TCRAP_Public/130731.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 31, 2013, Vol. 16, No. 150


                            Headlines


A U S T R A L I A

BULLER WINES: Creditors Opt to Place Winery Into Liquidation
MOBANDILLA: Sells for $12 Million
PIXIFOTO: In Administration, To Cut More Than 300 Jobs
RARE COIN: Liquidators Note Factors Leading to Collapse


C H I N A

* Strong Housing Demand Boosts Growth of China's Property Market


I N D I A

BALDEV KRISHAN: CRISIL Assigns 'BB' Ratings to INR100MM Loans
CHILLIES EXPORT: CRISIL Assigns 'B' Ratings to INR20MM Loans
C.M. ROY: CRISIL Rates INR30MM Cash Credit at 'B'
ECKO CABLES: CRISIL Rates INR50MM Cash Credit at 'B-'
FEEDPRO AGRO: CRISIL Assigns 'B+' Ratings to INR54MM Loans

GANGA ACROWOOLS: CRISIL Ups Ratings on INR1.47BB Loans to 'BB+'
HIMALAYA MEDITEK: CRISIL Assigns 'B' Ratings to INR100MM Loans
KHURINJI HOMES: CRISIL Assigns 'BB-' Ratings to INR250MM Loans
PARAMOUNT CONDUCTORS: CRISIL Puts 'B+' Ratings on INR170MM Loans
R. M. REALTY: CRISIL Assigns 'B' Ratings to INR300MM Loans

SAMI SPICES: CRISIL Assigns 'B' Ratings to INR155MM Loans
SAV STEELS: CRISIL Downgrades Ratings on INR550MM Loans to 'D'
SAV WIRES: CRISIL Downgrades Ratings on INR530MM Loans to 'D'
SRISHIRI AGROTECH: CRISIL Assigns 'D' Ratings to INR52.5MM Loans
ULTIMA SWITCHGEARS: CRISIL Puts 'B+' Ratings on INR75MM Loans


I N D O N E S I A

MODERNLAND REALTY: Fitch Assigns 'B' LT Issuer Default Rating
MODERNLAND REALTY: Moody's Assigns (P)B2 CFR with Stable Outlook
MODERNLAND REALTY: S&P Assigns 'B' CCR; Outlook Stable


J A P A N

JLOC XXX: Fitch Lowers Rating on JPY5.9BB Class D TBIs to 'D'
JLOC XXX SATELLITE: Fitch Affirms 'C' Ratings on Two TBIs


M O N G O L I A

SAVINGS BANK: Failure Highlights Fragile System, Fitch Says


N E W  Z E A L A N D

CAPEHORN FARMING: Has Yet to Make Payments to Creditors
CYNOTECH HOLDINGS: Court Appoints Interim Liquidators
HERBERT CONSTRUCTION: Goes Into Liquidation
LDC FINANCE: Secured Investors to Get Money Back After Deal


P H I L I P P I N E S

PRUDENTIALIFE PLANS: IC Orders Liquidation of Trust Fund


S O U T H  K O R E A

JEONBUK BANK: Moody's Affirms and Withdraws ba1 standalone BCA


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BULLER WINES: Creditors Opt to Place Winery Into Liquidation
------------------------------------------------------------
The Border Mail reports that creditors on July 26 voted to place
Rutherglen's Buller Wines into liquidation.

The move will have no impact on efforts to sell the business as a
going concern, the report notes.

A decision on the sale is imminent, with final details still being
worked out, the Border Mail relates.

According to the report, administrator Sal Algeri --
saalgeri@deloitte.com.au -- from administrators Deloitte Touche
Tohmatsu, said he hoped more details about the sale could be
released next week.

The fourth-generation business went into voluntary administration
in December, although it has continued to operate since then.

"The recommendations from ourselves to place the company in
liquidation was voted upon and the creditors voted to (do just
that)," the report quotes Mr. Algeri as saying.  "That doesn't
really change anything as such as the sale of the business wasn't
subject to the liquidation taking place . . . It was independent
of that."

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 18, 2012, SmartCompany said Buller Wines entered into
administration.  Simon Wallace-Smith and Salvatore
Algeri of Deloitte Touche Tohmatsu were appointed as
administrators to the historic family owned winery founded in
1921.  According to the report, the causes of the winery's
collapse are still not clear but Australia's wine industry has
been struggling as a result of exports which have been hurt by
recession in key export markets and a soaring Australian dollar,
which has made wine exports uncompetitive against rising
competition from new low-cost wine producers.

Buller Wines has around 25 employees and is a fourth generation
family winery which sells wine in Australia, New Zealand,
Singapore, Hong Kong, China, Canada, the USA, the UK and Denmark.
Buller Wines is based in Rutherglen and Swan Hill in Victoria.


MOBANDILLA: Sells for $12 Million
---------------------------------
Matthew Cranston at FarmWeekly reports that a brave local farmer
with backing from a domestic fund has purchased the distressed
southwest Queensland cotton property aggregation Mobandilla for
about $12 million.

According to the report, damaging floods, a collapsed managed
investment scheme and very high debt saw the 5400-hectare cotton
property outside Goondiwindi fall into the hands of insolvency
experts PPB Advisory earlier this year.

The report notes that as a growing number of agricultural
enterprises fall into receivership across Australia some well-
positioned farmers and equity investors are taking the opportunity
to run the ruler over farming assets that could be turned into
successful operations.

PPB Advisory's David Leigh confirmed a transaction for Mobandilla
had taken place.

The report says that the collection of properties, which were
originally set up as a "tax-effective" investment in 1995, come
with a large water storage capacity of 14,400 megalitres from the
McIntyre River.

The report discloses that Ray White Rural's Andrew Adcock, Rob
Tweedy and Mal Gollan were marketing the property.

The report discloses that a creditor's report filed with the
corporate regulator early this year showed the Mobandilla Land
Company had about US$27 million in assets and about US$18 million
owed to National Australia Bank and ANZ.

The report notes that the properties, which include a homestead
and farm infrastructure, are also neighbours to major cotton farm
Undabri, formerly owned by real estate and agricultural land
identity Craig Doyle who had several of his companies placed into
receivership after high debts and damaging floods.

His property has also recently been up for sale with expectations
of around $50 million, the report says.

As much as 85 per cent of the Mobandilla properties can be
affected by floods, which in the past have caused little damage
and instead improved soil content, the report relays.

However, the report notes that a big flood last summer badly
damaged the property and prevented a crop of cotton from being
sown.

The report discloses that the new owners will now have the chance
to grow up to 1546 hectares of irrigated cotton and about 1673
hectares for dryland farming.

FarmWeekly says that Australian Bureau of Agricultural and
Resource Economics' latest report showed that the 2012-13 summer
crop of cotton that has just been harvested is well down on last
year's, driven chiefly by a 26 per cent fall in the total area
planted to cotton.

Cotton prices have remained steady at about $490 per bale and many
cotton farmers have seen an increase in yield from their farms,
the report adds.


PIXIFOTO: In Administration, To Cut More Than 300 Jobs
------------------------------------------------------
Andrew Carswell at news.com.au reports that photography business
PixiFoto will sack more than 300 of its workers after its parent
company plunged into administration.

Staff at the Sydney-based group were briefed by senior management
about the dire prospects of the company, during a nationwide phone
conference call, according to news.com.au.

The report notes that Photo Corporation of Australia entered
voluntary administration on July 25, with John Morgan and Steven
James of BCR Advisory appointed as administrators.

The report relates that Pixifoto, a subsidiary of Photo
Corporation of Australia, specialises in family and baby portraits
and has been in operation since 1971, with its kiosks dotted
throughout the country in selected Kmart, Target and Myer stores.

The report says that the company is run by father and son
combination Michael Watt and Peter Watt, with the latter appointed
director in 1990.

The report relays that the company is also affiliated with
Pixifoto Foundation, a charity which initially provided aid for
childhood blindness prevention in Zambia and Kenya, and hosted a
charity golf event throughout the last decade, featuring rugby
legends John Eales and David Campese, cricket guru Max Walker, and
actor Ada Nicodemou who has been ambassador for the foundation.

In a statement released, Mr Morgan said a preliminary review of
PCA's operations show a downturn in sales at its 42 outlets which
significantly dented the group's profitability, the report notes.

The report discloses that the administrators will "immediately
close the PixiFoto studio business operating in Myer, Kmart and
Target", and ensure the recent sale of the company's PixiFoto
School Photography business that operated in Queensland and New
South Wales is completed seamlessly.


RARE COIN: Liquidators Note Factors Leading to Collapse
-------------------------------------------------------
Jacob Kagi at ABC News reports the liquidator of The Rare Coin
Company has outlined how a declining economy, legal battles and an
ill-fated takeover led it to liquidation.

The company entered liquidation earlier this month, with
liabilities of more than AUD10-million and a collection of
customer owned-stock valued around AUD250-million, the report
discloses.

ABC relates that at its first official creditors meeting, the
liquidator Jennifer Low explained how the global financial crisis,
the collapse of an eastern states rare currency dealer and a
Federal Government review, which said self-managed superannuation
funds should stay out of such investments, drastically hurt the
numismatic market.

It resulted in the company's annual turnover nearly halving in
just two years, the report says.

According to ABC, Ms. Low said those issues, combined with costly
lawsuits and the takeover of a Sydney-based rare currency dealer,
which did not improve business as hoped, combined to drive the
broker out of business.

She has also revealed the company only had enough insurance to
cover around half of the AUD250-million stock it held despite
investors paying a fee to secure their stock, the report relays.

ABC relates that Ms. Low said receivers are now attempting to
purchase top-up insurance to rectify the situation.

She told the meeting she was 'fairly pessimistic' about the value
of the coins and notes investors are waiting to have returned to
them, the report relays.

Simon Theobald and Jeff Herbert of PPB Advisory confirmed they
have been appointed receivers and managers of Arcabi Pty Ltd,
which trades as the Rare Coin Company. Their appointment follows
the Company's appointment of liquidators on July 8, 2013.

PPB Advisory, in their role as Receivers and Managers of RCC,
advise they assumed control of RCC's business and operations on
July 19, 2013. RCC's premises in Albany have been secured and its
assets remain subject to rigorous security protocols.


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


* Strong Housing Demand Boosts Growth of China's Property Market
-----------------------------------------------------------------
Moody's Investors Service says the contract sales of Chinese
property developers grew at a robust rate of 46% year-on-year in
H1 2013, supported by solid underlying demand for residential
houses.

However, this growth rate is lower than the 69% recorded in Q1
2013, reflecting the pent-up demand that was gradually absorbed,
as well as the effect of the government's announcement to
reinforce control against the sector in February.

"The contract sales for the 19-rated developers that we track rose
35% year-on-year to RMB476 billion in H1 2013," says Franco Leung,
a Moody's Assistant Vice President and Analyst.

"Their performance so far this year strongly positions many of
them to meet their full-year sales targets," adds Leung.

Leung was speaking on the just-released edition of Moody's Chinese
Property Focus Newsletter, which also notes a continued rise in
property prices in 70 major cities in China.

"The price increases were apparent in first-tier cities, with
Beijing and Guangzhou reporting the highest growth at 16.7% and
16.5%, respectively, followed by the 16% rise in Shenzhen and
14.4% in Shanghai," says Leung.

"Further growth in property prices in these cities will affect
home affordability, which could invite more government measures to
cool down the sector," adds Leung.

Interest rates in China have returned to more normal levels after
a spike in late June. However, refinancing risk could increase if
the central government continues to slow down credit expansion to
clamp down on the shadow-banking market.

Rated developers with weaker credit profiles that rely on short-
term bank financing and trust financing will be impacted the most.

On the other hand, investment-grade developers, most of whom are
state-owned enterprises, as well as Ba and high single-B rated
developers, are well positioned to meet such a challenge over the
next 12 months.

Moody's further notes that housing demand in Shanghai remains
robust, with rising property prices, driven by strong fundamental
demand.

Funding to property developers and buyers in this municipality has
not been seriously affected by the recent tight liquidity in the
banking system.



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


BALDEV KRISHAN: CRISIL Assigns 'BB' Ratings to INR100MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facilities of Baldev Krishan Memorial Charitable Society.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       5        CRISIL BB/Stable
   Bank Loan Facility

   Term Loan               95        CRISIL BB/Stable

The rating reflects BKMCS's established position in the dental
education sector, moderate financial risk profile and the
extensive experience of its promoters in the education sector.
These rating strengths are partially offset by the society's small
scale of operations and its exposure to intense competition in the
education services field.

Outlook: Stable

CRISIL believes that BKMCS will continue to benefit over the
medium term from its promoters' experience in the education
services sector. The outlook may be revised to 'Positive' if the
society registers higher-than-expected intake of students, while
sustaining its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if BKMCS reports a substantial decline in
its operating surplus, or there is a significant drop in the
student intake, leading to lower accruals, or if it undertakes a
large, debt-funded capital expenditure programme.

BKMCS was established in 1992 by the late Mr. Baldev Krishan Garg.
It currently runs a dental college, BRS Institute of Medical
Sciences, and is in the process of setting up the Sanskaar
International School. The society's day-to-day operations are
managed by the chairman, Mr. Anup Garg.


CHILLIES EXPORT: CRISIL Assigns 'B' Ratings to INR20MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Chillies Export House Limited.

                              Amount
   Facilities               (INR Mln)   Ratings
   ----------               ---------   -------
   Proposed Long-Term           8       CRISIL B/Stable
   Bank Loan Facility

   Foreign Bill Negotiation    22.5     CRISIL A4

   Cash Credit                 12.0     CRISIL B/Stable

   Export Packing Credit       37.5     CRISIL A4

The ratings reflect Chillies Export's small scale of operations,
large working capital requirements, and weak financial risk
profile marked by a constrained capital structure. These rating
weaknesses are partially offset by the extensive experience of
Chillies Export's promoters and the company's long-standing
relationship with its suppliers and customers.

Outlook: Stable

CRISIL believes that Chillies Export will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company registers
significant improvement in its financial risk profile, most likely
driven by better-than-expected cash accruals along with efficient
working capital management. Conversely, the outlook may be revised
to 'Negative' in case Chillies Export registers weakening in its
financial risk profile, most likely on account of lower-than-
expected cash accruals or larger-than-expected working capital
requirements or debt-funded capital expenditure, or if the company
extends more-than-expected loans and advances to its related
entities.

Chillies Export, incorporated in 1963 by Mr. A V Karunanidhi,
processes chilli powder, stemless chillies, and oleoresins.

For 2011-12 (refers to financial year, April 1 to March 31),
Chillies Export reported a profit after tax (PAT) of INR0.16
million on net sales of INR151.5 million, against a PAT of INR0.17
million on net sales of INR150.0 million for 2010-11.


C.M. ROY: CRISIL Rates INR30MM Cash Credit at 'B'
-------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of C.M. Roy.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            20      CRISIL A4
   Cash Credit               30      CRISIL B/Stable

The ratings reflect C.M. Roy's small scale of operations in
intensely competitive civil construction business, geographical
concentration in revenues, and stretched liquidity driven by
working-capital-intensive operations. These rating weaknesses are
partially offset by the benefits that C.M. Roy derives from its
promoter's extensive experience in the civil construction industry
and its moderate financial risk profile, marked by a moderately
low gearing but constrained by a small net worth.

Outlook: Stable

CRISIL believes that C.M. Roy will benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' in case C.M. Roy registers significant
growth in revenues while maintaining its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' in
case the firm's financial risk profile deteriorates due to lower
profitability and/ or significant pressure on its working capital
management because of delays in project execution and stretched
receivables.

C.M. Roy was set up as a proprietorship firm in 1990 by Mr. C.M.
Roy. C.M. Roy is class 1 contractor involved in civil construction
activities such as construction of building, roads, drainage
systems for government bodies, especially for the Andaman
government.


ECKO CABLES: CRISIL Rates INR50MM Cash Credit at 'B-'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Ecko Cables Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit         70       CRISIL A4
   Bank Guarantee           10       CRISIL A4
   Cash Credit              50       CRISIL B-/Stable

The ratings reflect ECPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics. The ratings also
factor in ECPL's small scale of operations in the intensely
competitive cable manufacturing industry. These rating weaknesses
are partially offset by the benefits that the company derives from
its promoters' extensive experience in the industry.

Outlook: Stable

CRISIL believes that ECPL will continue to benefit from the
promoters' extensive experience in the cable manufacturing
industry. The outlook may be revised to 'Positive' if increase in
net cash accruals, driven by improved profitability and moderation
in working capital requirements, result in a stronger financial
risk profile, particularly liquidity, for ECPL. Conversely, the
outlook may be revised to 'Negative' if the company's liquidity,
capital structure or profitability deteriorate significantly.

ECPL, incorporated in 1981, is a Delhi-based company manufacturing
cables and wires. Founded by Mr. Amar Singh, the company is
currently managed by his son, Mr. Ravinder Singh.


ECPL reported a net loss of INR19.8 million on net sales of
INR608.9 million for 2011-12 (refers to financial year, April 1 to
March 31), against a net profit of INR24.0 million on net sales of
INR558.8 million for 2010-11.


FEEDPRO AGRO: CRISIL Assigns 'B+' Ratings to INR54MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Feedpro Agro Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              22.5     CRISIL B+/Stable
   Term Loan                31.5     CRISIL B+/Stable

The rating reflects FAPL's exposure to funding and implementation
risks associated with its ongoing Aligarh project and exposure to
risks resulting from fragmented and competitive nature of
industry. These rating weaknesses are partially offset by the
promoters' extensive experience in the poultry feed industry.

Outlook: Stable

CRISIL believes that FAPL will benefit from the extensive industry
experience of its promoters and its already established operations
in the poultry feed industry through an associate concern. The
outlook may be revised to 'Positive' if the company commissions
the project in time and demonstrates higher-than-expected capacity
utilisation, leading to a significant improvement in its debt
servicing metrics. Conversely, the outlook may be revised to
'Negative' in case of significant time and cost overruns,
resulting in weakened ability to adhere to the repayment programme
stipulated by lenders.

Incorporated in 2013, FAPL is in the process of setting up a
poultry feed manufacturing unit at Atrauli (Uttar Pradesh). It is
managed by Mr. Ekansh Garg. Commercial operations of the unit are
expected to start in January 2014.


GANGA ACROWOOLS: CRISIL Ups Ratings on INR1.47BB Loans to 'BB+'
---------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Ganga Acrowools Ltd to 'CRISIL BB+/Stable' from 'CRISIL BB-
/Stable' while reaffirming its short-term rating at 'CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             260.0     CRISIL BB+/Stable (Upgraded
                                     from CRISIL BB-/Stable)

   Cash Credit             140.0     CRISIL BB+/Stable (Upgraded
                                     from CRISIL BB-/Stable)

   Cash Credit             110.0     CRISIL BB+/Stable (Upgraded
                                     from CRISIL BB-/Stable)

   Letter of Credit        200.0     CRISIL A4+ (Reaffirmed)

   Foreign Bill Purchase    25.0     CRISIL A4+ (Reaffirmed)

   Rupee Term Loan         935.0     CRISIL BB+/Stable (Upgraded
                                     from CRISIL BB-/Stable)

   Proposed Long-Term       27.5     CRISIL BB+/Stable (Upgraded
   Bank Loan Facility                from CRISIL BB-/Stable)

The rating upgrade reflects CRISIL's belief that GAL's liquidity
profile may improve further primarily driven by improvement in
cash accruals on account of successful ramp up in operations from
the enhanced capacities. GAL has implemented its capacity
expansion programme in time. With the commencement of enhanced
capacity, the company has achieved a year-on-year growth of 41 per
cent in sales in 2012-13 (refers to financial year, April 1 to
March 31). GAL is likely to maintain its improved business risk
profile over the medium term, supported by the increase in its
scale of operations and buoyant demand for its products. The
healthy cash accruals are expected to provide adequate cushion
vis-a-vis its debt repayment obligations over the medium term.

The upgrade in rating also factors in the expected improvement in
GAL's financial risk profile in the absence of large, debt-funded
capital expenditure plans and healthy cash accruals. GAL has
undertaken a large debt funded capex in a phased manner over the
last 3 years, which has resulted in high gearing levels. The
gearing which stood at ~2.4 times as on March 31, 2013 is expected
to improve further to below 2.0 times but remain high over the
near term.

The ratings continue to reflect GAL's healthy business risk
profile, supported by its long-standing presence in the value-
added acrylic yarn business, diversified customer base, healthy
operating efficiency and above-average financial risk profile
marked by moderate gearing and debt protection metrics, moderate
scale of operations and healthy growth prospects. These rating
strengths are partially offset by vulnerability of GAL's operating
margin to fluctuations in raw material prices, adverse movements
in foreign exchange rates and geographic concentration in revenues
in the domestic market.

Outlook: Stable

CRISIL believes that GAL will continue to benefit from its
diversified product portfolio and customer base and its healthy
operating efficiencies. The outlook may be revised to 'Positive'
if GAL achieves higher-than-expected revenues leading to larger-
than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if the company's profitability declines
steeply or it undertakes any large debt-funded capital expenditure
programme leading to deterioration in the gearing levels.

GAL was set up by Dr. Ravinder Verma in 1995. The company
manufactures worsted acrylic yarn (grey and dyed) and other
blended yarns. The worsted acrylic yarn include fine and medium-
count yarn used in machine knitting, hosiery, hand knitting and
weaving; and coarse-count yarn, used in carpet manufacturing and
hand knitting. GAL's manufacturing unit in Ludhiana (Punjab) has
total installed capacity of 8100 tonnes per annum (tpa) i.e.
22,540 spindles (around 19,756 spindles for fine and medium yarn
and 2784 for coarse yarn). GAL has an in-house dyeing division
with a capacity of 6660 tpa to cater to the value-added dyed yarn
segment.


HIMALAYA MEDITEK: CRISIL Assigns 'B' Ratings to INR100MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Himalaya Meditek Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              60.00     CRISIL B/Stable
   Term Loan                40.00     CRISIL B/Stable

The rating reflects HMPL's relatively small scale of operations,
its low operating margin, and its exposure to risks related to
implementation and stabilisation of its new capacities. The rating
also factors in the company's below-average financial risk
profile, marked by high expected gearing and a small net worth.
These rating weaknesses are partially offset by the good
entrepreneurial experience of HMPL's promoters.

Outlook: Stable

CRISIL believes that HMPL will continue to benefit over the medium
term from the good entrepreneurial experience of its promoters.
The outlook may be revised to 'Positive' if the company
significantly increases its revenues and profitability, most
likely due to successful stabilisation of operations under the
current management, leading to higher-than-expected cash accruals
and hence to a comfortable capital structure. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
HMPL's financial risk profile, particularly its liquidity, most
likely because of further stretch in its working capital cycle,
low cash accruals, or larger-than-expected capital expenditure.

HMPL was incorporated in 2006-07 (refers to financial year, April
1 to March 31); the company was taken over by current management
in January 2013. HMPL is presently promoted by Mr. Arpan Mittal
and Mrs. Sangeet Mittal. The company manufactures off-patent bulk
pharmaceutical formulations such as tablets, capsules, ointments,
suspensions and syrups, and injectables. It is based in Dehradun
district (Uttarakhand).


KHURINJI HOMES: CRISIL Assigns 'BB-' Ratings to INR250MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Khurinji Homes Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Term Loan       160      CRISIL BB-/Stable
   Term Loan                 90      CRISIL BB-/Stable

The rating reflects KHPL's susceptibility to risks related to
completion and saleability of its ongoing real estate projects in
Chennai (Tamil Nadu [TN]), and cyclicality inherent in the Indian
real estate industry. These rating weaknesses are partially offset
by the extensive experience of KHPL's promoters in the real estate
sector.

Outlook: Stable

CRISIL believes that KHPL will benefit over the medium term from
its promoters' experience in the real estate construction segment.
The outlook may be revised to 'Positive' if KHPL completes the
construction of its ongoing projects in time, leading to higher-
than-expected booking rates, sales realisations, and cash flows,
thereby strengthening its liquidity. Conversely, the outlook may
be revised to 'Negative' if the company faces any delays in
project implementation resulting in time and cost overruns, and a
decline in realisations; or if it contracts substantial debt,
thereby weakening its financial risk profile.

KHPL was incorporated in 2005 in Chennai (TN). It is a residential
real estate developer, primarily operating in South Chennai. The
company was founded by Mrs. V. Umasankareswari.

KHPL reported a profit after tax (PAT) of INR13.5 million on net
sales of INR178 million during 2012-13 (refers to financial year,
April 1 to March 31); and PAT of INR9.7 million on net sales of
INR118 million during 2011-12.


PARAMOUNT CONDUCTORS: CRISIL Puts 'B+' Ratings on INR170MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Paramount Conductors Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Working Capital         7.4       CRISIL B+/Stable
   Term Loan

   Term Loan               9.2       CRISIL B+/Stable

   Proposed Long-Term     53.4       CRISIL B+/Stable
   Bank Loan Facility

   Cash Credit           100.0       CRISIL B+/Stable

   Letter of Credit       50.0       CRISIL A4

The ratings reflect PCL's small scale of operations in a highly
fragmented electrical equipment industry, its large working
capital requirements driven stretched receivables and weak debt
protection metrics. These rating weaknesses are partially offset
by the benefits that PCL derives from its promoters' extensive
industry experience, and the company's moderate operating
profitability and a moderate capital structure.

Outlook: Stable

CRISIL believes that PCL will continue to benefit over the medium
term from its promoters' extensive experience and its established
relationship with its customers. The outlook may be revised to
'Positive' in case the company registers significant improvement
in its scale of operations and sustains its profitability, leading
to improvement in its cash accruals and consequent improvement in
liquidity. Conversely, the outlook may be revised to 'Negative' in
case PCL's financial risk profile particularly liquidity weakens
on account of larger-than-expected working capital requirements,
or lower-than-expected cash accruals or if it undertakes any
further debt-funded capital expenditure programme.

PCL was set up in 1971 by Mr. G K Tapaia and his family. The
company manufactures winding wires (aluminium and copper), coils
(high tension and low tension), and machines for manufacturing
coils including testing machines and motor rewinding. The
company's manufacturing units are in Nagpur (Maharashtra) and Goa.

PCL's profit after tax (PAT) is estimated at around INR3.4 million
on net sales of around INR214.2 million for 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR3.5
million on net sales of INR209.8 million for 2011-12.


R. M. REALTY: CRISIL Assigns 'B' Ratings to INR300MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of R. M. Realty Developers.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              150       CRISIL B/Stable
   Term Loan                150       CRISIL B/Stable

The rating reflects RMRD's exposure to risks associated with
completion, funding, and saleability of the ongoing project,
accentuated by the initial stage of project execution. The rating
also factors in the firm's vulnerability to cyclicality inherent
in the Indian real estate industry. These rating weaknesses are
partially offset by the extensive experience of RMRD's partners in
the real estate industry in Pune (Maharashtra).

Outlook: Stable

CRISIL believes that RMRD will benefit over the medium term from
its partners' extensive experience in the real estate industry in
Pune. The outlook may be revised to 'Positive' in case of better-
than-expected bookings of units and receipt of customer advances,
leading to higher-than-expected cash inflows. Conversely, the
outlook may be revised to 'Negative' in case of time or cost
overruns in the project or in the event of slower-than-expected
increase in customer bookings, leading to lower-than-expected cash
inflows and deterioration in financial risk profile and liquidity.

RMRD is a partnership firm between the members of the R M Group
(engaged in real estate development in Pune), established in 2010-
11 (refers to financial year, April 1 to March 31), to undertake a
residential real estate project, Hiras Nagar-Phase II, at Pirangut
in Pune. The project involves construction of around 587
affordable residential houses on 5.50 acres of owned land. The
firm is expected to launch the project within the next few months.


SAMI SPICES: CRISIL Assigns 'B' Ratings to INR155MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sami Spices and Herbs Private Limited.

                               Amount
   Facilities                (INR Mln)   Ratings
   ----------                ---------   -------
   Term Loan                    40.0     CRISIL B/Stable
   Foreign Bill Discounting    115.0     CRISIL B/Stable
   Foreign Exchange Forward     12.5     CRISIL A4

The ratings reflect modest scale of operations, weak financial
risk profile marked by small networth, high gearing and subdued
debt protection indicators; and susceptibility of operating margin
to volatility in prices of raw material. These rating weaknesses
are partially offset by Sami's promoters' extensive industry
experience and established relationships with customers.

Outlook: Stable

CRISIL believes that Sami will benefit from the extensive
experience of promoters in the industry. The outlook may be
revised to 'Positive' if Sami's revenues increase significantly,
while improving its profitability leading to improved financial
risk profile. Conversely, the outlook may be revised to
'Negative', if the company is unable to increase its scale of
operations with impact on profitability or its financial risk
profile deteriorates more than expected due to more than expected
debt-funded capital expenditure or stretch in working capital
cycle.

Sami was incorporated in May 2008 by the Shah family, based out of
Mumbai. The company operations are headed by Mr. Arvind Shah. Sami
is engaged in processing and exporting of various spices like
chilly and turmeric. The manufacturing facility is located in
Guntur (Andhra Pradesh) and has capacity of 10 tonnes per day
(tpd).

Sami reported a net loss of INR4.9 million on net sales of INR24.1
million for 2011-12 (refers to financial year, April 1 to March
31), which was its first year of operations.


SAV STEELS: CRISIL Downgrades Ratings on INR550MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sav Steels Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              450      CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Letter of Credit          50      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Standby Line of Credit    50      CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The rating downgrade reflects SSPL's prolonged over-utilisation of
its working capital limits. This was caused by weak demand for the
company's products and a delay in realisation of receivables from
customers.

SSPL also has large working-capital requirements, and is
susceptible to intense competition in the steel industry. The
company, however, benefits from its established market position,
wide product range, and its promoters' extensive industry
experience.

SSPL was originally set up in 1995 as a partnership firm,
Shamsons; the firm was later reconstituted as a private limited
company. SSPL undertakes cutting to size, straightening, and
annealing cold-rolled, hot-rolled, and block plate steel sheets
and coils. The company's industrial unit is at Kankurgachi in
Kolkata (West Bengal).

For 2011-12 (refers to financial year, April 1 to March 31), SSPL
reported a profit after tax (PAT) of INR27.8 million on net sales
of INR3.9 billion, against a PAT of INR25.1 million on net sales
of INR3.2 billion for 2010-11.


SAV WIRES: CRISIL Downgrades Ratings on INR530MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sav Wires Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             400       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Letter of Credit        100       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Standby Line of Credit   30       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects SWPL's prolonged over-utilisation of
its working capital limits. This was caused by weak demand for the
company's products and a delay in realisation of receivables from
customers.

SWPL also has large working-capital requirements, and is exposed
to intense competition in the steel wire segment. The company,
however, benefits from its established market position, and its
promoters' extensive experience in the steel industry.

SWPL was set up in August 2011 by Mr. Anand Agarwal and his son,
Mr. Ayush Agarwal, who are based in Kolkata (West Bengal). The
company has a wire-drawing unit in Bhilai (Chhattisgarh). SWPL
manufactures binding wires, galvanised iron (GI) wires, cold-dip
GI wires, and electrode-quality wires. It commenced commercial
operations in February 2012.

SWPL reported a profit after tax of INR1.9 million on net sales of
INR323.1 million for 2011-12.


SRISHIRI AGROTECH: CRISIL Assigns 'D' Ratings to INR52.5MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Srishiri Agrotech Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              2.5      CRISIL D
   Long-Term Loan          50.0      CRISIL D

The rating reflects instances of delay by SSAPL in servicing its
term debt; the delays have been caused by the company's weak
liquidity.

SSAPL also has a weak financial risk profile, marked by a high
gearing, average debt protection metrics, and a small net worth.
Moreover, the company has a small scale of operations, and
customer concentration in its revenue profile. However, SSAPL
benefits from its promoters' extensive experience in the seed
processing industry.

SSAPL, set up in the 2011, is in the business of shelling and
processing seeds. It is promoted by Mr. N Srinivasa Rao and his
family. The company has a seed shelling and processing facility in
West Godavari District (Andhra Pradesh).

SSAPL, on a provisional basis, reported a profit after tax (PAT)
of INR2.7 million on net sales of INR25 million for 2012-13
(refers to financial year, April 1 to March 31), against a PAT of
INR2 million on net sales of INR9 million for 2011-12.


ULTIMA SWITCHGEARS: CRISIL Puts 'B+' Ratings on INR75MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Ultima Switchgears Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Term Loan                   5       CRISIL B+/Stable

   Proposed Cash Credit       10       CRISIL B+/Stable
   Limit

   Proposed Bank Guarantee    10       CRISIL B+/Stable

   Cash Credit                50       CRISIL B+/Stable

   Bank Guarantee             50       CRISIL A4

   Bill Discounting under     15       CRISIL A4
   Letter of Credit

The ratings reflect the company's large working capital
requirements and its modest scale of operations. These rating
strengths are partially offset by the extensive experience of
USL's promoters in the power transmission and distribution (T&D)
industry.

Outlook: Stable

CRISIL believes that USL will continue to benefit over the medium
term from the experience of its promoters in the power T&D
industry. The outlook may be revised to 'Positive' in case of an
increase in the company's scale of operations and profitability or
if it achieves better working capital management, leading to
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if USL' profitability is lower-than-
expected, its working capital management weakens or in case of
larger than expected debt-funded capital expenditure programme
leading to deterioration in its liquidity.

Incorporated in 1997, USL manufactures electrical components such
as electrical control panels and boards, switchgears, suspension
clamps, drop out fuses and others. The company's day-to-day
operations are being managed by Mr. D V Parmar.



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


MODERNLAND REALTY: Fitch Assigns 'B' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based property developer PT
Modernland Realty Tbk (Modernland) a Long-Term Issuer Default
Rating (IDR) of 'B' with Stable Outlook.

The agency has also assigned Modernland a senior unsecured rating
of 'B' and its proposed senior unsecured USD notes an expected
'B(EXP)' rating, with a Recovery Rating of 'RR4'. The proposed
notes are to be issued by Modernland Overseas Pte Ltd and
guaranteed by PT Modernland Realty Tbk and wholly-owned
subsidiaries. The final rating is contingent upon receipt of
documents conforming to information already received.

Key Rating Drivers

Limited recurring income: Modernland's limited recurring revenue
differentiates it from higher-rated global peers. Recurring
income, which is derived from management estate fees and newly
opened hotel operations, is still small at less than 10% of annual
EBITDA. Fitch views Modernland's small recurring revenue base as a
main constraint on its ratings, particularly given the cyclical
nature of the property development sector.

Execution risks: Modernland's Jakarta Garden City's strategic
location and established infrastructure, together with its
affordability compared with properties in Kelapa Gading, underpin
its business growth prospects. However, this project is a joint
venture with Keppel Land, who currently has a 51% majority stake
in the project. Modernland plans to use proceeds from the proposed
notes to acquire Keppel Land's share. In Fitch's view Modernland
has yet to demonstrate a track record of strong presales without
Keppel Land's support.

Similar risks are also inherent in Modernland's longer-term
expansion plan in Bekasi, whose success is contingent upon the
timely execution of an infrastructure project and the company's
ability to build critical mass.

Project diversification: The ratings also reflect Modernland's
sizable landbank which is diversified by location and evenly
balanced between industrial and residential use. Over the next 18
months, cashflows will be driven by presales from residential
estate Jakarta Garden City and industrial estate Modern Cikande.
Over the longer term, the company will also look to launch its
second industrial estate in Bekasi, which is in a sought-after
industrial area.

Cash buffer from ASRI: Cashflows from landbank sales to PT Alam
Sutera Realty Tbk (ASRI, B+/Stable) is an important mitigating
factor to execution risks by providing sufficient liquidity
buffer. Modernland expects to receive IDR3.4trn over the next 30
months for a total of 170 hectare land sold. Proceeds will mainly
be allocated to the acquisition of land in Bekasi, which has
better potential for development, sustainable presales and
cashflows. Modernland's low acquisition cost of 489 hectares of
landbank in Bekasi for about USD20/sqm is an additional comfort
and reduces project execution risks.

Rating Sensitivities

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

-- Decline in presales/ gross debt ratio to below 30% (2013:
   Fitch forecast 30%) on a sustained basis

-- Net debt/ net inventory remaining above 1x after 2015 (2013:
   Fitch forecast 1.4x), possibly resulting from delayed project
   execution or weaker pre-sales

Positive rating action is not expected until Modernland is able to
demonstrate a track record in timely project execution leading to
improved scale and project diversification, or of improved
recurring income.


MODERNLAND REALTY: Moody's Assigns (P)B2 CFR with Stable Outlook
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional corporate
family rating of (P)B2 to PT Modernland Realty Tbk.

Moody's has also assigned a provisional senior unsecured bond
rating of (P)B2 to the proposed senior unsecured notes to be
issued by Modernland Overseas Pte Ltd -- an entity wholly owned by
Modernland -- and guaranteed by Modernland and its subsidiaries.

The ratings outlook is stable.

This is the first time Moody's has assigned ratings to Modernland.

The provisional status of the ratings will be removed upon the
completion of the bond issuance and Modernland's proposed
acquisition of a 51% stake in PT Mitra Sindo Sukses (MSS) and PT
Mitra Sindo Makmur (MSM),-- together known as Jakarta Garden City
(JGC) -- from Keppel Land Limited (unrated). Modernland currently
owns a 49% interest in MSS and MSM.

Modernland plans to use the proceeds from the issuance for the JGC
acquisition and to repay some of its existing bank debt.

Ratings Rationale:

The (P)B2 ratings reflect the transition in Modernland's business
profile to encompass the development of industrial towns and
residential townships, where its track record to date has been
limited. Although exposure to price and market risks remain,
Modernland's projects have relatively low development risk.

In January 2012, Modernland acquired Modern Cikande -- an
industrial estate in the western region of Greater Jakarta -- from
a related party. Prior to the acquisition, the company was mainly
focused on its flagship township project, Kota Modern, in
Tangerang, Greater Jakarta.

"After the acquisition of JGC, the company will have access to a
healthy land bank, resulting in an aggregate development life of
about 10 years. It will be well-positioned to benefit from
positive industry dynamics of the industrial as well as the
residential sectors in Jakarta," says Jacintha Poh, a Moody's
Analyst.

"While the addition of JGC will fundamentally transform
Modernland, we remain concerned about its ability to execute the
JGC project without its larger and more experienced partner,
Keppel Land, given its lack of track record in executing projects
of this magnitude", adds Poh, who is also the Lead Analyst for
Modernland and other companies in the Indonesian property sector.

Modernland's land bank was 1,231 hectare (ha) as at March 31,
2013, excluding 238 ha at JGC but including 503 ha at Modern
Cikande.

JGC is a 265 ha premier, integrated township project in Cakung,
East Jakarta, established in 2005 as a joint venture between
Modernland and Keppel Land. It is currently at a relatively young
stage of development with basic infrastructure in place and four
residential clusters launched thus far.

"JGC will drive the company's growth in the residential segment in
the next two years, while Modern Cikande will steer growth in the
industrial segment. In addition, while the land acquisitions at
Modern Bekasi will provide a longer-term growth plan for the
company, we do not expect the project to generate meaningful cash
flow until 2015," adds Poh.

Ratings are constrained by Modernland's small scale and lack of
geographical diversity outside Greater Jakarta. The firm also
lacks a source of recurring income, and has a history of debt
restructuring during the 1997/1998 Asian crisis.

In addition, its projected free cash flow is likely to remain
negative in the next two years owing to land acquisitions at
Modern Cikande and Modern Bekasi -- a new industrial project east
of Jakarta -- to replenish its industrial land bank. Nonetheless,
the timing of the land acquisition and therefore most of the cash
outflow remains at the company's discretion.

Approximately 40% of Modernland's cash inflows this year are
expected to be derived from a land-sale agreement with Alam Sutera
(B1 stable), which supports liquidity, but also entails
significant counterparty credit risk. In February 2013, Modernland
agreed to sell 170 ha of land in Tangerang to Alam Sutera for
IDR3.4 trillion ($347million) across 30 months and has already
received IDR700 billion in 2013 so far.

Modernland had cash on hand of IDR711 billion ($73 million) as of
end-March 2013.

The stable outlook reflects Moody's expectation that Modernland
will achieve its sales target and grow its operational cash flow,
build track record around executing the JGC project and maintain
financial discipline when pursuing growth.

Upward rating pressure is unlikely over the near to medium term,
but could emerge if Modernland can roll out its expansion strategy
successfully, supported by sustained improvements in sales
performance and positive free cash flow generation, as well as by
solid liquidity in the form of cash balances and committed
facilities. Credit metrics that will support an upgrade include
adjusted EBITDA/interest coverage above 4.0x, adjusted leverage
below 45%, adjusted debt/EBITDA below 3.5x and total revenue of
more than IDR4.0 trillion on a sustained basis.

On the other hand, downward pressure could emerge if Modernland's
financial and liquidity profiles weaken owing to: (1) problems
with implementing its business plan and difficulty meeting its
sales targets, particularly at JGC; (2) weakening of the property
market in Indonesia; and (3) a weakening of Alam Sutera's credit
profile, such that its ability to service installment payments on
land purchases from Modernland is affected. Adjusted
EBITDA/interest coverage of less than 2.0x, adjusted leverage of
above 50%, adjusted debt/EBITDA at above 5.0x, total revenue less
than IDR1.8-2.0 trillion and negative free cash flow on a
consistent basis could also trigger a downgrade.

The principal methodology used in these ratings was the Global
Homebuilding Industry Methodology published in March 2009.

Established on August 8, 1983, Modernland is an integrated
property developer in Indonesia that focuses on industrial town
development, residential development, township development and has
small exposures to the hospitality and commercial property
segments. It was listed on the Jakarta Stock Exchange in 1993, and
is 63% owned by the Honoris Family through direct ownership and
various holding companies, including a 16.6% stake held by AA Land
Pte Ltd (unrated).


MODERNLAND REALTY: S&P Assigns 'B' CCR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Indonesia-based property developer PT
Modernland Realty Tbk. (MDLN).  The outlook is stable.  S&P also
assigned its 'axBB-' long-term ASEAN regional scale rating to
MDLN.

At the same time, S&P assigned its 'B' long-term issue rating to a
proposed issue of senior unsecured notes by Modernland Overseas
Pte. Ltd.  MDLN guarantees the notes.  The issue rating is subject
to S&P's review of the final documentation.

The corporate credit rating incorporates S&P's expectation that
MDLN will acquire the remaining 51% stake in Jakarta Garden City
(JGC) township development from its joint venture partner Keppel
Land (not rated) in the third quarter of 2013.  S&P's projections
factor in a successful bond issuance, with the bulk of the
proceeds to be used for this acquisition and the balance for
refinancing.

MDLN is a diversified property real estate developer with
industrial and residential township projects in and around
Jakarta.  It currently sells most of its products and has minimal
recurring income.

"The rating on MDLN reflects the company's aggressive appetite for
debt-funded expansion and its exposure to the Indonesian property
market," said Standard & Poor's credit analyst Kah Ling Chan.
"Companies in this market typically have volatile cash flows from
property development and large capital expenditures for
acquisition of land to sustain growth.  The rating also
incorporates MDLN's small scale, high concentration risks, and
limited record in consistent financial management.  MDLN's solid
foothold in West Jakarta, scalable business model, and good
operating efficiency with a high asset turnover temper these
weaknesses."

In S&P's view, MDLN faces high risk in executing its new projects.
Rapid expansion could test MDLN's financial and operational
capabilities.  The company targets to expand quickly from a small
base and triple its revenue over the next two years.

"We expect MDLN to maintain its operating efficiency to support
its business model.  The company uses a simple build-and-sell
model.  It can start presales within 12 months of obtaining
approvals," Ms. Chan said.

The stable rating outlook reflects S&P's expectation that MDLN
will generate strong property sales, stable margins, and acquire
the remaining stake in JGC.  These factors will offset the higher
debt in the next 12 months.  S&P also expects MDLN to maintain
prudent financial management while pursuing its expansion
strategy.

S&P may lower the rating if MDLN deviates from its core business
and strategy, makes larger-than-expected debt-funded land
acquisitions and expansion, or the company's contract sales in
2013 are substantially below S&P's expectations.  A debt-to-EBITDA
ratio above 4.5x indicates such weaknesses.

The rating upside in the coming 12 months is limited, as S&P
expects MDLN will increase its total debt for aggressive land
acquisition and project expansion.  However, S&P may raise the
rating if MDLN expands its scale and improves diversity, and
establishes a consistent record of operational performance and
disciplined financial management while pursuing high growth.



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


JLOC XXX: Fitch Lowers Rating on JPY5.9BB Class D TBIs to 'D'
-------------------------------------------------------------
Fitch Ratings has downgraded JLOC XXX's class C and D trust
beneficiary interests (TBIs) due April 2014 and upgraded the class
B TBIs.  The transaction is a Japanese multi-borrower type CMBS
securitisation.  The rating actions are as follows:

JPY6.3bn* Class A TBIs affirmed at 'BBsf'; Outlook Stable

JPY3.7bn* Class B TBIs upgraded to 'Bsf' from 'CCCsf'; Outlook
Stable

JPY5.8bn* Class C TBIs downgraded to 'Csf' from 'CCsf'; Recovery
Estimate 30%

JPY5.9bn* Class D TBIs downgraded to 'Dsf' from 'Csf'; Recovery
Estimate 0%

*as of July 26, 2013

Key Rating Drivers

The downgrade of the class D TBIs to 'Dsf' follows the write-down
of their principal on the July 2013 payment date, after workout
activity of a defaulted loan resulted in only partial recovery.

The downgrade of the class C TBIs reflects Fitch's view that
principal loss on the TBIs is inevitable. As workout activity for
the remaining defaulted underlying loan, backed by six hotels,
approaches its final phase, Fitch is able to attain greater
clarity on recovery prospects based on the periodic report
provided by the servicer for property sales activities.

The upgrade of the class B TBIs reflects Fitch's view that full
redemption of the TBIs is likely. The servicer is implementing
workout on the remaining defaulted underlying loan in accordance
with its business plan. Four properties backing the remaining
defaulted loan have been sold since the previous rating action in
December 2012, with total sales values higher than Fitch's
expectation. Fitch believes the remaining six properties are
likely to be sold by end-2013 and that associated sales proceeds
are expected to be sufficient to repay the class B TBIs in full,
given the sales activity status on the remaining properties based
on information provided by the servicer.

The affirmation of the class A TBIs reflects Fitch's unchanged
view that the TBIs are likely to be redeemed in full, shortly
before the legal final maturity.

Rating Sensitivities

Unexpected delay in workout activity may result in negative rating
action on class A and B TBIs given proximity to the legal final
maturity of April 2014.

Once workout activity is completed and losses on the underlying
loan are determined, the class C TBIs are likely to be written
down and downgraded to 'Dsf'.

Under the structure of the transaction, the TBIs' principal is
repaid on a sequential basis in accordance with allocated TBI
principal amounts. These principal amounts are allocated on a
loan-by-loan basis. To date, five underlying loans have been
either paid in full or have completed the workout process, and
proceeds have been applied to the repayment of multiple TBI
classes in accordance with the allocated amount of the underlying
loans.

This transaction was originally a securitisation of five Tokutei
Mokuteki Kaisha specified bonds and a senior portion TBI of a
satellite trust, backed by a specified bond (collectively, the
underlying loans), and ultimately backed by a total of 125
properties. The transaction is currently backed by six properties
and sales proceeds.


JLOC XXX SATELLITE: Fitch Affirms 'C' Ratings on Two TBIs
---------------------------------------------------------
Fitch Ratings has affirmed JLOC XXX Satellite Trust's mezzanine
trust beneficiary interests (TBIs) due April 2014. The transaction
is a Japanese single-borrower type CMBS securitisation. The
details of the rating actions are as follows:

JPY8.3bn* Class 1 mezzanine TBIs affirmed at 'Csf'; Recovery
Estimate 0%

JPY1bn* Class 2 mezzanine TBIs affirmed at 'Csf'; Recovery
Estimate 0%

* as of July 26, 2013

Key Rating Drivers

The affirmations reflect Fitch's unchanged view that principal
loss for these TBIs is inevitable, taking into account the workout
activity to date. The servicer is implementing the workout in
accordance with its business plan. Four hotels backing the sole
defaulted underlying asset have been sold since the previous
rating action in December 2012, with total sales values higher
than Fitch's expectation. However, the agency continues to believe
that sale of the remaining six hotels is unlikely to achieve
sufficient proceeds to fully redeem these TBIs.

Rating Sensitivities

Once workout activity is completed and losses on the underlying
asset are determined, these TBIs are likely to be written down to
zero and downgraded to 'Dsf'.

Both TBIs, which rank equally in payment priority, are backed by
the junior portions of TBIs of a satellite trust, which is secured
by a Tokutei Mokuteki Kaisha specified bond whose collateral
currently consists of six hotel properties and sales proceeds.



===============
M O N G O L I A
===============


SAVINGS BANK: Failure Highlights Fragile System, Fitch Says
-----------------------------------------------------------
Last week's failure of Mongolia's fifth-largest lender, Savings
Bank, highlights Mongolia's deteriorating business environment and
weaknesses in corporate governance and regulation of the banking
sector, Fitch Ratings says. Key pressure points are brisk loan
growth on the back of the government's subsidised loan scheme;
currency depreciation; and weaknesses in the construction and
mining sectors. Domestic depositor confidence in the banking
system remains intact, and has so far prevented a systemic crisis.

Savings Bank's failure highlights the mining and construction
sectors as the central pressure points for the banking system --
given the slow mining production and rapid decline in copper and
property prices. Further depreciation of the local currency is
also likely to weaken banks' loan quality, as 30% of total loans
were in foreign currency at end-H113. The failure of Savings Bank
is also a reminder that collateral held against loans may be
insufficient or unenforceable.

"We believe that much greater rigour is needed in implementing
existing related-party/concentration limits to maintain financial
stability, as Mongolia's volatile economy could suffer from rapid
credit deterioration. Savings Bank's failure was caused mainly by
its association with the insolvent Just Group, its ultimate
parent. The bank's non-performing loans exceeded its capital by
more than two times, which would be a striking breach of the 20%
limit if all were to related parties," Fitch says.

"System-wide liquidity is under pressure from strong loan growth
and falling confidence on the part of international investors. We
expect Savings Bank's creditors to suffer no losses, and domestic
deposits to remain stable following the takeover of Savings Bank's
healthy assets and liabilities by state-owned State Bank."

Mongolia has a macro-prudential risk indicator of 'MPI3',
reflecting a high risk of systemic stress from rapid credit
growth, strong asset-price growth, and appreciation of the real
effective exchange rate.



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


CAPEHORN FARMING: Has Yet to Make Payments to Creditors
-------------------------------------------------------
Jono Galuszka at Stuff.co.nz reports that Capehorn Farming, a
Manawatu farming business, part-owned by a convicted fraudster, is
still yet to make any meaningful repayments to creditors despite
being in liquidation for two years.

Capehorn Farming, a bull-fattening business, was placed into
receivership in late 2010, owing almost NZ$12 million, Stuff.co.nz
discloses. The receivership took about half a year, and only
NZ$80,000 was paid out to secured creditors.

Capehorn was subsequently put into liquidation -- a situation it
is still in today, the report notes.

According to Stuff.co.nz, the latest liquidation report, put
together by Grant Reynolds of Reynolds & Associates, shows no
meaningful repayments have been made to those still owed money.

Only NZ$291 has been paid out to secured creditors during the
liquidation, and no new payments have been made since January. The
liquidators did manage to recover another NZ$1,444 in tax refunds
between then and now though, lifting the amount of money recovered
during the liquidation to NZ$5,109.

The company is 20 per cent owned by Peter Joseph Nitschke, while
relatives Mark and Helen Nitschke own the rest, Stuff.co.nz
discloses.

Peter Nitschke was the general manager of the business, which he
defrauded to the tune of NZ$2.3 million, Stuff.co.nz recalls. The
fraud came about after Capehorn was hit hard by falling beef
prices in 2010.


CYNOTECH HOLDINGS: Court Appoints Interim Liquidators
-----------------------------------------------------
The High Court of Auckland on July 26, 2013, appointed
Peri Finnigan and Tony Maginness as interim liquidators of
Cynotech Holdings.

The appointment followed an interlocutory application to the High
Court made by Allan Robert Hawkins on July 25, 2013.

Hamish Fletcher at The New Zealand Herald reports that earlier
this month, Mr. Hawkins said Cynotech Holdings' major shareholder,
Budget Loans Group, and others were no longer willing to provide
funding support for the company's corporate overhead and
infrastructure costs.

Budget Loans, whose shares are controlled by interests linked to
Hawkins' family, holds 77.5 per cent of Cynotech Holdings.

"The provision of funding support by the [Budget Loans Group]
parties and the group's major lenders and depositors has been a
significant factor in ensuring the solvency of Cynotech Holdings
Limited for the last two years," Mr. Hawkins said in an
announcement earlier this month, the Herald reports.

"As a consequence of the advice received from a number of those
parties, the directors of Cynotech Holdings Limited today resolved
that the company can no longer continue as it will become
insolvent without the provision of ongoing funding from its' major
shareholder and others," Mr. Hawkins said.

Mr. Hawkins said the assets of Cynotech's subsidiaries are being
put up for sale and are made up mainly of the loan books bought
when National Finance and Western Bay Finance was put into
receivership, the Herald adds.

Based in New Zealand, Cynotech Holdings Limited (NZE:CYT) --
http://www.cynotech.co.nz/-- through its subsidiaries is engaged
in holding company; consumer and commercial loans; specialist
lending and fee income; finance group funding, and debt
collection.


HERBERT CONSTRUCTION: Goes Into Liquidation
-------------------------------------------
Anna Ferrick at Hawke's Bay Today reports that Herbert
Construction Co Ltd, the construction company at the centre of a
battle over the Hawke's Bay Regional Council building, has been
liquidated.

A lawyer for Herbert Construction appeared in court last week and
asked to have the liquidation hearing adjourned for a further
month, the report says.

Hawke's Bay Today relates that Herbert Construction's lawyer,
Daniel Kerr, said the company was planning a compromise using
funds from offshore interests in Fijian-based companies to pay
back its indebted creditors.

The adjournment was opposed by lawyers representing various
creditors present in court who said Herbert Construction's promise
of a compromise was all "smoke and mirrors," the report relays.

The report say lawyer, Bruce Gilmour, represented creditor Carter
Holt Harvey and said Herbert Construction was just "delaying the
inevitable".

According to the report, Mr. Gilmour said the only reason Herbert
Construction wanted a further adjournment was to stop liquidators
gaining access to the company to assess its real worth.

Mr. Gilmour said Herbert Construction is NZ$3.6 million in debt
with minimal assets, Hawke's Bay Today relays.

Associate Judge Osborne said he did not think there was any "real
weight" to claims Herbert Construction could pay the money and
ordered the liquidation, Hawke's Bay Today reports.

The report notes that Herbert Construction had also been embroiled
in an ongoing legal battle with the Hawke's Bay Regional Council
following the construction of the council's Dalton St building in
2005.  The building was soon discovered to be leaky.

According to the report, Hawke's Bay Regional Council contracted
another company to take charge of the repairs, which are still
underway. The council said Herbert Construction's liquidation
would not have an effect on its progress.

But it may have an effect on the council's battle to regain costs
for the repairs. Interim Chief Executive Liz Lambert said the
"possible impact of Herbert Construction going into liquidation is
that it may well reduce the level of costs that can be recovered,"
the report adds.

Herbert Construction is a construction company based in Napier.


LDC FINANCE: Secured Investors to Get Money Back After Deal
-----------------------------------------------------------
BusinessDesk reports that secured investors in failed lender LDC
Finance will get their money back plus some interest after the
replacement receivers reached a settlement with the firm's
majority owners.

BusinessDesk relates that about NZ$4.9 million will be paid to 468
secured investors after LDC's receivers David Ruscoe and Richard
Simpson of Grant Thornton sold the firm's remaining assets and
reached a settlement with Finance & Investments Partnership, an
entity operated by LDC's majority owners Andrew Harding and Murray
Schofield.

Messrs Simpson and Ruscoe were appointed replacement receivers
last year when PricewaterhouseCoopers resigned after a High Court
decision awarding NZ$9 million held by LDC to Finance &
Investments investors, the report says.

The ruling was under appeal, but has since been withdrawn since
the negotiated settlement.

"This has been a long process for investors, but we are pleased to
advise that the 468 secured investors will receive all the capital
they invested and partial interest in early September," the
receivers said in a statement.

"Our task on behalf of secured investors is now complete."

                          About LDC Finance

LDC Finance Ltd, a New Zealand finance company, was established
in 2004 to take over LDC Investments, which breached securities
law after it raised money without a registered prospectus and
without a trustee.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2007, LDC Finance went into receivership for not being
able to get new funds and maintain existing investments.
Perpetual Trust Limited, trustee for the secured debenture stock
and deposits issued by LDC Finance appointed
PricewaterhouseCoopers partners Malcolm Hollis and John Fisk as
Receivers.

In July 2012, PricewaterhouseCoopers stood down as the company's
receivers.

Richard Simpson and David Ruscoe of Grant Thornton took over
receivership of LDC, stuff.co.nz disclosed citing PwC's letter to
investors.

In September 2012, Associate Judge John Matthews placed LDC
Finance into liquidation and appointed Iain Shephard and Heath
Gair from Shephard Dunphy as liquidators.



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


PRUDENTIALIFE PLANS: IC Orders Liquidation of Trust Fund
--------------------------------------------------------
Alvin Elchico at ABS-CBN News reports that the Insurance
Commission has ordered the liquidation of the trust fund of
Prudentialife Plans.  The order was issued last July 11, after
several hearings at the IC and the previous Congress, the report
says.

However, out of the 300,000 planholders of Prudentialife, only
248,000 will be able to get something from the liquidation
proceeds, ABS-CBN relays.

According to ABS-CBN, the IC said the first batch of planholders
will start getting their checks on August 14, with the second
batch getting checks on August 24. The third batch is scheduled on
September 3, and the last batch on September 12.

Planholders may opt to have the checks deposited in their BDO
account, but they would have to inform the IC or the SYMECS law
firm, the report notes.

ABS-CBN says educational planholders will get an average of 4.6%
of their contributions, while pension planholders will get an
average of 33% and life planholders will get an average of 60%.

The first tranche covers only liquid assets belonging to each
trust fund for educational, pension and life plans amounting to a
total of PHP5.2 billion, ABS-CBN notes.

There will be a separate check distribution for the non-liquid
assets, as soon as these are sold within two years, the report
says. The total amount of these assets which include buildings and
vehciles, are estimated to reach around PHP8.31 billion for the
kinds of plans, ABS-CBN reports.

A separate case will also be filed by the Insurance Commission to
run after corporate assets of Prudentialife which will also be
divided among the planholders, creditors, employees and suppliers
of the collapsed company, ABS-CBN adds.

                     About Prudentialife Plans

Prudentialife Plans Inc. -- http://www.prudentialife.com/-- is
a pre-need company.  The company offers life, pension and
education plans.  It has diversified into financial services,
non-life insurance, memorialization, real estate and travel and
leisure.

In September 2012, Prudentialife Plans Inc. was placed in
receivership by the Insurance Commission, which says the
continuance of the business would be "hazardous to its present and
future planholders."

"The Insurance Commission has decided that the conservatorship of
PPI be now terminated. We find that the only remaining option
under the law is to declare PPI under receivership," Insurance
Commissioner Emmanuel Dooc said in a directive dated Sept. 19,
2012.

"Since there is no clear intention on the part of the
stockholders of PPI to infuse additional capital or to submit
infusion plan to cure the company's huge financial deficiencies,
it is now very clear that PPI will remain insolvent.

"The Insurance Commission hereby orders PPI to desist from
transacting further business," the regulator said.

The commission said PPI's proposal for rehabilitating the company,
as well as proposals filed by a group of planholders known as the
Batiles Group and a pre-need company called Loyola Plans
Consolidated Inc., were "not exhaustive enough."


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


JEONBUK BANK: Moody's Affirms and Withdraws ba1 standalone BCA
--------------------------------------------------------------
Moody's Investors Service has affirmed Jeonbuk Bank's deposit
ratings of Baa1/P-2 and the bank's standalone credit assessment
(BCA) of ba1, equivalent to a standalone bank financial strength
rating of D+.

At the same time, Moody's will withdraw all the bank's ratings for
business reasons.

The bank has no rated debt outstanding at the time of this
withdrawal.

At the time of withdrawal, Jeonbuk Bank's ratings were as follows:

- Long-term local and foreign currency deposit ratings of Baa1
with negative outlook;

- Short-term local and foreign currency ratings of Prime-2;

- Standalone baseline credit assessment (BCA) of ba1, with
negative outlook, which is equivalent to a standalone bank
financial strength rating (BFSR) of D+. Moody's will withdraw the
rating for its own business reasons.

The principal methodology used in this rating was Global Banks
published in May 2013.

Jeonbuk Bank is based in Korea's Jeonbuk province. Established in
1969, it is the dominant bank in the province. At end-March 2013,
it had consolidated assets of KRW14.3 trillion (about $12.8
billion).



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


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

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
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Aug. 8-10, 2013
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      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
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      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.
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Dec. 5-7, 2013
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      Winter Leadership Conference
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                             *********

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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