TCRAP_Public/130620.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

            Thursday, June 20, 2013, Vol. 16, No. 121


                            Headlines


A U S T R A L I A

DAINTREE ECO-LODGE: Liquidator Puts Spa Up For Sale
LIBERTY SERIES 2013-1: S&P Assigns BB Rating on Class E Notes
MAJOR METALS: Pitcher Partners Seek Buyers For Assets
TINKLER GROUP: Nathan Tinkler Sells Whitehaven Stake For AUD300MM


C H I N A

SUNTECH POWER: European Unit Obtains 6-Months Creditor Reprieve
* Local Government Financing Vehicles a Threat to Chinese Banks


I N D I A

ARMSTRONG SPINNING: CRISIL Ups Ratings on INR281.9MM Loans to B+
INA INDIA: CRISIL Assigns 'B+' Ratings to INR180MM Loans
INDUS MEGA: CRISIL Assigns 'B+' Ratings to INR603.8MM Loans
INLINE 4: CRISIL Rates INR260MM LT Loan at 'CRISIL BB'
LAXMICOTTEX: CRISIL Reaffirms 'B+' Ratings on INR55.3MM Loans

MILESTONE BUILDCON: CRISIL Rates INR1.4BB Term Loan at 'CRISIL B'
PAGODA STEELS: CRISIL Assigns 'B' Ratings to INR150MM Loans
PARAMOUNT FORGE: CRISIL Reaffirms B+ Ratings on INR358.5MM Loans
PIPE DISTRIBUTORS: CRISIL Rates INR70MM Cash Credit at 'BB'
PRASAD COTTON: CRISIL Reaffirms 'B+' Ratings on INR80MM Loans

PRASAD FIBRES: CRISIL Reaffirms 'B+' Rating on INR70MM Loan
SHUBHAM COTTON: CRISIL Assigns 'B' Ratings to INR180MM Loans
SIDDHI VINAYAK: CRISIL Assigns 'B' Ratings to INR56.8MM Loans
ULTRAPURE TECHNOLOGY: CRISIL Rates INR40MM Loan at 'CRISIL BB-'
VSOFT TECHNOLOGIES: CRISIL Cuts Ratings on INR75MM Loans to 'D'


J A P A N

AGURA BOKUJO: Execs Arrested Over Cattle-Breeding Scheme
MLOX4 TRUST: S&P Raises Rating on Class C Notes to BBB- From B-


N E W  Z E A L A N D

MEDIAWORKS NZ: 1,400 Jobs Safe Despite Receivership
MEDIAWORKS NZ: Debt Holders in Talks for Equity Stake
STARPLUS HOMES: Owes Unsecured Creditors More Than NZ$18MM


P A K I S T A N

* Moody's Releases Comparative Study Between Pakistan and Egypt


S I N G A P O R E

FIRST SHIP: Fitch Affirms 'B' Long-Term Issuer Default Rating


T H A I L A N D

ASIAN REINSURANCE: A.M. Best Downgrades FSR to 'B-'
IRPC PUBLIC: S&P Lowers CCR to 'BB+'; Outlook Stable


                            - - - - -


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A U S T R A L I A
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DAINTREE ECO-LODGE: Liquidator Puts Spa Up For Sale
---------------------------------------------------
Dissolve.com.au reports that Daintree Eco Lodge and Spa is up for
sale after it fell into the hands of liquidators. On March 18,
2013, a meeting was held and it was agreed that the company would
be wound up and Todd William Kelly of KPMG was appointed as
liquidator, the report says.

According to the report, the buyer will be able to own a multi-
award winning business and other properties. These include three
different freehold titles that are approximately 13.88 ha in
total.

Daintree Eco-Lodge & Spa was placed into receivership by major
creditor the National Australia Bank in March 4, 2013.

Daintree Eco-Lodge & Spa is an Australian spa that has operated in
Cairns for 18 years.  Daintree Eco-Lodge & Spa, which is a scenic
90 minute drive north of Cairns International Airport, was last
year the only Australian winner in the World Travel Awards 2012,
and includes 15 tree-house style accommodations, Aboriginal
inspired spa therapies and an al fresco restaurant.  The
philosophy of the resort's spa is harmony with nature, essence in
nurture and respect of culture.


LIBERTY SERIES 2013-1: S&P Assigns BB Rating on Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to the
seven classes of small-ticket commercial mortgage-backed,
floating-rate, pass-through notes issued by Liberty Funding Pty
Ltd. in respect of Liberty Series 2013-1 SME.

The ratings reflect:

   -- The two-tier structure of the transaction.  The issuer has
      used the proceeds of the notes to purchase the notes issued
      by Secure Funding Pty Ltd in its capacity as trustee of
      Liberty Series 2013-1 SME Trust (trust notes).  The tenor
      of the notes matches the tenor of the trust notes.

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- The note subordination provided for the class A1 notes,
      which is equal to at least 34.2% of the A$250 million notes
      to be issued; class A2 notes, 23.0%; class B notes, 16.2%;
      class C notes, 10.2%; class D notes, 6.4%; class E notes,
      5.0%; and class F notes, 3.4%.

   -- A liquidity facility to support noteholder payments and
      senior fees, equal to 3.0% of the outstanding balance of
      the invested amount of the rated notes and the stated
      amount of the class G notes, amortizing to a floor of
      A$750,000.

   -- Principal draws, as an additional form of liquidity.
      Principal collections then can be utilized as an additional
      form of liquidity to meet any short-term liquidity
      shortfalls.

   -- The provision of the guarantee fee reserve account
      established and maintained through the trapping of excess
      spread on each payment date up to a maximum limit of
      A$1,000,000.  The reserve account may be utilized to meet
      current loan losses, and/or as liquidity support for
      required payments.

   -- The interest-rate swap agreement with Westpac Banking Corp.
      to hedge any receipts from fixed-rate mortgage loans
      against the floating-rate obligations of the issuer trust.

A copy of Standard & Poor's complete report for Liberty Series
2013-1 SME can be found on Global Credit Portal, Standard & Poor's
Web-based credit analysis system, at:

                 http://www.globalcreditportal.com

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments the subject
of this press release or whether relevant information remains non-
public.

          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 Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

        http://standardandpoorsdisclosure-17g7.com/1609.pdf

REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

RATINGS ASSIGNED

Class     Rating        Amount (mil. A$)
A1        AAA (sf)      164.5
A2        AAA (sf)       28.0
B         AA (sf)        17.0
C         A (sf)         15.0
D         BBB (sf)        9.5
E         BB (sf)         3.5
F         B (sf)          4.0
G         N.R.            8.5
N.R.--Not rated.


MAJOR METALS: Pitcher Partners Seek Buyers For Assets
-----------------------------------------------------
Dissolve.com.au reports that Pitcher Partners is seeking
expressions of interest for the assets and business of Major
Metals (NSW) Pty Ltd.  Paul Gerard Weston was appointed as
administrator, the report relays.

Dissolve.com.au says the assets for sale include goodwill, stock
and steel fabrication equipment and plant, the report discloses.

Major Metals, which was founded in 1993, operates from 2 1.18
hectares of lots located in Moree, New South Wales.  These lots
are available for purchase or lease, the report adds.


TINKLER GROUP: Nathan Tinkler Sells Whitehaven Stake For AUD300MM
-----------------------------------------------------------------
Australian Associated Press reports that entrepreneur Nathan
Tinkler has sold about half of his stake in miner Whitehaven Coal
to his financier Farallon Funds.

AAP relates that the financially troubled businessman has sold a
stake of 9.9 per cent for about AUD300 million, or AUD2.96 a
share, to the US investment firm.  It cuts down his own stake to
less than 10 per cent, the report relays.

The Whitehaven holding represented the one-time billionaire's
major asset, according to the report.

Farallon is now Whitehaven's largest shareholder with a
16.6 per cent stake, the report notes.

According to AAP, the announcement of the sale comes 11 days
before a deadline for Mr. Tinkler to pay ASX listed Blackwood Corp
AUD12 million.  That agreement was made following a legal dispute
with Mr. Tinkler over AUD28.4 million owed by his Mulsanne
Resources to Blackwood.

Bloomberg News recalled Mr. Tinkler last month put up for sale his
Patinack Farm thoroughbred breeding and racing business, including
1,000 racehorses, stallions and broodmares, saying he didn't have
time to manage the operation.  Bloomberg related that Mr. Tinkler,
who last year abandoned a AUD5.3 billion ($5.2 billion) bid for
Whitehaven Coal Ltd., is struggling to meet creditors' demands,
with several of his companies threatened with liquidation.

Among those suing Mr. Tinkler and his wife is BKK Partners Pty,
which advised him on his Whitehaven bid. BKK claimed Tinkler Group
Pty failed to pay AUD220,000 for advisory work, Bloomberg added.



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C H I N A
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SUNTECH POWER: European Unit Obtains 6-Months Creditor Reprieve
---------------------------------------------------------------
Ehren Goossens at Bloomberg News reports that Suntech Power
Holdings Co. said Swiss judicial authorities extended a moratorium
on creditor claims on its European unit.

Suntech Power International Ltd. was granted a six month
moratorium in Schaffhausen, Switzerland, that may be extended, the
Wuxi, China-based company said in a statement obtained by
Bloomberg News.

"The definitive moratorium allows SPI time to restructure debt and
reach an agreement with creditors," Suntech Chief Executive
Officer David King said in the statement. "SPI will continue
normal operations during this process.

The European unit was granted a two-month provisional moratorium
on creditor claims on April 9, the report notes.

                        About Suntech Power

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

Suntech Power Holdings said that on March 18, 2013, a group of
eight Chinese banks filed a petition for insolvency and
restructuring of its Chinese subsidiary Wuxi Suntech Power
Holdings Co., Ltd., in the Wuxi Municipal Intermediate People's
Court in Jiangsu Province, China.  Wuxi Suntech notified the Court
that it will not file an objection against the petition.

In April 2013, the Wuxi Municipal Intermediate People's Court in
Jiangsu Province, China, formally accepted the petition for the
insolvency and restructuring of Wuxi Suntech.

Suntech Power has not commenced insolvency proceedings, nor have
any of the Company's other principal operating subsidiaries.  The
Company is not aware of any similar proceedings regarding any of
its other entities.


* Local Government Financing Vehicles a Threat to Chinese Banks
---------------------------------------------------------------
Moody's Investors Service says that exposures to local government
financing vehicles (LGFVs) represent a key risk for Chinese banks,
reflecting the LGFVs' weak standalone credit profiles and the fact
that they accounted for 14% of total bank loans at end-2012.

In addition, while the ultimate amount of bank losses will depend
on the extent to which local governments are prepared to support
their LGFVs, the sector's high dependence on external support
poses a risk that is further reflected in Moody's own credit
analysis and ratings of the Chinese banks themselves.

Moody's says that its assessment of the financial state of the
LGFVs -- which are used by many of China's local governments to
raise funding -- is based partly on its analysis of 388 city
construction investment companies, a proxy for the LGFVs.

Moody's conclusions were contained in its just-released special
comment "Loans to Local Government Financing Vehicles Pose Risks
to Chinese Banks."

According to the report, in recent years, many of the city
construction investment companies have seen their cash flows
stagnate or decline, while their debt levels have risen.

In this context, on a standalone basis, only 53% of the surveyed
companies -- according to Moody's -- now have sufficient cash
resources to cover estimated debt and interest payments in 2013
without resorting to refinancing.

And while arguing that the extent of losses to the banks would, as
indicated, depend on the degree to which local governments and
regulators support the LGFVs, Moody's notes that several
developments may challenge their ability to provide assistance in
the future.

For example, slower revenue growth at some local governments will
constrain their capacity to provide support while regulators are
also limiting local governments' ability to inject land reserves
into their LGFVs.

In addition, access to funding may be affected by regulatory
restrictions on the use of shadow banking products to fund LGFV
projects and by regulatory guidance limiting future bank lending
to LGFVs.

To date, though, despite a few reports about payment problems,
local government support has been forthcoming, says the Moody's
special comment. As a result of such support, and not because of
the LGFVs' intrinsic financial strength, banks' reported non-
performing loans (NPLs) remain low, around or below 0.5% of their
total LGFV loans.

Local government support to the LGFVs has come in the form of
subsidies, capital injections and involvement in debt
renegotiations.

Finally, while LGFV loans are typically collateralized, precedents
of Chinese banks acquiring and selling collateral from their
quasi-governmental borrowers are few, if any. Consequently, there
is a high degree of uncertainty regarding the actual protection
offered by such collateral.



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ARMSTRONG SPINNING: CRISIL Ups Ratings on INR281.9MM Loans to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Armstrong Spinning Mills Pvt Ltd to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', while reaffirming the rating on
the company's short-term bank facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan          110.6     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Cash Credit             125.0     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit         25.0     CRISIL A4 (Reaffirmed)


   Bank Guarantee            2.0     CRISIL A4 (Reaffirmed)


   Proposed Long-Term       46.3     CRISIL B+/Stable (Upgraded
   bank loan facility                from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that ASMPL's financial
risk profile will improve over the medium term, driven by steady
growth in revenues and adequate cash accruals; ASMPL is expected
to post cash accruals of around INR85 million per annum vis--vis
annual term debt obligations of around INR63 million over the
medium term. ASMPL's operating margin is estimated to have
increased to around 13.5 per cent in 2012-13 (refers to financial
year, April 1 to March 31) from 11.1 per cent in 2011-12, along
with increase in its scale of operations. CRISIL believes that
ASMPL's liquidity will remain adequate on the back of steady cash
accruals.

The ratings reflect ASMPL's below-average financial risk profile,
marked by a leveraged capital structure, and its susceptibility to
volatility in raw material prices and to power shortage in Tamil
Nadu, where its manufacturing unit is located. These rating
weaknesses are partially offset by the industry experience ASMPL's
promoter, and the company's expertise in manufacturing yarn from
organic cotton.

Outlook: Stable

CRISIL believes that ASMPL will continue to benefit over the
medium term from its promoter's industry experience. The outlook
may be revised to 'Positive' if the company reports sustained
increase in its cash accruals, thus leading to steady improvement
in its liquidity and capital structure. Conversely, the outlook
may be revised to 'Negative' if ASMPL undertakes a larger-than-
expected debt-funded capital expenditure programme, or its
revenues and cash accruals decline, leading to deterioration in
its financial risk profile.

Set up in 1996, ASMPL manufactures cotton yarn. The company is
part of the Tirupur (Tamil Nadu)-based Armstrong group, which
undertakes cotton spinning, processing, and knitting.

For 2011-12, ASMPL reported a net loss of INR3.8 million on an
operating income of INR806 million, against a profit after tax of
INR7.6 million on an operating income of INR951 million for 2010-
11.


INA INDIA: CRISIL Assigns 'B+' Ratings to INR180MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of INA India Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       40       CRISIL B+/Stable
   Bank Loan Facility

   Bill Discounting         20       CRISIL B+/Stable

   Cash Credit             120       CRISIL B+/Stable

The rating reflects INA's below-average financial risk profile,
marked by small net worth, high gearing, and average debt
protection metrics. The rating also factors in INA's exposure to
risks relating to modest scale of operations, and to fluctuations
in raw material prices. These rating weaknesses are partially
offset by the extensive experience of INA's promoters and their
funding support.

Outlook: Stable

CRISIL believes that INA will continue to benefit over the medium
term from its promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' in case
of significantly higher-than-expected cash accruals or substantial
equity infusion along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected cash accruals or larger-than-expected working
capital requirements or large debt-funded capital expenditure
pressurising the company's liquidity.

Incorporated in 1997 by Mr. Neeraj Chhabra and his family, INA
manufactures methanol-based organic chemical, formaldehyde, and
its derivative, amino resin. The company is headquartered in
Bangalore, Karnataka.


INDUS MEGA: CRISIL Assigns 'B+' Ratings to INR603.8MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Indus Mega Food Park Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Export Performance       90       CRISIL B+/Stable
   Guarantee

   Long-Term Loan           513.8    CRISIL B+/Stable

The rating reflects the susceptibility of IMFPPL's business risk
profile to risks related to project implementation and offtake,
and intense competition in the cold storage industry. These rating
strengths are partially offset by the extensive experience of
IMFPPL's promoters in the food processing industry, and favorable
central government policies towards mega food park projects.

Outlook: Stable

CRISIL believes that IMFPPL will benefit from its promoters'
extensive experience in the food processing and packaging
industry, and favorable government policies towards mega food park
projects over the medium term. The outlook may be revised to
'Positive' if IMFPPL commissions its mega food park project
without any significant time or cost overruns and records a
significantly high offtake, resulting in substantial cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the company significantly delays commencing its commercial
operations, witnesses lower-than-expected off take, or incurs
significant time or cost overruns, resulting in a constrained
financial risk profile.

IMFPPL, incorporated in 2010, is currently setting up a mega food
park under the Ministry of Food Processing Industry's (MOFPI,
Government of India [GOI]) Mega Food Parks scheme in Madhya
Pradesh. The company is promoted by Mr. K.V. Raju.


INLINE 4: CRISIL Rates INR260MM LT Loan at 'CRISIL BB'
------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Inline 4 Motors Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       260      CRISIL BB/Stable
   Bank Loan Facility

The ratings reflect the company's association with strong,
established brands like Jaguar, Land Rover and Range Rover (JLR);
and the financial flexibility provided by its currently low
gearing, and moderate net worth levels. These rating strengths are
offset by Inline's limited track record in the automobile sector,
and the working capital intensity inherent in the business.

Outlook: Stable

CRISIL expects that Inline will maintain its credit profile on the
back of the strong brand equity of Jaguar and Land Rover vehicles.
The outlook may be revised to 'Positive' if the company posts
sustained improvement in profitability, leading to improvement in
accruals generated, and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the company's working
capital requirements increase substantially or if it undertakes
large, debt-funded capital expenditure, possibly for setting up
new outlets, leading to weakening of financial risk profile.

Inline is the sole authorised dealer for JLR cars for Andhra
Pradesh (AP). The company started operations in 2010, and
currently operates one store, in Hyderabad (AP). Inline is
currently held by Mrs. E. Avanti Reddy, Mr. E. Venkatram Reddy,
Mr. Vivekananda Reddy and Mr. N. Krishnan.

For the year 2011-12 (refers to financial year April 1-March 31),
the company reported profit after tax (PAT) of INR10.2 million on
net sales of INR732.5 million.


LAXMICOTTEX: CRISIL Reaffirms 'B+' Ratings on INR55.3MM Loans
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of LaxmiCottex
continue to reflects the firm's below average financial risk
profile, marked by high gearing and average debt protection
metrics, its modest scale of operations in a fragmented and
competitive industry, and exposure to adverse regulatory changes.
These rating weaknesses are partially offset by the benefits that
LC derives from its partners' extensive experience in the cotton
industry and its proximity to the cotton-growing belt in Gujarat.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            50.0     CRISIL B+/Stable (Reaffirmed)
   Term Loan               5.3     CRISIL B+/Stable (Reaffirmed)

Update:

For 2012-13(refers to financial year, April 1 to March 31), LC has
registered estimated revenues of INR358 million broadly in line
with CRISIL's expectations. The firm now plans to increase its
ginning capacity by around 50 bales per day(bpd) to 300 bpd, which
is expected to result in increase in revenues by over 15 per cent
over the medium term LC's operating margin for 2012-13 remained
modest at around 3 per cent in line with CRISIL's expectations.
CRISIL believes that the fragmented nature of the industry will
continue to restrict LC's bargaining power, thus leading to
continued modest operating margins over the medium term.

The firm's financial risk profile remained below average marked by
its modest networth estimated at INR25 million and high gearing
estimated at 2.2 times as on March 31 2013. Incremental capex for
increasing the ginning capacity, estimated at INR25 million, is
expected to be debt funded to the extent of 75 per cent. This will
result in continued high gearing over the medium term. Liquidity
of the firm remained weak due to limited financial flexibility and
low cash accruals, though the same was sufficient to meet its debt
repayment obligations. The firm's bank limits remained moderately
utilised with average bank limit utilisation of 78 per cent for
the twelve months through December 2012.

Outlook: Stable

CRISIL believes that LC will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm significantly improves
its scale of operations and profitability or if its capital
structure improves significantly either by equity infusion or
higher-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if the firm's financial risk profile
deteriorates further, most likely because of large, incremental
working capital requirements, or if the firm undertakes any large
debt-funded capex

LC is a partnership firm promoted by Mr. Mahesh Patel, Mr.
PravinKhunt, Mr. Harshad Viramgama, Mr.Bhupat Kavathia, and Mr.
Sanjay Patel. The firm has a cotton-ginning unit at Babra in
Amreli (Gujarat) with capacity of 250 bpd.


MILESTONE BUILDCON: CRISIL Rates INR1.4BB Term Loan at 'CRISIL B'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the rupee term
loan facility of Milestone Buildcon Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan          1,400    CRISIL B/Stable

The rating reflects MBPL's exposure to implementation risks
associated with its ongoing information technology (IT) special
economic zone (SEZ) project in Bengaluru (Karnataka) and exposure
to risks related to cyclicality in Indian real estate industry.
These rating weaknesses are partially offset by the operational
and financial support that MBPL receives from its promoters, the
Bhartiya group.

Outlook: Stable

CRISIL believes that MBPL will receive operational and financial
support from the Bhartiya group to operationalise the project; as
well as to service its debt in a timely manner. The outlook may be
revised to 'Positive' if MBPL completes its ongoing project ahead
of schedule and generates healthy operational cash flows.
Conversely, the outlook may be revised to 'Negative' if the
company faces any delay in its project, or if it generates less-
than-expected cash flows.

MBPL is a wholly-owned subsidiary of Bhartiya Urban Infrastructure
& Land Development Co Pvt Ltd, which was incorporated in 2006 by
the Bhartiya group. MBPL is currently developing an IT SEZ at
Bhartiya City Bengaluru. In the first phase of the project, the
company will develop a leasable area of 0.571 million square feet
at a total project cost of INR2213 million by March 2015.

The group has a long operating history of over two decades in the
fashion business through Bhartiya International Ltd (BIL), which
exports leather garments and accessories for brands such as Zara,
Mango, Louis Vuitton, and Tommy Hilfiger.

For 2011-12 (refers to financial year, April 1 to March 31), BIL
reported a net profit of INR115 million on net sales of INR2.32
billion, against a net profit of INR64 million on net sales of
INR1.79 billion for 2010-11.


PAGODA STEELS: CRISIL Assigns 'B' Ratings to INR150MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Pagoda Steels Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               24.1      CRISIL B/Stable
   Cash Credit            120.0      CRISIL B/Stable
   Proposed Long-Term       5.9      CRISIL B/Stable
   Bank Loan Facility

The rating reflects PSPL's modest scale of operations in the
highly-competitive TMT bars manufacturing industry and weak
financial risk profile marked by modest net worth, high gearing
and subdued debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of PSPL's
promoters.

Outlook: Stable

CRISIL believes that PSPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
significant growth in its revenues and profitability, while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if PSPL reports lower-than-expected revenues
or profitability, or faces a significant stretch in its working
capital cycle, leading to pressure on its liquidity and financial
risk profile.

PSPL was established in the year 2005 by Mr. Pradeep Tyagi and his
friend Mr. Kamalsingh. In 2012 there was a change in the
management of PSPL with Bhavnagar-based Patel family managing the
entity. Currently the transfer of ownership to the Patel family is
under process. The company is engaged in manufacture and sale of
TMT bars under the brand name 'Pagoda'. PSPL has its manufacturing
facility located at Bhavnagar (Gujarat)

PSPL reported a net loss of INR127.7 million on net sales of
INR938 million for 2011-12 (refers to financial year, April 1 to
March 31), as against a profit after tax (PAT) of INR3.2 million
on net sales of INR672.6 million for 2010-11.


PARAMOUNT FORGE: CRISIL Reaffirms B+ Ratings on INR358.5MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Paramount Forge
continue to reflect the firm's weak liquidity primarily because of
large working capital requirements and limited bargaining power
with large customers. These rating weaknesses are partially offset
by Paramount's established position in the forged flanges industry
supported by reputed customer profile.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           40      CRISIL A4 (Reaffirmed)

   Cash Credit              95      CRISIL B+/Stable (Reaffirmed)

   Foreign Currency         70      CRISIL B+/Stable (Reaffirmed)
   Term Loan

   Proposed Long-Term       193.5   CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that Paramount will benefit from its established
track record of operations in the industry. The outlook may be
revised to 'Positive' in case of improvement of working capital
management leading to improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected profitability or larger-than-expected debt-
funded capital expenditure (capex) resulting in deterioration in
the firm's financial risk profile.

Update:

Paramount's revenues have increased to INR830 million in 2012-13
as against INR787 million in 2011-12 (refers to financial year,
April 1 to March 31) on the back of improvement in the utilisation
of its new capacity at Raigad (Maharashtra). Revenue increased to
INR787 million in 2011-12 from INR541 million in 2010-11. The
operating margin improved to 10.3 per cent in 2011-12 from 5.9 per
cent in 2010-11 on account of economies of scale and has remained
stable at 10.3 per cent in 2012-13. Revenue is expected to further
grow to INR900 million in 2013-14 and the operating margin is
expected to remain stable.

The working capital requirements of Paramount have remained stable
in the past three years. The gross current assets have been in the
range of 150 to 190 days in the past three years whereas in 2012-
13, it is estimated to improve to 150 days.

Paramount's gearing is expected to improve to 1.5 times against
2.15 times in 2011-12 mainly on account of repayment of term
loans. The debt protection metrics are expected to remain moderate
in 2012-13 with interest coverage ratio expected at 3 times and
Net Cash Accruals to Total Debt ratio at 0.27 times.

The average bank limit utilisation was at 100 per cent throughout
twelve months through December 2012 mainly on account of high
working capital requirements of the firm. The firm is expecting an
enhancement in the bank lines in near term to meet the additional
requirements. However, absence of any major debt-funded capex and
adequate net cash accruals against term loan repayment obligations
of INR23 million support Paramount's overall liquidity. As on
March 31, 2012, the firm's current ratio was low at 0.88 times and
the unencumbered cash balances were low at INR1 million.

Paramount reported profit after tax (PAT) of INR0.9 million on net
sales of INR706 million for 2011-12 as against loss of INR5.3
million on net sales of INR477 million for 2010-11.

Paramount was set up in 1996 as a partnership firm by members of
the Hararwala and Bhagat families. The firm manufactures and
exports carbon steel, stainless steel, and alloy steel forged
flanges used in pipe fittings used by the oil and gas and
petrochemicals industries.


PIPE DISTRIBUTORS: CRISIL Rates INR70MM Cash Credit at 'BB'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facility of Pipe Distributors (PD; part of the Pipefield
group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70       CRISIL BB/Stable

The rating reflects the Pipefield group's established market
position and the extensive experience of its promoter in trading
in roofing products. These rating strengths are partially offset
by the group's modest financial risk profile, marked by a modest
net worth, high total outside liabilities to tangible net worth
ratio, and average debt protection metrics. The rating also
factors in the Pipefield group's exposure to risks related to
intense competition in the steel trading industry and fluctuation
in raw material prices.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PD and Pipe Field (PF). This is because
both these entities, together referred to as the Pipefield group,
are under the same management team. Moreover, both PF and PD have
considerable operational and business linkages with each other.

Outlook: Stable

CRISIL believes that the Pipefield group will continue to benefit
over the medium term from its promoter's experience in roofing
products. The outlook may be revised to 'Positive' if the
Pipefield group's financial risk profile improves, most likely
through significant increase in its revenues and profitability.
Conversely, the outlook may be revised to 'Negative' if the group
reports lower-than-expected revenues and profitability, or if it
undertakes a substantial, debt-funded capital expenditure
programme, resulting deterioration in its financial risk profile.

Established in 1982, PD trades in steel products such as mild
steel pipes and strips. The firm is based in Ernakulum (Kerala).
Established in 1988 and based out of Kozhikode (Kerala), PF trades
in mild steel pipes and strips. The group is promoted by Mr. P
Bhaskaran and his family.

The Pipefield group reported a profit after tax (PAT) of INR14.5
million on net sales of INR1.24 billion for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR10.5
million on net sales of INR1.17 billion for 2010-11.


PRASAD COTTON: CRISIL Reaffirms 'B+' Ratings on INR80MM Loans
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Prasad Cotton
Industries (PCI; part of the Prasad group) continues to reflect
the Prasad group's modest scale of operations, limited pricing
flexibility, and vulnerability to volatility in raw material
prices and to any changes in the regulatory environment. The
rating is also constrained by Prasad group's average financial
risk profile marked by small net worth, high gearing, and subdued
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of the Prasad group's promoters
in the cotton ginning industry and its established clientele.

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

   Term Loan               10       CRISIL B+/Stable (Reaffirmed)

   Cash Credit             60       CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PCI and Prasad Fibres Pvt Ltd,
collectively referred to as the Prasad group. The consolidated
approach is because the two entities are in the same line of
business, under a common management, and have significant
operational synergies between them.

CRISIL has also treated Prasad group's unsecured loans of INR29.6
million, outstanding as on March 31, 2012, extended by the
promoters and other affiliates, neither debt-nor-equity as they
are expected to be retained into the business over the medium
term.

Outlook: Stable

CRISIL believes that the Prasad group will continue to benefit
over the medium term from the extensive industry experience of its
promoters and its established relationships with suppliers and
customers. The outlook may be revised to 'Positive' if there is
significant increase in the Prasad group's scale of operations,
while it improves its profitability margins and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in the group's revenues or profitability or if
its capital structure weakens on account of large working capital
requirements.

Update

Prasad group's operating income declined by about 10 per cent to
INR445 million in 2011-12 (refers to financial year, April 1 to
March 31) from INR492 million in the previous year; the modest
revenue growth was driven mainly by a decline in cotton prices
following the government ban on cotton exports in 2011-12. The
group's revenue growth is estimated to increase by around 40 per
cent in 2012-13 due to the increase in volume sales driven by
strong demand from its domestic customers. Prasad group's
operating margin is estimated to decline to around 4 per cent in
2012-13 as against 4.5 per cent in the preceding year. The decline
in operating margins is due to volatility in cotton prices during
the year. Over the medium term the operating profitability for the
group is expected to remain under 4 per cent.

Prasad group's working capital requirements have remained high;
the group's debtor, inventory, and creditor levels stood at 46
days of sales, 114 days of sales, and 28 days of purchase,
respectively, as on March 31, 2012, resulting in gross current
assets of 169 days as on this date. In 2012-13, the group's
working capital cycle has remained in line with the earlier
estimates, and is expected to remain moderate over the medium
term.

Prasad group's financial risk profile has remained average, marked
by high gearing, a small net worth and modest debt protection
metrics. It had a high gearing of 2.9 times as on March 31, 2012,
mainly because of a small net worth base of
INR45 million as against sizeable bank borrowings to fund its
incremental working capital requirements. The group's net worth
has remained small due to its low accretion to reserves. Over the
medium term, the net worth is expected to remain small and as a
result the gearing is expected to remain above 2 times.The group's
debt protection metrics have remained modest because of its low
accretion to reserves. Prasad group's interest coverage and net
cash accruals to total debt ratios are expected to remain below 2
times and 0.09 times, respectively, over the medium term.

Prasad group's liquidity has remained adequate. Its net cash
accruals for 2013-14 is expected around INR13 million against its
term loan repayment obligations of around INR2.1 million. The
group's bank limits were moderately utilized at an average of 60
per cent through March-2013, while its peak season utilization
(between December to March) has remained around 95 per cent.

Established by members of the Soni family, the Prasad group has
been in the cotton ginning and pressing business for around a
decade. The group is jointly managed by Mr. Ramprasad Soni and his
brothers, Mr. Hariprasad Soni, Mr. Dwarkaprasad Soni, and Mr.
Shivprasad Soni. PCI was set up in 2003 and PFPL was set up in
2008. The two entities process raw cotton (kapas) into cotton
bales and cotton seeds, and mainly cater to the domestic market.

For 2011-12 (refers to financial year, April 1 to March 31), PCI
reported a profit after tax (PAT) of INR2 million on net sales of
INR277 million, against a PAT of INR5 million on net sales of
INR270 million for 2010-11.


PRASAD FIBRES: CRISIL Reaffirms 'B+' Rating on INR70MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Prasad Fibres
Pvt Ltd (PFPL; part of the Prasad group) continues to reflect the
Prasad group's modest scale of operations, limited pricing
flexibility, and vulnerability to volatility in raw material
prices and to any changes in the regulatory environment. The
rating is also constrained by Prasad group's average financial
risk profile marked by small net worth, high gearing, and subdued
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of the Prasad group's promoters
in the cotton ginning industry and its established clientele.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              70       CRISIL B+/Stable
                                     (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Prasad Cotton Industries (PCI) and PFPL
collectively referred to as the Prasad group. The consolidated
approach is because the two entities are in the same line of
business, under a common management, and have significant
operational synergies between them.

CRISIL has also treated Prasad group's unsecured loans of INR29.6
million, outstanding as on March 31, 2012, extended by the
promoters and other affiliates, neither debt-nor-equity as they
are expected to be retained into the business over the medium
term.

Outlook: Stable

CRISIL believes that the Prasad group will continue to benefit
over the medium term from the extensive industry experience of its
promoters and its established relationships with suppliers and
customers. The outlook may be revised to 'Positive' if there is
significant increase in the Prasad group's scale of operations,
while it improves its profitability margins and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in the group's revenues or profitability or if
its capital structure weakens on account of large working capital
requirements.

Update

Prasad group's operating income declined by about 10 per cent to
INR445 million in 2011-12 (refers to financial year, April 1 to
March 31) from INR492 million in the previous year; the modest
revenue growth was driven mainly by a decline in cotton prices
following the government ban on cotton exports in 2011-12. The
group's revenue growth is estimated to increase by around 40 per
cent in 2012-13 due to the increase in volume sales driven by
strong demand from its domestic customers. Prasad group's
operating margin is estimated to decline to around 4 per cent in
2012-13 as against 4.5 per cent in the preceding year. The decline
in operating margins is due to volatility in cotton prices during
the year. Over the medium term the operating profitability for the
group is expected to remain under 4 per cent.

Prasad group's working capital requirements have remained high;
the group's debtor, inventory, and creditor levels stood at 46
days of sales, 114 days of sales, and 28 days of purchase,
respectively, as on March 31, 2012, resulting in gross current
assets of 169 days as on this date. In 2012-13, the group's
working capital cycle has remained in line with the earlier
estimates, and is expected to remain moderate over the medium
term.

Prasad group's financial risk profile has remained average, marked
by high gearing, a small net worth and modest debt protection
metrics. It had a high gearing of 2.9 times as on March 31, 2012,
mainly because of a small net worth base of
INR45 million as against sizeable bank borrowings to fund its
incremental working capital requirements. The group's net worth
has remained small due to its low accretion to reserves. Over the
medium term, the net worth is expected to remain small and as a
result the gearing is expected to remain above 2 times.The group's
debt protection metrics have remained modest because of its low
accretion to reserves. Prasad group's interest coverage and net
cash accruals to total debt ratios are expected to remain below 2
times and 0.09 times, respectively, over the medium term.

Prasad group's liquidity has remained adequate. Its net cash
accruals for 2013-14 is expected around INR13 million against its
term loan repayment obligations of around INR2.1 million. The
group's bank limits were moderately utilized at an average of 60
per cent through March-2013, while its peak season utilization
(between December to March) has remained around 95 per cent.

Established by members of the Soni family, the Prasad group has
been in the cotton ginning and pressing business for around a
decade. The group is jointly managed by Mr. Ramprasad Soni and his
brothers, Mr. Hariprasad Soni, Mr. Dwarkaprasad Soni, and Mr.
Shivprasad Soni. PCI was set up in 2003 and PFPL was set up in
2008. The two entities process raw cotton (kapas) into cotton
bales and cotton seeds, and mainly cater to the domestic market.

For 2011-12 (refers to financial year, April 1 to March 31), PFPL
reported a profit after tax (PAT) of INR1 million on net sales of
INR444 million, against a PAT of INR10 million on net sales of
INR491 million for 2010-11.


SHUBHAM COTTON: CRISIL Assigns 'B' Ratings to INR180MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shubham Cotton Mills Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              175      CRISIL B/Stable
   Term Loan                  5      CRISIL B/Stable

The rating reflects the customer concentration risks in SCML's
revenues and its below-average financial risk profile, marked by
high gearing. These rating weaknesses are partially offset by the
extensive experience of SCML's promoters in the cotton ginning and
guar gum industries.

Outlook: Stable

CRISIL believes that SCML will benefit from the extensive
experience of its promoters in the cotton ginning and guar gum
industry. The outlook may be revised to 'Positive' in case of
significant improvement in SCML's profitability, resulting in
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case it undertakes more-than-expected,
debt-funded capex programme, resulting in further deterioration in
its financial risk profile or in case of an increase in its
working capital requirements.

SCML, incorporated as a private limited company in 1988, is
engaged in the ginning of cotton, extraction of oil from cotton
seeds and manufacture of guar gum and its by-products churi and
korma. The company has its processing and manufacturing unit in
Ellenabad (Sirsa; Haryana). The company was taken over by the
current promoters Mr. Vinod Kumar, his cousin, Mr. Naresh Kumar
and their uncle, Mr. Mukesh Kumar in 2003 from Mr. Ajay Kumar, Mr.
Raj Kumar and Mr. Prem Kumar.

SCML's net profit and net sales are estimated at INR0.39 million
and INR1823 million, respectively, for 2011-12 (refers to
financial year, April 1 to March 31); the company reported a net
profit of INR0.31 million on net sales of INR628 million for 2010-
11. The company is expected to register sales of INR2330 million
for 2012-13.


SIDDHI VINAYAK: CRISIL Assigns 'B' Ratings to INR56.8MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Siddhi Vinayak Cotton Industries (Bhavnagar).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              55.0     CRISIL B/Stable
   Proposed Long-Term        1.8     CRISIL B/Stable
   Bank Loan Facility

The rating reflects SVCI's modest scale of operations with low
profitability, and susceptibility to volatility in cotton prices;
the rating also factors in the firm's below-average financial risk
profile marked by a small net worth, a high gearing, and weak debt
protection metrics. .These rating weaknesses are partially offset
by the extensive industry experience of SVCI's proprietor and the
funding support that the firm receives from him.

Outlook: Stable

CRISIL believes that SVCI will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case the firm
significantly improves its scale of operations and profitability,
leading to better-than-expected cash accruals, or a substantial
capital infusion along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case SVCI
generates lower-than-expected cash accruals or if its working
capital requirements are larger than expected, or if the firm
undertakes a large, debt-funded capital expenditure programme,
thereby weakening its liquidity.

SVCI, established in 2007, operates a cotton ginning and pressing
unit in Palitana (Gujarat). The firm is owned and managed by Mr.
Bharatbhai Kukadiya.


ULTRAPURE TECHNOLOGY: CRISIL Rates INR40MM Loan at 'CRISIL BB-'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Ultrapure Technology & Appliances India
Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               40      CRISIL BB-/Stable
   Letter of Credit          30      CRISIL A4+

The ratings reflect the extensive experience of UTAL's promoters
in the kitchen appliances industry, and the company's established
relationship with its principal, Cata, Spain. The ratings also
factor in UTAL's moderate financial risk profile, marked by a
moderate capital structure and moderate debt protection metrics.
These rating strengths are partially offset by UTAL's modest scale
of operations in the kitchen appliances industry, working-capital-
intensive operations, and high supplier concentration.

Outlook: Stable

CRISIL believes that UTAL will continue to benefit over the medium
term from its promoters' extensive experience in the kitchen
appliances industry and its established relationship with its
principal Cata, Spain. The outlook may be revised to 'Positive' in
case UTAL registers substantial improvement in its scale of
operations, while it improves its operating profitability and
maintains its existing financial risk profile. Conversely, the
outlook may be revised to 'Negative' if UTAL registers significant
decline in its revenues or operating profitability or
deterioration in its working capital management, or if it
undertakes a large, debt-funded capital expenditure programme,
leading to weakening of its financial risk profile.

UTAL was established in 1992 by Mr. Dinesh Sharma and Mr. Shiraz H
Naqvi. It manufactures, and trades in, chimneys, kitchen
accessories, and modular kitchens. The company markets its
products under the brands, Cata and Ultrafresh. Its manufacturing
facilities are at Bhiwadi (Rajasthan) and Nalagarh (Himachal
Pradesh).

UTAL reported a profit after tax (PAT) of INR3.0 million on net
revenues of INR244.1 million for 2011-12 (refers to financial
year, April 1 to March 31), against a PAT of INR3.3 million on net
sales of INR240.0 million for 2010-11. The company's net revenues
for 2012-13 million are estimated at INR260.0 million.


VSOFT TECHNOLOGIES: CRISIL Cuts Ratings on INR75MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Vsoft
Technologies Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              50.0     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Long-Term Loan           20.0     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Bank Guarantee            5.0     CRISIL D(Downgraded from
                                     'CRISIL A4')

The ratings downgrade reflects instances of delay by Vsoft in
servicing its debt; the delays have been caused by the company's
weak liquidity.

Vsoft's liquidity is stretched, while its scale of operations
remains modest in the intensely competitive information technology
industry. These weaknesses are partially offset by the extensive
experience of Vsoft's promoters in providing banking and payment
solutions to financial institutions. Moreover, its financial risk
profile is moderate, marked by low gearing and adequate debt
protection metrics.

Incorporated in 2004 and based in Hyderabad, Vsoft provides core
banking solutions and cheque truncation systems to financial
institutions in India and is the development arm of Vsoft
Corporation Inc (Vsoft-C, a group company headquartered in
Georgia, US). Vsoft-C is one of the leading providers of banking
and payment solutions to financial institutions in the US and
Philippines. The company is promoted and managed by Mr. Murthy
Veeraghanta and Mr. Shekar Viswanathan.



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


AGURA BOKUJO: Execs Arrested Over Cattle-Breeding Scheme
--------------------------------------------------------
Kyodo News reports that Tokyo police arrested the president and
two other former executives of the failed cattle outfit Agura
Bokujo on June 18 for allegedly soliciting investors based on
misleading information before the operation went under in 2011.

According to Kyodo, ex-President Kumiko Mikajiri, 69, and the two
others were arrested in connection with a cattle-breeding scheme
affecting about 73,000 investors nationwide.

The news agency relates that investigative sources said the firm
gave investors false information, including inflating the number
of cattle raised at the farm.

Agura Bokujo, based in Tochigi Prefecture, went bankrupt in 2011
with about JPY433 billion in total liabilities, owing roughly
JPY420.7 billion of that to the 73,000 investors, Kyodo discloses.

Under the scheme, Kyodo relates, investors purchased female cows
from Agura Bokujo, which would continue to raise the animals and
buy them back several years later, for about JPY3 million to
JPY5 million per head.

Agura Bokujo filed for court-guided rehabilitation in
August 2011, blaming the eruption of the nuclear crisis at the
Fukushima No. 1 power plant in March 2011 for prompting a rise in
canceled contracts after radioactive elements were detected in
beef, according to Kyodo.

Established in 1979, Agura Bokujo runs about 370 farms in Japan
mostly through franchising, where some 145,000 cattle are being
raised.


MLOX4 TRUST: S&P Raises Rating on Class C Notes to BBB- From B-
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised to
'BBB- (sf)' from 'B- (sf)' its rating on the class C trust
certificates, and affirmed its 'CCC (sf)' rating on the class D
trust certificates, issued under the MLOX4 Trust Certificates
(MLOX4) transaction in December 2007.  The class A and B trust
certificates have already fully redeemed, and S&P has already
withdrawn its ratings on the class X trust certificates.

The upgrade reflects S&P's view that the credit enhancement level
for class C has increased markedly as the principal on this class
was partly repaid upon the sale of some of the properties backing
the transaction's remaining loan.  The loan, which has defaulted,
originally represented about 30% of the total initial issuance
amount of the trust certificates.  Sales activities relating to
the other properties backing the loan are progressing.
Nevertheless, S&P raised the rating to 'BBB- (sf)' only, because
it considered the risk that the sales of the properties might not
be completed by the transaction's legal final maturity date, which
is only 11 months away.

Meanwhile, S&P affirmed its rating on class D after considering
its current assumption for the likely recovery amount from the
loan.

MLOX4 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction.  Loans extended to four obligors initially
secured the trust certificates, and 22 real estate trust
certificates held by the four borrowers originally backed the
loans. Merrill Lynch Japan Securities Co. Ltd. arranged the
transaction, and ORIX Asset Management & Loan Services Corp. acts
as the servicer.

The ratings reflect S&P's opinion on the likelihood of the full
payment of interest and the ultimate repayment of principal by the
transaction's legal final maturity date in May 2014 for the class
C and D trust certificates.

          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 Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATING RAISED

MLOX4 Trust Certificates
JPY42.6 billion floating-rate trust certificates due May 2014
Class     To            From        Initial issue amount   Coupon
C         BBB- (sf)     B- (sf)     JPY6.7 bil.
Floating rate

RATING AFFIRMED

MLOX4 Trust Certificates
Class     Rating       Initial issue amount   Coupon
D         CCC (sf)     JPY4.2 bil.              Floating rate



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


MEDIAWORKS NZ: 1,400 Jobs Safe Despite Receivership
---------------------------------------------------
Stuff.co.nz reports that presenters and programmes broadcast by
MediaWorks NZ are expected to continue unchanged despite the
company being placed into receivership on June 17.

MediaWorks, the owner of television stations TV3 and Four and
radio stations The Edge, RadioLive and The Rock, employs 1,400
people including television personalities such as Hilary Barry and
John Campbell, Stuff.co.nz reports.

According to the report, receivers Brendan Gibson and Michael
Stiassny of KordaMentha said the lenders themselves were intending
to buy the business in its entirety and a sale was expected to be
concluded within months.

"All the 1,400 employees will keep their jobs," the report quotes
Mr. Gibson as saying.

Mr. Gibson said programming commitments with New Zealand On Air
and contractual obligations with overseas broadcasters would also
be maintained, Stuff.co.nz relates.

"Current programming is intended to stay the same. It's very much
business as usual, we've got no intention of changing anything."

Stuff.co.nz notes that the new owner is expected to be a company
controlled by MediaWorks' bankers and chaired by Australian
Rob McGeoch with former reality TV producer Julie Christie as a
director.

The report says the receivership will not be entirely painless as
the forthcoming sale is likely to crystallise large losses for
banks and private equity firms.

Lenders such as Westpac, RBS, Rabobank and several hedge funds are
expected to write off hundreds of millions of dollars in debt in
return for stakes in the new company, adds Stuff.co.nz.

MediaWorks NZ Limited -- http://www.mediaworks.co.nz/--through
its subsidiaries, operates in the television and radio
broadcasting sectors in New Zealand.  It operates the TV3
television network, which primarily offers news, current affairs,
and sports programs, as well as entertainment programs; and C4, a
free-to-air music channel.

MediaWorks funders on June 17 appointed Brendon Gibson and Michael
Stiassny of financial advisory firm KordaMentha to oversee the
receivership of MediaWorks NZ Limited and its subsidiaries,
including RadioWorks Ltd and TVWorks Ltd.


MEDIAWORKS NZ: Debt Holders in Talks for Equity Stake
-----------------------------------------------------
Lucy Craymer and Gillian Tan writing for Dow Jones' DBR Small Cap
reports that the private equity firms and banks that are owed
millions by MediaWorks New Zealand could soon be landed with
equity worth more than 600 million New Zealand dollars ($483
million) in the beleaguered media and television company.


STARPLUS HOMES: Owes Unsecured Creditors More Than NZ$18MM
----------------------------------------------------------
Stuff.co.nz reports that Starplus Homes owes unsecured creditors,
including people who gave the company deposits, more than
NZ$18 million.

According to Stuff.co.nz, joint liquidator Shaun Adams, of KPMG,
said it was too hard to say yet if these creditors, who also
include hundreds of sub-contractors and tradespeople, would get
any money back, because the affairs of the company are so complex
the liquidation could drag on for up to two years.

He did not rule out legal action, the report says.

Stuff.co.nz says some property-related transactions and deals done
around land and partially finished houses between the time the
company ceased trading and when it was put into voluntary
liquidation on April 22 are likely to be challenged by the
liquidators and are adding to the complexity of the process. On
top of this, the report relates, a number of trade creditors are
claiming equitable mortgages over properties.

Stuff.co.nz discloses that receiver Corporate Finance has issued
its first report which said 42 properties in Auckland, Hamilton
and Cambridge were owned by Starplus Homes on April 24. Secured
creditors, which include Westpac NZ, were owed NZ$16.1 million.
Unsecured creditors were owed NZ$18.6 million, Stuff.co.nz notes.

In total, the company owed just short of NZ$35 million to all
creditors. Included was NZ$80,000 owed to staff, and NZ$75,000 to
Inland Revenue, both of which are preferential creditors.

Starplus' estimated total assets at that date were NZ$18.9
million, NZ$18.5 million of which was properties and work in
progress, the report said.

According to the report, receiver Andrew McKay said his job would
be finished when he had recovered nearly NZ$890,000 owed to
Westpac. Two completed properties mortgaged to Westpac -- one in
Hamilton and one in Karaka -- would be auctioned this month, he
said.

However, Mr. Adams, who is overseeing matters around unsecured
creditors, said the liquidation job could take 18 months to two
years. He is not due to make a report until after October.

Neither could say how many Starplus clients were owed deposits
from the company, but some had escaped being caught by its failure
because they had lodged their deposits with lawyers or other third
parties, Stuff.co.nz notes.



===============
P A K I S T A N
===============


* Moody's Releases Comparative Study Between Pakistan and Egypt
--------------------------------------------------------------
The Caa1 ratings and negative outlooks of Egypt and Pakistan are
driven by a mix of external payment pressures and political
weaknesses, with the latter exacerbating the balance-of-payments
fragility in both economies, says Moody's Investors Service in a
new Credit Focus - Peer Comparison report entitled "Egypt and
Pakistan: Peer Comparison.".

In the face of similarly unsettled and factious political
environments, neither the government in Cairo nor that in
Islamabad has been able to put in place a policy framework that
can arrest economic deterioration, let alone restore investor
confidence.

Moody's notes that both Egypt and Pakistan share a number of
credit risks that drive the two countries' Caa1 ratings. Firstly,
both face external liquidity pressures and a steep decline of
foreign reserves. A by-product of the political turbulence in both
countries is the ongoing downward trend in foreign direct
investment, punctuated by periods of outflows over the past two
years. The accompanying run-down of foreign reserves, together
with looming debt repayments, have further exacerbated the
deterioration in Egypt and Pakistan's balance of payments, despite
moderate current account deficits and external debt levels
compared with rating peers.

Secondly, both countries' unsettled political backdrop have
worsened economic risks and undermined investor confidence,
prompting Moody's to downgrade the ratings of both sovereigns to
Caa1 over the past 12 months (although Pakistan's rating has
historically been lower and has not undergone the multi-notch
ratings transition experienced by Egypt since its January 2011
revolution). The two countries' politics will also determine their
ability to secure external funding -- a key driver of sovereign
creditworthiness -- from Middle Eastern governments, which Egypt
has already obtained, and/or the IMF.

Lastly, Moody's notes that both countries have deeply entrenched
fiscal imbalances and strained government finances. Egypt and
Pakistan's large and persistent fiscal imbalances have widened in
recent years, weighed down by troubled domestic energy sectors.
Given the scarce external financing available, both countries have
become more dependent on banks to finance their deficits, thus
buffering external risks somewhat.



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


FIRST SHIP: Fitch Affirms 'B' Long-Term Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Singapore-based First Ship Lease
Trust's (FSLT) Long-Term Issuer Default Rating (IDR) at 'B' with
Negative Outlook.

The ratings reflect FSLT's weakening asset quality, which in turn
is a reflection of the cyclical downturn the global shipping
industry is facing. However, Fitch expects FSLT to meet its
contractual loan repayment of USD44m in 2013, funded by positive
free cash flows (FCF) and cash and bank balances of
USD36.9 million as of March 31, 2013. FSLT will also be
voluntarily prepaying another USD10 million in Q313.

KEY RATING DRIVERS

Weak portfolio quality: The cyclical downturn the global shipping
industry is currently facing has adversely impacted the credit
profile of FSLT's lessees. FSLT recently announced the default of
Geden Lines that accounted for 15% of FY12 lease revenues. The
default of Berlian Laju Tanker (BLT), which accounted for 12.8% of
FSLT's FY11 revenues, and the restructuring of the lease rentals
payable by Denmark-based TORM A/S in 2012, coupled with the Geden
default, will sustain the declining trend in lease revenues and
operating EBITDA through 2013.

Covenant relaxation period extended: FSLT has successfully
negotiated with its bankers to extend the covenant relaxation
period up to Dec. 31, 2013, from the previous deadline of 30 June
2013. The covenants are a minimum security value-to-loan (VTL)
ratio of 100% and debt service coverage of 1.0x, which were
lowered in June 2012 from 125% and 1.1x. FSLT will also be
voluntarily prepaying USD10m debt in Q313. FSLT continues to be in
compliance with the revised bank covenant thresholds.

Limited liquidity: The weaknesses in FSLT's financial profile are
partially mitigated by a cash balance of USD36.9 million as of
March 31, 2013 (prior to the USD10 million voluntary loan
prepayment), which is equivalent to 84% of the FY13 contractual
loan repayment. As FSLT's projected expansionary capex and unit
distributions are minimal, Fitch expects the company to generate
positive FCF in FY13. This, coupled with FSLT's cash balance,
should enable the company to meet its contractual debt servicing
commitments. FSLT's total debt outstanding as of March 31, 2013
was USD419.55 million, all of which was secured bank debt
repayable in equal quarterly instalments of USD11 million. The
company is exposed to low refinancing risk.

RATING SENSITIVITIES

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

-- FSLT's free cash flow (FCF)-adjusted debt service coverage,
    i.e., (FCF + interest expense)/ (interest expense +
    contractual principal repayment of USD44m), falling below
    1.0x on a sustained basis, and

-- FSLT's cash balance falling below USD20 million.

Positive: Future developments that may, individually or
collectively, lead to revision of the rating to Stable

-- FSLT's FCF-adjusted debt service coverage improving to over
    1.2x on a sustained basis without a material reduction in the
    cash balance below USD20 million.



===============
T H A I L A N D
===============


ASIAN REINSURANCE: A.M. Best Downgrades FSR to 'B-'
---------------------------------------------------
A.M. Best Asia-Pacific Limited has downgraded the financial
strength rating to B- (Fair) from B (Fair) and issuer credit
rating to "bb-" from "bb" of Asian Reinsurance Corporation (Asian
Re) (Thailand).  Both ratings are under review with developing
implications.

The rating downgrades reflect Asian Re's unresolved capitalization
issues and the delay in the execution of its capital infusion
plan.

Asian Re's capitalization was significantly eroded by severe
losses from the 2011 Thailand flooding.  The company announced a
plan in June 2012 to infuse additional capital, and some of Asian
Re's shareholders fulfilled their capital infusion commitment by
year-end 2012, which helped Asian Re partially restore its
capitalization level.  However, due to administrative delays, some
other committed shareholders have not injected capital funds in a
timely manner, according to the timeline planned by Asian Re's
management.  The huge underwriting losses and the delay in the
execution of Asian Re's capital infusion plan have weakened its
risk-adjusted capitalization significantly.  The final amount and
timing of the capital improvement plan remains uncertain.

The under review with developing implications status reflects the
uncertainty surrounding Asian Re's achievement of its capital
infusion plan and the ultimate losses from the 2011 Thailand
flooding.  A.M. Best will continue to monitor the financial
condition of Asian Re during the under review period.


IRPC PUBLIC: S&P Lowers CCR to 'BB+'; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Thailand-based refinery and
petrochemical producer IRPC Public Co. Ltd. to 'BB+' from 'BBB-'.
The outlook is stable.  At the same time, S&P lowered its ASEAN
regional scale rating on the company to 'axBBB+' from 'axA-'.  S&P
also lowered its issue rating on IRPC's senior unsecured notes due
May 2017 to 'BB+' from 'BBB-'.  S&P removed all ratings from
CreditWatch, where they had been placed with negative implications
on March 12, 2013.

"We lowered the rating on IRPC because we expect the company's
weak operating performance to hamper its cash flows over the next
two years," said Standard & Poor's credit analyst Xavier Jean.

S&P revised its assessment of IRPC's financial risk profile to
"aggressive" from "significant," as S&P's criteria defines the
terms.  As a result, S&P lowered the company's stand-alone credit
profile (SACP) to 'bb-' from 'bb+'.

"The rating now incorporates an uplift of two notches because of
support from IRPC's parent PTT Public Co. Ltd.," said Mr. Jean.
"Although this level of support is higher than the one notch we
previously factored into the rating, it does not fully compensate
for IRPC's weakened SACP."

S&P forecasts IRPC's cash flow adequacy ratios to remain strained
in 2013.  The ratios should improve marginally in 2014, but are
still likely to remain stretched for the rating.  S&P forecasts
IRPC's debt-to-EBITDA ratio to be about 8x-10x in 2013 and 5.5x-
6.5x in 2014, with a ratio of funds from operations (FFO) to debt
of about 6%-8% in 2013 and 10%-15% in 2014.  At the same time, S&P
anticipates free operating cash flows to be marginally negative
and that debt levels will stabilize in 2013 and 2014.  This is
because S&P expects the company to benefit from temporary working
capital inflows from PTT during this time.

Parent support for IRPC has increased, in S&P's opinion.  S&P
views PTT's lengthening of trade payables for feedstock as a sign
of this.

"We believe PTT will be willing to provide additional funds for
working capital or other funding support if IRPC's operating
performance is further hindered," said Mr. Jean.  S&P expects IRPC
to use these working capital inflows to fund committed capital
spending over the next two years and to stabilize its debt.  S&P
also anticipates that IRPC will maintain its strategic importance
to the PTT group of companies.

The stable outlook reflects S&P's expectation that IRPC will
gradually repair its cash flow adequacy over the next two years.
The outlook also reflects S&P's view that PTT will sustain or
increase its liquidity support if IRPC needs it.

"We may downgrade IRPC if we lower the company's SACP because of a
lack of sustained improvement in its EBITDA and cash flows.  This
could materialize if: (1) product prices decline further; or (2)
the company's capital spending is substantially higher than we
expect over the next two years because of significant cost
overruns or delays.  Signs of a deterioration in the financial
risk profile include the debt-to-EBITDA ratio remaining above 6.0x
by the end of 2014.  Although unlikely, we could also lower the
rating if PTT and the Thailand government, through the Government
Pension Fund, the Government Savings Bank, and Thai NVDR Co. Ltd.,
significantly reduce their stakes in IRPC, or the company's
business integration with PTT shifts considerably," S&P said.

"The potential for an upgrade is limited over the next two years.
Nevertheless, we could raise the rating if we assess the strength
of IRPC's relationship with its parent to have increased.  This
could happen if PTT extends further exceptional operational and
financial support to, or raises its stake in, IRPC.  We could also
raise the rating if IRPC's cash flows improve substantially over
the next two years.  Any improvement depends on the Phoenix
project delivering strong incremental cash flows from 2015 or the
industry outlook for IRPC's main products improving sustainably,"
S&P added.



                             *********

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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