TCRAP_Public/130516.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

            Thursday, May 16, 2013, Vol. 16, No. 96


                            Headlines


A U S T R A L I A

LEETON SOLDIERS: Board Regains Control Following Deed Signing
LIBERTY PRIME: Fitch Affirms 'BB' Rating on Class E Notes
MISSION NEW ENERGY: SLW Held 83.8% Shares as of April 17
SONDEI BRANDS: William Buck Seeks Buyers for Patents


I N D I A

BHANWARDEEP COPPER: CARE Puts 'CARE B' Rating on INR4.30cr Loan
HAPPY HOME: CARE Assigns 'BB-' Rating to INR273.57cr LT Loan
JAKHOTIA PLASTICS: CARE Rates INR7.52cr LT Loan at 'CARE BB'
JAYSHRI PROPACK: CARE Assigns 'B' Rating to INR11.38cr LT Loan
KISSAN HATCHERIES: CARE Assigns 'B+' Rating to INR16.47cr Loan

MADHAV GINNING: CARE Assigns 'B' Rating to INR12cr Loan
MECHVAC FABRICATORS: CARE Rates INR8.82cr LT Loan at 'B'
R.D. DYEING: CARE Rates INR2.5cr LT Loan at 'CARE B+'
SHARP REALTORS: CARE Assigns 'BB+' Rating to INR75cr Loan
SHIVAM COT: CARE Assigns 'B' Rating to INR6.8cr LT Loan

SRIVALLI SHIPPING: CARE Assigns 'D' Rating to INR8.25cr Loans
TULSI PAPER: CARE Assigns 'BB-' Rating to INR48cr LT Loan
VRISHABH COTTON: CARE Rates INR8.67cr LT Loan at 'CARE B'


N E W  Z E A L A N D

ASCENSION WINE: Receivership Jeopardizes Nuptials


P H I L I P P I N E S

EXPORT AND INDUSTRY: Chairman Says PDIC Charge is "False"


S O U T H  K O R E A

STX GROUP: Creditors Move to Approve Liquidity Infusion


S R I  L A N K A

SRI LANKA INSURANCE: Fitch Assigns 'BB-' IFS Rating


                            - - - - -


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


LEETON SOLDIERS: Board Regains Control Following Deed Signing
-------------------------------------------------------------
Irrigator.com.au reports that the Leeton Soldiers Club board has
been handed back control of the facility following the official
signing of the deed of company arrangement on May 13.

The club was placed into voluntary administration last month, with
the unsecured creditors voting in favour of the deed on May 8.

As part of the arrangement, the report relates, the club still
needs to raise AUD500,000.

According to the report, club president Barry Greatz said it was
now time to look forward.

"From my perspective, the public has to understand we have been
given a second chance, a lifeline, by the creditors," the report
quotes Mr. Greatz as saying.  "It's definitely not a case of
everything being fixed . . . there is a lot of work to do.  We
need to raise that money and we need to get people back to the
club."


LIBERTY PRIME: Fitch Affirms 'BB' Rating on Class E Notes
---------------------------------------------------------
Fitch Ratings has affirmed Liberty PRIME Series 2009-2's (Liberty
2009-2) and Liberty PRIME 2010-1's notes.  The transactions are
securitisations of Australian prime residential mortgages
originated by Liberty Financial Pty Ltd. The rating actions are as
follows:

Liberty PRIME Series 2009-2:

AUD40.4m Class A3 (ISIN AU3FN0009304) affirmed at 'AAAsf'; Outlook
Stable

AUD6.3m Class AB (ISIN AU3FN0009312) affirmed at 'AAAsf'; Outlook
Stable

AUD1.8m Class B (ISIN AU3FN0009320) affirmed at 'AAsf'; Outlook
Stable

AUD1.5m Class C (ISIN AU3FN0009338) affirmed at 'Asf'; Outlook
Stable

AUD0.9m Class D (ISIN AU3FN0009346) affirmed at 'BBBsf'; Outlook
Stable

AUD0.8m Class E (ISIN AU3FN0009353) affirmed at 'BBsf'; Outlook
Stable

Liberty PRIME Series 2010-1:
AUD89m Class A2 (ISIN AU3FN0011250) affirmed at 'AAAsf; Outlook
Stable

AUD10.4m Class AB (ISIN AU3FN0011268) affirmed at 'AAAsf'; Outlook
Stable

AUD3.6m Class B (ISIN AU3FN0011276) affirmed at 'AAsf'; Outlook
Stable

AUD3.6m Class C (ISIN AU3FN0011284) affirmed at 'Asf'; Outlook
Stable

AUD3.4m Class D (ISIN AU3FN0011292) affirmed at 'BBBsf'; Outlook
Stable

AUD1m Class E (ISIN AU3FN0011300) affirmed at 'BBsf'; Outlook
Stable

Key Rating Drivers

The affirmation of the notes reflects Fitch's view that credit
enhancement levels are able to support the notes' current ratings.
The credit quality and performance of the loans within the Liberty
2009-2 collateral pool have remained in line with the agency's
expectations, while Liberty 2010-1 has improved in performance
since the last rating action in June 2012.

The transactions are well protected at each rating level by credit
enhancement which has continued to grow due to sequential
amortisation and reserve accounts funded through historical excess
spread. Excess spread has been available to both transactions.

Arrears have historically been high for both transactions;
however, Liberty 2010-1 has seen a reduction since peak levels in
early 2012 with 30+ days arrears at 0.94% at end-March 2013, below
Fitch's 30+ days conforming Dinkum Index of 1.46%.
Liberty 2009-2 has seen 30+ days arrears remain stable at 3.99%.
The arrears levels are mitigated by the more-than-adequate credit
support available. Losses have been low since issue, with
AUD31,118 for Liberty 2010-1 and AUD23,195 for Liberty 2009-2 -
all covered by excess spread.

As at end-March 2013, the weighted average current loan-to-value
ratio of the pools was 60.1% for Liberty 2009-2 and 68.3% for
Liberty 2010-1. Investment loans accounted for 18.3% and 14.5% of
the pools respectively.

Rating Sensitivities

In Liberty 2009-2 the class E notes are most susceptible to rating
volatility. Given Fitch's 'BBsf' loss severity assumptions and all
else being equal, an increase of 90+days arrears by 7.1 percentage
points might lead to a downgrade. For Liberty 2010-1, the class D
notes are the most susceptible to rating volatility and a
corresponding increase of 8.9 percentage points would be expected
before downgrades would be considered, given Fitch's 'BBBsf' loss
severity assumptions. Both scenarios are considered unlikely given
the historical performance of the collateral pool.

Concentration risk is increasing in Liberty 2009-2, with 273
obligors remaining at end-March 2013. As concentration continues
to increase, the likelihood of any rating upgrade will reduce.

The increase in the weighted average coupon on the notes may
reduce excess available income, in turn leaving lower rated notes
exposed to concentration risk. The most senior notes are not
expected to be impacted by a reduction of excess available income.


MISSION NEW ENERGY: SLW Held 83.8% Shares as of April 17
--------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, SLW International, LLC, and Stephen L. Way
disclosed that, as of April 17, 2013, they beneficially owned
55,127,081 ordinary shares of Mission New Energy Limited
representing 83.8% of the shares outstanding.

On Feb. 22, 2013, SLWI entered into a Loan Facility Agreement with
the Company, pursuant to which SLWI has agreed to lend the Company
up to an aggregate $5,000,000 for working capital purposes during
the 24-month term of the Loan Agreement.  In consideration of the
lending commitment under the Loan Agreement, SLWI will receive a
fee equal to the greater of 25 percent of the greatest principal
balance of the note issued under the Loan Agreement or $1,000,000.

Advances under the Loan Agreement are to be made by SLWI to the
Company upon request from time to time in amounts of at least
$200,000 and subject to the satisfaction of various conditions
specified in the Loan Agreement.

On April 17, 2013, SLWI and the Company entered into an amendment
to the Loan Agreement whereby SLWI provided conditional consent to
the Company's prospective sale of a biodiesel refinery in
Malaysia, subject to certain terms and conditions.  Under that
amendment, SLWI and the Company agreed that the lending commitment
under the Loan Agreement would not be reduced by the proceeds of
the prospective sale of the subject refinery and that a fee of
$1,000,000 together with all outstanding advances under the Loan
Agreement would be paid to SLWI concurrently with the consummation
of the prospective asset sale.

On April 17, 2013, SLWI and the other holders of the Series 3
Notes provided a conditional waiver letter to the Company
concerning the prospective sale of the Malaysian refinery subject
to the terms and conditions, including the redemption of
AUD7,500,000 in face value of the Series 3 Notes to the
noteholders pro-rata in accordance with their holdings.  In
addition, on April 17, 2013, SLWI and the other holders of the
Series 3 Notes entered into a letter agreement containing, among
other things, an agreement regarding access to information
concerning the transactions described therein and a mutual
release.

A copy of the regulatory filing is available for free at:

                        http://is.gd/dOXEVD

                      About Mission New Energy

Based in Subiaco, Western Australia, Mission New Energy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Grant Thornton Audit Pty Ltd, in Perth, Australia, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred operating cash outflows of AUD4.9 million during the year
ended June 30, 2012, and, as of that date, the consolidated
entity's total liabilities exceeded its total assets by
AUD24.4 million.

The Company's consolidated balance sheet at Dec. 31, 2012, showed
AUD7.05 million in total assets, AUD27.29 million in total
liabilities and a AUD20.24 million net deficit.


SONDEI BRANDS: William Buck Seeks Buyers for Patents
----------------------------------------------------
Dissolve.com.au reports that William Buck is seeking expressions
of interests for the technological/meteorological innovation
patents of Sondei Limited.  The report says the patents include
ground based, high resolution and acoustic sensors that can detect
adverse atmospheric conditions such as wake vortices and wind
shear.

Dissolve.com.au relates that the patents allow for more
accessibility of meteorological information for guiding decisions
regarding air traffic flow. They are also capable of measuring
meteorological variability for the reduction of the figures of
unexpected events like wind shear. Moreover, they can also develop
some solutions which can meet the needs for improving capacity,
operations and safety.  The patents are registered in Australia,
Europe, China, USA, Canada and Japan. They are also advertised as
being capable of creating new business services and products based
on certain information.

Expressions of interests must be registered on June 7, 2013, the
report notes.

Robert Whitton has been appointed as voluntary administrator of
Sondei Brands Pty. Ltd. on May 1, 2013.



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I N D I A
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BHANWARDEEP COPPER: CARE Puts 'CARE B' Rating on INR4.30cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Bhanwardeep Copper Strips Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       4.30      CARE B Assigned
   Short-term Bank Facilities      4.28      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bhanwardeep Copper
Strips Pvt Ltd are primarily constrained on account of its modest
scale of operations and weak financial risk profile characterized
by high leverage, modest debt coverage indicators and weak
liquidity. The ratings are further constrained on account of the
low bargaining power of BCSPL vis-a-vis its customers and
suppliers, susceptibility of operating margins to volatility in
raw material prices and its presence in the highly fragmented
copper products industry.

The ratings, however, draw strength from the experience of the
promoters in manufacturing copper products, established track
record of operations and reputed clientele base of BCSPL.
The ability of BCSPL to increase its scale of operations along
with improvement in its leverage and liquidity profile while
managing volatility associated with the key raw material prices
are the key
rating sensitivities.

BCSPL was incorporated by Mr. D. C. Bafna and family members in
1999 at Bhopal. BCSPL is a family-run business with the board of
directors comprising of the Bafna family members. BCSPL is
engaged in the manufacturing of copper strips and flats, insulated
wires, bus bars and connectors, shunts as well as forged
components. BCSPL has two manufacturing units: Unit-I having an
installed manufacturing capacity of 1,200 Metric Tonnes Per Annum
(MTPA) and Unit-II having an installed capacity of 325 MTPA of
copper products. In addition, BCSPL is also engaged in doing job
work for Bharat Heavy Electricals Ltd (BHEL) and other capital
goods manufacturers.

As per the audited results for FY12 (refers to the period April 1
to March 31), BCSPL reported a total operating income of INR17.31
crore (FY11: INR14.56 crore) and PAT of INR0.41 crore (FY11:
INR0.26 crore). During FY13 (provisional), BCSPL registered a
total income of INR12.50 crore.


HAPPY HOME: CARE Assigns 'BB-' Rating to INR273.57cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Happy
Home Corporation.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      273.57     CARE BB- Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Happy Home
Corporation is primarily constrained on account of the risk
associated with the implementation and salability of its large
number of the ongoing real estate projects, constitution as a
partnership firm and the inherent risks associated with the real
estate sector.

The rating, however, favorably takes into account the partner's
experience and established track record of the firm in the real
estate market of Surat. The rating also factors in HHC's growth in
income along with an improvement in the profitability indicators.
HHC's ability to successfully complete its ongoing projects within
envisaged cost and time parameters, timely receipt of booking
advances and sale of units at envisaged price along with
timely infusion of the envisaged partner's capital are the key
rating sensitivities.

HHC is a partnership firm formed in 2003 by first-generation
entrepreneurs Mr. Himmat Sorathia and Mr. Mukesh Patel. Over the
last decade, the firm has developed around 30 projects (both
residential and commercial) in and around the city of Surat with a
total saleable area of around 51.97 lakh sq ft (lsf). Currently,
HHC is executing 19 real estate projects (mix of residential and
commercial) in Surat with a total saleable area of around 83.35
lakh sq. ft.

During FY12 (refers to the period April 1 to March 31), HHC
reported a total operating income of INR98.93 crore (FY11:
INR31.62 crore) with a PAT of INR24.50 crore (FY11: PAT of INR6
crore). As per the provisional results for 9MFY13, HHC has
reported a total operating income of INR69.79 crore with a PBT of
INR4.86 crore.


JAKHOTIA PLASTICS: CARE Rates INR7.52cr LT Loan at 'CARE BB'
------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Jakhotia
Plastics Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.52      CARE BB Assigned

Rating Rationale

The rating assigned to the bank facilities of Jakhotia Plastics
Private Limited is constrained by decline in the company's
turnover and low profitability margins during FY10-FY12, and
dependency on a single supplier with high competition from other
players. The rating, however, derives strength from the
experienced promoters and support from the group concerns,
established business relations with reputed clients and positive
demand outlook for PP woven fabrics resulting from high use of
plastic by end-user sectors like fertilizers and cement.
The ability of the company to scale up its operations with
improvement in profitability margins is the key rating
sensitivity.

Jakhotia Plastics Private Limited was incorporated in the year
1992 and promoted by Mr. Om Prakash Jakhotia (Managing Director),
Mr. Balkishan Jakhotia and Ms Lathabai Jakhotia. JPPL is a
part of the Jakhotia Group and is engaged in the manufacturing of
plastic woven sacks, which find utility as industrial packaging
materials ideally suited for cement, sugar, food grains, etc. JPPL
operates from two manufacturing units located at Jeedimetla,
Hyderabad, and Kondiam, Goa, with an overall installed capacity of
492 lakh bags per year. Jakhotia Poly Fibre Pvt Ltd, Jakhotia
Polysack Pvt Ltd, Raghuram Synthetics Pvt Ltd, Jakhotia Polymers
Pvt Ltd and Revati Synthetics Pvt Ltd, are the other group
concerns of under the Jakhotia Group.

During FY12 (refers to the period April 2011 to March 2012), JPPL
reported a total operating income of INR47.62 crore and a PAT of
INR0.34 crore.


JAYSHRI PROPACK: CARE Assigns 'B' Rating to INR11.38cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Jayshri
Propack Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      11.38      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Jayshri Propack
Private Limited is primarily constrained by cash losses in its
short track record of operations, highly leveraged capital
structure, weak liquidity position and modest scale of operations
in the highly fragmented industry. The rating is further
constrained on account of the working capital intensive nature of
operations and vulnerability of profitability to fluctuations in
the raw material prices.

The rating, however, derives strength from the qualified and
resourceful promoters, manufacturing facility equipped with latest
technology and reputed clientele.  The ability of the company to
increase its scale of operations through geographical and customer
diversification and improvement in profitability and capital
structure along with continued financial support from the
promoters are the key ratings sensitivities.

Jayshri Propack Private Limited, incorporated in the year 2008, is
engaged in the manufacturing of high-performance barrier film,
which finds application in packaging of array of products like
pouches of edible oil, processed meats, frozen food, coffee, tea,
nutritional shakes, pet food, pharmaceuticals, cosmetic and lami
tubes, dairy products and pickles and spices. JPPL is promoted by
five directors and is a part of the Jetpur-based Jayshri group of
Gujarat. The group is managed by the Hirpara family and is
involved in the printing and processing of textile fabrics
since 1974.

JPPL is having a manufacturing facility in Ahmedabad spreading
across an area of 20,000 sq mt and has an installed capacity of
2,400 Metric Tonne Per Annum (MTPA) as on March 31, 2012.

During FY12 (refers to the period April 1 to March 31), JPPL
reported a total operating income of INR24.37 crore with a loss of
INR4.78 crore.


KISSAN HATCHERIES: CARE Assigns 'B+' Rating to INR16.47cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Kissan
Hatcheries Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      16.47      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Kissan Hatcheries
Private Limited is constrained by its short track record of
operations with declining profitability margins, leveraged
capital structure and weak debt service coverage indicators. The
rating is further constrained by the susceptibility of margins to
the fluctuation in the agro-based raw material prices and the
inherent risk associated with the poultry industry coupled with
high competition from local players.

The rating, however, draws comfort from the experienced promoters
and positive demand outlook for poultry feeds.

Going forward, the ability of KHPL to increase its scale of
operations while improving profitability margins and capital
structure would be the key rating sensitivities.

Incorporated in June 2003, KHPL was promoted by Mr. Subhash
Deshwal and his cousin brother Mr. Karan Singh. KHPL is engaged in
the manufacturing of poultry feeds for different types of poultry
units like broiler, layers and hatchery units. Apart from
manufacturing, the company is also engaged in the trading of
broiler chicks. The company's manufacturing facility is located in
Jind, Haryana, with an installed capacity of 33,040 tonnes per
annum (TPA) as on March 31, 2012. KHPL has increased its capacity
from 33,040 TPA to 87,600 TPA in FY13 (refers to the period
April 01 to March 31).

KHPL reported PAT of INR0.10 crore on a total income of INR34.39
crore in FY12. Furthermore, in FY13 (provisional), KHPL has
reported the total income of INR55 crore.


MADHAV GINNING: CARE Assigns 'B' Rating to INR12cr Loan
-------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Madhav Ginning & Pressing Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term/Short-term            12        CARE B/CARE A4
   Bank Facilities                           Assigned

Rating Rationale

The ratings assigned to the bank facilities of Madhav Ginning &
Pressing Private Limited are primarily constrained on account of
its weak financial risk profile marked by fluctuating income,
consistent decline in its operating profit margins over the past
years ended FY12 (refers to the period April 1 to March 31),
highly leveraged capital structure and weak debt coverage
indicators. The ratings are further constrained on account of its
presence in the highly competitive and fragmented cotton-ginning
business with limited value addition, volatility associated with
the raw material prices, working capital intensive operations and
susceptibility to the changes in the government policy for cotton.

The above constraints far offset the benefits derived from the
experience of the promoters in the cotton ginning business and
proximity to the cotton-producing region of Gujarat.

The ability of MGPPL to move upward in the textile value chain
along with improvement in the financial risk profile and better
working capital management remains the key rating sensitivity.

MGPPL was incorporated in 2005 by Mr. Chhaganbhai Kakadiya, at
Amreli district, Gujarat, and is engaged in the cotton ginning and
pressing business. As on March 31, 2012, MGPPL had a total
ginning capacity of 13,000 bales of cotton and 24,000 metric
tonnes per annum (MTPA) of cotton seeds. MGPPL is also engaged in
the trading of cotton bales and cotton seeds.

During FY12, MGPPL reported a loss of INR0.05 crore on a TOI of
INR78.21 crore, as against PAT of INR0.28 crore on a TOI of
INR104.27 crore in FY11.

As per the provisional results for 11MFY13, MGPPL reported a TOI
of INR72.67 crore and a PBDT of INR0.92 crore.


MECHVAC FABRICATORS: CARE Rates INR8.82cr LT Loan at 'B'
--------------------------------------------------------
CARE assigns 'CARE B' & 'CARE A4' ratings to the bank facilities
of Mechvac Fabricators (I) Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.82      CARE B Assigned
   Short-term Bank Facilities      2.95      CARE A4 Assigned

Rating Rationale

The ratings of Mechvac Fabricators (I) Private Limited are
constrained by its weak financial profile characterized by small
scale of operations, eroded net worth, low liquidity and
stretched liquidity position.  The foresaid constraints far
outweigh the experienced management and established relationship
with its customers. Improving the overall scale of operations and
financial risk profile, along with the efficient management of
working capital cycle, are the key sensitivities for Mechvac's
credit profile.

Mechvac Fabricators India Private Limited was incorporated in 2004
by Mr. Rajendra Chodankar and started commercial operations in
2006. During 2012, Neetnav Realtors Pvt Ltd (NRPL) acquired
majority stake in the company and the directors of NRPL are
actively involved in the operations of the company. Currently,
Mechvac is engaged in the manufacturing of ultra-precision
products under own brand name and also on job-work basis. Over the
years the company has diversified into optical component
manufacturing and flow-forming activity. Till FY12, the company
used to deal primarily with the government entities however, in
FY13 it has further diversified the customer base to include
private players. However, the job work undertaken for the
government entities continue to form the major portion of the
revenue. The manufacturing facility of Mechvac is located at
Nerul, Navi Mumbai.

During FY12, Mechvac reported total operating income of INR5.25
crore (up by 73.79% vis-a-vis FY11) and loss of INR1.81 crore.
During 9MFY13, the company marked total operating income of
INR5.25 crore with PBT of INR0.58 crore.


R.D. DYEING: CARE Rates INR2.5cr LT Loan at 'CARE B+'
-----------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of R.D.
Dyeing & Printing Mills Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       2.50      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of R.D. Dyeing &
Printing Mills Pvt Ltd is primarily constrained on account of
RDDP's fluctuating income and profitability and weak liquidity
position. The rating is further constrained on account of the
modest scale of operations in highly fragmented nature of the
fabric processing industry and cyclicality associated with the
textile sector.

The rating, however, draws strength from the vast experience of
the promoters in textile business, RDDP's favourable location in
textile manufacturing hub and moderate capacity utilization albeit
sharp decline in FY12 (refers to the period April 1 to March 31).
The ability of RDDP to improve its overall financial risk profile
with increase in the scale of operations, profitability and
effective working capital management are the key rating
sensitivities.

RDDP was incorporated in September 2003 by Mr. Nandkishore Kothari
and Mr. Harivallabh Kothari. However, the commercial operations
commenced from March 2006. RDDP is engaged in the business of job-
work of fabric processing viz bleaching, printing, dyeing and
finishing of polyester fabric which is mainly used for making
sarees and ladies dress material. RDDP operates from its sole
processing facility in Surat with a total installed capacity of
50,000 Meters Per Day (MPD) as on March 31, 2013.

RDDP also has an associate firm namely R.D. Exports (RDE) which is
in the business of exporting the finished fabrics after procuring
grey fabrics and getting processed from outside parties.

As per the audited results for FY12, RDDP reported a total
operating income of INR8.27 crore (FY11: INR22.79 crore) and loss
of INR3.01 crore (FY11: PAT of INR0.65 crore). During FY13
(provisional), RDDP registered a total income of INR24.20 crore
and PAT of INR0.79 crore.


SHARP REALTORS: CARE Assigns 'BB+' Rating to INR75cr Loan
---------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Sharp
Realtors.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       75        CARE BB+ Assigned
   (including proposed loan
   of INR60 crore)

Rating Rationale

The rating assigned to the bank facilities of Sharp Realtors is
constrained by the project execution risk of the mall, pending
receipt of Commencement Certificate (CC) and pending partial debt
tieup, low margin to absorb any time or cost over runs as the firm
has no additional source of revenue except residual inventory from
Durvas project, and cyclical nature of the industry.

The rating, however, derives strength from experience of the
promoters in the real estate industry, established residential
area in the vicinity of the ongoing mall development project,
Memorandum of Understanding (MOUs) and Letter of Intent (LOIs)
signed with tenants covering 76% of the mall's leasable area,
anticipated receivables from Tata Housing Development Company
Limited escrowed to service the outstanding loan of INR15 crore
and moderate overall gearing ratio given the presence in the real
estate industry.

The ability to raise the proposed debt as planned and complete the
project without any time and cost overruns are the key rating
sensitivities.

M/s Sharp Realtors is promoted by the Swastik group to execute a
residential-commercial-retail project as a part of "Yashwant Viva
Township" in the Alkapuri locality at Nallasopara (East), Thane.
The Swastik group, engaged in the construction business for more
than 11 years was started by Mr. Deepak Shah, Mr. Hemant Mhatre,
Mr. Kishore Naik, and Mr. Pankaj Thakur. The group has completed
over 10.10 lakh square feet (lsf) of construction and has ongoing
projects with total area under construction of over 59.10 lsf.

SR has undertaken construction of the said township project in
phases. For the first phase (Phase I), SR completed the
development of a residential project on land admeasuring 31,165
square meters (sqm) having a total saleable area of 3.43 lsf
namely 'Durvas' residential project. For the second phase (Phase
II), SR is constructing a Mall having a total area of 4.50 lsf.
The estimated cost for the project is INR100 crore out of which,
the entity has already incurred INR49.14 crore as on
December 31, 2012.

During FY12 (refers to the period April 1 to March 31), the
company earned an income of INR59.21 crore and reported a profit
of INR9.22 crore as compared with the income of INR26.59 crore and
profit of INR2.33 crore in FY11.


SHIVAM COT: CARE Assigns 'B' Rating to INR6.8cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Shivam Cot Fibers Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.80      CARE B Assigned
   Short-term Bank Facilities      0.04      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shivam Cot Fibers
Private Limited are constrained by the working capital intensive
nature of its operations in the competitive and fragmented cotton
ginning industry, fluctuation in prices and seasonality associated
with cotton availability, and impact of government policies
related to cotton. The ratings, however, derive strength from the
experienced management and group support along with the strategic
location of the unit in the cotton-growing areas of Maharashtra.

The ability of the company to increase the scale of operations,
improve its profitability margins and manage working capital cycle
is the key rating sensitivity.

Aurangabad-based Shivam Cot Fibers Private Limited (SCF) is a part
of the Shivam group, which was established by the late Mr.
Devishah Agarwal and the late Mr. Kanhaiyalal Agarwal in the year
1945. Currently, the group has five entities operating in the same
line of business of cotton ginning and pressing managed by Mr.
Deepak Kumar Agarwal.

SCF was incorporated in 2012 and has commenced its commercial
operation on January 6, 2013. SCF is engaged in the business of
cotton ginning and pressing with the installed capacity of 450
bales per day and 300 quintals of cotton seeds per day as on
March 31, 2013. During the first three months of operations from
January 6, 2013 to March 31, 2013, SCF earned a total operating
income of INR5.31 crore.


SRIVALLI SHIPPING: CARE Assigns 'D' Rating to INR8.25cr Loans
-------------------------------------------------------------
CARE assigns 'CARE D' rating to bank facilities of Srivalli
Shipping & Transport Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        7.0      CARE D Assigned
   Short-term Bank Facilities       1.25     CARE D Assigned

Rating Rationale

The rating is constrained by high working capital utilisation with
regular overdrawals due to cash flow mismatches.

Srivalli Shipping & Transport Pvt Ltd was incorporated in May
2011, to take over the existing business of Srivalli Shipping &
Transport; a partnership firm formed in 1994 with Mr. P. Babu Rao
and his wife, Ms P.S.V.S Eshwari, as its partners. The company is
a logistic service provider with its headquarter in Vishakapatnam.
Srivalli provides various logistic services, including acting as
Custom House Agents, Clearing & Forwarding (C&F) Agents,
stevedoring, material handling, warehousing, transporting,
shipping, steamer agency dealing with all the clearances of import
& export consignments of various categories.

Srivalli has the required licenses to operate as a Custom House
Agent, Steamer Agency and for Stevedoring issued by Customs
Authorities/Port Authorities. The company has branches located in
Chennai, Bengaluru, Mumbai, Hyderabad, Kakinada and other
locations. Credit Risk Assessment High working capital utilisation
with regular overdrawals.  The average working capital utilisation
of Srivalli has been over 100% for the 12 months ended November
2012. The company caters to many public sector entities, wherein,
the payments are received with delay resulting in cash flow
mismatches leading to regular overdrawls in its Cash Credit
limits.

Srivalli registered net sales of INR66.34 crore with PAT of
INR0.21 crore for FY12. Furthermore, as per provisional FY13
financials (Un-audited), the company has registered, the company
has registered turnover of INR84.89 crore with net profit of
INR2.22 crore for FY13.


TULSI PAPER: CARE Assigns 'BB-' Rating to INR48cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Tulsi Paper Mills Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        48       CARE BB- Assigned
   Short-term Bank Facilities        9       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Tulsi Paper Mills
Private Limited are constrained by project stabilization risk. The
ratings are further constrained by the operations in
highly competitive and unorganized industry, susceptibility to
volatile raw material prices and foreign exchange fluctuation.
The ratings factor in the benefit derived from the experienced
management and stable demand indicators for board paper from the
packaging industry.

The ability of TPMPL to stabilize the operations, and achieve the
envisaged revenue and profitability amidst increasing competition
are the key rating sensitivities.

Incorporated in 2007, Tulsi Paper Mills Private Limited is setting
up a unit to manufacture duplex board paper (mainly used for
carton packaging) with installed capacity of 49,500 MTPA at
Dastan, Gujarat. The total project cost is estimated at INR53.26
crore, being funded through the promoter's contribution in form of
equity of INR18.26 crore (34%), term loan of INR33 crore (62%)
and balance through unsecured loan from related parties.

As on March 23, 2013, the company has already incurred INR50.67
crore, funded through term debt of INR31.26 crore and balance
through promoters contribution and unsecured loans. Besides, paper
plant, TPMPL is also setting up a 3 MW captive power plant (CPP).


VRISHABH COTTON: CARE Rates INR8.67cr LT Loan at 'CARE B'
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Vrishabh
Cotton Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.67      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Vrishabh Cotton
Private Limited is primarily constrained by the weak financial
risk profile characterized by thin profitability margins, high
leverage, weak debt coverage indicators and working capital
intensive nature of operations. The rating further factors in the
non-operational status of cotton ginning plant, operations in a
highly competitive cotton ginning and cattle feed manufacturing
industry.  The aforesaid constraints are partially offset by the
strength derived from the experienced promoters along with
continuous financial support in the past. The ability of VCPL to
restart the operations of ginning plant, increase its scale of
operations along with improvement in capital structure and
efficient management of working capital cycle are the key rating
sensitivities.

Incorporated in 2007, VCPL is promoted by Mr. Ashish Omprakash
Mantri and Mr. Dipesh Zumberlal Patni. VCPL is currently engaged
in the trading of cattle feed and cotton ginning.  During FY12
(refers to the period April 1 to March 31), the company had
ventured into manufacturing of cattle feed [contributed 10.75% of
revenue in FY12]. However, during FY13, the major contributor to
the total income has been manufacturing of cattle feed as the
cotton ginning operations were shut down from October 2011 due to
non-availability of the cotton. The promoters has taken cattle
feed processing unit on lease from Maharashtra State Cotton
Growers' Marketing Federation & currently VCPL is operating this
unit.

During FY12, VCPL reported a total operating income of INR21.23
crore (declined by 45% vis-a-vis FY11) and PAT of INR0.02 crore
(declined by 97.78% vis-a-vis FY11). Furthermore, during 9MFY13,
VCPL has posted a total income of INR19.22 crore and PAT of
INR0.15 crore.



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


ASCENSION WINE: Receivership Jeopardizes Nuptials
-------------------------------------------------
Newstalk ZB reports that there is uncertainty for an Auckland
couple who had a wedding planned at Ascension Wine Estate, a
popular winery and events venue that was placed into receivership
last week.

The report says Donna Walker and James Davis paid a NZ$7,000
deposit for their big day on July 20, at Ascension Wine Estate at
Matakana in rural north Auckland.

According to the report, Donna's sister and bridesmaid, Kerrie
Marumaru, said when she spoke to receivers they were unable to
tell her whether the wedding could still take place there, or if
the deposit was lost and eight weeks out a new venue would have to
be found.

"We're talking about two half-Maori families.  There's so many
people they have to cut out of it and my sister's just
devastated," the report quotes Ms. Marumaru as saying.

NBR Online reported that Ascension Wine Estate was put into
voluntary receivership on May 6 when owners Darryl and
Bridget Soljan asked the bank to call in the receivers.  The
Soljans are the fifth-generation of the Soljan family, of Yugoslav
origins, to grow grapes and make wine for a living.
Receiver Andrew McKay from Corporate Finance said his team will
continue to trade the business, and functions and events booked at
the venue will go ahead.

Ascension Wine Estate is a winery and popular events venue in
Matakana, north of Auckland. The home vineyard makes a range of
red, white and sparkling wine under the Ascension label.



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


EXPORT AND INDUSTRY: Chairman Says PDIC Charge is "False"
---------------------------------------------------------
Inquirer.net reports that the chief of Export and Industry Bank
has decried charges against him and other former bank officers by
the state-owned Philippine Deposit Insurance Corp. of having
allegedly engaged in "unsafe and unsound" banking practice.

"The charge is utterly false and baseless. This may be in
retaliation for the case filed by the shareholders of EIB against
PDIC questioning the hasty and unwarranted decision to liquidate
EIB," Inquirer.net quotes EIB chairman Jaime Gonzales as saying.

"Instead of harassing me and other officers of EIB, PDIC should
focus on addressing the situation of the depositors of EIB
especially as last week I brought a group of foreign investors to
meet with both BSP and PDIC for the acquisition of EIB under a
deal that is expected to give depositors a better recovery than
liquidation," he said.

According to the report, Mr. Gonzales said he had not received a
copy of the charge and had only come to know of it based on what
has been reported in the news.  Inquirer.net relates that PDIC
said it filed the criminal charges against Gonzales and other bank
officers after finding out that EIB had spent P4.8 million in so-
called success fee, P3 million of which was disbursed to
investment banking firm AO Capital Partners, of which Gonzales is
chair.

Last April 26, the majority shareholders of EIB went to the Court
of Appeals in an attempt to fend off the bank's liquidation,
alleging "indecent haste" and "grave abuse of discretion amounting
to lack or excess of jurisdiction" among banking regulators that
ordered the dissolution.

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


STX GROUP: Creditors Move to Approve Liquidity Infusion
-------------------------------------------------------
Yonhap News Agency reports that creditors of STX Group are moving
to accept the group's request to pump liquidity into its troubled
heavy industry and engine-making units in return for restructuring
efforts, officials said Wednesday.

The news agency relates that officials said main creditor Korea
Development Bank (KDB) has requested other creditors to decide on
whether to approve the supply of a combined KRW190 billion
(US$170.6 million) in liquidity to STX Heavy Industries and STX
Engine until Thursday.

"The creditors have shown no division over the need to salvage the
two companies," an official at KDB told Yonhap News.

STX Corp. was allowed on May 14 to receive liquidity worth KRW300
billion to help it repay maturing debt, the report notes.

STX Group, a South Korean shipbuilding conglomerate, has seen its
major affiliates struggling from liquidity shortages as they have
been suffering from mounting debt due to the downturn in the
shipbuilding and shipping sectors, Yonhap News disclosed.

STX Corp., the group's holding company, and its two affiliates
have asked the KDB to inject liquidity in return for a voluntary
debt relief process to salvage the firm from insolvency.

STX Corp. has 11 affiliates including STX Pan Ocean and STX
Offshore & Shipbuilding under its wing.

IT service provider ForceTec, in which group chief Kang Duk-soo
holds 69.4 percent stake, has a 23.1 percent stake in STX Corp.
Mr. Kang also holds a 25 percent interest in STX Construction,
which applied for a court receivership on April 26, Yonhap added.



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


SRI LANKA INSURANCE: Fitch Assigns 'BB-' IFS Rating
---------------------------------------------------
This announcement corrects the version published earlier on
May 14, which incorrectly stated Sri Lanka's Country Ceiling.

Fitch Ratings Lanka has published Sri Lanka Insurance Corporation
Limited's (SLIC) Insurer Financial Strength rating (IFS) at 'BB-'
with a Stable Outlook. The agency has also affirmed the National
Insurer Financial Strength Rating and National Long-Term rating at
'AA(lka)' with a Stable Outlook.

Key Rating Drivers
The ratings reflect SLIC's strong franchise and capitalisation,
supported by sustained profitability and high capital retention.
Regulatory solvency at end-2012 was 11x (2011:11.6x) in life and
3.4x (2011: 2.2x) in non-life and compare well with peers. Fitch
expects support from the Government of Sri Lanka, if required, due
to its 99.9% ownership and SLIC's strategic importance as the
largest state-owned insurer.

Offsetting the strengths are significant investments in non-core
subsidiaries, which are made in line with government policy and a
high equity exposure which weakens risk-based capital.

SLIC has been in operation for over 50 years and has a network of
135 branches/ customer service centres across the country. The
company has an asset base of around LKR132.5bn, making it the
largest insurer in Sri Lanka accounting for about 40% of the
sector assets. In 2012, the company continued to be a market
leader in non-life and had the second-largest share of gross
written premium (GWP) in the life business.

Competition in the non-life business continued to be intense, with
smaller insurers striving to achieve critical mass ahead of the
compulsory segregation of life and non-life by 2015. In this
context SLIC's non-life premium growth in 2012 of 10.2%, fell
behind the industry's 14%. Fitch notes that certain new entrants
have been successful in capturing market share at the expense of
competitors, including well-established insurers.

Increase in the loss ratio and an offsetting decrease in the
expense ratio improved SLIC's non-life combined ratio to 90.9%
(2011: 93.1%) in 2012. The company recorded a profit of LKR8.2bn
against a restated loss of LKR16bn in 2011, as it benefited from
high investment income and a one-off property revaluation of
LKR4.7bn. These resulted in a return on assets of 6.5%

SLIC's investment portfolio is heavily exposed to equities, albeit
reduced to 43% at end-2012, from 51% in 2011. However, total
equity investments still remain higher than total shareholders'
equity. There is also a mismatch in the asset and liabilities of
the life business, exposing the company to interest rate risk.
This is mainly due to the limited availability of long-term
investment opportunities in the Sri Lankan market.

Rating Sensitivities
SLIC's National ratings may be upgraded if it is able to hold onto
its market share while maintaining strong capitalisation and
recurring core profitability. Upgrade of the International IFS
rating is not possible unless Sri Lanka's country ceiling of
'BB-' is also upgraded.

The National and International IFS and the National Long-Term
ratings could be downgraded if there is a weakening in the risk
capital due to profit volatility or higher equity exposure,
deterioration in the non-life combined ratio to above 100% on a
sustained basis or a drop in the life regulatory solvency margin
below 10x. A weakening in SLIC's importance to the government,
increased pressure from the state for higher dividend pay-outs or
a significant increase in non-core investments could also place
downward pressure on the ratings.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***