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                      A S I A   P A C I F I C

            Thursday, May 2, 2013, Vol. 16, No. 86


                            Headlines


C H I N A

YINGDE GASES: Fitch Assigns 'BB' Rating to US$125MM Unsec. Notes


I N D I A

DWARKADAS CHANDUMAL: CRISIL Rates INR80MM Cash Credit at 'B'
GALA PULSE: CRISIL Rates INR200MM Cash Credit at 'B+'
GREAT WALL: CRISIL Assigns 'B+' Ratings to INR100.3MM Loans
HARESH CHEMICALS: CRISIL Rates INR60MM Loan at 'B+'
HARESH OVETA: CRISIL Rates INR50MM Cash Credit at 'B+'

NAGARJUNA FEEDS: CRISIL Assigns 'B-' Ratings to INR52.5MM Loans
NAGARJUNA HATCHERIES: CRISIL Puts 'B-' Ratings on INR150MM Loans
ROLTA INDIA: S&P Assigns 'BB-' CCR; Outlook Stable
SADHANA NITRO: CRISIL Cuts Ratings on INR294.7MM Loans to 'D'
SHAH PULSE: CRISIL Rates INR250MM Cash Credit at 'B+'

SREE VEERA: CRISIL Assigns 'B-' Ratings to INR140.1MM Loans
SURESH PRODUCTIONS: CRISIL Puts 'BB+' Rating on INR99.5MM Loans
TIME POLLYEURETHANE: CRISIL Puts 'B' Ratings on INR62.5MM Loans
TRACTEL TIRFOR: CRISIL Places 'B+' Ratings on INR78MM Loans


I N D O N E S I A

BHAKTI INVESTAMA: S&P Assigns 'BB-' CCR; Outlook Stable


J A P A N

TOKYO ELECTRIC: Posts JPY685.29BB Net Loss in 2012


N E W  Z E A L A N D

HANOVER FINANCE: Civil Case Last Hope for Investors
MAINZEAL PROPERTY: Headquarters Back on Market for Sale or Lease
OKATO DAIRY: Receivers Seize Farm After Owner Threatens Bank


P H I L I P P I N E S

EXPORT AND INDUSTRY: PDIC to Start Liquidation Next Month


S R I  L A N K A

* SRI LANKA: Fitch Affirms 'BB-' LT Issuer Default Ratings


                            - - - - -



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


YINGDE GASES: Fitch Assigns 'BB' Rating to US$125MM Unsec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned Yingde Gases Group Company Limited's
(Yingde, BB/Stable) guaranteed USD125 million 8.125% senior
unsecured notes due 2018 a final rating of 'BB'. The notes were
issued at the same terms and conditions as the USD300 million
8.125% bonds due 2018 issued in early April 2013. The notes are
issued by Yingde Gases Investment Limited and unconditionally and
irrevocably guaranteed by Yingde. The proceeds will be used for
refinancing certain existing debt.

The assignment follows the receipt of documents conforming to
information already received. The final rating is in line with the
expected rating assigned on April 26, 2013.

Key Rating Drivers

Utility type business: Yingde's on-site gas supply business, which
contributed to 88% of revenue in 2012 (82% in 2011), generates
stable cash flow similar to that of utilities companies. This
operation benefits from the cost pass-through and minimum off take
mechanism in the long-term contracts between Yingde and its on-
site customers.

Stable profitability: Relative to peers in the industry, Yingde
enjoys more stable profitability with its high contribution from
the on-site business. Gross profit has risen every year with
growing capacity. Yingde's gross margin (2012: of 32%; 2008-2011:
between 34% and 41%) showed slight volatility since its merchant
sales business, which enjoys high gross margins of over 80%, is
subject to volatile demand and pricing. Yingde's competitors, who
have higher exposure to this segment, tend to have a more volatile
earnings profile.

Diversified funding sources: Yingde's strengthening access to
various funding sources has given it greater financial flexibility
to fund its long-standing projects. This is demonstrated by the
following financing arrangements - the USD notes, offshore
syndicated loans amounting to USD300m, onshore CNY880m MTN notes,
and long-term project financing loans with long maturities of more
than five years.

Negative free cash flow (FCF) constrains ratings: High capex over
the next three to five years will put Yingde in negative FCF.
Yingde is still at an expansionary stage and its cash flow will be
insufficient to fully fund its capex unless capex stabilises at
CNY2bn by 2015. The high capex has caused funds from operations
(FFO) net leverage to rise to 4.1x in 2012, above Fitch's negative
rating guideline of 3.5x. However, Fitch expects this to be
temporary. Expedited capex in 2012 will result in higher cash flow
generation from 2014.

Small by global standards: The international industrial gases
sector is dominated by top international players who have strong
market positions in the merchant market and with financial
strength to compete in the on-site business. Although Yingde has a
stronghold in the Chinese on-site segment, the scale of the
company is still small by global standards.

Rating Sensitivities:

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

-- deterioration of Yingde's business profile demonstrated by
   falling cash gross profit per unit for the on-site gas supply
   business

-- failure to secure long-term funding for future growth

-- FFO adjusted net leverage being sustained above 3.5x, or
   higher than 4.5x in any single year

-- FFO fixed charge coverage being sustained below 4.0x

Positive: Positive rating action is not expected in the next 12-18
months due to Yingde's high capex needs and negative FCF. However,
future developments that may, individually or collectively, lead
to positive rating action include:

-- significant increase in business scale increases without
   deterioration in financial metrics

-- positive FCF on a sustained basis



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


DWARKADAS CHANDUMAL: CRISIL Rates INR80MM Cash Credit at 'B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Dwarkadas Chandumal.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               80      CRISIL B/Stable

The rating reflects susceptibility of DC's margins to volatility
in gold prices, working capital intensive operations and below-
average financial risk profile marked by modest net worth and high
gearing. The rating also factors in the geographic concentration
in DC's revenue profile and exposure to intense competition. These
rating weaknesses are partially offset by the proprietor's
extensive experience in jewellery business.

Outlook: Stable

CRISIL believes that DC will continue to benefit from its
proprietors' extensive experience in the gold jewellery business.
The outlook may be revised to 'Positive' if the firm records
significant and sustained improvement in its revenues while
maintaining its margins and improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if there is
lower-than-expected growth in revenues, or its financial risk
profile weakens due to significant increase in gearing either due
to elongation of its working capital cycle or a large debt funded
capex.

Dwarkadas Chandumal (DC) is a proprietorship concern of Mr.
Dwarkadas Tulsiani setup in 1973. The firm operates three
showrooms in Mumbai (two at Zaveri Bazaar and one at Bandra). Mr.
Deepak Tulsiani and Mr. Rajesh Tulsiani (sons of Mr. Dwarkadas)
manage the day-to-day operations of the firm.

For 2011-12 (refers to financial year, April 1 to March 31), DC
reported, a profit after tax (PAT) of INR8.8 million on net sales
of INR251.1 million, against a PAT of INR1.7 million on net sales
of INR175.0 million for 2010-11.


GALA PULSE: CRISIL Rates INR200MM Cash Credit at 'B+'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Gala Pulse Mill (GPM; part of the Gala group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             200       CRISIL B+/Stable

The rating reflects the Gala group's below-average financial risk
profile, marked by a modest net worth and high total outside
liabilities to tangible net worth ratio, low operating margin on
account of trading nature of operations, and susceptibility to
volatility in food grain prices. These rating weaknesses are
partially offset by the Gala group's established position in the
agricultural commodities trading business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Shah Pulse Mill (GPM) and GPM. This is
because both the firms, together referred to as the Gala group,
have a common management, are in the same line of business
resulting in business synergies, and have financial linkages and
fungible funds.

Outlook: Stable

CRISIL believes that the Gala group will continue to benefit from
the extensive experience of its promoter family in the
agricultural goods trading business. The outlook may be revised to
'Positive' in case of significant increase in its profitability,
resulting in healthy net cash accruals, and efficient working
capital management, resulting in improved liquidity, or if there
is significant improvement in the firm's capital structure,
resulting in improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the Gala group's working
capital management deteriorates, impacting its liquidity, or in
case of significant withdrawal of funds by its proprietors,
adversely impacting its capital structure and further weakening of
its capital structure.

The Gala group trades in and processes various types of pulses and
agricultural goods, including peas, maize, moong, toor, toor dal,
bardana and soya de-oiled cakes. The trading activity accounts for
around 90 per cent of the group's revenues; processing activity,
wherein the group cuts dal into two for poultry feeds, accounts
for the balance 10 per cent.

SPM, a proprietorship concern managed by Mr. Dilip Shantilal Shah,
was established by the Shah family in 1988. In 1992, the family
established GPM, which is engaged in the same line of business,
with Mr. Suresh Shantilal Shah (brother of Mr. Dilip Shantilal) as
proprietor.

SPM reported a profit after tax (PAT) of INR4.0 million on net
sales of INR1.5 billion for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.2 million on net
sales of INR 1.1 billion for 2010-11. GPM reported a PAT of INR3.3
million on net sales of INR1.2 billion for 2011-12, as against a
PAT of INR1.9 million on net sales of INR746.8 million for 2010-
11.


GREAT WALL: CRISIL Assigns 'B+' Ratings to INR100.3MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Great Wall Corporate Services Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Short-Term       2.5     CRISIL A4
   Bank Loan Facility

   Proposed Long-Term       40.8     CRISIL B+/Stable
   Bank Loan Facility

   Long-Term Loan           24.5     CRISIL B+/Stable

   Bank Guarantee            2.5     CRISIL A4

   Cash Credit              35.0     CRISIL B+/Stable

The ratings reflect Greatwall's below-average financial risk
profile, marked by a small net worth, high gearing, and large
working capital requirements, exposure to intense competition in
security and facility management service industry, and
geographical concentration in revenue profile. These rating
weaknesses are partially offset by the extensive industry
experience of Greatwall's promoter, established clientele, and
moderate revenue growth.

Outlook: Stable

CRISIL believes that Greatwall will benefit over the medium term
from its promoter's extensive industry experience and its well-
established relationships with a diverse set of customers. The
outlook may be revised to 'Positive' in case of significant scale-
up in its operations while maintaining its profitability, leading
to higher cash accruals along with improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile, especially liquidity,
deteriorates due to further lengthening of its operating cycle or
if there is a sharp decline in its revenue or profitability or
larger-than-expected debt-funded capital expenditure programme.

Greatwall, incorporated in 1994 by Captain Pratap Kadam, provides
security services, facility management services, and manpower
staffing services to corporates. The company employs 1500 workers.
Greatwall is based in Pune (Maharashtra), and has increased its
geographical presence by extending services in Bengaluru
(Karnataka), Goa, and Aurangabad (Maharashtra).

Greatwall reported a profit after tax (PAT) of INR5.8 million on
net sales of INR153.7 million for 2011-12 (refers to financial
year, April 1 to March 31), against a PAT of INR4.0 million on net
sales of INR120.6 million for 2010-11.


HARESH CHEMICALS: CRISIL Rates INR60MM Loan at 'B+'
---------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Haresh Chemicals (HC, part of Haresh
Group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               60      CRISIL B+/Stable
   Letter of Credit         170      CRISIL A4

The ratings reflect Haresh Group's (HG's) modest scale of
operations, slender margins which are susceptibility to
fluctuations in exchange rate, working capital intensive
operations and subdued debt protection metrics. These rating
weaknesses are partially offset by the promoters' extensive
experience in trading of bulk drugs and HG's diversified product
and customer profile.

For arriving at the rating CRISIL has combined the business and
financial profiles of HC and Haresh Oveta (HO) as they are in a
similar line of business, have a common management and significant
financial fungibility.

Outlook: Stable

CRISIL believes that HG's business risk profile is expected to
remain stable backed by the promoters' extensive experience and
established customer relationships. The outlook may be revised to
'Positive' if there is significant and sustained improvement in
HG's revenues while improving its margins and maintaining its
capital structure. Conversely, the outlook may be revised to
'Negative' if there is further lengthening of its working capital
cycle, or lower-than-expected cash accruals leading to weakening
of HG's financial risk profile, primarily its liquidity.

Mr. Bharat Kasat along with his brother Mr. Haresh Kasat setup the
Haresh Group, comprising HC and HO, in 1984. Both HC and HO are
partnership firms in which family member of the Kasat family are
partners. The firms trade in more than 25 varieties of bulk drugs.
The firms have a client base of over 200 generic drug
manufacturers. Both the firms have their offices in Mumbai
(Maharashtra). The day-to-day operations of HC are managed by Mr.
Bharat Kasat and of HO are managed by Mr. Haresh Kasat.

For 2012-13 (refers to financial year, April 1 to March 31), HO
reported, on a provisional basis, a net loss of INR1.2 million on
net sales of INR402.3 million, against a net loss of INR8.7
million on net sales of INR292.9 million for 2011-12.


HARESH OVETA: CRISIL Rates INR50MM Cash Credit at 'B+'
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Haresh Oveta (HO, part of Haresh Group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL B+/Stable

   Inland/Import Letter     110      CRISIL A4
   of Credit

The ratings reflect Haresh Group's (HG's) modest scale of
operations, slender margins which are susceptibility to
fluctuations in exchange rate, working capital intensive
operations and subdued debt protection metrics. These rating
weaknesses are partially offset by the promoters' extensive
experience in trading of bulk drugs and HG's diversified product
and customer profile.

For arriving at the rating CRISIL has combined the business and
financial profiles of HO and Haresh Chemicals (HC) as they are in
a similar line of business, have a common management and
significant financial fungibility.

Outlook: Stable

CRISIL believes that HG's business risk profile is expected to
remain stable backed by the promoters' extensive experience and
established customer relationships. The outlook may be revised to
'Positive' if there is significant and sustained improvement in
HG's revenues while improving its margins and maintaining its
capital structure. Conversely, the outlook may be revised to
'Negative' if there is further lengthening of its working capital
cycle, or lower-than-expected cash accruals leading to weakening
of HG's financial risk profile, primarily its liquidity.

Mr. Bharat Kasat along with his brother Mr. Haresh Kasat setup the
Haresh Group, comprising HC and HO, in 1984. Both HC and HO are
partnership firms in which family member of the Kasat family are
partners. The firms trade in more than 25 varieties of bulk drugs.
The firms have a client base of over 200 generic drug
manufacturers. Both the firms have their offices in Mumbai
(Maharashtra). The day-to-day operations of HC are managed by Mr.
Bharat Kasat and of HO are managed by Mr. Haresh Kasat.

For 2012-13 (refers to financial year, April 1 to March 31), HO
reported, on a provisional basis, a profit after tax (PAT) of
INR3.5 million on net sales of INR272.3 million, against a net
loss of INR7.0 million on net sales of INR371.4 million for 2011-
12.


NAGARJUNA FEEDS: CRISIL Assigns 'B-' Ratings to INR52.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Nagarjuna Feeds (Cattle & Poultry Feeds) (NF;
part of the Nagarjuna group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               30      CRISIL B-/Stable
   Long Term Loan            22.5    CRISIL B-/Stable

The rating reflect the Nagarjuna group's weak financial risk
profile, marked by a high gearing and weak debt protection
metrics, and vulnerability to intense competition and risks
inherent in the poultry industry. These rating weaknesses are
partially offset by the benefits that the Nagarjuna group derives
from its promoters' extensive experience in the poultry industry
and its established relationship with its major customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of NF and Nagarjuna Hatcheries (NH). This
is because both these entities, together referred to as the
Nagarjuna group, are under the same management team. Moreover,
both NH and NF have considerable operational and business linkages
with each other.

Outlook: Stable

CRISIL believes that the Nagarjuna group will continue to benefit
over the medium term from its promoters' extensive experience in
the poultry farming and hatchery business and its established
relationship with its key customers. The outlook may be revised to
'Positive' if the group improves its working capital management
along with improvement in its scale of operations and
profitability. Conversely, the outlook may be revised to
'Negative' in case the Nagarjuna group reports less-than-expected
revenues and profitability, resulting in insufficient cash
accruals to service its term debt, or its working capital
management deteriorates, negatively impacting its liquidity.

NH, set up in 2007, is engaged in poultry farming business. NF,
set up in 2009, is engaged in manufacturing of poultry feed. The
Nagarjuna group, which comprises NH and NF, is promoted by Mr. K S
Reddy and Mr. M V Sudhakar, and their family. Both the firms are
based in Ranga Reddy district of Andhra Pradesh.

The Nagarjuna group reported a profit after tax (PAT) of INR0.6
million on net sales of INR58.3 million for 2011-12 (refers to
financial year, April 1 to March 31), against a PAT of INR0.3
million on net sales of INR102.5 million for 2010-11.


NAGARJUNA HATCHERIES: CRISIL Puts 'B-' Ratings on INR150MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Nagarjuna Hatcheries (NH; part of the Nagarjuna
group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              20       CRISIL B-/Stable
   Long-Term Loan          130       CRISIL B-/Stable

The rating reflects the Nagarjuna group's weak financial risk
profile, marked by a high gearing and weak debt protection
metrics, and vulnerability to intense competition and risks
inherent in the poultry industry. These rating weaknesses are
partially offset by the benefits that the Nagarjuna group derives
from its promoters' extensive experience in the poultry industry
and its established relationship with its major customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of NH and Nagarjuna Feeds (Cattle &
Poultry Feeds) (NF). This is because both these entities, together
referred to as the Nagarjuna group, are under the same management
team. Moreover, both NH and NF have considerable operational and
business linkages with each other.

Outlook: Stable

CRISIL believes that the Nagarjuna group will continue to benefit
over the medium term from its promoters' extensive experience in
the poultry farming and hatchery business and its established
relationship with its key customers. The outlook may be revised to
'Positive' if the group improves its working capital management
along with improvement in its scale of operations and
profitability. Conversely, the outlook may be revised to
'Negative' in case the Nagarjuna group reports less-than-expected
revenues and profitability, resulting in insufficient cash
accruals to service its term debt, or its working capital
management deteriorates, negatively impacting its liquidity.

NH, set up in 2007, is engaged in poultry farming business. NF,
set up in 2009, is engaged in manufacturing of poultry feed. The
Nagarjuna group, which comprises NH and NF, is promoted by Mr. K S
Reddy and Mr. M V Sudhakar, and their family. Both the firms are
based in Ranga Reddy district of Andhra Pradesh.

The Nagarjuna group reported a profit after tax (PAT) of INR0.6
million on net sales of INR58.3 million for 2011-12 (refers to
financial year, April 1 to March 31), against a PAT of INR0.3
million on net sales of INR102.5 million for 2010-11.


ROLTA INDIA: S&P Assigns 'BB-' CCR; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term corporate credit rating to Rolta India Ltd.
(Rolta).  The outlook is stable.  Rolta is an India-based
information technology (IT) products and solutions provider.

At the same time, S&P assigned its 'BB-' issue rating to the
proposed senior unsecured notes of up to US$225 million that Rolta
LLC, an indirect wholly owned subsidiary of Rolta, will issue.
Rolta and its subsidiaries will guarantee the notes.  The rating
on the notes is subject to S&P's review of the final issuance
documentation.

The rating on Rolta reflects S&P's view of the company's small
size and narrow focus in the highly competitive global IT
industry.  The rating also reflects Rolta's asset-heavy business
model, which requires significant capital expenditure and
investments to acquire intellectual property rights (IPRs).
The company's good delivery capability in its niche segment,
healthy revenue visibility, and S&P's expectation of positive free
operating cash flow (FOCF) from fiscal 2014 (ending June 30)
moderate these weaknesses.  S&P assess the company's business risk
profile as "weak" and its financial risk profile as "aggressive."

"Rolta's small size limits its ability to compete with global IT
services peers," said Standard & Poor's credit analyst Katsuyuki
Nakai.  "Rolta's business requires significantly higher
investments than that of pure-play IT services companies,
resulting in negative free operating cash flow."

The company's debt-to-total capital ratio of about 60% and fixed-
asset turnover ratio of about 0.5x are both weaker than peers'.
Rolta's fixed-asset turnover ratio is also well below the industry
average.  Rolta has invested significantly to acquire IPRs and
increase its share of own-IPR-based solutions.

S&P expects Rolta's FOCF to remain negative in fiscal 2013, with
capital expenditure and investment to acquire IPR at Indian rupee
(INR) 12.5 billion.  According to the company, it has acquired
most of the IPR required for its business, and future expenditure
would relate to in-house development, resulting in lower capital
expenditure.  S&P anticipates that Rolta's capital expenditure
will fall to less than INR6 billion in fiscal 2014 and to less
than INR3 billion in fiscal 2015 and beyond.  As a result, S&P
expects the company to have positive FOCF from fiscal 2014.

S&P anticipates that Rolta's ratio of funds from operations (FFO)
to debt will fall to about 20% in fiscal 2013 from more than 30%
in fiscal 2012 because of the company's increasing debt to fund
negative FOCF.  S&P expects Rolta's revenue to grow more than 15%
in fiscal 2013-2014 on the back of a healthy order book.  Revenue
grew 2% in fiscal 2012.  However, EBIT margins are likely to fall
to 18%-19% in fiscal 2013-2014, from 22% in fiscal 2012, because
of increasing material and subcontracting costs, employee costs,
and depreciation.

Rolta's long relationships with the Indian Defense Ministry, other
government agencies, and most of its other top 10 clients reflect
its good delivery capabilities in its niche segments.  The
company's growing order book provides good revenue visibility and
earnings stability.  S&P expects Rolta's order book to grow 10%-
12% annually in fiscal 2013-2015.

"The stable outlook reflects our expectation that Rolta's business
performance will be stable over the next 12-15 months on the back
of a healthy order book," said Mr. Nakai.

S&P may downgrade Rolta if the company faces challenges in
executing its order book, such that the FFO-to-debt ratio falls
below 18% or S&P expects FOCF to be negative in fiscal 2014 and
beyond.  This may happen due to: (1) EBIT margins falling below
15%; or (2) capital expenditure increasing significantly above
S&P's expectations.  S&P may also downgrade Rolta if the company's
banking relationships deteriorate unexpectedly, resulting in
pressure on liquidity.

S&P is unlikely to upgrade Rolta over the next 12 months.
Nevertheless, S&P may raise the rating if: (1) the company
improves its market position; and (2) Rolta's EBIT margins are
above 21%, resulting in a FFO-to-debt ratio of more than 25% and
positive FOCF.


SADHANA NITRO: CRISIL Cuts Ratings on INR294.7MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on Sadhana Nitro Chem Ltd's
working capital term Loan (WCTL) from Axis Bank, WCTL, term loan
and non-fund based facilities from State Bank of India and non-
fund based facilities from State Bank of Patiala to 'CRISIL
D/CRISIL D' from 'CRISIL C/CRISIL A4'. The ratings on other
facilities have been reaffirmed at 'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              140      CRISIL D (Downgraded from
                                     CRISIL C)

   Corporate Loan            26.9    CRISIL D (Reaffirmed)

   Letter of credit &       100      CRISIL D (Reaffirmed)
   Bank Guarantee

   Proposed Long-Term        33.2    CRISIL D (Downgraded from
   Bank Loan Facility                CRISIL A4)

   Term Loan                 50.8    CRISIL D (Reaffirmed)

   Working Capital          121.5    CRISIL D (Downgraded from
   Term Loan                         CRISIL C)

The ratings continue to reflect the delays in servicing of bank
loans by the company, on account of weak liquidity, on the back of
sustained losses in the business. CRISIL expects that the
company's liquidity will remain constrained in the near-term,
while sales and profitability are expected to improve in 2013-14
(refers to financial year, April 1 to March 31).

SNCL was incorporated in 1973, promoted by the late Mr. D T
Javeri. The company is currently managed by his son, Mr. Asit D
Jhaveri. It manufactures benzene-based compounds such as
nitrobenzene, metanilic acid, and meta amino phenol.

For 2011-12, SNCL posted profit after tax (PAT) of INR10.8 million
on net sales of INR671.9 million, against a net loss of INR51.0
million on net sales of INR558.2 million in 2010-11.


SHAH PULSE: CRISIL Rates INR250MM Cash Credit at 'B+'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Shah Pulse Mill (SPM; part of the Gala group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              250      CRISIL B+/Stable

The rating reflects the Gala group's below-average financial risk
profile, marked by a modest net worth and high total outside
liabilities to tangible net worth ratio, low operating margin on
account of trading nature of operations, and susceptibility to
volatility in food grain prices. These rating weaknesses are
partially offset by the Gala group's established position in the
agricultural commodities trading business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Gala Pulse Mill (GPM) and SPM. This is
because both the firms, together referred to as the Gala group,
have a common management, are in the same line of business
resulting in business synergies, and have financial linkages and
fungible funds.

Outlook: Stable

CRISIL believes that the Gala group will continue to benefit from
the extensive experience of its promoter family in the
agricultural goods trading business. The outlook may be revised to
'Positive' in case of significant increase in its profitability,
resulting in healthy net cash accruals, and efficient working
capital management, resulting in improved liquidity, or if there
is significant improvement in the firm's capital structure,
resulting in improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the Gala group's working
capital management deteriorates, impacting its liquidity, or in
case of significant withdrawal of funds by its proprietors,
adversely impacting its capital structure and further weakening of
its capital structure.

The Gala group trades in and processes various types of pulses and
agricultural goods, including peas, maize, moong, toor, toor dal,
bardana and soya de-oiled cakes. The trading activity accounts for
around 90 per cent of the group's revenues; processing activity,
wherein the group cuts dal into two for poultry feeds, accounts
for the balance 10 per cent.

SPM, a proprietorship concern managed by Mr. Dilip Shantilal Shah,
was established by the Shah family in 1988. In 1992, the family
established GPM, which is engaged in the same line of business,
with Mr. Suresh Shantilal Shah (brother of Mr. Dilip Shantilal) as
proprietor.

SPM reported a profit after tax (PAT) of INR4.0 million on net
sales of INR1.5 billion for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.2 million on net
sales of INR 1.1 billion for 2010-11. GPM reported a PAT of INR3.3
million on net sales of INR1.2 billion for 2011-12, as against a
PAT of INR1.9 million on net sales of INR746.8 million for 2010-
11.


SREE VEERA: CRISIL Assigns 'B-' Ratings to INR140.1MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Sree Veera Brahmendra Swamy Spinning Mills
Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               65      CRISIL B-/Stable
   Term Loan                 75.1    CRISIL B-/Stable

The rating reflects SVSSMPL's weak financial risk profile marked
by working capital intensive operations, vulnerability of margins
and cash flows to volatility in raw material prices and short
track record of the of the company under the new management. These
rating weaknesses are partially offset by the entrepreneurial
experience of the current promoter, coupled with the locational
advantage of being present in the cotton belt of the country.

Outlook: Stable

CRISIL expects SVSSMPL's business risk profile to benefit from the
promoter's entrepreneurial experience over the medium term. The
outlook may be revised to 'Positive' if the company significantly
increases its scale of operations along with an improvement in
margins, resulting in higher than expected cash accruals and also
improves its liquidity position by effectively managing its
working capital needs along with equity infusion thus improving
its capital structure. Conversely, the outlook may be revised to
'Negative' if the company's scale of operations reduces
significantly thus impacting the cash accruals adversely, or a
deterioration in its liquidity position on account of higher than
expected working capital requirements or larger than expected debt
funded capital expenditure.

Incorporated in 2006, Sree Veera Brahmendra Swamy Spinning Mills
Private Limited (SVSSMPL) is in the business of manufacturing
cotton yarn. The company was incorporated by Mr. Chundi
Thirupathaiah, however it was eventually sold off to Mr G.
Sundararamaiah in March 2013. The unit has 13416 spindles and is
located in the Guntur district of Andhra Pradesh.


SURESH PRODUCTIONS: CRISIL Puts 'BB+' Rating on INR99.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the long-term bank facilities of Suresh Productions Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                54.5     CRISIL BB+/Stable
   Bank Guarantee           13.0     CRISIL A4+
   Cash Credit              45.0     CRISIL BB+/Stable

The rating reflects SPPL's moderate financial risk profile, marked
by a moderate net worth, debt protection metrics, and
profitability. The ratings also factor in the benefits that SPPL
derives from its promoters' extensive industry experience and its
established position in the movie production, distribution, and
exhibition businesses, mainly in South India. These strengths are
partially offset by SPPL's small scale of operations and
susceptibility to inherent risks in the movie industry and large
working capital requirements.

Outlook: Stable

CRISIL believes that SPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in SPPL's revenues along with maintenance of
profitability. Conversely, the outlook may be revised to
'Negative' in case of any significant unexpected losses in the
production business, or any major debt-funded capex or allied
investments weaken SPPL's financial risk profile.

SPPL was incorporated in 1983 to produce films. SPPL was promoted
by Dr. Daggubati Rama Naidu and his sons, Mr. Suresh Babu and Mr.
D Venkatesh and is based in Hyderabad (Andhra Pradesh).

SPPL reported a profit after tax (PAT) of INR36.7 million on net
sales of INR225.3 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR24.3 million on net
sales of INR165.5 million for 2010-11.


TIME POLLYEURETHANE: CRISIL Puts 'B' Ratings on INR62.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Time Pollyeurethane Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 23      CRISIL B/Stable
   Proposed Long-Term         2      CRISIL B/Stable
   Bank Loan Facility
   Cash Credit               37.5    CRISIL B/Stable
   Letter of Credit          37.5    CRISIL A4

The ratings reflect TPPL's below-average financial risk profile
marked by small net worth, high gearing and weak debt protection
metrics, and small scale of operations in the competitive
specialty chemicals industry. These rating weaknesses are
partially offset by the extensive experience of TPPL's promoters
in the industry and funding support from promoters.

Outlook: Stable

CRISIL believes that the company's financial risk profile will
remain constrained by its small cash accruals. The outlook may be
revised to 'Positive' if TPPL reports more-than-expected growth in
revenues and profitability, leading to improvement in financial
risk profile driven by increase in cash accruals. Conversely, the
outlook may be revised to 'Negative' if TPPL's financial risk
profile deteriorates due to large working capital requirements or
lower-than-expected profitability margins.

TPPL was incorporated in 2008 by Sharad Padwal and Vilas Deshpande
to trade in chemicals used in the paint and construction industry.
The company imports about 90 per cent of its chemicals from China,
Taiwan and Singapore and the rest 10 per cent is procured
domestically. It sells to car coating paint manufacturers in the
domestic market.

For 2011-12 (refers to financial year, April 1 to March 31), TPPL
reported a profit after tax (PAT) of INR1.5 million on net sales
of INR127.2 million; the company reported a PAT of INR1.2 million
on net sales of INR58.2 million for 2010-11.


TRACTEL TIRFOR: CRISIL Places 'B+' Ratings on INR78MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Tractel Tirfor India Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                11.5     CRISIL B+/Stable
   Proposed Term Loan       10.7     CRISIL B+/Stable
   Proposed Long-Term        5.8     CRISIL B+/Stable
   Bank Loan Facility
   Bank Guarantee           57.0     CRISIL A4
   Cash Credit              50.0     CRISIL B+/Stable

The ratings reflect TTIPL's weak liquidity owing to high working
capital requirements, small scale of operations in highly
competitive industry, and vulnerability to raw material price
volatility. These rating weakness are partially offset by the
extensive experience of TTIPL's promoters in the engineering and
equipment business and its established relationship with
customers.

Outlook: Stable

CRISIL believes that TTIPL will maintain its business risk profile
over the medium term from its promoters' experience in the
engineering and equipment business and its established
relationship with its customers. The outlook may be revised to
'Positive' if TTIPL's scale of operations and operating margin
improve, along with improvement in working capital cycle.
Conversely, the outlook may be revised to 'Negative', if TTIPL's
operating margin declines substantially, or if the company's
financial risk profile deteriorates because of increase in working
capital requirements or larger-than-expected debt-funded capital
expenditure.

Incorporated in 1964, TTIPL is promoted by Mr. K C Chakrabarthy
and family. The company manufactures pulling and lifting machines,
overhead cranes, chain pully blocks, ratchet liver hoists,
electric wire rope hoists, spec clima, rack and pinion hoists.

TTIPL reported a net profit of INR8.1 million on net sales of
INR326.7 million for 2011-12 (refers to financial year, April 1 to
March 31), against a net profit of INR3.7 million on net sales of
INR220.6 million for 2010-11. The company has achieved net sales
of INR371 million on provisional basis for 2012-13.



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


BHAKTI INVESTAMA: S&P Assigns 'BB-' CCR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term corporate credit rating to Indonesia-based PT
Bhakti Investama Tbk.  The outlook is stable.

S&P also assigned its 'BB-' long-term issue rating to a proposed
issue of U.S. dollar-denominated senior secured notes due 2018
that Bhakti Investama guarantees.  Singapore-based Ottawa Holdings
Pte. Ltd., a funding entity that Bhakti Investama fully owns, will
issue the notes.

The rating on Bhakti Investama reflects S&P's view that the
company has a "weak" business risk profile and an "aggressive"
financial risk profile, as defined in S&P's criteria.  The rating
factors in the company's exposure to Indonesia's highly
competitive media business and its high dependence on advertising
revenues, which can be cyclical.  S&P's assessment also factors in
the risks stemming from Bhakti Investama's high growth strategy,
given that S&P views its management and governance as "weak."  In
addition, the holding company's organizational structure means
that cash flows available for repayment of debt are structurally
subordinated to the payment of operating company debt.

Counterbalancing rating factors include Bhakti Investama's strong
market position in the media business, likely favorable
macroeconomic conditions in Indonesia over the next few years, and
the company's good historical financial performances.

"Bhakti Investama is likely to retain its strong market position
in the media industry over the next few years, given its firm
relationships with key advertisers and content producers, and its
in-house content creation capability," said Standard & Poor's
credit analyst Katsuyuki Nakai.  Bhakti Investama has also been
expanding its financial services and coal mining businesses.

S&P expects business conditions to remain favorable in Indonesia
for the company's core businesses, with no significant regulatory
changes.  In S&P's base-case scenario, it estimates Bhakti
Investama can maintain 20%-30% revenue growth in each of 2013 and
2014.  The consolidated EBITDA margin should remain steady at
about 30% during this period.

S&P's assessment of Bhakti Investama's "weak" management and
governance is attributable to its ambitious growth strategy, which
involves acquisitions into growing but unrelated businesses.  In
S&P's view, this growth strategy will test the company's
management capabilities and require tight group-risk management
policies and procedures.

S&P believes Bhakti Investama's ability to repay debt is highly
dependent upon dividends from its subsidiary PT Global Mediacom
Tbk., which generates most of the group's cash flow.  A high level
of foreign currency borrowings is an additional risk, in S&P's
view.  The risk of a breach of financial covenants for existing
debt appears low.

S&P do not notch down the issue rating because the legal system in
Indonesia is characterized by a general lack of transparency and
inconsistent enforcement.

"The stable outlook reflects our expectation that Bhakti Investama
will improve its operating performance over the next 24 months,
backed by growth in the media business," said Mr. Nakai.  "The
company has, however, yet to demonstrate success in its new
businesses."

S&P anticipates capital spending will be Indonesia rupiah
(IDR) 1.8 trillion-IDR1.9 trillion in the coming two to three
years, which should keep the consolidated debt-to-EBITDA ratio at
1x-2x.  S&P estimates cash flow interest coverage from dividends
at the holding company at more than 1.5x.

Ratings upside is remote at this stage, in S&P's view, given the
company's lack of a track record in new businesses.  S&P will
consider raising the rating if Bhakti Investama's discretionary
cash flow appears likely to remain positive on a sustainable
basis, backed by steady cash flow generation and conservative
strategic spending policy.  S&P do not consider such
sustainability as likely over the next 12 months.

S&P could lower the rating if Bhakti Investama's market position
significantly weakens because of keener competition, an economic
slowdown, or tighter regulations.  Rating pressure would also
increase if earnings fall below S&P's expectations in the coal
mining and financial services segments.  In addition, negative
rating action could also materialize if highly aggressive debt-
funded acquisitions push the debt-to-EBITDA ratio above 3x for an
extended period or if interest coverage for the holding company
falls below 1.2x.



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


TOKYO ELECTRIC: Posts JPY685.29BB Net Loss in 2012
--------------------------------------------------
The Japan Times reports that Tokyo Electric Power Co. reported
Tuesday a group net loss of JPY685.29 billion for the business
year ended this March, its third straight year in the red due to
the Fukushima nuclear crisis.

According to the report, the utility did not release a forecast
for this year amid uncertainties over its business conditions, but
returning to a profit soon will be difficult under the 10-year
restructuring plan authorized by the government last May.

The operator of the stricken Fukushima No. 1 nuclear plant lost
less money last year after losing JPY781.64 billion in the 2011
business year, the Japan Times discloses.

The Japan Times says Tepco registered an operating loss of
JPY221.99 billion, compared with a loss of JPY272.51 billion the
previous year.

Group sales increased 11.7 percent to JPY5.98 trillion, partly
because the utility raised electricity rates for households and
companies last year, the report relays.

                      About Tokyo Electric

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.



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


HANOVER FINANCE: Civil Case Last Hope for Investors
---------------------------------------------------
Stuff.co.nz reports that investors in Hanover Finance are now
pinning their hopes on a civil case against its owners after the
Serious Fraud Office decided against laying criminal charges.

Stuff.co.nz relates that the SFO has ended its investigation into
Hanover and its senior figures, including owners Mark Hotchin and
Eric Watson, because it could not be confident of securing a
conviction.  That is despite two years and eight months of work,
described by acting chief executive Simon McArley as "the most
extensive and challenging of the finance company investigations
undertaken by [the] SFO".

Although no charges would be laid, the SFO said its investigation
had raised serious questions about Hanover's affairs in the run-up
to its collapse in July 2008. At the time, Hanover and its sister
companies owed 13,000 investors NZ$554 million.

According to the report, the Financial Markets Authority will now
proceed with a civil case aimed at recovering some of those
investors' lost millions.

"I think really the most important thing is the civil case will
now proceed, and that has a different threshold of proof and it
covers events under somewhat different laws. More particularly, it
is aimed at restitution," the report quotes Shareholders
Association chairman John Hawkins as saying.

"Whilst it would be nice to have criminal convictions against
people the public see as having acted inappropriately, getting
some money back for investors is really the key to, as far as
possible, putting right some of the wrongs."

Stuff.co.nz notes that the six men named in the lawsuit filed by
the FMA on March 30 last year are Mr. Hotchin, Mr. Watson, Greg
Muir, Sir Tipene O'Regan, Bruce Gordon and Dennis Broit.

All were directors or promoters of Hanover Finance, Hanover
Capital and United Finance.

The suit alleges untrue statements in the companies' prospectus
documents and seeks penalties and compensation for people who
invested NZ$35 million in Hanover companies in the months before
they failed.

                      About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.


MAINZEAL PROPERTY: Headquarters Back on Market for Sale or Lease
----------------------------------------------------------------
The New Zealand Herald reports that the headquarters of failed
construction firm Mainzeal Property is back on the market for sale
or lease.

The Herald relates that the 2701sq m building on the corner of
Victoria St and Wellesley St in the Auckland CBD is being marketed
by Colin McKenna and Bill Fenton, of Bayleys Auckland, under
instructions from the receivers, PwC.

Expressions of interest for either the sale or lease of 220
Victoria St close on June 13, 2013, the report says.

The report notes that with the departure of Mainzeal as lead
tenant on the top three floors totalling 2120sq m, the outdoor
equipment and clothing chain Kathmandu is the sole tenant.
Kathmandu occupies the retail premises on the ground floor and has
a six-year lease that commenced in June last year.

"The financial dynamics for this building are obviously far
different now to what they were in December last year. As such,
the potential buyer or lessee scope for the property has widened
considerably," the report quotes Mr. McKenna as saying. "There is,
for example, the potential to walk into the former Mainzeal
premises and purchase all the fixtures, fittings and furniture,
which are virtually new with Mainzeal only taking up occupation of
the commercial offices late in 2012."

Auckland Council recently identified the building as a high-
profile "gateway site" into the CBD.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, on Feb. 6, 2013, were appointed receivers
to Mainzeal Property and Construction Limited and associated
entities as a result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

The receivers are currently in talks with some parties interested
in buying the business and assets of Mainzeal, either as a whole
or by segment.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.


OKATO DAIRY: Receivers Seize Farm After Owner Threatens Bank
------------------------------------------------------------
Stuff.co.nz reports that Rabobank sent receivers on to
Kelvin Gray's Okato dairy farm to secure $5.6 million owed because
Mr. Gray threatened to cause long-term damage to the property, the
bank says.

In March, the report relates, receiver Dennis Wood and police
officers drove on to the Gray farm in Hampton Rd and gave family
members just hours to leave.

Mr. Gray, who owned the farm with his wife, Linda, was arrested
after he refused to leave the property, Stuff.co.nz recalls.

According to the report, Mr. Gray has since claimed receivers
scuttled his attempts to refinance the farm, illegally killed
bobby calves, and that the property was subject to a Maori land
claim.

All claims have been refuted by Mr. Wood, who has stayed largely
silent on most matters, the report relates.

Now both Mr. Wood and Rabobank are talking, says Stuff.co.nz.

According to Stuff.co.nz, a media release to the Taranaki Daily
News from the bank said it was forced to attain a High Court order
to take over the property after actions were carried out by the
Grays to "damage farm assets".

The report relates that Mr. Wood said these actions included the
dumping of milk and followed a written threat to the bank from
Mr. Gray that he would cause long-term damage to the property.

"This made the situation untenable. Police were involved in the
enforcement of this order to ensure the relocation could be
completed peacefully," Rabobank, as cited by Stuff.co.nz, said.



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


EXPORT AND INDUSTRY: PDIC to Start Liquidation Next Month
---------------------------------------------------------
Business Mirror reports that the Philippine Deposit Insurance
Corp. (PDIC) said it targets to start liquidating Export and
Industry Bank (EIB) by next month.

Business Mirror relates that in a press conference, Cristina Q.
Orbeta, PDIC executive vice president for receivership and
liquidation, said the state deposit insurer would file a petition
for assistance in liquidating the shuttered lender.

"Our legal-affairs sector is already preparing the petition for
filing with the Regional Trial Court in Makati City. The petition
is targeted for filing next month," the report quotes Ms. Orbeta
as saying.

According to Business Mirror, Ms. Orbeta said the PDIC will start
selling EIB assets through bidding or negotiated sale next month
or in June if there are no buyers during the bidding for these
properties.

Ms. Orbeta made it clear that proceeds from the sale of the assets
could not be distributed without the guidance of a liquidation
court, the report relays.

Ms. Orbeta said the PDIC will also conduct a forensic audit
through an outsourced agent, and that the corporation's legal
sector and external counsel shall continue to prosecute and defend
cases filed against the bank, the report adds.

Headquartered in Makati City, Manila, Export & Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2012, ABS-CBNnews.com said Bangko Sentral ng Pilipinas
placed EIB under receivership on April 26, 2012.  The Monetary
Board cited the bank's "inability to meet obligations as they
becomes due, insufficient realizable assets to meets its
liabilities and its inability to continue its business without
involving probable losses to its depositors and creditors."

The Philippine Deposit Insurance Corporation (PDIC) took over the
Export & Industry Bank on April 27, 2012, to implement Monetary
Board Resolution No. 686 dated April 26, 2012.  As Receiver, PDIC
will gather all the assets of the closed bank and verify and
validate all bank records.

The Monetary Board (MB) of the BSP this month ordered PDIC to
proceed with the liquidation of EIB.  The order was issued
pursuant to Section 30 of Republic Act 7653 (the New Central Bank
Act) after the MB received the report of the PDIC on the non-
satisfaction to the conditions for the rehabilitation of EIB.

The March 20, 2013 rebidding for the rehabilitation of EIB was
declared a failure when no letter of interest was received from
any of the pre-qualified strategic third party investors (STPIs).
For the bidding last Oct. 18, 2012, no bids were received from
the pre-qualified STPIs who submitted letters of interest to
participate in the bidding.

The net realizable value of EIB's recorded assets estimated at
PHP13.65 billion is deficient by PHP11.02 billion to cover its
liabilities aggregating to PHP24.67 billion as of December 31,
2012.


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


* SRI LANKA: Fitch Affirms 'BB-' LT Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings affirmed Sri Lanka's Long-Term Foreign- and Local-
Currency Issuer Default Ratings (IDRs) at 'BB-'. The Outlooks on
the ratings are Stable. The agency has also affirmed the Country
Ceiling at 'BB-' and the Short-Term Foreign-Currency IDR at 'B'.

Key Rating Drivers

The affirmation of Sri Lanka's sovereign ratings reflects the
following factors:

-- Sri Lanka's ratings balance the strength of the country's
   resilient growth performance, healthy level of human
   development and strong payment record against the weaknesses
   of its fiscal and external balance sheets and moderate
   domestic savings relative to investment needs.

-- The Stable Outlooks acknowledge the stabilisation of the
   overall economy over the past year, following the introduction
   of a series of monetary, exchange rate and fiscal measures in
   early 2012, which helped to reverse the deterioration in the
   balance of payments that took place in 2011.

-- Although the current account deficit fell short of the
   authorities' original target of 3.8% of GDP, it narrowed to
   6.6% in 2012 from 7.8% in 2011. Fitch projects that the
   current account deficit should decline further to about 5.2%
   in 2013 and 4.5% in 2014 due to a combination of stronger
   global growth and lower oil imports.

-- Persistence with tighter monetary and fiscal policies should
   help improve Sri Lanka's external liquidity position. Official
   foreign exchange reserves, excluding gold, rebounded to
   USD6.9bn (3.7 months of current external payments) at end-
   January 2013. This is up from a recent low of USD5.5bn at end-
   February 2012.

-- Sri Lanka's external debt refinancing schedule, however,
   remains quite heavy as an average of USD1.9bn per annum in
   sovereign debt is projected to mature from 2013 to 2015
   (versus USD1.3bn in 2012). This may not only limit Sri Lanka's
   ability to rebuild foreign exchange reserves to a much higher
   level, but it also means that the country's external finances
   will remain vulnerable to any spike in global risk aversion.

-- The economy has been resilient as real GDP grew 6.4% in 2012
   versus 8.2% in 2011. Fitch projects real GDP growth to average
   6.5%-7% in 2013 and 2014, compared with the government's
   forecasts of 7.5% and 8% in 2013 and 2014 respectively. Fitch
   believes the government's forecasted growth could once again
   lead to overheating risks. Consumer price inflation has fallen
   of late, rising 7.5% year-on-year in March, down from an
   average of 9.8% in January and February.

-- Following the successful completion of an IMF stand-by
   arrangement in July 2012, Sri Lanka has decided not to seek an
   extended fund facility. A new IMF programme would have
   provided some comfort that Sri Lanka would stick with the
   reform measures implemented in early 2012. However, Fitch
   does not view a successor programme as essential, provided
   that the authorities remain vigilant and maintain appropriate
   policy settings to ensure overheating risks and renewed
   strains on the balance of payments do not re-emerge.

-- Sri Lanka has continued to make limited progress on fiscal
   consolidation as the budget deficit fell to 6.4% of GDP in
   2012 (versus 6.9% in 2011). This was, however, partially
   achieved through an accumulation of arrears. Sri Lanka's
   general government debt-to-GDP ratio remained elevated at
   79.1% in 2012, which was significantly higher than the 'BB'
   peer rating group median of 32.6%. Low fiscal revenues weigh
   on the credit profile. The revenue take of 13.9% of GDP in
   2012 was well below the 'BB' range median of 26.6% and was
   down from 16.7% in 2008.

Rating Sensitivities

The main factors that individually, or collectively, could trigger
positive rating action:

-- A sustained improvement in the macroeconomic outlook that is
   consistent with healthy economic growth coupled with moderate
   and stable inflation and external equilibrium

-- A significant improvement in the external finances,
   accompanied by smaller current account deficits and higher
   levels of non-debt capital inflows (i.e. foreign direct
   investment)

-- A material improvement in Sri Lanka's public finances
   underpinned by a higher government revenue-to-GDP ratio and
   conversely a large decline in the general government debt-to-
   GDP ratio

The main factors that individually, or collectively, could trigger
negative rating action:

-- An extended period of economic overheating accompanied by a
   large surge in inflation

-- An intensification in external financing risks, particularly a
   renewed widening in the current account deficit combined with
   a fall in capital inflows could lead to a significant
   weakening in the exchange rate or downward pressure on the
   foreign exchange reserves

-- A material deterioration in the public finances, which leads
   to a large increase in Sri Lanka's general government debt-to-
   GDP ratio

Key Assumptions

-- Fitch assumes there were will be no sustained rise in
   commodity prices, particularly in crude oil, in line with the
   agency's Global Economic Outlook. Crude oil is forecast to
   average USD105 and USD100 per barrel in 2013 and 2014
   respectively, compared with USD112 per barrel in 2012

-- The political landscape will remain stable and there will be
   no renewal in the civil conflict that previously lasted 26
   years and ended in 2009

-- Fitch assumes that the availability of concessional financing
   by international donors/lenders will remain a continuing
   feature of the government's financing programme



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



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