TCRAP_Public/130717.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, July 17, 2013, Vol. 16, No. 140


                            Headlines


A U S T R A L I A

ARAB BANK: Fitch Affirms Viability Rating at 'bb+'
BYRON BAY: Rinoldi Group Buys Firm For Undisclosed Price
IMPALA TRUST NO. 1: S&P Raises Rating on Class E Notes to BBB
LM INVESTMENT: Trustee Asks Founder to Pay Back AUD17MM Loan
NK COLLINS: Sawmill Shuts Door; 200 Jobs at Risks

QUEENSLAND MEDIA: BRI Ferrier Appointed as Administrators


C H I N A

AMERICAN ORIENTAL: Incurs $21.1-Mil. Net Loss in First Quarter


I N D I A

ANASWARA OFFSET: CARE Assigns 'BB' Rating to INR4.13cr Loan
EDUCOMP INFRA: CARE Cuts Rating on INR105cr Loan to 'D'
HIMACHAL FUTURISTIC: CARE Ups Rating on INR315.92cr Loan to 'BB'
J J HI TECH: CARE Assigns 'B+' Rating to INR7.47cr LT Loan
JANANI EXPORTS: CARE Assigns 'BB' Rating to INR10cr LT Loan

MAGNUM VINIMAY: CARE Assigns 'B+' Rating to INR4.9cr Loan
SANTOSHI BARRIER: CARE Reaffirms 'B+' Rating on INR7.24cr Loan
SANTOSHI POLYMERS: CARE Assigns 'BB-' Rating to INR5.5cr Loan
SATYAM DEVELOPERS: CARE Assigns 'BB-' Rating to INR50cr Loan
SUPER SPINNING: CARE Reaffirms 'BB' Rating on INR35.99cr Loan


I N D O N E S I A

MERPATI NUSANTARA: Put Up For Sale to Save Airline


J A P A N

* Fitch Sees Mixed Rating Actions for Japanese SF in Q213


N E W  Z E A L A N D

GENEVA FINANCE: Obtains NZ$27.5MM Loan to Repay Debenture Holders


S R I  L A N K A

ETI FINANCE: Fitch Withdraws 'CC' National Long-Term Rating


S O U T H  K O R E A

MAGNACHIP SEMICONDUCTOR: Moody's Rates $225M Notes Issuance (P)B1
MAGNACHIP SEMICONDUCTOR: S&P Assigns 'BB-' Rating to $225MM Notes
* Moody's Outlook on Singapore's Banking Sector is Negative


X X X X X X X X

* APAC SF Ratings and Outlooks Mostly Stable in Q213, Fitch Says
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ARAB BANK: Fitch Affirms Viability Rating at 'bb+'
--------------------------------------------------
Fitch Ratings has placed Arab Bank Australia Limited's (ABAL)
Long-Term and Short-Term Issuer Default Ratings (IDR) and Support
Rating on Rating Watch Negative (RWN).

KEY RATING DRIVERS - IDRS & SUPPORT RATING
The RWN on ABAL's IDRs and Support Rating reflects the rating
action taken on ABAL's parent, Jordan-based Arab Bank Plc ('A-
'/RWN) on July 11, 2013.

ABAL's Long- and Short-Term IDRs and Support Rating reflect its
status as a core subsidiary of its parent. Both share the same
brand name and strategy, and maintain a close working
relationship. The group is well placed to provide support and
keeps a very liquid balance sheet, given the small size of ABAL
relative to its parent. ABAL made up just 2.5% of the group's
total assets at end-2012.

RATING SENSITIVITIES - IDRS & SUPPORT RATING
ABAL's IDRs would be downgraded if Arab Bank plc's IDRs were
downgraded, or if there were a change in Fitch's view of ABAL's
role as a core subsidiary of Arab Bank plc. ABAL's Support Rating
could also be downgraded as a result of a change in assumptions
around the propensity or ability of Arab Bank plc to provide
timely support to ABAL.

KEY RATING DRIVERS - VR
ABAL's VR reflects the bank's small franchise in a highly
competitive market which, combined with sizeable loan impairment
charges and relatively moderate operating efficiency has impacted
operating profitability. Its VR also takes into consideration
ABAL's improved - but still relatively fragile - asset quality,
strengthened funding position, continuing ample liquidity, and
strong regulatory capital ratios.

ABAL conducted a strategic review in 2012, resulting in
improvements in the bank's risk management framework. These
changes should strengthen future asset quality. Impaired loans
declined during 2012 but its impaired loan ratio is still weaker
than that of regional peers.

In addition, ABAL's profitability has also been challenged by
modest revenue generation. Loan volumes have fallen in the past
two years, reflecting a highly competitive market and an active
reduction of higher risk loans. The roll-off of higher risk loans
is largely complete, which may result in modest loan growth
through H213. Nevertheless, Fitch expects operating revenue
generation to remain under pressure. More efficient cost
management and improved asset quality are likely to be the main
contributors to stronger profitability.

ABAL's adequate liquidity and capital position continue to
underpin the bank's VR. The bank's funding position improved
partly on the back of the loan book decline. However, the quality
of the deposits has improved given the shift from current account
deposits to term-deposits with maturities exceeding 90 days. Fitch
expects this trend of improvement in the funding mix to continue.

RATING SENSITIVITIES - VR
ABAL's VR is sensitive to the development of the bank's asset
quality, recurrent profitability and funding position. Some
positive trends in the past 12 months have underpinned the bank's
current VR. However, an upgrade in its VR is unlikely given the
level of single name credit concentration and low profitability.
ABAL's VR could be downgraded if the level of impaired loans were
to increase and its funding, liquidity and capital positions were
to deteriorate.

The rating actions are:

Arab Bank Australia Limited:
Long-term IDR: 'A-', on Rating Watch Negative;
Short-term IDR: 'F1', on Rating Watch Negative;
Viability Rating affirmed at 'bb+'; and
Support Rating: '1', on Rating Watch Negative.


BYRON BAY: Rinoldi Group Buys Firm For Undisclosed Price
--------------------------------------------------------
Jenny Rogers at goldcoast.com.au reports that Rinoldi Group,
Australia's oldest pasta manufacturing company, has snapped up the
Byron Bay Cookie Company.

goldcoast.com.au says Rinoldi Group, which has been manufacturing
pasta since 1878, now plans to grow the iconic gourmet biscuit
maker in both Australia and export markets.

Receivers PwC had been appointed to the Byron Bay Cookie Company
in March, a week after the company was forced into administration
with debts of around AUD7 million, according to the report.

goldcoast.com.au notes that the Australian Tax Office tried to
wind the company up over AUD1.7 million in unpaid taxes and
superannuation payments.

According to the report, the sale of the biscuit company comes as
liquidator John Vouris, of Lawler Partners, said he had issued
letters of demand to a current and former director of Byron Bay
Cookie Company for alleged insolvent trading.

The report relates that Mr. Vouris said he was waiting on advice
from receivers about the sale of the business to determine what
would be available to cover outstanding claims from creditors.

PwC partner Derrick Vickers said the sale included all trademarks,
land and buildings, plant, equipment and recipes, adds
goldcoast.com.au.

goldcoast.com.au relates that Mr. Vickers said the purchase was
expected to be completed on July 22.  He refused to disclose the
sale price but said the company was happy with the final price,
the report notes.

                          About Byron Bay

Byron Bay Cookie Company biscuits are well known on a string of
Australian airlines through its partnership with Qantas, Virgin,
Tiger and Strategic Airlines.

National Australia Bank, one of the major secured creditors,
stepped in on March 15 and appointed Derrick Vickers and Michael
Fung from PricewaterhouseCoopers in Brisbane to take over control
of the gourmet biscuit company.

The company's manufacturing arm was only placed in voluntary
administration on March 6, 2013, after the tax office began wind-
up action.  John Vouris and Brad Tonks of the business recovery
team at Lawler Partners in Sydney, were appointed voluntary
administrators. It listed debt of more than AUD10 million to
creditors.


IMPALA TRUST NO. 1: S&P Raises Rating on Class E Notes to BBB
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B, class C, class D, and class E notes issued by Perpetual Trustee
Co. Ltd. as trustee of IMPALA Trust No. 1 - Sub Series 2010-1 and
IMPALA Trust No. 1 - Sub Series 2011-1.  At the same time, S&P
affirmed its 'AAA (sf)' ratings on each transaction's class A
notes.

The notes of each transaction are backed by a pool of auto- and
equipment-backed finance leases, commercial hire-purchase
agreements, goods mortgages, and practice loans offered to health
and accounting industry participants that were originated by
Investec Professional Finance Pty Ltd.

The underlying assets of the trusts have performed strongly over
the life of the transactions, with low levels of arrears.  As of
May 31, 2013, the cumulative net losses of IMPALA Trust No.1 - Sub
Series 2010-1 were approximately 0.34% of the original portfolio
balance and those of IMPALA Trust No.1 - Sub Series 2011-1 were
approximately 0.26%.  Net losses for both transactions have been
fully covered by excess spread.  Furthermore, there has been a
build up of credit support to the notes due to the amortization of
the asset pools and the transactions' initial sequential payment
structures.

          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

REGULATORY DISCLOSURES

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

RATINGS RAISED
IMPALA Trust No. 1 - Sub Series 2010-1
Class       Rating to        Rating from
B           AAA (sf)         AA (sf)
C           AA (sf)          A (sf)
D           A (sf)           BBB (sf)
E           A (sf)           BB (sf)

IMPALA Trust No. 1 - Sub Series 2011-1
Class       Rating to        Rating from
B           AAA (sf)         AA (sf)
C           AA (sf)          A (sf)
D           A (sf)           BBB (sf)
E           BBB (sf)         BB (sf)

RATINGS AFFIRMED
IMPALA Trust No. 1 - Sub Series 2010-1
Class       Rating
A           AAA (sf)

IMPALA Trust No. 1 - Sub Series 2011-1
Class       Rating
A           AAA (sf)


LM INVESTMENT: Trustee Asks Founder to Pay Back AUD17MM Loan
------------------------------------------------------------
Larry Schlesinger at Property Observer reports that receivers from
McGrathNicol have been appointed to the AUD326 million LM First
Mortgage Income Fund, one of the funds that formed part of
collapsed Gold Coast-based fund manager and property developer, LM
Investment Management (LMIM).

At the same time trustee of another fund, the AUD400 million LM
Managed Performance Fund, are demanding that group founder
Peter Drake pay back more than AUD17 million in loans, Property
Observer relates citing the Australian Financial Review.

It follows LMIM administrators John Park and Ginette Muller from
FTI Consulting revealing in April that the business had lent
Mr. Drake AUD17 million, the report says.

According to the report, McGrath Nicol were appointed receivers to
the LM First Mortgage Income Fun by investment bank Deutsche Bank,
with the AFR calling it a "pre-emptive action" ahead of July 15
court battle over control over the fund.

Deutsche Bank has provided a line of credit facility worth
AUD25 million to the fund, the report notes.

New Zealand Herald reported that voluntary administrators have
been appointed to LM Investment Management, a beleaguered
Australian firm that controlled a frozen mortage fund which
New Zealanders had more than NZ$100 million tied up in.  LM
directors on March 19, 2013, appointed John Park and Ginette
Muller of FTI Consulting as voluntary administrators, blaming the
move on liquidity problems caused by a smear campaign.

LM is the responsible entity of these registered managed
investment schemes:

-- LM Cash Performance Fund;
-- LM First Mortgage Income Fund;
-- LM Currency Protected Australian Income Fund;
-- LM Institutional Currency Protected Australian Income Fund;
-- LM Australian Income;
-- LM Australian Structured Products Fund; and
-- The Australian Retirement Living Fund.

LM also operates the unregistered LM Managed Performance Fund.

The Supreme Court of Queensland in April appointed KordaMentha and
its affiliate firm Calibre Capital as joint trustees of the AUD350
million Gold Coast-based LM Managed Performance Fund (LMPF).


NK COLLINS: Sawmill Shuts Door; 200 Jobs at Risks
-------------------------------------------------
Derek Barry at The Chronicle reports that Mitchell workers face an
uncertain future as the town's only sawmill, NK Collins, closes
its doors this week.

The Chronicle relates that Toowoomba-based owners NK Collins have
appointed accountants SV Partners as liquidators to consider the
fate of its 200-strong workforce and seven sawmills.

According to the report, Mitchell mill manager Neil Campbell said
he had yet to hear from the liquidator but was told the news by
the Collins family last week.

Fourteen employees in Mitchell as well as six more in Surat are
affected when the mills close, the report relays.

The Chronicle adds that Mr. Campbell said their cypress was mostly
sent to Melbourne for making verandah posts.

"We did have an export market to the US but that ended because of
the high Aussie dollar," the report quotes Mr. Campbell as saying.
"Melbourne is the only market keeping it alive."

Mr. Campbell said NK Collins had owned the mill since 1990,
according to the report.


QUEENSLAND MEDIA: BRI Ferrier Appointed as Administrators
---------------------------------------------------------
Sam Burgess at ABC News reports that the media union says it is
concerned about financial problems at Queensland Media Holdings.

ABC says the company, which owns newspapers in Mackay and
Toowoomba and an online publication in Rockhampton, is in the
hands of administrators BRI Ferrier.

A spokesman for the company said the papers will continue to
publish as normal, the report relates.

According to the report, Media Entertainment and Arts Alliance
(MEAA) organiser Linda Grinter said the possible loss of the
publications is a blow to regional journalism.

"We're always concerned about a loss of media diversity,
especially in regional Queensland where there's not very often new
publications starting up," the report quotes Ms. Grinter as
saying.  "We were pretty happy that a new publication and a new
media company were setting up a new organisation."

ABC relates that Ms. Grinter said employees are not sure of where
they stand with the company.

"They're really just a bit concerned about what's going to happen
in their future because of the appointment of a liquidator for
Queensland Media Holdings," Ms. Grinter, as cited by ABC, said.
"They want to know they will be looked after in that process and
paid their proper entitlements."



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


AMERICAN ORIENTAL: Incurs $21.1-Mil. Net Loss in First Quarter
--------------------------------------------------------------
American Oriental Bioengineering, Inc., filed its quarterly report
on Form 10-Q, reporting a net loss of $21.1 million on
$21.0 million of revenues for the three months ended March 31,
2013, compared with a net loss of $17.2 million on $25.7 million
of revenues for the same period last year.

The Company's balance sheet at March 31, 2013, showed
$423.7 million in total assets, $116.0 million in total
liabilities, and shareholders' equity of $307.7 million.

As reported in the TCR on June 14, 2013, Weinberg & Company, P.A.,
in Los Angeles, California, in their report on the Company's
financial statements for the year ended Dec. 31, 2012, raised
substantial doubt about American Oriental's ability to continue as
a going concern.  The independent auditors noted that the Company
has suffered recurring losses and utilized significant cash in
operations.  "In addition, at Dec. 31, 2012, the Company had a
working capital deficiency and its convertible notes were in
default."

A copy of the Form 10-Q is available at http://is.gd/8KDs9C

Beijing, China-based American Oriental Bioengineering, Inc., is a
fully integrated pharmaceutical company dedicated to improving
health through the development, manufacture, commercialization and
distribution of a broad range of pharmaceutical and healthcare
products in the People's Republic of China.



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


ANASWARA OFFSET: CARE Assigns 'BB' Rating to INR4.13cr Loan
-----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Anaswara Offset Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        4.13     CARE BB Assigned
   Short-term Bank Facilities       0.19     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Anaswara Offset Pvt
Ltd are primarily constrained by its relatively small scale of
operations and modest financial risk profile characterized by low
profitability and cash accruals, low net-worth and moderately high
overall gearing. The ratings are further constrained by AOPL's
presence in the highly fragmented printing industry with intense
competition from a large number of unorganized players.

The ratings, however, derive strength from the vast experience of
the promoters in the printing industry, AOPL's established
operational track record of nearly three decades and its long-
standing relationship with a number of reputed clients.

Going forward, the ability of the company to grow its size of
operations, improve and sustain its profitability amidst intense
competition will be the key rating sensitivity. Additionally, any
major capital expenditure in the future along with its funding mix
will also be a key rating sensitivity.

AOPL, a Kochi -based company was originally established as
Anaswara Printing and Publishing, a partnership firm in 1982, by
three individuals, viz Mr VA Mathew, Mr O Venugopal and Mr PJ
Thomas (former colleagues at a leading newspaper company). The
firm was converted into a private limited company in 1997 and
renamed as Anaswara Offset Private Limited.

AOPL is engaged in pre-press, printing and post-press activities.
AOPL caters to printing orders for periodicals & magazines, books,
mailers, leaflets, catalogues, folders, brochures etc from
advertising agencies, publishers, the Kerala state government and
public as well as private companies. AOPL has its printing and
post-press facilities located at Cochin, Kerala. The company has a
two sheet-fed, single-colour offset machines with a combined
capacity of 14,000 impressions per hour (iph) and three sheet-fed
multi-colours offset machines with a combined installed capacity
of 33,000 iph.

During FY12 (refers to the period April 01 to March 31), AOPL had
registered a PAT of INR0.02 crore on a total income of INR12.84
crore. During FY13, the company has registered a profit before
tax of INR0.80 crore on a total income of INR15.94 crore on
provisional basis.


EDUCOMP INFRA: CARE Cuts Rating on INR105cr Loan to 'D'
-------------------------------------------------------
CARE revises the ratings assigned to the NCD issue of Educomp
Infrastructure & School Management Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Non-Convertible                 105       CARE D Revised from
   Debentures (NCD)*                         CARE C (SO)

* Backed by unconditional and irrevocable corporate guarantee
  from Educomp Solutions Ltd (ESL)

Rating Rationale

The revision in the rating takes into consideration the ongoing
delays by the company in the servicing of its interest obligations
on account of the poor financial performance of Educomp
Infrastructure & School Management Limited during FY13 (refers to
the period April 1 to March 31), yielding lower-than-envisaged
cash flows and the inability of ESL to support EISML's
debt repayments completely due to the liquidity issues faced by
ESL.

Going forward, the company has plans to restructure its debt
levels and has approached Corporate Debt Restructuring (CDR) Forum
for the same. Furthermore, the ability to improve its financial
risk profile and receive adequate support from ESL would remain
the key rating sensitivities.

Educomp Infrastructure & School Management Limited was promoted in
September 2006 by ESL with an objective of developing quality
schools across the country. The company has 51 schools operational
as on March 31, 2013, all across India.

ESL, which holds 83.38% stake in EISML, is one of India's largest
providers of technology-based education products and services for
the K-12 education. EISML was promoted by Mr. Shantanu Prakash,
who has a wide experience in the field of education technology and
pedagogy.

During FY13, EISML registered a total income of INR142 crore with
a net loss INR33 crore as against total income of INR103 crore
with a PAT of INR21 crore during FY12.


HIMACHAL FUTURISTIC: CARE Ups Rating on INR315.92cr Loan to 'BB'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Himachal Futuristic Communications Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      315.92     CARE BB Revised from
                                             CARE B

   Short-term Bank Facilities     170.00     CARE A4 Reaffirmed

Rating Rationale

The revisions in the ratings take into account the recent
improvement in the performance of the company in FY13 (refers to
the period April 1 to March 31) characterised by the increased
revenue & profitability and improvement in debt service
parameters. Furthermore, the ratings continue to draw comfort from
the highly experienced management team, track record of operations
and improved business prospects. The ratings, however, are
constrained by the revenue concentration risk, short track record
of profitable operations and regulatory aspects governing the
telecom sector.

Going forward, the continuation of profitable scale-up of
operations and maintenance of the financial discipline shall
remain the key rating sensitivities.

Himachal Futuristic Communications Limited was incorporated in
1987 and is engaged inthe manufacturing of telecom equipments,
cables and provides turnkey services.Themanufacturing facilities
of the company are located in Solan, Himachal Pradesh (H.P),
and Salcete, Goa. The facility at H.P manufactures telecom
equipment in Optical, Wireless, and Wireline technologies while
the Goa facility manufactures fiber optic cable. Under the turnkey
services, HFCL has executed various projects in the field of
Satellite & Radio Communication, CDMAMobile networks, Optical
Transport Networks and Spectrum Management solution. The
company also provides and implements projects for complete cell
site infrastructure for mobile operators and has worked for
various Private and Government operators including the major GSM
vendors in India.

HFCL reported a total operation income of INR606.7 crore (PY:
INR264.6 crore) and net profit of INR54.8 crore (Rs. 11.4 crore)
in FY13.


J J HI TECH: CARE Assigns 'B+' Rating to INR7.47cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of J J Hi
Tech Foods Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      7.47       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of J J Hi Tech Foods
Private Limited is constrained by the implementation risk
associated with the ongoing debt-funded capex, seasonal
availability of paddy, resulting into working capital intensive
nature of operations and impact of changes in the government
regulations in terms of Minimum Support Price (MSP). The rating,
however, is underpinned by the experienced management, support
from the government in the form of subsidies, statutory clearances
and financial closure achieved for the ongoing project.  The
ability of the company to complete its ongoing project without any
cost or time overrun and the ability to achieve the envisaged
sales and profitability are the key rating sensitivities.

J J Hi Tech Foods Private Limited was incorporated on November
2011, and promoted by Mr. Ravi and Ms. Parvathi for setting up a
rice mill with an installed capacity of 36,000 Metric Tonne
Per Annum (MTPA). The company is engaged in the milling and
processing of rice. The company is currently in the process of
constructing its unit and the total project cost is INR10.49
crore, which is being funded through a bank term loan to the tune
INR5 crore and remaining through equity of around INR5.18 crore,
and subsidy from the state government under the Ministry of Food
Processing Industries to the tune of INR0.30 crore. The commercial
operations of the company are expected to start from September
2013.


JANANI EXPORTS: CARE Assigns 'BB' Rating to INR10cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE BB' & 'CARE A4' rating to the bank facilities
of Janani Exports.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        10       CARE BB Assigned
   Short-term Bank Facilities        4       CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Janani Exports are
constrained by the low profitability margins, low capitalization,
moderately stretched working capital cycle and foreign exchange
fluctuation risk. The rating is further constrained by
constitution of the entity as a partnership firm and presence in
the highly fragmented industry leading to intense competition.

The aforesaid constraints are partially offset by the strengths
derived from the experienced partners along with growth in
operations and comfortable capital structure.

The ability of JE to effectively manage the working capital cycle
along with the growing scale of operations coupled with improving
profitability amidst slowdown in key export geographies are the
key rating sensitivities.

Established in 2002 as a partnership firm, Janani Exports (JE) is
engaged in processing and trading of rough, cut and polished
diamonds ranging from 1 cent to 10 carat. JE has its processing
plant located at Surat with an installed capacity of 50,000 carats
per annum (utilized around 80%). JE imports rough and semi-
finished diamonds from Belgium (imports contributed
around 99% of the total purchases in FY13 provisional, FY refers
to the period April 01 to March 31) and the balance are procured
domestically. JE is primarily an export unit with exports
contributing around 73% of the total income in FY13 provisional,
to countries namely Hongkong and USA.

As per the provisional FY13 results, JE reported a total operating
income of INR66.92 crore (up by 27.02% vis--vis FY12) and PAT of
INR1 crore (up by 26.69% vis--vis FY12).


MAGNUM VINIMAY: CARE Assigns 'B+' Rating to INR4.9cr Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Magnum Vinimay Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       4.90      CARE B+ Assigned
   Short-term Bank Facilities      4.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Magnum Vinimay
Private Limited are primarily constrained on account of its modest
scale of operations and lower profitability margins.  The ratings
are further constrained on account of its presence in the highly
competitive and fragmented agro-processing industry and
vulnerability of margins to commodity price fluctuation risk.

The ratings, however, derive strength from the promoter's vast
experience in the agro processing industry, its comfortable
solvency position and moderately stressed liquidity profile.
Ability to improve the scale of operations along with
profitability margins in a highly fragmented and competitive
industry are the key rating sensitivities.

Jodhpur (Rajasthan) based MVPL was incorporated in 2006 by
Mr. Purshottam Das Pungalia and Mr. Madan Lal Pungalia. MVPL is
engaged in the business of processing of moong dal and trading
of moong dal and mogar dal. The dall mill of the company is
located at Jodhpur with an installed capacity of 5,000 Metric
Tonnes Per Annum (MTPA) and carries out cleaning, splitting and
grading operations. It also has three sortex machines for cleaning
and sorting process with an installed capacity of 15,000 MTPA per
machine. Furthermore, it has one warehouse with a total storage
capacity of 14,700 Metric Tonnes (MT). MVPL procures raw moong
from the local market, mainly from the mandis in Rajasthan and
sells its products through distributors/agents primarily in the
state of Maharashtra.

Furthermore, in FY13 (refers to the period April 01 to March 31),
the company has purchased machineries for processing of channa dal
at a total cost of INR0.21 crore which is expected to start
production at the end of May 2013.During FY12, MVPL reported a
total operating income of INR21.63 crore (INR14.40 crore during
FY11) and a PAT of INR0.19 crore (INR0.10 crore during FY11). As
per the provisional results for FY13, MVPL has reported a total
income of INR29.01 crore.


SANTOSHI BARRIER: CARE Reaffirms 'B+' Rating on INR7.24cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Santoshi Barrier Film India Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.24      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Santoshi Barrier
Film India Private Limited continues to remain constrained on
account of low cash accruals, weak debt coverage indicators
and elongated working capital cycle. The rating further continues
to remain constrained on account of the vulnerability of
profitability to fluctuations in the raw material prices with the
SBPL's presence in the highly competitive and fragmented flexible
packaging industry.

The rating, however, factors in improvement in capital structure
and profitability during FY13 (refers to the period April 1 to
March 31), coupled with the vast experience of the promoters in
flexible packaging industry and favorable growth prospects of the
domestic packaging industry.

The ability of the company to achieve envisaged level of sales
with better capacity utilization level, along with better working
capital management and maintaining profitability in the light of
competitive industry are the key rating sensitivities.

Vapi-based (Gujarat) Santoshi Barrier Film India Pvt Ltd,
incorporated on August 17, 2009, is promoted by Mr. Dinesh Atkare
and Mr. Madan Atkare. SBPL is engaged in the manufacturing of
flexible packaging materials like multilayer (7 layer) plastic
films, plastic bags and plastic tubing, which finds application in
packaging of food articles, consumer goods, pesticides, etc.
SBPL's manufacturing facility is ISO 9001:2008-certified and
located at Nagpur with an installed capacity of 3,000 Metric
Tonnes per Annum (MTPA) as on March 31, 2013.

During FY13 (refers to the period April 1 to March 31), SBPL
reported the TOI of INR12.05 crore and PAT of INR0.07 crore as
against the TOI of INR3.53 crore and net loss of INR0.34 crore
during FY12 (refers to the period January 1 to March 31). As per
the provisional results for Q1FY14, SBPL reported total operating
income of INR4.50 crore.


SANTOSHI POLYMERS: CARE Assigns 'BB-' Rating to INR5.5cr Loan
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Santoshi Polymers.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.50      CARE BB- Assigned
   Short-term Bank Facilities      0.40      CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Santoshi Polymers
are constrained on account of its modest scale of operations in a
highly fragmented and technology-driven plastic packaging
industry. The ratings are further constrained on account of its
fluctuating turnover, moderate profit margins, leveraged capital
structure, elongated operating cycle and susceptibility
of its operating margins to volatility in raw material prices.
The ratings, however, take comfort from the long experience of the
partners in the plastic packaging industry coupled with a
diversified product mix supplying to various industry segments
with diverse client base and favorable growth prospect of the
domestic packaging industry.

The ability of Santoshi to increase its scale of operations
coupled with maintaining better profit margins by managing raw
material price fluctuations as well as improvement in operating
cycle are the key rating sensitivities.

Established during February 2004 as a partnership firm, Santoshi
is managed by Mr. Dinesh Atkare and Mr Amresh Shah. Santoshi is
engaged in the manufacturing of flexible packaging materials
such as multilayer plastic films, plastic bags and plastic tubing
which find application in the packaging of food articles, consumer
goods and FMCG sector. Santoshi's production facility is
located at Daman (Gujarat) and has an installed capacity of 5,400
Metric Tonnes per Annum (MTPA) as on March 31, 2013.

Santoshi has an associate concern namely Santoshi Barrier Film
India Pvt Ltd (rated CARE B+) which is into the manufacturing of
flexible packaging materials.

As against a net profit of INR1.12 crore on a total operating
income of INR31.79 crore in FY12 (refers to the period April 1 to
March 31), Santoshi reported a net profit of INR0.99 crore on a
total operating income of INR23 crore during FY13 (Provisional).


SATYAM DEVELOPERS: CARE Assigns 'BB-' Rating to INR50cr Loan
------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Satyam
Developers Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        50       CARE BB- Assigned

Rating Rationale

The rating is primarily constrained on account of the project
implementation and salability risks associated with two of the on-
going real estate projects of Satyam Developers Limited (SDL) in
the back-drop of the prevailing sluggish scenario and the inherent
risks associated with the cyclical real estate industry.

The rating, however, favorably takes into account the promoter's
experience and established track record of the Satyam group in the
Ahmedabad real estate market. The rating also factors low
project execution risk in one of its on-going project viz Satyam
Insignia.

The ability of SDL to successfully complete its on-going projects
within envisaged cost and time parameters, along with timely
receipt of booking advances and sale of units at envisaged price
are the key rating sensitivities. Furthermore, the size and
funding profile of future projects shall also remain crucial.

SDL, originally formed in 2000 as partnership firm under the name
of 'Satyam Developers', was subsequently converted into a closely-
held public limited company in February 2007. SDL is part of
the Ahmedabad-based Satyam Group, which has been in the real
estate business since last two decades. The Satyam Group has
executed a total 15 projects worth nearly INR350 crore and
developed around 24 lakh square feet (lsf) of space mainly in the
residential segment in and around the city of Ahmedabad.

At present, SDL is executing three projects, of which, two are
residential projects, namely, 'Satyam Insignia' and 'Sarjan I',
which consist of 324 residential units (84 of 3-4BHK and 240 of 1-
2BHK); whereas, one commercial project namely 'Satyam Mall'
consists of 334 shops/offices of area ranging from 450 sq. ft. to
2,500 sq. ft. All these projects are in and around Ahmedabad city
and cater to the demand of different income groups.

SDL reported a PAT of INR1.49 crore on a total operating income of
INR62.21 crore in FY13 (Provisional; refers to the period April 1
to March 31) as against a PAT of INR0.61 crore on a total
operating income of INR15.30 crore in FY12 (Audited).


SUPER SPINNING: CARE Reaffirms 'BB' Rating on INR35.99cr Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Super Spinning Mills Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       35.99     CARE BB Reaffirmed
   Short-term Bank Facilities      60.00     CARE A4 Reaffirmed
   Long/Short-term Bank           110.36     CARE BB/CARE A4
   Facilities                                Reaffirmed

Rating Rationale

The ratings remain constrained by the highly leveraged capital
structure of Super Spinning Mills Limited, albeit a moderate
improvement as on March 31, 2013, which is likely to be
exacerbated by the largely debt-funded capital expenditure
envisaged for modernisation of the company's manufacturing
facilities. Furthermore, the ratings remain constrained due to the
vulnerability of SSML's profitability to volatility in cotton and
yarn prices, the company's strained liquidity profile due to
highly working capital intensive operations and sizeable loss
incurred in FY12 (refers to the period April 1 to March 31).
The ratings, however, draw strength from the company's long track
record of operations spanning for over five decades and the long-
standing experience of the promoters in the textile industry.
Besides, the ratings also favorably consider the established
presence of SSML in finer counts and specialized yarn segments as
well as the long-standing relationship with its customers driven
by its established brand identity and wide product offerings
within the yarn segment.

Going forward, the ability of SSML to implement the modernization
efforts within the estimated time and cost parameters, improve its
profitability and effectively manage its power requirements
will be critical to its prospects. Additionally, the company's
ability to rationalize its debt levels and to curtail its exposure
to group/associate entities will also form the key rating
sensitivities.

Incorporated in 1962, Super Spinning Mills Limited is part of the
Coimbatore-based ELGI group, which has interests in textiles,
building materials, compressors, textile machinery, etc. The
company is primarily engaged in cotton yarn spinning, with four
manufacturing units in the States of Andhra Pradesh (Hindupur) and
Tamil Nadu (Gudalur). SSML has an aggregate installed capacity of
165,984 spindles, 1,200 rotors and an aggregate windmill capacity
of 3.70 MW, as on March 31, 2013. SSML manufactures cotton yarn in
the count range of 24s to 120s and has marginal presence in
knitting and weaving segments as well.

SSML has a wholly-owned subsidiary, namely, Sara Elgi Arteriors
Limited, engaged in the business of Unplasticized Poly Vinyl
Chloride (UPVC) doors and windows. SEAL has a subsidiary,
namely, Elgi Building Products Limited (EBPL) engaged in
manufacture of PVC extrusions, which find use in the manufacture
of UPVC doors and windows. SSML, with shareholding of 42%, along
with SEAL held 100% stake in EBPL as on March 31, 2013. SSML had
investments of INR14 crore in its subsidiaries (Rs.3.5 crore in
SEAL and INR10.5 crore in EBPL), as on March 31, 2013.

As per the provisional results for FY13 (refers to the period
April 1 to March 31), SSML generated PAT of INR7 crore on total
income of INR436 crore.



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


MERPATI NUSANTARA: Put Up For Sale to Save Airline
--------------------------------------------------
ANTARA News reports that Minister for State Enterprises Dahlan
Iskan said the state owned PT Merpati Nusantara Airlines is for
sale.

According to the report, Mr. Dahlan said the option is to save the
debt ridden airline, now burdened with debts of around
IDR6 trillion to a number of other state companies.

There is no limit set for the shares of the airline to be sold to
interested investors, he said, adding prospective investors are
given two months to submit their bid, ANTARA relates.

"We invite investors to come up with their bid and proposals to
sort out the problems besetting Merpati," the report quotes Mr.
Dahlan as saying.

ANTARA notes that Merpati has gone through several times of
restructuring including injection of fresh fund by the government
and streamlining of its employees, and restructuring of debts to
the private sector through debt to equity swap.

In December 2011, Merpati, which serves domestic routes mainly
pioneer flights to isolated areas, received a fund injection of
IDR561 billion from the state budget.  However, an additional
injection of IDR250 billion approved in 2012, is not disbursed
until today.

ANTARA reports that Mr. Dahlan acknowledged that he is not
optimistic that the offer would attract any investor with such big
debts involved.

Lately the office of the minister for state enterprises has set up
a Restructuring Team, but apparently it failed to save the
airline, according to the news agency.

Mr. Dahlan earlier said he was mulling over the possibility of
Merpati stopping aeronautical business "with liquidation the last
option," ANTARA adds

                       About Merpati Nusantara

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.



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


* Fitch Sees Mixed Rating Actions for Japanese SF in Q213
---------------------------------------------------------
Fitch Ratings said Japan structured finance (SF) transactions saw
four downgrades, two upgrades and 12 affirmations in Q213.
The four downgraded tranches were from a multiborrower CMBS
transaction, Orso Funding CMBS 7 G.K. (Orso Funding 7), reflecting
delays in the full redemption of two senior notes and the
increased possibility of write-down of two junior notes. The two
upgrades were from a prime RMBS transaction, Shinsei TB Fund
7976001, due to growth in credit enhancement (CE) levels and
stronger-than-expected pool performance.

Ten out of 12 affirmations were from RMBS transactions, reflecting
that the available CE levels were sufficient to support the
current ratings. The remaining two were from two multiborrower
CMBS transactions, one being an 'AAAsf' rating on Orix APL Trust
2010-1 and the other a 'Dsf'-rated tranche from Orso Funding 7.

Three 'Dsf' ratings from three CMBS transactions were withdrawn as
they were no longer considered by Fitch to be relevant to the
agency's coverage. In each of the three transactions, the classes
which ranked senior to the affected classes have been fully
redeemed.

The Outlooks for Japanese SF ratings are now largely Stable, as
the majority of outstanding SF transactions in Japan are now
either RMBS or CMBS backed by fully amortising loans, which have
broadly performed within Fitch's expectation since closing.

Negative Outlooks are currently assigned to two classes from JCREF
CMBS 2007-1 GK and one from Orso Funding 7. Three tranches have a
Positive Outlook namely classes B and C from DTC Two Funding Ltd
and class B2 Senior BIs from HN Trust.



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


GENEVA FINANCE: Obtains NZ$27.5MM Loan to Repay Debenture Holders
-----------------------------------------------------------------
BusinessDesk reports that GFNZ Group, the finance company formerly
known as Geneva Finance, said it has concluded talks on a series
of funding transactions worth NZ$27.5 million that will allow it
to repay debenture holders, existing bank and other debt.

BusinessDesk relates that the core part of the new arrangements is
a NZ$30 million securitised debt facility with Westpac Bank. It
also has agreement from a group of investors including two Geneva
directors to provide a NZ$5 million debt facility for its Stellar
Collections debt collection unit and 33 per cent shareholders
Federal Pacific Group has agreed to provide a
NZ$5 million unsecured loan to parent GFNZ.

According to the report, the new funding arrangements will allow
the company to settle all outstanding debt to debenture holders,
repay its facility with BOS International (Australia) and repay
funds provided from other investors, on August 1. As a result it
expects to formally exit a moratorium entered into in
November 2007 when it owed some NZ$132.4 million to investors.

"This transaction is the culmination of nearly six years hard
work," the report quotes managing director David O'Connell as
saying. "When we began this journey in 2007, no one had heard of
the global financial crisis and no one forecast one of the worst
recessions in New Zealand's history."

Exiting the moratorium would be "very satisfying," Mr. O'Connell,
as cited by BusinessDesk, said.

The arrangements still need shareholder approval at a meeting on
July 31, the report adds.

                         About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 8, 2011, Standard & Poor's Ratings Services said it has
lowered its long-term counterparty credit rating on New Zealand
finance company Geneva Finance Ltd. to 'SD' from 'CC'.  The
rating was also removed from CreditWatch with negative
implications, where it was placed on March 17, 2011.  At the same
time, the insurer financial strength rating on Geneva's captive
insurer, Quest Insurance Group Ltd., was affirmed at 'CC' and
removed from CreditWatch with developing implications.  A
positive rating outlook has been assigned on the Quest rating.



================
S R I  L A N K A
================


ETI FINANCE: Fitch Withdraws 'CC' National Long-Term Rating
-----------------------------------------------------------
Fitch Ratings Lanka has withdrawn Sri Lanka-based ETI Finance's
(ETI) National Long-Term rating of 'CC(lka)'.

Fitch has withdrawn the ratings as ETI has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the rating.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for ETI.



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


MAGNACHIP SEMICONDUCTOR: Moody's Rates $225M Notes Issuance (P)B1
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 senior
unsecured rating to the proposed $225 million notes due 2021 to be
issued by MagnaChip Semiconductor Corporation (B1 stable).

The provisional rating status will be removed upon completion of
the notes issuance on satisfactory terms and conditions.

The ratings outlook is stable.

Ratings Rationale:

"MagnaChip will use the proceeds from this issuance primarily to
refinance its $204 million 10.5% notes maturing in 2018. Thus, the
issuance will have a largely neutral impact on leverage, " says
Yoshio Takahashi, a Moody's Assistant Vice President and Analyst.

"MagnaChip's B1 rating reflects our expectation that its financial
and liquidity profiles will remain solid, owing to continued
growth in mobile applications, the diversification of its business
portfolio, strong relationships with its major customers, as well
as its focus on the less capital-intensive chips business," adds
Yoshio Takahashi, also the lead analyst for MagnaChip.

On the other hand, the scale of MagnaChip's business is small, and
it is exposed to the volatile and competitive consumer electronics
industry. Moreover, it has a high degree of customer
concentration. However, the company's established relationships
with major customers is likely to mitigate such risks.

In addition, its strong financial and liquidity profiles provide a
cushion to absorb potential risks. Moody's expects the firm's
adjusted debt/EBITDA and adjusted debt/capitalization to remain in
the 1.5x-2.0x range and below 45%, respectively.

MagnaChip's liquidity position will also remain strong, given
relatively low capital expenditure due to its focus on analog and
mixed signal chips.

After the repayment of the $204 million notes, it will only have
$225 million in total debt, consisting entirely of the proposed
notes maturing in 2021.

The stable outlook reflects Moody's view that the company's core
businesses will generate stable earnings and cash flow, allowing
it to maintain its low leverage and improve its balance sheet.
Moody's also expects MagnaChip to maintain strong balance sheet
liquidity.

Given MagnaChip's small size and customer concentration in a
volatile industry, Moody's does not anticipate any near-term
upward pressure on the rating. However, positive momentum could
build if the company can: (1) significantly improve its
competitive position and diversify its customer base and
applications; (2) maintain its strong liquidity position; and (3)
improve adjusted debt/EBITDA to below 1.5x and adjusted
EBIT/interest expense to over 5x, while maintaining adjusted free
cash flow/debt to over 15% on a sustained basis.

Downward rating pressure could arise if MagnaChip's: (1)
profitability and cash flow weaken, owing to lackluster demand for
its major products, resulting in adjusted debt/EBITDA of over 2.5x
and adjusted EBIT/interest of below 2.5x; and (2) balance sheet
liquidity deteriorates significantly, such that cash on hand falls
below $100 million, as a result of aggressive investment plans,
high dividend payments or negative free cash flow.

The principal methodology used in this rating was the Global
Semiconductor Industry Methodology published in December 2012.

MagnaChip is a Korean designer and manufacturer of analog and
mixed-signal semiconductor products mainly for high-volume
consumer applications, such as TVs, personal computers, mobile
phones and tablets.


MAGNACHIP SEMICONDUCTOR: S&P Assigns 'BB-' Rating to $225MM Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue-level
ratings to Korea-based nonmemory chipmaker MagnaChip Semiconductor
Corp.'s (MagnaChip; BB-/Stable/--) proposed $225 million senior
unsecured notes.  The company intends to use the proceeds to
refinance existing senior unsecured notes.

The ratings on MagnaChip reflect S&P's assessment of the company's
business risk profile as "weak," which incorporates volatility in
the semiconductor industry, potential variability in its operating
performance, and improving business diversification.  S&P also
views the company's financial risk profile as "significant"
reflecting the company's moderate debt and the relatively small
size of its business.

The stable outlook reflects S&P's expectation that the company
will maintain its stable financial risk profile over the next one
to two years based on gradually improving operating performance
and prudent financial policies.

S&P may lower the ratings if the company's profitability erodes
significantly, likely due to a severe industry downturn or rapid
decline in its market position, and, as a result, its debt-to-
EBITDA ratio worsens to around 3.5x.  Significantly more
aggressive financial policies could also undermine the company's
credit quality.

On the other hand, S&P may raise the ratings if the company
significantly improves its competitive position, especially in its
power and display solutions businesses, and, as a result, further
enhances its operating performances, while sustaining prudent
financial policies.


* Moody's Outlook on Singapore's Banking Sector is Negative
-----------------------------------------------------------
Moody's Investors Service has changed the outlook for Singapore's
banking system to negative from stable, owing to the recent period
of rapid loan growth and rising real estate prices in Singapore
and in regional markets where Singapore banks are active. These
have increased the probability of deterioration in credit quality
under potential adverse conditions for the banks in the future.

"The operating environment for Singapore's banking system has been
favorable for an extended period, with low interest rates and
strong economic growth domestically and in the surrounding region.
With the potential risk of a turn in the interest rate cycle, we
view strong asset inflation and credit growth trends as
vulnerabilities, as this combination would likely cause credit
costs to rise from their current low base," says Gene Fang, a
Moody's Vice President and Senior Analyst.

Fang was speaking on a just-released Moody's report titled,
"Singapore Banking System Outlook." The report details Moody's
expectation of how bank creditworthiness will evolve in this
system over the next 12-18 months.

While Singapore banks have improved their non-performing loans
(NPLs) over the past few years, asset quality has potentially
peaked both at home and in many of the regional markets in which
these banks operate. A turning point in the credit cycle is likely
to lead to a worsening of NPL ratios and higher credit costs.

Although it is difficult to exactly predict turning points in
banking credit cycles, Moody's believes the increased likelihood
of a tightening of monetary policy by the US -- with a higher
probability of a tapering of quantitative-easing during the
outlook period -- is a potential trigger.

Moody's report highlights that Singapore banks continue to have
strong financial metrics, underpinning their high average ratings
compared to all banking systems globally, both on standalone and
supported bases.

"Our outlook is a directional, forward-looking view of the trend
in the banks' relative credit quality, which we consider as having
potentially reached - or to be close to reaching - a cyclical
peak," Fang says.

Moody's rates three major Singapore banks: DBS Bank Ltd.
(Aa1/B/aa3 negative(m)), Oversea-Chinese Banking Corporation Ltd.
(Aa1/B/aa3 stable(m)) and United Overseas Bank Ltd. (Aa1/B/aa3
stable(m)). Moody's also rates OCBC's fully owned subsidiary, Bank
of Singapore (Aa1/C-/baa1 stable).

Moody's incorporates government support in the ratings of all
three Singapore banks, since a failure in any single institution
is likely to have knock-on effects for the banking system and
broader economy.



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


* APAC SF Ratings and Outlooks Mostly Stable in Q213, Fitch Says
----------------------------------------------------------------
Fitch Ratings says that nearly 90% of all Asia-Pacific structured
finance rating actions in Q213 were affirmations, 8% were upgrades
and just five tranches were downgraded.

Japan saw mixed rating actions with four downgrades, two upgrades
and 12 affirmations. All downgrades were attributed to one multi-
borrower CMBS transaction.

Australia saw 142 affirmations reflecting the health of the
domestic economy with increased credit enhancement and
satisfactory asset performance. Upgrades were recorded in the non-
conforming RMBS and non-conforming auto loan ABS sectors, due to
increased credit enhancement and/or improved performance of the
underlying loans. The only downgrade was to a small balance CMBS,
reflecting Fitch's view of a possible default on the notes given
higher-than-expected expenses, low recoveries and low prepayment
rates.

Nineteen Indian ABS ratings, five credit card ABS tranches from
South Korea and one CMBS tranche from Singapore were affirmed in
the quarter, given satisfactory asset performance, continued
build-up in credit enhancement and on-going expectations of
economic stability in the region.

Most Long-Term ratings outstanding today have Stable Outlooks
reflecting strong regional economic performance. Five ratings have
Negative Outlooks and three have Positive Outlooks.


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

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

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

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

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

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

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

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

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



                             *********

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

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

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


                            *********


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

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

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

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