TCRAP_Public/130612.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, June 12, 2013, Vol. 16, No. 115


                            Headlines


A U S T R A L I A

GUNNS LIMITED: Receiver Reopens Woodchip Mill
LA PETANQUE: Hatted Restaurant Goes Into Liquidation
* AUSTRALIA: Taxi License Holders May Face Bankruptcy


C H I N A

CDC CORP: Trust Sues AIG Over $9MM in D&O Coverage
CHINA NATURAL: Xiang Dong Owned 6.2% of Shares as of Feb. 8
CHINA NATURAL: Court Approves $815,000 Settlement with SEC
CHINA TELETECH: Yau Kwong Lee Quits From Board


H O N G  K O N G

SRE GROUP: Moody's Withdraws B3 CFR for Business Reasons


I N D I A

AJANTA LEATHER: CARE Assigns 'D' Ratings to INR14.68cr Loans
AK ENTERPRISES: CARE Assigns 'B' Rating to INR2.25cr LT Loan
HI-TECH CHEMICALS: CARE Assigns 'BB' Rating to INR68.84cr Loan
JAINENDRA INDUSTRIES: CARE Rates INR8.99cr Loan at 'CARE BB-'
PANCHWATI HOLIDAY: CARE Rates INR12cr LT Loan at 'CARE BB'

RAVI TIMBER: CARE Assigns 'B' Rating to INR1cr LT Loan
SIMOLEX CERAMIC: CARE Assigns 'BB-' Rating to INR30.74cr Loan
SWOSTI PREMIUM: CARE Assigns 'BB' Rating to INR12.87cr LT Loan
TIRUPATI (GUJARAT): CARE Assigns 'BB-' Rating to INR8cr Loan
TRISTAR CARS: CARE Rates INR44.65cr LT Loan at 'CARE B'

VIVEKANAND INDUSTRIES: CARE Rates INR16cr LT Loan at 'CARE B+'


I N D O N E S I A

BANK DANAMON: Fitch Keeps 'B' ST IDR on Rating Watch Positive
BANK PANIN: Fitch Affirms 'BB' LT Issuer Default Rating


N E W  Z E A L A N D

JAMIE PETERS: Auckland High Court Probes Financial Affairs
ST LAURENCE LIMITED: Receivers Wrap Up Administration


P H I L I P P I N E S

UNITED COCONUT: Shuts Operations; PCGG Cites Mismanagement
* Private Schools Face Bankruptcy Threats on K to 12 Program


S I N G A P O R E

PACNET LIMITED: Fitch Rates US$350MM Senior Secured Notes 'BB'


X X X X X X X X

* Fitch Sees Modest Deterioration in Bank Asset Quality for EMs
* Moody's Notes Dip in Asian Liquidity Stress Index for May
* Moody's Sees Rising Spec-Grade Corporate Default Rate in May
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


GUNNS LIMITED: Receiver Reopens Woodchip Mill
----------------------------------------------
Felicity Ogilvie at ABC News reports that Gunns Limited, a key
woodchip mill in northern Tasmania, is back in business.

The mill was closed by the timber company Gunns two years ago
before the company went into administration last year, according
to ABC News.

Now, the report relates, the receiver has reopened the mill and
Gunns is once again selling woodchips to customers in Japan.

The receiver of Gunns, Bryan Webster, from KordaMentha has
reopened the mill

The report relays that Gunns will be sending 10 shipments of
woodchips to Japan.  Bryan Hayes is the general manager of forest
products at Gunns Limited.

The report notes that that some of the contractors who used to
work for Gunns have also come back to the mill.  Mr. Webster said
the workforce has increased dramatically, the report adds.


LA PETANQUE: Hatted Restaurant Goes Into Liquidation
----------------------------------------------------
Cara Waters at SmartCompany reports that liquidators have been
appointed to one-hatted Mornington Peninsula restaurant La
Petanque, but the restaurant is continuing to trade.

Philip Newman -- pnewman@pcipartners.com.au -- of PCI Partners has
been appointed as liquidator of the restaurant, which was
established in 2006 and is situated on a 20-acre property with
views over vineyards and olive groves, according to the report.

SmartCompany reports that La Petanque Restaurant and its
associated homewares store La Petanque Living were both initially
placed into liquidation in May and a creditors' meeting was held
last week.

Owner Philippe Marquet told Fairfax he is "solving the problem",
with his wife Judy taking on the role as sole director of the
company. "We also have a private investor," SmartCompany quotes
Mr. Philippe as saying.

SmartCompany notes that the collapse of the restaurant follows the
high profile administration and closure last year of hatted
restaurant Becasse, owned by head chef Justin North and his wife.

Even Gordon Ramsay found the Australian restaurant market tough,
with his Melbourne restaurant Maze entering liquidation owing
AUD4.6 million to local suppliers.

The acclaimed restaurant was awarded one chef's hat in Fairfax's
annual restaurant rankings, SmartCompany discloses.


* AUSTRALIA: Taxi License Holders May Face Bankruptcy
-----------------------------------------------------
Herald Sun reports that taxi licence holders could face bankruptcy
after a major bank told staff to attach a nil value to all
Victorian licences in the wake of reforms announced by the State
Government last month.

Herald Sun says licence holders who have borrowed hundreds of
thousands of dollars to buy permits fear they will be financially
ruined.

The report relates that a leaked e-mail sent to staff within the
Commonwealth Bank of Australia tells staff that "a nil value is to
be extended for Vic Taxi Plates for the foreseeable future".

Other major banks are believed to have issued similar
instructions, the report adds.

According to Herald Sun, there are fears many licence holders will
lose their homes as banks call in loans they dished out for the
licences. There are more than 5,000 taxi licences in Victoria,
which were bought for up to AUD480,000 each, the report discloses.

Herald Sun recalls that the Government announced changes to the
taxi industry last month based on a report by Professor Allan
Fels.

According to Herald Sun, Victorian Taxi Association chief
executive David Samuel said the memo was of "tremendous concern".

"We have said all along we support reform to licences but what has
come before must be recognised and people have invested
significant amounts of money in the taxi business," the report
quotes Mr. Samuel as saying.  "To see that value removed so
suddenly and in such dramatic fashion is unfair to those people,
and ultimately won't ensure a better taxi service for Victoria."

Herald Sun relates that Prof Fels, who headed the 16-month inquiry
into the troubled industry, said the memo could have been a "day-
one reaction by an uninformed bank who read a couple of
headlines".

"The fact is that licence values will remain high and anyone who
is having significant trouble will find plenty of banks ready to
use licences as security," Herald Sun quotes Prof Fels as saying.

Herald Sun quotes John Vlassopoulos, president of Taxi Industry
Stakeholders Victoria, as saying that: "The decision by the major
banks to place an immediate valuation of 'nil' on the thousands of
Victorian taxi licences owned by small business people shows that
the Napthine Government's proposed legislation has already failed.

"This proves that many Victorians will lose their homes to the
banks if the legislation is passed."



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


CDC CORP: Trust Sues AIG Over $9MM in D&O Coverage
--------------------------------------------------
Lance Duroni of BankruptcyLaw360 reported that the trust charged
with winding down CDC Corp.'s bankruptcy estate sued AIG Europe
Ltd., claiming the insurer has refused to honor a policy covering
nearly $9 million of settlement and defense costs the software
company incurred in a lawsuit against its top brass.

According to the report, in a complaint filed in Georgia
bankruptcy court, the CDC Liquidation Trust said it paid out $1.5
million defending a lawsuit accusing CDC officials of perpetrating
a smear campaign against hedge fund Evolution Capital Management
LLC.

                          About CDC Corp

Based in Atlanta, CDC Corp. (Nasdaq: CHINA) --
http://www.cdccorporation.net/-- is the parent company of CDC
Software (Nasdaq: CDCS).  CDC Software is based dually in
Shanghai, China, and Atlanta and produces enterprise software
applications, IT consulting services, outsourced applications
development and IT staffing.  The company's owners include Asia
Pacific Online Ltd., Xinhua News Agency and Evolution Capital
Management.

CDC Corp., doing business as Chinadotcom, filed a Chapter 11
petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA,
in Atlanta, Georgia, serves as counsel.  Moelis & Company LLC
serves as its financial advisor and investment banker.  Marcus A.
Watson at Finley Colmer and Company serves as chief restructuring
officer.  The Debtor estimated assets and debts at US$100 million
to US$500 million as of the Chapter 11 filing.

The Official Committee of Equity Security Holders of CDC Corp. is
represented by Troutman Sanders.  The Committee tapped Morgan
Joseph TriArtisan LLC as its financial advisor.

The stock of CDC Software Corp. was sold for $249.8 million to an
affiliate of Vista Equity Holdings.

The Debtor won a bankruptcy judge's approval of a Chapter 11 plan
under which shareholders are slated to receive as much as $6.10 a
share.

On July 3, 2012, the Debtor and the Official Committee of Equity
Security Holders filed their First Amended Joint Plan of
Reorganization for CDC Corporation that provides for the sale of
all of the Debtor's assets, for the benefit of the Debtor's
creditors and equity interest holders.  Under the Plan, the
Debtor's chief restructuring officer, Marc Watson, will act as the
disbursing agent and reserve from the sale proceeds sufficient
funds to pay all Allowed Claims in full, plus interest, that
remain unpaid.


CHINA NATURAL: Xiang Dong Owned 6.2% of Shares as of Feb. 8
-----------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Xiang Dong Yang and his affiliates disclosed
that, as of Feb. 8, 2013, they beneficially owned 1,420,000 shares
of common stock of China Natural Gas, Inc., representing 6.2
percent of the shares outstanding.  A copy of the regulatory
filing is available for free at http://is.gd/1HYSO4

                        About China Natural

Headquartered in Xi'an, Shaanxi Province, P.R.C., China Natural
Gas, Inc., was incorporated in the State of Delaware on March 31,
1999.  The Company through its wholly owned subsidiaries and
variable interest entity, Xi';an Xilan Natural Gas Co., Ltd., and
subsidiaries of its VIE, which are located in Hong Kong, Shaanxi
Province, Henan Province and Hubei Province in the People's
Republic of China ("PRC"), engages in sales and distribution of
natural gas and gasoline to commercial, industrial and residential
customers through fueling stations and pipelines, construction of
pipeline networks, installation of natural gas fittings and parts
for end-users, and conversions of gasoline-fueled vehicles to
hybrid (natural gas/gasoline) powered vehicles at 0ptmobile
conversion sites.

On Feb. 8, 2013, an involuntary petition for bankruptcy was filed
against the Company by three of the Company's creditors, Abax
Lotus Ltd., Abax Nai Xin A Ltd., and Lake Street Fund LP (Bankr.
S.D.N.Y. Case No. 13-10419).  The Petitioners claimed that they
have debts totaling $42,218,956.88 as a result of the Company's
failure to make payments on the 5% Guaranteed Senior Notes issued
in 2008.  The Company says it intends to oppose the motion.

Adam P. Strochak, Esq., at Weil, Gotshal & Manges, LLP, in
Washington, D.C., represents the Petitioners as counsel.


CHINA NATURAL: Court Approves $815,000 Settlement with SEC
----------------------------------------------------------
The United States District Court for the Southern District of New
York has signed off a settlement agreement between China Natural
Gas, Inc., Mr. Qinan Ji, the Company's former Chairman, and the
Securities and Exchange Commission to settle a lawsuit for
violations of the Securities Exchange Act.

The Company agreed to pay civil penalty of $815,000 to resolve the
lawsuit.  Mr. Ji agreed to pay a civil penalty of $100,000 and to
reimburse China Natural $77,479.

The Company and Mr. Ji submitted the separate offers to the SEC in
an effort to settle the SEC Action without admitting or denying
any allegations against them.  The SEC accepted the Company's and
Mr. Ji's offers of settlement on May 30, 2013.

On June 6, 2013, and as required by the terms of his settlement of
the SEC Action, Mr. Ji stepped down as the Chairman and resigned
as a member of the Company's Board of Directors.

The lawsuit stemmed from the Company's and Mr. Ji's failure to
disclose the real beneficiaries of the loans they made in January
2010 totaling $14.3 million.  The SEC Action alleged that the true
and undisclosed purpose of the loans was to benefit a company
called Xi'an Demaoxing Real Estate Co., Ltd., and that Demaoxing
was 90 percent owned by Mr. Ji's son and 10 percent owned by Mr.
Ji's nephew.

The case is Securities and Exchange Commission v. China Natural
Gas and Qinan Ji, U.S. District Court, Southern District of New
York, No. 12-03824.

                         About China Natural

Headquartered in Xi'an, Shaanxi Province, P.R.C., China Natural
Gas, Inc., was incorporated in the State of Delaware on March 31,
1999.  The Company through its wholly owned subsidiaries and
variable interest entity, Xi';an Xilan Natural Gas Co., Ltd., and
subsidiaries of its VIE, which are located in Hong Kong, Shaanxi
Province, Henan Province and Hubei Province in the People's
Republic of China ("PRC"), engages in sales and distribution of
natural gas and gasoline to commercial, industrial and residential
customers through fueling stations and pipelines, construction of
pipeline networks, installation of natural gas fittings and parts
for end-users, and conversions of gasoline-fueled vehicles to
hybrid (natural gas/gasoline) powered vehicles at 0ptmobile
conversion sites.

On Feb. 8, 2013, an involuntary petition for bankruptcy was filed
against the Company by three of the Company's creditors, Abax
Lotus Ltd., Abax Nai Xin A Ltd., and Lake Street Fund LP (Bankr.
S.D.N.Y. Case No. 13-10419).  The Petitioners claimed that they
have debts totaling $42,218,956.88 as a result of the Company's
failure to make payments on the 5% Guaranteed Senior Notes issued
in 2008.  The Company says it intends to oppose the motion.

Adam P. Strochak, Esq., at Weil, Gotshal & Manges, LLP, in
Washington, D.C., represents the Petitioners as counsel.


CHINA TELETECH: Yau Kwong Lee Quits From Board
----------------------------------------------
Yau Kwong Lee submitted a resignation letter as director of China
Teletech Holding, Inc., to the Company's board of directors,
effective June 6, 2013.  Mr. Lee's resignation was not a result of
any disagreement with the Company on any matter relating to the
Company's operations, policies or practices.

                       About China Teletech

Tallahassee, Fla.-based China Teletech Holding, Inc., is a
national distributor of prepaid calling cards and integrated
mobile phone handsets and a provider of mobile handset value-added
services.  The Company is an independent qualified corporation
that serves as one of the principal distributors of China Telecom,
China Unicom, and China Mobile products in Guangzhou City.

On June 30, 2012, the Company strategically sold its wholly-owned
subsidiary, Guangzhou Global Telecommunication Company Limited
("GGT"), to a third party.  GGT was engaged in the trading and
distribution of cellular phones and accessories, prepaid calling
cards, and rechargeable store-value cards.

China Teletech disclosed net income of US$53,542 on US$26.62
million of sales for the year ended Dec. 31, 2012, as compared
with a net loss of US$348,124 on US$18.84 million of sales for the
year ended Dec. 31, 2011.

The Company's balance sheet at March 31, 2013, showed
$2.29 million in total assets, $2 million in total liabilities and
$297,675 in total stockholders' equity.

WWC, P.C., in San Mateo, California, issued a "going concern"
qualification on the consolidated financial statements for the
period ended March 31, 2013.  The independent auditors noted that
the Company has incurred substantial losses, and has difficulty to
pay the PRC government Value Added Tax and past due Debenture
Holders Settlement, all of which raise substantial doubt about its
ability to continue as a going concern."



================
H O N G  K O N G
================


SRE GROUP: Moody's Withdraws B3 CFR for Business Reasons
--------------------------------------------------------
Moody's Investors Service has withdrawn its B3 corporate family
rating with a negative outlook on SRE Group Limited. Moody's has
withdrawn the rating for its own business reasons.

SRE Group Limited, established in 1993 and listed on the
Hong Kong stock exchange in 1999, focuses mainly on mid- to high-
end residential development in Shanghai, Shenyang and Haikou.


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


AJANTA LEATHER: CARE Assigns 'D' Ratings to INR14.68cr Loans
------------------------------------------------------------
CARE assigns 'CARE D' to the bank facilities of Ajanta Leather
Fashions Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        3.68     CARE D Assigned
   Short-term Bank Facilities      11.00     CARE D Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ajanta Leather
Fashions Pvt Ltd factor in the ongoing delays in debt servicing on
account of the stressed liquidity position of the company.

Ajanta Leather Fashions Pvt. Ltd., incorporated in February 1976
by Madhavdas Chandani and his brother the late Ramesh Chandani for
the purpose of manufacturing leather products. ALFPL is engaged in
the manufacturing and exporting of leather products (like wallets
and bags) to countries like USA, UK, Europe, Germany, Australia,
Belgium, etc. The company sells mainly to big supermarkets and
chain stores in the international market. Its manufacturing unit
is located in Rajarhat (Kolkata, West Bengal), with installed
capacity of 7.5 lakh pieces combined for leather bags and wallets.
The company showcases its product by participating in various
trade fairs worldwide. Export constitutes 100% of the total sales
for the company.

During FY12 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR2.3 crore (INR5 crore in FY11) and
a PAT of INR0.3 crore (Net Loss of INR1.7 crore in FY11)
respectively, on a total income of INR23.5 crore (INR20.8 crore in
FY11).


AK ENTERPRISES: CARE Assigns 'B' Rating to INR2.25cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of A.K. Enterprises.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      2.25       CARE B Assigned
   Short-term Bank Facilities     7.50       CARE A4 Assigned

The ratings assigned by CARE are based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of the
capital or the unsecured loans brought in by the proprietor in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of A.K. Enterprises
are constrained by small size of operations, client and
geographical concentration risk, risk associated with delay in
project, volatility in input prices, dependence on the government
and its agencies for contracts, and sluggish growth witnessed in
the construction industry amidst intense competition. The
aforesaid constraints are partially offset by the experience of
the proprietor, coupled with satisfactory client portfolio and
moderate order book position.

Regular receipt of contract proceeds, steady flow of orders and
timely execution of the same, and ability to manage working
capital effectively are the key rating sensitivities.

A.K. Engineers was promoted by Arup Kumar Som in 1982 as a
proprietorship entity. The firm is currently engaged in carrying
out civil construction business primarily in the construction of
canals and sewerages in West Bengal for the government entities.
The firm has a limited geographical coverage as it operates only
in the state of West Bengal.

As per the audited results of FY12 (refers to the period April 01
to March 31), AKE reported a PBILDT and PAT of INR1.26 crore
(INR0.76 crore in FY11) and INR0.42 crore (PAT of INR0.24 crore in
FY11), respectively, on a total income of INR10.36 crore (INR4.78
crore in FY11). Furthermore, during FY13 (provisional), the firm
has achieved a turnover of INR9.1 crore and a PBT of INR0.6 crore.


HI-TECH CHEMICALS: CARE Assigns 'BB' Rating to INR68.84cr Loan
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4+' ratings to the bank
facilities of Hi-Tech Chemicals (P) Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       68.84     CARE BB Assigned
   Short-term Bank Facilities       2.44     CARE A4+ Assigned

Rating Rationale

The ratings are constrained by low capacity utilization in the
newly commissioned unit (i.e. continuous refractory division),
client concentration risk, volatility in raw material prices, high
exposure to group companies, deteriorating financial performance,
moderate capital structure and working capital intensive nature of
business. The ratings draw strength from the experienced promoters
with satisfactory track record, promoter's support, strong order-
book position and longstanding relationship with the clients. The
ability to quickly stabilize operation of the newly commissioned
unit, to execute high-margin orders in a timely manner and to
manage the working capital cycle efficiently are the key rating
sensitivities.

Hi-Tech Chemicals Pvt. Ltd., incorporated in 1986, is engaged into
the manufacturing and selling of refractory products to the steel
industry. HTCPL is currently operating three units with a
combined installed capacity of 27,600 metric ton per annum (MTPA)
in Jamshedpur. Unit-1 is manufacturing nozzlex compound, slag
arresting dart, tundish board, etc. Unit-2 is producing slide
gate refractory, tap-hole clay, trough mass, etc. Unit-3 is
engaged in the manufacturing of continuous casting refractory
products. The company has commissioned its Unit-3 in February 2011
at a cost of INR83.9 crore. The project was funded at a debt-
equity ratio of 1.5:1.

During FY12, HTCPL registered net sales of INR63.5 crore (INR56.9
crore in FY11) with a PBILDT of INR5.7 crore (INR0.9 crore in
FY11) and a PAT (after deferred tax) of INR0.1 crore (INR1.5 crore
in FY11).

Based on provisional unaudited results, the company has achieved a
PBILDT of INR11.2 crore and a net loss (after deferred tax) of
INR1.0 crore on net sales of INR75.8 crore in FY13.


JAINENDRA INDUSTRIES: CARE Rates INR8.99cr Loan at 'CARE BB-'
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Jainendra Industries Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        8.99     CARE BB- Assigned
   Short-term Bank Facilities       0.50     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Jainendra
Industries Private Limited are constrained by its small scale and
working capital intensive of nature of operations, highly
leveraged capital structure, customer concentration risk and the
fragmented nature of the industry.

The ratings, however, derive strength from the established track
record of the company with experienced promoters, increase in the
revenue and profit margins during FY13 (refers to the period April
1 to March 31) and the company's satisfactory manufacturing
facilities with certified quality standards.

The ability of the company to scale up its operations and
effectively manage its working capital requirements are the key
rating sensitivities.

Jainendra Industries Private Limited (formerly known as Gupta
Color-Tech Private Limited) was incorporated on May 5, 1994 by Ram
Niwas Jain (Managing Director) along with two other directors and
is engaged in the manufacturing of non-ferrous metal die casting
components. JIPL's components include clutch plate castings,
cylinder, shock absorber components, disk brake castings and other
components, clutch lever, water purifier components, electric
motor components etc, which are used in component manufacturing
companies for auto component, home appliances, electric motors and
water purifier. JIPL had an order book worth of INR6.60 crore
outstanding as on May 7, 2013. JIPL's manufacturing facility is
well equipped with modern amenities and has ISO / TS 16949: 2009
certification from the Quality Austria Central Asia organization.

During FY13 (UA), JIPL reported a total operating income of
INR42.22 crore (INR36.27 crore in FY12) and a PAT of INR0.45 crore
(INR0.29 crore in FY12).


PANCHWATI HOLIDAY: CARE Rates INR12cr LT Loan at 'CARE BB'
----------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Panchwati
Holiday Resorts Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        12       CARE BB Assigned

Rating Rationale

The rating assigned to the bank facilities of Panchwati Holiday
Resorts Ltd is constrained by relatively small scale of
operations, coupled with moderately low occupancy rate and average
room rent (ARR), risk of non-renewal of franchise agreement with
M/s Fortune Park Hotels Limited (a wholly-owned subsidiary of ITC
Hotels), cyclical and competitive nature of the hotel industry,
high leverage ratios and project risk. The aforesaid constraints
are partially offset by the experience of the promoters with long
track record of operations, receiving technical, marketing and
operating expertise from ITC Hotels Ltd for Fortune Park Panchwati
Hotel of PHRL and locational advantage.

The ability of the company to increase the scale of operations and
ability to undertake the envisaged project on time without cost
overrun and derive benefits therefrom are the key rating
sensitivities.

Panchwati Holiday Resorts Limited, belonging to the Panchwati
group and incorporated on March 02, 1993, was promoted by one Ram
Ratan Chowdhary of West Bengal with an objective of starting,
operating and maintaining hotels, social clubs and also
undertaking real estate activities like construction of flats,
bungalows, etc. However, the proportion of revenue generated
from the real estate activities is negligible at about 5.7% in
FY12, which include rental income from bungalows and also selling
off a certain portion of the residential complex at its existing
site at Howrah, but the major portion of the revenue was generated
from its main activities from the hotels and club. Currently, the
residential complex has been sold out completely.

At present, PHRL operates with two hotel properties one at Howrah,
West Bengal, in the name of Fortune Park Panchwati Hotel, having a
total of 72 rooms, which include, eight executive rooms and the
rest 64 superior rooms, and the other at Gangtok in the name of
Hotel Mayur having a total of 38 rooms, which include, four
executive rooms and 34 superior rooms. Besides, PHRL also operates
a social club at Howrah in the name of Lake Land Country Club,
having a total of 106 rooms, which are basically reserved for the
members of the club, who pay annual club membership fees and are
also being given on rent to clients for different events like
marriages, conferences etc. Furthermore, PHRL has in total five
banquet halls, six specialty restaurants, two bars, two health
clubs, three coffee shops, two conference halls and two beauty
parlors at its hotels and club properties. The company commenced
commercial operation in 1998 with the commencement of operations
of the club.

As per the audited results of FY12 (refers to the period April 01
to March 31), PHRL reported a PBILDT and a PAT of INR4 crore
(INR4.2 crore in FY11) and INR0.7 crore (INR0.5 crore in FY11),
respectively, on a total income of INR18.2 crore (INR18.8 crore in
FY11). Furthermore, during 10MFY13, the company has achieved total
operating income of about INR16.8 crore.


RAVI TIMBER: CARE Assigns 'B' Rating to INR1cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Ravi Timber Agency.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities         1       CARE B Assigned
   Short-term Bank Facilities        5       CARE A4 Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of the withdrawal of
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Ravi Timber Agency
are constrained by its small size of operations confined to the
southern region, inherently thin profit margins associated with
the trading business, susceptibility of earnings to the volatile
timber prices, its exposure to foreign currency fluctuations,
working capital intensive nature of operations and the firm's weak
financial risk profile marked by low cash accruals, low networth
and weak debt coverage indicators. The ratings are further
constrained by the intense competition in the industry
characterized by a large number of unorganized players with low
entry barriers and the risk of country-specific trade regulations.

The ratings, however, derive strength from the long operational
track record of the firm of nearly three decades in the timber
trading business, the experience of the partners and their
established relationship with a number of timber suppliers as well
as customers.

Going forward, the ability of the firm to increase its scale of
operations, improve profitability and cash accruals amidst
volatile timber prices and intense competition will be the key
rating sensitivities. Furthermore, the ability of the firm to
prudently manage its working-capital requirements would also be
the key rating sensitivity.

RTA is a Chennai-based partnership firm engaged in the business of
timber trading and saw mill operations. RTA is engaged primarily
in the trading of teak wood imported from African countries and
Burma. RTA was promoted by Ravji Patel in 1979 as a proprietorship
concern, and it was later converted into a partnership concern in
1985. Mr. Ravji Patel and his family consisting of his wife and
two sons are equal partners in the firm.


SIMOLEX CERAMIC: CARE Assigns 'BB-' Rating to INR30.74cr Loan
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Simolex Ceramic Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       30.74     CARE BB- Assigned
   Short-term Bank Facilities       3.75     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Simolex Ceramic
Private Limited are primarily constrained on account of the short
operational track record and weak financial risk profile marked
by leveraged capital structure and stressed liquidity indicators.
The ratings are further constrained on account of the project
implementation risk associated with the on-going debt-funded
capital expenditure, its presence in the highly fragmented and
competitive ceramic tiles industry and susceptibility of its
profitability to volatile raw material and natural gas prices.

The ratings, however, favorably take into account the vast
experience of the promoters in the ceramic tiles industry and
presence of its manufacturing unit in the Morbi ceramic cluster.
The ability of SCPL to improve its overall financial risk profile
through efficient working capital management, rationalizing debt
levels, managing raw material price volatility and also increase
in the scale of operations in light of competitive nature of the
industry are the key rating sensitivities.

Incorporated in July 2010, Morbi-based (Gujarat) SCPL is engaged
in the manufacturing of doublecharged vitrified tiles with Nano
technology. The company commenced its commercial production
in October 2011. SCPL's manufacturing facility is located at Morbi
in Rajkot district which is the ceramic tile manufacturing hub of
Gujarat. SCPL has an installed capacity of 62,100 Metric Tonnes
per Annum (MTPA) for manufacturing of vitrified tiles as on March
31, 2013.

During FY13 (Provisional) (refers to the period April 1 to
March 31), SCPL reported a PAT of INR0.94 crore on a TOI of
INR41.74 crore, as against a net loss of INR1.74 crore on a TOI of
INR7.25 crore in FY12.


SWOSTI PREMIUM: CARE Assigns 'BB' Rating to INR12.87cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Swosti Premium Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       12.87     CARE BB Assigned
   Short-term Bank Facilities       0.96     CARE A4 Assigned

Rating Rationale

The ratings for Swosti Premium Limited are constrained by its
modest scale of operation with geographical concentration on
account of being a single hotel property located in Bhubaneswar,
intense competition in the Bhubaneswar hospitality market with
seasonality of business, moderate occupancy level with slow growth
and cyclical & competitive nature of the hospitality industry. The
aforesaid constraints are partially offset by the rich experience
of the promoters with satisfactory track record, favorable
location with impressive client profile, established brand with
strong marketing set-up and increasing business level.  The
ability to obtain high RevPAR and improve upon its capital
structure, and to withstand competition from the established and
upcoming hotels in Bhubaneswar in the near future would be the key
rating sensitivities.

Swosti Premium Limited was incorporated by the Mohanty family
based out of Bhubaneswar, Orissa, under the guidance of J.K.
Mohanty as Swosti Plaza Ltd in March 1997. In 2009, it was
rechristened as Swosti Premium Limited. SPL set up a hotel "Swosti
Plaza" in Bhubaneswar in November 2000. Subsequently, the name of
the hotel was rechristened to "Swosti Premium" in June 2009.
"Swosti Premium" has received three-star classifications from the
Ministry of Tourism, Government of India, and has an ISO
9001:2008-certification for its service qualities.

The hotel as on March 31, 2013, had inventory of 147 rooms
consisting of 76 standard rooms, 48 superior rooms, coupled with
23 suites consisting of 17 executive suites and six business
suites, a convention hall (accommodating 1,500 people), eight
modern conference halls for small groups ranging from
approximately 20-500 people, an exhibition hall, three restaurants
and a bar. Apart from this, the hotel also has other amenities
like health wellness centre, business centre and a swimming pool.
The property mainly caters to the domestic customers
(approximately 85-90%), of which, around approximately 80%
comprise of corporate clients, and remaining sales is driven by
leisure travelers and long-stay customers.

SPL is a part of the Bhubaneswar-based "Swosti" group. Other than
"Swosti Premium" the group owns two properties, "Hotel Swosti" at
Bhubaneswar under Hotel Swosti Pvt Ltd and "Swosti Palm Resort" at
Gopalpur, Orissa, under Swosti Vacations Club Pvt Ltd. Swosti
Travels and Exports Private Limited, a travel & tourism company,
is also a part of the Swosti group.

During FY12 (refers to the period April 1, 2011 to March 31,
2012), the company reported a PBILDT of INR6.6 crore (INR6.5 crore
in FY11) and a PAT of INR1.7 crore (INR1.6 crore in FY11) on the
total income from operations of INR19.1 crore (INR17 crore in
FY11).


TIRUPATI (GUJARAT): CARE Assigns 'BB-' Rating to INR8cr Loan
------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Tirupati (Gujarat) Cot Spin Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        8.00     CARE BB- Assigned
   Short-term Bank Facilities       0.60     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Tirupati (Gujarat)
Cot Spin Limited are mainly constrained by its fluctuating and
thin profit margins, weak debt coverage indicators, modest scale
of operations and high customer as well as supplier concentration
risk. The ratings are further constrained by working capital
intensive operations, its presence in the highly competitive,
seasonal and fragmented cotton-yarn industry and susceptibility of
profits to the raw material price fluctuation.

The ratings, however, favorably take into account the experience
of the promoters in the textile business and support from the
group companies.

The ability of TGCL to improve its financial risk profile with
increase in the scale of operations with improvement in profit
margins and a better working capital management while moving up in
the cotton value chain remain the key rating sensitivities.

TGCL was incorporated in 2005 by two brothers, Babubhai Patel and
Mahendrakumar Patel, and is a part of Kadi (based) Tirupati Group
of Industries. TGCL is primarily engaged in the manufacturing of
cotton yarn across a wide range (from 8 to 30 counts), which is
mainly used by denim and terry towel manufacturers. The Tirupati
group has a long-term relationship with such manufacturers, which
ensure a stable order flow. TGCL owns 2,780 spindles and 1,064
rotors, and operates with an installed capacity of 6,000 MTPA from
its sole manufacturing facility located at Chhatral in Gandhinagar
district of Gujarat.

TGCL has various group companies engaged in the business of cotton
ginning and pressing as well as manufacturing of edible oils. TGCL
also caters to the export market since FY11 (refers to the period
April 1 to March 31); however, the export sales contributed a very
low proportion of the Total Operating Income (TOI) (around 2 - 3%)
during FY11 to FY13.

During FY13 (provisional; refers to the period April 1 to
March 31), TGCL reported a PAT of INR0.05 crore on a Total
Operating Income (TOI) of INR37.70 crore as against a net loss of
INR0.11 crore on a TOI of INR47.13 crore in FY12.


TRISTAR CARS: CARE Rates INR44.65cr LT Loan at 'CARE B'
-------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Tristar
Cars Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       44.65     CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Tristar Cars Private
Limited is constrained by its strained financial risk profile
marked by weak solvency position, pricing constraints and margin
pressure, working capital intensive nature of operations, highly
competitive automobile market and history of delay in the
repayment of debt obligations.

The rating, however, is underpinned by the promoters' experience
in varied businesses, growth in revenue and association with
Maruti Suzuki India Limited.

The ability to improve its financial risk profile, along with
increase in scale of operations and profitability, would be the
key rating sensitivity.

Incorporated in 2008, Tristar Cars Pvt Ltd is promoted by Kamal
Kothari and Preeti Kothari, with an objective of trading and
dealing in passenger vehicles. TCPL operates in Nagpur and
Chandrapur districts as an authorized dealer for Maruti Suzuki
India Limited. It trades in all passenger vehicle models of MSIL,
and provides repairs and refurbishment services for the vehicles.
TCPL operates with two showrooms, and six workshops and two E-
outlets catering to Nagpur, Chandrapur, Brahmapuri, Gadchiroli and
Ballarshah region of Maharashtra. The workshops have total
installed capacity of servicing 3,530 vehicles per month, which
was utilized 59% during FY13.

TCPL reported a PAT of INR1.10 crore on a total income of INR87.80
crore for FY12 (refers to the period April 1 to
March 31), as compared with a PAT of INR0.65 crore on a total
income of INR57.36 crore for FY11. In FY13 (Provisional), TCPL has
achieved a total operating income of INR119 crore with PBT of
INR2.15 crore.


VIVEKANAND INDUSTRIES: CARE Rates INR16cr LT Loan at 'CARE B+'
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Vivekanand
Industries.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        16       CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating of Vivekanand Industries is constrained by its thin
profitability due to limited value addition in cotton ginning
business, susceptibility of its margins to inherent volatility
associated with cotton prices, its modest debt coverage indicators
and high leverage. The rating is further constrained on account of
its constitution as a partnership firm and its presence in the
highly fragmented cotton ginning industry, which is also
susceptible to regulatory changes.

The above constraints far offset the benefits derived from vast
experience of VI's partners in the cotton-ginning business and its
proximity to the cotton-growing region of Gujarat.

VI's ability to increase its scale of operations, along with
improvement in its profitability and capital structure are the key
rating sensitivities.

Kadi-based (Gujarat) VI, a partnership firm, was constituted in
April 2003. VI was promoted by 10 partners with unequal profit and
loss-sharing agreement amongst them. All the activities of the
firm are mainly controlled by the Managing Partner Mr Bharat
Patel. VI is engaged in the cotton ginning and trading. It sells
ginned cotton, cotton seeds, cotton seed oil and cotton seed de-
oiled cake. It has an installed capacity of 29,200 Metric Tonnes
Per Annum (MTPA) for ginned cotton, 24,000 MTPA for cotton seed
cake, 3,650 MTPA for wash oil and 52,900 MTPA for cotton seed.

As per the audited results for FY12 (refers to the period April 1
to March 31), VI reported a total operating income of INR128.67
crore with a net profit of INR0.13 crore as against a total
operating income of INR95.61 crore with a net profit of INR0.18
crore in FY11. Furthermore, as per the provisional results for
FY13, VI reported a total operating income of INR110.73 crore.



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


BANK DANAMON: Fitch Keeps 'B' ST IDR on Rating Watch Positive
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Indonesia-based PT Bank
Central Asia Tbk (BCA) and PT Bank Pan Indonesia Tbk (Panin). The
rating Outlooks are Stable. Fitch has also assigned a 'BB' Support
Rating Floor for Panin. In addition, the agency maintained PT Bank
Danamon Tbk's (Danamon) ratings on Rating Watch Positive (RWP).

The affirmation of BCA and Panin's Long-Term Issuer Default
Ratings (LT IDRs) and National Long-Term (LT) Ratings are driven
by their Viability Ratings (VRs). This reflects their stable
continued stand-alone credit profiles. As for Danamon, the
maintenance of its LT IDRs and National LT ratings are driven by
its VRs and the proposed takeover plan by Singapore's DBS Group
Holdings Ltd. The affirmation of BCA and Panin's Support Ratings
(SRs) and BCA's Support Rating Floor (SRF), as well as the
assignment of Panin's Support Rating Floor reflect the moderate
probability of extraordinary state support, if needed.

Key Rating Drivers

The LT IDRs and National LT Ratings reflect Fitch's view of the
banks' sound financial performance. BCA's ratings take into
account its stronger financial performance compared to its peers
with well-reserved non-performing loans (NPLs), strong underlying
profitability and its adequate capital buffer. This is underpinned
by a dominant franchise in transaction banking and the third-
largest deposit-taking in Indonesia. Panin's ratings reflect its
satisfactory capital position and profitability, despite potential
issues arising from strong loan growth. Danamon's ratings reflect
its standalone financial performance including strong
profitability from its micro and consumer financing businesses
(mainly through its subsidiary: Adira Finance), strong capital
position, albeit weak funding profile. Nonetheless, Fitch notes
that BCA and Panin's high loan growth could worsen the asset
quality in the future - given that non-performing loans (NPL) are
a lagging indicator.

The Stable Outlooks reflect Fitch's expectation that BCA and Panin
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. Fitch notes Bank
Indonesia acts more proactively to prevent excessive risks
building up within the system, such as down payment regulation
issued in 2012 in order to maintain consumer loan asset quality.
Meanwhile, Danamon's IDRs and National Ratings are on RWP as the
bank is waiting for DBS's takeover plan to be approved by the
Indonesian regulator.

BCA and Panin's SRs and SRFs, reflect Fitch's view of a moderate
probability of extraordinary state support available to them, if
needed. Fitch believes that these two banks are systemically
important to the country since BCA and Panin represent the third
and sixth largest banks in Indonesia, respectively.

Rating Sensitivities - VRs, IDRs and National Ratings

The VRs could come under pressure should the banks' loss-
absorption capacities weaken in the face of excessive loan growth.
BCA and Panin have above industry average loan growth while
Danamon's loan growth was below in 2012. However, as the 'BB' IDR
of Panin is at the same level as its SRF, the IDR will not be
affected by a downgrade of the bank's VR, unless considerations
underpinning its BB' SRF also weaken.

Rating upside for these banks may result from sustainable
improvements in the broader operating and regulatory environment,
maintaining strong risk-adjusted profitability, high core
capitalization, predominantly deposit-funded balance sheets and
sound asset quality record. There is no rating upside for BCA's
National Ratings as it is already the highest scale. Upward IDR
and National Rating prospects are low for Panin as high loan
growth could derail the Fitch Core Capital lower. Danamon's IDR
and National Ratings are on RWP, and may be resolved once there is
greater clarity on the outcome for DBS's takeover plan and when
the agency has assessed the potential extraordinary support that
DBSGH could provide to Danamon.

Should DBSGH fail to own majority ownership of Danamon, Fitch
believes that the Outlook on Danamon's ratings is likely to return
to Stable given its high capital position, moderate earnings and
modest non-performing loans - amid the ongoing uncertainty in the
global economic environment.

Rating Sensitivities - SRs and SRFs

A change in the government's ability and willingness to provide
extraordinary support would affect these banks' SRs and SRFs.
The list of rating actions is as follows:

BCA:
Long-Term IDR affirmed at 'BBB-'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'AAA(idn)'; Outlook Stable
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Viability Rating affirmed at 'bbb-'

Panin:
Long-Term IDR affirmed at 'BB'; Outlook Stable
Viability Rating affirmed at 'bb'
Support Rating affirmed at '3'
Support Rating Floor assigned at 'BB'

Danamon:
Long-Term IDR at 'BB+'; RWP maintained
Short-Term IDR at 'B'; RWP maintained
National Long-Term Rating at 'AA+(idn)'; RWP maintained
Support Rating of '3'; RWP maintained
Viability Rating affirmed at 'bb+'


BANK PANIN: Fitch Affirms 'BB' LT Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of Indonesia-based PT Bank
Central Asia Tbk (BCA) and PT Bank Pan Indonesia Tbk (Panin). The
rating Outlooks are Stable. Fitch has also assigned a 'BB' Support
Rating Floor for Panin. In addition, the agency maintained PT Bank
Danamon Tbk's (Danamon) ratings on Rating Watch Positive (RWP).

The affirmation of BCA and Panin's Long-Term Issuer Default
Ratings (LT IDRs) and National Long-Term (LT) Ratings are driven
by their Viability Ratings (VRs). This reflects their stable
continued stand-alone credit profiles. As for Danamon, the
maintenance of its LT IDRs and National LT ratings are driven by
its VRs and the proposed takeover plan by Singapore's DBS Group
Holdings Ltd. The affirmation of BCA and Panin's Support Ratings
(SRs) and BCA's Support Rating Floor (SRF), as well as the
assignment of Panin's Support Rating Floor reflect the moderate
probability of extraordinary state support, if needed.

Key Rating Drivers

The LT IDRs and National LT Ratings reflect Fitch's view of the
banks' sound financial performance. BCA's ratings take into
account its stronger financial performance compared to its peers
with well-reserved non-performing loans (NPLs), strong underlying
profitability and its adequate capital buffer. This is underpinned
by a dominant franchise in transaction banking and the third-
largest deposit-taking in Indonesia. Panin's ratings reflect its
satisfactory capital position and profitability, despite potential
issues arising from strong loan growth. Danamon's ratings reflect
its standalone financial performance including strong
profitability from its micro and consumer financing businesses
(mainly through its subsidiary: Adira Finance), strong capital
position, albeit weak funding profile. Nonetheless, Fitch notes
that BCA and Panin's high loan growth could worsen the asset
quality in the future - given that non-performing loans (NPL) are
a lagging indicator.

The Stable Outlooks reflect Fitch's expectation that BCA and Panin
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. Fitch notes Bank
Indonesia acts more proactively to prevent excessive risks
building up within the system, such as down payment regulation
issued in 2012 in order to maintain consumer loan asset quality.
Meanwhile, Danamon's IDRs and National Ratings are on RWP as the
bank is waiting for DBS's takeover plan to be approved by the
Indonesian regulator.

BCA and Panin's SRs and SRFs, reflect Fitch's view of a moderate
probability of extraordinary state support available to them, if
needed. Fitch believes that these two banks are systemically
important to the country since BCA and Panin represent the third
and sixth largest banks in Indonesia, respectively.

Rating Sensitivities - VRs, IDRs and National Ratings

The VRs could come under pressure should the banks' loss-
absorption capacities weaken in the face of excessive loan growth.
BCA and Panin have above industry average loan growth while
Danamon's loan growth was below in 2012. However, as the 'BB' IDR
of Panin is at the same level as its SRF, the IDR will not be
affected by a downgrade of the bank's VR, unless considerations
underpinning its BB' SRF also weaken.

Rating upside for these banks may result from sustainable
improvements in the broader operating and regulatory environment,
maintaining strong risk-adjusted profitability, high core
capitalization, predominantly deposit-funded balance sheets and
sound asset quality record. There is no rating upside for BCA's
National Ratings as it is already the highest scale. Upward IDR
and National Rating prospects are low for Panin as high loan
growth could derail the Fitch Core Capital lower. Danamon's IDR
and National Ratings are on RWP, and may be resolved once there is
greater clarity on the outcome for DBS's takeover plan and when
the agency has assessed the potential extraordinary support that
DBSGH could provide to Danamon.

Should DBSGH fail to own majority ownership of Danamon, Fitch
believes that the Outlook on Danamon's ratings is likely to return
to Stable given its high capital position, moderate earnings and
modest non-performing loans - amid the ongoing uncertainty in the
global economic environment.

Rating Sensitivities - SRs and SRFs

A change in the government's ability and willingness to provide
extraordinary support would affect these banks' SRs and SRFs.
The list of rating actions is as follows:

BCA:
Long-Term IDR affirmed at 'BBB-'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'AAA(idn)'; Outlook Stable
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Viability Rating affirmed at 'bbb-'

Panin:
Long-Term IDR affirmed at 'BB'; Outlook Stable
Viability Rating affirmed at 'bb'
Support Rating affirmed at '3'
Support Rating Floor assigned at 'BB'

Danamon:
Long-Term IDR at 'BB+'; RWP maintained
Short-Term IDR at 'B'; RWP maintained
National Long-Term Rating at 'AA+(idn)'; RWP maintained
Support Rating of '3'; RWP maintained
Viability Rating affirmed at 'bb+'



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


JAMIE PETERS: Auckland High Court Probes Financial Affairs
----------------------------------------------------------
Georgina Bond at NBR Online reports that former high-flying
property developer Jamie Peters' financial affairs are under
examination by Auckland High Court after a challenge to his
discharge from bankruptcy.

NBR Online says the Official Assignee has refused to automatically
discharge Mr. Peters from bankruptcy after three years and sought
a two-day public examination of him.

A property developer in Auckland and Wellington for more than 20
years, Mr. Peters was made bankrupt in October 2009, owing
creditors NZ$181 million, NBR Online discloses.

According to the report, the Official Assignee, which has been
investigating a series of asset transfers in the lead-up to his
bankruptcy, wants the term extended for another three years.

NBR Online relates that Mr. Peters told the court he lives at 86
Omaha Flats Rd, north of Auckland, with his wife Rebecca Burton
and their young baby daughter.

But he says he also lives for at least four days a week in an
apartment in the Shed 24 complex at Auckland's Princes Wharf,
provided for him by his employer, MHL, the report relays.

NBR Online reports that Mr. Peters said he does not rent the
apartment himself, and does not consider it to be part of his
remuneration package.

He did not believe he was obliged he had to advise the Official
Assignee of his dual residence for the last eight months because
it was provided to benefit his employer by having him in the city
regularly and did not change his income, says NBR Online.

NBR Online adds that Mr. Peters was also asked questions about his
bank accounts, business associates, his wife's income and how his
living expenses are met.

Proceedings before Associate Judge David Abbott are set down for
at least three more days, the report notes.

NBR Online recalls that Mr. Peters was adjudicated bankrupt after
failing to make good on a court order to pay Marac Finance
NZ$3 million, NZ$2.8 million of which was lent for his Gulf
Harbour subdivision.

The former Rich Lister's personal liability for debts relating to
his developments made him more than NZ$100 million in the red,
which he said was directly related to the credit crisis, NBR
Online adds.


ST LAURENCE LIMITED: Receivers Wrap Up Administration
-----------------------------------------------------
Paul McBeth at BusinessDesk reports that St Laurence receivers
Barry Jordan and David Vance of Deloitte have wound up their
administration of the failed lender, recovering 16.7 cents in the
dollar for investors and are leaving the liquidator to deal with
the last loan.

According to BusinessDesk, the receivers made their fourth
distribution of 2.7 cents to investors last month, meaning about
NZ$35.4 million of the NZ$212 million principal owed to about
9,400 debenture holders has been repaid.

Messrs. Jordan and Vance have left one NZ$400,000 loan which is
expected to be realised in the next six months with the Official
Assignee, who is acting as liquidator, the receivers said in their
final report obtained by BusinessDesk.

"The liquidators may be a position to make one final distribution
upon completing their investigation into the affairs of the
companies," the receivers, as cited by BusinessDesk, said.  "This
would be subject to ongoing costs and any legal action that may
have been instigated by the liquidators."

In January, BusinessDesk recalls, the Official Assignee said in
its first report the lender had notified claims totalling NZ$182.2
million, and would carry out preliminary investigations into the
company's affairs.

BusinessDesk notes that the return to investors is at the lower
end of the 15 cents to 22 cents range the receivers had originally
expected and means there won't be any distribution for some
NZ$47.6 million of accrued interest or any amounts available for
unsecured creditors including the capital note holders.

Messrs. Vance and Jordan were unable to get any substantial
recovery from former St Laurence boss Kevin Podmore, who put up a
NZ$20 million personal guarantee at the time of the lender's
moratorium, because he declared himself bankrupt in late December
2011, according to BusinessDesk.

The receivers' were paid total fees of NZ$1.78 million and
disbursement of NZ$156,000 for the three-year administration, the
report adds.

                        About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over
NZ$1.2 billion in assets under management.  Since 1995, it has
been developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

On April 29, 2010, St. Laurence Limited was placed into
receivership, owing 9,000 investors NZ$245 million.  The
company's trustee, Perpetual Trust appointed Barry Jordan and
David Vance of Deloitte as receivers of St. Laurence and some of
its subsidiaries.

The receivership does not include the companies which are the
managers of The National Property Trust, Irongate Property
Limited and its proportionate ownership schemes and syndicates.



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


UNITED COCONUT: Shuts Operations; PCGG Cites Mismanagement
----------------------------------------------------------
The Philippine Daily Inquirer reports that the Presidential
Commission on Good Government (PCGG) said United Coconut Chemicals
Inc., one of the sequestered coco levy-funded companies, has been
shut down due to financial hemorrhage caused by mismanagement by
former President Arroyo-appointed caretakers.

United Coconut was shut down last year, after nearly 30 years of
operation, due to mismanagement starting in 2005 that led to
"unprecedented losses" compounded by the loss of its domestic, US
and European markets for oleochemicals, the Inquirer says.

The Inquirer relates that Cocochem officials appointed under the
Aquino administration discovered that previous Cocochem directors
had contracted questionable services that bled the company while
letting plant equipment deteriorate.

Evelina Patino, Cocochem executive vice president and chief
operating officer, said that by the end of 2011, company losses
totaled $55.3 million resulting in a net equity of $16.6 million,
according to the Inquirer.

"With the expected losses in 2012 of $7.3 million, the company
will be void of any cash reserves to enable it to continue to
operate," the Inquirer quotes Ms. Patino as saying.

On top of the zero cash reserves, Cocochem still owes $65 million
to CIIF Oil Mills, the report notes.

According to the Inquirer, Ms. Patino recently submitted a report
to the PCGG detailing the events that led to the current board of
directors' decision on June 18, 2012, to shut down plant
operations "indefinitely."

On top of the market volatility, the PCGG learned of mismanagement
issues since 2005, under former Cocochem presidents Helen Osias
and Dr. Carlito Puno, the report relays.

"The key to Cocochem's profitability from 1986 to 2005 was the
high operating rate of the plant," the Inquirer quotes Ms. Patino
as saying.  "However in 2006, the management led by Osias
recommended that Cocochem terminate the supply agreement with
Peter Cremer," she said, saying the termination of the contract
led to a 30 percent loss in production volume.

The sales volume dropped even though the same amount of bunker
fuel was used, leading to a net loss that ballooned to
PHP303 million in 2007, the report discloses.

Cocochem is one of the 50 surrendered and sequestered companies
under the PCGG's government-nominated directors.

Cocochem was established in 1981 to boost the local coconut
industry by buying coconut oil and producing oleochemicals such as
fatty alcohol.


* Private Schools Face Bankruptcy Threats on K to 12 Program
------------------------------------------------------------
Philippine Daily Inquirer reports that for private high schools,
colleges and universities, survival is the name of the game when
the roll-out of the K to 12 (kindergarten to Grade 12) reform is
completed.

The Inquirer relates that the mainstreaming of Grades 11 and 12
come 2016 has schools planning ahead to expand to senior high
school while at the same time bracing up for the worst.

"Private schools support the K to 12 because we need it. But the
transition can be dangerous if it's not done properly. There are
basic survival issues," the report quotes Dr. Jose Paulo Campos,
chairman of the Coordinating Council for Private Educational
Associations (Cocopea), one of the country's largest umbrella
organizations of private schools, as saying.

Cocopea, which represents more than 2,000 private schools and five
educational associations, has supported the K to 12 agenda of the
Department of Education (DepEd) to "raise the overall  quality" of
the basic education system, the report notes.

But with the reform, many private colleges and universities
schools face bankruptcy because of disruptions in enrollment, said
Mr. Campos, president of the Emilio Aguinaldo College (EAC) in
Manila, the Inquirer reports.

Although President Aquino signed the law mandating K to 12, many
policy issues remained to be threshed out.

"We are at a crossroads where there has to be a policy decision
and it should be done at the soonest possible time," Mr. Campos,
as cited by the Inquirer, said.

Since high school students will remain in senior high school for
two more years, from 2016 to 2017, there will be no college
freshmen enrollees during these years, the Inquirer states.

The report says the enrollment gap will continue to 2018 and 2019
since there will still be no new enrollees for the third-year and
fourth-year level, affecting graduate courses, like medicine and
law.

According to the Inquirer, Cocopea executive director Joseph Noel
Estrada said while private schools had no choice but to expand to
senior high school, they were also concerned about their
viability.

"Their concern is, students might go to government schools
instead. That is the biggest concern, how private schools will
survive," the report quotes Mr. Estrada as saying.

The Inquirer relates that Mr. Estrada said the enrollment in
private colleges and universities had been falling every year due
to the high cost of tertiary education.

Education Secretary Armin Luistro has expressed hopes that private
schools will be able to absorb up to 40 percent of the more than 2
million senior high school students, the Inquirer adds.



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


PACNET LIMITED: Fitch Rates US$350MM Senior Secured Notes 'BB'
--------------------------------------------------------------
Fitch Ratings has assigned Pacnet Limited's (Pacnet, B/Stable)
proposed USD350m senior secured guaranteed notes due 2020 an
expected rating of 'BB/RR1(EXP)'. The notes will be jointly and
severally guaranteed by all of Pacnet's main income-generating
subsidiaries. Non-guaranteeing subsidiaries comprised 9% of assets
and generated negative EBITDA in 2012.

The final rating on the notes is contingent upon the receipt of
final documents conforming to information already received. The
proceeds from the proposed senior secured guaranteed notes and a
new term loan will be used to refinance the existing USD300m
senior secured guaranteed notes, term loans and vendor financing.

Key Rating Drivers

Fierce competition: The rating reflects the difficult conditions
that Pacnet continues to face in its key markets and Fitch's
expectation that funds flow from operations (FFO)-adjusted net
leverage will be greater than 4.0x for the next 18 months at
least. The ratings also incorporate Pacnet's relatively small
operational scale, the lack of a cash generative local telecoms
business, weak financial position, and strong competition from
better capitalised market participants.

Pacnet competes with large telecoms incumbents in its primary
service offerings, such as managed data connectivity solutions.
The scale of Pacnet's data centre operations is also smaller than
rivals in its key markets.

Substantial execution risk: The rating is also driven by Fitch's
expectation that EBITDA improvement will be slow in the next few
quarters and the execution risk associated with the planned
rollout of data centres in Singapore, China and Hong Kong. We
expect capex to continue to exceed operating cash flow. Successful
execution and rapid take-up of new capacity are critical to long-
term viability.

Negative free cash flow persists: Pacnet has had negative free
cash flow since inception and we expect this to remain for at
least the next two years due to investment in data centres.
However, both maintenance capex and committed capex are low and
therefore the company has some flexibility to manage its cash
requirements should internal funds need to be retained, as the
company has demonstrated in the past.

Restructuring showing results: The company's profitability has
been boosted by the elimination of non-strategic services to small
medium enterprises (SMEs), the termination of wholesale voice
services and a streamlined cost structure. Pacnet's EBITDA
adjusted for non-cash employee share option compensation rebounded
9% sequentially to USD24m in Q113.

High Recovery Rating: The 'RR1' Recovery Rating on the proposed
guaranteed notes reflects Fitch's recovery calculation for the
proposed notes of at least 90%, and therefore under our recovery
rating methodology, the bonds are rated three notches higher than
the IDR. The notes are subordinated to any future debt raised at
non-guarantor subsidiaries. However, Fitch understands that the
company has no plans to raise such funds.

Rating Sensitivities

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

-- FFO-adjusted net leverage rising over 5x and FFO fixed
   charge coverage falling below 2x, both on a sustained basis

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

-- FFO-adjusted net leverage falling below 4x, and FFO fixed
   charge coverage rising above 2.5x both on a sustained basis



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


* Fitch Sees Modest Deterioration in Bank Asset Quality for EMs
---------------------------------------------------------------
Fitch Ratings says in a new special report that it continues to
expect a moderate deterioration in bank asset quality across many
emerging markets (EMs) as loan books season following recent
credit growth. However, in most cases Fitch believes still solid
economic performance will help to limit increases in non-
performing loans (NPLs), and banks' profits and capital should
comfortably absorb impairment charges. The most notable exception
is China, although Negative Outlooks also remain in India,
Slovenia, Argentina and Venezuela.

Asset quality in China remains a concern given the magnitude and
pace of credit growth. A rising share of new credit, particularly
among mid-tier banks, is being booked off-balance sheet,
complicating risk assessments. Loss-absorption capacity is under
pressure, and is likely to be more of an issue as loans season.
Most banks can absorb a rise in delinquencies to mid-single
digits, after which government support may be required.

Fitch expects Indian banks' NPL ratios to increase gradually over
the next few quarters due to the economic slowdown and significant
restructured, but currently performing, infrastructure loans.
However, profits and reserves should absorb credit costs, and the
authorities remain committed to supporting government banks'
capital. Outlooks in other EM Asia banking sectors are stable due
to only a moderate expected increase in credit costs, strong
profit and sound capitalisation.

The sharper-than-expected deceleration of the Brazilian economy,
following recent rapid credit expansion, is causing somewhat
higher impairment in retail/SME portfolios, and the lower policy
rate has put some pressure on margins. However, most banks' still
comfortable capital and liquidity mitigate these concerns.
Elsewhere in LatAm, Outlooks are Stable in Mexico, Chile, Peru and
Colombia, but Negative on Argentine and Venezuelan banks due to
potential macro rebalancing/volatility.

Turkish banks' credit metrics have remained sound after recent
rapid credit growth and the slowdown in 2012. Fitch expects only a
moderate increase in NPLs as loan books season, with economic
growth supporting credit quality. Further erosion of still sound
capital and funding ratios should be limited, given expected loan
growth of 15%-20%.

In Russia, Fitch has concerns about rapid retail loan growth,
legacy corporate asset quality problems, tighter capital and a
slowing economy. Solid performance and capital at some banks
mitigate these risks, while others are more vulnerable. Progress
with loan book clean-ups in Kazakhstan and Ukraine remains
limited.

Slovenian banks need significant recapitalisation due to
increasing, and weakly reserved, NPLs. Elsewhere in central and
eastern Europe, there are signs of NPLs stabilising in some of the
weaker markets, and parent banks remain supportive.

Government stimulus, in particular through infrastructure
spending, should support growth in the GCC, aiding banks'
performance and asset quality, but legacy NPLs are significant in
the UAE and Kuwait. Lower NPLs at South African banks have been
driven in part by low interest rates, but consumer loan growth
creates downside risks.

82% of EM bank IDRs had a Stable Outlook at end-Q113. 15% of
ratings had a Negative Outlook/Watch, with concentrations in
India, Slovenia, Venezuela and Argentina, but this was down from
18% at end-Q312 as South African and Belarusian banks' Outlooks
were revised to Stable following sovereign credit profile changes.


* Moody's Notes Dip in Asian Liquidity Stress Index for May
-----------------------------------------------------------
Moody's Investors Service says that its Asian Liquidity Stress
Index (Asian LSI) declined to 25% in May from 27% in April,
reversing two months of rises.

"The lower reading reflects a net decrease in the number of
companies with Moody's lowest (weakest) speculative-grade
liquidity score (SGL-4) to 28 from 30 in April," says Laura Acres,
a Moody's Senior Vice President.

"The index, which decreases when speculative-grade liquidity
appears to increase, remains in the narrow and elevated range it
has held since hitting a high of 29.1% in October 2012," adds
Acres. "It also remains below the record-high 37% seen during the
fourth quarter of 2008 amid the global financial crisis, but is
well above the all-time low of 9% posted in November 2011."

Acres was speaking on the release of Moody's latest "Asian
Liquidity Stress Index" report.

The liquidity sub-index for Chinese speculative-grade companies
was unchanged at 31.0% in May following two months of modest
increases, says the report. China's high-yield property index was
also flat at 31.4%.

And, after holding steady since January, the Indonesian sub-index
fell to 8.0% from 12.5% due to the departure of one company from
the roster of rated speculative-grade Indonesian companies with an
SGL-4 score.

Meanwhile, the Australian liquidity sub-index also fell, to 7.1%
from 9.1%. The number of Australian companies with an SGL-4 score
was unchanged at one, but three companies joined the list of high-
yield issuers, which caused the index to decline.

The report says the number of high-yield rated bond issuances
slowed further in May with only five companies closing deals, down
from seven companies in April. However, the total amount raised in
May was approximately $2.9 billion, up from $2 billion in April,
and included the $1.7 billion two-tranche deal from Vedanta
Resources, the largest high-yield-bond deal to hit the Asian
markets.

The bond mix in May was more widespread than April, and included
three Chinese companies, and one Indian and one Indonesian
company.

Looking ahead, the high-yield default rate for Asia Pacific (ex-
Japan) corporates will stay at a low 2% in 2013, translating into
one or two potential defaults, according to Moody's Credit
Transition Model (CTM). The rate will trend downward during the
first half of the year and rise mildly in the second half.


* Moody's Sees Rising Spec-Grade Corporate Default Rate in May
--------------------------------------------------------------
Moody's trailing 12-month global speculative-grade default rate
came in at 2.8% in May, up from 2.6% in April and close to its
year-ago forecast of 3.0%, the rating agency says in its latest
monthly default report. At this time last year, the global default
rate stood at 3.0%.

"Corporate defaults remain remarkably stable, even in Europe,
matching our expectations almost exactly," notes Albert Metz,
Managing Director of Credit Policy Research.

Nine Moody's-rated corporate defaults were recorded in May, three
of which were Spanish banks that completed distressed exchanges on
subordinated bonds and hybrid securities.

In the year to date, 34 Moody's-rated corporate issuers have
defaulted: 18 from North America, 12 from Europe and four from
Latin America.

In the US, the speculative-grade default rate finished May at
2.9%, down from 3.1% the prior month. At the end of May last year,
the US rate was 3.1%. In Europe, the rate jumped to 2.9% in May
from 2.0% in April. The European rate ended May 2012 at 3.8%.

Moody's default rate forecasting model now predicts that the
global speculative-grade default rate will finish 2013 at 3.1% and
that thereafter it will edge lower, to 2.5% by the end of May
2014.

Across industries, Moody's continues to expect default rates to be
highest in the Media: Advertising, Printing & Publishing sector in
the US, and the Hotel, Gaming & Leisure sector in Europe.

On a dollar-volume basis, the global speculative-grade bond
default rate came in at 1.7% in May, up from 1.4% the prior month.
The rate was 2.1% at end-May last year.

In the US, the dollar-weighted speculative-grade bond default rate
held steady, at 1.3% from April to May. The comparable rate was
1.6% in May 2012.

In Europe, the dollar-weighted speculative-grade bond default rate
finished May at 3.5%, more than double April's reading of 1.6%.
The European rate finished May at 3.8% last year.

Moody's global distressed index continues its downward path,
falling to 7.3% in May from 8.0% in April. A year ago, the index
stood at 18.6%.

In the leveraged-loan market, two Moody's-rated loan issuers
defaulted in May, one from Canada and the other from the UK. The
trailing 12-month US leveraged loan default rate finished May at
2.5%, down from 2.9% the prior month. This time last year, the
loan default rate stood at 2.1%.


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

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***