TCRAP_Public/130610.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, June 10, 2013, Vol. 16, No. 113


                            Headlines


A U S T R A L I A

MISSION NEWENERGY: KNM Seeks Damages Over Winding Up Petition
WELLINGTON CAPITAL: ASIC Starts Proceedings Over Resolutions
* Moody's Sees Deterioration in S. Aus.'s 2013/14 Fin'l. Perfor.


C H I N A

VISIONCHINA MEDIA: Deloitte Touche Raises Going Concern Doubt


I N D I A

ACE FOOTMARK: CRISIL Assigns 'BB-' Ratings to INR107.3MM Loans
K N INTERNATIONAL: CRISIL Ups Rating on INR25MM Loan to 'B-'
MD INDUCTO: CRISIL Assigns 'B' Ratings to INR170MM Loans
NARMADA CEREAL: CRISIL Raises Ratings on INR305MM Loans to 'B+'
OCEANIC TROPICAL: CRISIL Cuts Ratings on INR2.55BB Loans to 'D'

PLATINUM FABRICS: CRISIL Ups Ratings on INR301.6MM Loans to 'B-'
SANCHETI ELECTRONICS: CRISIL Puts 'B+' Ratings on INR110MM Loans
SANEI MOTORS: CRISIL Assigns 'B+' Ratings to INR170MM Loans
SATYAM ROLLER: CRISIL Assigns 'B' Ratings to INR80MM Loans
SUSHIL BAHIRAT: CRISIL Assigns 'B+' Ratings to INR350MM Loans

UI PIPE: CRISIL Downgrades Ratings on INR133MM Loans to 'D'
UNITED ELECTRICAL: CRISIL Cuts Ratings on INR100MM Loans to 'C'


I N D O N E S I A

BUMI RESOURCES: S&P Lowers Corporate Credit Rating to 'B-'


J A P A N

REGIONAL FINANCIAL: Moody's Affirms Caa2 Rating on Class C Notes
* S&P Puts Ratings On 6 Japanese CDO Tranches On CreditWatch Pos.


N E W  Z E A L A N D

BELGRAVE FINANCE: Ex-Director Gets Four Year Jail Sentence
CAPITAL + MERCHANT: Receivers Sue Stace Hammond Over Collapse


S I N G A P O R E

AMARU INC: $102K Profit in 2012; Going Concern Doubt Raised


S O U T H  K O R E A

DAEWOO SHIPBUILDING: South Korea Government Mulling Share Sale
STX PAN OCEAN: Files for Court Receivership


                            - - - - -


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


MISSION NEWENERGY: KNM Seeks Damages Over Winding Up Petition
--------------------------------------------------------------
Mission NewEnergy Limited said that KNM Group Berhad and one of
its subsidiaries, KNM Process Systems Sdn Bhd, has filed a claim
in the Malaysian high court for damages against Mission, its
subsidiary Mission Biofuels Sdn Bhd (MBSB) and the directors of
MBSB.  KNM is claiming damages due to MBSB having served a winding
up order on KNM Process Systems Sdn Bhd as announced on April 22,
2013.

While no value has been indicated in the statement of claim, KNM
has claimed that the winding up petition caused the credit rating
of KNM's bonds to be downgraded, that ongoing loan applications
have been withheld or rejected, that it has been threatened with
expulsion from ongoing consortium bids.  KNM also claimed that its
share price, earnings and profits will be adversely affected.

Mission's solicitors have advised that KNM's claim is highly
unlikely to succeed.  Mission will take all necessary steps to
oppose and set aside the said writ.

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission New Energy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Grant Thornton Audit Pty Ltd, in Perth, Australia, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred operating cash outflows of AUD4.9 million during the year
ended June 30, 2012, and, as of that date, the consolidated
entity's total liabilities exceeded its total assets by
AUD24.4 million.

The Company's consolidated balance sheet at Dec. 31, 2012, showed
$7.05 million in total assets, $27.29 million in total liabilities
and a $20.24 million net deficit.


WELLINGTON CAPITAL: ASIC Starts Proceedings Over Resolutions
------------------------------------------------------------
The Australian Securities & Investment Commission on June 6, 2013,
commenced proceedings against Wellington Capital Limited, as the
responsible entity of the Premium Income Fund, in the Federal
Court of Australia.

ASIC is seeking declarations of contravention by Wellington and
injunctions preventing Wellington from putting the five
resolutions contained in the Notice of Meeting and Explanatory
Memorandum dated May 6, 2013, to unit holders of the PIF on
June 14, 2013, or otherwise taking any steps to carry out or
implement the resolutions.

The two other companies who are defendants in the proceedings are
Perpetual Nominees Limited, the custodian of the PIF, and Asset
Resolution Limited (ARL). One of the resolutions seeks unit holder
approval for the sale of certain assets of the PIF to ARL.

ASIC is concerned that the resolutions would involve:

   * a winding up of the PIF, which, if it proceeded, would
     not be in accordance with the Corporations Act 2001
     (Corporations Act) or the PIF constitution, and

   * a retirement of Wellington as the responsible entity of
     the PIF, which, if it proceeded, would not be in
     accordance with the Corporations Act or the PIF
     constitution,

and thereby constitute a contravention of, or an attempt to
contravene, the Corporations Act by Wellington.

Further, ASIC is concerned that one of the resolutions, seeking to
implement a compulsory buy-back of all issued units of the PIF in
exchange for shares in ARL, required Wellington to issue a
prospectus. Wellington did not issue a prospectus in relation to
the resolution.

ASIC is also concerned that the disclosure in the Notice of
Meeting and Explanatory Memorandum and the Supplementary
Explanatory Memorandum dated June 1, 2013, is misleading, and
certain statements in media releases issued by Wellington to the
National Stock Exchange of Australia Limited on May 28 and
May 29, 2013, are misleading.

The matter has been listed for a hearing on interlocutory relief
on June 12, 2013.


* Moody's Sees Deterioration in S. Aus.'s 2013/14 Fin'l. Perfor.
----------------------------------------------------------------
Moody's Investors Service says that South Australia's 2013/14
budget shows a deterioration in the state's expected financial
performance for 2013/14, followed by an expected improvement in
2014/15.

The state then anticipates moving into a surplus position by
2016/17, following a temporary widening in the deficit in 2015/16
to reflect the completion of the Royal Adelaide Hospital project.

The state forecasts a sizeable deficit (net lending/(borrowing)
result--including capital expenditures) of AUD1.5 billion, or 9.5%
of revenues in 2013/14, which would be larger than the AUD1.0
billion, or 6.7% of revenues, projected for this same time frame
in last year's budget. The projected deterioration reflects slower
growing GST-backed Commonwealth grants, and weaker growth in some
of the state's own source revenues, including payroll and gambling
taxes. Although current expenditures are now forecast to come in
below original levels, the weaker performance in revenue, as well
as an increase in capital expenditures, is expected to contribute
to the projected deterioration.

However, in 2014/15, the state projects a significant narrowing in
the deficit to a minor AUD118 million or 0.7% of revenues. These
results rely upon revenue growth of 5.0%, lower expenditure growth
of 1.7%, and a significant planned reduction in capital spending.

Over the medium term, the state's deficits are projected to
average 4.9% of revenues, peaking at 13.2% of revenues in 2015/16
due to the one-time impact of the hospital project, before moving
into a surplus equal to 4.0% of revenues in 2016/17.

Risks to these improvements include the potential for weaker than
anticipated revenues. Currently the state is counting on robust
growth in property-related conveyancing duties, payroll tax and
GST-backed grants to drive an average annual 4.9% rise in revenues
during the next four years. In addition, the state's ability to
achieve the forecast low 1.8% annual average rise in expenditures
will be challenged by demands for improved services and the wage
expectations of public sector workers.

As part of Moody's normal monitoring process, Moody's will also
conduct an in-depth analysis of the budget and its medium-term
impact on the state's financial and debt profile.



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


VISIONCHINA MEDIA: Deloitte Touche Raises Going Concern Doubt
-------------------------------------------------------------
VisionChina Media Inc. filed on May 30, 2013, its annual report on
Form 20-F for the year ended Dec. 31, 2012.

Deloitte Touche Tohmatsu, in Hong Kong, expressed substantial
doubt about VisionChina Media's ability to continue as a going
concern, citing the Company's recurring losses from operations.

The Company a net loss of US$246.5 million on US$115.7 million of
revenues in 2012, compared with a net loss of US$12.6 million on
US$181.2 million of revenues in 2011.

In June 2012, the Company recorded an impairment charge of
US$178.8 million against the goodwill and intangible assets in
connection with its acquisition of six advertising businesses
which the Company acquired in 2008 and Digital Media Group, which
was completed in 2010.

The Company's balance sheet at March 31, 2013, showed
US$149.8 million in total assets, US$109.8 million in total
liabilities, and stockholders' equity of US$40.0 million.

A copy of the Form 20-F is available at http://is.gd/rEillx

Shenzhen, PRC-based VisionChina Media Inc., a Cayman Islands
company, believes that it operates the largest out-of-home
advertising network using real-time mobile digital television
broadcasts to deliver content and advertising on mass
transportation systems in China based on the number of displays.
Due to PRC regulatory restrictions on foreign investments in the
advertising and mobile digital television industries, the Company
operates its advertising business in China through its
consolidated affiliated entities.



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


ACE FOOTMARK: CRISIL Assigns 'BB-' Ratings to INR107.3MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ace Footmark Pvt Ltd
continue to reflect the extensive experience of AFPL's promoters
in the footwear industry and its strong distribution network,
leading to continuous growth in its scale of operations with
geographical diversity in its revenue profile.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               37.3      CRISIL BB-/Stable

   Cash Credit             70.0      CRISIL BB-/Stable

   Letter of Credit and    10        CRISIL A4+
   Bank Guarantee

These rating strengths are partially offset by AFPL's average
financial risk profile, marked by a small net worth, high gearing,
and modest debt protection metrics. The ratings also factor in the
company's small scale of operations in the highly fragmented
footwear industry, and its working-capital-intensive operations.

Outlook: Stable

CRISIL believes that AFPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its scale of operations or its working capital
management. Conversely, the outlook may be revised to 'Negative'
if AFPL's revenues and profitability come under significant
pressure, it undertakes a large, debt-funded capital expenditure
programme, and its working capital requirements increase,
resulting in weakening of its financial risk profile.

Update

AFPL's operating income is estimated to have increased by
16 per cent to around INR588 million in 2012-13 (refers to
financial year, April 1 to March 31) from INR433 million in the
previous year. The increase in revenues is mainly attributed to
the ramp-up of its operations through introduction of various
products such as Hawaiian slippers, flip flops, shoes and sandals
which have good demand in the market. AFPL's operating margin is
also estimated to have improved to around 10 per cent in 2012-13
from 8.3 per cent in the previous year; this is because of cost
optimisation following the integration of its operations.

AFPL's working capital requirements have remained high in
2012-13, at similar levels as in the earlier three years; the
company's debtor, inventory, and creditor levels stood at 110 days
of sales, 100 days of sales, and 100 days of purchase,
respectively, as on March 31, 2013, resulting in gross current
assets of about 235 days. AFPL's financial risk profile has
remained average, with high gearing and modest debt-protection
metrics. Its gearing is estimated at 2.1 times as on March 31,
2013, driven by its large working capital requirements. It had a
net worth of INR101 million as on March 31, 2013, as against INR73
million a year earlier; the net worth has improved due to equity
infusion of INR10 million by the promoters during 2012-13, and
modest accretion to reserves. AFPL's debt-protection metrics
remained modest because of its modest accretions to reserves. Its
interest coverage and net cash accruals to total debt ratios are
estimated at 2.3 times and 0.11 times, respectively, for 2012-13.

AFPL reported a profit after tax (PAT) of INR7.8 million on net
sales of INR433 million for 2011-12, as against a PAT of INR7.3
million on net sales of INR280 million for 2011-12. The company is
estimated to report net sales of around INR588 million for 2012-
13.

Incorporated in 2000, AFPL manufactures ethylene vinyl acetate
(EVA)-based footwear, which includes hawaii slippers, flip flops,
and sandals. It has an overall manufacturing capacity of
0.8 million pairs per month, and is currently operating at about
50 per cent of its capacity.


K N INTERNATIONAL: CRISIL Ups Rating on INR25MM Loan to 'B-'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
K N International Ltd to 'CRISIL B-/Stable' from 'CRISIL C' and
reaffirmed its rating on the company's short-term bank facilities
at 'CRISIL A4'.


                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           150      CRISIL A4 (Reaffirmed)

   Overdraft Facility        25      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL C')

   Proposed Short-Term       15      CRISIL A4 (Reaffirmed)
   Bank Loan Facility

The rating upgrade reflects improvement in KNIL's liquidity- as
indicated by the company's timely servicing of its term debt (not
rated by CRISIL) to non-banking financial companies. KNIL's
enhanced working capital limits, and repayment of sizeable loans
leading to reduced debt, will also support the liquidity over the
medium term. KNIL has also provided an undertaking to CRISIL that
the term debt will be serviced on time, going forward. CRISIL
believes that KNIL's liquidity will improve further over the
medium term, driven by scale-up in operations and operating
profitability, and therefore, stronger cash accruals, which will
be sufficient to service term debt and working capital
requirements.

CRISIL's ratings on the bank facilities of KNIL continue to
reflects the company's small scale of operations and large working
capital requirements. These rating weaknesses are partially offset
by the benefits that KNIL derives from its reputed clientele,
healthy order book, and low gearing.

Outlook Stable

CRISIL believes that KNIL will continue to benefit over the medium
term from its established market position. The outlook may be
revised to 'Positive' if the company's liquidity improves further,
driven by increase in operating income, profitability, and net
cash accruals. Conversely, the outlook may be revised to
'Negative' if increase in working capital requirements
significantly weakens KNIL's liquidity, or if the company's scale
of operations and profitability decline.

Promoted by Mr. Narendra Singh Yadav, KNIL began operations in
1988. The company has its facility in Sonebhadra (Uttar Pradesh)
and undertakes construction of roads and ash dyke plants. The
clientele comprises leading Indian companies such as National
Thermal Power Corporation Ltd, National Hydro Power Corporation,
and Hindalco Industries Ltd (for ash dyke plants) and government
bodies (for road construction).

KNIL reported a profit after tax (PAT) of INR37 million on net
sales of INR1049 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR31.1 million on net
sales of INR820 million for 2010-11.


MD INDUCTO: CRISIL Assigns 'B' Ratings to INR170MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of M.D. Inducto Cast Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               80      CRISIL B/Stable
   Term Loan                 90      CRISIL B/Stable

The rating reflects MDIC's below-average average financial risk
profile marked by high gearing, start-up nature of its operations,
and its vulnerability to cyclicality in the competitive steel
industry. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the steel
industry.

Outlook: Stable

CRISIL believes that MDIC will continue to benefit over the medium
term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' if the company
significantly improves its scale of operations and profitability,
leading to better-than-expected cash accruals, while maintaining
its capital structure. Conversely, the outlook may be revised to
'Negative' if MDIC's financial risk profile, particularly its
liquidity, deteriorates, most likely because of larger-than-
expected working capital requirements or capital expenditure.

MDIC, promoted by the Gupta family, was incorporated in 2011. The
company manufactures mild steel billets. It is based in Bhavnagar
(Gujarat).


NARMADA CEREAL: CRISIL Raises Ratings on INR305MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Narmada Cereal Pvt Ltd's to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming the short-term rating at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Purchase-           30       CRISIL A4 (Reaffirmed)
   Discounting Facility

   Cash Credit             190       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Packing Credit           80       CRISIL A4 (Reaffirmed)

   Rupee Term Loan          48.9     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long-Term       66.1     CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The upgrade reflects substantial and sustainable improvement in
NCPL's business risk profile, marked by an estimated year-on-year
revenue growth of 80 per cent, to INR1.2 billion in 2012-13
(refers to financial year, April 1 to March 31). While the company
had to forgo profitability to some extent to fuel this growth, its
net cash accruals of INR35 million for 2012-13 are nearly double
those it generated in the preceding year, supporting its
liquidity. The company's performance is expected to remain healthy
going forward with year-on-year revenue growth of over 20 per
cent; it is expected to maintain operating profitability at around
10 per cent.

The ratings reflect NCPL's weak financial risk profile, marked by
a small net worth, aggressive gearing, and weak debt protection
metrics, small scale of operations, and susceptibility to adverse
regulatory changes, to volatility in raw material prices, and to
erratic rainfall. These rating weaknesses are partially offset by
the benefits that NCPL derives from its promoters' extensive
experience in the rice industry, its established relations with
its customers and suppliers, and its improving brand image.

Outlook: Stable

CRISIL believes that NCPL's financial risk profile will remain
constrained by large working capital requirements and weak capital
structure, over the medium term. The outlook may be revised to
'Positive' in case NCPL significantly improves its capital
structure and liquidity, mainly on account of capital infusion.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes any larger-than-expected, debt-funded capital
expenditure (capex) programme, thereby weakening its capital
structure further, or generates lower-than-expected net cash
accruals, or if its working capital cycle lengthens significantly.

NCPL was set up in February 2007 by Mr. Arun Mittal, his brother,
Mr. Praveen Mittal, and Mr. Surendra Gupta. The company commenced
commercial production on April 1, 2008. NCPL mills Pusa 1121
basmati rice, mainly sold in bulk; part of the produce is also
sold domestically under the company's Narmada Rice brand.

For 2012-13, NCPL's profit after tax (PAT) and operating revenues
are estimated at INR30 million and INR1.2 billion respectively;
the company reported a PAT of INR15.4 million on operating
revenues of INR700.5 million for 2011-12.


OCEANIC TROPICAL: CRISIL Cuts Ratings on INR2.55BB Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Oceanic Tropical Fruits Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL BB+/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               570.00    CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Cash Credit           1,290.00    CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Proposed Long-Term      181.00    CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB+/Stable')

   Export Packing Credit   250.00    CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Letter of Credit        210.00    CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Standby Line of Credit   50.00    CRISIL D (Downgraded from
                                    'CRISIL A4+')

The rating downgrade reflects OTFPL's continuously overdrawn
working capital limits; the overdrawing was because of the
company's weak liquidity. Its liquidity has been weak because of
large incremental working capital requirements, driven by high
inventory and debtor levels and significant ramp-up in operations.
Its enhanced fund-based bank limits and moderate cash accruals
have been inadequate to fund the incremental working capital
requirements.

OTFPL's financial risk profile is below average, marked by high
gearing and weak debt protection metrics. Moreover, the company is
exposed to risks relating to intense competition in the fruit
processing industry. OTFPL, however, continues to benefit from its
established relationships with customers.

Incorporated in September 2007, OTFPL is a part of the Oceanaa
group (formerly, the Oceanic group) promoted by Mr. A Joseph Raj
and Mrs. Vimala Joseph. The company is engaged in fruit-pulp
extraction and aseptic packaging of processed-fruit products.

OTFPL reported a profit after tax (PAT) of INR18 million on an
operating income of INR2.4 billion for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR68.8
million on an operating income of INR2.2 billion for 2010-11.


PLATINUM FABRICS: CRISIL Ups Ratings on INR301.6MM Loans to 'B-'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Platinum
Fabrics Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           12.5     CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit              70.0     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')3

   Long-Term Loan          231.6     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects regularization of payment of PFPL's
term debt obligations, and CRISIL's belief that the company will
continue paying its installments in time on the back of improved
liquidity, driven by its moderate business performance. However,
PFPL's liquidity is expected to remain constrained because of its
high working capital requirements and its capital expenditure
(capex) plans.

PFPL also has a weak financial risk profile, marked by high
gearing levels. The company, however, benefits from its promoters'
extensive experience in the textiles industry.

Outlook: Stable

CRISIL believes that PFPL will continue to benefit from its
promoter's industry experience. The outlook may be revised to
'Positive' if PFPL's financial risk profile improves, most likely
because of higher-than-expected growth in revenues and
profitability or improvement in capital structure driven by
substantial equity infusion. The outlook may be revised to
'Negative' in case the company's financial risk profile
deteriorates, most likely driven by larger-than-expected debt-
funded capex or stretch in working capital cycle.

PFPL was set up in 2005 as DK Apparels Industries Pvt Ltd by
brothers Mr. Dilip Karania, Mr. Praful Karania and Mr. Khirish
Karania. The company got its current name in December 2009. PFPL
manufactures cotton fabric from grey and dyed cotton yarn. The
company's manufacturing unit is located in Silvassa.

PFPL is estimated to achieve a profit after tax (PAT) of INR29.7
million on net sales of INR536.7 million for 2012-13 (refers to
financial year, April 1 to March 31) as against a PAT of INR32.4
million on net sales of INR420.3 million for 2011-12.


SANCHETI ELECTRONICS: CRISIL Puts 'B+' Ratings on INR110MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank facilities of Sancheti Electronics Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        10      CRISIL B+/Stable
   Bank Loan Facility

   Cash Credit              100      CRISIL B+/Stable

   Letter of Credit          50      CRISIL A4

The rating reflects SEL's modest scale of operations, working
capital intensive nature of operations and moderate financial risk
profile marked by modest total outside liabilities to tangible net
worth ratio and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
SEL's promoters in the electronics industry.

Outlook: Stable

CRISIL believes that SEL will benefit over the medium term from
the extensive industry experience of its promoters in the
electronics industry. The outlook may be revised to 'Positive' in
case of significant scaling-up of its operations while improving
its profitability and capital structure. Conversely, the outlook
may be revised to 'Negative' in case of a decline in the company's
revenues or profitability margins or an elongation of its working
capital cycle, resulting in a weakening in its financial risk
profile.

SEL was incorporated in July 2000 by Kolkata based Mr. Binod Kumar
Sancheti and his brother Mr. Ashok Kumar Sancheti. SEL is engaged
in the supply of Cable Tv (CATV) equipments such as set top boxes,
hybrid fiber coaxial (HFC) equipments, optic fibre cable and
digital headends to cable TV operators and multi system operators.

Mr. Binod Sancheti is the Managing Director of SEL and oversees
the overall operations of the company. Mr. Ashok Sancheti and Mr.
Surendra Sancheti (son of Mr. Binod Sancheti; joined the company
in 2001) are the directors of the company.

For 2011-12 (refers to financial year, April 1 to March 31), SEL
reported a profit after tax (PAT) of INR2.6 million on net sales
of INR307.2 million, against a PAT of INR1.8 million on net sales
of INR576.1 million for 2010-11.


SANEI MOTORS: CRISIL Assigns 'B+' Ratings to INR170MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sanei Motors Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit            115.00     CRISIL B+/Stable
   Term Loan               55.00     CRISIL B+/Stable

The rating reflects Sanei Motors' limited track record of
operations and intense competition in the automotive dealership
industry. These rating weaknesses are partially offset by the
benefits which Sanei Motors is expected to derive from its
relationship with Maruti Suzuki India Ltd (MSIL; rated 'CRISIL
AAA/Stable/CRISIL A1+').

Outlook: Stable

CRISIL believes that Sanei Motors' credit risk profile will remain
stables over the medium term because of its association with MSIL.
The outlook may be revised to 'Positive' in case of better-than-
expected increase in Sanei Motors' revenue or accruals and net
worth, thereby improving its financial risk profile. Conversely,
lower-than-expected profitability, or weakening of financial risk
profile on account of stretch in working capital can lead to a
revision in the outlook to 'Negative'.

Sanei Motors was promoted by Mr. Gopal Kumar Sanei and Mr. Sumit
Kumar Sanei in June 2010 to operate an MSIL showroom and service
station in Kolkata (West Bengal). The company commenced commercial
operations in April 2012.


SATYAM ROLLER: CRISIL Assigns 'B' Ratings to INR80MM Loans
----------------------------------------------------------
CRISIL's rating on the bank facilities of Satyam Roller Flour
Mills Pvt Ltd continues to reflect SRFM's below-average financial
risk profile, marked by high gearing, small net worth, and weak
debt protection metrics coupled with relatively small scale of
operations in a highly fragmented flour mill industry with low
operating profitability. These rating weaknesses are partially
offset by the extensive industry experience of SRFM's promoters.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               40      CRISIL B/Stable

   Proposed Long-Term        40      CRISIL B/Stable
   Bank Loan Facility

Outlook: Stable

CRISIL believes that SRFM will benefit over the medium term from
its established relationship with its customers, and promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of significant increases in the company's scale
of operations or profitability, resulting in higher-than-expected
cash accruals and subsequent improvement in capital structure and
overall financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of any lower-than-expected cash
accruals or if the company undertakes any large debt-funded
capital expenditure (capex) or if its working capital requirements
increase resulting in further deterioration of its financial risk
profile.

Update

SRFM's sales were in line with CRISIL's expectations at around
INR607 million in 2011-12 (refers to financial year, April 1 to
March 31); these are expected to increase marginally to over
INR630 million in 2012-13 on account of increase in order flow.
However, the operating profitability is expected to remain at 2.0
per cent levels over the near term due to competitive as well as
seasonal nature of the business. SRFM has limited bargaining power
both against suppliers and customers. The company enjoys limited
credit period from its suppliers, which expect repayments within 7
to 10days. On the other hand, the debtor payments are received
within 15 to 20 days. CRISIL expects SRFM's working capital cycle
to remain largely unchanged over the medium term, making its
operations working capital intensive.

The company's financial risk profile is constrained on account of
its working capital intensive operations and high dependence on
external debt to fund operations. The total debt in the company is
expected to be at around INR41.5 million as on March 31, 2013
which is expected to increase as the company plans to scale up its
operations. Its debt protection metrics are expected to remain
weak, with interest coverage ratio of 1.3 times and net cash
accrual to total debt (NCATD) ratio of 0.05 times expected as on
March 31, 2013. SRFM' net worth is expected to remain modest at
around INR11.7 million as on March 31, 2013 on account of its low
profitability and accretions. SRFM also has unsecured loans of
INR43 million, which has been treated as neither debt nor equity
as the interest on the same is ploughed back into the company in
the form of unsecured loans.

The company's liquidity continues to be constrained, marked by low
cash accruals coupled with high bank limit utilisation at an
average 94 per cent for the nine months ended December 31, 2012.
Furthermore, to support the working capital requirement the
company had availed of an adhoc facility of INR10 million for a
period of over six months in 2012-13. The company's cash credit
facility is expected to be enhanced over the near term, which
would provide some liquidity support. CRISIL believes that SRFM's
liquidity will remain constrained over the near-medium term, as
its operations are expected to remain working capital intensive.

SRFM manufactures grinded wheat products, such as atta, maida,
suji, and wheat bran. The company has a manufacturing plant in
Navi Mumbai (Maharashtra) with a processing capacity of around 300
tonnes per day. SRFM has a network of over 100 customers located
mainly around Mumbai.

SRFM reported a profit after tax (PAT) of INR1.5 million on net
sales of INR606 million for 2011-12, as against a PAT of INR0.3
million on net sales of INR336 million for 2010-11.


SUSHIL BAHIRAT: CRISIL Assigns 'B+' Ratings to INR350MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sushil Bahirat Patil and Associates.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        80      CRISIL B+/Stable
   Bank Loan Facility

   Term Loan                270      CRISIL B+/Stable

The rating reflects SBPA's weak financial risk profile, marked by
a small net worth, a high gearing, and weak debt protection
metrics. The rating also reflects the firm's high exposure to its
affiliates, its tightly matched cash accruals vis--vis its debt
obligations. These rating weaknesses are partially offset by the
benefits that SBPA derives from the prime location of its property
along with revenue visibility from long-term lease agreements.

Outlook: Stable

CRISIL believes that SBPA will continue to benefit over the medium
term from its long-term lease agreements, backed by steady cash
flows from lease rentals. The outlook may be revised to 'Positive'
if the firm registers increase in its revenues because of increase
in lease rentals from new properties, leading to higher-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' in case of significant delays in rental receivables
from tenants adversely affecting its cash flows, or if it extends
financial support to its group entities or partners.

SBPA was established in 2011 as a partnership firm by Mr. Sushil
Bahirat Patil and his wife, Mrs. Pritam Bahirat. The firm is
involved in developing and leasing out commercial properties at
Pune (Maharashtra).

SBPA's profit after tax (PAT) and net sales are estimated at
INR1.5 million and INR25.8 million, respectively, for 2012-13
(refers to financial year, April 1 to March 31), against a PAT of
INR5.5 million on net sales of INR22.8 million for 2011-12.


UI PIPE: CRISIL Downgrades Ratings on INR133MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
UI Pipe Fittings Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               53      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Letter of Credit           8      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Bank Guarantee             2      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Term Loan                 70      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by UIPF in
servicing its debt; the delays have been caused by the company's
weak liquidity resulting from its large working capital
requirements.

UIPF also has a weak financial risk profile marked by a small net
worth, high gearing and weak debt protection metrics. However, the
company benefits from its promoters' extensive industry
experience.

UIPF was originally set up by Mr. Srikanth Vellanki as a
proprietorship firm, Ushasri Industries, in 1997. The firm was
reconstituted as a closely held private limited company with the
current name in 2006. UIPF manufactures pipe fittings, such as
elbows, tees, reducers, caps, and flanges, used in pipes.


UNITED ELECTRICAL: CRISIL Cuts Ratings on INR100MM Loans to 'C'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of United Electrical Industries Ltd to 'CRISIL C' from
'CRISIL B-/Negative', and has reaffirmed its rating on the
company's short-term facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             40.00     CRISIL C (Downgraded from
                                     'CRISIL B-/Negative')

   Proposed Cash           60.00     CRISIL C (Downgraded from
   Credit Limit                      'CRISIL B-/Negative')


   Bank Guarantee          30.00     CRISIL A4 (Reaffirmed)

   Proposed Short-Term     70.00     CRISIL A4 (Reaffirmed)
   Bank Loan Facility

The rating downgrade reflects deterioration in UEIL's overall
credit risk profile, driven by its operating losses. The losses
led to weakening of the company's financial risk profile, which is
marked by a negative net worth. The negative cash accruals from
the business have stretched UEIL's liquidity, leading to delays in
the repayment of the term loans availed from the Government of
Kerala (GoK); these loans are not rated by CRISIL.

The ratings reflect UEIL's weak financial risk profile, marked by
continuing operating losses and a negative net worth, and its
exposure to intense market competition. These rating weaknesses
are partially offset by the company's long track record in the
energy meter manufacturing business.

Set up in 1950, UEIL manufactures energy meters. GoK holds an
equity stake of 97.2 per cent in the company. UEIL sells its
products under the Unilec brand, with Kerala State Electricity
Board as its biggest customer.



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


BUMI RESOURCES: S&P Lowers Corporate Credit Rating to 'B-'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Indonesia-based coal producer
PT Bumi Resources Tbk. to 'B-' from 'B'.  At the same time, S&P
lowered the rating on the company's guaranteed senior secured
notes to 'B-' from 'B'.  S&P also lowered its long-term ASEAN
regional scale rating on Bumi to 'axB-' from 'axB+'.  All ratings
remain on CreditWatch, where they were placed with negative
implications on Sept. 26, 2012.

"We downgraded Bumi because of heightened refinancing risk
stemming from deteriorating liquidity," said Standard & Poor's
credit analyst Xavier Jean.  "The company's weak cash flows and
limited progress on the refinancing of upcoming debt maturities
will likely continue to diminish its liquidity cushion over the
next six months."

S&P lowered its assessment of Bumi's liquidity to "weak" from
"less than adequate," as S&P's criteria define these terms.  S&P
expects the company's ratio of sources of funds to uses to be
materially less than 1.0x in 2013.  Because S&P expects interest
payments will likely consume all of Bumi's internal accruals over
the next six months, S&P anticipates that the company's
unrestricted cash will further deplete over the next two quarters
as it uses unrestricted cash balance to repay amortizing debt.

"Progress on Bumi's refinancing has also been slower than we
anticipated," said Mr. Jean.  The company is yet to tie-up the
funding necessary to repay an estimated US$566 million of bank
loans coming due by September.  In addition, S&P remains unsure
about Bumi's willingness to dispose of its non-coal assets and to
use the proceeds to support its financial obligations.

S&P revised its assessment of the company's business risk profile
to "weak" from "fair."  This is because S&P expects that operating
conditions for thermal coal producers will remain subdued for the
next 12 months and that Bumi's operating margins will stay weak.

S&P assess Bumi's management and governance as "weak," as defined
in S&P's criteria.  S&P believes the company's financial
management is very aggressive, reflected in its appetite to
maintain high leverage.  This weakness overshadows the
satisfactory underlying operational and financial management at
its coal companies, reflected in their track record of modest
production growth and sustained cash flow generation.

The CreditWatch on Bumi reflects the company's declining liquidity
buffer against weakness in coal prices.

S&P could lower the rating if Bumi's liquidity weakens further.
This could materialize if: (1) Bumi does not tie up refinancing
for its debt due in August and September by July 2013; or (2)
further weakness in thermal coal prices trigger a further
shortfall in the company's cash flows.



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


REGIONAL FINANCIAL: Moody's Affirms Caa2 Rating on Class C Notes
----------------------------------------------------------------
Moody's Japan K.K. has upgraded to Aaa (sf) from Aa3 (sf) its
rating on the Series One Class B Unsecured Notes of the Synthetic
CLO of Regional Financial Institutions (Clover, LLC.).

Moody's has also affirmed the Aaa (sf) rating of the Series One
Class A Unsecured Notes and the Caa2 (sf) rating of the Series One
Class C Unsecured Notes.

Details of the rating actions are as follows:

Deal Name: Synthetic CLO of Regional Financial Institutions
(Clover, LLC.)

Issuer: Clover, LLC.

JPY1,900,000,000 Series One Class A Unsecured Notes, affirmed at
Aaa (sf);

Previously on February 12, 2013, affirmed at Aaa (sf).

JPY578,646,000 Series One Class B Unsecured Notes, upgraded to Aaa
(sf);

Previously on February 12, 2013, upgraded to Aa3 (sf).

JPY175,928,000 Series One Class C Unsecured Notes, affirmed at
Caa2 (sf);

Previously on February 12, 2013, affirmed at Caa2 (sf).

Dividend: Floating

Issue Date: March 11, 2011

Final Maturity Date: May 28, 2014

Reference Obligation: Loans to small- and medium-sized enterprises
(SMEs) in Japan

Originator/First CDS Buyer/Servicer: THE SAIKYO SHINKIN BANK,
Toyama Shinkin Bank, KITAISEUENO SHINKIN BANK, Osaka Shinkin Bank,
The Awaji Shinkin Bank

First CDS Seller/Second CDS Buyer: Japan Finance Corporation (JFC)

Second CDS Seller: Clover, LLC.

Independent Auditor: Tokyo Kyodo Accounting Office

Note Trustee/Initial Deposit Bank: Mizuho Corporate Bank, Ltd.

Calculation Agent: Mizuho Trust & Banking Co., Ltd.

Arranger: Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

The transaction is a synthetic CLO referencing corporate loans for
SMEs in Japan. These loans were originated by five financial
institutions with the intention of securitizing them under Japan
Finance Corporation's "purchase scheme" program.

Ratings Rationale:

The rating upgrade of the Class B Unsecured Notes reflects
increased credit enhancement due to deal amortization.

Moody's affirmed the rating of the Class A Unsecured Notes at Aaa
(sf) because the increased credit enhancement is enough to support
the current rating.

Moody's affirmed the rating of the Class C Unsecured Notes at Caa2
(sf) because its loss probability is very high, and its level of
credit enhancement may not be sufficient to cover the outstanding
amount of defaults under a stressful scenario.

The main factor for the uncertainty in Moody's analysis is the
macroeconomic environment for Japanese SMEs, as well as the
financing environment.

While the Japanese economy is recovering, resulting in a recovery
in the business environment for SMEs, SMEs operate in a weaker
business environment than large companies. Nonetheless, the banks
are willing to support lending to SMEs even after the SME
Moratorium Law expired at the end of March. The law was aimed at
easing the debt burden of SMEs, by asking financial institutions
to accede to requests by SMEs to extend loan terms. As a result of
the SME Moratorium Law and the continued willingness of the banks
to provide financing to SMEs, the number of corporate bankruptcies
is at its lowest level in 10 years.

As for the performance of the transaction, there were 10
delinquencies (approximately JPY201 million) as of March 2013,
with two credit events so far. This performance is worse than
Moody's initial expectation.

Nevertheless, as a result of reference loan amortization, the
subordination ratio* for the Class B Notes rose to 54.9% in March
2013 from 44.6% in December 2012.

*The formula used to calculate the subordination in this
transaction is Y/Z, where "Y" equals the outstanding principal
amount of the Class C Notes subordinated to the Class B Notes and
the total amount of the credit protection threshold**, and "Z"
equals the current reference obligation amount.

**The originators will individually hold the credit protection
threshold amounts and use them to cover losses incurred on the
loans that they themselves have originated (the "sub-pool"). The
credit protection threshold amounts cannot be used to cover losses
incurred against other sub-pools.

Moody's assumes 4.0% as the expected annualized credit event rate
for the reference pool, given the delinquencies so far and the
current business environment for SMEs. Moody's also assumes a zero
recovery rate from a credit event.

To determine the ratings, Moody's took into account expected
credit event rates, outstanding delinquent loans, and current
subordination, and applied CDOROMv2.8 to model the cash flow and
determine the loss for each tranche.

Moody's also ran sensitivities using various credit event rates
and default timing under stressful conditions corresponding to the
target rating level. Therefore, Moody's analysis encompasses the
assessment of stress scenarios.

If the annualized credit event rate increases from 4.0% to 6.0%,
the model output for Class A would not change. However, Class B
would deteriorate by one notch and Class C would deteriorate by
two notches.

The principal methodology used in this rating was "Moody's
Approach to Rating Japan's SME CDOs" published in February 2009.


* S&P Puts Ratings On 6 Japanese CDO Tranches On CreditWatch Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
ratings on six Japanese synthetic collateralized debt obligation
(CDO) transactions on CreditWatch with positive implications.

The CreditWatch positive placements reflect the tranches'
synthetic rated overcollateralization (SROC) levels, which
exceeded 100% with sufficient SROC cushions at higher ratings than
the current ratings as of May 31, 2013.

S&P intends to review these tranches by the end of this month.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS PLACED ON CREDITWATCH POSITIVE

Corsair (Jersey) No. 2 Ltd.
Series 46 credit default swap
To                        From            Amount
BB+srp (sf)/Watch Pos     BB+srp (sf)     JPY3.0 bil.

Fixed rate credit-linked loan series 58
To                        From            Amount
B (sf)/Watch Pos          B (sf)          JPY3.0 bil.

Silk Road Plus PLC
Limited-recourse secured floating-rate credit-linked notes series
2 class B1-U
To                        From            Amount
BB (sf)/Watch Pos         BB (sf)         $70.0 mil.

Limited recourse secured floating-rate credit-linked notes series
5 class C1-J
To                        From            Amount
B+ (sf)/Watch Pos         B+ (sf)         JPY1.0 bil.

Limited-recourse secured variable return combination credit-linked
notes
series 6 class B3-U
To                        From            Amount
BBpNRi (sf)/Watch Pos     BBpNRi (sf)     $14.0 mil.

Hummingbird Securitisation Ltd.
Series 2 loan
To                        From            Amount
B- (sf)/Watch Pos         B- (sf)         JPY3.0 bil.



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


BELGRAVE FINANCE: Ex-Director Gets Four Year Jail Sentence
----------------------------------------------------------
BusinessDesk reports that the former director of failed finance
company Belgrave Finance has been sentenced to four years in
prison on theft and providing false statement charges.

BusinessDesk relates that Stephen Charles Smith, 45, was sentenced
in the High Court at Auckland following a joint prosecution by the
Financial Markets Authority (FMA) and Serious Fraud Office (SFO).

In April, the report recalls, Mr. Smith pleaded guilty to 19
charges of theft by person in a special relationship, four charges
of false statement by promoter, one charge of making an untrue
statement and one charge of making a false statement to a trustee.

BusinessDesk says the charges related to more than NZ$18 million
of transactions made by Belgrave Finance for the benefit of
related entities between June 2005 and March 2008.

According to the report, FMA head of enforcement Belinda Moffat
said the sentence was a reminder to directors they could not
depart from their obligations under the law, and their duty to
investors.

"This sentencing brings us another step closer to bringing the
criminal prosecution of the finance company collapses to a close,"
the report quotes acting SFO chief executive Simon McArley as
saying.  "This will increasingly allow resources to be refocused
toward proactive intervention in emerging areas of financial
crime.''

Under the Companies Act, Smith's conviction meant he was
automatically banned from managing companies for five years, the
report adds.

                       About Belgrave Finance

Based in Auckland, New Zealand, Belgrave Finance Limited --
http://www.belgrave.co.nz/-- engaged in property development
financing.

Belgrave Finance was placed into receivership in May 2008, owing
an estimated 1,000 investors approximately NZ$22 million.  The
company's trustee, Covenant Trustee Company Limited, appointed
Grant Graham and Brendan Gibson from KordaMentha as receivers.
The company was liquidated in April 2010.


CAPITAL + MERCHANT: Receivers Sue Stace Hammond Over Collapse
-------------------------------------------------------------
Stuff.co.nz reports that the receivers of Capital + Merchant
Finance are suing the company's solicitors, Stace Hammond,
alongside its trustee, Perpetual Trust, for its role in the
company's NZ$167 million collapse.

Stuff.co.nz says Capital + Merchant Finance (CMF) went into
receivership in November 2007 owing 7,500 debenture holders
NZ$167 million -- none of which has been recovered so far.

According to the report, three directors have been jailed for
theft on the basis of intentionally breaching the company's trust
deed, and two others have been sentenced to home detention for
misleading investors.

Those prosecutions have led to only NZ$160,000 in reparations for
investors so receiver KordaMentha is going after damages through
civil claims against the company's advisers and trustees, the
report says.

Stuff.co.nz reports that the High Court at Auckland on June 6 was
told that KordaMentha had filed civil proceedings against
Perpetual Trust in August, claiming the trustee knew the company
had breached its trust deed but did nothing about it.

Law firm Stace Hammond, which has offices in Auckland, Hamilton
and Tauranga, now also faces legal action and a combined four-week
High Court trial is expected to start next April.

KordaMentha has not clarified the claim against the law firm, the
report notes.

Stuff.co.nz says Perpetual Trust has applied to the High Court to
resign its trusteeship of CMF given it cannot do its job of
directing the receivers when they are taking legal action against
it.

                     About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.

Capital + Merchant Finance, along with subsidiary Capital +
Merchant Investments Ltd., went into receivership on Nov. 23,
2007, due to breaches in respect of general security agreements
issued by the companies in favor of creditor Fortress Credit
Corporation (Australia) 11 Pty Ltd.  Fortress appointed Tim
Downes and Richard Simpson of Grant Thornton, chartered
accountants, while trustee Perpetual Trust have called in
KordaMentha.

Capital + Merchant owed NZ$167.1 million to about 7,500
investors. Fortress reportedly has a prior charge over assets and
was owed around NZ$70 million in total.



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


AMARU INC: $102K Profit in 2012; Going Concern Doubt Raised
-----------------------------------------------------------
Amaru, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing net income of
$102,353 on $19,012 of revenues for the year ended Dec. 31, 2012,
as compared with a net loss of $1.89 million on $4,462 of revenues
for the year ended Dec. 31, 2011.

The Company's balance sheet at Dec. 31, 2012, showed $2.50 million
in total assets, $3.28 million in total liabilities and a $779,980
total stockholders' deficit.

Wei, Wei & Co., LLP, in Flushing, New York, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company has sustained accumulated losses from operations
totalling $41,220,399 and $41,322,752 at Dec. 31, 2012, and 2011,
respectively, the Company's continued losses from operations and
the difficulty it has had in raising adequate additional
financing.  These conditions and the Company's lack of significant
revenue, raise substantial doubt about the Company's ability to
continue as going concern.

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

                        http://is.gd/pL4kAF

                          About Amaru Inc.

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



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


DAEWOO SHIPBUILDING: South Korea Government Mulling Share Sale
--------------------------------------------------------------
Yonhap News reports that the government is considering resuming
the stalled sale of Daewoo Shipbuilding and Marine Engineering Co.
in a bid to retrieve public funds, an industry source said Sunday.

According to the report, source said the Financial Services
Commission (FSC), the financial regulator, has launched the
process to pick a sale manager in a bid to sell its 17.15 percent
stake, or 32.8 million shares, in the shipbuilder.

The FSC is mulling selling its stake via block trading in an
effort to recover public funds pumped to bail out the shipbuilder
in the wake of the 1997-98 Asian financial crisis, Yonhap's source
said.

The news agency notes that the government became the second-
largest shareholder for the shipbuilder in February as the state-
run debt clearer Korea Asset Management Corp. (KAMCO) passed on
the part of its 19.1 percent stake to the FSC. The state-run Korea
Development Bank (KDB) is the largest shareholder with a 31.3
percent interest.

Yonhap relates that the value of the government's stake holding is
estimated to reach around 870 billion won (US$776.8 million)
excluding management premium when calculated with Friday's closing
share price of 26,500 won.

Yonhap says the sale of Daewoo Shipbuilding has been put on hold
since the Hanwha Group pulled its bid to buy a 50.4 percent stake
valued at some 6 trillion won in January 2009 due to funding
problems in the aftermath of the 2008 global financial turmoil.

The move also comes as the shipbuilding industry is suffering from
the severe sectoral downturn, beset by the prolonged global
economic slowdown, Yonhap adds.

                     About Daewoo Shipbuilding

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.

Daewoo Shipbuilding & Marine Engineering Co. has been under a
creditors-led corporate restructuring program since 1999 along
with some other affiliates after its parent, Daewoo Group,
collapsed under heavy debt exposure.  Daewoo Shipbuilding is up
for sale and the Korea Development Bank and Korea Asset Management
Corporation started the sale process of their remaining stakes in
the second half of 2006.


STX PAN OCEAN: Files for Court Receivership
-------------------------------------------
Shanghai Daily reports that STX Pan Ocean said that it filed for
court receivership due to heavy debts and growing losses stemming
from the slump in the global shipping industry.

"The company ended up filing for court receivership due to a sharp
fall in the BDI index, delayed recovery of the shipping industry,
oversupply of ships, troubled ship-chartering contract and oil
price hikes," STX Pan Ocean said in an e-mailed statement obtained
by Shanghai Daily.

The report notes that the country's third-largest shipping firm,
established in 1966, has dominated the bulk carrier sector,
posting more than KRW10 trillion (US$9 billion) in revenue in 2008
when freight rates hit the record high.

The Baltic Dry Index (BDI), a gauge of prices for moving
commodities by sea, marked the highest of 11,793 points in 2008
before dropping to an annual average of 920 in 2012, reflecting
the worsening conditions in the global shipping industry, the
report notes.

Shanghai Daily relates that the shipper's filing for corporate
rehabilitation proceeding implied South Korea's shipping industry
stood at the crossroads of collapse, the company said, stressing
the urgent need for the government's support.

STX Pan Ocean is the shipping unit of cash-strapped STX Group, the
country's No. 13 conglomerate.  The shipping and shipbuilding
group has been struggling from cash shortages amid the downturn in
the global industry.



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



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