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                      A S I A   P A C I F I C

           Thursday, August 1, 2013, Vol. 16, No. 151


                            Headlines


A U S T R A L I A

ACL BEARING: Business to Close, Axes 136 Jobs
BELL GROUP: West Australia Set to Get AUD1 Billion in Deal
GLOBAL ELECTROTECH: Electrical Firm Placed in Receivership
LM INVESTMENT: Financial Advisers Ahead of Clients in Liquidation


C H I N A

CHINA GREEN: Merges with China Shianyun
SUNAC CHINA: Fitch Affirms 'BB-' Long-Term Issuer Default Rating


I N D I A

ADI ENTERPRISES: CARE Rates INR10.44cr LT Loan at 'BB+'
ANGEL FEEDS: CARE Rates INR8.25cr LT Loan at 'CARE B-'
DHARMANANDAN IMPEX: CARE Puts 'B+' Rating to INR2cr LT Loan
HARMILAP AGRO: CARE Assigns 'B+' Rating to INR12.5cr LT Loan
MANGLA HOISTS: CARE Puts 'BB-' Rating to INR5.26cr Loan

N GOPALDAS: CARE Rates INR6cr LT Loan at 'CARE B'
RAM KUMAR: CARE Assigns 'BB-' Rating to INR2.23cr Loan
SATHYASREE DEVELOPERS: CARE Cuts Rating on INR5.4cr Loan to 'D'
SHREE BALAJI: CARE Rates INR11.88cr LT Loan at 'CARE B+'
SHRI JALARAM: CARE Reaffirms 'BB+' Rating on INR271.98cr Loan

VARANASI AUTO: CARE Assigns 'BB' Rating to INR8.87cr Loan


J A P A N

ELPIDA MEMORY: Micron Closes Acquisition Deal
JLOC XXX: S&P Lowers Rating on Class D Certificates to 'D'
* Moody's Confirms Subordinated Debt Ratings for Japanese Banks


                            - - - - -


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


ACL BEARING: Business to Close, Axes 136 Jobs
---------------------------------------------
ABC News reports that receivers for the Launceston car parts
manufacturer ACL Bearing are closing the struggling business after
failing to secure a buyer.

It means the remaining workforce of 136 will be out of a job by
mid next year, according to ABC News.  In 2009, the report
recalls, 110 workers lost their jobs when ACL went into
receivership.

The report notes that the company has continued to operate, but
another 35 workers were sacked in 2011 and 20 lost their jobs in
July last year.

The report relates that receiver Matt Byrnes says there was
initial optimism the business would be sold after an exhaustive
sales campaign.

"Unfortunately despite negotiations with a number of short listed
parties, none of those parties were able to put forward an offer
for the business as a going concern here in Tasmania. . . . I
think certainly the location of the business in Tasmania and the
currency, Australian dollar against the US which has obviously
been strong was a factor. . . . ACL exports about 80 per cent of
its product so we've been fighting the currency battle for the
last couple of years," the report quoted Mr. Byrnes as saying.

The report says that the troubled company was on the market for
three months.  Mr. Byrnes said there was no option but to close
the business, the report relays.


BELL GROUP: West Australia Set to Get AUD1 Billion in Deal
----------------------------------------------------------
Neale Prior and Gary Adshead at The West Australian reports that
the State Government is set for a AUD1 billion boost to its
coffers with a settlement looming in a massive legal fight over
the collapse of Alan Bond's Bell Group.

According to the report, the liquidators and the syndicates of 20
banks that stripped Bell of its assets 22 years ago are on the
verge of settling a AUD2.7 billion-plus legal dispute with Bell
liquidators.

The West Australian relates that the parties are hoping to get a
deal finalised before they are due to face the High Court in
September on a crucial aspect of a case that has so far gone
against the banks.

Westpac, Commonwealth and National Australia, as well as British
giant Lloyds, have already had judgments against them in the WA
Supreme Court and Court of Appeal, exposing them to potential
payouts exceeding AUD3 billion because of punitive interest rates,
the report notes.

A legacy of the WA Inc deals under the Labor State governments in
the 1980s, the case against the banks is important to WA taxpayers
and motorists because the litigation has been mostly funded by the
State Government-owned Insurance Commission of WA, The West
Australian states.  WA motorists had to help ICWA's recovery from
1993 to 1996 through a AUD50 annual charge on third-party
insurance premiums known as the WA Inc levy.

The insurer stands to collect more than 60 per cent of any
winnings in return for bankrolling what was considered to be a
high-risk, high-reward case, the report relates.

A settlement and payout from Bell Group liquidators could provide
ICWA with a one-off profit, possibly more than AUD1 billion, if
the final settlement is near AUD2 billion, according to The West
Australian.

                           About Bell Group

Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian
Stock Exchange on August 21, 1991, because of liquidation.  On
July 22, 2003, liquidator Tony Woodings started an action in
the WA Supreme Court against a group of 20 banks -- led by
Westpac -- in relation to their conduct in taking mortgages over
Bell Group assets in January 1990.  It was alleged the banks
knew or should have known that the company could not pay
creditors who were owed more than AU$800 million at the time.


GLOBAL ELECTROTECH: Electrical Firm Placed in Receivership
----------------------------------------------------------
Patrick Stafford at SmartCompany reports that Global Electrotech
has been placed in receivership, falling victim to intense
competition in the resources-rich state, which is forcing more
companies to lower profit margins.

Global Electrotech was placed in administration last month, then
in receivership shortly afterwards, the report relates.

Managing director Damien Gardiner told SmartCompany the business
lost out on two major jobs -- one worth AUD1.5 million and another
AUD2.4 million in revenue.

While Mr. Gardiner said one job was affected due to poor
management, several have gone under for various reasons relating
to industry pressures -- including an intense amount of
competition.

Kim Strickland of WA Insolvency Solutions was appointed
administrator last month, but Mr. Gardiner said the business
continues to trade and he is optimistic about its future,
SmartCompany adds.

Global Electrotech is a multimillion dollar electrical contracting
business based in Western Australia.


LM INVESTMENT: Financial Advisers Ahead of Clients in Liquidation
-----------------------------------------------------------------
Michael West at BusinessDay reports that financial advisers who
put their clients into LM Investment Management's since frozen
funds stand to collect millions in commissions before their
clients see any return.

BusinessDay relates that a report from the administrators of the
ill-fated mortgage empire shows AUD10 million in claims for
financial advisers. It is a cruel irony for the investors
themselves, who have lost money in the collapse yet have not been
deemed to be creditors, the report says.

BusinessDay reported on Monday, the founder of LM, Peter Drake,
had taken at least AUD46 million in loans before the group
collapsed earlier this year. The loans have not been repaid.
Thanks to the Drake loans, escalating management fees before the
collapse, and now the feeding frenzy by the administrators and
litigation, the prospective returns for investors is diminishing
with every week that passes, the report relays.

Since the collapse in March, administrators FTI Consulting have
charged AUD2.4 million in fees, or AUD130,000 a week, BusinessDay
reports.

BusinessDay notes that the administrators are seeking to recover
funds from Peter Drake. They are also considering action against
LM's other directors -- Francene Mulder, Katherine Phillips and
Eghard Van Der Hoven, the report adds.

"From our investigations to date, there is evidence to indicate
the company may have traded whilst insolvent for a period and
entered into certain transactions that may be voidable against a
liquidator," the report, obtained by BusinessDay, said.

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).


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


CHINA GREEN: Merges with China Shianyun
---------------------------------------
China Green Creative, Inc., purchased 100 shares of common stock
of China Shianyun Group Corp., Ltd, for $1,354, causing China
Shianyun Group Corp., Ltd., to become a wholly owned subsidiary of
the Company.  Immediately following the acquisition, China
Shianyun was merged with and into the Company, effective as of
July 26, 2013.  As a result of the merger, the Company's corporate
name was changed to "China Shianyun Group Corp., Ltd."

Prior to the merger, China Shianyun had no liabilities and nominal
assets and, as a result of the merger, the separate existence of
China Shianyun ceased.  The Company is the surviving corporation
in the merger and, except for the name change provided for in the
Agreement and Plan of Merger, there was no change in the Company's
directors, officers, capital structure or business.

Pursuant to the name change, the Company will obtain a new OTCBB
symbol.

A copy of the Agreement and Plan of Merger is available for free
at http://is.gd/D6s0ed

                          About China Green

China Green Creative, Inc., located in Shenzhen, Guangdong
Province, People's Republic of China, is principally engaged in
the distribution of consumer goods and electronic products in the
PRC.

China Green disclosed net income of $635,873 on $6.87 million of
revenues for the year ended Dec. 31, 2012, as compared with a net
loss of $344,901 on $1.92 million of revenue during the prior
year.  The Company's balance sheet at March 31, 2013, showed $6.63
million in total assets, $7.26 million in total liabilities and a
$629,368 total stockholders' deficiency.

Madsen & Associates CPA's, Inc., in Salt Lake City, Utah, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2012.  The independent
auditors noted that the Company does not have the necessary
working capital to service its debt and for its planned activity,
which raises substantial doubt about its ability to continue as a
going concern.


SUNAC CHINA: Fitch Affirms 'BB-' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed property developer Sunac China Holdings
Limited's (Sunac) Long-Term Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook. The agency has also affirmed the company's
senior unsecured rating at 'BB-'.

The affirmation reflects falling margins and rising structural
subordination, balanced against rapid sales growth and a track
record of strong execution.

Key Rating Drivers

Strong execution of niche strategy: The company has strong
branding and execution in its core markets, i.e. mid- to high-end
segments, primarily in China's higher tier cities. Its solid
execution and marketing strategy result in fast asset turnover, as
demonstrated by 1.4x of contracted sales/total debt in 2012, and
over 80% year-on-year growth in contracted sales to CNY20.3bn in
H113. Fitch expects the outperformance to continue for the rest of
2013.

JV facilitates growth: Fitch expects joint ventures (JVs) to
continue playing an important role in Sunac's capital structure
and land acquisitions in the next 18 months. Around 34% of total
gross floor area (GFA) in Sunac's land bank is estimated to be
attributable to minority interest. The use of JVs facilitates the
company's business expansion, shares the burden of land premiums,
and leverages off the strengths of different developers.

Higher structural subordination: The JVs, especially Shanghai
Sunac Greentown Real Estate Development Ltd, also mean Sunac's
access to their cash is subordinated to the obligations of these
JVs. To reflect the structural subordination, Fitch includes
unconsolidated subsidiaries and treats minority interests as debt
in its calculation of Sunac's leverage. This results in a modified
net debt/adjusted inventory of 43% at end-2012 compared with the
reported 29%.

Subdued margins: Despite major improvements in its business scale
over the past three years, EBITDA margin showed a downward trend
to 22% in 2012 from 40% in 2010, due to rising competition and
higher land costs in China. Fitch expects margins to remain
similar over the next 12 months until the company sells off old
inventory in newly acquired projects.

Regulatory risks remain high: Sunac's focus on mid- to high-end
segments increases its exposure to regulatory risks compared with
mass-market peers, given the government's aim to make housing more
affordable. Sunac's CNY17,800 per square meter of average selling
price for residential projects in 2012 is higher than peers'.

Diversifying funding sources: At end-2012, Sunac's total debt of
CNY21.8bn comprised of offshore bonds and onshore bank loans. In
addition to USD500m notes issued in 2013, the company raised
USD400m in an offshore three-year term loan at a joint venture,
Sunac Greentown Investment Holdings Limited, level. These
developments allow Sunac to term out maturities and lower funding
costs.

Rating Sensitivities

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

-- Adverse changes to Sunac's markets and product mix leading to
   an EBITDA margin below 20% on a sustained basis (2012: over
   25% excluding impact of revaluation of acquisitions)

-- contracted sales/total debt below 1.2x on a sustained basis

-- Modified net debt /adjusted inventory above 50% on a sustained
   basis

-- Substantial growth in Shanghai Sunac Greentown, relative to
   the company's size

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

-- EBITDA margin above 30% on a sustained basis

-- Modified net debt /adjusted inventory below 35% on a sustained
   Basis

-- Contracted sales/gross debt above 1.5x on a sustained basis



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


ADI ENTERPRISES: CARE Rates INR10.44cr LT Loan at 'BB+'
-------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Adi
Enterprises.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       10.44     CARE BB+ Assigned

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

Rating Rationale

The rating is constrained on account of the modest scale of
operations of Adi Enterprises (AE) in coal trading, its
constitution as a partnership firm and susceptibility of its
profitability to fluctuations in foreign currency exchange rate on
imported coal as well as volatility in coal prices.  The rating,
however, derives strength from the steady cash flow in the form of
lease rental income from Arvind Ltd (Arvind; rated CARE A-/CARE
A2+) for leasing out its weaving unit to Arvind. The rating
further derives strength from AE's moderate profitability and
leverage.

A growth in the scale of its coal trading activity, coupled with
efficient working capital management, while sustaining its
profitability and capital structure would be the key rating
sensitivities.

Established in October 2006, AE is a partnership firm engaged in
the trading of imported steam coal. The firm sells steam coal
either in the domestic market or through high seas sales. The firm
consists of seven partners, of whom, five partners are family
members of Mr. Sukoon Shah (the key partner) and one entity is a
Trust (Sabian Trust). AE also has a weaving unit, consisting of 53
Air Jet Looms in Gujarat, which it has leased out to Arvind for a
pre-decided lease rental income.

As per the provisional financial results for FY13, AE reported a
total operating income of INR241.65 crore (FY12: INR198.88 crore)
and PAT of INR12.99 crore (FY12: INR7.04 crore).


ANGEL FEEDS: CARE Rates INR8.25cr LT Loan at 'CARE B-'
------------------------------------------------------
CARE assigns 'CARE B-' ratings to the bank facilities of
Angel Feeds.


                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.25      CARE B- 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
ratings may undergo change in 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 rating assigned to the bank facilities of Angel Feeds (AGF) is
primarily constrained by the limited experience of partners in the
poultry feed manufacturing industry, risk relating to
implementation and stabilization of green field project, high
competition from local players coupled with risk associated with
the raw material availability. The ratings are further constrained
by the partnership nature of its constitution.

The ratings, however, draw comfort from the assured product off
take from group firms. Going forward, the firm's ability to
achieve the envisaged total operating income and profitability
margin, while successful completion of the project without cost
and time overrun shall be the key rating sensitivities.

Angel Feeds (AGF) is a partnership firm, established in October,
2011 by its partners Mr. Rajvir Singh and his brother Mr. Jasvir
Singh. AGF is setting up a unit for the manufacturing of poultry
feeds located in Panipat, Haryana. The unit shall have an
installed capacity of 60,000 metric tons per annum. The commercial
operation is expected to start in August 2013. The group
associates are Bharat Hatcheries, Vijay Breeding Farm & Hatcheries
and Jyoti Breeding Farm and are into poultry farming and breeding.


DHARMANANDAN IMPEX: CARE Puts 'B+' Rating to INR2cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' Ratings to the bank
facilities of Dharmanandan Impex Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        2        CARE B+ Assigned
   Short-term Bank Facilities       6        CARE A4 Assigned

Rating Rationale

The ratings of Dharmanandan Impex Pvt Ltd are constrained by its
small scale of operations with volatility in trading volume, thin
profit margin, which are susceptible to fluctuations in agro
commodity prices and foreign currency exchange rates, low
capitalization and working capital intensive operations resulting
in high leverage.

The above constraints far offset the benefits derived from the
experience of its promoters in trading operations through its
group entity Hiya Overseas Pvt Ltd.

The ability of DIPL to increase its scale of operations, improve
its profitability and capital structure, while efficiently
managing its working capital are the key rating sensitivities.

DIPL was established in 2007 by Mr. Vijay Patel and Mr. Arvind
Patel for carrying out trading activities in agro commodities such
as cloves, pigeon peas, peanuts and various pulses. DIPL is a
group company of Hiya Overseas Pvt Ltd [HOPL; rated CARE BB-/CARE
A4], which is also engaged in the trading of imported products in
the domestic market including Zircon and exports Indianmade
products like ceramics tiles, cement, salt, and cotton.

As per the audited results of FY13 (refers to the period April 1
to March 31), DIPL reported a total income of INR24.79 crore with
a PAT of INR0.33 crore as compared with a total operating income
of INR0.04 crore and a PAT of INR0.02 crore in FY12.


HARMILAP AGRO: CARE Assigns 'B+' Rating to INR12.5cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Harmilap
Agro Industries Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       12.50     CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Harmilap Agro
Industries Private Limited is primarily constrained by its small
scale of operations, weak financial risk profile marked by low
profitability margins, leveraged capital structure & weak debt
service coverage indicators and working capital intensive nature
of operations. The rating is further constrained on account of its
susceptibility to the fluctuations in raw material prices, and its
presence in a fragmented industry.  The rating, however, finds
support from the experienced promoters and close proximity to the
raw material sources.

Going forward, the ability of the company to increase its scale of
operation while improving its profitability margins, effective
working capital management and improvement in its capital
structure are the key rating sensitivities.

Harmilap Agro Industries Private Limited was incorporated in 2005
as Harmilap Paper Industries Private Limited and was promoted by
Mr. Hari Narayan and Mr. Mukesh Kumar.

The company is engaged in the milling, processing and trading of
rice. The processing facility of HAIPL is located at Kurukshetra
in Haryana with an installed capacity for processing of paddy of
15,000 Tonne Per Annum (TPA) as on March 31, 2013. HAIPL is
procuring the raw material (paddy) from Haryana, Uttar Pradesh and
Punjab and mainly sells to Punjab, Haryana, Uttar Pradesh,
Himachal Pradesh and New Delhi. Till 2007, the company was into
the manufacturing of paper. Due to the death of one of the
promoters, the company has closed its paper manufacturing
business and started the processing of paddy in 2007.

For FY12 (refers to the period April 1 to March 31), HAIPL
achieved a total operating income of INR33.09 crore and PAT of
INR0.11 crore. As per the unaudited results for FY 13, HAIPL has
achieved a total operating income of INR54 crore.


MANGLA HOISTS: CARE Puts 'BB-' Rating to INR5.26cr Loan
-------------------------------------------------------
CARE assigns 'CARE BB-/CARE A4' ratings to the bank facilities of
Mangla Hoists Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.26      CARE BB- Assigned
   Long-term/Short-term Bank       3.00      CARE BB-/CARE A4
   Facilities                                Assigned

Rating Rationale

The ratings assigned to the bank facilities of Mangla Hoists
Private Limited are primarily constrained by the small scale of
operations, leveraged capital structure, and working capital
intensive nature of operations. The ratings are further
constrained by MHPL's presence in a highly competitive and
fragmented industry and dependence on the capital goods industry.
The ratings, however, draw comfort from the experienced promoters
and long track record of operations coupled with diversified
product portfolio.

Going forward, the company's ability to scale up its operations
while improving its profitability margins and capital structure
shall be the key rating sensitivities.

Mangla Hoists Private Limited, a private limited company was
incorporated in October 1991. The company has two manufacturing
facilities located at Noida and Greater Noida. The company is
promoted by Mr. Sudhir Mangla and his wife Sunita Rani Mangla.
MHPL is engaged in manufacturing of Electric Overhead Travelling
Cranes, Gantry Cranes, Electric Hoists and Geared Trolleys. MHPL
is also engaged in trading of similar products manufactured by
Hercules Hoists Ltd.

The company has achieved a total operating income of INR17.05
crore with PAT of INR0.34 crore in FY12 (refers to the period
April 1 to March 31).


N GOPALDAS: CARE Rates INR6cr LT Loan at 'CARE B'
-------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of N Gopaldas
Gems & Jewellery Exports Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        6        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of N Gopaldas Gems &
Jewellery Exports Private Limited (NGGJPL) is constrained by its
modest scale of operations, presence in a highly competitive
industry, susceptibility to volatility in raw material prices,
highly leveraged capital structure and elongated working capital
cycle. The rating, however, derives strength from the experienced
promoters and increased scale of operations with satisfactory
profit margins.

The ability of the company to increase its scale of operations
with improvement in the capital structure and effective management
of the working capital cycle are the key rating sensitivities.

N Gopaldas Gems and Jewellery Exports Private Limited (NGGJPL),
was incorporated in the year 2001 by Mr. Diljit C Shah, Managing
Director along with his two sons Mr. Mihir D Shah and Darshan D
Shah. NGGJPL is engaged in the manufacturing of gold, diamonds and
silver jewellery at its manufacturing facility located at Trichy
and is also specialized in DEF Color (Blue White) and IF
(Internally Flawless) purity of Diamonds since 1929. The total
revenue constitutes of gold, diamond and silver jewellery at 70%,
25% and 5%, respectively in FY13 (Provisional; refers to the
period 01 to March 31). NGGJPL has its own retail showrooms
located at Trichy, Chennai and Hyderabad for the sale of its
products.

During FY13 (as per provisional results), NGGJPL reported a net
profit of INR0.51 crore (FY12 -Rs.0.44 crore) on a total operating
income of INR 27.19 crore (FY12 - INR21.66 crore).


RAM KUMAR: CARE Assigns 'BB-' Rating to INR2.23cr Loan
------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Ram Kumar Narwani.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       2.23      CARE BB- Assigned
   Long-term/Short-term Bank       3.00      CARE BB-/CARE A4
   Facilities                                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 partners in addition
to the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Ram Kumar Narwani
are primarily constrained on account of its modest scale of
operations in the highly competitive and fragmented road
construction industry, weak financial risk profile as
characterized by leveraged capital structure, moderate profit
margins and moderate debt coverage indicators. The ratings are
also constrained on account of limited revenue diversity and
geographical concentration risk along with vulnerability of
profits to fluctuation in raw material prices.

The ratings, however, derive the benefits from the long track
record of the partners in the road construction industry, moderate
order book position and established operations with reputed
clientele.

The ability of RKN to increase its scale of operations through
diversification of order book amidst high competition prevailing
in the road construction industry along with improvement in
profitability and capital structure are the key rating
sensitivities.

Bhopal-based RKN commenced its operations as a partnership firm in
the year 2002. RKN is promoted by Mr. Ram Kumar Narwani along with
his family members. RKN is engaged in construction of roads and is
registered class 'A' contractor with Public Work Department of
Madhya Pradesh (Class 'A' being the highest on a scale of 'A' to
'E') and secures all the contracts through open bidding process.
RKN predominantly undertakes the government contracts and its
operations are concentrated in Madhya Pradesh.

During FY13, as per the provisional results, RKN reported a total
operating income of INR25.16 crore (FY12: INR14.68 crore) and a
Profit before Tax of INR0.73 crore (FY12: INR0.43 crore).


SATHYASREE DEVELOPERS: CARE Cuts Rating on INR5.4cr Loan to 'D'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Sathyasree Developers Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.40      CARE D Revised from
                                             CARE B

Rating Rationale

The revision in the rating follows the delay in debt servicing by
Sathyasree Developers Private Limited due to stressed liquidity
position.

Sathyasree Developers Private Limited, incorporated in 2007 was
promoted by Mr. J Chandrashekhar, Mr. R Durgaram, and Mr. Arun
Vijaay Malli. SDPL is engaged in the construction and development
of residential real estate projects in Madurai with the promoters
being involved in the real estate industry for more than 15 years.
SDPL is developing 'Satya Elite', a residential apartment project
in Madurai (Tamil Nadu). The project comprises 92 flats, with a
total built up area of 1.55 lakh square feet at a total cost of
INR50.18 crore. The project started in June 2008, and was
initially scheduled to be completed by October 2010. However, the
project has been delayed considerably on account of slowdown in
real estate demand and was planned to be completed by August 2012.

During FY11 (refers to the period April 1 to March 31), SDPL
reported a total operating income of INR12.85 crore and a PAT of
INR0.47 crore and achieved PAT of INR0.32 crore on total operating
income of INR11.63 crore in FY12 (as per provisional results).


SHREE BALAJI: CARE Rates INR11.88cr LT Loan at 'CARE B+'
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree
Balaji Warehouse.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       11.88     CARE B+ Assigned
   (Term Loan)

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 change in case of withdrawal of capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Shree Balaji
Warehouse (SBW) is primarily constrained by the limited experience
of the partners in constructing and managing warehouses coupled
with implementation risk associated with debt-funded green-field
project. The rating is further constrained by the constitution of
the entity as a partnership firm.  The rating, however, draws
comfort from the assured revenue visibility in the medium-long
term, favorable government policies and demand prospects for
warehousing business.

Going forward, the ability of the firm to successfully complete
the project within the envisioned time & cost, and timely handover
of the warehouse shall be the key rating sensitivities.

Shree Balaji Warehouse was constituted in July 2011 as a
partnership concern. The partners are Mr. Raminder Singh, Mr.
Subhash Chander, Mr. Vijay Kumar and five others (friends). The
main objective of setting up SBW was for the construction,
management and operation of a warehouse. The firm is setting up a
warehouse in Hisar, Haryana with a storage capacity of 52,500
Tonnes per annum (TPA) at the total cost of INR16 crore and the
same is expected to be commissioned by the end of June 2013.


SHRI JALARAM: CARE Reaffirms 'BB+' Rating on INR271.98cr Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shri Jalaram Rice Industries Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       271.98    CARE BB+ Reaffirmed

Rating Rationale

The rating continues to be constrained by the thin profitability
of Shri Jalaram Rice Industries Pvt Ltd due to limited value
addition, its high leverage and tight liquidity. The rating is
further constrained by its presence in a highly fragmented and
working capital intensive rice milling industry as well as
susceptibility of its profitability to volatile agro-commodity
prices. The rating is, however, underpinned by the vast experience
of the promoters along with its established operations and healthy
growth in the operating income.

The ability of SJRI to improve its scale of operations through
better utilisation of the recently added capacity along with an
improvement in profitability and capital structure are the key
rating sensitivities.

SJRI is engaged in the processing and trading of basmati rice.
Established as a partnership firm in April 2003, SJRI was
converted into a private limited company in September 2006. The
main promoters of SJRI are Mr. Jayesh Ganatra and Mr. Bipin
Ganatra. SJRI had rice milling capacity of 60 MT per hour as on
March 31, 2013. SJRI operates through its two milling units at
Nadiad (44 MT/hr capacity) and Bavla (16 MT/hr capacity) near
Ahmedabad, Gujarat.

As per the audited results for FY13 (refers to the period April 1
to March 31), SJRI has reported a total operating income of
INR465.04 crore with a net profit of INR11.74 crore as against a
total operating income of INR355.27 crore with a net profit of
INR9.90 crore in FY12.


VARANASI AUTO: CARE Assigns 'BB' Rating to INR8.87cr Loan
----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Varanasi Auto Sales Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.87      CARE BB Assigned
   Short-term Bank Facilities      3.50      CARE A4 Assigned

Rating Rationale

The ratings are constrained by the financial profile of Varanasi
Auto Sales Ltd marked by leveraged capital structure, low net
profit margins and relatively higher operating cycle. The
ratings further take into account the high level of competition
from other dealers and subdued demand outlook for the commercial
vehicles in the near term period.

However, the ratings derive strength from the promoters'
experience and their demonstrated funding support, established
track record of VASL in the automobile dealership business and its
long standing relationship with Tata Motors Ltd (TML). The ability
to consistently scale-up the operations and improvement in the
capital structure in the light of the challenging industry
scenario remain the key rating sensitivities.

Varanasi Auto Sales Limited was incorporated on May 30, 1977 as a
private limited company and was later converted into a closely-
held public limited company on July 01, 1996.  VASL is an
authorized dealer of commercial vehicles of Tata Motors Ltd and is
engaged in the sale of vehicles, spare parts and servicing of
vehicles in Eastern Uttar Pradesh across regions including
Varanasi, Ghazipur, Ballia, amongst others. The company derives
about 90% of the total revenues from sales of vehicles while the
balance is contributed by income from servicing, sale of
spare parts & incentives. VASL primarily deals in three segments
of commercial vehicles of TML viz trucks, buses and small
commercial vehicles (such as Ace, Magic, Winger, Iris)
contributing approximately 50%, 20% and 30%, respectively to the
revenues from the sale of vehicles. VASL also derives nearly 1-2%
of the total revenues from the transport business wherein the
company owns a fleet of TML trucks which are given on lease basis
to the local transporters.

VASL also operates two showrooms with attached workshop viz one at
GT Road, Alaipur, Varanasi and the other one at National Highway
from Varanasi to Lucknow at Babatpur.

VASL reported a PAT of INR0.55 crore on a total income of
INR117.02 crore for FY12 (refers to the period April 1 to
March 31) as compared with PAT of INR0.25 crore on a total income
of INR74.66 crore for FY11. Furthermore, as per provisional
results for FY13, VASL reported a PAT of INR0.65 crore on a total
income of INR124.86 crore.



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


ELPIDA MEMORY: Micron Closes Acquisition Deal
---------------------------------------------
Micron Technology, Inc. and Elpida Memory, Inc. trustees announced
on July 31 the closing of Micron's acquisition of
100 percent of Elpida's equity, pursuant to a Sponsor Agreement
entered into on July 2, 2012 in connection with Elpida's corporate
reorganization proceedings conducted under the jurisdiction of the
Tokyo District Court. In a related transaction, Micron also
announced the completion of its acquisition of a 24 percent share
of Rexchip Electronics Corporation from Powerchip Technology
Corporation and certain of its affiliates. The transactions will
be recorded for accounting purposes as being effective at 11:59
p.m., Tokyo time, on
July 31, 2013.

Elpida's assets include a 300 millimeter (mm) DRAM fabrication
facility located in Hiroshima, Japan; an approximate 65 percent
ownership interest in Rexchip, whose assets include a 300mm DRAM
fabrication facility located in Taiwan; and a 100 percent
ownership interest in Akita Elpida Memory, Inc., whose assets
include an assembly and test facility located in Akita, Japan.
Together with the Rexchip shares acquired from Powerchip, Micron
will control approximately 89 percent of Rexchip's outstanding
shares and 100 percent of Rexchip product supply. The
manufacturing assets of Elpida and Rexchip together can produce
more than 185,000 300mm wafers per month, which represents an
approximate 45 percent increase in Micron's current manufacturing
capacity.

Using its advanced technologies, Elpida has built a strong
presence in Mobile DRAM, targeting mobile phones and tablets.
Micron is a leader in delivering enterprise DRAM solutions for
networking and servers as well as offering a wide product
portfolio in NAND flash memory and NOR.

Combining the two complementary product portfolios will further
strengthen Micron's position in the memory market and enable it to
provide customers with an even more complete set of high-quality
solutions.

"We are pleased to bring together Elpida with Micron to form the
industry's leading pure-play memory company. This combination will
result in enhanced R&D and manufacturing scale, significant cost
and production synergies and a stronger memory product portfolio
to provide solutions to our customers," said Micron CEO Mark
Durcan.

Yukio Sakamoto, CEO, President and co-trustee of Elpida, said,
"This transaction is a strong testament to the value of Elpida's
technologies, products and people, and it will result in a
combined organization that can best serve customers with broader
memory solutions, strength and scale."

Effective with the closing, Mr. Sakamoto announced his resignation
from Elpida. Micron and Elpida announced that Yoshitaka Kinoshita
will replace Mr. Sakamoto as the President, Representative
Director and Business Trustee of Elpida and become the President
of Micron Japan.

"I want to personally thank Sakamoto-san for his strong leadership
of Elpida and for his efforts in helping bring Elpida and Micron
together. I look forward to working with Kinoshita-san as we seek
to strengthen our combined teams," said Mr. Durcan.

                            About Micron

Micron Technology, Inc. (NASDAQ:MU) -- http://www.micron.com-- is
a provider of advanced semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets a full range
of DRAM, NAND and NOR flash memory, as well as other innovative
memory technologies, packaging solutions and semiconductor systems
for use in leading-edge computing, consumer, networking, embedded
and mobile products.

                     About Elpida Memory Inc.

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.

Micron Technology, Inc. on Feb. 28 announced the Tokyo District
Court's issuance of an order approving Elpida Memory Inc.'s plan
of reorganization.  Elpida's plan of reorganization calls for
Micron to sponsor Elpida's reorganization under which Elpida will
become a wholly owned subsidiary of Micron.  The Tokyo District
Court's approval follows an Elpida creditor vote, concluded on
Feb. 26, in which the creditors voted to approve the
reorganization plan.


JLOC XXX: S&P Lowers Rating on Class D Certificates to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to 'D
(sf)' from 'CCC (sf)' its rating on the class D trust certificates
issued in May 2006 under the JLOC XXX Trust Certificates (JLOC
XXX) transaction.

The servicer completed the collection from one of the
transaction's two remaining specified bonds.  However, the
outstanding principal balance of the specified bond exceeded the
amount collected.  As a result, the specified bond incurred a
principal loss.  S&P lowered its rating on class D because it
confirmed that the principal on this class was written down on the
principal and interest payment date in July 2013.

Six specified bonds originally backed this commercial mortgage-
backed securities (CMBS) transaction.  One of the two specified
bonds that were outstanding has incurred a principal loss, and so
only one specified bond remains.  Morgan Stanley Japan Securities
Co. Ltd. (currently, Morgan Stanley MUFG Securities Co. Ltd.)
arranged the transaction, and ORIX Asset Management & Loan
Services Corp. acts as the servicer.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

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

            http://standardandpoorsdisclosure-17g7.com

RATING LOWERED

JLOC XXX Trust Certificates
JPY333.8 billion floating-rate trust certificates due April 2014
Class       To           From           Initial issue amount
D           D (sf)       CCC (sf)       JPY35.5 bil.


* Moody's Confirms Subordinated Debt Ratings for Japanese Banks
---------------------------------------------------------------
Moody's Japan K.K. has confirmed its ratings for the senior and
junior subordinated debt issued by Japanese banks and their
subsidiaries. The ratings outlook for the subordinated debt is
stable.

At the same time, all the other ratings and outlooks for these
issuers remain unaffected.

However, the subordinated debt ratings of the special purpose
corporations of Mizuho Financial Group, Inc -- a holding company -
- remain under review for downgrade. These entities are Mizuho
Financial Group (Cayman) Limited and Mizuho Financial Group
(Cayman) 2 Limited. They are not guaranteed by Mizuho Bank and
therefore warrant further consideration.

In its latest rating action, Moody's has confirmed the
subordinated debt ratings of the affected issuers, and thereby
retained systemic support. This approach is in contrast to Moody's
baseline assumption that subordinated debt will not benefit from
systemic support, which has been removed from such ratings in a
number of jurisdictions.

This confirmation concludes the review for downgrade of the
subordinated debt of Japanese banks that was initiated on June 11,
2013.

The review followed Moody's publication of an update to its
"Global Banks" rating methodology on May 31, 2013. This
methodology update was preceded by a request for comment titled
"Moody's Proposed Approach for Rating Certain Bank Contingent
Capital Securities and Update to Approach for Rating Bank
Subordinated Debt", which was published on April 10, 2013. This
request for comment closed on May 10, 2013.

Ratings Rationale:

Moody's decision to confirm the subordinated debt ratings reflects
its view that the government of Japan continues to demonstrate a
strong ability and willingness to support this creditor class,
despite initiatives elsewhere in the world explicitly designed to
reduce or eliminate support for subordinated debt holders.

This situation in turn reflects the following three key factors.
First, there is the presence of a recently updated resolution
regime that would facilitate the preferred approach of maintaining
banks as going concerns without bail-ins, through the use of
government funds injected as equity, thereby protecting all
classes of creditors. Second, there is the strong preference of
the Japanese system to avoid public bond defaults that would
increase the potential for systemic contagion across the banking
system and corporates dependent on access to the domestic bond
market, a potential occurrence if bail-ins of this type of
subordinated debt occurred. In this context, Moody's notes the
predominance of domestic pension funds and insurers as investors
in such debt. Third, there is the importance of the domestic
financial system as a source of funds for JGBs, which could be
seriously impacted if contagion occurred.

Together, Moody's believes that these three factors represent a
highly unusual -- if not unique -- set of circumstances, meriting
the retention of current support assumptions for these classes of
subordinated debt.

Moody's notes that Japan's bank resolution framework is designed
in such a way that it is difficult to impose losses on
subordinated creditors without triggering an insolvency event that
would impact broader classes of debt. In addition, there is a
clear track record in Japan of assistance to troubled financial
institutions with preemptive capital injections -- under the rules
of the country's resolution framework -- for the purposes of
avoiding public default.

The government had amended the Deposit Insurance Law, a
cornerstone of Japan's resolution framework, in June 2013 in order
to incorporate the key attributes of effective resolution regimes
promulgated by the Financial Stability Board (FSB). The new
framework reiterates a clear policy preference for injecting
capital on a preemptive basis into solvent financial institutions.

Moody's also notes the strong bias within the Japanese domestic
market to avoid public bond defaults, which it believes further
reinforces the prospect that a bail-in of rated legacy
subordinated debt is unlikely to occur.

The imposition of a bail-in -- in seeming contradiction of Japan's
resolution framework -- would risk creating both a shock to bond
market confidence in the banking system and contagion to the
Japanese Government Bond (JGB) market, since the banks are heavy
buyers of JGBs. This represents a consequence that the government,
with the highest ratio of sovereign debt to GDP in the world, is
highly incentivized to avoid, and which would likely weigh far
more heavily in considerations compared to the relatively small
amount of subordinated debt outstanding.

Furthermore, as domestic insurance companies and, increasingly,
retail investors are the predominant holders of legacy
subordinated debt, Moody's believes that the government is
unlikely to resort to extra-legal measures, such as distressed
exchanges, to impose losses on such traditional buy-and-hold
investors.

Moody's notes that future Basel III-compliant instruments must
include PONV triggers and must be issued at the holding company
level, in contrast to legacy subordinated debt which is issued at
the operating bank level without such triggers. Japanese banks
have not yet issued subordinated debt with PONV clauses, but
Moody's expects such debt would be rated differently from existing
subordinated debt. Accordingly, the baseline assumption is that
Basel III subordinated debt ratings would be positioned at least
one notch below adjusted baseline credit assessments (ABCAs) and
would be unlikely to benefit from systemic support.

As indicated, the subordinated debt ratings of the special purpose
corporations owned by Mizuho Financial Group remain under review
for downgrade.

This latter review will assess whether there is any need to
differentiate such debt guaranteed by Mizuho Financial Group from
other subordinated debt issued or guaranteed by operating banks,
in light of the fact that Basel III-compliant subordinated debt --
including PONV triggers -- will also be issued at the holding
company level.

What Could Move the Ratings Up/Down:

Given Moody's confirmation of the ratings and unchanged systemic
support assumptions, there is currently no upward pressure on
ratings.

Moody's bank deposit ratings (BDRs) and subordinated debt ratings
for Japanese banks are closely linked to the ratings of JGBs.
Therefore, a JGB downgrade would result in a downgrade of these
ratings. A JGB downgrade would further prompt Moody's to reassess
support assumptions for the subordinated debt of the affected
banks.

The principal methodology used in these ratings was Global Banks
published in May 2013.

List of Affected Ratings:

Moody's has confirmed the following ratings:

The Bank of Tokyo-Mitsubishi UFJ Ltd. (Lead analyst: Tetsuya
Yamamoto)

- Senior subordinated debt rating (domestic currency): A1

BTMU (Curacao) Holdings N.V. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (foreign currency): A1

Mitsubishi UFJ Securities International plc (Lead analyst: Mutsuo
Suzuki)

- Senior subordinated Medium Term Note Program rating (foreign
currency): (P)A2

Mizuho Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (domestic currency): A2

- Senior subordinated shelf registration rating (domestic
currency): (P)A2

- Senior subordinated Medium Term Note Program rating (domestic
currency): (P)A2

- Senior subordinated Medium Term Note Program rating (foreign
currency): (P)A2

- Junior subordinated shelf registration rating (domestic
currency): (P)A3

- Junior subordinated Medium Term Note Program rating (domestic
currency): (P)A3

- Junior subordinated Medium Term Note Program rating (foreign
currency): (P)A3

Mizuho Finance (Aruba) A.E.C. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated Medium Term Note Program rating (foreign
currency): (P)A2

- Junior subordinated Medium Term Note Program rating (foreign
currency): (P)A3

Mizuho Finance (Cayman) Limited (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated Medium Term Note Program rating (foreign
currency): (P)A2

- Junior subordinated debt rating (foreign currency): A3(hyb)

- Junior subordinated Medium Term Note Program rating (foreign
currency): (P)A3

Mizuho Finance (Curacao) N.V. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated Medium Term Note Program rating (foreign
currency): (P)A2

- Junior subordinated Medium Term Note Program rating (foreign
currency): (P)A3

Mizuho Trust and Banking Co., Ltd. (Lead analyst: Tetsuya
Yamamoto)

- Senior subordinated debt rating (domestic currency): A2

- Senior subordinated shelf registration rating (domestic
currency): (P)A2

- Junior subordinated shelf registration rating (domestic
currency): (P)A3

Norinchukin Finance (Cayman) Limited. (Lead analyst: Tetsuya
Yamamoto)

- Senior subordinated debt rating (foreign currency): A2

- Senior subordinated Medium Term Note Program rating (foreign
currency): (P)A2

Shinsei Bank, Ltd. (Lead analyst: Natsuko Ishida)

- Senior subordinated debt rating (foreign currency): Ba2

- Junior subordinated debt rating (foreign currency): Ba3(hyb)

Chiba Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated shelf registration rating (domestic
currency): (P)A2

- Senior subordinated debt rating (domestic currency): A2

Sumitomo Mitsui Trust Bank, Limited (Lead analyst: Tetsuya
Yamamoto)

- Senior subordinate debt rating (domestic currency): A2

- Senior subordinate Medium Term Note Program rating (domestic
currency): (P)A2

- Junior subordinate debt rating (foreign currency): A3(hyb)

- Junior subordinate Medium Term Note Program rating (domestic
currency): (P)A3

STB Finance Cayman Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinate debt rating (foreign currency): A2

- Senior subordinate Medium Term Note Program rating (foreign
currency): (P)A2

- Junior subordinate debt rating (foreign currency): A3(hyb)

- Junior subordinate Medium Term Note Program rating (foreign
currency): (P)A3

Sumitomo Mitsui Banking Corporation (Lead analyst: Mutsuo Suzuki)

- Senior subordinate Medium Term Note Program rating (domestic
currency): (P)A1

- Senior subordinate debt rating (domestic currency): A1

- Senior subordinate debt rating (foreign currency): A1

- Junior subordinate debt rating (foreign currency): A2 (hyb)

SMBC International Finance N.V. (Lead analyst: Mutsuo Suzuki)

- Senior subordinate Medium Term Note Program rating (Foreign
currency): (P)A1

Kansai Urban Banking Corporation (Lead analyst: Mutsuo Suzuki)

- Senior subordinate debt rating (domestic currency): Baa1

- Junior subordinate debt rating (domestic currency): Baa2 (hyb)

Minato Bank, Ltd (The) (Lead analyst: Mutsuo Suzuki)

- Senior subordinate debt rating (domestic currency): A3

Resona Holdings, Inc. (Lead analyst: Natsuko Ishida)

- Senior subordinate Medium Term Note Program rating (domestic
currency): (P)Baa1

- Junior subordinate Medium Term Note Program rating (domestic
currency): (P)Baa2

Resona Bank, Ltd. (Lead analyst: Natsuko Ishida)

- Senior subordinate debt rating (domestic currency): A3

- Senior subordinate Medium Term Note Program rating (domestic
currency): (P)A3

- Junior subordinate Medium Term Note Program rating (domestic
currency): (P)Baa1

- Junior subordinate debt rating (foreign currency): Baa1 (hyb)

Saitama Resona Bank, Ltd. (Lead analyst: Natsuko Ishida)

- Senior subordinate Medium Term Note Program rating (domestic
currency): (P)A3

- Junior subordinate Medium Term Note Program rating (domestic
currency): (P)Baa1

The following ratings continues to remain under review for
possible downgrade.

Mizuho Financial Group (Cayman) Limited (Lead analyst: Tetsuya
Yamamoto)

- Senior subordinated debt rating (foreign currency): A2

- Senior subordinated Medium Term Note Program rating (foreign
currency): (P)A2

- Junior subordinated Medium Term Note Program rating (foreign
currency): (P)A3

Mizuho Financial Group (Cayman) 2 Limited (Lead analyst: Tetsuya
Yamamoto)

- Senior subordinated debt rating (foreign currency): A2




                             *********

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
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                 *** End of Transmission ***