TCRAP_Public/130514.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

            Tuesday, May 14, 2013, Vol. 16, No. 94



FOCAL GROUP: Court Orders Director to Pay Over Sham Contracts
GREAT SOUTHERN: Ferrier Hodgson Seeks Buyer for Timber Assets
LISA HO: HLB Mann Judd Appointed as Administrators
SEIZA AUGUSTUS: Fitch Lowers Rating on Class D Notes to 'CCC'
* AUSTRALIA: ATO Reports Fewer Businesses Trading at a Loss


BALPRADA HOTELS: ICRA Downgrades Ratings on INR102cr Loans to 'D'
HOMERA TANNING: ICRA Reaffirms 'B-' Rating on INR26.40cr Loan
JEEVAN SAAR: ICRA Puts 'C+' Rating to INR19cr Fund Based Limits
JMD LIMITED: ICRA Downgrades Ratings on INR103cr Loans to 'D'
KJS CEMENT: ICRA Downgrades Rating on INR675cr Loan to 'D'

MARTOPEARL ALLOYS: ICRA Reaffirms 'B+' Rating on INR6.75cr Loans
NEW STEEL: ICRA Assigns 'B' Ratings to INR10.11cr Loans
SAGA STEELS: ICRA Assigns 'C+' Rating to INR6cr Loan
SHRID METAL: ICRA Assigns 'D' Rating to INR8cr Fund Based Limits

SRI DURGA: ICRA Assigns 'B' Ratings to INR8cr Loans
UNION ENTERPRISES: ICRA Cuts Ratings on INR22.89cr Loans


SONY CORP: Turnaround Plan a Long Haul, Fitch Says

N E W  Z E A L A N D

STARFISH RETAIL: Goes Into Liquidation


EXPORT AND INDUSTRY: PDIC Files Criminal Complaint vs. Ex-Chair


* S&P Assigns Management & Governance Scores to 450+ Companies
* BOND PRICING: For the Week May 6 to May 10, 2013

                            - - - - -


FOCAL GROUP: Court Orders Director to Pay Over Sham Contracts
Andrew Heaton at DesignBuild Source reports that a director of
insolvent labour hire firm Focal Group Pty Ltd has been forced to
cough up AUD10,000 after admitting to hiring foreign workers on a
sham contracting arrangement.

Another director of the same company has skipped the country and
cannot be pursued, the report relays.

Earlier this month, the report recalls, the Federal Circuit Court
of Australia in Sydney ordered Mr. Jarrett to pay AUD10,000 for
misrepresenting to eight foreign workers that they were
contractors as opposed to employees after Mr. Jarrett made an
agreement with Fair Work Building and Construction (FWBC), the
national regulator for industrial relations in the building and
construction industry in Australia.

DesignBuild Source relates that Mr. Jarrett, one of two directors
of Focal Group, admitted the eight workers in question should have
been hired as employees under the Building and Construction
General On-site Award 2010 but were instead engaged as
contractors, paid a flat rate of AUD20 per hour and missed out on
annual leave and rostered days off.

According to the report, FWBC said its inspectors calculated the
total combined amount of wages and entitlements owing at
AUD33,345, but decided to pursue the directors individually as the
company had gone into administration.

The report notes that Mr. Jarrett agreed to the penalty, which
will be distributed among workers to partially cover what they are
owed, after admitting to breaching section 357(1) of the Fair Work
Act 2009.

The regulator was unable to serve the second director, Serdar
Tunc, who has left the country, the report ads.

Focal Group Pty Ltd is a Sydney-based labor hire firm.

GREAT SOUTHERN: Ferrier Hodgson Seeks Buyer for Timber Assets
-------------------------------------------------------------- reports that expressions of interests are being
sought by Ferrier Hodgson for the timber and land assets of Great
Southern Pine Pty Ltd which had been placed into liquidation and
the timber assets of Primary Securities Ltd.  The assets are on
sale on either piecemeal or complete package basis, the report
says. relates that the move involves the joint sale of
1356.66 hectares of land that has 518 hectares of old pine trees
and sale of 315.32 hectares of land with 220 hectares of old pine
trees. These properties are named Hamilton, Mossgrove and
Jeremy 1, 2, 3 and 4.

The expressions of interests will be closed on May 31, 2013, the
report discloses.

                         About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- was engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  Great Southern managed about 43,000
investors through 45 managed investment schemes.  The group owned
and leased approximately 240,000 hectares of land.  It also owned
more than 150,000 cattle across approximately 1.5 million
hectares of owned and leased land.

Great Southern entered into voluntary administration in May 2009.
The directors of Great Southern Limited and Great Southern
Managers Australia Limited appointed Martin Jones, Andrew Saker,
Darren Weaver and James Stewart of Ferrier Hodgson as
administrators of the two companies and majority of their units.
McGrathNicol was appointed receivers to the company and certain
of its subsidiaries by a security trustee on behalf of a group of
secured creditors.

In November 2009, the group's creditors voted to liquidate 27 of
Great Southern's 35 companies that were in administration.  Great
Southern administrators have recommended the companies within the
group be wound up.  Administrators Ferrier Hodgson said in a
report that each of the companies within the Great Southern group
was insolvent and that there had been no acceptable proposal to
continue to operate the group.

As of April 30, 2009, Great Southern had total liabilities of
AUD996.4 million, including loans and borrowings of AUD833.9
million.  The loans and borrowings included AUD375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.

LISA HO: HLB Mann Judd Appointed as Administrators
Cara Waters at SmartCompany reports that administrators HLB Mann
Judd were appointed as administrators to iconic Australian fashion
brand Lisa Ho last week.

SmartCompany says Lisa Ho recorded AUD13.05 million in revenue in
2012 but made a loss of AUD2.3 million, which the business
attributed to "one-off issues".

This led to the appointment of administrators Todd Gammel -- -- and Barry Taylor -- -- to Lisa Ho Designs and Lisa Ho Retail.

The report relates that the administration comes after Lisa Ho
abandoned its plans for an initial public offering earlier this
month. The IPO planned to offer 7.5 million shares priced at
AUD0.20 per share to raise a minimum of AUD1.5 million.

Brian Walker, chief executive of the Retail Doctor Group, told
SmartCompany a public float is often seen by retailers as an
excellent way to "almost cheat the grave".

"It's quite often one of the last calls to prop up an organisation
that is clearly struggling," the report quotes Mr. Walker as

But Mr. Walker said administration may not mean the end of Lisa Ho
as a business.

SEIZA AUGUSTUS: Fitch Lowers Rating on Class D Notes to 'CCC'
Fitch Ratings has downgraded Seiza Augustus Series 2007-1 Trust's
class D notes and affirmed the class C notes.

The notes were issued by Australian Executor Trustees Limited as
trustee of the. The transaction closed in April 2007, and is a
securitisation of small balance commercial and residential
mortgages originated by Seiza Mortgage Company Pty Limited
(Seiza). The rating actions are:

AUD3.13m Class C (ISIN AU3FN0002465) affirmed at 'Asf'; Outlook

AUD19.02m Class D (ISIN AU3FN0002463) downgraded to 'CCCsf' from
'BBsf'; Recovery Estimate of 90% assigned

Key Rating Drivers

The downgrade of the class D notes reflects Fitch's view that a
default on the notes is a possibility given high expenses, low
recoveries and low prepayment rates. The transaction has paid down
from initial liabilities of AUD404.7m to approximately AUD30.6m
after charge-offs as of April 2013, when the pool comprised 81
residential and commercial mortgages. Low-documentation loans
represented 49% of the pool.

The affirmation of the rating of the class C notes reflects
Fitch's view that the available credit enhancement levels are
sufficient to support the notes' current ratings, and that the
notes will not be impacted by higher-than-expected expenses and
low recoveries.

As of the April 2013 payment date, the total cumulative losses
amounted to AUD31.2m, of which AUD17.1m has been reimbursed via
excess spread and income from liquidation proceeds. A unique
feature of this transaction is the full charge-off to the notes
that are greater than 300 days in arrears, as a result of which
the unrated class F and G notes have been charged-off.
Total charge-offs have remained high since late 2011. As of April
2013, charge-offs against the class G notes totalled AUD10.34m,
and against the class F note totalled AUD3.98m, just short of the
total notes' balance of AUD4.05m.

As of April 2013, three loans were in arrears by more than 90
days. These have not yet been charged-off and accounted for 7.32%
of the pool.

As of April 2013, outstanding principal draws totalled AUD286,395.
Since December 2012, the transaction has experienced an increase
in principal draws as expenses and coupon payments were higher
than the income received from the performing assets. Over the 12
months to April 2013, the transaction has experienced significant
litigation costs, at an annualised rate of approximately 3%, due
to the high level of properties in possessions and arrears.

The excess and loss provision reserves have been fully used. The
liquidity facility amounted to AUD13m at end-March 2013,
representing 42% of the collateral pool.

Rating Sensitivities

The current level of credit enhancement available to the class C
notes provides a significant protection to foreseeable adverse
scenarios. Recoveries from current properties in possession are
expected to reduce the level of charge-offs in the coming months,
and the rating of class D notes is sensitive to whether recoveries
will be above or below historical levels. Since closing, defaulted
loans and realised losses amounted to AUD64.9m and AUD25.1m,
respectively, reflecting a 38.8% loss severity.

The rating on the class D notes will also be influenced by the
level of expenses, particularly arrears litigation costs. If
future expenses are below the levels reported in the 12 months to
April 2013 investment payment date, and principal draws are cured,
the rating on Class D notes may be upgraded.

The rating on the class D notes is also sensitive to prepayments.
Any prepayment would benefit the class D notes as they would be
repaid before any outstanding principal draw would increase, in
turn impacting the transaction's yield.

As the mortgage portfolio decreases, the risk of principal losses
resulting from the default of large loans and the risk of constant
negative carry become a relevant driver for Fitch's analysis. A
cash flow analysis was performed on the transaction, stressing a
combination of interest rates, defaults, default timing, recovery
timing, prepayment rates, and expenses.

* AUSTRALIA: ATO Reports Fewer Businesses Trading at a Loss
SmartCompany reports that the number of companies operating in
Australia at a loss has decreased, according to the latest figures
from the Australian Taxation Office.

But those positive figures, which cover the 2010-11 financial
year, also coincide with a rise in insolvency statistics from the
same time, SmartCompany relates.  That trend has continued, with
insolvency numbers recorded by Australian Securities and
Investment Commission now at record highs.

SmartCompany relates that the number of companies trading at a
loss decreased from 35.1%, or 273,690 businesses, to 34.1%, or
269,215 businesses.

Although the number may seem small, a change of 4,475 businesses
is significant enough for tax and accounting analysts to take

However, while the results indicate a better year for companies,
the coinciding insolvency statistics show the year kicked off a
string of corporate collapses, says SmartCompany.


BALPRADA HOTELS: ICRA Downgrades Ratings on INR102cr Loans to 'D'
ICRA has revised the long term rating assigned to INR100 crore
term loans of Balprada Hotels and Hospitality Services Private
Limited to [ICRA]D from [ICRA]B+. ICRA has also revised the short-
term rating assigned to INR2 crore non-fund-based limits of
Balprada to '[ICRA]D' from '[ICRA]A4'.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans               100     [ICRA]D Revised
   Non-fund-based-limits      2     [ICRA]D Revised

The revision of ratings takes into account delays in servicing of
debt obligations by the company on account of its stretched
liquidity position resulting from significant time and cost over
runs in its hotel project and also due to cash shortfall during
first year of hotel operations. The rating continues to be
constrained by limited experience of the promoters in hospitality
sector, anticipated pressure on Revpars in National Capital Region
(NCR) hospitality market due to huge supply additions over the
medium term, which will, coupled with the slowing economic
activity, affect room offtake.

Going forward, timely servicing of debt obligations and ramp up of
occupancy and Average Room Rate (ARR) will be the key rating

Balprada Hotels and Hospitality Private Limited (Balprada) is a
subsidiary of JMD Limited. The company has developed a 185 room 4
star hotel at Golf Course Road in Gurgaon at a cost of
INR178 crore. The hotel has been funded by debt of INR100 crore
and promoters' contribution of INR78 crore. The hotel project (to
be operated under the 'DoubleTree by Hilton' brand) started
commercial operations in March 2012.

Recent Results

Balprada Hotels and Hospitality Services Private Limited reported
operating income of INR0.93 crore and profit after tax of INR-3.73
crore in FY12.

HOMERA TANNING: ICRA Reaffirms 'B-' Rating on INR26.40cr Loan
ICRA has reaffirmed the long-term rating assigned to INR26.40
crore long term fund based facilities of Homera Tanning Industries
Private Limited at '[ICRA]B-'. ICRA has also reaffirmed the short
term rating assigned to INR4.20 crore non fund based bank
facilities of HTIPL at '[ICRA]A4'.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term Fund          26.40    [ICRA]B- (reaffirmed)
   Based Limits

   Short Term Non           4.20    [ICRA]A4 (reaffirmed)
   Fund Based Limits

The reaffirmation of the rating continues to take into account the
susceptibility of export demand of leather products to key
consuming markets of Europe and Russia which are witnessing
challenging macro environment as well as elevated levels of
TOL/TNW. Further, by virtue of the nature of its operations, since
a significant proportion of the receivables are denominated in
foreign currency, the company is exposed to foreign exchange
fluctuation risk. In the past, in the absence of any hedging
mechanism, the losses on foreign exchange fluctuations had
completely eroded the operating profitability and resulted in
losses at the net level. In the backdrop of these losses,
irregularity in debt servicing was also witnessed in 2011.
However, for the last couple of years, the company has started
hedging its foreign currency denominated receivables which has
helped to contain its forex losses and continuation of this policy
will be important to minimise these risks. This has supported the
profits of the company to an extent; however the net profitability
margins have remained modest in the range of ~3-3.5%. While
reaffirming the rating, ICRA has also noted that a significant
proportion of the company's profitability is supported by the duty
drawback and other export incentives enjoyed on the export of the
leather products. In FY 2012, the company earned an operating
profit of -INR8.71 cr while it has earned ~INR7.44 cr through duty
drawbacks and export incentives indicating high reliance on
continuation of these export incentives, which in turn are
dependent on government policies. Further, during FY12, the
profitability margins of the company have remained under pressure
due to increasing raw material prices. Further, ICRA has also
taken cognizance of the fact that the company's obligations
towards its creditors have remained at elevated levels in the
recent years. Notwithstanding the above, the rating draws comfort
from the increasing scale of company's operations as reflected in
the growth in the sales from -INR68.53 cr in FY 2011 to INR121.15
cr in FY 2012. This sharp increase of -76% has been backed by
increase in both average realisations (in line with increasing raw
material costs) and volumes of its products. Further, the
promoter's long experience in the leather manufacturing business
with an in-depth understanding of the industry has also supported
the rating.

Going forward, the ability of the company to maintain its revenue
growth while diversifying its geographical presence, improve its
profit margins through better foreign exchange management, better
cost reducing procurement arrangements and continuity of
favourable government policies on export incentives will be the
key rating sensitivities.

Homera Tanning Industries Private Limited (HTIPL), incorporated in
1987, is a manufacturer and exporter of finished leather and shoe
uppers. Homera Tanning Industries Private Limited is promoted by
Mr. Rizwan Ullah and his family. Mr. Rizwan Ullah has a long track
record in the leather business of more than four decades. The
company is managed by Mr. Rizwan Ullah, who is the Managing
Director of the company, and his family members who are among
other Directors and are involved in the in the day to day
management of the company. The manufacturing facility of the
company is located at Kanpur, Uttar Pradesh

JEEVAN SAAR: ICRA Puts 'C+' Rating to INR19cr Fund Based Limits
ICRA has assigned the long term rating of '[ICRA]C+' fund based
facilities of Jeevan Saar Educational Society.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits       19.00    [ICRA]C+ assigned

The assigned rating takes into account modest enrolments witnessed
by the school in the first year of its operations, which in the
backdrop of fixed cost structure and debt servicing obligations
has resulted in stretched liquidity position as evident by cash
losses witnessed by the society. While the school does benefit
from its association with Child Education Society (which owns the
Bal Bharati Brand) and gains from their vast management and
operational experience in running educational institutes, the
ability of the society to attract student remains to be seen,
especially given the presence of large number of schools in the
Bhiwadi region. In the event of continued weakness in future
enrolments, the cash accruals and liquidity position is expected
to remain stretched and hence will necessitate additional funding

While ICRA takes note of the deferred repayment schedule,
improvement in the enrolments as well society's ability to fund
any shortfall that might arise during the initial phase of
operations would be critical for debt servicing and hence would be
the key rating sensitivities going forward.

Jeevan Saar Educational Society manages Bal Bharati Public School
in Bhiwadi, Rajasthan. The school became operational in the
academic session AY2012-13 and at present caters to 39 students
till Vth Standard. The school proposes to commence admissions for
Standard VI and VII from AY 2013-14

Recent Results

As per the six months unaudited results of FY13, society collected
INR0.19 crore of gross receipts and incurred cash losses of
INR1.25 crore.

JMD LIMITED: ICRA Downgrades Ratings on INR103cr Loans to 'D'
ICRA has revised the long term rating assigned to INR100 crore*
term loans and fund-based limits of JMD Limited to [ICRA]D from
[ICRA]BB+. ICRA has also revised the short-term rating assigned to
INR3.00 crore non-fund-based limits of JMD to '[ICRA]D' from

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans              98.00    [ICRA]D Revised
   Non-fund-based-limits    3.00    [ICRA]D Revised
   Fund-based Limits        2.00    [ICRA]D Revised

The revision of ratings takes into account delays in servicing of
debt obligations by the company on account of its stretched
liquidity position resulting from significant investments made in
group's hotel project to meet its cost over runs as well as to
support the hotel's operations during stabilization phase.
The rating continues to be constrained by significant exposure of
the company to commercial projects resulting in high funding
requirements, concentration of its projects in Gurgaon (Haryana)
and regulatory risks faced in some of its projects.

Going forward, timely servicing of debt obligations and
maintaining the sales momentum & collections in the projects will
be the key rating sensitivities.

JMD Limited is a public limited company engaged in commercial and
residential real estate development in Delhi, Gurgaon, Noida,
Verna and Ludhiana. JMD was promoted in 1989 by Mr. Sunil Bedi.
Its business focuses on residential and commercial developments.
JMD's first project was JMD Regent Square, MG Road Gurgaon which
was completed in the year 2001. As on date, the company has
completed a total of seven commercial projects, aggregating
approximately 1.02 million square feet of sold/leased area. The
group has also completed its first hotel project- Double Tree by
Hilton, in Gurgan (Haryana).

Recent Results

JMD Limited reported operating income of INR112 crore and profit
after tax of INR6 crore in FY12 as against operating income of
INR104 crore and profit after tax of INR7 crore in FY11.

KJS CEMENT: ICRA Downgrades Rating on INR675cr Loan to 'D'
ICRA has revised the rating outstanding for the INR675 crore,
fund-based bank facilities of KJS Cement Limited to [ICRA]D from
[ICRA]BB+ earlier. The rating revision factors in the
irregularities observed in debt-servicing by the company.

   Facilities                 (INR Cr)    Ratings
   ----------                 --------    -------
   Fund-based bank facilities   675.00    [ICRA]D Downgraded

A part of Kamal group of companies, KJS Cement Limited was
incorporated in 1983 as Diwan Lime Company Pvt. Ltd., with the
objective of undertaking mining operations and manufacturing
cement. The name of the company was subsequently changed to KJS
Cement Private Limited in November 2007 and subsequently to KJS
Cement Limited in February 2009 because of change in constitution
from private limited to public limited company. KJSCL has set up a
green-field integrated 1.65 million tonnes per annum (mtpa) of
clinker and 2.276 mtpa of cement manufacturing facility at Maihar,
Satna district (Madhya Pradesh), comprising of a captive power
plant of 27MW. The unit started manufacturing clinker from last
week of February 2012 onwards.

MARTOPEARL ALLOYS: ICRA Reaffirms 'B+' Rating on INR6.75cr Loans
ICRA has reaffirmed the long term rating of '[ICRA]B+' for INR3.60
crore (earlier INR4.25 crore) fund based facilities, INR2.50 crore
non fund based facility and INR0.65 crore (earlier nil)
unallocated limits of Martopearl Alloys Private Limited. ICRA has
also reaffirmed the short term rating of '[ICRA]A4' to INR0.25
crore of non fund based facility of MAPL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit              3.00    Reaffirmed at [ICRA]B+
   Term Loan                0.60    Reaffirmed at [ICRA]B+
   Bank Guarantee           2.50    Reaffirmed at [ICRA]B+
   Letter of Credit         0.25    Reaffirmed at [ICRA]A4
   Unallocated Limits       0.65    Reaffirmed at [ICRA]B+

The reaffirmation of the ratings take into account the stretched
financial profile of MAPL characterized by low operating
profitability inherent in steel/iron alloy castings business and
the lack of price escalation clauses in contracts with customers,
which coupled with high competitive intensity in the industry has
limited the ability to pass on the increase in raw material prices
to customers, thus leading to a decline in the operating
profitability over the last two years. Low operating profitability
has led to the company reporting net losses during the last two
years, which together with high gearing has resulted in weak
coverage indicators. The ratings continue to remain constrained by
the modest scale of operations which limits economies of scale and
the bargaining power of the company; and moderate capacity
utilization thus impacting business returns. However, ICRA draws
comfort from the reputed customer base of MAPL which includes both
government and private sector clients such as Alstom Projects
India Limited, Neyveli Lignite Corporation Limited, P E S
Engineers Private Limited, NMDC Limited, NPTC Limited etc and the
long experience of the promoters in the steel industry. Going
forward, ability of the company to improve its operating
profitability while maintaining a healthy growth in the turnover
and a prudent capital structure will be key rating sensitivities.

Martopearl Alloys Private Limited, incorporated in 1985 by Mr. M S
R V Prasad, is engaged in manufacturing of iron and steel alloy
castings. MAPL has manufacturing facilities at Patancheru, Andhra
Pradesh with an installed capacity of 6,360 Metric Tonnes per
Annum (MTPA). MAPL's castings are majorly used in metallurgical,
cement, mining and mineral, and thermal power industries. Mr. M S
R V Prasad, Chairman & Managing Director, is a qualified and
experienced metallurgical engineer, has more than 30 years
experience in the steel industry.

Recent Results

In FY12, company reported an operating income of INR32.62 crore
and net loss of INR0.05 crore.

NEW STEEL: ICRA Assigns 'B' Ratings to INR10.11cr Loans
ICRA has assigned a long term rating of '[ICRA]B' to the
INR10.11 Crore fund based bank facilities and short term rating of
[ICRA]A4 to INR12.80 Crore non fund based facilities of New Steel
Trading Private Limited.  ICRA has also assigned a long term
rating of [ICRA]B and/or a short term rating of [ICRA]A4 to the
INR2.09 Crore unallocated limits of the company.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   LT Scale-Fund Based
   Limits-Term Loan         4.61    [ICRA]B Assigned

   LT Scale-Fund Based
   Limits-Cash Credit       5.50    [ICRA]B Assigned

   ST Scale--Non Fund
   Based Limits-Letter
   of Credit               12.00    [ICRA]A4 Assigned

   ST Scale-Non Fund
   Based Limits-Bank
   Guarantee               0.80     [ICRA]A4 Assigned

    Unallocated Limit      2.09     [ICRA]B/[ICRA]A4 Assigned

The ratings consider NSTPL's stretched liquidity on account of
working capital intensive nature of operations resulting in almost
full utilization of fund based limits and leveraged capital
structure. The ratings further incorporate the inherently low
profit margins due to limited value addition in the trading of
steel, ferrous, and non ferrous metals. Further the envisaged debt
funded capital expenditure going forward is likely to keep the
debt coverage indicators under check given modest profitability
levels for the company. The ratings, however draws comfort from
the long experience of the promoters in trading of steel, ferrous
and non ferrous products and its diversified product profile at

Established in 1994, New Steel Corporation which was later
incorporated as a private limited company under the name New Steel
Trading Private Limited in the year 1999. The company is engaged
in the business of trading of steel products, import and trading
of ferrous and non ferrous scrap. From May 2010, onwards the
company has also started manufacturing of MS Ingot by acquiring a
furnace at Wada, Thane. The company has its registered office in
Masjid (Mumbai), administrative office at Thane and Manufacturing
unit located at Wada, Thane. The company also has 3 warehouses at

Recent results:

NSTPL reported sales of INR144 Crore for the eleven month period
of 2012-13 (unaudited) as against sales of INR130.94 Crore as per
the audited figures for the period ending March 31, 2012.

ICRA has assigned a long-term rating of '[ICRA]B' to the proposed
INR25.00 crore long-term fund-based facilities of Rudra
Infradevelopers Private Limited.

   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Proposed Long-Term         25.00    [ICRA]B Assigned
   Fund Based Facilities

The rating factors in the satisfactory track record of the
promoters in the construction of real-estate projects across
various cities in Uttar Pradesh (U.P.), which has helped the
company in achieving satisfactory level of bookings for its
project - 'Rudra Greens', launched in March-2011 and located at
Singhpur, Kanpur. With around 42% of the estimated project cost
incurred till February-2013, the project faces moderate execution
risks. Notwithstanding the satisfactory booking for the project;
the collection efficiency remains low at around 35% resulting in
cash flow mismatches; smooth execution of the project and its
completion within reasonable time frame is dependent upon the
ability of the company to raise the project term loan in a timely
manner and payment collection efficiency from customers against
the area already sold which is crucial to bridge the cash flow
mismatches. However, the absence of bank funding would necessitate
the company to accelerate the sale of the project so as to cover
the shortfall in cash flows. Although accelerating the sale would
lower the realization from the project; however the overall
profitability would largely remain intact on account of reduced
financial burden for the company. The rating is also constrained
on account of fungibility of the project cash flows to other
projects in the company/group. Further, high proportion of unsold
area (around 40% as on February-2013) exposes the company to
market risks on account of inherent cyclicality of the sector.

Going forward, the ability of the company to improve its
collection efficiency for the payments from customers, timely sale
of the un-sold area and tie-up of bank funding at favorable terms
are the key rating sensitivity factors.

                       About Rudra Infradevelopers

Rudra Infradevelopers Private Limited is a part of Rudra Group
which is engaged in to real-estate construction and equity /
commodity broking business for the past 15 years. The group is
promoted by Mr. Anoop Kumar Aggarwal and his brother Mr. Arun
Kumar Agarwal. Currently, RIPL is developing a residential housing
project - 'Rudra Greens', involving construction of 342
residential flats at Singhpur, Kanpur with saleable area of 0.49
million square feet and utilizing 3.71 acres of land parcel. Apart
from this, the group is also developing a residential project
'Rudra Prathishta' at Sharda Nagar, Kanpur on land parcel of 1
acre; construction for this project has not commenced yet.

SAGA STEELS: ICRA Assigns 'C+' Rating to INR6cr Loan
ICRA has assigned a long-term rating of '[ICRA]C+' to the INR6.00
crore fund based facilities of Saga Steels Private Limited. ICRA
has also assigned a short-term rating of '[ICRA]A4' to the INR3.00
crore non-fund based facilities of SSPL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based facilities    6.00    [ICRA]C+ assigned
   Non-fund based           3.00    [ICRA]A4 assigned

The assigned ratings consider the expected improvement in the
capacity utilisation going forward, which is low at present, as a
dedicated feeder has been set up recently to source wind power;
and the favorable long-term demand outlook for steel. The ratings
also consider the Company's stretched coverage metrics, negative
net worth and the tight liquidity position; and the small scale of
its operations, which restricts scale economics / financial
flexibility. While the Company's revenue growth is exposed to
cyclicality inherent in the steel industry, which is passing
through a period of weakness at present, high competition in the
fragmented and commoditised steel ingots manufacturing/scrap
trading business restricts scope for expansion of the operating
margins, which are already thin.

Incorporated in 2008-09, SSPL is primarily engaged in
manufacturing steel ingots and trading in steel scrap. The Company
has its manufacturing unit at Periyakulam (Tamil Nadu), with a
capacity of 25,000 TPA. The Company presently forms part of the
Sabari group, which is engaged in varied businesses, including
steel manufacturing and trading.

Recent results

SSPL reported a profit before depreciation, amortisation and taxes
of INR0.1 crore on an operating income of INR23.6 crore during
2012-13 (according to unaudited results). It reported a net loss
of INR0.1 crore on an operating income of INR15.8 crore during

SHRID METAL: ICRA Assigns 'D' Rating to INR8cr Fund Based Limits
ICRA has assigned the [ICRA]D rating to INR8 crore bank lines of
Shrid Metal Technologies Private Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based Limits        8.0     [ICRA]D assigned

The rating takes into account recent delays in servicing of bank
facilities of Shrid Metal Technologies Private Limited. The
company liquidity position is stretched owing to nascent stage of
operations leading to lower accruals coupled with sizeable
repayments on account of debt-funded expansion undertaken in the

Shrid Metal Technologies Private Limited (SMT) manufactures and
supplies forged, machined treated components/ assemblies/sub
assemblies to Automobile, Pharma and Defence clients. SMT is a
part of Shrid group that provides lubricants for the forging

Recent Results

The Company reported operating Income of INR1.19 crore and loss of
INR0.93 crore for 9MFY13 period (Provisional numbers).

SRI DURGA: ICRA Assigns 'B' Ratings to INR8cr Loans
ICRA has assigned a long term rating of '[ICRA]B' to INR8.00 crore
bank limits of Sri Durga Prathima Poultries Private Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash credit              4.50    Assigned [ICRA]B

   Term Loan                3.20    Assigned [ICRA]B

   Unallocated limits       0.30    Assigned [ICRA]B

The assigned rating is constrained by SDPP's relatively modest
scale of operations, cyclicality associated with the poultry
industry and resultant table egg price volatility and
vulnerability of profits to fluctuation in prices of feed
(primarily maize and soya) which accounts for over 80% of
manufacturing cost. The rating is also constrained by the weak
capital base as reflected in net worth of INR0.70 crore as on 30th
September 2012 which results in a stretched capital structure as
reflected in gearing of ~11 times as on 30th September 2012.

The rating however, favorably factors the experience of the
management in commercial layer poultry farming and healthy demand
outlook for the layer segment of the industry on account of
increasing acceptance of eggs as a daily meal component.

Sri Durga Prathima Poultries Private Limited was promoted by Mr.
KV Subba Rao to engage in the business of commercial layer poultry
farming, The Company has been in existence for 22 years. The
company operates through its unit located at Tanuku (capacity of
320000 layers), West Godavari District and is involved in the sale
of table eggs.

Recent Results

The company reported an operating income and net profit of
INR19.45 crore and 0.18 crore respectively in FY2012 as against an
operating income and net profit of INR15.10 crore and INR0.15
crore respectively in FY2011.

ICRA has assigned '[ICRA]BB+/[ICRA]A4+' ratings for the INR30.00
Crore bank facilities of Uneecops Technologies Limited. The long
term rating has a stable outlook.

   Facilities              (INR Cr)   Ratings
   ----------               --------  -------
   Cash Credit Facilities     3.70    [ICRA]BB+ (stable) assigned
   Term Loans                13.00    [ICRA]BB+ (stable) assigned
   Bank Guarantee             5.25     [ICRA]A4+ assigned
   Unallocated                8.05    [ICRA]BB+ (stable) assigned

The ratings assigned factor in the long experience of the
management as well as the company's established relationships with
various government agencies. The ratings also take into account
the healthy growth in revenues of the company over the past few
years as well as improvement in capital structure following
infusion of funds by the promoters. The ratings are, however,
constrained by the high competitive intensity and low
profitability involved in the trading of electronic OEM products
besides the capital intensive nature of the photocopier rental
business. The presence of long term contracts with customers in
the photocopier rental business, however, reduces risk. Going
forward, the company's ability to scale up its operations as well
as manage its working capital intensity would remain key rating

Incorporated in 1996, Uneecops Technologies Limited (UTL) is
engaged in trading of various electronic products which include
photocopiers, printers, projectors, laptops, desktops, smart class
projects equipment etc. In addition to the trading business, the
company also has a rental business wherein it rents out
photocopiers to customers on long term contracts. Additionally,
the company is also an alliance partner for SAP and is engaged in
providing comprehensive solutions to small and medium sized
businesses. The day to day management of the company is taken care
of Mr. Piyush Jain (managing director). Mr. Jain has an experience
of more than 25 years in dealing with various government agencies.

Recent Results

As per provisional financial statements, UTL recorded an operating
income of INR123.9 Crore in 2012-13. The company reported an
operating profit before depreciation, interest and tax of INR8.5
Crore and profit after tax (PAT) of INR2.9 Crore as per
provisional financials.

UNION ENTERPRISES: ICRA Cuts Ratings on INR22.89cr Loans
ICRA has revised downward the long term rating assigned to the
INR20.89 crore fund based bank limits and INR2 crore non fund
based bank limits of Union Enterprises (Sachdev Steel Works
Private Limited) (UE) from [ICRA]B+ to [ICRA]B-. The INR2 crore
non fund based limit has also been rated on the short term scale,
for which ICRA has re-affirmed the short term rating at [ICRA]A4.

   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund Based Limits-        11.40    Revised downwards to
   Cash Credit                        [ICRA]B- from [ICRA]B+

   Fund Based Limits-         9.49    Revised downwards to
   Term Loan                          [ICRA]B- from [ICRA]B+

   Non Fund Based Limits-     2.00    Revised downwards to
   Letter of Guarantee                [ICRA]B- from [ICRA]B+/
                                      Re-affirmed at [ICRA]A4

The rating action takes into consideration the significant
deterioration in the financial profile of UE due to the continuous
losses posted over the last two years due to stagnating demand and
high raw-material cost. The losses have eroded a significant
portion of the net-worth of the company and severely impacted its
capital structure. The ratings also factor in the small scale of
the current operations due to the low capacity utilization of the
rolling mills and weak financial profile of the company as
characterized by negative returns from business which keeps the
debt protection indicators depressed. While assigning the rating
ICRA has taken into consideration that the automated rolling mill
installed during FY12, which was primarily debt funded, and is
likely to keep the coverage indicators under pressure. The ratings
also factor in the high working capital intensity of the business
due to the company's high receivable and inventory position and
the cyclical nature of the steel industry, which is going through
a difficult phase at present. The failure of the coal gasification
plant to achieve the expected process parameters has led to an
increase in the power costs. The ratings take into account the
experience of the promoters (more than three and a half decades)
in operating rolling units and the flexibility of the company to
roll products of various specifications in line with market demand
due to the availability of both rebar mill and structural mill.

Union Enterprises (UE) has been in the business of manufacturing
TMT bar and rod since 1975. The production facility is located in
the Adityapur Industrial Area in Jamshedpur, Jharkhand. UE
currently produces TMT bars where billets/pencil ingots are used
as the major raw material. The company has recently installed a
fully automated structural mill with a capacity of 57,600 tpa.
This is in addition to the existing 14,400 tpa rebar mill.

Recent Results

As per provisional numbers, the company has reported a net loss of
INR5.45 crores in FY13 on an operating income (OI) of INR28.02
crore. The company had reported a loss of INR0.79 crore on an OI
of INR19.15 crore in FY12.


SONY CORP: Turnaround Plan a Long Haul, Fitch Says
Fitch Ratings says Sony Corporation's (Sony, BB-/Negative) bid to
achieve a significant turnaround in its electronics business in
the financial year ending March 2014 (FYE14) will be a challenge.
Nevertheless, if successful, Sony's EBIT margins and funds flow
from operations (FFO) adjusted leverage would approach Fitch's
positive rating action guidelines.

Although Sony has had some success in increasing its smartphone
market share, albeit from a low level, and in reducing costs in
its TV business, Fitch believes the company's FYE14 electronics
business operating profit target of JPY100bn is ambitious. The TV
and smartphone markets will remain competitive and stronger
rivals, such as Samsung Electronics Co., Ltd. (A+/Stable), LG
Electronics Inc. (BBB-/Stable) and Apple Inc., present a
significant challenge to Sony's goal of increasing both profit and
market share in these segments.

Sony's TV business may struggle to meet its goal of increasing
sales volume by 19% yoy and becoming profitable. Its smartphone
segment's targets of 42 million units sales and tens of billions
of yen profit in FYE14 would match LG Electronics' current share
and profitability. This turnaround from the heavily loss-making
position in FYE13 faces headwinds of a small market share in a
competitive segment.

Fitch is not convinced that Sony's strategy to curb losses in the
computing business by introducing high value-added PCs will be a
success, particularly as weak economies in developed countries
have extended the PC replacement cycle. Fitch believes that the PC
market will continue to be tough for all operators following a 14%
yoy worldwide PC shipment fall in Q113 due to substitution by
smartphones and tablets and the lukewarm response to Window 8-
based products.

Although the weakening of the yen is positive for Sony - the
company expects a positive foreign exchange impact of JPY60bn in
FYE14 - this by itself will be insufficient to return the company
to investment-grade. Regaining investment-grade ratings would
require Sony to reclaim technology leadership in key products and
further capitalise on its brand, for which there remains
significant residual consumer affection.

As previously stated, the launch of the PlayStation 4 will not
generate sufficient cash flow to turn around Sony's credit profile
in FYE14 as higher hardware sales will be offset by a substantial
increase in research and development and marketing expenses.

Fitch may downgrade the rating if Sony's EBIT loss sustains and
FFO-adjusted leverage rises above 4.5x (both excluding Sony
Financial Holdings - SFH). However, Fitch will consider revising
the Outlook to Stable if EBIT margins improve to over 1% and FFO-
adjusted leverage is sustained below 4x, both excluding SFH.

N E W  Z E A L A N D

STARFISH RETAIL: Goes Into Liquidation
Lucire reports that Starfish Retail Ltd. and Starfish Wholesale
Ltd. went into liquidation as of May 8, with creditors expected to
make their claims with Price Waterhouse Coopers in Wellington,
New Zealand by June 12.

Lucire relates that Starfish has had a long history in Wellington,
and is one of the labels most closely identified with the city.
Founded by sisters Laurie and Miriam Foon, initially selling out
of the boot of their car, the company soon became known for its
commitment to corporate social responsibility and the environment.

Laurie Foon was Lucire's first feature interviewee in 1997, at a
time when Starfish was behind a movement to stop the city motorway
bypass. It was one of many social causes that the company stood
behind in its 20-year history.

The companies that are in liquidation now were incorporated the
year after, though the label itself started in 1993.

Starfish also launched a more premium label, Laurie Foon, in the


EXPORT AND INDUSTRY: PDIC Files Criminal Complaint vs. Ex-Chair
The Philippine Deposit Insurance Corporation (PDIC) filed with the
Department of Justice on May 9, 2013 a criminal complaint against
the former Chairman and five other officers of the closed Export
and Industry Bank (EIB) for conducting business in an unsafe and
unsound manner, in violation of the PDIC Charter and the General
Banking Law (GBL) of 2000.

Charged for the commission of irregularity and for conducting
business in an unsafe and unsound manner and for violation of the
GBL were Jaime C. Gonzales, former Chairman of EIB; Juan Victor S.
Tanjuatco and Nilo L. Pacheco, Jr., former Presidents of EIB;
Teresita Q. de Ocampo, former Vice President and Chief Financial
Officer; Alex Luis M. Pesigan, former Senior Vice President and
Head for Treasury Group; and Adeline L. Grimares, former First
Vice President, Risk Management Group.

PDIC's complaint alleged that "respondents authorized and allowed
the payment of a success fee when the obligation to pay such a fee
has not arisen". The complaint stated that the success fee
amounted to US$4.8 million. Of this amount, US$3.0 million was
received by AO Capital Partners Limited, where Gonzales was also
the Chairman.

When sought for comment, Finance Secretary and PDIC Chairman Cesar
V. Purisima highlighted the importance of the filing in fulfilling
the spirit of the PDIC's mandate.

"The filing of these charges by the PDIC highlights our commitment
to protecting the interests of the Filipino depositor. We in the
DOF, PDIC, and attached agencies will not abide by practices that
selfishly endanger the savings of Filipinos for the personal gain
of a few. We intend to pursue the full application of justice in
this case and, most importantly, we intend to uphold the faith of
the Filipino people in a government that will protect them from
malicious corporate interests," Mr. Purisima said.

Headquartered in Makati City, Manila, Export & Industry Bank
-- 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, 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,


* S&P Assigns Management & Governance Scores to 450+ Companies
Standard & Poor's has completed assigning its Management &
Governance (M&G) score to all non-financial companies it rates, as
outlined in its Management & Governance Credit Factors ratings
criteria published Nov. 13, 2012.  The management and governance
score is used to modify S&P's evaluation of an enterprise's
business risk profile, a key component of its credit rating.

The criteria help to combine seven governance factors and eight
strategic, risk, and operational management factors to arrive at a
single M&G score of either "strong", "satisfactory", "fair", or
"weak".  S&P believes the scores will enhance transparency of one
of the most qualitative aspects of Standard & Poor's rating
methodology; they will be regularly updated as part of S&P's
ongoing surveillance process.

"These new management and governance scores did not cause any
credit ratings to change, but they do bring more transparency to
the opinions already embedded in our ratings," said JaeMin Kwon,
managing director for Corporate & Infrastructure Ratings in Asia
Pacific.  "The quality of an organization's oversight is a key
component of its creditworthiness, and we believe these scores
help demonstrate that."

Of the 489 publicly and privately rated Asia Pacific companies
scored for M&G, 14% were designated as "strong", 44% as
"satisfactory", 37% as "fair", and 4% as "weak".  Of these, the 88
publicly rated companies designated at the extremes--"strong" and
"weak"--are listed in table 1.

M&G scores are highly correlated with the overall issuer credit
ratings: investment-grade companies (those rated 'BBB-' and
higher) tend to have "strong" or "satisfactory" M&G scores, while
speculative-grade companies (rated 'BB+' and lower) more often
have "fair" or "weak" scores.  However, exceptions exist.  All
else being equal, a highly rated company with only a "fair" M&G
score would be more vulnerable than its peers, and likewise a
lowly rated company with a "strong" or "satisfactory" score would
be differentiated in a positive way.



Advanced Info Service Public Co. Ltd. (Thailand), A-
Airport Authority Hong Kong, (Hong Kong) AAA
Ajinomoto Co. Inc. (Japan), AA-
BHP Billiton Ltd. (Australia), A+
Canon Inc. (Japan), AA
CFS Retail Property Trust Group (Australia), A
Cheung Kong Infrastructure Holdings Ltd. (Bermuda), A-
China Mobile Ltd. (Hong Kong), AA-
China National Offshore Oil Corp. (China), AA-
China National Petroleum Corp. (China), AA-
China Overseas Land & Investment Ltd. (Hong Kong), BBB+
China Vanke Co. Ltd. (China), BBB+
Chunghwa Telecom Co. Ltd. (Taiwan), AA
CLP Holdings Ltd. (Hong Kong), A-
CLP Power Hong Kong Ltd. (Hong Kong), A
CNOOC Ltd. (Hong Kong), AA-
Commonwealth Property Office Fund (Australia), A-
DEXUS Wholesale Property Fund (Australia), A
ETSA Utilities Finance Pty Ltd. (Australia), A-
Fast Retailing Co. Ltd. (Japan), A
Fonterra Co-operative Group Ltd. (New Zealand), A+
Frontier Real Estate Investment Corp. (Japan), A+
Goodman Australia Industrial Fund (Australia), BBB
Hon Hai Precision Industry Co. Ltd. (Taiwan), A-
Hongkong Electric Co. Ltd. (Hong Kong), A+
Hongkong Land Co. Ltd. (Hong Kong), A-
Hongkong Land Holdings Ltd. (Hong Kong), A-
Hutchison Whampoa Ltd. (Hong Kong), A-
IFC Development Ltd. (British Virgin Islands), A
Infosys Ltd. (India), BBB+
ITOCHU Corp. (Japan), A-
Japan Real Estate Investment Corp. (Japan), A+
Japan Retail Fund Investment Corp. (Japan), A
Japan Tobacco Inc. (Japan), A+
Jardine Strategic Holdings Ltd. (Bermuda), A-
Komatsu Ltd. (Japan), A
Mitsubishi Corp. (Japan), A+
Mitsubishi Estate Co. Ltd. (Japan), A+
Mitsui & Co. Ltd. (Japan), A+
Mitsui Fudosan Co. Ltd. (Japan), BBB+
MTR Corp. Ltd. (Hong Kong), AAA
Nippon Accommodations Fund Inc. (Japan), A+
Nippon Building Fund Inc. (Japan), A+
Nippon Telegraph & Telephone Corp. (Japan), AA
NTPC Ltd. (India), BBB-
NTT DOCOMO Inc. (Japan), AA
Petroliam Nasional Bhd. (Malaysia), A-
Philippine Long Distance Telephone Co. (Philippines), BBB
POSCO (Korea, Republic of), BBB+
Power Assets Holdings Ltd. (Hong Kong), A+
Power Grid Corp. of India Ltd. (India), BBB-
PSA International Pte. Ltd. (Singapore), AA
PT Astra International Tbk. (Indonesia), BBB-
Ratchaburi Electricity Generating Holding Public Co. Ltd
(Thailand), BBB+
Samsung Electronics Co. Ltd. (Korea, Republic of), A
Singapore Telecommunications Ltd. (Singapore), A+
SingTel Optus Pty Ltd. (Australia), A
Southern Cross Airports Corp. Holdings Ltd. (Australia), BBB
Sumitomo Corp. (Japan), A
Sun Hung Kai Properties Ltd. (Hong Kong), A+
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), A+
Takeda Pharmaceutical Co. Ltd. (Japan), AA-
Tata Consultancy Services Ltd. (India), BBB+
Telstra Corp. Ltd. (Australia), A
The Link Real Estate Investment Trust (Hong Kong), A
Urban Renewal Authority (Hong Kong), AAA
Wesfarmers Ltd. (Australia), A-
Westfield Retail Trust (Australia), A+
Woolworths Ltd. (Australia), A-


Barminco Holdings Pty Ltd. (Australia), B-
China Fishery Group Ltd. (Hong Kong), B+
China Forestry Holdings Co. Ltd. (Cayman Islands), CCC-
CITIC Pacific Ltd. (Hong Kong), BB+
Coastal Greenland Ltd. (Bermuda), B-
Hidili Industry International Development Ltd. (Cayman Islands),
Hopson Development Holdings Ltd. (Bermuda), B-
Hyva Global B.V. (Netherlands), B
Midwest Vanadium Pty Ltd. (Australia), CCC
Mongolian Resources Corp. (Mongolia), B-
PT Bhakti Investama Tbk (Indonesia), BB-
PT Bumi Resources Tbk. (Indonesia), B
PT Energi Mega Persada Tbk. (Indonesia), B
REI Agro Ltd. (India), B
Renhe Commercial Holdings Co. Ltd. (Cayman Islands), CCC
Shanghai Zendai Property Ltd. (Bermuda), B-
SPG Land Holdings Ltd. (Cayman Islands), B-
Vingroup Joint Stock Co. (Vietnam), B
Winsway Coking Coal Holdings Ltd. (British Virgin Islands), B

* BOND PRICING: For the Week May 6 to May 10, 2013

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


MIDWEST VANADIUM     11.50     2/15/2018    USD    65.75
MIDWEST VANADIUM     11.50     2/15/2018    USD    64.22
NEW S WALES TREA      0.50     9/14/2022    AUD    71.16
NEW S WALES TREA      0.50     10/7/2022    AUD    70.96
NEW S WALES TREA      0.50    10/28/2022    AUD    70.77
NEW S WALES TREA      0.50    11/18/2022    AUD    70.58
NEW S WALES TREA      0.50    12/16/2022    AUD    71.23
NEW S WALES TREA      0.50      2/2/2023    AUD    70.81
NEW S WALES TREA      0.50     3/30/2023    AUD    70.31
TREAS CORP VICT       0.50     8/25/2022    AUD    72.60
TREAS CORP VICT       0.50      3/3/2023    AUD    71.77
TREAS CORP VICT       0.50    11/12/2030    AUD    51.02


CHINA GOVT BOND       4.86     8/10/2014    CNY   102.30
CHINA GOVT BOND       1.64    12/15/2033    CNY    69.57


CORE PROJECTS         7.00      5/7/2015    USD    50.50
COROMANDEL INTL       9.00     7/23/2016    INR    16.14
DR REDDY'S LABOR      9.25     3/24/2014    INR     5.02
GRAMEEN FIN SERV     14.05      6/7/2016    INR    55.18
JCT LTD               2.50      4/8/2011    USD    20.00
MASCON GLOBAL LT      2.00    12/28/2012    USD    10.00
PRAKASH IND LTD       5.63    10/17/2014    USD    68.41
PRAKASH IND LTD       5.25     4/30/2015    USD    63.48
PUNJAB INFRA DB       0.40    10/15/2024    INR    33.49
PUNJAB INFRA DB       0.40    10/15/2025    INR    30.56
PUNJAB INFRA DB       0.40    10/15/2026    INR    27.93
PUNJAB INFRA DB       0.40    10/15/2027    INR    25.54
PUNJAB INFRA DB       0.40    10/15/2028    INR    23.40
PUNJAB INFRA DB       0.40    10/15/2029    INR    21.47
PUNJAB INFRA DB       0.40    10/15/2030    INR    19.73
PUNJAB INFRA DB       0.40    10/15/2031    INR    18.17
PUNJAB INFRA DB       0.40    10/15/2032    INR    16.75
PUNJAB INFRA DB       0.40    10/15/2033    INR    15.47
PYRAMID SAIMIRA       1.75      7/4/2012    USD     1.00
REI AGRO              5.50    11/13/2014    USD    70.03
REI AGRO              5.50    11/13/2014    USD    70.03
SHIV-VANI OIL         5.00     8/17/2015    USD    34.64
SUZLON ENERGY LT      7.50    10/11/2012    USD    65.13
SUZLON ENERGY LT      5.00     4/13/2016    USD    50.93


AVANSTRATE INC        1.94     11/5/2013    JPY    59.60
EBARA CORP            1.30     9/30/2013    JPY   100.41
ELPIDA MEMORY         2.03     3/22/2012    JPY     9.00
ELPIDA MEMORY         2.10    11/29/2012    JPY     9.00
ELPIDA MEMORY         2.29     12/7/2012    JPY     9.00
ELPIDA MEMORY         0.50    10/26/2015    JPY     9.50
JAPAN ATOMIC PWR      1.28     9/25/2020    JPY    69.58
JPN EXP HLD/DEBT      0.50     9/17/2038    JPY    69.59
JPN EXP HLD/DEBT      0.50     3/18/2039    JPY    69.54
KADOKAWA HLDGS        1.00    12/18/2014    JPY   126.55


AMAN SUKUK            4.25      3/8/2028    MYR     4.14


BAYAN TELECOMMUN     13.50     7/15/2006    USD    22.75
BAYAN TELECOMMUN     13.50     7/15/2006    USD    22.75


BAKRIE TELECOM       11.50      5/7/2015    USD    38.33
BAKRIE TELECOM       11.50      5/7/2015    USD    40.00
BLD INVESTMENT        8.63     3/23/2015    USD    69.00
BLUE OCEAN           11.00     6/28/2012    USD    38.00
BLUE OCEAN           11.00     6/28/2012    USD    38.00
CAPITAMALLS ASIA      2.15     1/21/2014    SGD    99.92
CAPITAMALLS ASIA      3.80     1/12/2022    SGD   102.13
DAVOMAS INTL FIN     11.00     12/8/2014    USD    14.63
DAVOMAS INTL FIN     11.00     12/8/2014    USD    14.63
F&N TREASURY PTE      2.48     3/28/2016    SGD   100.62
F&N TREASURY PTE      3.15     3/28/2018    SGD   101.85
INDO INFRASTRUCT      2.00     7/30/2049    USD     1.88


CHEJU REGION DEV      3.00    12/29/2034    KRW    69.42
EXP-IMP BK KOREA      0.50     9/28/2016    BRL    74.81
EXP-IMP BK KOREA      0.50    10/27/2016    BRL    74.59
EXP-IMP BK KOREA      0.50    11/28/2016    BRL    74.22
EXP-IMP BK KOREA      0.50    12/22/2016    BRL    69.68
EXP-IMP BK KOREA      0.50    10/23/2017    TRY    73.06
EXP-IMP BK KOREA      0.50    11/21/2017    BRL    67.98
EXP-IMP BK KOREA      0.50    12/22/2017    TRY    73.01
EXP-IMP BK KOREA      0.50    12/22/2017    BRL    67.44


SRI LANKA GOVT        6.20      8/1/2020    LKR    74.66
SRI LANKA GOVT        7.00     10/1/2023    LKR    67.38
SRI LANKA GOVT        5.35      3/1/2026    LKR    56.82
SRI LANKA GOVT        8.00      1/1/2032    LKR    69.67


G STEEL               3.00     10/4/2015    USD     8.25
MDX PUBLIC CO         4.75     9/17/2003    USD    16.25


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

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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