TCRAP_Public/130621.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

             Friday, June 21, 2013, Vol. 16, No. 122


                            Headlines


A U S T R A L I A

CRANE HIRE: Rodgers Reidy Seeks Expressions of Interest
LIGHT TRUST: Fitch Affirms AUD3.2MM Class B Notes Rating at 'BB'
ROTA CONCRETING: Court Appoints Clifton Hall as Liquidator
TRIMS: Placed Into Liquidation; Sales Process Ongoing
WARATAH COOPERATIVE: KMPG Seeks Buyers For Loan Portfolio


C H I N A

MAOYE INTERNATIONAL: S&P Assigns 'BB+' CCR; Outlook Stable
MAOYE INTERNATIONAL: Moody's Assigns Ba1 CFR with Stable Outlook
* Moody's Outlook on Chinese Life Insurance Sector is Stable


H O N G  K O N G

DRAGON BRIGHT: Incurs $908K Net Loss in 2012
TITAN PETROCHEM: Taps Alvarez & Marsal as Restructuring Advisor


I N D I A

ABHISHEK ISPAT: CARE Assigns 'B+' Ratings to INR45cr Loans
AMUL AUTO: CARE Reaffirms 'BB+(SO)' Rating on INR9cr Loan
ARUN STEEL: CARE Assigns 'BB-' Rating to INR14.50cr Loan
BONNIE FOI: CARE Rates INR16.18cr LT Loan at 'CARE BB'
KINGSWOOD INFRASTRUCTURE: CARE Rates INR18cr LT Loan at 'B'

KOTADIYA CORPORATION: CARE Rates INR10cr LT Loan at 'CARE BB-'
SATCHITANANDA EDUCATIONAL: CARE Rates INR1.68cr Loan at 'CARE C'
SHRINE ENGINEERING: CARE Assigns 'B' Rating to INR0.93cr Loan
SRI GAYATHRI: CARE Assigns 'B' Rating to INR10cr LT Loan
VIVEKANANDA EDUCATIONAL: CARE Rates INR3.51cr Loan at 'CARE C'

VIVEKANANDA EDUCATIONAL TRUST: CARE Rates INR3.93cr Loan at 'C'


J A P A N

MF2 SENIOR: S&P Lowers Rating on Class A2 ABL Loan to CCC-


N E W  Z E A L A N D

HARTLAND CONSTRUCTION: Ex-Director Declared Bankrupt
MEDIAWORKS: Australian Director Joins Board
POWERCO NZ: Posted NZ$30MM Annual Loss in Fiscal 2012


X X X X X X X X

* S&P Applies Revised Ratings Criteria to Asia-Pacific Insurers
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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CRANE HIRE: Rodgers Reidy Seeks Expressions of Interest
-------------------------------------------------------
Dissolve.com.au reports that Rodgers Reidy is seeking expressions
of interest for the business of Crane Hire. The search closes on
June 26, 2013.

Dissolve.com.au relates that the sale comes with 12 cranes and
other associated vehicles. The business' fleet includes various
ranges of cranes like pick and carry, mini crawlers, hydraulic
truck, rough terrain and terrain cranes that have maximum lifting
capabilities of between 3 to 220 tonne.

The offering also comes with contracts with mining firms as
preferred contractors, according to the report.


LIGHT TRUST: Fitch Affirms AUD3.2MM Class B Notes Rating at 'BB'
----------------------------------------------------------------
Fitch Ratings has affirmed 8 classes of notes from Light Trust No.
2, Light Trust No. 3 and Light Trust No. 4. The transactions are
backed by pools of Australian first ranking residential mortgages
originated by People's Choice Credit Union (a trading name of
Australian Central Credit Union Ltd.). The rating actions are as
listed below:

Light Trust No. 2 Trust:
AUD68.5m Class A1 notes affirmed at 'AAAsf'; Outlook Stable;
AUD10.0m Class A2 notes affirmed at 'AAAsf'; Outlook Stable;
AUD3.2m Class B notes affirmed at 'BBsf'; Outlook Stable.

Light Trust No. 3 Trust:
AUD234.2m Class A3 notes affirmed at 'AAAsf'; Outlook Stable;
AUD17.3m Class AB notes affirmed at 'AAAsf'; Outlook Stable.

Light Trust No. 4 Trust:
AUD362.7m Class A notes affirmed at 'AAAsf'; Outlook Stable;
AUD22.5m Class AB notes affirmed at 'AAAsf'; Outlook Stable;
AUD9.0m Class B1 notes affirmed at 'AA-sf'; Outlook Stable.

Key Rating Drivers

The affirmation of the notes reflects Fitch's view that the
available credit enhancement is able to support the notes at their
current rating levels. The credit quality and performance of the
loans in the collateral pools remain in line with the agency's
expectations.

As at April 30, 2013, the three Light Trust transactions' 30+ days
arrears were below the Fitch Dinkum 30+ day arrears index of
1.46%. Light Trust No. 2 experienced the highest arrears at 1.32%,
while Light Trust No.4 had the lowest arrears at 0.21%. There have
been no losses on any of the transactions since issuance.

As at April 30, 2013, all loans within the three pools were
covered by Lenders' Mortgage Insurance (LMI) provided by QBE
Lenders Mortgage Insurance Ltd (Insurer Financial Strength Rating:
'AA-'/Stable). There have been no LMI claims for any trust since
closing.

Rating Sensitivities

The prospect for downgrades is considered remote at present given
the satisfactory performance of the pools, as well as adequate
excess spread and subordination.

The Light Trust No.4 Class B1 notes could experience a downgrade
should 90+days arrears increase by 1 percentage point, given
Fitch's 'AA-sf' loss severity assumptions, all else being equal.
However, the protection provided by the Class B2 notes is
increasing as the transaction continues to amortise.


ROTA CONCRETING: Court Appoints Clifton Hall as Liquidator
----------------------------------------------------------
Tim Clifton of Clifton Hall was appointed Liquidator of Rota
Concreting Pty Ltd on June 19, 2013, by Order of the Federal Court
of Australia.


TRIMS: Placed Into Liquidation; Sales Process Ongoing
-----------------------------------------------------
Julian Swallow at AdelaideNow reports that a deal to reopen Trims
could be finalised within a week, despite the retailer being
placed in liquidation.

According to the report, administrator Andre Strazdins of BRI
Ferrier said he was still talking to one interstate group about a
plan to buy and reopen the business.

AdelaideNow says creditors on June 19 voted to place the company
in liquidation after Trims' directors failed to come up with a
plan to rescue the business.

AdelaideNow relates that Mr. Strazdins, who said administrators
had received three offers to buy Trims but that two had been
"unsatisfactory," said he hoped to conclude the sale process in
about a week.

"We're still currently negotiating with a potential buyer and
we'll see the outcome of that hopefully shortly," the report
quotes Mr. Strazdins as saying.

If that failed, Mr. Strazdins said the company's assets would
probably be broken up and auctioned, the report relays.

AdelaideNow relates that Mr. Strazdins said the company's
unsecured creditors would get "nothing" back.

Trims is a family-owned clothing store.  The company was placed in
administration last month owing AUD3.2 million to unsecured
creditors and AUD580,000 in staff wages and entitlements.  About
30 staff were laid off in May when the store was forced into
voluntary administration after a retail downturn left it unable to
pay suppliers, AdelaideNow discloses.


WARATAH COOPERATIVE: KMPG Seeks Buyers For Loan Portfolio
---------------------------------------------------------
Dissolve.com.au reports that KPMG is seeking expression of
interest for the purchase of Waratah Cooperative Housing Society
No. Ltd.'s residential loan portfolio. Philip Hennessey and Damian
Templeton are the managers and receivers of Waratah 21.

The report relates that the loan portfolio includes a $22 million
portfolio balance. It also covers 140 residential home loans.

The portfolio is also characterized by Queensland loan securities.
The closing date of the expressions of interest will be July 25,
2013, Dissolve.com.au discloses.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 26, 2012, BRW said Queensland-based Waratah Co-operative
Housing Society has been placed into receivership after the
organization defaulted on its loan with the Commonwealth Bank of
Australia.  Michael McCann, a recovery and reorganisation partner
with Grant Thornton, said Waratah is the umbrella entity for the
five separate Queensland co-ops that provide loans to "many
hundreds of people," said BRW.  While CBA was the major lender to
Waratah, there are other creditors on the books, Mr. McCann said.



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C H I N A
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MAOYE INTERNATIONAL: S&P Assigns 'BB+' CCR; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB+' long-term corporate credit rating to Maoye International
Holdings Ltd.  The outlook is stable.  S&P also assigned its
'cnBBB+' long-term Greater China regional scale rating to the
China-based department store operator.

At the same time, S&P assigned its 'BB' long-term issue rating and
'cnBBB' Greater China regional scale rating to the company's
proposed U.S. dollar-denominated senior unsecured notes.  The
issue rating is subject to the final issue size and S&P's review
of the final bond documents.

"The rating on Maoye reflects the company's exposure to the highly
fragmented and competitive department store industry in China, and
volatile cash flow from Maoye's ancillary property development
business," said Standard & Poor's credit analyst Lillian Chiou.
"The company's fair geographical diversification, market leading
positions in a few cities, high proportion of self-owned
properties, and stable concessionaire model mitigate the
weaknesses."

S&P assess Maoye's business risk profile as "fair" and its
financial risk profile as "significant."

In S&P's view, Maoye has direct exposure to the cyclical property
business.  This exposure results in higher volatility in Maoye's
cash flow compared with its rated department store peers' in
China.  However, the company's business model largely eliminates
related-party transactions.

Maoye's expansion strategy aims to increase diversification while
strengthening the company's market position.  S&P expects the
company to deepen its roots in various regions it entered to
shield itself from single-province turmoil and increase bargaining
power over local suppliers.

Maoye has the highest self-owned property ratio among peers, which
can limit the impact of rapidly rising rentals and increasing
scarcity of prime location sites.

"We expect Maoye's profitability to decline in the next 12 months.
The increase in direct sales and prolonged incubation periods for
newly opened stores have dragged Maoye's EBITDA margin.  In our
base case, we expect Maoye's EBITDA margin to continue to fall,
although at a much slower rate than before.  We also anticipate
that the concessionaire rate will remain low compared with peers',
given fierce competition and slower consumer purchasing.  However,
the company's reshuffling of direct sales merchandise toward
higher-margin products, and a lower rental expenses ratio with
more self-owned properties could temper the declines," S&P added.

S&P expects Maoye's credit profile to improve in 2013 as the
company unlocks cash flows from finished property projects to
repay existing debt.  S&P also anticipates that total borrowings
will decline.  S&P also projects robust revenue growth and
earnings in the next 12-24 months, which will increase Maoye's
debt capacity.

The issue rating is one notch lower than the corporate credit
rating on Maoye because of structural subordination.  S&P treats
onshore debt in China as priority debt.  S&P could remove the
notching if it believes Maoye will keep its ratio of priority debt
to total assets at less than 15%.

"The stable outlook reflects our view that Maoye will continue to
focus on its core department stores operation business," said Ms.
Chiou.  "We expect the company to generate good growth momentum,
which ramping up of newly opened stores and property sales will
support.  We also anticipate that management will adopt more
financial discipline than in the past and deleverage in the next
12 months."

S&P may lower the rating if: (1) Maoye's sales ramp-up from new
stores is significantly slower than S&P's expectation; (2) the
company's profit margin deteriorates materially; (3) the company
aggressively expands its property business; or (4) the company
fails to reduce its debt.  A downgrade trigger would be the ratio
of debt to EBITDA staying above 4.0x in 2013.

S&P is unlikely to raise the rating in the next 12 months.  Upside
potential hinges on Maoye's ability to: (1) improve operating
efficiency; (2) stabilize its EBITDA margin; (3) execute its
expansion plan with greater financial discipline; and (4) achieve
a much more conservative financial risk profile.


MAOYE INTERNATIONAL: Moody's Assigns Ba1 CFR with Stable Outlook
----------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba1 corporate
family rating to Maoye International Holdings Limited. At the same
time, Moody's has assigned a provisional (P)Ba2 senior unsecured
debt rating to Maoye's proposed $ senior unsecured bonds.

The outlook for all ratings is stable.

The company plans to use the proceeds from the proposed issuance
primarily to refinance its existing debt and the remainder for
general corporate purposes.

The provisional status of the senior unsecured bond rating will be
removed upon the completion of the issuance based upon
satisfactory terms and conditions.

Ratings Rationale:

"Maoye's Ba1 rating reflects its leading and established position
as a department store operator in the affluent Shenzhen market,
which contributed 57% of EBIT in 2012," says Alan Gao, a Moody's
Vice President and Senior Analyst.

Based on data from Euromonitor International, Moody's estimates
that Maoye is one of China's top 10 department store operators and
has a 1.1% market share.

And, based on revenue of RMB3.5 billion in 2012, Moody's estimates
that the company had a 23% share of the market in Shenzhen, which
enjoys GDP per capita of around US$20,000, one of the highest
levels for any city in China.

"The Ba1 rating also recognizes the company's successful execution
of its low-cost expansion strategy through its acquisitions and
turnarounds of less profitable department stores in the fast-
growing second- and third-tier cities in southwest and north
China," adds Gao, also Moody's lead analyst for Maoye.

Furthermore, Maoye has reduced "incubation risk" -- the time taken
for new stores to break even -- through acquiring long-
established, but financially weak regional stores.

In 2005, it bought Chengshang Group Co Ltd, which was listed on
the Shanghai Stock Exchange and operated 6 stores in southwest
China. And in 2009, it bought Qinhuangdao Bohai Logistics Holding
Corporation Ltd, which had 4 stores. It returned both companies to
profitability in the first year of their takeovers.

"Another support for the Ba1 rating is Maoye's competitive model
of self-owned properties in prime locations in lower-tier cities,"
says Gao.

Maoye's model of owning most properties which house its department
stores offers stability to its operations and also avoids the risk
of lease terminations. In addition, the positioning of its large
stores in prime locations in lower-tier cities preempts the
entrance of competitors.

From a funding perspective, the value of the properties could also
facilitate the ability to secure term financing from domestic
banks under tight credit market conditions.

"In addition, Maoye's concessionaire model, which lowers its
business and inventory risks, supports the Ba1 rating," adds Gao.
It enjoys higher concessionaire rates than Parkson (Ba1/Stable)
and Golden Eagle (Baa3/Stable).

"On the other hand, its Ba1 rating is constrained by its
historically weak operating cash flow and high debt leverage due
to its property development activities," says Gao.

Maoye's working capital position has been affected by its property
development business. It buys well-located mixed-used land for
future development.

Under this model, while cash flow from presales of residential and
office space funds part of its construction costs, the cash
outflow from property development has meant that consolidated
operating cash flow falls well below funds from operations, which
comes mainly from its department stores.

In 2012, Maoye reported RMB0.3 billion in operating cash flow
versus RMB1.1 billion in funds from operations. Given weak
operating cash flow, adjusted debt/EBITDA was high at 4.9x as of
end-2012.

But Moody's expects that its weak operating cash flow situation
could improve as the company slows land acquisitions and focuses
on developing its current 11 projects which will contribute to
department-store and property-development revenue in the next 4
years.

Maoye's Ba1 rating also considers credit challenges arising from
(a) the high level of profit contributed by just a few stores; (b)
competition from internet retailing; and (c) execution risk
related to its fast expansion and against the backdrop of an
economic slowdown on the Mainland.

Maoye's top five stores generated more than 70% of its EBIT in
2012. Three are in Shenzhen and two in Southwest China. Moody's
takes comfort from the sustainability of store revenue from
Shenzhen. Southwest China is a populous and economically fast
growing area.

Moody's expects Maoye's profit concentration will gradually lessen
as the company expands. It will open 7 new stores from 2013 to
2014.

However, Moody's also expects internet retailing to slow sales
growth for department stores. According to Euromonitor
International, Chinese internet retail sales saw compound annual
growth of over 108% between 2007 and 2012 compared to 14.9% for
department stores and 12.5% for the whole retail sector.

In this environment, Maoye has been selective in contracting
concessionaires, ensuring that their products are not in direct
competition with internet retailing. As a result, it showed higher
growth in gross sales proceeds than its rated Chinese peers in
2010 and 2011.

Maoye's fast expansion has resulted in its credit metrics that are
weak for its Ba1 rating. Adjusted debt leverage - measured by
debt/EBITDA and adjusted for lease payments - was high at 4.9x in
2012. Nevertheless, Moody's expects Maoye to slow expansion.
Maoye's key credit metrics are expected to be compatible with the
Ba1 range in the next 12-18 months: adjusted debt/EBITDA of around
3.5-4.0x and retained cash flow (RCF)/adjusted net debt of 20-25%.

In the next 12 months Maoye needs to borrow to support its capital
expenditures. Moody's expects the company will be able to raise
adequate financing because of its profitable operations and high
net asset value of 68% of total assets. Thus liquidity risk is not
high.

Moody's has applied a one notch adjustment to the rating of
proposed bonds because of structural subordination. Its aggregate
priority debt is forecasted at more than 15% of the total assets
as of end-2013. If the company can deleverage according to plan
and reduce its aggregate priority debt to below 15% of total
assets, then Moody's will review the notching.

The stable outlook reflects Moody's expectation that Maoye (a)
will continue to generate strong and sustainable cash flow from
existing stores; and (b) will slow its expansion and reduce debt
leverage.

Upgrade pressure could emerge in the medium term if Maoye: (1)
successfully executes its business plan; (2) improves operating
cash flow and generates positive free cash flow; and (3) improves
its credit metrics - adjusted debt/EBITDA less than 2.5x-3.0x and
RCF/net debt above 35%.

The ratings could be considered for downward if Maoye: (1) shows
weak liquidity as a result of fast expansion, or an inability to
sell its development properties; (2) invests in further new
projects that delay debt deleveraging; (3) suffers material
deterioration in the sales and cash flow of existing stores, or
takes longer than expected to break even at its new stores; or (4)
shows an inability to reduce debt leverage in the next 12 -- 18
months.

Credit metrics indicating downgrade pressure include adjusted
debt/EBITDA above 4.5x-5.0x and retained cash flow (RCF)/adjusted
net debt below 12%-14%.

The principal methodology used in this rating was the Global
Retail Industry Methodology published in June 2011.

Maoye International Holdings Limited is one of the leading
department store operators in China. Listed on the Hong Kong
Exchange in 2008, the company is headquartered in Shenzhen,
Guangdong Province, and has expanded to China's second- and third-
tier cities, targeting the mid-to-high-end retail market.


* Moody's Outlook on Chinese Life Insurance Sector is Stable
------------------------------------------------------------
Moody's Investors Service says the outlook on China's life
insurance industry is stable, as insurers preserve their
profitability and capitalization levels in the face of expected
subdued premium growth in the next 12-18 months.

On the other hand, the industry is approaching an inflection point
in its development that should result in a healthier profile over
the longer term if insurers can successfully manage the changes.

"For now, the sector is experiencing the constraints from its
previous focus on short-term and savings-type products, as well as
a significant reliance on the bancassurance channel," says Sally
Yim, a Moody's Vice President and Senior Credit Officer.

Yim was speaking on Moody's just-released, China Life Insurance
Outlook.

Moody's macroeconomic assumptions -- growth rates of 7.5%-8.5% in
2013 and 7.0%-8% in 2014 -- point to continued growth in household
real incomes, which in turn will boost the demand for insurance
products.

However, Moody's expects the growth rate of China's life insurance
premiums to remain in the low- to mid-single digits on an
annualized basis for the next 12-18 months, reflecting a
continuation of the weak 4.5% achieved in 2012.

This expected low growth is because 1) insurers will continue to
struggle with a narrower bancassurance platform; (2) wealth
management products sold through banks continue to offer an
attractive alternative to savings-type insurance products; and (3)
competition will increase, as more Chinese banks capitalize on
their distribution strengths to start their own insurance
operations.

The regulatory environment in China is also moving towards a risk-
based, Solvency II-like regime, with broader liberalization in
investments and products.

Although these changes aim to bring the industry to a more mature
stage of development, some of the liberalization measures could
pose risks to the sector.

Over the next 12-18 months, insurers will need to devote more
resources towards enhancing their product capabilities and
distribution structures to address the lull in premium growth and
to tap the potential of the domestic market. These include moving
away from low-margin, savings-type offerings and focus on
protection-type products, and strengthening their agency force to
support their product transition.

Although growth in the domestic economy and a stable monetary
policy over next 12-18 months will continue to support the
financial performance of life insurers, Moody's believes that the
credit fundamentals of the industry will be affected by how
insurers manage the risks and opportunities during this transition
period.

In summary, Moody's has made a number of key assumptions with
respect to the outlook on the industry 's financial performance
for the next 12-18 months.

First, premium growth will remain subdued and trail behind China's
GDP growth.

Profitability will remain under pressure because of rising
business and interest expenses, and a potential increase in
guaranteed yields.

Insurers are also exposed to the volatility of the equity market,
a key reason for their weak reported profits in 2011-12.
Nonetheless, their current in-force business will contribute to
profitability.

Last, the pressure on insurers' balance sheets from new businesses
will be limited because of the low growth in premiums.

Most insurers have been increasing their regulatory capital levels
over the last two years, although some of them have done so by
issuing subordinated debt, which has increased balance sheet risk
and entails higher interest spread.



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H O N G  K O N G
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DRAGON BRIGHT: Incurs $908K Net Loss in 2012
--------------------------------------------
Dragon Bright Mintai Botanical Technology (Cayman) Limited filed
on June 17, 2013, its annual report on Form 20-F for the fiscal
year ended Dec. 31, 2012.

Albert Wong & Co., in Hong Kong, noted that the Group reported a
total comprehensive loss of approximately $0.9 million for the
year ended Dec. 31, 2012, and had accumulated losses attributable
to owners of the Company of approximately $2.3 million at
Dec. 31, 2012.  "In addition, the Group has a limited operating
history and generated revenue US$14,982 in 2012.  These conditions
raise substantial doubt about the Group's ability to continue as a
going concern."

The Company reported a net loss of $907,804 on $14.092 of revenue
in 2012, compared to a net loss of $1.9 million on $47 of revenue
in 2011.

The Company's balance sheet at Dec. 31, 2012, showed $2.6 million
in total assets, $1.6 million in total liabilities, and equity of
$1.0 million.

Dragon Bright Mintai Botanical Technology (Cayman) Limited is a
holding company established on Feb. 17, 2011, as an exempted
company incorporated with limited liability under the laws of the
Cayman Islands.  The Company is in the initial stages of
developing a business in the forest seedling industry.  Its main
business is the mass propagation and sale of bamboo-willow
seedlings and its secondary business is the sale of bamboo-willows
as wood pulp generated from our trial bamboo-willow tree
plantation business.


TITAN PETROCHEM: Taps Alvarez & Marsal as Restructuring Advisor
---------------------------------------------------------------
Titan Petrochemicals Group Limited makes further inroads in its
debt restructuring. It announced on June 20, 2013, that the
Company has selected Alvarez & Marsal as its financial
restructuring advisor and White & Case LLP and Drew & Napier LLC
as its legal counsel.

Executive Director and Chief Executive of Titan, Mr. Tang Chao
Zhang, said, "We have taken active steps to take Titan out of the
woods through striking out a liquidation petition last month and
improving the Company's financial position with the introduction
of new capital resources over the past few months. The appointment
of Alvarez & Marsal, White & Case and Drew & Napier as our
financial restructuring advisor and legal counsels respectively to
provide debt restructuring and related financial and legal
advisory marks an important step forward in bringing the Company's
operations back on track."

The Troubled Company Reporter-Asia Pacific, citing Bloomberg
News, reported on July 17, 2012, that private equity firm Warburg
Pincus LLC said in a lawsuit that Titan Petrochemicals Group Ltd.
should be liquidated because the Hong Kong-listed company is
insolvent.  Saturn Petrochemical Holdings Ltd., a Warburg special
purpose vehicle, filed a winding-up petition in the Supreme Court
of Bermuda on July 5, according to a copy obtained by Bloomberg
News.

Bloomberg News noted that the company defaulted on HK$825.8
million of principal and HK$35.1 million in interest due
on its U.S. dollar bonds on March 19, 2012.  It hasn't been
profitable in any of the past five years, and its liabilities at
the end of 2011 exceeded its assets by HK$1.24 billion, according
to the petition obtained by Bloomberg News.

                    About Titan Petrochemicals

Headquartered in Hong Kong, Titan Petrochemicals Group Limited
(HKG:1192) -- http://www.petrotitan.com/-- is an investment
holding.  The Company is engaged in supply of oil products and
provision of bunker refueling services; provision of logistic
services, including oil storage and oil transportation, and
shipbuilding and commencement of building of ship repair
facilities.  The Company operates in three business segments:
supply of oil products and provision of bunker refueling
services; provision of logistic services (including oil
transportation and oil storage), and shipbuilding. Titan's wholly
owned subsidiaries include Titan Oil (Asia) Ltd., Titan FSU
Investment Limited, Titan Oil Storage Investment Limited, Titan
Oil Trading (Asia) Limited, Titan Bunkering Investment Limited,
Harbour Sky Investments Limited and Titan Shipyard Holdings
Limited.



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ABHISHEK ISPAT: CARE Assigns 'B+' Ratings to INR45cr Loans
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Abhishek Ispat Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        10       CARE B+ Assigned
   Long-term/Short-term Bank        35       CARE B+/CARE A4
   Facilities

Rating Rationale

The ratings of Abhishek Ispat Pvt Ltd are constrained by its
presence in the highly fragmented steel trading business which has
inherently low profitability and high working capital intensity.
The ratings are also constrained by susceptibility of AIPL's
profitability to volatility in prices of traded goods and its high
leverage.

The ratings, however, favorably takes in to account the experience
of AIPL's promoters and its established relationship with major
clientele.

AIPL's ability to increase the scale of its operations along with
improvement in profitability and capital structure would be the
key rating sensitivities.

AIPL was originally promoted by Mr. Hari Om Garg and Mr. Ramesh
Agarwal in 1997 at Surat.  Subsequently in 2001, AIPL was taken
over by present promoters Mr. Atul Mehta and Mrs. Rita Mehta. AIPL
trades in MS sheets, stainless steel sheets, thermo mechanically
treated (TMT) bars and steel plates. AIPL also processes HR coils,
mainly slitting/cutting in required sizes as per requirement of
client. Trading volume of AIPL has remained in the range of 30,000
to 40,000 MTPA (Metric Tonnes Per Annum) during last three years.
AIPL supplies its products directly to the project implementing
players/Engineering Procurement & Construction (EPC) contractors
for varied uses such as boilers, industrial machines, and
construction & infrastructure sector, etc.

During FY12 (refers to the period April 1 to March 31), AIPL
earned a PAT of INR0.24 crore on a total operating income of
INR147.59 crore as against a PAT of INR0.44 crore on a total
operating income of INR124.53 crore in FY11. As per provisional
results for H1FY13, AIPL has earned a PBIT of INR1.61 crore on a
total operating income of Rs 56.67 crore.


AMUL AUTO: CARE Reaffirms 'BB+(SO)' Rating on INR9cr Loan
---------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Amul Auto Components Private Limited.

                               Amount
   Facilities                 (INR cr)   Ratings
   -----------                --------   -------
   Long-term Bank Facilities     9       CARE BB+ (SO) Reaffirmed

Rating Rationale

The above rating is based on the credit enhancement in the form of
unconditional and irrevocable corporate guarantee provided by Amul
Industries Private Limited (AIPL; rated 'CARE BB+'/'CARE
A4') for the bank facilities of Amul Auto Components Private
Limited.  The rating continues to be constrained by the high
leverage and stretched liquidity of AIPL. The rating also factors
in the contingent liability in the form of corporate guarantee
extended to the group companies, which have short operational
track record and may require support from AIPL.  The rating,
however, continues to take into account AIPL's established track
record in the auto components business, and its long-standing
relationship with major automobile Original Equipment
Manufacturers (OEMs).

The ability of AIPL to improve its profitability through better
operating efficiency, improve its capital structure and
stabilization of operations of the group entities, so that, they
become selfsustaining are the key rating sensitivities.

Promoted by the Amul auto components group of Rajkot, AAPL was
incorporated in 2006 with an objective to set up a dedicated unit
for manufacturing crankshafts and connecting rods for the Light
Utility Vehicles manufacturing facility of Tata Motors Ltd at
Rudrapur (Uttarakhand). This unit is set up in a Special Tata
Vendor Park to produce finished crankshafts and connecting rods.
AAPL does the job work for crankshafts where material is supplied
by TML and in case of connecting rods, it purchases raw material
from the market, including the group companies.

During FY12 (refers to the period April 1 to March 31), AAPL
reported a total operating income of INR39.08 crore and a PAT of
INR1.52 crore as against a total operating income of INR24.77
crore and a net loss of INR0.65 crore in FY11. As per the
provisional results for FY13, AAPL reported total operating income
of INR39.34 crore and PAT of INR2 crore.

AIPL is the flagship company of the Amul auto components group
based at Rajkot, Gujarat. AIPL is engaged in the manufacturing of
auto components - mainly connecting rods, crankshaft and
camshaft - which are among the five building blocks of an engine.
It caters to the requirements of many leading domestic OEMs as
well as exorts it to Germany/Italy. As a part of business
strategy, the group has set up separate manufacturing facilities
during the last few years under separate entities, namely, Amul
Crankshaft Pvt Ltd (ACPL; commencement of operation in 2006), Amul
Crankcase Pvt Ltd (ACCL; commencement of operation in 2006) and
Amul Auto Components Pvt Ltd (AAPL; commencement of operation in
2008) to cater to the requirement of Tata Motors Limited (TML) in
the vicinity of its manufacturing facilities at Pune, Jamshedpur
and Rudrapur, respectively. Furthermore, as a part of backward
integration, the group has setup a forging unit, Adico Forge Pvt
Ltd (AFPL; commencement of operation in 2004) at Pune, which
supplies forged products to AIPL.

AIPL earned a PAT of INR5.90 crore on a total operating income of
INR277.16 crore in FY12 as against a PAT of INR2.76 crore on a
total operating income of INR216.61 crore in FY11. Furthermore,
as per the provisional results for H1FY13, it earned a PBT of
INR4.87 crore on a total operating income of INR127.64 crore.


ARUN STEEL: CARE Assigns 'BB-' Rating to INR14.50cr Loan
--------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Arun
Steel Agencies.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      14.50      CARE BB- Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Arun Steel Agencies
is constrained by low profitability inherent to its trading nature
of business, highly leveraged capital structure, supplier
concentration risk, susceptibility of operating margins to
volatility in input prices, cyclical nature of the steel industry
and its constitution as a proprietorship concern with inherent
risk of withdrawal of the capital. The rating, however, favorably
takes into account the experience of the proprietor, growth in the
total operating income during the last three years and the firm's
established relations with its customers and supplier.

The ability of the firm to scale up its operations with
improvement in its overall financial profile would remain as the
key rating sensitivity.

Arun Steel Agencies was established in the year 1994 by Mr. V. C.
Arunaivadivelan, who has around two decades of experience in the
trading business. ASA is engaged in the trading of steel
wire rod coils. The firm procures the materials from JSW Steel
Limited and sells it to manufacturers of various steel products
and traders across four states -- Tamil Nadu, Puducherry, Kerala
and Andhra Pradesh. The firm is dealing with JSW Steel Limited
since 2004, and has been appointed as an exclusive dealer (JSW
Shoppe) for Wire Rod Coils throughout Tamil Nadu state from 2008.

During FY12 (refers to the period April 1 to March 31), ASA
reported a total operating income of INR91.26 crore and a PAT of
INR0.85 crore. As per the provisional financials, the firm has
achieved a total operating income of INR101.60 crore during FY13.


BONNIE FOI: CARE Rates INR16.18cr LT Loan at 'CARE BB'
------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Bonnie Foi
Society.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     16.18       CARE BB Assigned

Rating Rationale

The rating assigned to the bank facilities of Bonnie Foi Society
is constrained on account of its modest scale of operations in
competitive education industry and high regulatory restrictions
regarding approvals and accreditations.

The rating, however, derives comfort from the vast experience of
the promoters in the education industry coupled with comfortable
profit margins on account of the healthy enrollment ratio,
moderate capital structure and debt coverage indicators.

The ability of BFS to increase its scale of operations by
maintaining healthy enrolment ratio in the existing as well as new
courses in addition to maintaining better profit margins and
capital structure would be the key rating sensitivities.

BFS is an education society registered under Madhya Pradesh
Society Registration Act, 1973. BFS was established by Dr. G. K.
Iyer (Founder and Chairman) and Dr. Lalitha Iyer (Secretary) in
May 1990 with the objective to impart quality education. BFS
located in Bhopal (Madhya Pradesh) manages Bonnie Foi Co-Ed.
School which provides Pre Primary, Primary, Secondary and Higher
Education, while Bonnie Foi College provides graduate and post
graduate courses in the streams of commerce, science, management,
computers and education. BFS has got due approvals for undertaking
teaching on various courses from All India Council of Technical
Education (AICTE), University Grants Commission (UGC), National
Council for Teacher Education (NCTE), Directorate of Technology
Education (DTE), National Assessment & Accreditation Council
(NAAC), Indira Gandhi National Open University (IGNOU) and has an
affiliation with Madhya Pradesh Board of Secondary Education
(MPBSE), Central Board of Secondary Education (CBSE) and
Barkatullah University (BU), Bhopal.

BFS is currently undertaking expansion plan to renovate the
existing building and create facilities for new courses in the
stream of B. Com (Honors), B. Sc (Honors) and L.L.M. at a total
cost of INR2.60 crore. As on June 7, 2013, BFS has already
invested INR2.16 crore which is funded through term loan of
INR1.51 crore and balance by internal accruals. Remaining cost
i.e. INR0.44 crore is envisaged to be incurred by the end of
June 2013.

As against a surplus of INR0.96 crore on a total operating income
of INR7.97 crore in FY11 (refers to the period April 1 to
March 31), BFS reported a surplus of INR1.02 crore on a total
operating income of INR9.07 crore during FY12.

As per the provisional results of FY13, BFS achieved a total
operating income of INR9.60 crore andsurplus of INR1.03 crore.


KINGSWOOD INFRASTRUCTURE: CARE Rates INR18cr LT Loan at 'B'
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Kingswood
Infrastructure Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       18        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Kingswood
Infrastructure Private Limited is primarily constrained by project
execution risk associated with its on-going sole residential real
estate project, low booking status, and inherent risks associated
with the real estate industry, including exposure to local demand-
supply dynamics.

The rating, however, does factor in the experienced promoters,
project progress with respect to the acquisition of land, relevant
approvals in place for the project and project funding already
tied up.

Going forward, the ability of the company to execute the project
as per the schedules, along with the timely sale of the project
space at envisaged prices and any change in the regulatory
guidelines, would be the key rating sensitivities.

Kingswood Infrastructure Private Limited was incorporated in April
2008 by Mr.Subhash Gupta, Mr. Rajkumar Gupta, Mr. Saurabh Gupta
and Mr. Ashish Gupta. The company is engaged in
the development of a residential project under the name of
"Kingswood Court" at Ghaziabad, Uttar Pradesh. The project will
have two residential towers with 294 residential flats.


KOTADIYA CORPORATION: CARE Rates INR10cr LT Loan at 'CARE BB-'
--------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Kotadiya
Corporation.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        10       CARE BB- 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 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 rating assigned to the bank facilities of Kotadiya Corporation
is primarily constrained on account of the project implementation
risk associated with the ongoing real estate project namely
'Rameshwaram Greens' coupled with the inherent risk associated
with the real estate industry.

The rating, however, favorably takes into account the experience
of the partners and established track record of the Rajgreen group
in the real estate sector as well as the moderate booking status
in the ongoing real estate project 'Rameshwaram Greens'.

Successful completion of its on-going real estate project with
timely receipt of booking advance at envisaged rates and diversion
of funds towards the projects in associate concerns which could
impact its liquidity are the key rating sensitivities.

KCR, incorporated as a partnership firm in 2011, is a part of the
Surat-based Rajgreen group. It was set up to undertake one
residential real estate project named 'Rameshwaram Green' at
Surat, Gujarat, which comprises 13 towers each tower consisting of
40 flats aggregating 520, 2 & 3 BHK flats of 1,125 sq ft and 1,400
sq ft, respectively. The total saleable area of the project is
6.40 lakh sq ft. (approximately). KCR is promoted by Mr. Alpesh G.
Kotadiya, Mr. Alpesh A. Patel, Mr. Bharat J. Patel, Mr. Atul D.
Kotadiya, Mr. Suresh L. Kotadiya and Mr. Kantilal K. Kotadiya who
are also the partners/directors in the other entities of the
Rajgreen group. The entities of the Rajgreen group include Rajhans
Construction Pvt. Ltd., Sai Developers, Srusti Corporation, Swapna
Enterprise, Hariom Developers & Rajhans Associates and all are
engaged in the real estate activities.


SATCHITANANDA EDUCATIONAL: CARE Rates INR1.68cr Loan at 'CARE C'
----------------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of
Satchitananda Educational Society.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities1     1.68       CARE C Assigned

Rating Rationale

The rating assigned to the bank facilities of Satchitananda
Educational Society is primarily constrained by the regular delays
in servicing of debt obligations in recent past due to delays in
reimbursement amount from the State Government of Andhra Pradesh.
The rating, however, factors in the long track record of
operations and necessary approvals obtained from the regulatory
bodies for its various courses.

The society's inability to generate sufficient operating cash
flows to meet its debt obligations has resulted in delaying debt
servicing.

Satchindananda Educational Society was formed in the year 2000 by
Dr. Satchidananda Rao and his family members. SES is registered as
an Educational society and has established Engineering and
Management College under the name as VITS Women's Engineering
College in the year 2000 with its campus located at Karimnagar
district, Andhra Pradesh. At present, the institute offers Civil
Engineering, with total annual intake of 53 students for Academic
year 12-13.

The courses offered under B.E include Computer Science and
Engineering, Electronics and Communication Engineering,
Information Technology, and Electronic & Electrical
Engineering. SES has witnessed pass percentage across courses over
the year, which stands at above 45% for AY11-12.

During FY12 (refers to the period April 1 to March 31), the
society reported a total operating income of INR1.47 crore and a
surplus of INR0.13 crore.


SHRINE ENGINEERING: CARE Assigns 'B' Rating to INR0.93cr Loan
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' to the bank facilities of
Shrine Engineering Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       0.93      CARE B Assigned
   Short-term Bank Facilities      5.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shrine Engineering
Private Limited are primarily constrained due to declining
margins, leveraged capital structure and weak coverage indicators.
The ratings are further constrained on account of low order book
position, intense competition and fragmented nature of
construction and transportation industry. These constraints
outweigh the benefits derived from the experienced promoters and
reputed customer profile.

The ability of SEPL to increase its order book position, along
with maintaining a prudent capital structure and profitability
margins, remain the key rating sensitivities.

SEPL was initially established as a partnership firm in 2006 under
the name Shrine Enterprise promoted by Mr. Piyush Modhwadia and
Ms. Priyanka Modhwadia. In 2007, it was, subsequently, converted
into a private limited company. SEPL is engaged into the civil
construction, earth work, drainage construction and
transportation. SEPL is registered as a class 'A' contractor with
Road & Building Department of Gujarat (on the scale of AA to E-2,
AA being highest) and secures all the contracts through open
bidding process.


SRI GAYATHRI: CARE Assigns 'B' Rating to INR10cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Sri
Gayathri Cashews.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        10       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 capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Sri Gayathri Cashews
is constrained by the firm's weak financial risk profile marked by
thin and fluctuating profit margin, high gearing and
weak debt protection metrics, susceptibility of SGC's profit
margin to fluctuation in the prices of raw cashew nuts and the
firm's exposure to forex fluctuations. The rating is further
constrained by the working capital intensive nature of operations,
its presence in a highly fragmented and competitive industry, and
its constitution as a partnership concern.

The rating, however, favorably factors in the vast experience of
the promoter in the cashew processing industry, established
relationship with suppliers and customers, and the significant
increase in scale of operation in FY12 (refers to the period Apr
to Mar).

Going forward, the ability of the firm to improve profitability
amidst fluctuation in raw cashew nut prices in international
market will be the key rating sensitivity.

Sri Gayathri Cashews a partnership firm established in the year
2004 for processing of imported raw cashew nuts (RCN) into cashew
kernel. The firm is also involved in high sea sales (trading) of
RCN to bulk buyers, who in-turn are engaged in the processing of
cashew kernel. The partnership consists of Mr. TRVS Ramesh
(Managing partner) and his cousins Mr. S. Rajnikanth and Mr. S.
Vijaykanth, who share the profits/losses of the business equally.
SGC purchases RCN predominantly from the suppliers in Singapore
and Australia, who in-turn source the same from the East African
and West African countries like Ivory Coast, Tanzania and
Mozambique, etc, owing to a better quality and relatively lower
prices as compared with the domestic market. The pricing for the
RCN is determined based on the agricultural production of cashew
and the dynamics of demand and supply of RCN. The RCN are
processed through roasting, shelling, drying, peeling and grading
before being packed into 10kg tins. The cashew kernels are graded
according to quality and size i.e. white wholes, butts, splits,
small pieces and baby bits. The packed cashew kernel is sold all
over India through a network of around 12 agents under the brand
name of 'Sri Gayathri Cashews'.

SGC derives 68% of total income from high sea sales of RCN and
remaining 32% of total income from processing of RCN into cashew
kernels (by SGC) in FY13.

SGC has registered a PAT of INR0.10 crore on a total operating
income of INR38.06 crore during FYI2 (refers to the period
April 1 to March 31). The firm has registered a PAT of INR0.13
crore on a total income from operations of INR66.08 cr ore during
FYI3 on provisional basis.


VIVEKANANDA EDUCATIONAL: CARE Rates INR3.51cr Loan at 'CARE C'
--------------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of
Vivekananda Educational Society.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        3.51     CARE C Assigned

Rating Rationale

The rating assigned to the bank facilities of Vivekananda
Educational Society (VES) is primarily constrained by regular
delays in servicing of debt obligations in the past due to stress
liquidity caused delays in reimbursements from the State
Government of Andhra Pradesh. The rating, however, factors in the
long track record of operations and necessary approvals obtained
from the regulatory bodies for its various courses. Improvement in
the liquidity position and improvement in the enrolment ratio are
the key rating sensitivities.

Vivekananda Educational Society was formed in the year 2000 by Dr.
Satchidananda Rao and his family members. VES is registered as a
society and has established Engineering and Management College
under the name of Vivekananda Institute of Technology & Science in
the year 2000 with its campus located at Karimnagar district,
Andhra Pradesh. At present, the institute offers graduation
courses (B.E.) and post graduate courses (MBA and M. Tech.) with
total annual intake capacity of 690 students for Academic Year
(AY) 2012-2013. The courses offered under B.E
include Computer Science and Engineering (CSE), Electronics  and
Communication Engineering (ECE), Information Technology (IT),
Electronic & Electrical Engineering (EEE) and Mechanical
Engineering.   Currently, VES has a staff of 93 teaching employees
with total strength of 1,889 students, resulting in healthy
student faculty ratio (20:1). VES has witnessed relatively high
pass percentage across courses over the year, which stood above
86% for the AY2011-2012.

During FY12 (refers to the period April 1 to March 31), the
society reported a total operating income of INR6.35 crore and a
surplus of INR1.30 crore.


VIVEKANANDA EDUCATIONAL TRUST: CARE Rates INR3.93cr Loan at 'C'
---------------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of
Vivekananda Educational Trust.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       3.93      CARE C Assigned

Rating Rationale

The rating assigned to the bank facilities of Vivekananda
Educational Trust is primarily constrained by regular delays in
the servicing of debt obligations in the past due to stress
liquidity caused delays in the reimbursements from Government of
Andhra Pradesh. The rating, however, factors in the long track
record of operations and necessary approvals obtained from
regulatory bodies for its various courses.  Improvement in the
liquidity position and improvement in the enrolment ratio are the
key rating sensitivities.

Vivekananda Educational Trust was formed in the year 2000 by
Dr. SatchidanandaRao and his family members. VET is registered as
a Public Charitable Trust and has established Engineering
and Management College under the name of Vivekananda Institute of
Technology & Science (N9) in the year 2000 with its campus located
at Karimnagar district, Andhra Pradesh. At present, the
institute offers graduation courses (B.E.) and post graduate
courses (MBA and M. Tech.) with total annual intake capacity of
534 students for Academic Year (AY) 2012-2013. The courses offered
under B.E. include Computer Science and Engineering (CSE),
Electronics and Communication Engineering (ECE), Information
Technology (IT), Electronic & Electrical Engineering (EEE) and
Mechanical Engineering (ME). Currently, VET has a staff of 60
teaching employees and 966 students in the college, resulting in
healthy student faculty ratio (16:1). VET has witnessed
relatively high pass percentage across courses over the year which
stood above 85% for the AY2011-2012.

During FY12 (April 1, 2011 to March 31, 2012) VET reported a total
operating income of INR4.34 crore (FY11 - INR5.11 crore) and a PAT
of INR0.66 crore (FY11- INR0.73 crore).



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


MF2 SENIOR: S&P Lowers Rating on Class A2 ABL Loan to CCC-
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'CCC- (sf)' from 'B- (sf)' its rating on the class A2 asset-backed
loan (ABL) issued under the MF2 Senior Loan transaction.  At the
same time, S&P removed this rating from CreditWatch with negative
implications, where it was placed on Nov. 28, 2012.

The sales of the three remaining office buildings in Tokyo backing
the transaction's nonrecourse loan, which defaulted in March 2012,
have been completed.  Relevant parties are currently undertaking
final calculations of the recovery amount at the borrower special-
purpose company (SPC) level.  The proceeds collected from the
sales of the properties have reduced the remaining principal on
the class A2 ABL to a level far lower than the initial principal
amount.  Nevertheless, S&P lowered its rating on class A2 because
it sees an increased likelihood that this class will not redeem in
full, after considering the amount left over at the borrower SPC
level and future payments for various expenses.

Morgan Stanley Japan Securities Co. Ltd. (currently, Morgan
Stanley MUFG Securities Co. Ltd.) arranged this commercial
mortgage-backed securities (CMBS) transaction.  The rating
reflects 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 March 2014 for the
class A2 ABL.

          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 LOWERED, OFF CREDITWATCH NEGATIVE

MF2 Senior Loan
JPY25.4 billion senior ABLs due March 2014
Class      To            From                  Initial issue
amount
A2 ABL     CCC- (sf)     B- (sf)/Watch Neg     JPY4.0 bil.



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


HARTLAND CONSTRUCTION: Ex-Director Declared Bankrupt
----------------------------------------------------
John Edens at The Southland Times reports that Marcus Steenland
was adjudicated bankrupt in the Invercargill High Court last month
after a creditor application, according to the Insolvency and
Trustee Service.

The Southland Times relates that Mr. Steenland was the director of
Hartland Construction, placed in liquidation in June last year,
and previously held the GJ Gardner home building franchise in
Queenstown.

The report says Hartland Construction hit difficulties and was
initially placed in voluntary administration before the
liquidation proceedings.

According to the Southland Times, the latest report by liquidators
BWA Insolvency said investigations revealed that about NZ$12,000
was owed to preferential creditors.

However, the time and cost involved in setting aside transactions
so that payments could be distributed would be out of proportion
to any benefit, according to the liquidators' report cited by The
Southland Times.

Distributions were made to shareholder interests and could have
been the subject of a claim by liquidators, The Southland Times
reports.

"However, it has been considered that there is no commercial merit
following that course of action."

The Southland Times relates that the report said it appeared the
director acted in good faith at all times but a claim could have
been made for loss to creditors and alleged reckless trading.

But the director's estate was so depleted there would be no
economic gain in that course of action.

Liquidators had dealt with most of the accounts receivable and
were pursuing other amounts.

A final report is expected once all matters are completed.

Hartland Construction Limited was a Queenstown building company.
Hartland Construction, which held the local GJ Gardner franchise,
was placed into liquidation in June 2012.  The firm owes
about 80 unsecured creditors NZ$1.5 million.


MEDIAWORKS: Australian Director Joins Board
-------------------------------------------
John Drinnan at The New Zealand Herald reports that another
Australian has been appointed to the team that will run TV3 and
the rest of MediaWorks' media stable when it comes out of
receivership.

A former director of Australian Media Company PBL involved with
the nine Network, Martin Dalgleish, will join chairman Rod McGeoch
and former reality Queen Julie Christie overseeing the firm, which
will be owned by out-of-pocket banks, according to The New Zealand
Herald.

The report relates that Mr. Dalgleish has a background in new
media and will bring added expertise for the company which has
previously struggled to keep up with new media developments
because of limited capital.

The report notes that the receivership is part of an unusual
recapitalization of the company, which receivers at Kordamentha
say means new owners -- made up of out of pocket banks -- will not
have to take on the potential cost of an estimated $22 million
potential obligation to the Department of Inland Revenue.

The report discloses that the new board will initially represent
the banks' new company but it will also likely have a role
bringing in new investors to the media company to take it off
their hands.

The report relays that banks have lost dearly on their funding and
are not expected to keep their equity role for a long period.

Dalgleish is an experienced company chief executive officer,
chairman and managing director, with 25 years in technology,
consumer, telco and media with leading brands including PBL,
Optus, Dixons, Rank, PepsiCo, IBM.  He has various non-executive
director roles within many of Australia's leading media and online
brands.


POWERCO NZ: Posted NZ$30MM Annual Loss in Fiscal 2012
-----------------------------------------------------
Stuff.co.nz reports that New Plymouth-based electricity and gas
utility Powerco NZ Holdings has again reported no tax paid to
Inland Revenue after a loss of NZ$30 million for the year to
March.

Stuff.co.nz relates that the result continues a run of losses
since 2010 as the cost of huge related-party debts negates healthy
operating profits.

The report says results filed to the Companies Office a few days
ago show Powerco NZ Holdings generated revenue of NZ$398 million
for the year to March and made a profit before interest and tax of
NZ$127 million.

However, interest payments of NZ$163 million dragged the result
into the red, producing a tax benefit for Powerco of
NZ$5.9 million, Stuff.co.nz discloses.

According to the report, Powerco has debts totalling
NZ$1.76 billion, of which NZ$682 million is owed to parties
related to its overseas owners, the Queensland Investment
Corporation and Canadian-based Brookfield Infrastructure Partners.

The related-party debts had interest costs of NZ$80 million.

Stuff.co.nz notes that Powerco is in the midst of an ownership
change as Brookfield seeks a buyer for its 42 per cent stake.

An Australian Financial Review report said potential investors
were in New Zealand last week to examine Powerco's assets before
final bids this month, according to Stuff.co.nz.

At least three bidders are believed to have been introduced to
Powerco's management, including AMP Capital, Deutsche Asset
Management (the former RREEF Infrastructure) and State Grid
Corporation of China, and shown around its assets, the report
discloses.

Powerco -- http://www.powerco.co.nz/-- is a New Plymouth,
New Zealand-based electricity and gas utility firm.



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


* S&P Applies Revised Ratings Criteria to Asia-Pacific Insurers
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has reviewed its
ratings on 18 life insurance companies, insurance holding
companies and some of their related entities in the Asia-Pacific
region (excluding Japan), by applying its new ratings criteria for
insurers, which were published on May 7, 2013.  (See the Ratings
List for the ratings on these life insurers, insurance holding
companies and their related entities that S&P took rating action
on as a result of applying S&P's new criteria to their parent.)

S&P will publish individual analytical reports on the insurance
groups identified below, including a list of ratings on affiliated
entities, as well as the ratings by debt type--senior,
subordinated, junior subordinated, and preferred stock.

The research updates will be available at:

         http://www.standardandpoors.com/insurancecriteria

and on RatingsDirect.com.  To view the reports on Australian and
New Zealand insurers, go to http://www.standardandpoors.com.au;on
the left-hand column click on Insurance, then Insurance Rating
Action Articles.  Ratings on specific issues will be available
on RatingsDirect and at http://www.standardandpoors.com

RATINGS LIST

(All ratings are affirmed, except where a "from" rating is
indicated.)

Pacific

Manchester Unity Friendly Society
Issuer Credit Rating                    BB-/Stable/--
Financial Strength Rating               BB-/Stable/--

MetLife Insurance Ltd.
Issuer Credit Rating                    A+/Stable/--
Financial Strength Rating               A+/Stable/--

National Wealth Management Holdings Ltd.
Issuer Credit Rating                    A+/Stable/A-1

ANZ Wealth Australia Ltd.
Issuer Credit Rating                    A+/Stable/A-1

Medical Insurance Society Ltd.
Issuer Credit Rating                    A-/Stable/--
Financial Strength Rating               A-/Stable/--

Medical Life Assurance Society Ltd.
Issuer Credit Rating                    A-/Stable/--
Financial Strength Rating               A-/Stable/--

Medical Securities Ltd.
Issuer Credit Rating                    A-/Stable/--

Hallmark Life Insurance Co. Ltd.
Issuer Credit Rating                    BBB+/Stable/--
Financial Strength Rating               BBB+/Stable/--

Hallmark Life Insurance Co. Ltd. (New Zealand Branch)
Financial Strength Rating               BBB+/Stable/--

Colonial Holding Co. Ltd.
Issuer Credit Rating                    A+/Stable/A-1

Zurich Australia Ltd.
Issuer Credit Rating                    A+/Stable/--
Financial Strength Rating               A+/Stable/--

Asia excluding Japan

Hang Seng Insurance Co. Ltd.
Issuer Credit Rating                    AA-/Stable/--
Financial Strength Rating               AA-/Stable/--
Greater China Regional Scale Rating     cnAAA

HSBC Insurance (Singapore) Pte. Ltd.
Issuer Credit Rating                    A+/Stable/--
Financial Strength Rating               A+/Stable/--
ASEAN Regional Scale Rating             axAAA

HSBC Life (International) Ltd.
Issuer Credit Rating                    AA-/Stable/--
Financial Strength Rating               AA-/Stable/--
Greater China Regional Scale Rating     cnAAA

Nan Shan Life Insurance Co. Ltd.
Issuer Credit Rating                    A-/Stable/--
Financial Strength Rating               A-/Stable/--
Greater China Regional Scale Rating     cnAA

NTUC Income Insurance Co-operative Ltd.
Issuer Credit Rating                    AA-/Stable/--
Financial Strength Rating               AA-/Stable/--
ASEAN Regional Scale Rating             axAAA

Thai Life Insurance Public Co. Ltd.
Issuer Credit Rating                    A-/Stable/--
Financial Strength Rating               A-/Stable/--
ASEAN Regional Scale Rating             axAA

                                         To              From
Taiwan Life Insurance Co. Ltd.
Issuer Credit Rating                    BBB/Stable/--
BBB/Negative/--
Financial Strength Rating               BBB/Stable/--
BBB/Negative/--
Greater China Regional Scale Rating     cnA             cnA-


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------


AUSTRALIA

AACL HOLDINGS LT          AAY              39.61       -4.66
AAT CORP LTD              AAT              32.50      -13.46
ANAECO LTD                ANQ              12.09      -16.38
ARASOR INTERNATI          ARR              19.21      -26.51
AUSTRALIAN ZI-PP          AZCCA            77.74       -2.57
AUSTRALIAN ZIRC           AZC              77.74       -2.57
BECTON PROPERTY           BEC             267.47      -15.73
BIRON APPAREL LT          BIC              19.71       -2.22
CLARITY OSS LTD           CYO              28.67       -8.42
CWH RESOURCES LT          CWH              12.09       -1.29
HAOMA MINING NL           HAO              23.85      -33.70
LANEWAY RESOURCE          LNY              10.84      -11.48
MACQUARIE ATLAS           MQA           1,643.35   -1,018.17
MISSION NEWENER           MBT              10.95      -25.02
NATURAL FUEL LTD          NFL              19.38     -121.51
QUICKFLIX LTD             QFX              15.84       -1.91
REDBANK ENERGY L          AEJ             295.35      -13.08
RENISON CONSO-PP          RSNCL            10.84      -11.48
RIVERCITY MOTORW          RCY             386.88     -809.14
RUBICOR GROUP LT          RUB              60.12      -61.63
STERLING PLANTAT          SBI              37.84      -10.78
TZ LTD                    TZL              26.01       -1.69


CHINA

ANHUI GUOTONG-A           600444           73.14       -9.75
ATLANTIC NAVIGAT          ATL              89.78       -6.98
CHANG JIANG-A             520             818.55     -122.68
CHENGDU UNION-A           693              24.18      -30.53
CHINA KEJIAN-A            35               49.24     -299.06
CHINA OILFIELD T          COT              18.84      -19.88
HEBEI BAOSHUO -A          600155          101.91     -102.90
HUASU HOLDINGS-A          509              73.01      -35.36
HULUDAO ZINC-A            751             471.13     -546.12
HUNAN TIANYI-A            908              58.94      -11.50
JIANGSU ZHONGDA           600074          351.03       -9.74
JILIN PHARMACE-A          545              32.98       -6.85
QINGDAO YELLOW            600579          139.12      -58.98
SHENZ CHINA BI-A          17               26.30     -279.51
SHENZ CHINA BI-B          200017           26.30     -279.51
SHENZ INTL ENT-A          56              334.77      -70.20
SHENZ INTL ENT-B          200056          334.77      -70.20
SHIJIAZHUANG D-A          958             212.89     -118.63
TAIYUAN TIANLO-A          600234           63.16      -15.00
WUHAN BOILER-B            200770          214.39     -201.83
WUHAN XIANGLON-A          600769           83.73      -85.75
XIAN HONGSHENG-A          600817          138.05      -60.58


HONG KONG

ASIA COAL LTD             835              20.37      -11.89
BIRMINGHAM INTER          2309             63.14       -6.89
BUILDMORE INTL            108              16.89      -47.61
CELEBRATE INTERN          8212             17.15       -3.56
CHINA E-LEARNING          8055             22.22       -2.95
CHINA HEALTHCARE          673              32.51      -25.02
CHINA OCEAN SHIP          651             339.71      -56.14
CHINA ORIENTAL            2371             14.94       -1.53
EFORCE HLDGS LTD          943              63.68       -4.62
FU JI FOOD & CAT          1175             26.40     -153.32
GRANDE HLDG               186             255.10     -208.18
HAO WEN HOLDINGS          8019             20.40       -0.60
ICUBE TECHNOLOGY          139              20.70       -4.03
MASCOTTE HLDGS            136             176.50     -142.02
MELCOLOT LTD              8198             13.19      -28.51
PALADIN LTD               495             162.31       -3.89
PROVIEW INTL HLD          334             314.87     -294.85
SINO RESOURCES G          223              38.67      -23.83
SURFACE MOUNT             SMT              32.88      -10.68
TLT LOTTOTAINMEN          8022             20.48       -3.75
U-RIGHT INTL HLD          627              16.58     -204.32


INDONESIA

APAC CITRA CENT           MYTX            187.16       -6.32
ARPENI PRATAMA            APOL            416.73     -206.52
ASIA PACIFIC              POLY            410.59     -809.94
ICTSI JASA PRIMA          KARW             56.78       -1.30
MATAHARI DEPT             LPPF            232.55     -190.10
PANCA WIRATAMA            PWSI             28.67      -35.63
PERMATA PRIMA SA          TKGA             10.70       -1.55
RENUKA COALINDO           SQMI             14.81       -1.35


INDIA

ABHISHEK CORPORA          ABSC             58.35      -14.51
AGRO DUTCH INDUS          ADF             105.49       -3.84
ALPS INDUS LTD            ALPI            215.85      -28.22
AMIT SPINNING             AMSP             16.21       -6.54
ARTSON ENGR               ART              11.81      -10.16
ASHAPURA MINECHE          ASMN            167.68      -67.64
ASHIMA LTD                ASHM             63.23      -48.94
BELLARY STEELS            BSAL            451.68     -108.50
BLUE BIRD INDIA           BIRD            122.02      -59.13
CAMBRIDGE TECHNO          CTECH            12.77       -7.96
CELEBRITY FASHIO          CFLI             27.59       -8.60
CFL CAPITAL FIN           CEATF            12.36      -49.56
CHESLIND TEXTILE          CTX              20.51       -0.03
COMPUTERSKILL             CPS              14.90       -7.56
CORE HEALTHCARE           CPAR            185.36     -241.91
DCM FINANCIAL SE          DCMFS            18.46       -9.46
DFL INFRASTRUCTU          DLFI             42.74       -6.49
DHARAMSI MORARJI          DMCC             21.44       -6.32
DIGJAM LTD                DGJM             99.41      -22.59
DISH TV INDIA             DITV            517.02      -18.42
DISH TV INDI-SLB          DITV/S          517.02      -18.42
DUNCANS INDUS             DAI             122.76     -227.05
FIBERWEB INDIA            FWB              13.22       -9.70
GANESH BENZOPLST          GBP              43.90      -18.27
GOLDEN TOBACCO            GTO             109.72       -5.01
GSL INDIA LTD             GSL              29.86      -42.42
GUJARAT STATE FI          GSF              10.26     -303.64
GUPTA SYNTHETICS          GUSYN            52.94       -0.50
HARYANA STEEL             HYSA             10.83       -5.91
HINDUSTAN SYNTEX          HSYN             11.46       -5.39
HMT LTD                   HMT             123.83     -517.57
INDAGE RESTAURAN          IRL              15.11       -2.35
INTEGRAT FINANCE          IFC              49.83      -51.32
JAGJANANI TEXTIL          JAGT             10.69       -1.88
JCT ELECTRONICS           JCTE             88.67      -72.23
JENSON & NIC LTD          JN               16.65      -75.51
JOG ENGINEERING           VMJ              50.08      -10.08
JYOTHY CONSUMER           JYOC             69.07      -31.72
KALYANPUR CEMENT          KCEM             24.64      -38.69
KANCO ENTERPRISE          KANE             10.59       -4.93
KDL BIOTECH LTD           KOPD             14.66       -9.41
KERALA AYURVEDA           KERL             13.97       -1.69
KINGFISHER AIR            KAIR          1,782.32     -997.63
KINGFISHER A-SLB          KAIR/S        1,782.32     -997.63
KITPLY INDS LTD           KIT              37.68      -45.35
KM SUGAR MILLS            KMSM             19.14       -0.47
LLOYDS FINANCE            LYDF             14.71      -10.46
LML LTD                   LML              50.66      -70.76
MADRAS FERTILIZE          MDF             158.91      -64.91
MAHA RASHTRA APE          MHAC             22.23      -15.85
MALWA COTTON              MCSM             44.14      -24.79
MARKSANS PHARMA           MRKS             76.23      -31.89
MILTON PLASTICS           MILT             17.67      -51.22
MODERN DAIRIES            MRD              32.97       -3.87
MTZ POLYFILMS LT          TBE              31.94       -2.57
MYSORE PAPER              MSPM             87.99       -8.12
NATL STAND INDI           NTSD             22.09       -0.73
NICCO CORP LTD            NICC             71.84       -4.91
NICCO UCO ALLIAN          NICU             25.42      -79.20
NK INDUS LTD              NKI             141.35       -7.71
NRC LTD                   NTRY             73.10      -51.18
NUCHEM LTD                NUC              24.72       -1.60
PANCHMAHAL STEEL          PMS              51.02       -0.33
PARAMOUNT COMM            PRMC            124.96       -0.52
PARASRAMPUR SYN           PPS              99.06     -307.14
PAREKH PLATINUM           PKPL             61.08      -88.85
PIONEER DISTILLE          PND              53.74       -5.62
PREMIER INDS LTD          PRMI             11.61       -6.09
QUADRANT TELEVEN          QDTV            150.43     -137.48
QUINTEGRA SOLUTI          QSL              16.76      -17.45
RATHI ISPAT LTD           RTIS             44.56       -3.93
RELIANCE BROADCA          RBN              86.71       -0.35
RELIANCE MEDIAWO          RMW             425.22      -21.31
RELIANCE MED-SLB          RMW/S           425.22      -21.31
REMI METALS GUJA          RMM             101.32      -17.12
RENOWNED AUTO PR          RAP              14.12       -1.25
ROLLATAINERS LTD          RLT              22.97      -22.24
ROYAL CUSHION             RCVP             14.42      -73.93
SADHANA NITRO             SNC              16.74       -0.58
SANATHNAGAR ENTE          SNEL             39.67      -11.05
SAURASHTRA CEMEN          SRC              89.32       -6.92
SCOOTERS INDIA            SCTR             19.75      -13.35
SEN PET INDIA LT          SPEN             11.58      -26.67
SHAH ALLOYS LTD           SA              213.69      -39.95
SHALIMAR WIRES            SWRI             25.78      -38.78
SHAMKEN COTSYN            SHC              23.13       -6.17
SHAMKEN MULTIFAB          SHM              60.55      -13.26
SHAMKEN SPINNERS          SSP              42.18      -16.76
SHREE RAMA MULTI          SRMT             49.29      -25.47
SIDDHARTHA TUBES          SDT              75.90      -11.45
SITI CABLE NETWO          SCNL            110.69      -14.26
SOUTHERN PETROCH          SPET            210.98     -175.98
SPICEJET LTD              SJET            386.76      -30.04
SQL STAR INTL             SQL              10.58       -3.28
STATE TRADING CO          STC           1,279.23     -219.37
STELCO STRIPS             STLS             14.90       -5.27
STI INDIA LTD             STIB             24.64       -0.44
STORE ONE RETAIL          SORI             15.48      -59.09
SUPER FORGINGS            SFS              16.31       -5.93
TAMILNADU JAI             TNJB             19.13       -2.69
TATA METALIKS             TML             156.70       -5.36
TATA TELESERVICE          TTLS          1,311.30     -138.25
TATA TELE-SLB             TTLS/S        1,311.30     -138.25
TODAYS WRITING            TWPL             20.12      -24.62
TRIUMPH INTL              OXIF             58.46      -14.18
TRIVENI GLASS             TRSG             24.23      -12.34
TUTICORIN ALKALI          TACF             20.48      -16.78
UNIFLEX CABLES            UFCZ             47.46       -7.49
UNIWORTH LTD              WW              159.14     -146.31
UNIWORTH TEXTILE          FBW              21.44      -34.74
USHA INDIA LTD            USHA             12.06      -54.51
UTTAM VALUE STEE          UVSL            510.00      -48.98
VANASTHALI TEXT           VTI              25.92       -0.15
VENTURA TEXTILES          VRTL             14.33       -1.91
VENUS SUGAR LTD           VS               11.06       -1.08


JAPAN

FLIGHT SYS CONSU          3753             10.10       -2.62
HARAKOSAN CO              8894            187.50       -1.90
HIMAWARI HD               8738            251.56      -42.26
INDEX CORP                4835            227.23      -15.54
MISONOZA THEATRI          9664             56.72       -4.80
PROPERST CO LTD           3236            140.82     -353.70
TAIYO BUSSAN KAI          9941            142.90       -0.41
WORLD LOGI CO             9378             34.44      -71.60


KOREA

DAISHIN INFO              20180           740.50     -158.45
DVS KOREA CO LTD          46400            17.40       -1.20
ROCKET ELEC-PFD           425             111.09       -0.42
ROCKET ELECTRIC           420             111.09       -0.42
SHINIL ENG CO             14350           199.04       -2.53
SSANGYONG ENGINE          12650         1,231.13     -119.47
TEC & CO                  8900            139.98      -16.61
WOONGJIN HOLDING          16880         2,197.34     -635.50


MALAYSIA

HO HUP CONSTR CO          HO               54.37      -16.70
LFE CORP BHD              LFE              39.65       -0.70
PUNCAK NIA HLD B          PNH           4,400.41      -24.59
VTI VINTAGE BHD           VTI              17.74       -3.63


NEW ZEALAND

NZF GROUP LTD             NZF              11.69       -4.60
PULSE UTILITIES           PLU              14.58       -4.84


PHILIPPINES

GOTESCO LAND-A            GO               21.76      -19.21
GOTESCO LAND-B            GOB              21.76      -19.21
PICOP RESOURCES           PCP             105.66      -23.33
UNIWIDE HOLDINGS          UW               50.36      -57.19


SINGAPORE

ADVANCE SCT LTD           ASCT             48.74       -2.27
HL GLOBAL ENTERP          HLGE             83.11       -4.63
SCIGEN LTD-CUFS           SIE              68.70      -42.35
TT INTERNATIONAL          TTI             227.86      -88.73
ZHONGXIN FRUIT            NLH              19.34       -5.25


THAILAND

ASCON CONSTR-NVD          ASCON-R          59.78       -3.37
ASCON CONSTRUCT           ASCON            59.78       -3.37
ASCON CONSTRU-FO          ASCON/F          59.78       -3.37
CALIFORNIA W-NVD          CAWOW-R          28.07      -11.94
CALIFORNIA WO-FO          CAWOW/F          28.07      -11.94
CALIFORNIA WOW X          CAWOW            28.07      -11.94
DATAMAT PCL               DTM              12.69       -6.13
DATAMAT PCL-NVDR          DTM-R            12.69       -6.13
DATAMAT PLC-F             DTM/F            12.69       -6.13
K-TECH CONSTRUCT          KTECH            38.87      -46.47
K-TECH CONSTRUCT          KTECH/F          38.87      -46.47
K-TECH CONTRU-R           KTECH-R          38.87      -46.47
M LINK ASIA CORP          MLINK            83.61       -7.85
M LINK ASIA-FOR           MLINK/F          83.61       -7.85
M LINK ASIA-NVDR          MLINK-R          83.61       -7.85
PATKOL PCL                PATKL            52.89      -30.64
PATKOL PCL-FORGN          PATKL/F          52.89      -30.64
PATKOL PCL-NVDR           PATKL-R          52.89      -30.64
PICNIC CORP-NVDR          PICNI-R         101.18     -175.61
PICNIC CORPORATI          PICNI           101.18     -175.61
PICNIC CORPORATI          PICNI/F         101.18     -175.61
SHUN THAI RUBBER          STHAI            19.89       -0.59
SHUN THAI RUBB-F          STHAI/F          19.89       -0.59
SHUN THAI RUBB-N          STHAI-R          19.89       -0.59
SUNWOOD INDS PCL          SUN              19.86      -13.03
SUNWOOD INDS-F            SUN/F            19.86      -13.03
SUNWOOD INDS-NVD          SUN-R            19.86      -13.03
THAI-DENMARK PCL          DMARK            15.72      -10.10
THAI-DENMARK-F            DMARK/F          15.72      -10.10
THAI-DENMARK-NVD          DMARK-R          15.72      -10.10
TONGKAH HARBOU-F          THL/F            62.30       -1.84
TONGKAH HARBOUR           THL              62.30       -1.84
TONGKAH HAR-NVDR          THL-R            62.30       -1.84


TAIWAN

BEHAVIOR TECH CO          2341S            30.90       -0.22
BEHAVIOR TECH-EC          2341O            30.90       -0.22
HELIX TECH-EC             2479T            23.39      -24.12
HELIX TECH-EC IS          2479U            23.39      -24.12
HELIX TECHNOL-EC          2479S            23.39      -24.12
IDM INTERNATIONA          IDM              30.99      -23.62
POWERCHIP SEM-EC          5346S         2,036.01      -52.74



                             *********

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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