally
adjusted annualised rate (SAAR) for light-vehicle sales averaging
15.3 million units compared with full-year sales of 14.5 million
in 2012," Fitch says.



===========
T A I W A N
===========


ACER INC: Fitch Downgrades IDR to 'BB'; Outlook Negative
--------------------------------------------------------
Fitch Ratings has downgraded Taiwan-based Acer Incorporated's
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR)
to 'BB' from 'BB+' and its National Long-Term Rating to
'BBB+(twn)' from 'A-(twn)'. The Outlook is Negative.

Key Rating Drivers

Weakened market position: The downgrade reflects the subdued
outlook for the global PC industry and a continued deterioration
in Acer's market position and low profitability. Acer continued to
underperform global PC peers in revenue and margins. Its market
position has consistently weakened since its market share peaked
in 2010. According to IDC's data, Acer's worldwide PC shipments
declined a steep 31% yoy in Q113, and its market share fell to 8%
in Q113 from 10% in Q112.

Subdued demand: In common with other PC makers, Acer continues to
confront a number of headwinds: weak economic growth in developed
countries has extended the replacement cycle; substitution by
smartphone and tablets has affected demand; newer Windows 8-based
products have yet to make a significant impact; and fierce
competition is driving down margins.

Depressed profitability: Weak margins will limit Acer's cash
generation. Its operating EBIT margin hovered at just 0.1%-0.4% in
2012, compared with 0.7%-9.1% for rivals. The company is relying
on its low-end tablets and touch notebooks to spur profitability.
However, competition is increasing in these markets, and Acer may
struggle to improve margins significantly. Fitch expects Acer's
operating EBIT margin to remain below 1% (2012: 0.2%), in view of
competitive pressure, loss of volume scale and high research and
development expenses.

Leverage high: Fitch expects gross leverage to remain high.
However, funds flow from operations (FFO)-adjusted leverage, while
likely to remain high, should improve to below 5x in 2013 from
5.4x in 2012, through further debt reduction, disciplined capex
and an improving free cash flow.

Sound liquidity: Acer's liquidity is strong; at end-December 2012
its cash balance of TWD50.6bn comfortably covered its total debt
of TWD18.3bn. Fitch expects Acer to maintain sound liquidity with
a net cash position over the medium term.

Rating Sensitivities

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

- operating EBIT margin of 0.5% or below on a sustained basis
- FFO-adjusted leverage above 5x on a sustained basis
- negative free cash flow on a sustained basis

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

- stemming both market share loss and revenue decline
- operating EBIT margin of 1.5% or above on a sustained basis
- FFO-adjusted leverage below 4x on a sustained basis
- pre-dividend FCF margin of 2% or above (2012: -0.1%)



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


* Moody's Notes Stable Credit Trend for Asian Non-Fin'l. Corp.
--------------------------------------------------------------
Moody's Investors Service reports a stable rating trend for non-
financial corporates in Asia Pacific (ex-Japan) through mid-May
2013, and expects overall credit conditions to be benign for most
issuers for the rest of the year.

"The cyclical industries, which include metals and mining,
shipping, and commodities-related businesses, will remain more
vulnerable to economic headwinds than other sectors," says Clara
Lau, a Moody's Group Credit Officer.

Lau was speaking on Moody's just-released special comment titled,
"Credit Trends Have Stabilized for Asian Corporates, But Remain
Negative for Japanese Issuers."

Korean companies, particularly steel makers, chemical ,
construction and electronics companies and retailers are expected
to face a challenging operating environment, given sluggish
domestic growth, slow external demand and the strengthening in the
KRW.

"About 38% of Moody's rated Korean corporates have either negative
outlooks, or are on review for downgrade," says Lau.

At end-1Q2013, the share of ratings in Asia (ex-Japan) with stable
outlooks increased to 74% from 71% at end 2012, whereas the share
of outlooks with negative implications decreased to 19% from 23%.

In 1Q2013, the rating trend tracker, which is the ratio of the
number of upgrades over the number of downgrades, remained at
slightly above one for Asian corporates, with eight positive
actions versus seven negative.

The report cites developments in the EU, the ability of China to
maintain its targeted growth levels, and the continuation of
monetary easing as the key swing factors for ratings stability in
the region for the rest of the year.

Unfavorable developments in any of these areas will weaken market
confidence and disrupt credit availability, leading to negative
pressure on the operating and financial performance of corporates.

The positive actions in 1Q2013 were mainly driven by the upgrades
of property companies with Singapore REITs, accounting for 38% of
the positive actions and speculative-grade Chinese property
issuers, accounting for 25%.

Singaporean REITs have demonstrated improved financial
flexibility, whereas the Chinese property developers managed to
improve their liquidity profiles.

On the other hand, the negative actions were mainly driven by
metals and mining issuers (coal and steel), accounting for
approximately 57% of the negative actions. The main factors were
slowing demand growth and overcapacity, leading in turn to margin
pressure.

However, the rating trend for non-financial corporates in Japan
remained predominantly negative in 1Q2013, with four negative
actions and no positive actions compared to three negative and one
positive in 4Q2012.

The negative trend was the result of a sluggish Japanese economy,
a weak global macroeconomic trend, slowing demand from China, and
a weakening in the overall competitiveness of Japanese companies.
Moody's, however, expects such negative pressure to ease,
reflecting the benefits of a weakening JPY for export-oriented
corporates and the positive impact of restructuring undertaken by
Japanese corporates over the past two years.



                             *********

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
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                 *** End of Transmission ***