TCRAP_Public/130828.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, August 28, 2013, Vol. 16, No. 170


                            Headlines


A U S T R A L I A

BANKSIA SECURITIES: Receivers Seek Expressions of Interest
BILLABONG INT'L: Posts AUD860 Mil. Loss as Brand Deemed Worthless
FLEXI ABS 2013-2: Fitch Rates AUD5.4MM Class E Notes at 'BB'
HOLLOWS LAWYERS: Receivers Sue Lawyer For AUD7 Million
JAMES AUSTRALIA: ANZ Bank Calls In Receivers, Administrators

KNOX BASKETBALL: Association in Crisis; May Face Liquidation
NATIONAL ABS: Fitch Affirms 'B' Rating on AUD2MM Class F Notes
PERPETUAL CORPORATE: Moody's Rates AUD5.4MM Cl. E Notes '(P)Ba2'
* SCOTT MICHAELSON: Seeks Compensation From Bankwest


C H I N A

CHINA MINZHONG: Shares Slump on Glaucus Research Report
CHINA ORIENTAL: Ba3 Ratings Unchanged Over Weak 1st Half Results


H O N G  K O N G

CIFI HOLDINGS: First Half 2013 Results Support Moody's B1 CFR


I N D I A

AFFIL VITRIFIED: CARE Assigns 'B' Rating to INR44.05cr LT Loans
ARYANS EDUCATIONAL: CARE Assigns 'B+' Rating to INR23.84cr Loans
ASHOK KUMAR: CARE Assigns 'BB-' Rating to INR5cr LT Bank Loans
BALAS HOTELS: CARE Rates INR9.90cr LT Bank Loans at 'B+'
BORAH AUTOMOBILES: CARE Rates INR4.77cr LT Bank Loans at 'B'

BRIJ RAJ: CARE Assigns 'BB' Rating to INR2cr LT Bank Loans
DEEPAK PROTEINS: CARE Assigns 'B+' Rating to INR8.11cr LT Loans
JODHANI BROTHERS: CARE Rates INR12cr LT Bank Loans at 'BB'
LONGLAST PIPES: CARE Assigns 'B+' Rating to INR1.72cr LT Loans
NAVIN COTTON: CARE Assigns 'B' Rating to INR6.97cr LT Loan

PRANAV AGRO: CARE Assigns 'BB' Rating to INR70cr LT Bank Loans
RELLIANCE CONSTRUCTION: CARE Rates INR19cr LT Bank Loans at 'B-'
SARVOTTAM VEGETABLE: CARE Assigns 'BB-' Rating to INR9.91cr Loan
VAISHNAVI FINLEASE: CARE Rates INR55cr Loan at 'CARE BB'


I N D O N E S I A

FAJAR SURYA: Fitch Affirms Issuer Default Ratings at 'B+'
* Indonesian Telcos Can Ride Currency Storm, Fitch Says


J A P A N

J-CREM 2: Moody's Downgrades Ratings on Two Classes to C


M A L A Y S I A

PETRONAS: OGX Oil Field Deal Hinges on Debt Restructuring


N E W  Z E A L A N D

ROSS ASSET: High Court Releases NZ$2.5MM for Investors


S R I  L A N K A

NATIONAL SAVINGS: S&P Places 'B+' Rating on Proposed Unsec. Notes


T A I W A N

* Moody's Says Life Insurers' Credit Profiles Under Pressure


V I E T N A M

* VIETNAM: Insurance Fund May Be Insolvent by 2034


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BANKSIA SECURITIES: Receivers Seek Expressions of Interest
----------------------------------------------------------
Expressions of interest are sought for certain loans of the
Banksia Mortgage Fund and Banksia Securities Limited.

Expressions of interest are sought for the sale of some or all of
the loans in a predominantly performing loan portfolio comprising:

   * 130 BMF scheme loans with a face value of circa
     AUD119.9 million; and

   * 63 loans of BSL with a face value of circa AUD23.9 million.

Loans are secured by first ranking real property mortgages over
properties across a range of sectors including residential,
commercial, industrial and rural, with the vast majority located
in Victoria.

For the avoidance of doubt, as a loan sale, the process will not
involve the direct sale of properties or other underlying
security.

                     About Banksia Securities

Banksia Securities Limited is a subsidiary of The Banksia
Financial Group Ltd.  TBFG is a privately owned, independent
group of companies operating in the finance sector, largely
operating as a National Financier and Mortgage Fund Manager.

The Trust Company (Nominees) Limited on Oct. 25, 2012, appointed
Tony McGrath, Joseph Hayes, Matthew Caddy and Robert Kirman of
McGrathNicol as receivers and managers of Banksia Securities
Limited.  The Trustee is the secured creditor of BSL.

The Trustee made the appointment of Receivers and Managers
following a request of BSL's Board.

McGrathNicol said BSL owes approximately AUD660 million to
investors and advanced these funds to borrowers primarily to
finance real property purchases.  BSL holds first ranking real
property mortgages to secure its advances.

Control of the business and the assets of BSL rests with the
Receivers and Managers who will be working in close consultation
with the Trustee to ensure the interests of debenture holders are
being protected.

Interest payments and redemptions have been frozen as of
Oct. 25, 2012.


BILLABONG INT'L: Posts AUD860 Mil. Loss as Brand Deemed Worthless
-----------------------------------------------------------------
David Fickling at Bloomberg News reports that Billabong
International Ltd. said its 40-year-old surf brand was worthless
after the company's losses tripled amid store closures, firings
and a breach of debt terms.  The stock slumped the most in more
than a month, the report says.

Founded by Gordon Merchant in 1973, Billabong helped sell
Australian surfing culture worldwide and rose to a market value of
AUD3.84 billion ($3.45 billion) at its peak in 2007. Earnings have
plummeted in the last two years as competitors including
Abercrombie & Fitch Co. stole market share and Billabong took on
debt to build a store network that it's now shrinking.

"It probably isn't cool any more for the youth of today to wear
Billabong," Todd Guyot, an analyst at Moelis & Co. in Sydney, told
Bloomberg by telephone. "You can see how much the core business
has deteriorated over the last few years. There's still a massive
challenge to get the business going right."

According to Bloomberg, the Gold Coast, Australia-based company
has closed 158 stores, canceled relationships with three-quarters
of its suppliers, and is cutting 15 percent of jobs in its
European division.

The value of its 13 brands fell to AUD90 million at the end of
June from AUD614 million in December 2011, and the Billabong label
itself is worthless, the company said in its financial statements,
Bloomberg reports.  About AUD37 million of group brand value was
locked up in the DaKine outdoor clothing and backpack label which
Billabong sold to Altamont last month, relays Bloomberg.

Four other brands, including Element skateboards and Palmers
surfboard accessories, were also written down to a zero valuation,
according to the statements cited by Bloomberg.

Full-year losses widened to AUD860 million in the year ended June
from a AUD276 million loss in the previous 12 months, compared to
the AUD547 million average loss expected from four analysts
surveyed by Bloomberg.  A 14 percent fall in sales put revenue
below the company's operating costs and the company took a loan
from Altamont Capital Partners to refinance its debt, Bloomberg
adds.

Based in Australia, Billabong International Limited (ASX:BBG) --
http://www.billabongbiz.com/-- is engaged in the wholesaling and
retailing of surf, skate, snow and sports apparel, accessories and
hardware, and the licensing of its trademarks to specified regions
of the world.


FLEXI ABS 2013-2: Fitch Rates AUD5.4MM Class E Notes at 'BB'
------------------------------------------------------------
Fitch Ratings has assigned Flexi ABS Trust 2013-2, which is backed
by small balance consumer loan receivables, due
September 2017, expected ratings as follows:

AUD94.5 million Class A1 notes: F1+(EXP)sf
AUD113.4 million Class A2 notes: 'AAA(EXP)sf; Outlook Stable
AUD24.3 million Class B notes: 'AA(EXP)sf; Outlook Stable
AUD10.8 million Class C notes: 'A(EXP)sf; Outlook Stable
AUD8.1 million Class D notes: BBB(EXP)sf; Outlook Stable
AUD5.4 million Class E notes: BB(EXP)sf; Outlook Stable
AUD13.5 million Class F notes: not rated

The notes will be issued by Perpetual Trustee Company Limited in
its capacity as trustee of Flexi ABS Trust 2013-2. The Flexi ABS
Trust 2013-2 is a legally distinct trust established pursuant to a
master trust and security trust deed. The assignment of final
ratings is contingent on the receipt of documents conforming to
information already received.

At the cut-off date, the total collateral pool consisted of
127,541 consumer loan receivables totalling approximately
AUD264.9m, with an average size of AUD2,077 each. The loan
receivables, originated by Certegy Ezi-Pay Pty Ltd (Certegy) whose
ultimate parent is FlexiGroup Limited, are retail point-of-sale
interest-free consumer finance receivables that finance a wide
range of products; jewellery (15.7%); home-related products such
as solar energy (51.1%); fitness equipment (5.8%); and a broad
cross-section of other products.

Key Rating Drivers

The 'F1+(EXP)sf' Short-term rating and the 'AAA(EXP)sf' Long-Term
ratings with Stable Outlook assigned to the Class A1 and A2 notes
respectively are based on the 23% credit enhancement provided by
the subordinate classes of notes and significant excess spread
available to offset potential losses. The ratings also take into
account a short weighted average life, the small average contract
size and a diverse range of financed products, bringing a broad
range of obligors to the transaction.

The expected Long-Term ratings with Stable Outlook assigned to the
Class B, C, D and E notes are based on all the strengths
supporting the Class A notes except their credit enhancement
levels.

Rating Sensitivity

Increases in the frequency of defaults could produce loss levels
higher than Fitch's base case, which could result in negative
rating actions on the notes. Fitch evaluated the sensitivity of
the ratings of Flexi ABS Trust 2013-2 to increased defaults over
the life of the transaction. Its analysis found that collectively
the Class A1 notes' ratings remained stable under all of Fitch's
stress levels, while all other notes were impacted only after
increases in defaults of at least 50%.

Fitch's key rating drivers and rating sensitivity analysis is
discussed in the corresponding presale report entitled "Flexi ABS
Trust 2013-2", published today. Included as an appendix to the
report are a description of the representations, warranties, and
enforcement mechanisms.


HOLLOWS LAWYERS: Receivers Sue Lawyer For AUD7 Million
------------------------------------------------------
Andrea Petrie at The Age reports that a Victorian solicitor banned
from practising law is being sued for more than
AUD7 million by receivers brought in to recoup money he is accused
of pocketing from victims of one of Australia's worst peacetime
disasters.

The Age relates that David Brian Forster, a solicitor for more
than 30 years, represented survivors of the 1964 Melbourne Voyager
disaster, which was the nation's longest-running compensation
battle.  Eighty-two people died when the destroyer HMAS Voyager
and the aircraft carrier HMAS Melbourne collided off Jervis Bay on
February 10, 1964, the report recalls.

The report says Mr. Forster's now defunct Frankston legal firm,
Hollows Lawyers, handled the compensation cases of almost 90
Voyager sailors who made personal injury claims against the
federal government between 1994 and 2010. The government paid
millions to the men for physical and mental damage.

But after several clients claimed funds had been misappropriated,
Hollows' accounts were examined by the Law Institute of Victoria
in 2008, the report recalls.

The Age notes that serious irregularities were uncovered,
including double-billing of clients, along with other trust
account breaches, prompting the Legal Services Board to take
action to have the firm placed in receivership.

In 2010, receivers Hall and Wilcox were appointed by the Victorian
Supreme Court to help recoup the clients' money. The receivers are
now seeking almost AUD7.2 million for 31 Voyager clients who are
owed money, the report discloses.

According to The Age, Mr. Forster denies any wrongdoing, claiming
that the irregularities were caused by inadvertent errors -- some
the fault of legal accounting software.

He also claims that some disbursements had not been covered by
clients' trust money, arguing he was still out of pocket himself
because of unpaid fees and interest some clients still owed.
The matter will go to trial in Victoria's Supreme Court in
December, The Age adds.


JAMES AUSTRALIA: ANZ Bank Calls In Receivers, Administrators
------------------------------------------------------------
dissolve.com.au reports that the ANZ Bank appointed receivers and
administrators to five companies linked with David Anthony James,
James Estate winery owner. An assessment of nearly $4.3 million in
interest, tax and penalties was upheld by the Supreme Court after
the dismissal of different appeals.

Shaun Fraser -- sfraser@mcgrathnicol.com -- partner at
McGrathNicol, said that his firm has been appointed as
administrators and PricewaterhouseCoopers as receivers-managers
which will protect the company's interests, dissolve.com.au
discloses. He noted that a creditors meeting will take place on
August 29.

The five companies impacted by the move of the ANZ include James
Australia Group Pty Ltd, Newcastle Liquor Wholesalers Pty Ltd, TLT
Nominees Pty Ltd., Rugama Trading Pty Ltd and Print National
Nominees Pty Ltd.  According to the report, Mr. James made an
appeal against the first verdict of around $3 million and filed
twice to have an order put over publication of the proceedings
suppressed.


KNOX BASKETBALL: Association in Crisis; May Face Liquidation
------------------------------------------------------------
Laura Armitage at Knox Leader reports that the future of thousands
of Knox basketball players is in limbo with the Knox Basketball
Association facing a dire financial crisis that could see it
placed in liquidation.

Knox Leader relates that a letter written by the Knox Basketball
Association Incorporated (KBI) president Eric Noordzy on August 3
to members, alerted them about upcoming fee hikes and appealed for
understanding to a serious financial crisis that is facing the
board of management.

According to the report, Mr. Noordzy said in the letter that after
an extensive review of the 2013 financial budget, the KBI was
looking at a loss of more than AUD500,000 at the end of its
financial year in December, unless drastic changes were made to
its operations.

"If the association and the KBI board of management do not make
the necessary decisions to ensure the association can meet its
financial obligations, the association is potentially going to be
placed in liquidation," Mr. Noordzy said in the letter obtained by
Knox Leader.

The KBI is arguably the biggest basketball league in Australia and
is home to more than 8,000 juniors, the report notes.

Knox Leader says the financial loss was inherited from previous
administrations.


NATIONAL ABS: Fitch Affirms 'B' Rating on AUD2MM Class F Notes
--------------------------------------------------------------
Fitch Ratings has affirmed 6 classes of National ABS Trust 2012-1M
(National ABS) notes.

The transaction is a securitisation backed by automotive and
equipment lease receivables originated by Medfin Australia Pty
Limited (Medfin), a wholly-owned subsidiary of National Australia
Bank Limited (NAB; AA-/Stable/F1+).

The rating actions are:

AUD208.9m Class A-2 notes affirmed at 'AAAsf'; Outlook Stable
AUD8m Class B notes affirmed at 'AAsf'; Outlook Stable
AUD6m Class C notes affirmed at 'Asf'; Outlook Stable
AUD4m Class D notes affirmed at 'BBBsf'; Outlook Stable
AUD2.4m Class E notes affirmed at 'BBsf'; Outlook Stable
AUD2m Class F notes affirmed at 'Bsf'; Outlook Stable

Key Rating Drivers

The affirmation reflects Fitch's view that available credit
enhancement is sufficient to support the notes' current ratings,
and Fitch's expectations of stable economic conditions in
Australia.

The performance of the National ABS transaction is well within
Fitch's expectations. Net losses experienced since closing in
October 2012 have been well below 0.3% and 30+ day delinquencies
are tracking below 0.5%. To date, excess spread has been more than
sufficient to cover for losses experienced in the transaction.

The transaction has been paying principal on a sequential basis
and is expected to switch to pro-rata of all rated notes in
September 2013, once the final pro-rata pay-down test is met.

As of end-July 2013, cumulative gross losses amounted to AUD0.75m
(0.2% of the initial collateral balance). This compares with the
initial base-case gross loss estimate of 1.3%.

Rating Sensitivities

In Fitch's rating sensitivity analysis, the likelihood of a
downgrade of the note classes is currently remote, based on the
transaction's strong performance to date.

A comparison the transaction's representations, warranties and
enforcement mechanisms (RW&Es) to those of typical RW&Es for this
asset class is available by accessing the report or link given
under Related Research below.

Initial Key Rating Drivers and Rating Sensitivities are further
described in the New Issue report published on Oct. 2, 2012.


PERPETUAL CORPORATE: Moody's Rates AUD5.4MM Cl. E Notes '(P)Ba2'
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes to be issued by Perpetual Corporate Trust Limited in its
capacity as the trustee of the Flexi ABS Trust 2013-2.

Issuer: Flexi ABS Trust 2013-2

AUD 94.5 million A1 Notes, Assigned (P)P-1 (sf)

AUD 113.4 million A2 Notes, Assigned (P)Aaa (sf)

AUD 24.3 million B Notes, Assigned (P)Aa2 (sf)

AUD 10.8 million C Notes, Assigned (P)A2 (sf)

AUD 8.1 million D Notes, Assigned (P)Baa2 (sf)

AUD 5.4 million E Notes, Assigned (P)Ba2 (sf)

The AUD 13.5 million Class F Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for the timely payment
of interest and the ultimate payment of the principal by the legal
final maturity.

The transaction is a cash securitisation of a portfolio of
Australian unsecured, retail, 'no interest ever' payment plans,
originated by Certegy Ezi-Pay Pty Ltd, a subsidiary of FlexiGroup
Ltd.

This is FlexiGroup's third term-securitisation of Certegy assets
and the third one rated by Moody's. The transaction features a
short term (P)P-1 (sf) tranche, with a legal final maturity of 12
months from issuance. The tranche represents 35% of the total
issuance. Key factors supporting the (P)P-1 (sf) rating include:

- Principal cashflows -- which will be allocated to the short-term
tranche in priority to other tranches until it is fully repaid --
will be sufficient to amortise the tranche within the 12-month
period. The amortisation is tested with no prepayment and assuming
an Aaa-commensurate level of defaults and delinquencies occurring
during the amortisation period.

- The corporate administration and insolvency regime in Australia
and the hot back-up servicing arrangements with Dun & Bradstreet
(Australia) Pty Limited mitigate the risk of a prolonged servicer
disruption. These two factors are relevant in the context of
assigning the (P)P-1 (sf) rating because FlexiGroup and Certegy
are unrated.

Another notable feature of the transaction is the high proportion
of receivables relating to solar energy. While historical
performance data for solar energy receivables is limited to only a
few years, Moody's expects the performance of these receivables to
broadly track the performance of receivables relating to other
home-owner industries.

Home-owner industry obligors typically display lower default rates
than non-home-owner industry obligors in the Certegy portfolio.

Ratings Rationale:

Flexi ABS Trust 2013-2 is the securitisation of retail, unsecured,
'no interest ever' receivables extended to obligors located in
Australia. Notable features of the transaction include the unique
nature of the collateral, the strong back-up servicing
arrangements, and short-weighted average lives of notes.

The receivables are unsecured payment plans, originated by Certegy
through various retailers at the point of sale. Rather than
relying on interest payable by the underlying obligors, the
product is instead reliant on a retailer fee component to meet
financing costs and for profit margin generation.

During the life of the receivables, the customer will make monthly
or fortnightly payments to Certegy, with the difference between
the balance payable by the obligor and the balance funded by
Certegy (equal to the merchant fee) representing implicit
interest. The loans are made on a full recourse, unsecured basis.

The expected default rate of 2.50% is broadly in line with
consumer auto-loan ABS transactions in the Australian market.

The minimum 23% subordination commensurate with an Aaa rating of
the senior notes is, on the other hand, materially higher that of
a typical auto-loan ABS transaction. This is attributed to the
unsecured nature of the receivables leading to zero recovery
values.

Certegy and FlexiGroup are unrated. Consequently, the transaction
structure includes back-up servicing arrangements provided by Dun
& Bradstreet (Australia) Pty Limited. Dun & Bradstreet carries out
servicing in parallel with Certegy, providing near 'hot' levels of
support and mitigating risks of a prolonged servicing disruption.

In order to fund the purchase price of the portfolio, the Trust
will issue seven classes of notes. The notes will be repaid on a
sequential basis until the later of: (1) repayment of the Class A1
short-term tranche, and (2) increase in the subordination to Class
A notes to 30% from 23%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs or the pool amortises to below 10% of
the original balance. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are still satisfied). This principal pay down structure is similar
to other structures in the Australian ABS market.

Volatility Assumption Scores And Parameter Sensitivities

The V Score for this transaction is Medium/High. Among other
factors, Moody's notes the unique nature of the transaction and
the consequent unavailability of historical performance data for
the unsecured consumer loan sector (particularly, in the interest-
free space).

On the other hand, Moody's was provided with detailed, loan-by-
loan data for all receivables originated by Certegy during the
2004-2013 period. This allows Moody's to have a material degree of
comfort with regard to assumptions made in rating the Flexi ABS
Trust 2013-2.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of rating
changes. The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Asia/Pacific RMBS
Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

In the case of Flexi ABS Trust 2013-2, assuming the default rate
rises to 5% (compared to Moody's assumption of 2.50%), the model
indicated rating for the Class A2 Notes becomes Aa3.

The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009.

The cash flow model used to analyse the transaction was ABSROM
3.5, in which, substantially all default scenarios were
considered. Therefore, Moody's analysis encompasses the assessment
of stress scenarios.


* SCOTT MICHAELSON: Seeks Compensation From Bankwest
----------------------------------------------------
Leo Shanahan at The Australian reports that the businesses owned
by former Neighbours star Scott Michaelson owed about AU$12.1
million to Bankwest when it placed his companies into receivership
in December 2009, with the former actor now claiming millions of
dollars in compensation from the bank he claims wrongly destroyed
a profitable business.

Lawyers for Mr. Michaelson and business partner Steve Ruskin began
their submissions in the NSW Supreme Court, arguing the action by
Bankwest was "unconscionable conduct" and had "put the slipper"
into the two men and their families after an alleged agreement not
to put the men's skincare business into receivership, according to
The Australian.



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


CHINA MINZHONG: Shares Slump on Glaucus Research Report
-------------------------------------------------------
Jonathan Burgos & Michelle Yun at Bloomberg News report that China
Minzhong Food Corp. lost half its market value in less than two
hours after short-seller Glaucus Research Group questioned the
vegetable processor's accounts, reviving investor concern about
Chinese companies traded overseas.

According to Bloomberg, Glaucus said in a report the Putian,
China-based company had been "significantly deceiving" regulators
and investors, sending the stock 48 percent lower in Singapore
trading August 25 and wiping SGD318 million ($249 million) off its
market value before it was suspended.  Bloomberg relates that
Minzhong said it's seeking legal opinion and will comment as soon
as possible.

Bloomberg says Minzhong adds to the list of targets of short
sellers betting against Chinese companies trading in Hong Kong,
Singapore and New York, even as four of the six analysts covering
the stock recommend buying it.  Minzhong is among 143 China-based
firms listed on Singapore's SGD967.4 billion stock market,
Bloomberg discloses citing latest data from the exchange.

"The reputation of Chinese companies in Singapore has now rock-
bottomed," the report quotes Mou Hua Lee, Singapore-based analyst
at CIMB Group Holdings Bhd. as saying. "With these new
allegations, it's going to be a very long while before anyone
trusts Chinese companies here."

Minzhong shares were halted at 53 Singapore cents, after tumbling
the most since the company's listing in April 2010, Bloomberg
notes.  Short interest in the vegetable processor rose to a record
7.2 percent of the outstanding stock on Aug. 19 from this year's
low of 3.8 percent in March, according to the most recent data
from research company Markit Group Ltd obtained by Bloomberg.

Glaucus was set up to probe companies that appear "too good to be
true," using experiences ranging from accounting, law and capital
markets, according to its website, Bloomberg discloses.

Listed on the Singapore Stock Exchange in April 2010 and started
as a collective enterprise specializing in dehydrated vegetables,
China Minzhong Food Corporation Ltd has been operating its
vegetable processing business for 40 years. It produces more than
100 types of processed vegetables for customers in 26 countries.


CHINA ORIENTAL: Ba3 Ratings Unchanged Over Weak 1st Half Results
----------------------------------------------------------------
Moody's Investors Service says that China Oriental Group Company
Limited's weak 1H 2013 results will not immediately impact its Ba3
ratings and negative outlook.

"China Oriental's weak results in the first half of the year were
driven by weak sales and high production costs, which we had
already taken into account when we downgraded the company's
ratings on July 4," says Jiming Zou, a Moody's Assistant Vice
President and Analyst.

Revenues fell 13% year-on-year to RMB16.3 billion from RMB18.8
billion, owing to a decline in both sales volume and average
selling price.

The EBITDA margin weakened slightly to around 5% from 6% in 1H
2012, because of the high prices of iron ore and coking coal
purchased in 4Q 2012 and consumed in 1H 2013. The higher prices
were partly offset by the firm's cost saving initiatives.

As a result, the adjusted debt/EBITDA for the 12 months ended in
June rose to around 6.4x from 5.4x in 2012, and adjusted EBITDA
interest cover fell to around 2.5x from 2.8x. These levels are
weak for its Ba3 ratings.

"We believe China Oriental's credit metrics will not materially
improve over the next 2-3 years, because of the weak demand and
excess supply in China's steel industry," adds Zou, who is also
the Lead Analyst for China Oriental.

Moody's expects the demand for steel to grow in the low single
digits year-on-year in 2013, given the slower growth of the
Chinese economy, and the government's shift towards growing the
economy through domestic consumption rather than infrastructure
spending. In addition, the oversupply situation will remain
unabated absent the government's strong measures to cut idle
capacity.

As a result, Moody's expects China Oriental's EBITDA margin to
remain low, at around 5% for all of 2013, despite the steel
manufacturer's efforts to cut costs and lower purchase price for
iron ore and coking coal.

On the other hand, adjusted debt/EBITDA will likely improve to
around 5.5x at end-2013 because Moody's expects China Oriental to
use its large cash holdings to repay some of its debt.

The firm's expected EBITDA margin and debt/EBITDA for 2013 metrics
are weak for its Ba3 ratings.

The principal methodology used in this rating was the Global Steel
Industry Methodology published in October 2012.

China Oriental has a total steel manufacturing capacity of 11
million tons per annum. It mainly manufactures H-section steel
products and HR strips/strip products at its steel mills in Hebei
province. The company was listed on the Hong Kong Stock Exchange
in 2004. It is 45% owned by its founder, Mr. Han Jingyuan, and
29.6% by the world's largest steel company ArcelorMittal (Ba1
negative).



================
H O N G  K O N G
================


CIFI HOLDINGS: First Half 2013 Results Support Moody's B1 CFR
-------------------------------------------------------------
Moody's Investors Service says that CIFI Holdings (Group) Company
Limited's 1H 2013 results are in line with Moody's expectations
and support its B1 corporate family rating and stable outlook.

"CIFI's interim results demonstrate its good sales execution,
resulting from its mass-market focus and adoption of a fast asset-
turnover model," says Franco Leung, a Moody's Assistant Vice
President and Analyst.

CIFI achieved contracted sales of RMB8.2 billion in the first
seven months of 2013, representing year-on-year growth of 78%, or
65% of the full-year target of RMB12.5 billion. Over 94% of the
group's contracted sales in 1H 2013 were derived from first- and
second-tier cities, similar to that in FY2012.

CIFI's fast growth in contracted sales provides part of the
funding for its land acquisitions and supports its long-term
development.

"CIFI has also demonstrated prudent approaches to capital
expenditure and risk management," says Leung, also the lead
analyst of CIFI.

CIFI forms joint ventures with other developers to reduce its
capital investment outlay on new projects.

It actively replenished its land bank in 1H 2013 when it acquired
land largely in the Yangtze River Delta for a total cost of around
RMB4.7 billion.

It has entered into joint ventures on 6 projects with different
onshore or overseas partners on 11 pieces of land. Such
partnerships also offer a reduction in execution risk when the
partners are strong, as is the case with Greenland.

"CIFI's financial risk -- arising from its rising gross debt -- is
mitigated partly by its strong cash balance," says Leung.

CIFI reported that debt increased by 37.6% during 1H 2013 to
RMB12.2 billion as at end-June 2013. Adjusted debt/ capitalization
increased to 61.1% from 56.9% as at end-December 2012.

However, net debt/ net capitalization increased by around only 1%
as its cash balance had risen. Moody's expects adjusted
debt/capitalization will stay at 55%-60% in the coming 12-18
months. Such a leverage ratio is considered appropriate for its B1
ratings.

"Despite a rise in gross debt during 1H 2013, CIFI's higher
revenue and issuance of senior notes helped to improve interest
coverage," says Leung.

CIFI issued five-year $275 million senior notes in April 2013 to
replace some high-cost financing. Its effective finance costs
decreased from 10.2% in 1H 2012 to 8.6% in 1H 2013.

CIFI reported a 141% year-on-year growth in revenue to RMB4.8
billion in 1H 2013. Gross profit margin dropped slightly to 25.3%
from 28.3% in 1H 2012. Moody's expects it will stabilize around
25% in the coming 12-18 months.

As a result, CIFI's EBITDA/ interest coverage for the 12 months
ended June 2013 improved to 3.6x from 3.0x for 2012.

"CIFI's liquidity is adequate and its debt maturity profile has
improved" says Leung.

CIFI's cash on hand -- RMB7.1 billion as of June 2013 -- and
annual operating cash flow can cover its short-term debt of RMB2.4
billion and estimated land payments of RMB2.5-3.0 billion over the
12 months from June 2013.

Moreover, CIFI has improved its debt maturity profile since its
IPO. It issued five-year $275 million senior notes in April 2013.
In July 2013, it concluded a $157 million 3 year syndicated loan
with an interest cost of HIBOR or LIBOR + 5.65%, thereby further
diversifying its funding channels as well as enhancing its
liquidity.

The principal methodology used in this rating was the Global
Homebuilding Industry Methodology published in March 2009.

CIFI Holdings (Group) Co. Ltd. was listed on the Hong Kong Stock
Exchange in November 2012. CIFI focuses on developing residential
and commercial properties mainly in the Yangtze River Delta
Region. It has also expanded to the Pan Bohai Rim and the Central
Western Region. It owned 57 projects and had a land bank of 7.7
million square meters at end-June 2013.



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


AFFIL VITRIFIED: CARE Assigns 'B' Rating to INR44.05cr LT Loans
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Affil Vitrified Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       44.05     CARE B Assigned
   Long-term Bank Facilities        4.00     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Affil Vitrified
Private Limited are constrained on account of its short track
record of operations, coupled with low capacity utilization. The
ratings are further constrained on account of its presence in the
highly fragmented ceramic tiles industry, susceptibility of
operating margins to fluctuations in the raw material and fuel
prices and demand linkages with the real estate sector.

The above constraints outweigh the benefits derived from the
promoters' long experience in the tiles manufacturing industry and
presence in ceramic tile hub with easy access to the raw
materials.  The ability of AVPL to achieve envisaged turnover by
stabilization of its operations with improvement in profit margins
and capital structure amidst the competitive nature of the
industry are the key rating sensitivities

AVPL is a part of the Kutch-based Metro group promoted by Mr
Rameshbhai Kasundra. The Metro group comprises a number of
entities that are operated as family businesses and are owned by
the extended family members of Mr. Rameshbhai Kasundra, the
principal promoter of the Metro group.

The group is engaged in manufacturing, distribution and export of
ceramic tiles. Incorporated in 2010, AVPL commenced operations by
the end of March 2012, in order to support the group's activity in
ceramic tile business, along with the flagship company of the
group, Metro Ceramics Private Limited.   AVPL is engaged in the
manufacturing and distribution of vitrified tiles with
manufacturing facility located in Morbi (Gujarat), which is one of
the largest ceramic clusters in India. AVPL has an installed
capacity of 65,400 Metric Tons Per Annum (MTPA) to manufacture
double-charged vitrified tiles, which is being sold under the
brand name 'Affil'.


ARYANS EDUCATIONAL: CARE Assigns 'B+' Rating to INR23.84cr Loans
----------------------------------------------------------------
CARE assigns 'CARE B+' to the bank facilities of Aryans
Educational and Charitable Trust.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       23.84     CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Aryans Educational
and Charitable Trust is primarily constrained by its short track
record and small scale of operations and leveraged capital
structure on account of debt funded capital expansion. The rating
is further constrained by the high level of competition from the
established and upcoming institutions in higher education, limited
reach on account of single campus and regulatory risk associated
with the education sector.

The rating, however, finds support from the professionally
qualified management, moderate enrolment ratio and healthy
profitability margins.

Going forward, the ability of ARYANS to improve its scale of
operations along with an improvement in the capital structure
shall be the key rating sensitivities.

ARYANS is established under the Society Registration Act 1860 in
March 2005 by Mr. Anshu Kataria (Chairman) and other family
members. The society was established with an objective to
provide higher education. For the same, the society started
professional courses under the name of 'Aryans Group of Colleges'.
The registered office is situated in Mohali, Chandigarh. The first
academic session was started in 2007-08.

Currently, the society is running six colleges, each offering
different course in a single campus spread across 20 acres of
land, located at village Nepra on the Chandigarh-Patiala Highway.
ARYANS is offering courses in the field of management,
engineering, administration, teaching and nursing which are
approved by the competent authorities/body, like Punjab Technical
University, All India Council for Technical Education and Indian
Nursing Council.

The society has employed experienced teaching and administrative
staff and has a total strength of 1,113 students in colleges as on
March 31, 2012.

In FY12 (refers to the period April 1 to March 31), Aryans has
achieved a total operating income of INR7.25 crore with a surplus
of INR2.53 crore. Furthermore, the society reported a total
operating income of INR12.80 crore in FY13 (provisional).


ASHOK KUMAR: CARE Assigns 'BB-' Rating to INR5cr LT Bank Loans
--------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Ashok Kumar.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities         5       CARE BB- Assigned
   Long-term/Short-term Bank         3       CARE BB-/CARE A4
   Facilities                                Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Ashok Kumar (AK)
are primarily constrained by its small scale of operations with
low net worth base of the firm, its geographical and client
concentration risk, and presence of the firm in a highly
fragmented and competitive industry. The ratings also take into
cognizance the constitution of the entity, which is a
proprietorship firm.

However, the ratings draw comfort from the experienced proprietor,
long track record of AK's operation, its moderate capital
structure with comfortable coverage indicators and moderate order
book position.

Going forward, the firm's ability to increase the scale of
operations, while maintaining the profitability margins and timely
execution of the projects shall be the key rating sensitivities

AK is a proprietorship firm and was set up by Mr Ashok Kumar in
1984. The firm is engaged in construction works, which involve
building of roads, bridges, canals and civil construction. AK
executes projects mainly for Public Work Department (PWD),
Railways and irrigation department.  The firm mainly operates in
Uttar Pradesh especially in Meerut, Moradabad, Rampur, etc.

For FY12 (refers to the period April 1 to March 31), AK has
achieved total operating income of INR32.48 crore and PAT of
INR2.10 crore, respectively. For FY13 (provisional), AK has
achieved total operating income of INR35.26 crore with PAT of
INR2.83 crore.


BALAS HOTELS: CARE Rates INR9.90cr LT Bank Loans at 'B+'
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Balas
Hotels Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       9.90      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Balas Hotels Private
Limited is mainly constrained on account of the small scale of
operation, high competition from the existing organized and
unorganized players, cyclical nature of the hotel industry
vulnerable to general economic slowdown and exogenous shocks along
with a weak financial risk profile of BHPL marked with fluctuating
profit margin and weak liquidity position.

The above mentioned constraints far outweigh the strengths derived
from the experienced promoters and prominent location of BHPL's
hotel property.

The ability of the company to improve its average room rent (ARR)
and occupancy rate amid the stiff competition and an overall
improvement in the financial risk profile remain the key rating
sensitivities.

Incorporated in the year 2005, Balas Hotels Private Limited was
promoted by the Hegde family. Subsequently in November 2012, it
was taken over by Aditya Builders and Land Developers (ABLD),
promoted by Mr Kailash Pawar.

ABLD is engaged in the hospitality and real estate sector. It has
diversified operations across three cities, namely, Aurangabad,
Shirdi and Nashik with a collective room inventory of 26 rooms
along with land bank of 500 acres.  BHPL currently owns and
operates a boutique hotel "Le Royce" located at Bund Garden Road,
Pune.

The hotel is built on a land area of 7,040 sq ft with a total
built-up area of around 10,453 sq ft. Le Royce hotel offers
different types of accommodations like deluxe rooms, super deluxe
rooms and suite's, catering to all types of requirements. The
hotel has one restaurant (SOY), one bar (Red Fusion) and a banquet
hall. Other amenities in the hotel include gymnasium,
transportation facility, foreign exchange facility, etc.

In FY13 (refers to the period April 1 to March 31) Provisional,
BHPL registered a PAT of INR0.12 crore against a total operating
income of INR4.19 crore as against PAT of INR0.08 crore against a
total operating income of INR3.42 crore in FY12.


BORAH AUTOMOBILES: CARE Rates INR4.77cr LT Bank Loans at 'B'
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Borah
Automobiles Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       4.77      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Borah Automobiles
Pvt Ltd is constrained by being a relatively small player with
short track record of operations, risk of non-renewal of
dealership agreement from Tata Motors Ltd, supplier concentration
risk and linkage to the fortunes of Tata Motors Ltd, pricing
constraints and margin pressure arising out of competition
from the other auto dealers in the market, working capital
intensive nature of operations and high leverage ratio. The
aforesaid constraints are partially offset by the experience of
the promoter, sole authorized dealer of Tata Motors Limited
resulting in low geographical concentration risk and the
integrated nature of business.

The ability to improve the scale of operations and profitability
margins and ability to manage working capital effectively are the
key rating sensitivities.

Borah Automobiles Private Limited was incorporated in May 2011 by
Mr Manash Protim Konwar of Dibrugarh, Assam. However, the company
commenced operations from March 2012. It is an authorized dealer
of Tata Motors Ltd (TML) for its commercial vehicles, spares &
accessories in Purnea, Bihar. BAPL has its main commercial
vehicles showroom at Dibrugarh (Assam), where it also provides
repair and refurbishment services for TML commercial vehicles.
Besides, the company has smaller showrooms in rented buildings in
the other regions of Assam which include Digboi, Tinsukia,
Duliajan & Sivasagar.

At present, BAPL's product portfolio consists of popular variants
of commercial vehicles from TML like 'Magic Iris', 'Ace',
'Winger', 'Venture' and '207DI' in different models and colours.
BAPL receives a small portion of its revenue as commission income
from TML and from the finance and insurance companies for bundled
marketing of their products.

As per the audited results of 1M FY12 (refers to the period
March 1 to March 31), BAPL reported a PAT INR0.06 crore, on a
total income of INR0.59 crore. Furthermore, during FY13
(provisional; refers to the period April 1 to March 31), the first
full year of operation of the company, it has achieved net sales
of about INR51.7 crore.


BRIJ RAJ: CARE Assigns 'BB' Rating to INR2cr LT Bank Loans
----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Brij Raj Holdings.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        2.00     CARE BB Assigned
   Short-term Bank Facilities      10.75     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Brij Raj Holdings
are primarily constrained by its small scale of operations,
coupled with low net-worth base, working capital intensive nature
of operations and moderate financial risk profile marked by
fluctuating total operating income, low profitability margins and
moderately leverage capital structure. The ratings are further
constrained on account of the firm's presence in a fragmented
trading industry, foreign exchange fluctuation risk and
constitution of the entity being a partnership concern.
The ratings, however, find support from the experienced and
resourceful partners.

Going forward, the ability of the firm to increase its scale of
operation, while improving its profitability margins, effective
working capital management and ability to manage foreign
currency fluctuation risk would be the key rating sensitivities.

Amritsar-based BRH was established in 1995 as a partnership firm
by Mr. Rajiv Mehra, Ms. Karuna Mehra (mother of Mr. Rajiv Mehra)
and Ms. Rashmi Mehra (wife of Mr. Rajiv Mehra), having equal
profit and loss sharing ratio.

The firm is engaged in the trading of chemicals mainly titanium
trioxide and icrlic resin. BRH imports these products from the
USA, Thailand, Singapore and Taiwan, and sells domestically to
paint manufacturing companies. The firm drives its 85% revenue
from titanium trioxide and rest from icrlic resin. For FY12
(refers to the period April 1 to March 31), BRH achieved a total
operating income of INR19.20 crore and PAT of INR0.23 crore. As
per the unaudited results for FY13, BRH has achieved a total
operating income of INR22.58 crore with a PAT of INR0.29 crore.


DEEPAK PROTEINS: CARE Assigns 'B+' Rating to INR8.11cr LT Loans
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Deepak
Proteins Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.11      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Deepak Proteins
Private Limited is primarily constrained on account of its modest
scale of operations in the highly fragmented edible oil
industry and weak financial risk profile marked by thin
profitability, leveraged capital structure, moderate liquidity and
weak debt coverage indicators. The rating is also constrained on
account of vulnerability of profit margins to fluctuation in the
raw material prices.

The above constraints far offset the benefits derived from the
long track record of the promoters in the edible oil industry and
proximity to raw material resources.  The ability of DPPL to
increase its scale of operations along with the improvement in
profitability margins amidst high competition and rationalization
of debt levels with better working capital management are the key
rating sensitivities.

DPPL was incorporated by Mr Satishchandra Thakkar and Mr
Gunvantlal Thakkar, along with other family members in 2008. The
company is engaged in the manufacturing of cotton seed wash
oil and de-oiled cake. DPPL's plant is located at Harij, Gujarat
with an installed capacity of 36,000 Metric Tonnes Per Annum
(MTPA) as on March 31, 2013, and 18 expellers at its crushing
facility. DPPL's operations are concentrated in North Gujarat.
DPPL market its products under the brand name 'SATISH'.

As per the audited results for FY13 (refers to the period April 1
to March 31), DPPL reported a total operating income of INR45.19
crore (FY12: INR41.80 crore) and a Profit after Tax of INR0.09
crore (FY12: INR0.10 crore).


JODHANI BROTHERS: CARE Rates INR12cr LT Bank Loans at 'BB'
----------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Jodhani
Brothers.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        12       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 the
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 Jodhani Brothers is
constrained by its modest scale of operations, moderately
stretched working capital cycle and moderately leveraged capital
structure. The rating is further constrained by the constitution
of the entity as partnership firm, operations in highly fragmented
industry leading to intense competition, supplier concentration
and foreign exchange fluctuation risk.

The rating factors in the benefit derived from the partners
experience in the diamond industry.  The ability of JB to increase
the scale of operations and efficiently manage the working capital
cycle amidst intense competition are the key rating sensitivities.

Established in 1998, M/s. Jodhani Brothers is engaged in
processing and exporting of cut and polished diamonds upto size of
three carats. JB has its processing plant located at Surat,
Gujarat, with an installed capacity of 33,334 carats per annum and
average utilization of 40% during FY13 (refers to the period April
1 to March 31). JB procures rough diamonds through imports
primarily from Belgium, Israel and Dubai. Furthermore, JB is
primarily an export unit and its exports contributed 98% to its
total income in FY13, with exports mainly to countries, namely,
Hong Kong, Israel and the USA.

During FY13, JB posted total income of INR54.76 crore (vis-a-vis
INR27.69 crore in FY12) and earned PAT of INR1.22 crore (vis-a-vis
INR0.43 crore in FY12). Furthermore, during Q1FY14, the firm has
posted total income of INR15 crore.


LONGLAST PIPES: CARE Assigns 'B+' Rating to INR1.72cr LT Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Longlast Pipes India Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       1.72      CARE B+ Assigned
   Short-term Bank Facilities      3.55      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Longlast Pipes
India Pvt Ltd are constrained by the small size of the company
operating in an intensely competitive industry, volatility in raw
material price, exposure to exchange rate fluctuations, working
capital intensive nature of operation and very thin profitability.
The aforesaid constraints are partially offset by the rich
experience of the promoters with long track record of operation,
strong marketing and distribution system with reputed brand name
and moderate leverage and liquidity position.

The ability to increase its scale of operations and profitability
with effective management of working capital requirement and
continuous financial support by the promoters would be the key
rating sensitivities.

Longlast Pipes India Pvt Ltd incorporated in 1987 was promoted by
Mr Govind Ram Agarwala based out of Kolkata (West Bengal). LPIPL
is engaged in the manufacturing of rigid Polyvinyl Chloride (PVC)
pipes and fittings, which are widely used in irrigation, sewerage,
drainage and potable water supplies for agricultural, domestic and
industrial purpose. The sole manufacturing plant of the company is
located at Hooghly, West Bengal, with a production capacity of
around 2,200 metric tonne of PVC pipes per annum. The
manufacturing facility is well-equipped with modern amenities and
also enjoys ISO 9001:2008 certification.

LPIPL sells its products under the brand name of "Longlast"
through its established dealer network covering various states
including West Bengal, Bihar, Jharkhand, Uttar Pradesh, Himachal
Pradesh, Tripura, Punjab and Uttarakhand with major focus on West
Bengal. Apart from this, LPIPL also participates in government
tenders for supply of PVC pipes. Apart from the PVC pipes, LPIPL
also sells solvent cement, which contributed around 4-10% of
revenue during the last three years.

During FY12 (refers to the period April 1, 2011, to March 31,
2012), the company reported a PBILDT of INR0.8 crore (INR0.8 crore
in FY11) and a PAT of INR0.1 crore (INR0.2 crore in FY11) on total
income from operations of INR11.2 crore (INR13.6 crore in FY11).
Furthermore, as per the provisional results submitted by the
company, it has achieved a PBT of INR0.3 crore on total income
from operations of INR15.8 crore.


NAVIN COTTON: CARE Assigns 'B' Rating to INR6.97cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Navin
Cotton Fiber.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.97      CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Navin Cotton Fiber
is constrained on account of its moderate scale of operations,
weak solvency ratios and thin margins, presence in a highly
fragmented cotton ginning and pressing sector, working-capital
intensive nature of operations, its constitution as a
proprietorship firm and susceptibility to cotton prices
fluctuation, coupled with the seasonality associated with the
cotton industry.

The rating, however, derives strength from the established
operations, long experience of proprietor in the cotton trading
business, high utilisation of capacity and geographically
diversified customer base.

The ability of the firm to increase it scale of operations,
improve its overall financial risk profile in light of volatility
associated with cotton prices is the key rating sensitivity.

Established in October 2002 by Mr. Prashant Tayal, Navin Cotton
Fiber (NCF) is based in Devalgaonraja, Maharashtra and undertakes
the ginning and pressing of cotton. From 2002 up to 2011, the firm
undertook trading of cotton and later set up a factory for ginning
and pressing operations with an annual capacity of 30,000 cotton
bales and 85,000 quintals of cotton seeds.

The company procures cotton from 'Mandis' and undertakes ginning
and pressing of the same. The processed cotton is sold to spinning
units in the states of Maharashtra, Madhya Pradesh, West Bengal,
and Tamil Nadu. The cotton seeds are sold to oil mills for the
manufacturing of oil cakes in Maharashtra, Madhya Pradesh and
Haryana. The firm derives its revenue from the sale of processed
cotton and cotton seeds in the average proportion of 3:1.

During FY13, NCF earned a PAT of INR0.39 crore on a total
operating revenue of INR54.83 crore as against PAT of INR0.31
crore on a total operating revenue of INR33.44 crore in FY12.


PRANAV AGRO: CARE Assigns 'BB' Rating to INR70cr LT Bank Loans
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Pranav Agro Industries Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        70       CARE BB Assigned
   Short-term Bank Facilities      100       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Pranav Agro
Industries Limited are constrained by its thin profitability
margins, exposure to fluctuations in the input prices and foreign
exchange rates and its presence in a highly competitive and
fragmented edible oil and animal feed industry.

The ratings are further constrained due to the high working
capital intensity associated with the operations leading to
dependence on additional bank limits and its financial risk
profile marked by high gearing and low debt coverage indicators.

The ratings derive strength from the wide experience of the
promoters within the field of edible oil and animal feed,
diversified product profile and wide geographic presence. The
ratings have further considered the favorable outlook for animal
feeds in the domestic markets and robust growth in operating
income in the past two financial years ended FY12 (refers to the
period April 1 to March 31).

The ability of the company to improve its profitability margins
along with efficient management of working capital and improvement
in overall gearing are the key rating sensitivities.

Pranav Agro Industries Limited was incorporated in February 2000
by Mr. Pravin Lunkad. PAIL is one of the leading manufacturers of
all types of refined edible oils, de-oiled cakes, specialty
fats, defatted soya flours and animal feed products and health
care products etc. PAIL is also engaged in the import and supply
of feed supplements pure vitamin, amino acids and other fine
chemicals. It has set up two solvent extraction plants with a
total installed capacity of 120,000 ton per annum and two oil
refineries with total installed capacity of 45,000 tons per annum
and a capacity to produce around 226,000 ton per annum of animal
feed. PAIL markets its edible oil products under the brand name of
'CHAKAN,' while animal feed products are sold under the
brand name 'AMRUT'. Over the years, refined oil and solvent
extraction is primarily supplied within the local markets of
Maharashtra.

PAIL has set up five manufacturing facilities located at Sangli,
Solapur, Hyderabad, Bangalore and Shirwal. Facility located at
Sangli is engaged in the manufacturing of both edible oils and
animal feeds. All the other four facilities are engaged in the
manufacturing of animal feed products which accounts for around
50% of the company's revenues.


RELLIANCE CONSTRUCTION: CARE Rates INR19cr LT Bank Loans at 'B-'
----------------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Relliance
Construction.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        19       CARE B- Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the entity at present.
The rating may undergo a change in case of the withdrawal of the
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 Relliance
Construction is constrained by the high dependence on customer
advances for funding the remaining project and project execution
risk.

The rating is further constrained by cyclical nature of the real
estate industry and constitution of the entity as partnership
firm.

These factors far offset the benefits derived from the experience
of the partners in the real estate industry.

The abilities of RC to timely book the flats and subsequently
receipt of customer advances for executing the project are the key
rating sensitivities.

Established in 2011 as partnership firm by Mr. Satya Prakash
Aggarwal, Mr. Raiees Y. Lashkaria, and Mr. Mohd Salim Y.
Lashkaria, Relliance Construction (RC) is engaged into developing
residential properties. RC is currently undertaking a project
under Slum Rehabilitation Authority (SRA) scheme at Andheri
(West), Mumbai. RC has started the project in October 2011, and is
expected to complete by December 2014. The project consists of two
residential building one for rehabilitation comprising of 0.67
lakh square feet (lsf) and another for sale, seven floors with a
total of 88 units with saleable area of 0.62 lsf and two levels of
underground parking.


SARVOTTAM VEGETABLE: CARE Assigns 'BB-' Rating to INR9.91cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Sarvottam
Vegetable Oil Refinery Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       9.91      CARE BB- Assigned


Rating Rationale

The rating is constrained on account of the thin profitability,
high leverage and consistent decline in capacity utilization of
Sarvottam Vegetable Oil Refinery Pvt Ltd during the last three
years. The rating is further constrained by the fragmented nature
of the edible oil industry resulting in high degree of
competition, threat of substitutes and inherent risk associated
with the agrocommodity business.

The rating, however, derives strength from the promoters'
experience in the edible oil industry, along with long track
record of operations and moderate liquidity marked by short
working capital cycle.

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

Incorporated in May 2000, Sarvottam is promoted by the Adwani
family of Indore. Sarvottam is engaged in the business of refining
crude soya oil and sale of its by products. The company operates
with edible crude oil refining capacity of 200 tonnes per day
(TPD) and soya lecithin processing capacity of 6 TPD as on March
31, 2013.

All the key raw materials are procured from the local markets,
whereas, the final product is sold in wholesale/bulk segment
across various states.

As per the provisional results for FY13 (refers to the period
April 1 to March 31), Sarvottam reported a total operating income
of INR179.88 crore (FY12: INR236.08 crore) with a PAT of INR0.43
crore (FY12: INR0.53 crore).


VAISHNAVI FINLEASE: CARE Rates INR55cr Loan at 'CARE BB'
--------------------------------------------------------
CARE assigns 'CARE BB' rating to the NCD of Vaishnavi Finlease
Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Non-convertible Debentures       55       CARE BB Assigned

Rating Rationale

The rating factors in the short track record of the company in the
lending business and small scale of operations with an un-seasoned
loan portfolio. The rating also takes in to account the current
composition of the portfolio comprising of loans to entities in
the real estate sector and the need to upgrade risk management
systems in line with the increase in scale of operations. The
rating draws strength from the experience of the promoters with a
long track-record in the field of investment advisory and fund
management and equity infusion by the promoters in FY13 (refers to
the period April 01 to March 31). The ability of the company to
increase its scale of operations while maintaining a good asset
quality in the current uncertain economic environment and ability
to improve risk management and credit appraisal mechanisms in line
with the future growth in business are the key rating
sensitivities.

Incorporated in September 1996, Vaishnavi Finlease Private Limited
(VFPL) was promoted by Mr. Naveen Kumar Bhatt and Ms. Indu Bhatt.
In October 2000, it was registered with the RBI as a nonpublic
deposit accepting NBFC (Loan Company). In March 2013, M/s Sedna
No. 1 Limited and Goel Investments Ltd took over the company and
infused fresh equity capital of INR 50.49 crore. As on July 26,
2013, M/s Sedna No. 1 Limited holds a 73.81% stake in the company
while Goel Investments Ltd. holds a 25.10% stake. Sedna No. 1
Limited is a subsidiary of Sedna India Structured Finance Fund,
promoted by Sedna Investment Management Inc., a Mauritius-based
asset management company. Goel Investments is promoted by Mr.
Gaurav Goel, who is the managing director of Dhampur Sugar Mill
Limited (CARE BBB-, under credit watch).

Post change of ownership, the company is primarily engaged in
lending to the small and mid-cap companies in India. As on
June 30, 2013, the total loan book of the company stood at INR19
crore.  As per the un-audited financial statements for FY13, VFPL
incurred a net loss of INR0.48 crore on a total income of INR0.01
crore. The tangible net worth of the company stood at INR50.26
crore as on March 31, 2013.



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


FAJAR SURYA: Fitch Affirms Issuer Default Ratings at 'B+'
---------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Fajar Surya Wisesa's
Tbk's Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'B+' and its National Long-term Rating at 'A(idn)'.  The
Outlook is Stable.

The ratings factor in Fajar's position as the second-largest
packaging paper manufacturer in Indonesia, and stable demand for
its products with about 70% of sales ultimately derived from fast
moving consumer goods. They also reflect the inherent capex
intensity of its operations and a potential but temporary increase
in leverage beyond the agency's negative guidance over the next
two years due to a possible investment in a new paper machine (PM-
8).

Key Rating Drivers

High leverage: The PM-8 expansion could increase Fajar's leverage
measured by net debt/EBITDA beyond the negative trigger of 3.5x in
2014 and 2015. Fitch, however, does not expect this to be
sustained as PM-8 would remove the need for further significant
capacity enhancements until about 2018-2019. Fajar's leverage
measured by net debt/EBITDA increased to 4.75x in 2012 due to the
shutdown of one of its paper machines for capacity expansion in
H112. Leverage improved in H113 to 2.63x.

Capex intensiveness: The PM-8 expansion is expected to cost about
USD150m and is expected to increase production capacity to about
1.55 million MT in 2015 from the current 1.2 million MT. PM-8
should ensure adequate capacity until about 2018-2019 before the
company would be required to invest in capacity expansions to
maintain its market share in the growing Indonesian packaging
sector.

Strong market position: Fitch believes Fajar's strong pricing
ability should allow the company to pass through a meaningful
share of raw material cost increases. Fajar, together with its
closest competitor, PT Indah Kiat Pulp & Paper Tbk, holds about a
30% market share each in the Indonesian containerboard market.
Containerboard sales comprise over 80% of Fajar's revenues.

Adequate liquidity: Fitch expects Fajar's cash reserves, undrawn
lines, strong access to bank funding and internal cash generation
to be adequate to repay its long-term debt maturities. Fitch also
believes that the company would be able to secure adequate long-
term debt to fund its PM-8 expansion. At end-June 2013 Fajar had
IDR130bn of cash reserves, annualised cash flow from operations of
about IDR900bn and about IDR1tr of undrawn credit facilities
compared with long-term debt maturities of IDR500bn to IDR650bn
per year over the next two to three years.

Rating Sensitivities

What Could Trigger a Rating Action?

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

-- sustained increase in financial leverage to over 3.5x

-- sustained deterioration in EBITDA interest coverage to less
   than 3.0x (6.8x in H112)

-- Deterioration in its liquidity profile due to funding of large
   expansions with shorter-term debt

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

-- Fitch does not expect any positive rating action in the medium
   term given the capex intensity of its operations.


* Indonesian Telcos Can Ride Currency Storm, Fitch Says
-------------------------------------------------------
Fitch Ratings says Indonesian telcos' credit profiles will largely
remain unaffected by a weakening Indonesian rupiah, which
depreciated 10% between February and August 2013. Fitch believes
that a combination of hedging contracts, long-dated debt and
strong inherent credit profiles will stave off negative rating
action on Indonesian telcos in the short term. However, most
telcos' free cash flow generation (FCF) generation will be
affected in 2013 by higher interest costs and capex, a significant
part of which is priced in foreign currency.

PT Indosat Tbk (BBB/Stable), Indonesia's second-largest telco, is
the most exposed to IDR depreciation as 43% of its total debt is
in foreign currency (around USD950m), of which only 25% is hedged.
Fitch expects Indosat's 2013 operating EBITDA margin will decline
by 100bps as a significant part of its tower lease rentals are
denominated in USD. Its FCF margin will also decline as about
USD400m or 50% of its upcoming capex is expected to be denominated
in USD.

However, a negative rating action is unlikely in the short term
given Indosat's ability to access capital markets and likely
support from its parent Ooredoo's (A+/Stable), evidenced by the
presence of cross-default clauses on the latter's loan documents.
Further, Indosat only has USD70m maturing within a year and its
average debt maturity is comfortable at about 4.9 years.

The market leader, PT Telekomunikasi Indonesia Tbk (BBB/Stable),
is insulated from IDR depreciation, having only USD180m (about 12%
of total debt) of foreign currency debt. It has a stronger credit
profile than its Indonesian peers with a funds flow from
operations (FFO)-adjusted net leverage of 0.5x at end-June 2013.
The third-largest telco PT XL Axiata (BBB/Stable) is also in a
comfortable position with only USD310m (about 19% of total debt)
of foreign currency debt, of which 92% is hedged.

Indonesia's two telecom tower companies - PT Profesional
Telekomunikasi Indonesia (Protelindo, BB/Stable) and PT Tower
Bersama Infrastructure Tbk (TBI, BB/Stable) - have a natural hedge
as they receive significant part of revenue in USD from their
tenants.

Protelindo has about USD475m debt, representing 63% of its overall
debt, However, most of its non-IDR debt is not due before 2018.
The company receives about 36% (at least USD100m) of its revenue
in USD and held about USD120m in cash at end-June 2013.

TBI has about USD905m in foreign currency debt, representing 84%
of its overall debt. Over 90% of its debt is protected through a
combination of a natural hedge and hedging contracts. TBI receives
18% of its annual revenue in USD (around USD40m). At end-June
2013, it also had about USD112m in cash. Fitch believes TBI can
comfortably refinance its USD88m maturing in the next 12 months
given available committed undrawn facilities of USD275m at end-
June 2013. TBI's average debt maturity is about four years.



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


J-CREM 2: Moody's Downgrades Ratings on Two Classes to C
--------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings of the Class E and F
trust certificates issued by J-CREM 2 Trust.

The affected ratings are as follows:

Deal Name: J-CREM 2 Trust

Class E, downgraded to C (sf); previously on June 16, 2011
downgraded to Caa2 (sf)

Class F, downgraded to C (sf); previously on June 16, 2011
downgraded to Caa3 (sf)

Class: Class E trust certificates, Class F trust certificates

Issue Amount: JPY7.8 billion, JPY2.5 billion

Dividend: Floating, Floating

Issue Date: August 31, 2007

Final Maturity Date: March 2014

Underlying Asset: Specified bonds backed by a hotel

Entrustor: Nikko Citigroup Limited (as of the issue date)

Arranger: Nikko Citigroup Limited (as of the issue date)

Ratings Rationale:

The rating action was prompted by the occurrence of a fixed-loss
amount through special servicing of the underlying asset.

Accordingly, the recovery proceeds from the asset fall short of
the amount needed to fully redeem the Class E and F trust
certificates issued by J-CREM 2 Trust.

J-CREM 2 Trust is a single-asset/ single-borrower CMBS deal,
issued in 2007.

Moody's did not conduct any additional cash flow analysis or
stress scenarios, because the ratings rely on the fixed recovery
proceeds from the special servicing of the underlying asset.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
published in June, 2010.



===============
M A L A Y S I A
===============


PETRONAS: OGX Oil Field Deal Hinges on Debt Restructuring
---------------------------------------------------------
Chong Pooi Koon at Bloomberg News reports that Petroliam Nasional
Bhd. said its purchase of share in a field owned by OGX Petroleo e
Gas Participacoes SA will hinge on the Brazilian oil producer's
debt restructuring plan.

The company, known as Petronas, has yet to complete the
transaction after agreeing in May to pay US$850 million for a 40
percent stake in two blocks of the Tubarao Martelo field off
Brazil to Eike Batista's OGX, Chief Executive Officer Shamsul
Azhar Abbas said, according to Bloomberg News.  Petronas isn't
involved in OGX's debt restructuring, Mr. Abbas said, Bloomberg
News relates.

"The deal is still pending full clarity with regard to the
restructuring exercise. . . . OGX hasn't met the condition
precedent. The debt restructuring has to happen first," Bloomberg
News quoted Mr. Abbas as saying.

Bloomberg News says that bondholders of OGX, which may run out of
cash this month, hired Rothschild to advise on a debt
restructuring, a person with direct knowledge of the matter said
this month, asking not to be identified because the selection
process is private.  Mr. Batista is raising cash and selling
pieces of his companies after his estimated fortune plummeted to
less than US$1 billion from US$34.5 billion in March last year on
missed production and profit targets, according to the Bloomberg
Billionaires Index.

Petroliam Nasional Bhd. is Malaysia's state oil company.



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


ROSS ASSET: High Court Releases NZ$2.5MM for Investors
------------------------------------------------------
Stuff.co.nz reports that the High Court has allowed
NZ$2.5 million in frozen cash and shares to be released to a small
group of investors who had assets in accounts linked to Ross Asset
Management.

Most of the cash and shares were in broker accounts held with
Craigs Investment Partners, where David Ross had only signing
authority, the report relates. The money was frozen late last
year.

Craigs Investment Partners is one of New Zealand's largest
investment advisory and management firms, Stuff.co.nz discloses.

According to the report, Mr. Ross is alleged to have lured new
investors to his fund, Ross Asset Management, with promises of
returns of up to 30 per cent a year, but instead used the money to
pay those getting out of the scheme and to fund his lavish
lifestyle. The alleged Ponzi scheme is supposed to have been worth
NZ$400 million, the report relays.

Ross Asset Management collapsed last November, owing 900 investors
NZ$400 million. So far only about NZ$10 million in assets have
been recovered, the report notes.

Stuff.co.nz says the NZ$2.5 million released by the High Court
would come out of the remaining funds available for investors. The
latest liquidator's report by PWC shows there is another NZ$3.1
million in shares where a similar review is "ongoing," Stuff.co.nz
relays.

Bruce Tichbon, head of the Ross Asset Management investors group,
who also sits on the Ross liquidation committee, said the small
group were the "lucky people", but their win meant there was less
left for others, Stuff.co.nz adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).



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


NATIONAL SAVINGS: S&P Places 'B+' Rating on Proposed Unsec. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue rating
to the proposed senior unsecured notes of Sri Lanka's National
Savings Bank (NSB: B+/Stable/B).  The rating on the notes reflects
the long-term issuer credit rating on the bank.

The proposed notes will constitute direct, unsecured and
unsubordinated obligations of NSB.  They shall at all times rank
equally among themselves and with all other unsecured obligations
of the bank.

The rating on the notes is subject to S&P's review of the final
issuance documentation.



===========
T A I W A N
===========


* Moody's Says Life Insurers' Credit Profiles Under Pressure
------------------------------------------------------------
Moody's Investors Service says that the credit profiles of
Taiwanese life insurers will remain under pressure over the next
12 to 18 months, because of persistently weak underlying
profitability, increasing competition, and a further shift in the
firms' investment mix toward riskier assets.

"Low interest rates and sluggish business growth underpin these
adverse trends and which could persist over the horizon of our
negative industry outlook, despite the expected growth in the
domestic economy," says Stella Ng, a Moody's Assistant Vice
President and Analyst.

Ng was speaking on a just-released Moody's report titled,
"Industry Outlook: Taiwan Life Insurance". The outlook details
Moody's expectations for the fundamental credit conditions in the
industry over the next 12 to 18 months.

According to the report, Moody's central scenario assumes that
Taiwan's GDP will grow 2.5%-3.0% in 2013 and 3.0%-4.0% in 2014, up
from 1.3% in 2012, driven by growth in exports on the back of a
recovery in global demand.

However, this level of growth will be insufficient to improve the
economic profits and balance sheet strengths of insurers.

Insurance demand in Taiwan is structurally constrained because of
a high penetration rate. In addition, demand will be affected by
the recent cut in policy reserve rate in January 2013, which has
made insurance policies more expensive.

Moreover, low interest rates will continue to result in negative
spreads in the portfolios of insurers over the coming 12-18
months.

The negative spread burden is more acute for the older and larger
insurers, given that high guarantee policies continue to account
for a large proportion of their in-force portfolios. An
improvement in the cost of liability, if any, is likely to be
marginal because growth in new businesses that carry lower levels
of guarantees will remain sluggish.

"While the industry players are likely to report stronger headline
profits from their recent switch to mark-to-market valuation on
real estate assets, the quality of their underlying earnings will
remain weak," Ng says.

Moody's expects Taiwanese insurers to invest more in riskier
assets such as real estate and high-yield securities, and increase
their overseas investments in their efforts to offset the impact
from low domestic interest rates. This trend is credit negative
for insurers because these investments are generally less liquid
and carry higher risks.

"In addition, most insurers have highly leveraged balance sheets.
We view the industry's balance sheet strength as weak, reflected
by the ratio of shareholders' equity to total assets," Ng says.

Moody's is concerned about their increasing exposures to real
estate when house prices are appreciating rapidly, which could
make insurers vulnerable to price corrections. Potential
volatility in the property market means there could well be an
underestimation of the capital required to face these risks in a
stress situation.

Furthermore, competition in the industry is increasing, given that
bank-centric financial holding companies are keen on expanding
into the life insurance businesses through acquisitions.

Life insurers operating under financial holding groups will create
new competitive dimensions, such as diversifying their
distribution structures to the non-bancassurance channels, and
changing their business mix in order to complement their existing
business profiles.



=============
V I E T N A M
=============


* VIETNAM: Insurance Fund May Be Insolvent by 2034
--------------------------------------------------
VietNamNet Bridge reports that the Viet Nam Social Security Fund
(VSS) could start showing a deficit by 2021 and run out of money
by 2034 if no reforms were made, according to the International
Labour Oraganisation (ILO).

The warning was given in an ILO report on actuarial valuation of
the public pension scheme of the fund, which was released at a
workshop on August 22, the report relates.

VietNamNet notes that the ILO report provides a financial
projection of the present public scheme and analyses possible
reforms that could increase the fund's sustainability.

Currently, the VSS scheme covers about 20 per cent of the labour
force, the report discloses.

VietNamNet notes that the present public pension scheme of the VSS
is characterised by low retirement ages, especially for females.

A steadily ageing population is emerging due to an increase in
longevity and a decline in fertility, according to the report
obtained by VietNamNet.  Based on the conservative assumption that
the VSS coverage rate will rise to around 30 per cent of the
labour force in 50 years, it is projected that the fund will run
out of cash, reports VietNamNet.

However, reform of the Social Insurance Law is expected to get the
green light from the National Assembly next year, improving
coverage for workers and ensuring the fund's financial
sustainability, says VietNamNet.

The VSS is meant to cover all Vietnamese citizens with employment
contracts of three months or longer, but enforcement remains a
challenge. At present, only one fifth of the total workforce has
social insurance, VietNamNet discloses.



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


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


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

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

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

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



                             *********

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

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

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


                            *********


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

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

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

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.



                 *** End of Transmission ***