TCRAP_Public/130611.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, June 11, 2013, Vol. 16, No. 114


                            Headlines


A U S T R A L I A

NINE ENTERTAINMENT: Recent Announcements No Impact on Ratings


C H I N A

CHINA BOTANIC: Withdraws Bid for Hearing on NYSE MKT Delisting
CHINA NATURAL: Asks Court to Approve Settlement with SEC
* Epiq Systems Opens New Data Centre in China


I N D I A

APM INFRASTRUCTURE: ICRA Rates INR8.05cr Loan at '[ICRA]B'
CHADHA SUGARS: ICRA Reaffirms 'B' Ratings on INR318.59cr Loans
COGENT E SERVICES: ICRA Assigns 'BB' Ratings to INR6.26cr Loans
CORE EDUCATION: S&P Lowers CCR to 'B'; Outlook Negative
ELSON PACKAGING: ICRA Reaffirms 'BB-' Ratings on INR9.02cr Loans

M.B. TEA: ICRA Assigns 'BB' Ratings to INR6cr Loans
NATIONAL POLYPLAST: ICRA Cuts Ratings on INR39.31cr Loans to 'D'
SAI CONCRETE: ICRA Assigns 'B+' Ratings to INR12cr Loans
SARGAM METALS: ICRA Cuts Rating on INR23.5cr Loans to 'B'
SONAM BUILDERS: ICRA Rates INR50cr Term Loan at '[ICRA]BB+'

VICTOR ENTERPRISES: ICRA Assigns 'BB-' Ratings to INR5.50cr Loans


I N D O N E S I A

BUMI RESOURCES: Moody's Lowers CFR to B3; Eyes Further Downgrades


N E W  Z E A L A N D

LOMBARD FINANCE: Former Directors File Appeal in High Court
* NEW ZEALAND: More Firms Seek Advice as Receiverships Fall


S O U T H  K O R E A

STX GROUP: Unit's Bankruptcy Filing Reflects Slump in Shipping
WOORI BANK: Fitch Affirms 'BB-' Hybrid Securities Rating


X X X X X X X X

* BOND PRICING: For the Week June 3 to June 7, 2013


                            - - - - -


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


NINE ENTERTAINMENT: Recent Announcements No Impact on Ratings
-------------------------------------------------------------
Moody's Investors Service says that Nine Entertainment Co
Holdings Limited's agreement to i) acquire WIN Corporation's
Adelaide station for around A$140 million and ii) secure the
rights to international cricket games for 5 years for a total of
A$400 million in cash plus A$50 million in contra fees (paid
annually) are credit negative but have no immediate ratings
impact.

"Overall we expect that the recent announcements will result in a
modest deterioration in metrics compared to our previous
expectations but will remain within the tolerance levels set for
the rating," said Maurice O'Connell, a Moody's Senior Analyst and
Vice President. "The separate exercise of an option to acquire
WIN's Perth business for potentially around A$225 million in the
future could also still be accommodated within the existing
tolerance set for the rating, should it proceed. However, the
increased risk profile now also encompasses the view that the
appetite for debt-funded acquisitions increases uncertainty and
diminishes the earlier expectation of a stable business profile,"
added O'Connell.

The acquisition of WIN Corporation's Adelaide station for around
A$140 million will be funded with a combination of cash, undrawn
facilities and an additional A$100 million term loan. At the same
time Moody's expects that the rights to the international cricket
will result in a reduction in annual EBITDA of around A$25
million compared to previous forecast offset by new EBITDA from
the Adelaide station of around A$15 million p.a. (before
synergies) and a similar addition to EBITDA from affiliate fee
increases.

Overall, adjusted Debt/EBITDA is expected to increase from an
original estimate of around 3.1x in FY2014 to around 3.3x. This
remains within the tolerance level for the rating of 4.25x.

NEC's Ba2 rating reflects its strong operating profile combined
with a sound conservative financial profile. The company's strong
operating profile is driven by its national scale operations
which provide it with a good ability to withstand and absorb
localized weak operating conditions or sporadic market
disruptions, across its entire network.

At the same time NEC has a solid track record of strong audience
and revenue share as well as a good degree of diversification
across different advertising channels. Nevertheless NEC faces
strong competition from other Free to Air networks which could
impact on margins depending on the success of future content.
Moody's expects growth in advertising revenue over the next 1-2
years to be slow and gradual.

NEC exhibits a sound financial profile, appropriate for a
potentially volatile earnings platform. Preparedness to engage in
debt fund acquisitions, albeit with sound commercial rationale,
weakens the credit profile which was premised on a stable
business profile.

The rating considers the profile following the sale of ACP
magazines business which was subject to a structural decline in
the magazine advertising market. The rating additionally
considers the earnings diversification provided by NEC's Events
and Digital operations.

Finally, the rating also considers a degree of uncertainty around
the future capital structure due to the complex shareholder
structure and the potential for the capital structure to change
following a possible IPO in the next 12-24 months.

The stable rating outlook reflects the solid liquidity and
Moody's expectation that NEC will continue its focus on
maintaining prudent financial leverage to cushion any adverse
industry developments.

Ratings could be downgraded if debt-to-EBITDA ratios are
sustained above 4.25x (including Moody's standard adjustments)
which could be due to operating weakness, acquisitions or cash
distributions to shareholders. Failure to maintain good liquidity
including a comfortable cushion to financial covenants to absorb
a cyclical downturn in revenue could also result in a downgrade.

Ratings could be upgraded if the company will operate in a
financially prudent manner consistent with a higher rating,
including maintaining debt-to-EBITDA ratio below 2.5x, and free
cash flow-to-debt ratio in the low double digit range or above on
a consistent basis.

The principal methodology used in this rating was the Global
Broadcast and Advertising Related Industry Methodology published
in May 2012.

On February 7, 2013, Moody's assigned a definitive Ba2 corporate
family rating and a definitive Ba2 rating to Senior Secured
Syndicated Facilities entered into by Nine Entertainment Group
Pty Ltd and Nine Entertainment (Delaware) Corporation, 100% owned
and guaranteed subsidiaries of Nine Entertainment Co. Holdings
Ltd. The outlook on the ratings is stable.



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


CHINA BOTANIC: Withdraws Bid for Hearing on NYSE MKT Delisting
--------------------------------------------------------------
China Botanic Pharmaceutical Inc., formerly Renhuang
Pharmaceuticals, Inc., on June 7 disclosed that on June 5, 2013,
the Company submitted a notice to the NYSE MKT LLC of its
decision to withdraw its appeal of the Staff's determination to
delist the Company's securities from the NYSE MKT.  As a result,
the Company has been informed that the Company's common stock
will be suspended from trading and the Exchange will proceed to
file a Form 25 with the Securities and Exchange Commission to
delist the Company's common stock from the Exchange.

As previously announced on May 2, 2012, the Company received a
notice from the NYSE MKT LLC indicating that based on the
Company's noncompliance with its compliance plan previously
submitted by the Company on February 7, 2013 to regain compliance
with Sections 134 and 1101 of the NYSE MKT Company Guide by
May 1, 2013, the Exchange has made a determination to delist the
common stock of the Company from the Exchange.  The Delisting
Notice indicated that under Sections 1203 and 1009(d) of the
Company Guide, the Company has a limited right to appeal the
Exchange's determination by requesting an oral hearing or a
hearing based on a written submission before the Exchange's
Listing Qualifications Panel.  On May 9, 2013, the Company
submitted a request for a hearing and paid the applicable hearing
fee, and an oral hearing date was set for June 28, 2013.
However, based on the progress of its audit, the Company has
decided to not appeal by withdrawing its request for hearing.  As
a result of the Company's decision not to appeal, the Company has
been informed that the delisting determination is final and the
Exchange will proceed to file an application with the Securities
and Exchange Commission to delist the Company's common stock from
the Exchange.

                About China Botanic Pharmaceutical

China Botanic Pharmaceutical Inc. -- http://www.renhuang.com--
is engaged in the research, development, manufacturing, and
distribution of botanical products, bio-pharmaceutical products,
and traditional Chinese medicines ("TCM"), in the People's
Republic of China.  All of the Company's products are produced at
its three GMP-certified production facilities in Ah City,
Dongfanghong and Qingyang.  The Company distributes its botanical
anti-depression and nerve-regulation products, biopharmaceutical
products, and botanical antibiotic and OTC TCMs through its
network of over 3,000 distributors and over 70 sales centers
across 24 provinces in China.


CHINA NATURAL: Asks Court to Approve Settlement with SEC
--------------------------------------------------------
The Securities and Exchange Commission previously filed a
complaint in the U.S. District Court for the Southern District of
New York against Qinan Ji and China Natural Gas, Inc., captioned
Securities and Exchange Commission v. China Natural Gas, Inc. and
Qinan Ji (12 CV 3824).  The SEC Action alleged that the Company
violated Section 17(a)(2) of the Securities Act of 1933, and
Sections 10(b), 13(a), 13(b)(2)(A), 13(b)(2)(B) and 14(a) of the
Securities Exchange Act of 1934, and that Mr. Ji violated Section
17(a) of the Securities Act, Sections 10(b), 13(a), 13(b)(2)(A),
13(b)(2)(B), 13(b)(5) and 14(a) of the Exchange Act, Section 304
of the Sarbanes Oxley Act of 2002 and aiding and abetting certain
of the Company's alleged violations.

The SEC Action further alleged among other things that, in
January 2010, the Company made two-short term loans totaling
$14.3 million ($9.9 million to Taoxiang Wang and $4.4 million to
a real estate company called Shaanxi Juntai Housing Purchase Co.
Ltd. and disclosed them in its periodic reports as loans made to
unrelated third parties.  The SEC Action alleged that the true
and undisclosed purpose of the loans was to benefit a company
called Xi'an Demaoxing Real Estate Co., Ltd., and that Demaoxing
was 90 percent owned by Mr. Ji's son and 10 percent owned by Mr.
Ji's nephew.  The SEC Action further alleged that Taoxiang Wang
was a sham borrower selected to conceal Demaoxing's receipt of
the loan proceeds and that Juntai was Demaoxing's business
partner and borrowed the money to undertake a joint real estate
project with Demaoxing.

The Board of Directors sought the resignation of Mr. Ji as Chief
Executive Officer because of his involvement in the Wang and
Juntai loans without notice to or approval by the Board of
Directors.

The Company submitted an offer to the SEC in an effort to settle
the SEC Action.  Without admitting or denying any allegations
against it, the Company offered to consent to the entry of a
court order that: (a) permanently restrains and enjoins the
Company from future violations of Section 17(a)(2) of the
Securities Act and Sections 13(a), 13(b)(2)(A), 13(b)(2)(B), and
14(a) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, 13a-
13, and 14a-9 thereunder; and (b) orders the Company to pay an
aggregate civil penalty in the amount of $815,000 pursuant to
Section 20(d) of the Securities Act and Section 21(d)(3) of the
Exchange Act.

Mr. Ji submitted an offer of settlement to the SEC in an effort
to settle the SEC Action.  Without admitting or denying any
allegations against him, Mr. Ji agreed to consent to the entry of
a court order that: (a) permanently restrains and enjoins Mr. Ji
from violations of Section 17 of the Securities Act and Sections
10(b), 13(b)(5), and 14(a) of the Exchange Act and Rules 10b-5,
13a-14, 13b2-1, 13b2-2, and 14a-9 thereunder, and Section 304 of
the Sarbanes-Oxley Act of 2002, and from aiding and abetting
violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the
Exchange Act and Rules 12b-20, 13a-1, 13a-11, and 13a-13
thereunder; (b) orders Mr. Ji to reimburse China Natural Gas,
Inc. $77,479 (payable in Chinese currency to a subsidiary of the
Company) pursuant to Section 304 of the Sarbanes-Oxley Act of
2002; (c) orders Mr. Ji to pay a civil penalty in the amount of
$100,000 pursuant to Section 20(d) of the Securities Act and
Section 21(d)(3) of the Exchange Act; and (d) bars Mr. Ji from
acting as an officer or director of any issuer that has a class
of securities registered pursuant to Section 12 of the Exchange
Act, or that is required to file reports pursuant to Section
15(d) of the Exchange Act for a period of ten years following the
date of entry of the final judgment.

The SEC accepted the Company's and Mr. Ji's offers of settlement
on May 30, 2013.  On June 3, 2013, the offers of settlement were
submitted to the United States District Court of Southern
District of New York for its consideration.

A complete copy of the Form 8-K is available for free at:

                        http://is.gd/T2SFTQ

                        About China Natural

Headquartered in Xi'an, Shaanxi Province, P.R.C., China Natural
Gas, Inc., was incorporated in the State of Delaware on March 31,
1999.  The Company through its wholly owned subsidiaries and
variable interest entity, Xi';an Xilan Natural Gas Co., Ltd., and
subsidiaries of its VIE, which are located in Hong Kong, Shaanxi
Province, Henan Province and Hubei Province in the People's
Republic of China ("PRC"), engages in sales and distribution of
natural gas and gasoline to commercial, industrial and
residential customers through fueling stations and pipelines,
construction of pipeline networks, installation of natural gas
fittings and parts for end-users, and conversions of gasoline-
fueled vehicles to hybrid (natural gas/gasoline) powered vehicles
at 0ptmobile conversion sites.

On Feb. 8, 2013, an involuntary petition for bankruptcy was filed
against the Company by three of the Company's creditors, Abax
Lotus Ltd., Abax Nai Xin A Ltd., and Lake Street Fund LP (Bankr.
S.D.N.Y. Case No. 13-10419).  The Petitioners claimed that they
have debts totaling $42,218,956.88 as a result of the Company's
failure to make payments on the 5% Guaranteed Senior Notes issued
in 2008.  The Company says it intends to oppose the motion.

Adam P. Strochak, Esq., at Weil, Gotshal & Manges, LLP, in
Washington, D.C., represents the Petitioners as counsel.


* Epiq Systems Opens New Data Centre in China
---------------------------------------------
Epiq Systems, Inc. (NASDAQ:EPIQ) announced Monday the opening of
its first data centre in Shanghai. It offers data collection,
processing and hosting facilities, enabling clients to host and
review data on mainland China using Clearwell technology.
Operations will be supported by multilingual (including Mandarin-
speaking) production and project management professionals.

Epiq's Shanghai data centre is the most recent addition to the
company's growing presence in Asia, complementing the data
centres and offices located in Hong Kong and Tokyo. Since opening
in 2009, Epiq's Hong Kong office has seen steady revenue
increases as well as an expansion of services, staff and space.
Epiq's Tokyo office opened in February of this year. Both the
Hong Kong and Tokyo offices offer full eDiscovery services
including consulting, forensics, collections, processing, hosting
and review. Experienced reviewers and staff in Hong Kong speak
fluent Mandarin, Cantonese and English and reviewers in Tokyo are
fluent in Japanese and English.

"The establishment of our data centre in China marks a new and
exciting stage in Epiq's global expansion," said Derek Crampton,
General Manager, Epiq Systems, Asia. "Our move into China
demonstrates our commitment to providing international support to
facilitate secure, compliant cross-border data transactions."

Epiq Systems is a leading global provider of technology-enabled
solutions for electronic discovery, bankruptcy and class action
administration.



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


APM INFRASTRUCTURE: ICRA Rates INR8.05cr Loan at '[ICRA]B'
----------------------------------------------------------
ICRA has assigned '[ICRA]B/[ICRA]A4' ratings for the INR13.55
Crore bank facilities of APM Infrastructure Private Limited.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Cash Credit Facilities    8.05     [ICRA]B assigned
   Bank Guarantee            5.50     [ICRA]A4 assigned

The ratings assigned factor in the long experience of the
promoters in the logistics industry as well as the diversified
business profile of the company, which has helped the company
record moderate growth over the past few years. The ratings are
however constrained by the small scale of operations of the
company, its weak profitability as well as its weak financial
risk profile. The company has made significant investments in a
group company - DRS Warehousing (North) Private Limited, returns
on which are only likely to accrue over the long term. The
company's ability to increase its scale of operations while
improving profitability would remain the key rating sensitivity.

APM Infrastructure Private Limited is engaged in the business of
construction, management and renovation of warehouses and
buildings. Additionally, the company is also engaged in
installation of special metal roofing systems in warehouses and
buildings and acts as a sub-contractor export cargo handling
services. The company is a part of the Agarwal Movers Group,
which consists of a number of companies engaged primarily in the
logistics sector, with the leading companies being Agarwal
Packers & Movers, DRS Logistics Private Limited and DRS
Warehousing (North) Private Limited.

Recent Results

As per provisional financial statements, AIPL recorded an
operating income of INR45.0 Crore in 2012-13.


CHADHA SUGARS: ICRA Reaffirms 'B' Ratings on INR318.59cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA] B' to the
INR192.26 crores term loans and INR126.33 crores fund based
limits of Chadha Sugars and Industries Limited.  ICRA has also
reaffirmed a short-term rating of '[ICRA]A4' to the INR6.00
crores non-fund based limits of CSIL. The rating watch with
developing implications has been withdrawn.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Term Loans                192.26   [ICRA]B reaffirmed
   Fund based limits         126.33   [ICRA]B reaffirmed
   Non fund based limits       6.00   [ICRA]A4 reaffirmed

CSIL's ratings are constrained by weak credit risk profile owing
to debt funded nature of capital expenditure resulting in high
gearing levels and modest debt protection metrics. CSIL's ratings
also reflect its modest scale of operations, exposure to agro-
climatic risks, cyclical trends in sugar business and regulatory
risks in terms of cane pricing. Nevertheless, the ratings draw
comfort from significant experience of promoters in sugar
business, completion of project in time and the company's forward
integration into co-generation and distillery which would
partially offset the effect of sugar cyclicality on the company's
profitability.

Chadha Sugars & Industries Ltd was incorporated in 2004. The
company is part of Late Mr. Hardeep Chadha Group which has
business interests in diverse areas such as real estate, sugar,
liquor, paper etc. CSIL has recently set up a 4500 TCD sugar
plant (expandable upto 7500 TCD) and 23 MW co-generation unit (it
is undergoing expansion from 23 MW to 26 MW). The plant is
located at village Teri Afghana in Gurdaspur district of Punjab.
The company last year also setting up a 30 KLPD grain based
distillery and 30 KLPD of molasses based distillery.

CSIL reported a net profit of INR0.61 crore on an operating
income of INR109.44 crore in FY 2012.


COGENT E SERVICES: ICRA Assigns 'BB' Ratings to INR6.26cr Loans
---------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]BB' for INR6.26
crore term loans and fund based limits of Cogent E Services
Private Limited. The rating carries a stable outlook.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Term Loans               1.26      [ICRA]BB (assigned)
   Fund-based Limits        5.00      [ICRA]BB (assigned)

ICRA's rating reflects CESPL's satisfactory track record in the
domestic Business Process Outsourcing (BPO) segment, its reputed
and established client base and its presence across multiple
regions in the country. The rating also factors in the robust
growth in company's revenues and its healthy financial risk
profile, characterised by high profitability and low gearing. The
rating is however constrained by significant dependence on two of
its large clients (Bharti Airtel Limited and Idea Cellular
Limited), working capital intensive nature of the operations due
to long debtor cycle and significant competition in the sector,
which is marked by presence of large number of small-to-medium
sized players. Further, notwithstanding the sharp growth in
revenues over the last few years, the scale of operations of the
company continues to remain modest, with operating income of
INR~24 crore in FY2012, which limits its ability to tide over
adverse circumstances. The rating also factors in the risks
inherent in the BPO industry such as high attrition rates and
exposure to regulatory changes.

Going forward, improvement in the scale of operations and
diversification of client base will be the key rating
sensitivity.

Incorporated in 2004, Cogent E Services Private Limited is a
Noida based IT and BPO services provider. The company is promoted
by Mr. Abhinav Singh and his two friends, Mr. Pranjal Kumar and
Mr. Gaurav Abrol. The company started with its first center in
Noida and currently it has five centers, one each in Noida,
Meerut, Bareilly, Vadodra and Bangalore. The total seating
capacity at all these locations taken together is 3275 agents.
The company primarily caters to inbound and outbound outsourcing
requirements for domestic operations of many reputed companies.
It also provides software services, data management services,
email support etc., however these services do not contribute
significantly to its topline and bottomline.

Recent Results

In FY2012, CESPL reported net profit of INR3.9 crore and
operating income of INR23.8 crore.


CORE EDUCATION: S&P Lowers CCR to 'B'; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on India-based education technology
solutions company Core Education & Technologies Ltd. (CORE) to
'B' from 'B+'.  The outlook is negative.  S&P removed the rating
from CreditWatch, where it was placed with negative implications
on March 4, 2013.  S&P then withdrew the rating at CORE's
request. The company requested for the rating withdrawal because
it does not currently intends to issue foreign currency bonds.

S&P lowered the rating on CORE because it believed that the sharp
fall in the company's equity prices could negatively affect its
access to capital markets and bank funding.  This would put
pressure on CORE's refinancing and funding plans and "less than
adequate" liquidity, as S&P's criteria define the term.

CORE has significant term debt maturities of Indian rupee
(INR) 4 billion in the fiscal year ending March 2014.  The
company will also need bank support to roll over existing working
capital outstanding of INR3 billion and fund S&P's estimate of
adverse working capital movement of over INR2.5 billion.  CORE's
capital expenditure is likely to be about INR3 billion in fiscal
2014, lower than S&P's earlier estimate of INR5 billion.  Any
significant lengthening of working capital cycles or inability to
contain the overall capital expenditure (including intellectual
property rights) could further strain the company's liquidity, in
S&P's opinion.

CORE has also pledged promoter shareholding to avail of loans to
fund growth.  In S&P's view, the depressed share price could
continue to pose a risk of margin calls, exposing the company to
provide additional collateral or refinance these loans.  Further,
banks' willingness to extend other funding at favorable terms may
be influenced by the continuing fall in share price, given the
outstanding promoter pledged shares.

At the time of withdrawal, S&P expected CORE's business
performance to remain stable, supported by the company's U.S.
assessment and governance business.  CORE's operating performance
in fiscal 2013 was in line with S&P's expectations.

The negative outlook at the time of withdrawal reflected CORE's
less than adequate liquidity and S&P's expectation that the
company's free operating cash flow would remain negative.  CORE's
banking relationships and liquidity position could deteriorate if
the company is unable to roll over its working capital facility
or secure additional funding.  Conversely, CORE's liquidity
position may improve if the company's access to funding from
capital markets and banks is steady and unimpaired.


ELSON PACKAGING: ICRA Reaffirms 'BB-' Ratings on INR9.02cr Loans
----------------------------------------------------------------
ICRA has re-affirmed the long-term rating of '[ICRA]BB-' to the
fund-based facilities aggregating to INR9.02 crore of Elson
Packaging Industries Private Limited. ICRA has also re-affirmed
short term rating of '[ICRA]A4' to the non-fund-based facilities
aggregating to INR0.75 crore of EPIPL. Further, ICRA has also re-
affirmed ratings of [ICRA]BB-/[ICRA]A4 to the proposed limits
aggregating to INR0.22 crore of EPIPL. The long term rating has a
stable outlook.

                            Amount
   Facilities              (INR Cr)  Ratings
   ----------              --------  -------
   Fund Based Limits         0.12    [ICRA]BB- re-affirmed
   (Term Loans)

   Fund Based Limits         8.90    [ICRA]BB- re-affirmed
   (Cash Credit)

   Non Fund Based Limits     0.50    [ICRA]A4 re-affirmed
   (Letter of Credit)

   Non Fund Based Limits     0.25    [ICRA]A4 re-affirmed
   (Letter of Guarantee)

   Proposed/Unallocated      0.22    [ICRA]BB-/[ICRA]A4
   Limits                            re-affirmed

The re-affirmation of ratings takes into account the company's
small scale of operations and its high financial risk profile as
reflected by low profitability indicators, leveraged capital
structure due to high working capital intensity in the operations
and weak debt protection metrics. Further, the company's
profitability remains exposed to adverse fluctuations in prices
of key raw materials which are crude oil derivatives. ICRA also
notes that the future revenue growth of the company is contingent
on favorable demand indicators within the business segment that
EPIPL operates in, which has a limited market size.

The ratings however draw comfort from the long experience of the
promoters and established position of the company in the HDPE-
laminated paper bag segment for industrial bulk packaging; and
the reputed customer profile.

Elson Packaging Industries Private Limited was set up in the year
1988 by Mr. Ashok Mody and is engaged in the manufacturing of
HDPE laminated Paper Bags, Multi Wall Paper Bags, Films/Liners,
Leno Bags & FIBC bags, with HDPE laminated paper bags being the
largest revenue driver for the company. The company's products
find application in industrial packaging of specialty chemicals,
fertilizers, dairy products etc. The company has an installed
capacity to produce about 1.8 Cr. nos. of laminated bags annually
at its manufacturing facility located in Vapi, Gujarat.

Recent Results

For FY 2012, the company reported profit after tax of INR0.24 Cr.
on an operating income of INR36.49 Cr. For FY 2013 (provisional),
the company reported net profit of INR0.26 crore on an operating
income of INR38.88 crore.


M.B. TEA: ICRA Assigns 'BB' Ratings to INR6cr Loans
---------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR5.75 crore cash
credit facility and INR0.25 crore untied limit of M.B. Tea &
Allied Products Private Limited. The outlook on the long term
rating is stable.

                                Amount
   Facilities                  (INR Cr)   Ratings
   ----------                  --------   -------
   Fund Based Limit-Cash Credit  5.75     [ICRA]BB assigned
   Fund Based Limit-Untied       0.25     [ICRA]BB assigned

The assigned rating takes into account the experience of the
promoters in the tea trading business, MBTAP's diversified client
profile, with top ten clients contributing less than 33% of the
company's turnover in the past two years and a conservative
capital structure. The rating is, however, constrained by MBTAP's
small scale of current operations, notwithstanding the
significant increase in turnover during 2012-13 and low value
addition in the tea trading business leading to low operating
margin. The rating also takes into consideration the fragmented
nature of the industry and intense competition, which puts
pressure on margins.

Incorporated in 1999, MBTAP is engaged in the trading (including
blending and packaging) of different varieties of tea in the
domestic market. The company has its blending and packaging unit
located at Siliguri, West Bengal. ICRA has also rated one of its
group entities viz. Brojendra Plantation Private Limited (rated
at [ICRA]BB/Stable).

Recent Results

The company has reported a net profit of INR0.35 crore
(provisional) on an operating income of INR23.04 crore
(provisional) during 2012-13; as compared to a net profit of
INR0.20 crore on an operating income of INR14.06 crore during
2011-12.


NATIONAL POLYPLAST: ICRA Cuts Ratings on INR39.31cr Loans to 'D'
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR30.51
crore term loans (reduced from INR33.92 crore) and INR7.30 crore
fund based working capital facilities of National Polyplast
(India) Limited from '[ICRA]B+' to '[ICRA]D'. ICRA has revised
the short term rating assigned to the INR1.50 crore non-fund
based bank limits of NPIL from '[ICRA]A4' to '[ICRA]D'. ICRA has
also assigned ratings of [ICRA]D to the INR3.41 crore proposed
bank facilities of NPIL.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Term Loans               30.51     Revised [ICRA]B+ to [ICRA]D
   Fund Based Limits         7.30     Revised [ICRA]B+ to [ICRA]D
   Non Fund Based Limits     1.50     Revised [ICRA]A4 to [ICRA]D
   Proposed Facilities       3.41     [ICRA]D assigned

The ratings revision takes into account the stretched liquidity
position of the company which has resulted in delays in debt
servicing. The company's liquidity position has been stressed on
account of the high repayment obligations and financing costs due
to the debt funded capital expenditure programmes undertaken in
the recent years as well as the high working capital intensity of
operations and rapid growth in scale of operations of the
company. NPIL has been undertaking significant capacity additions
in the PET preforms segment with capex outflow of close to INR60
crore over 2011-12 and 2012-13. Combined with the high repayment
obligations from earlier capex programmes, the company's free
cash flows have remained negative and coverage indicators modest.

The ratings also consider the fragmented industry structure, and
the high client concentration risk with around 90% of the
revenues derived from the top five customers, comprising of
Pepsico and its franchisees. Nonetheless, the ratings also
consider the favourable demand prospects for the PET preforms
business due to rising growth in consumption of bottled
beverages; the reputation and long experience of the group in the
plastics business along with the established relationships with
existing customers; and, the healthy profitability margins in the
PET preforms segment.

National Polyplast (India) Limited is part of the National
Plastics Group of Chennai, which was started in 1951 by Mr
Bachhraj Parakh. The Group was among the first to enter the
plastics industry in South India and initially manufactured
household articles such as water containers and kitchen wares.
NPIL was established in 1992 to manufacture plastic household
items but presently makes PET preforms and HDPE crates for the
beverages industry; the company has also recently started
manufacturing plastic moulded auto components. NPIL has five
plants with two located in Tamil Nadu, one in Pondicherry, one in
Uttarakhand and one in Silvassa, with a sixth plant being set up
in Tamil Nadu. The primary customers of NPIL are Pepsico India
and its franchisees. The PET preform business contributed around
90% of the company's revenues in 2012-13.

Recent Results

As per the provisional accounts for 2012-13, NPIL reported a net
profit of INR11.8 crore on an operating income of INR134.2 crore.


SAI CONCRETE: ICRA Assigns 'B+' Ratings to INR12cr Loans
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the
INR12.00 crore fund based and non-fund based facilities of Sai
Concrete Pavers Pvt Ltd.

                                  Amount
   Facilities                    (INR Cr)    Ratings
   ----------                     --------   -------
   Fund based limits-Cash Credit   4.75      [ICRA]B+ Assigned
   Non fund based limits-Bank      2.60      [ICRA]B+ Assigned
   Guarantee
   Unallocated Limits              4.65      [ICRA]B+ Assigned

The assigned ratings are constrained by the low scale of
operations and the relatively low value additive nature of the
business leading to competitive pressures and consequently low
profit margins. The company is also exposed to high geographic
concentration risks with focus on contracts involving cement
concrete paver block and civil works in Andhra Pradesh & Orissa.
The company's profitability is exposed to volatility in raw
material prices mainly cement and steel as the contracts are
mainly fixed priced in nature; however the risk is mitigated to
some extent due to short execution cycle of the contracts. The
assigned ratings are further constrained by the high working
capital intensity at 40-44% leading to stretched cash flows and
consistently high working capital utilization.

However the assigned ratings take comfort from the decade long
experience of the promoters in the manufacturing and laying of
pre-cast concrete products and civil works and the presence of
prominent Oil & Gas, Port, Infrastructure and Metal companies
among the clientele.

Sai Concrete Pavers Private limited has been engaged in
undertaking turn-key projects involving supply and laying of CC
paver blocks and civil works at project sites since 2001. SCPPL
has cement concrete paver block manufacturing capacity of 62.40
lakh pieces per annum with manufacturing unit located in
Visakhapatnam, Andhra Pradesh. The company is promoted by Mr. S.
Srinivas who has two decades of experience in the civil
engineering works and manufacturing & laying of paver blocks.

Recent Results

In FY12, SCPPL reported an operating income of INR16.24 crore
with a net profit of INR0.44 crore as against an operating income
of INR11.85 crore with a net profit of INR0.37 crore in FY11. In
the first 9 months of FY13, the company reported a net profit of
INR0.41 crore (un-audited & provisional) on an operating income
of INR13.52 crore (un-audited and provisional).


SARGAM METALS: ICRA Cuts Rating on INR23.5cr Loans to 'B'
---------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR5.0
crore term loan facilities and the INR18.50 crore fund based
facilities of Sargam Metals Private Limited to '[ICRA]B' from
'[ICRA]B+'. ICRA has reaffirmed the short-term rating of
'[ICRA]A4' outstanding on the INR12.00 crore non-fund based
facilities of SMPL.

                        Amount
   Facilities          (INR Cr)     Ratings
   ----------           --------    -------
   Term loan facility      5.00     Revised [ICRA]B from [ICRA]B+
   Fund based facilities  18.50     Revised [ICRA]B from [ICRA]B+
   Non-fund based         12.00     [ICRA]A4 reaffirmed
   Facilities

The revision in ratings reflects the further deterioration in
SMPL's working capital intensity / capital structure during
2012-13 and its highly stretched coverage metrics. SMPL's
liquidity position is tight, owing to delays in realization of
advances / receivables from a group entity, amidst almost full
utilization of its fund based bank facilities. SMPL has also
extended a corporate guarantee for INR43.3 crore to the
aforementioned group entity, which is considerably high compared
to its net worth. The ratings consider the experience of the
promoters in the non-ferrous alloys business and SMPL's
established relationship with some of its key customers which is
expected to support business growth to an extent. While the near-
term outlook for automobile industry remains sluggish, SMPL has
recently received an order from an automotive OEM; also,
favorable long-term demand outlook for the automobile industry is
expected to drive the Company's business growth going forward.
The ratings also consider the highly fragmented and competitive
nature of the industry, which limits scope for margin expansion,
and the susceptibility of its accruals to adverse movements in
foreign exchange rates.

SMPL is primarily engaged in the manufacture of aluminium, zinc
and manganese ingots, which are used as raw materials in
foundries for producing cast products. The Company is also
engaged in manufacture of cathodic protection products, which
finds application in ships, off-shore structures such as
platforms, sub-sea pipelines and structures such as jetty,
wharves and barges.

SMPL, which was established as a partnership firm in 1968, was
converted into a private limited company in 1970. The Company has
its alloy production capacity in Manapakkam (Tamil Nadu) and is
proposing to shift its manufacturing facility to SIPCOT
Industrial estate in Cheyyar (Tamil Nadu). The Company is managed
by Mr. S Arun and is closely held by the promoter/promoter group.

Recent results

SMPL reported a net profit of INR0.2 crore on an operating income
of INR91.7 crore during 2012-13 (according to unaudited results),
against a net profit of INR0.3 crore on an operating income of
INR99.3 crore during 2011-12.


SONAM BUILDERS: ICRA Rates INR50cr Term Loan at '[ICRA]BB+'
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating assigned to the term
loan limit of INR50.0 crore of Sonam Builders.  The outlook of
the assigned rating is Stable.

                            Amount
   Facilities              (INR Cr)    Ratings
   ----------              --------    -------
   Term Loan Limits           50.0     [ICRA]BB+ Reaffirmed

The rating favorably factors in the marked increase by over 30%
in the sales price of the residential project - Golden Nest -
Phase XV developed by the firm in the Mira-Bhayander region;
sales price has witnessed an increase from INR5,500 per sq. ft.
to INR7,200 per sq. ft. during the past 1 year. It is noted that
the upcoming project - Phase XVI is also seeing a healthy demand
as indicated by the uptrend in the sales price which was
witnessed during the sale of ~8% of the proposed area of the
first tower of the new phase. Further, the rating derives comfort
from the fact that while the firm prepaid the term loan earlier
raised for development of Phase XV in Sep 12; there is also a
large moratorium period of 36 months before the repayment starts
for the proposed debt of INR50 crore required to part fund the
project cost of Golden Nest - Phase XVI. Funding risk for the new
phase is partially mitigated by the estimated cash inflows of -
INR20 crore from the sales already achieved in GN-Phase XV and
from the sale of TDR of 1 lac sq. ft. The rating continues to be
supported by the large land bank admeasuring 10.4 lacs sq. ft.
held by the firm in Mira-Bhayander area and established track
record and demonstrated capabilities of the group.

However, the rating is constrained by the significant execution
and funding risks for proposed project - GN-Phase XVI as the
construction of the project yet to commence; exposure to
permitting risks given that the approvals required for
commencement of construction and launching of sales are yet to be
received and significant dependence of revenues on residential
projects in Mira-Bhayander region where all the firm's projects
are being executed. The rating takes into account that funding of
upcoming project - GN Ph XVI is contingent on the realisation of
sale of TDR which is expected in Q1-Q2FY14. ICRA notes that risks
of capital withdrawals (inherent in partnership entities) which
could materially impact the firm's credit profile.

Sonam Builders is a closely held partnership firm of Mr. Mithalal
R. Jain who holds 60% stake, and his son Mr. Bharat M. Jain
holding 40%. Since incorporation in 1991, the firm has firm has
completed 25 projects (Geeta Nagar, Sneha Sadan, and Golden Nest
Phase I to XV) consisting of 177 buildings and a total saleable
area of 2.95 million. sq. ft. Golden Nest Phase XV is the latest
project of the firm which has been completed in Mar 12 and almost
completely sold. The firm plans to develop another project -
Golden Nest XVI of an area of 2.4 lacs sq. ft. which would
commence in June 2013.


VICTOR ENTERPRISES: ICRA Assigns 'BB-' Ratings to INR5.50cr Loans
-----------------------------------------------------------------
ICRA has assigned the rating of '[ICRA]BB-' to the INR0.50 crore
term loans and INR5.00 crore long-term fund based facilities of
Victor Enterprises. The outlook on the long-term rating is
stable.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Term Loans               0.50      [ICRA]BB-assigned
   Long term fund based     5.00      [ICRA]BB-/assigned
   Facilities

The assigned rating takes into account long standing experience
of the promoters in the industry, the firm's established
relationships and strong share of business enjoyed with majority
of its reputed clientele lending business stability. The Firm
enjoys long term associations with its raw material suppliers and
has a healthy product mix comprising of products finding
application in multiple industries supporting the firm's business
prospects. The rating is, however, constrained by the firm's
modest scale of operations restricting the firm's operational and
financial flexibility; high competitive intensity in the industry
and significant customer concentration. The rating also takes
into account the modest financial profile of the firm
characterised by thin margins, weak capital structure owing to
its weak accruals and recent debt funded capital expenditure and
relatively high working capital intensity on account of its high
inventory holding. The firm's manufacturing facilities remain
almost fully utilised thereby limiting its growth prospects in
the near term, although the firm has outlined capacity expansion
plans over the medium term.

Promoted by Mr. Sanjeev Parikh and his family in 1969, Victor
Enterprises is mainly engaged in manufacturing of metal castings.
The firm's product profile comprises of flywheels, dead weights,
crank case, cylinder block and bearing housing, among others
which find application mainly in oil engines and automotives.
With over thirty years of experience in the foundry industry, the
firm has established strong relationship with reputed clientele
like Kirloskar Oil Engines Limited, Ashok Leyland John Deere
India Private Limited ([ICRA]A (stable)/[ICRA]A1), Rocket
Engineering Corporation, Addison & Co. Limited and Tractor and
Farm Equipments. The firm presently operates from a single
manufacturing unit in Belgaum spread across 44,000 sqft area with
an installed capacity of about 700 MT per month. Over the years,
the firm has regularly invested in modernization of the
manufacturing and currently operates with a multi-line sand plant
with green sand and dry sand moulding facilities.

Recent Results

The Firm reported net profit of INR0.3 crore on operating income
of INR24.2 crore for the eleven months ended February 28, 2013
(unaudited). For the full year 2011-12, the Firm reported net
profit of INR0.2 crore on operating income of INR24.8 crore as
against a net profit of INR0.2 crore on operating income of
INR21.1 crore in 2010-11.



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


BUMI RESOURCES: Moody's Lowers CFR to B3; Eyes Further Downgrades
-----------------------------------------------------------------
Moody's Investors Service downgraded the corporate family and
senior secured bond ratings of PT Bumi Resources Tbk (Bumi
Resources) to B3 from B2. Moody's has also placed the ratings on
review for further downgrade.

The senior secured bonds are issued by Bumi Capital Pte Ltd and
Bumi Investment Pte Ltd, both of which are wholly owned
subsidiaries of Bumi Resources.

Ratings Rationale:

"The downgrade reflects our concern about Bumi's ability to
refinance its upcoming debt maturities in a timely manner, given
the delays in the separation of Bumi Resources from Bumi Plc and
the stoppage of work by a mining contractor at the Arutmin mine
since late April," says Simon Wong, a Moody's Vice President and
Senior Analyst and the Lead Analyst for Bumi Resources.

In February 2013, Bumi Plc signed an agreement to divest its
entire 29.2% stake in Bumi Resources to Bakrie Group. The
transaction, initially proposed in October 2012 by Bakrie Group,
is still pending the approval of Bumi Plc's shareholders.

The uncertainty over Bumi Resources' shareholding structure has
in turn delayed the refinancing of its upcoming debt maturities
in Q3 2013.

Moody's review will focus on Bumi Resources' ability to: (1)
refinance its scheduled near-term maturities, particularly its
$150 million loan due in August; (2) reduce its debt level
through asset sales; and (3) restart operations at the Senakin
and Satui mines as soon as possible and avoid a material adverse
impact on its full-year production target and operating cash
flow.

Moody's would downgrade the ratings further, if Bumi Resources is
unable to refinance its maturity due in August by the end of
June.

Bumi Resources had consolidated debt of $4.28 billion at end-
2012. It will need to refinance $634 million of this debt which
will be due over the next 12 months.

In addition to the maturity due in August, $406 million of loans
at Bumi Resources Minerals (BRM, unrated) -- in which the company
has an 87.09% stake -- will mature in September. The debt at BRM
is non-recourse to Bumi Resources. Bumi Resources had cash on
hand of $45.1 million and $100 million in restricted cash in
banks at end-2012.

Furthermore, Bumi Resources' liquidity risk is very high at the
holding company level, given the structural separation from the
underlying coal assets which are the major contributors to the
group's cash flow. Also, the group's ability to generate free
cash flow will be limited because of weak coal prices.

The principal methodology used in these ratings was the Global
Mining Industry Methodology published in May 2009.

Bumi Resources is Indonesia's largest thermal coal producer and
one of the three largest thermal coal exporters globally. Through
its principal assets (a 65% stake in PT Kaltim Prima Coal and a
70% stake in PT Arutmin), Bumi produced 66 million tons of coal
in 2011 and which accounted for approximately 19% of Indonesia's
total coal production.

Its non-coal resource holding company, Bumi Resources Minerals,
was listed on the Indonesian Stock Exchange on 9 December 2010.
Bumi Resources currently owns 87.09% of Bumi Resources Minerals.

Bumi Plc, previously known as Vallar Plc, currently has a 29.2%
stake in Bumi Resources.



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


LOMBARD FINANCE: Former Directors File Appeal in High Court
-----------------------------------------------------------
3news.co.nz reports that the former directors of failed lender
Lombard Finance & Investments are going to the Supreme Court in a
final bid to overturn their convictions for making untrue
statements in an offer document.

In a statement, their counsel Jim Farmer QC said Sir Doug Graham,
Bill Jeffries, Lawrie Bryant and Michael Reeves will apply to the
country's highest court for leave to appeal last month's Court of
Appeal ruling which upheld their convictions, according to the
report.

"That decision has been taken after a full consideration of the
judgment, including the receipt of legal advice," Mr Farmer said.
"The application for leave will be filed as soon as the Court of
Appeal has given a final judgment on the Solicitor-General's
appeals."

3news.co.nz notes that all four avoided jail time when sentenced
in March last year, when Justice Robert Dobson said the offending
was much less serious than that involving other failed finance
companies, such as Bridgecorp.

They had been found guilty of making untrue statements in
investment documents and advertisements in late 2007 and early
2008 and the Crown had initially sought jail terms, the report
relates.

The Appeal Court bench, comprising Justices Anthony Randerson,
John Wild, and Christine French, said the sentences were
manifestly inadequate.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact
Lombard Group Limited.

Some 4,400 Lombard Finance investors were owed NZ$127 million.


* NEW ZEALAND: More Firms Seek Advice as Receiverships Fall
-----------------------------------------------------------
The New Zealand Herald reports that the number of companies going
into receivership has fallen but more businesses are wanting
advice on how to avoid financial trouble, according to one of
New Zealand's top receivers.

The Herald says William Black, a partner at McGrathNicol who
handled the South Canterbury Finance receivership, said there had
been a decline in companies going to the wall in the past nine to
12 months.

"It's not a sudden occurrence . . . but it is swinging more to
the advisory side," the report quotes Mr. Black as saying.

According to the report, Mr. Black said the switch reflected a
slow economic recovery which was also seen in lower provisioning
being set aside by the banks.

Mr. Black said a lot of companies had accepted tougher times as
the new normal but some still had not recognised the situation,
the Herald relays.

"It is a new environment we are in."

Mr. Black said those sectors still struggling included parts of
the retail industry, print and some parts of the agricultural
sector.

"There are some pockets of dairy which have got issues but it's
more outside of that in aquaculture and viticulture."



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


STX GROUP: Unit's Bankruptcy Filing Reflects Slump in Shipping
--------------------------------------------------------------
Kyong-Ae Choi and Kanga Kong at The Wall Street Journal reports
that the bankruptcy filing by what once was a major profit driver
of one of South Korea's conglomerates is a reminder of the
prolonged slump in the marine-transport business.

STX Pan Ocean Co., the bulk-transportation unit of STX Group,
filed for court receivership Friday after failing to find a
buyer.

The Journal says STX Group had put up for sale its almost 36%
interest in STX Pan Ocean, but no buyers came forward. The
Journal notes that the company, which is listed in Seoul and
Singapore, was valued at $231 million in early April but that
fell to $170 million by the end of last week.

STX Group, with over KRW10 trillion ($9 billion) in total debt,
has sold KRW1.13 trillion in assets as part of a KRW2.5 trillion
asset sale plan announced in May of last year, the Journal
discloses. STX has said it would continue to cut its workforce,
wages and benefits. It has already cut the number of executives
and annual salaries by around a fifth.

The Journal relates that under a creditor-led bailout plan, the
group is aiming to re-emerge with a focus on shipbuilding.
Creditors are drawing up a restructuring plan for its core
business unit, STX Offshore & Shipbuilding Co., and could
overhaul other affiliates.

According to the Journal, state-owned Korea Development Bank, the
group's main creditor, said STX Pan Ocean's filing for court
protection won't have a negative impact on the restructuring of
other STX affiliates.

The news agency notes that the decline of STX Group also marks a
precipitous fall for company Chairman Kang Duk-soo, a self-made
South Korean tycoon who pursued years of expansion after betting
all his wealth on a 2001 takeover of SsangYong Heavy Industries,
the precursor of STX Group. Through 2007, STX Group spent more
than KRW2 trillion to buy four companies, including cruise-ship
maker Aker Yards ASA from Norway.

STX Group is likely to get support from its creditors since its
failure would deal a heavy blow to the Korean economy and
creditors' balance sheets, according to the Journal.

STX Pan Ocean, which became one of STX Group's most profitable
units after emerging from receivership in 2002, swung to a net
loss of KRW91 billion in 2009. Its loss deepened to KRW467
billion last year, the Journal discloses.

STX Group, South Korea's 13th-biggest company by assets, has 21
affiliates and 60,000 employees.


WOORI BANK: Fitch Affirms 'BB-' Hybrid Securities Rating
--------------------------------------------------------
Fitch Ratings has affirmed Korea-based Woori Bank's (Woori) Long-
Term Foreign-Currency Issuer Default Ratings (IDR) at 'A-'. The
Outlook is Stable. Fitch has also affirmed Woori's Viability
Rating (VR) at 'bbb'.


KEY RATING DRIVERS AND SENSTIVITIES - IDRs, Support Rating and
Support Rating Floor

Woori's IDRs, Support Rating (SR) and Support Rating Floor (SRF)
reflect Fitch's continued belief of an extremely high propensity
of the South Korean government (AA-/Stable) to support Woori, if
required. This view is based on Woori's systemic importance as
one of the major commercial banks in South Korea and the
government's majority ownership through Korea Deposit Insurance
Corporation (KDIC). Being the second-largest bank in Korea, Woori
holds 13% and 15% of the banking system's total assets and
deposits respectively.

A substantial reduction of the government's stake (or an M&A) may
trigger a rating review for Woori's state support-driven ratings.
The government has attempted to sell Woori for a decade but has
failed to do so.

A change in the ability of the Korean authorities to provide
support may result in a change in these ratings. Global
regulatory initiatives aimed at reducing implicit government
support available to banks may cause downward pressure on the
ratings.

KEY RATING DRIVERS AND SENSTIVITIES - VR

Woori's 'bbb' VR reflects its strong local franchise, its
adequate capitalisation and margins, and the sound ordinary
support/supervision from Korea's authorities. It also takes into
account the bank's weak risk management practices, which are not
fully reflected in its headline loan quality metrics. Another key
factor determining Woori's VR is the bank's structural weakness
in its funding/liquidity profile, particularly in foreign
currency.

Woori's long-term underlying profitability is weakening due to
various regulatory-driven costs and continued social and
political pressure on the margins and fees of Korean financial
institutions. Net interest margin (NIM) has been contracting due
to declining interest rates. That said, its regulatory NIM (1.9%
in 2012) adjusted for the credit card operation that was spun-off
on 1 April 2013 is below than the system average (2.1%).

Its precautionary-and-below loans ratio (PBL; 4.7% at end-Q113)
is noticeably weaker than the industry average (about 3.7%). The
share of loans that are not backed by either collateral or
guarantee (49% at end-2012) was worse than the system average
(about 43%).

Woori faces some concentration risk arising from its lending to
large corporates, particularly in view of the fact that many
large companies have survived the global financial crisis on
extensive government support. It loan book carries large
exposures to weak property developers, shipbuilders and shipping
companies.

Although somewhat volatile, Woori's loans/customer deposits ratio
has improved slightly in 2012 to 122%, compared with 126% at end-
2011. Woori's retail deposits/total deposits has improved to 34%
at end-2012 from 31% at end-2008. Like its local peers, Woori
depends highly on foreign-currency wholesale funding; however, it
has ensured that foreign-currency lending is funded by long-term
maturity debts, as per regulatory guidance.

Woori's Fitch core capital ratio was further strengthened to
11.4% at end-Q113. Fitch expects Woori to meet the Basel III
capital requirements without difficulties when they are
implemented in Korea at end-2013. It is highly likely that Woori
will be designated a "domestic systemically important bank" (D-
SIB) in Korea by the regulator.

A substantial and sustainable improvement in its loan quality and
risk management, or foreign currency funding/liquidity profile
may offer upside potential for Woori's VR.

A significant loan quality deterioration causing noticeable
erosion in its capitalisation may cause a downgrade of its VR.

KEY RATING DRIVERS AND SENSTIVITIES - Senior Unsecured Debt

The rating of senior unsecured debt is aligned with the bank's
Long-Term IDR. Any change in the IDR will be reflected in the
rating of the debt.

KEY RATING DRIVERS AND SENSTIVITIES - Subordinated Debt and
Hybrid securities

The 'BBB-' rating for its legacy lower tier 2 subordinate debt is
one notch below Woori's VR, and reflects below-average loss
severity (one notch) and minimal non-performance risk (no notch).
The securities have gone-concern loss absorption features and no
coupon payment flexibility.

The 'BB-' rating for Woori's hybrid securities is four notches
below the bank's VR, in line with Fitch's criteria, to reflect
their high loss severity (two notches) and non-performance risk
(two notches). The legacy hybrid tier 1 capital securities have
limited flexibility over coupon payments despite its going-
concern loss absorption features.

The subordinate debt and hybrid ratings are likely to move in
line with the VR of the bank.

KEY RATING DRIVERS AND SENSTIVITIES - National rating

Woori's 'AAA(tha)' senior unsecured issue rating is the highest
on Thailand's National rating scale. The rating is likely to move
in line with the bank's IDR.

Woori's ratings are:

International ratings:
Long-Term Foreign Currency IDR affirmed at 'A-'; Stable Outlook
Short-Term Foreign Currency IDR affirmed at 'F2'
Viability Rating affirmed at 'bbb'
Support Rating affirmed at '1'
Support Rating Floor affirmed at 'A-'
Senior unsecured debt affirmed at 'A-'
Subordinate debt affirmed at 'BBB-'
Hybrid securities affirmed at 'BB-'

National ratings:
Senior unsecured THB-denominated debt affirmed at 'AAA(tha)'



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


* BOND PRICING: For the Week June 3 to June 7, 2013
---------------------------------------------------

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


  AUSTRALIA
  ---------

MIDWEST VANADIUM     11.50     2/15/2018    USD    69.86
MIDWEST VANADIUM     11.50     2/15/2018    USD    69.35
NEW S WALES TREA      0.50     9/14/2022    AUD    70.62
NEW S WALES TREA      0.50     10/7/2022    AUD    70.41
NEW S WALES TREA      0.50    10/28/2022    AUD    70.21
NEW S WALES TREA      0.50    11/18/2022    AUD    70.02
NEW S WALES TREA      0.50    12/16/2022    AUD    70.31
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    71.75
TREAS CORP VICT       0.50      3/3/2023    AUD    70.76
TREAS CORP VICT       0.50    11/12/2030    AUD    49.57


CHINA
-----

CHINA GOVT BOND       1.64    12/15/2033    CNY    69.45


INDIA
-----

CORE PROJECTS         7.00      5/7/2015    USD    49.70
COROMANDEL INTL       9.00     7/23/2016    INR    16.31
DR REDDY'S LABOR      9.25     3/24/2014    INR     5.02
GRAMEEN FIN SERV     14.05      6/7/2016    INR    54.96
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    66.35
PRAKASH IND LTD       5.25     4/30/2015    USD    64.79
PUNJAB INFRA DB       0.40    10/15/2024    INR    34.88
PUNJAB INFRA DB       0.40    10/15/2025    INR    31.79
PUNJAB INFRA DB       0.40    10/15/2026    INR    28.98
PUNJAB INFRA DB       0.40    10/15/2027    INR    26.44
PUNJAB INFRA DB       0.40    10/15/2028    INR    22.22
PUNJAB INFRA DB       0.40    10/15/2029    INR    20.45
PUNJAB INFRA DB       0.40    10/15/2030    INR    20.45
PUNJAB INFRA DB       0.40    10/15/2031    INR    18.85
PUNJAB INFRA DB       0.40    10/15/2032    INR    17.40
PUNJAB INFRA DB       0.40    10/15/2033    INR    16.09
PYRAMID SAIMIRA       1.75      7/4/2012    USD     1.00
REI AGRO              5.50    11/13/2014    USD    70.12
REI AGRO              5.50    11/13/2014    USD    70.12
SHIV-VANI OIL         5.00     8/17/2015    USD    32.16
SUZLON ENERGY LT      7.50    10/11/2012    USD    65.12
SUZLON ENERGY LT      5.00     4/13/2016    USD    50.67


JAPAN
-----

ELPIDA MEMORY         2.03     3/22/2012    JPY    13.62
ELPIDA MEMORY         2.10    11/29/2012    JPY    13.62
ELPIDA MEMORY         2.29     12/7/2012    JPY    13.62
ELPIDA MEMORY         0.50    10/26/2015    JPY     8.00
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


PHILIPPINES
-----------

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


SINGAPORE
---------

BAKRIE TELECOM       11.50      5/7/2015    USD    40.00
BAKRIE TELECOM       11.50      5/7/2015    USD    38.48
BLD INVESTMENT        8.63     3/23/2015    USD    68.87
BLUE OCEAN           11.00     6/28/2012    USD    39.37
BLUE OCEAN           11.00     6/28/2012    USD    38.00
DAVOMAS INTL FIN     11.00     12/8/2014    USD    14.75
DAVOMAS INTL FIN     11.00     12/8/2014    USD    14.75
INDO INFRASTRUCT      2.00     7/30/2049    USD     1.88


SOUTH KOREA
-----------

CHEJU REGION DEV      3.00    12/29/2034    KRW    67.55
EXP-IMP BK KOREA      0.50     9/28/2016    BRL    64.45
EXP-IMP BK KOREA      0.50    10/27/2016    BRL    72.04
EXP-IMP BK KOREA      0.50    11/28/2016    BRL    71.54
EXP-IMP BK KOREA      0.50    12/22/2016    BRL    70.54
EXP-IMP BK KOREA      0.50    10/23/2017    TRY    70.76
EXP-IMP BK KOREA      0.50    11/21/2017    BRL    66.35
EXP-IMP BK KOREA      0.50    12/22/2017    TRY    64.50


SRI LANKA
---------

SRI LANKA GOVT        6.20      8/1/2020    LKR    74.59
SRI LANKA GOVT        7.00     10/1/2023    LKR    71.42
SRI LANKA GOVT        5.35      3/1/2026    LKR    57.25
SRI LANKA GOVT        8.00      1/1/2032    LKR    72.07


THAILAND
--------

G STEEL               3.00     10/4/2015    USD     8.25
MDX PUBLIC CO         4.75     9/17/2003    USD    16.12



                             *********

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 ***