TCRAP_Public/130613.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, June 13, 2013, Vol. 16, No. 116


                            Headlines


A U S T R A L I A

ELIZA PARK: In Receivership After Unable to Secure Buyer
FLUID POWER: Grant Thornton Appointed as Administrators
INFOTEAM ASIA: Sony Sales Service Contractor in Liquidation


C H I N A

KEYUAN PETROCHEMICALS: Incurs $5.9-Mil. Net Loss in 2012
LDK SOLAR: Shareholders OK Issuance of 25MM Shares to Fulai


H O N G  K O N G

PACNET LIMITED: Fitch Corrects Proposed Notes' Maturity Date
PACNET LTD: Moody's Assigns (P)B2 Rating to New Senior Notes


I N D I A

ABHIRUCHI FOODS: CRISIL Assigns 'BB-' Ratings to INR76.7MM Loans
BANGALORE PAPER: CRISIL Assigns 'BB-' Rating to INR35MM Loans
GREEN SHIELD: CRISIL Assigns 'B' Rating to INR85MM Cash Credit
GUDIMETLA SUNDARARAMI: CRISIL Rates INR150MM Loan at 'CRISIL B+'
JHV STEELS: CRISIL Assigns 'B-' Ratings to INR250MM Loans

KABRA BROTHERS: CRISIL Downgrades Rating on INR100MM Loan to 'D'
KABRA STEELS: CRISIL Cuts Ratings on INR350MM Loans to 'D'
MAHARAJA COTSPIN: CRISIL Raises Ratings on INR324MM Loans to 'B+'
MICRO LOGISTICS: CRISIL Rates INR50MM Cash Credit at 'B+'
NALINAKSHA AGRO: CRISIL Assigns 'B+' Ratings to INR78MM Loans

RAME ELECTROWIRE: CRISIL Assigns 'BB' Ratings to INR149.4MM Loans
VELVET RESORTS: CRISIL Rates INR87MM Term Loan at 'CRISIL B'
VIPUL OVERSEAS: CRISIL Rates INR45MM Cash Credit at 'BB-'


J A P A N

ELPIDA MEMORY: Micron Deal Appears to Clear Legal Hurdle
SHINSEI BANK: Moody's Eyes Downgrade on Ba2, Ba3 Ratings


N E W  Z E A L A N D

DOMINION FINANCE: Two Former Directors Apply for Discharge
HARPERCOLLINS NEW ZEALAND: To End Distribution Network
NUTRICIA: Set to be Placed Into Liquidation Over Debts


S O U T H  K O R E A

SSANGYONG ENG'G: Creditors Likely to Approve Debt Workout Plan


X X X X X X X X

* Moody's Issues New Asian High-Yield Compendium


                            - - - - -


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


ELIZA PARK: In Receivership After Unable to Secure Buyer
--------------------------------------------------------
James Thompson at BRW News reports that iconic horse stud Eliza
Park has been placed into the hands of receivers after owners, the
Fleming family, were unable to secure a buyer for the property.

A representative from the Sydney office of insolvency firm PPB
Advisory confirmed to BRW that PPB partners Christopher Hill --
chill@ppbadvisory.com --  and Stephen Longley --
slongley@ppbadvisory.com -- are handling the receivership.

"PPB Advisory is now undertaking a review of the business's
operations and will operate on a business as usual basis during
this time," the firm said in a statement obtained by BRW News.

The report relates that the business had been put on sale in
March, with price expectations as high as $20 million. It owns
breeding, agistment, racing and sales services from freehold and
leasehold properties in Victoria and Queensland.

Lee Fleming told BRW at the time that he was seeking to sell the
business to help his 24-year-old son Reis to get a start in the
industry.

However, the report notes that attempts to sell the business have
failed and Eliza Park's creditors have been forced to act.

The report discloses that the failure to sell Eliza Park may not
bode well for former billionaire Nathan Tinkler, who is currently
trying to sell his Patinack Farm racing and breeding business.


FLUID POWER: Grant Thornton Appointed as Administrators
-------------------------------------------------------
Yolanda Redrup at SmartCompany reports that Fluid Power
Technology, trading as Pressure Dynamics, has collapsed, with
debts exceeding AUD6 million, as a result of tough market
conditions and fast growth.

Fluid Power was placed in administration on June 7, 2013, and
administrators Matthew James Donnelly --
matthew.donnelly@au.gt.com -- and Dino Travaglini from Grant
Thornton were appointed.

Mr. Donnelly told SmartCompany total liabilities could be between
AUD6 million and AUD8 million.

"The company's failure is a story of a company which grew too fast
without appropriately sourcing stable work flow and maintaining
its own cost controls effectively. It has a cost structure which
is too large compared to the revenue it can generate,"
SmartCompany quotes Mr. Donnelly as saying.

"There has also been a downturn in the mining and oil and gas
sector, which has made the business hard to maintain. In Western
Australia it's a common theme at the moment, particularly if
you're a service provider in the mid-market."

The company's major creditors are general trade suppliers and the
Australian Taxation Office, the report discloses.

According to the report, Mr. Donnelly said a "double step"
administration is underway where he manages the administration,
but receivers and managers from Grant Thornton are handling the
daily operations and sale of the business's assets.

"The receiver and manager is in charge of the day-to-day
operations of the company and at the moment the business is
trading in a limited fashion, while the receiver and manager tries
to sell its assets," Mr. Donnelly told SmartCompany.

PPB Advisory receiver and manger Simon Theobald --
stheobald@ppbadvisory.com -- told SmartCompany that the 50 staff
remaining at the company are continuing to service existing
clients and contracts.

The first creditors' meeting will be held on June 19, the report
notes.

Perth-based Fluid Power Technology offers engineering design,
consultancy and manufacturing and service testing, repair,
maintenance and installation. It also stocks and manufactures a
range of hydraulic equipment and provides services to
predominantly oil and gas and mining businesses throughout
Australia and internationally.


INFOTEAM ASIA: Sony Sales Service Contractor in Liquidation
-----------------------------------------------------------
Patrick Avenell at Current.com.au reports that the company Sony
Australia contracted to handle its after sales service, Infoteam
Asia, has been placed in voluntary liquidation with debts
exceeding AUD3 million.

Sydney-based liquidators BPS Recovery were appointed on June 3,
2013, to liquidate the company, which is described as a joint
venture between Sony and Infoteam Oceania, after its solvency was
first questioned at a meeting on April 19, 2013, Current.com.au
relates.

"[Infoteam Asia] was incorporated on Jan. 27, 2012, in the state
of New South Wales," reads a letter sent from the liquidator
Mitchell Ball to creditors, leaked to Current.com.au. "The company
formerly operated as a joint venture vehicle comprising businesses
specialising in the repair of Sony PS3 and other Sony products, as
well as Netgear products.

"A meeting of the company's shareholders was held on June 3, 2013,
at which time the shareholders resolved that the company be wound
up and that I be appointed liquidator."

Current.com.au, citing BPS Recovery's initial assessment,
discloses that Infoteam Asia has realisable assets valued at just
over AUD290,000, compared to debts over AUD3.3 million. The
secured creditor in this liquidation is owed AUD315,000.

According to Current.com.au, Mr. Ball said in his letter to
creditors that based on a preliminary investigation, it was likely
that there would be a return to creditors, though this is "largely
dependent on the success in recovering [InfoTeam Asia's] debtor
ledger and wholly subject to the claims of the secured creditors".



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C H I N A
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KEYUAN PETROCHEMICALS: Incurs $5.9-Mil. Net Loss in 2012
--------------------------------------------------------
Keyuan Petrochemicals, Inc. had a net loss of $5.9 million on
$750.6 million of sales in fiscal year ended Dec. 31, 2012,
compared to a net loss of $7.1 million on $626.7 million of sales
in 2011, according to its Form 10-K filed before the U.S.
Securities and Exchange Commission on June 5, 2013.

GHP Horwath, P.C., in Denver, Colorado, expressed substantial
doubt about Keyuan Petrochemicals' ability to continue as a going
concern, citing the Company's net losses and cash flows used in
operations, and working capital deficiency at Dec. 31, 2012.

The Company's balance sheet at Dec. 31, 2012, showed
$666.9 million in total assets, $584.6 million in total current
liabilities, $16.5 million of Series B convertible preferred
stock, and stockholders' equity of $65.8 million.

A copy of the document is available at http://is.gd/8Hk0NY

Located in Ningbo, Zhejiang Province, China, Keyuan
Petrochemicals, Inc., through its PRC operating subsidiaries, is
engaged in the manufacture and sale of petrochemical products in
the PRC.


LDK SOLAR: Shareholders OK Issuance of 25MM Shares to Fulai
-----------------------------------------------------------
LDK Solar Co., Ltd., announced the results of its Extraordinary
General Meeting held on June 6, 2013, at the Company's office in
Hong Kong.

At the Meeting, shareholders approved both resolutions proposed in
the notice, including the issuance of 25,000,000 ordinary shares
of the Company to Fulai Investments Limited, at a price of $1.03
per share, for an aggregate purchase price of $25,750,000.

There were an aggregate of 104,235,171 shares represented in
person or by proxy throughout the duration of the EGM, including
shares underlying American depositary shares.  Of these shares
represented at the EGM, an aggregate of 103,197,921 shares voted
to approve the sale of those shares to Fulai Investments Limited.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.  The Company's  balance sheet at
Dec. 31, 2012, showed $5.02 billion in total assets, $5.20 billion
in total liabilities, $323.29 million in redeemable noncontrolling
interest, $15.88 million in ordinary shares, $18.41 million in
noncontrolling interest and a $502.76 million total deficit.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.



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


PACNET LIMITED: Fitch Corrects Proposed Notes' Maturity Date
------------------------------------------------------------
This is a correction of a release issued on June 10, 2013. It
corrects the maturity date of the proposed notes, which should be
2018, instead of 2020 as previously stated. The correct version is
as follows:

Fitch Ratings has assigned Pacnet Limited's (Pacnet, B/Stable)
proposed USD350m senior secured guaranteed notes due 2018 an
expected rating of 'BB/RR1(EXP)'. The notes will be jointly and
severally guaranteed by all of Pacnet's main income-generating
subsidiaries. Non-guaranteeing subsidiaries comprised 9% of assets
and generated negative EBITDA in 2012.

The final rating on the notes is contingent upon the receipt of
final documents conforming to information already received. The
proceeds from the proposed senior secured guaranteed notes and a
new term loan will be used to refinance the existing USD300m
senior secured guaranteed notes, term loans and vendor financing.

Key Rating Drivers

Fierce competition: The rating reflects the difficult conditions
that Pacnet continues to face in its key markets and Fitch's
expectation that funds flow from operations (FFO)-adjusted net
leverage will be greater than 4.0x for the next 18 months at
least. The ratings also incorporate Pacnet's relatively small
operational scale, the lack of a cash generative local telecoms
business, weak financial position, and strong competition from
better capitalised market participants.

Pacnet competes with large telecoms incumbents in its primary
service offerings, such as managed data connectivity solutions.
The scale of Pacnet's data centre operations is also smaller than
rivals in its key markets.

Substantial execution risk: The rating is also driven by Fitch's
expectation that EBITDA improvement will be slow in the next few
quarters and the execution risk associated with the planned
rollout of data centres in Singapore, China and Hong Kong. We
expect capex to continue to exceed operating cash flow. Successful
execution and rapid take-up of new capacity are critical to long-
term viability.

Negative free cash flow persists: Pacnet has had negative free
cash flow since inception and we expect this to remain for at
least the next two years due to investment in data centres.
However, both maintenance capex and committed capex are low and
therefore the company has some flexibility to manage its cash
requirements should internal funds need to be retained, as the
company has demonstrated in the past.

Restructuring showing results: The company's profitability has
been boosted by the elimination of non-strategic services to small
medium enterprises (SMEs), the termination of wholesale voice
services and a streamlined cost structure. Pacnet's EBITDA
adjusted for non-cash employee share option compensation rebounded
9% sequentially to USD24m in Q113.

High Recovery Rating: The 'RR1' Recovery Rating on the proposed
guaranteed notes reflects Fitch's recovery calculation for the
proposed notes of at least 90%, and therefore under our recovery
rating methodology, the bonds are rated three notches higher than
the IDR. The notes are subordinated to any future debt raised at
non-guarantor subsidiaries. However, Fitch understands that the
company has no plans to raise such funds.

Rating Sensitivities

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

- FFO-adjusted net leverage rising over 5x and FFO fixed charge
  coverage falling below 2x, both on a sustained basis

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

- FFO-adjusted net leverage falling below 4x, and FFO fixed charge
  coverage rising above 2.5x both on a sustained basis


PACNET LTD: Moody's Assigns (P)B2 Rating to New Senior Notes
------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Pacnet Limited and has assigned a provisional (P)B2
rating to its proposed USD senior secured guaranteed notes due
2018.

Moody's has also affirmed the B2 rating for Pacnet's existing $300
million, 9.25% senior secured guaranteed notes due 2015.

The outlook for the ratings remains negative

Ratings Rationale:

On June 10, Pacnet announced a cash tender offer and consent
solicitation for any and all of its outstanding $300 million
senior secured guaranteed notes due 2015.

Concurrently, the company has launched a USD senior secured
guaranteed note offering. A portion of the net proceeds from this
offering will be used to fund the tender offer for the repurchase
or the redemption of its existing 2015 notes and pay any related
fees and expenses, including the payment of premiums in connection
therewith. Any remaining proceeds will be used for general
corporate purposes.

"If successful, this transaction will help Pacnet extend its debt
maturity profile and provide some additional liquidity over the
next 12-18 months, factors we view positively. However, we expect
free cash flow will remain negative and leverage will remain above
4.0 times," says Di Chiara, a Moody's Vice President and also the
Lead Analyst for the company.

In late 2012, the company announced a major restructuring program,
including a reduction in headcount of 30% and the discontinuation
of lower margin non-strategic businesses, including wholesale
voice, some of which was targeted at the small medium enterprises.
Pacnet now intends to focus exclusively on carrier and enterprise
customers.

Moody's expects these strategic initiatives and cost saving
measures will help boost EBITDA into the $100 million range by
year end 2013.

In conjunction with tender, the consent solicitation seeks to
eliminate substantially all restrictive covenants and certain
events of default applicable to the 2015 notes. For the consent to
be valid, a simple majority of holders must consent. Holders that
tender will be deemed to consent.

Under this scenario, untendered notes, will no longer benefit from
the original restrictive covenants, which would expose the
remaining untendered note holders to additional risks.

The company also closed a new $50 million bank credit facility on
May 30 which was used to refinance its existing $30 million term
loan. However, the terms and conditions of the bank facility will
ultimately be determined by the outcome of the proposed tender
offer.

"Should the company successfully execute the proposed bond
issuance, the cushions under the bank covenants will improve from
previous levels and the bank facility will not start amortizing
until 2016, which will help preserve liquidity and which is credit
positive. However, should the transaction not be executed as
expected, then the bank facility terms and conditions will be more
restrictive, which could put additional pressures on the company's
liquidity position over the next 12-24 months," adds Di Chiara.

The tender offer will expire on July 8.

The negative outlook continues to reflect the company's small size
in a highly competitive environment. Moody's expects Pacnet's debt
servicing obligations and capex will continue to exceed operating
cash flow eroding cash balances should the company not execute on
its business strategy as expected.

Upward rating pressure is unlikely given the company's negative
outlook, however, the outlook could revert to stable should
quarterly EBITDA be sustained above the $30million range and its
liquidity position improve, as the company does not maintain any
working capital facilities.

Further negative pressure will arise if Pacnet's EBITDA is
sustained below $20-25 million on a quarterly basis or its
debt/EBITDA exceeds 5.0x or the company's cash position erodes
below the $40 million range. Furthermore, failure to close the
bond as expected would also pressure the ratings.

The principal methodology used in this rating was Global
Communications Infrastructure Rating Methodology published in June
2011.

Pacnet, incorporated in Bermuda in June 2006, owns and operates
Asia's largest privately owned submarine cable network. Pacnet
provides data connectivity solutions to major telecommunications
carriers, large multinational enterprises, and small- to medium-
sized enterprises in the Asia-Pacific region that require multi-
national internet protocol-based (IP-based) solutions and
connectivity.



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ABHIRUCHI FOODS: CRISIL Assigns 'BB-' Ratings to INR76.7MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Abhiruchi Foods.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              48.5     CRISIL BB-/Stable
   Long-Term Loan           28.2     CRISIL BB-/Stable

The rating reflects the extensive experience of AF's promoters in
the food processing industry. This rating strength is partially
offset by AF's modest scale of operations; the susceptibility of
AF's operating margin to volatility in raw material prices, and
its below-average financial risk profile marked by modest debt
protection metrics.

Outlook: Stable

CRISIL believes AF to maintain its credit risk profile on the back
of its promoters' extensive experience in the food processing
industry. The outlook may be revised to 'Positive' in case the
company improves its cash accruals driven by higher sales and
profitability, or its promoters infuse more capital strengthening
its financial risk profile. Conversely the outlook may be revised
to 'Negative' if AF's financial risk profile weakens owing to
lower revenues and profitability resulting in low cash accruals or
the company undertakes any large, debt-funded expansion
programmes.

Based in Mallipudi village, Andhra Pradesh, and set up during 2004
as a partnership firm, AF manufactures pickles and jams. AF is
being managed by its partners Mr. Lakshmana Murthy and Mr.
Gangadhar Reddy

For 2011-12 (refers to financial year, April 1 to March 31), AF
reported a profit after tax (PAT) of INR0.84 million on net sales
of INR163.8 million, against a PAT of INR3.65 million on net sales
of INR135.4 million for 2010-11.


BANGALORE PAPER: CRISIL Assigns 'BB-' Rating to INR35MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Bangalore Paper Store (BPS; part of the
Vipul Overseas group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               35      CRISIL BB-/Stable
   Letter of Credit         100      CRISIL A4+

The ratings reflect the extensive experience of the Vipul Overseas
group's promoters in the paper trading industry, and the group's
moderate risk management policies, marked by low inventory risk,
moderate debtor risk and supplier risk. These rating strengths are
partially offset by the Vipul Overseas group's weak financial risk
profile, marked by a high total outside liabilities to tangible
net worth ratio and weak debt protection metrics, low operating
profitability and modest scale of operations in the intensely
competitive paper trading industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Vipul Overseas Private Limited and its
group company, Bangalore Paper Store. This is because both these
entities together referred to as the Vipul Overseas group, share
common infrastructure and have a similar procurement process.
Moreover, both the group entities trade in similar products such
as coated and uncoated paper, newsprint, and waste paper.
Furthermore, the group entities extend financial support to each
other in case of exigencies.

Outlook: Stable

CRISIL believes that the Vipul Overseas group will continue to
benefit over the medium term from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the group improves its capital structure either by equity infusion
or registers significant improvement in its topline and
profitability, leading to higher than expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if the Vipul
Overseas group registers significant weakening in its liquidity or
capital structure, or faces pressure on its profitability, or if
it undertakes a larger-than-expected, debt-funded capital
expenditure programme.

BPS was set up as a proprietorship concern in 1991 by New Delhi-
based Mr. Surinder Garg. BPS trades in coated and uncoated paper,
newsprint, and waste paper.

VOPL was set up as a private limited company in 1992 by the New
Delhi-based Garg family. Mr. Surinder Garg is the key promoter and
managing director of the company. The other directors in the
company are Mr. Jai Dev Ram Garg (father of Mr. Surinder Garg) and
Mrs. Archana Garg (wife of Mr. Surinder Garg). VOPL also trades in
coated and uncoated paper, and newsprint and waste paper.

BPS reported a net profit of INR1.49 million on net sales of
INR444.4 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR1.49 million on net sales of
INR368.5 million for 2011-12.


GREEN SHIELD: CRISIL Assigns 'B' Rating to INR85MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Green Shield Enterprises Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Short-Term      55       CRISIL A4
   Bank Loan Facility

   Cash Credit              85       CRISIL B/Stable

   Letter of Credit         10       CRISIL A4

The ratings reflect GSPL's limited track record in the fabric
trading business with customer concentration in its revenue
profile, and its weak financial profile, marked by high gearing
and weak debt protection metrics.  These rating weaknesses are
partially offset by the extensive experience of the company's
promoter in the trading business.

Outlook: Stable

CRISIL believes that GSPL will continue to benefit over the medium
term from its promoter's extensive experience in the trading
business. The outlook may be revised to 'Positive' in case of
increase in the company's cash accruals, leading to improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if GSPL's financial risk profile deteriorates
further, most likely because of lengthening of its working capital
cycle or lower-than-expected cash accruals.

GSPL, established by Ms. Arti Kanodia, trades in fabrics. The
company started its operations from September 2012, and achieved
sales of around INR1 billion till March 28, 2013. The promoter and
her family have been operating in the trading business since 1985.


GUDIMETLA SUNDARARAMI: CRISIL Rates INR150MM Loan at 'CRISIL B+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Gudimetla Sundararami Reddy & Company.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             150.00    CRISIL B+/Stable

The rating reflects GSRR's below-average financial risk profile,
marked by a small net worth and weak debt protection metrics, and
the working-capital-intensive nature of its operations. These
rating weaknesses are partially offset by the extensive experience
of GSRR's promoters in the rice industry, and assured off take
from Food Corporation of India Ltd.

Outlook: Stable

CRISIL believes that GSRR will continue to benefit over the medium
term from the extensive experience of its promoters in the rice
processing industry. The outlook may be revised to 'Positive' if
the firm significantly improves its scale of operations or working
capital management, resulting in considerable improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if GSRR's cash accruals are lower than expected, or its
working capital cycle is stretched, or if it undertakes a large,
debt-funded capital expenditure programme, thereby weakening its
financial risk profile, particularly its liquidity.

GSRR, set-up as a partnership firm in 1985, is engaged in rice
milling in the West Godavari district of Andhra Pradesh. The firm
is managed by Mr. Gudimetla Rama Krishna and Mr. Gudimetla
Nagamani. Its mill currently has a rice milling capacity of 250
tonnes per day (both raw and parboiled rice).


JHV STEELS: CRISIL Assigns 'B-' Ratings to INR250MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of J.H.V. Steels Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               65      CRISIL B-/Stable
   Term Loan                185      CRISIL B-/Stable

The rating reflects the weak financial risk profile marked by high
gearing and average debt protection metrics, modest scale of
operations, susceptible to intense competition in the steel
industry, and faces geographical concentration. These weaknesses
are partially offset by the extensive experience of promoters.

Outlook: Stable

CRISIL believes that J.H.V. Steels Limited will benefit from its
promoters experience in the industry. The outlook may be revised
to 'Positive' if JHV reports more-than-expected growth in
revenues, thereby leading to improvement in financial risk profile
on account of increase in cash accruals and better working capital
management. Conversely, the outlook may be revised to 'Negative'
if financial risk profile deteriorates due to lower than expected
cash accruals and high incremental working capital requirement and
delay in financial support from promoters.

JHV was incorporated in 2010 by Mr. Hiralal Jaiswal. The company
manufactures thermo-mechanically treated (TMT) bars and has
manufacturing facility at Mirzapur (Uttar Pradesh).


KABRA BROTHERS: CRISIL Downgrades Rating on INR100MM Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the Short-term bank facility
of Kabra Brothers (part of the Kabra Brothers group) to 'CRISIL D'
from 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit         100      CRISIL D (Downgraded from
                                     CRISIL A4)

The rating downgrade reflects instances of devolvement of Kabra
Brothers' letters of credit (LC), which were not regularised for
more than 30 consecutive days; the aforementioned instances of
devolvement of LC have been caused by the group's weak liquidity.

The Kabra Brothers group also has a weak financial risk profile
marked by a small net worth, a high gearing, and weak debt
protection metrics. Moreover, it is susceptible to price
volatility because of the commodity nature of its business.
However, the Kabra Brothers group benefits from its promoters'
extensive industry experience.

CRISIL has combined the financial and business risk profiles of
Kabra Brothers and Kabra Steels Ltd (Kabra Steels). This is
because these entities, together referred to as the Kabra Brothers
group, have a common management and operate in a similar line of
business.

Kabra Brothers, incorporated in 1970, is a part of the Kolkata-
based (West Bengal) Kabra Brothers group. The group was set up by
Mr. Shyam Sunder Kabra in 1970. It consists of Kabra Brothers and
Kabra Steels. Kabra Brothers trades in imported coal, while Kabra
Steels trades in coal, iron ore, and metals, and also undertakes
mining and crushing of stone.


KABRA STEELS: CRISIL Cuts Ratings on INR350MM Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Kabra
Steels Ltd (Kabra Steels; part of the Kabra Brothers group) to
'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Letter of Credit         250      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Short-Term       50      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL A4')

The rating downgrade reflects instances of devolvement of Kabra
Steels' letters of credit (LC), which were not regularised for
more than 30 consecutive days; the aforementioned instances of
devolvement of LC have been caused by the group's weak liquidity.

The Kabra Brothers group also has a weak financial risk profile
marked by a small net worth, a high gearing, and weak debt
protection metrics. Moreover, it is susceptible to price
volatility because of the commodity nature of its business.
However, the Kabra Brothers group benefits from its promoters'
extensive industry experience.

CRISIL has combined the financial and business risk profiles of
Kabra Brothers and Kabra Steels. This is because these entities,
together referred to as the Kabra Brothers group, have a common
management and operate in a similar line of business.

Kabra Brothers, incorporated in 1970, is a part of the Kolkata-
based (West Bengal) Kabra Brothers group. The group was set up by
Mr. Shyam Sunder Kabra in 1970. It consists of Kabra Brothers and
Kabra Steels. Kabra Brothers trades in imported coal, while Kabra
Steels trades in coal, iron ore, and metals, and also undertakes
mining and crushing of stone.


MAHARAJA COTSPIN: CRISIL Raises Ratings on INR324MM Loans to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded the rating on the long-term bank facilities of
Maharaja Cotspin Ltd to 'CRISIL B+/Stable' from 'CRISIL B/Stable',
while reassigning the rating on the company's short-term bank
facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            6       CRISIL A4 (Reassigned)

   Cash Credit             100       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan               178       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long-Term       46       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects improvement in MCL's business and
financial risk profiles on the back of growth in sales as a result
of the company's newly set up facility. MCL's sales are estimated
at INR780 million for 2012-13 (refers to financial year, April 1
to March 31), against INR330 million in 2011-12, while its
operating margin is estimated at around 15 per cent in 2012-13.
The consequent increase in MCL's internal accruals has resulted in
improvement in its debt protection metrics and liquidity as well
as decline in its gearing. The company's financial risk profile,
however, remains marked by a high gearing. CRISIL believes that
MCL's financial risk profile will remain weak over the medium
term, marked by a high gearing, on account of the company's
significant debt-funded capital expenditure (capex) plans for
further capacity expansion in 2013-14. Nevertheless, CRISIL
believes that MCL will witness moderate growth in sales and
profits in the near term.

The ratings reflect MCL's small scale of operations in an
intensely competitive industry, exposure to risks related to
volatility in raw material prices, below-average financial risk
profile marked by a high gearing, a modest net worth, and
significant debt-funded capex plans in the near term. These rating
weaknesses are partially offset by the extensive experience of
MCL's promoters in the textiles industry.

Outlook: Stable

CRISIL believes that MCL will increase its scale of operations
over the medium term, backed by its promoters' extensive
experience in the textiles industry. CRISIL, however, believes
that MCL's financial risk profile will remain weak over the medium
term, marked by a high gearing, on account of the company's
significant debt-funded capex plans for the near term. The outlook
may be revised to 'Positive' if MCL registers an increase in its
revenues, while it maintains its operating margin. Conversely, the
outlook may be revised to 'Negative' in case MCL records a decline
in its revenues and operating margin, or if its working capital
requirements increase, or if the company undertakes a larger-than-
expected, debt-funded capex programme, resulting in weakening of
its financial risk profile.

MCL, incorporated in 2010, is promoted by the Ludhiana (Punjab)-
based Makkar family. The company manufactures polyester yarn and
acrylic yarn.

MCL reported a loss of INR4 million on net sales of INR334 million
for 2011-12. MCL reported a profit after tax of INR0.2 million of
net sales of INR13 million in 2010-11.


MICRO LOGISTICS: CRISIL Rates INR50MM Cash Credit at 'B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Micro Logistics (India) Private Limited.

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

The rating reflects MLIPL's modest scale of operations in the
highly fragmented logistics business and weak financial risk
profile marked by a modest net worth, high gearing and subdued
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of MLIPL's promoter in the
logistics business.

Outlook: Stable

CRISIL believes that MLIPL will continue to benefit over the
medium term from its promoter's extensive experience in the
logistics business. The outlook may be revised to 'Positive' if
the company records significant and sustained growth in its
revenues and profitability, while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if MLIPL's
revenues and margins decline significantly, or if its working
capital cycle lengthens, leading to pressure on its liquidity and
financial risk profile.

MLIPL was incorporated in 2013 by Mr. Rajen Shah and is engaged in
logistics, freight clearing and forwarding business. The company
has its office at Chembur (Mumbai). The promoter, Mr. Shah has
been involved in the logistics business since 2003 through its
other group entities. MLIPL focuses on the textile yarn sector
whereas the other group entities cater to clients from sectors
like steel, chemicals etc.


NALINAKSHA AGRO: CRISIL Assigns 'B+' Ratings to INR78MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Nalinaksha Agro Products Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               40.00     CRISIL B+/Stable

   Proposed Long-Term       4.00     CRISIL B+/Stable
   Bank Loan Facility

   Bank Guarantee           2.00     CRISIL A4

   Cash Credit             34.00     CRISIL B+/Stable

The ratings reflect NAPPL's exposure to risks relating to its
initial stages of operations, to intense competition in the rice
solvent extraction business, and to customer concentration in its
revenue profile. These rating weaknesses are partially offset by
the extensive experience of the company's promoters in the rice
solvent extraction business.

Outlook: Stable

CRISIL believes that NAPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company generates
more-than-expected accruals or working capital management, or if
its promoters infuse more-than-expected funds, leading to
significant improvement in its financial risk profile, especially
its liquidity. Conversely, the outlook may be revised to
'Negative' if NAPPL generates lower-than-expected accruals or
undertakes a large, debt-funded capital expenditure programme, or
its working capital cycle is stretched, leading to deterioration
in its financial risk profile, especially its liquidity.

NAPPL, incorporated in 2009 and promoted by the West Bengal-based
Reja family, manufactures crude rice bran oil and de-oiled rice
bran cake. It started commercial operations at its Burdwan (West
Bengal)-based solvent extraction plant from March 2013. Its day-
to-day operations are looked after by its promoter director, Mr.
Uday Chand Reja.


RAME ELECTROWIRE: CRISIL Assigns 'BB' Ratings to INR149.4MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Rame Electrowire Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                59.4     CRISIL BB/Stable
   Cash Credit              90.0     CRISIL BB/Stable
   Inland/Import Letter     60.0     CRISIL A4+
   of Credit

The ratings reflect the benefits that REPL derives from its
promoters' extensive experience in the copper industry and its
established relationship with its customers and suppliers; the
ratings also factor in the company's expected moderate financial
risk profile marked by a moderate gearing and moderate debt
protection metrics. These rating strengths are partially offset by
REPL's exposure to risks related to the start-up phase of its
operations in the intensely competitive copper industry, working-
capital-intensive operations, and the vulnerability of the
company's operating margin to volatility in raw material prices.

Outlook: Stable

CRISIL believes that REPL will continue to benefit over the medium
term from its promoters' extensive experience in the copper
industry. The outlook may be revised to 'Positive' in case the
company stabilises its operations earlier than expected and
achieves healthy profitability, leading to higher-than-expected
cash accruals or better-than-expected working capital management.
Conversely, the outlook may be revised to 'Negative' in case REPL
generates less-than-expected cash accruals or undertakes a large,
debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile, or if its working
capital requirements are larger than expected, leading to
weakening of its liquidity.

REPL, incorporated in 2012, is promoted by Mr. Paresh Shah, Mr.
Sandeep Mehta, and Mr. Dinesh Mehta. The company manufactures
copper wire rods. The company's plant has become operational in
December 2012.


VELVET RESORTS: CRISIL Rates INR87MM Term Loan at 'CRISIL B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Velvet Resorts Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                87       CRISIL B/Stable

The rating reflects VRPL's exposure to risks related to timely
completion and commissioning of its ongoing resort project in
Chandigarh (Punjab) and the challenges that VRPL is expected to
face in attaining optimum occupancy levels in its initial years of
operations. These rating weaknesses are partially offset by the
benefits that VRPL derives from its promoters' extensive
experience in the hospitality industry and the location advantage
of its project.

Outlook: Stable

CRISIL believes that VRPL will continue to benefit from its
promoter's extensive experience in the hospitality industry and
the location advantage of its resort. The outlook may be revised
to 'Positive' if the company completes its project in time and
stabilises its operations leading to higher cash accruals, thereby
improving its overall financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of any time or cost
overruns in the project, leading to deterioration in financial
risk profile, particularly liquidity.

VRPL, incorporated as private limited company in 2009, is promoted
by Mr. Bhagwant Singh, his son Mr. Dilraj Sohi and his wife Mrs.
Perminder Pal Kaur. It is setting up a resort in the name of
Velvet Resort in Chandigarh.


VIPUL OVERSEAS: CRISIL Rates INR45MM Cash Credit at 'BB-'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Vipul Overseas Pvt Ltd (VOPL; part of the
Vipul Overseas group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               45      CRISIL BB-/Stable
   Letter of Credit          95      CRISIL A4+

The ratings reflect the extensive experience of the Vipul Overseas
group's promoters in the paper trading industry, and the group's
moderate risk management policies, marked by low inventory risk,
moderate debtor risk and supplier risk. These rating strengths are
partially offset by the Vipul Overseas group's weak financial risk
profile, marked by a high total outside liabilities to tangible
net worth ratio and weak debt protection metrics, low operating
profitability, and modest scale of operations in the intensely
competitive paper trading industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VOPL and its group company, Bangalore
Paper Store (BPS). This is because both these entities together
referred to as the Vipul Overseas group, share common
infrastructure and have a similar procurement process. Moreover,
both the group entities trade in similar products such as coated
and uncoated paper, newsprint, and waste paper. Furthermore, the
group entities extend financial support to each other in case of
exigencies.

Outlook: Stable

CRISIL believes that the Vipul Overseas group will continue to
benefit over the medium term from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the group improves its capital structure either by equity infusion
or registers significant improvement in its topline and
profitability, leading to higher than expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if the Vipul
Overseas group registers significant weakening in its liquidity or
capital structure, or faces pressure on its profitability, or if
it undertakes a larger-than-expected, debt-funded capital
expenditure programme.

VOPL was set up as a private limited company in 1992 by the New
Delhi-based Garg family. Mr. Surinder Garg is the key promoter and
managing director of the company. The other directors in the
company are Mr. Jai Dev Ram Garg (father of Mr. Surinder Garg) and
Mrs. Archana Garg (wife of Mr. Surinder Garg). VOPL trades in
coated and uncoated paper, and newsprint and waste paper.

BPS was set up as a proprietorship concern in 1991 by New Delhi-
based Mr. Surinder Garg. BPS also trades in coated and uncoated
paper, newsprint, and waste paper.

VOPL reported a net profit of INR1.87 million on net sales of
INR579.2 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR1.79 million on net sales of
INR476 million for 2011-12.



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


ELPIDA MEMORY: Micron Deal Appears to Clear Legal Hurdle
--------------------------------------------------------
Tom Hals, writing for Reuters, reported that Micron Technologies
Inc's planned acquisition of bankrupt Japanese chipmaker Elpida
Memory Inc appeared to move closer to completion after a key
deadline passed without a legal challenge.

According to the report, U.S. creditors had until 4 p.m. on
June 7 to object to the request by Elpida to have a U.S.
Bankruptcy Court in Delaware issue orders that would enforce its
Japanese restructuring, according to court records.

At the center of the restructuring is the proposed sale to Micron
for 200 billion yen (about $2.1 billion), which will create the
world's second-largest maker of memory chips, the report said.

Micron, based in Boise, Idaho, has been losing money as smart
phones and tablets gain in popularity at the expense of personal
computers, the report related. Acquiring Elpida will create
economies of scale and the combined company will rank second only
to Samsung Electronics in the memory chip market.

While the sale proceeds will be used to repay Elpida's creditors,
U.S. bondholders argued Elpida was worth up to 300 billion yen,
the report further related.

In May, the bondholders exhausted their legal challenges in Japan,
according to the report. The only avenue left to them was in U.S.
Bankruptcy Court in Delaware, where Elpida had sought recognition
for its bankruptcy plan under Chapter 15 of the U.S. bankruptcy
code.

                     About Elpida Memory Inc.

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.

Micron Technology, Inc. on Feb. 28 announced the Tokyo District
Court's issuance of an order approving Elpida Memory Inc.'s plan
of reorganization.  Elpida's plan of reorganization calls for
Micron to sponsor Elpida's reorganization under which Elpida will
become a wholly owned subsidiary of Micron.  The Tokyo District
Court's approval follows an Elpida creditor vote, concluded on
Feb. 26, in which the creditors voted to approve the
reorganization plan.


SHINSEI BANK: Moody's Eyes Downgrade on Ba2, Ba3 Ratings
--------------------------------------------------------
Moody's Japan K.K. placed on review for downgrade the bank
subordinated debt (subdebt) ratings that have benefited from an
uplift linked to Moody's prior assessment of systemic support in
Japan.

The affected banks are:

The Bank of Tokyo-Mitsubishi UFJ Ltd.

UFJ Finance Aruba A.E.C.

BTMU (Curacao) Holdings N.V.

Mitsubishi UFJ Securities International plc

Mizuho Bank, Ltd.

Mizuho Corporate Bank, Ltd.

Mizuho Finance (Aruba) A.E.C.

Mizuho Finance (Cayman) Limited

Mizuho Finance (Curacao) N.V.

Mizuho Financial Group (Cayman) Limited

Mizuho Financial Group (Cayman) 2 Limited

Mizuho Trust and Banking Co., Ltd.

Norinchukin Finance (Cayman) Limited.

Shinsei Bank, Ltd.

Chiba Bank. Ltd.

Sumitomo Mitsui Trust Bank, Limited

STB Finance Cayman Ltd.

Sumitomo Mitsui Banking Corporation

SMBC International Finance N.V.

Kansai Urban Banking Corporation

Minato Bank, Ltd (The)

Resona Holdings, Inc.

Resona Bank, Ltd.

Saitama Resona Bank, Ltd.

Moody's highlights that the reviews of the banks' subdebt ratings
are not in any way related to any deterioration in the affected
banks' fundamental credit quality.

The review takes place in the context of a methodology update that
has changed the way Moody's looks at the probability of support,
which has led to several subdebt ratings in multiple banking
systems being reviewed simultaneously.

The revised methodology that underpins the announcement was
formally adopted by Moody's Japan K.K on June 10, following the
announcement of a revised methodology by Moody's Investors Service
on May 31. The revised methodology was announced following a
public comment period launched in early April 2013.

Moody's expects to conclude its review within the next three
months.

Ratings Rationale:

The methodology update and the related rating actions are driven
by the conclusion that government policy to deal with ailing banks
has evolved globally -- albeit at different speeds and degrees
across systems -- necessitating an update of Moody's support
assumptions.

With respect to Japan, Moody's will update its support
assumptions, in light of the well-developed resolution framework
that is currently being revised to meet Financial Stability Board
best practice guidelines for resolution regimes.

Moody's notes that Japan's resolution regime which was effectively
utilized during the previous banking crises, was formulated at a
time when global systemic stress was lower and when creditor
losses were unusual. In times of stress, the politics of bank
resolution could change materially, and Japan's regulators may
then be more inclined to borrow tools deployed elsewhere.
Therefore, although the review for downgrade has nothing to do
with any observable change in the intentions of the current
administration or deterioration in the credit quality of the
banks, Moody's needs to assess whether the government's likely
behavior in times of future stress may change compared to previous
assumptions. Also, the review will assess the predictability and
sustainability of Japan systemic support in comparison to other
systems.

The principal methodology used in these ratings was Moody's Global
Banks Rating Methodology published in May 2013.

The Japanese banks whose subdebt ratings currently benefit from a
support uplift and which have been placed under review for
downgrade are:

The Bank of Tokyo-Mitsubishi UFJ Ltd. (Lead analyst: Tetsuya
Yamamoto)

- Senior subordinated debt rating (domestic currency): A1

UFJ Finance Aruba A.E.C. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (foreign currency): A1

BTMU (Curacao) Holdings N.V. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (foreign currency): A1

Mitsubishi UFJ Securities International plc (Lead analyst: Mutsuo
Suzuki)

- Senior subordinated Medium Term Note Program rating (foreign
currency): (P)A2

Mizuho Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (domestic currency): A2

- Senior subordinated shelf registration rating (domestic
currency): (P)A2

- Senior subordinated Medium Term Note Program rating (domestic
currency): (P)A2

- Junior subordinated shelf registration rating (domestic
currency): (P)A3

- Junior subordinated Medium Term Note Program rating (domestic
currency): (P)A3

Mizuho Corporate Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (domestic currency): A2

- Senior subordinated shelf registration rating (domestic
currency): (P)A2

- Senior subordinated Medium Term Note Program rating (foreign
currency): (P)A2

- Junior subordinated shelf registration rating (domestic
currency): (P)A3

- Junior subordinated Medium Term Note Program rating (foreign
currency): (P)A3

Mizuho Finance (Aruba) A.E.C. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated Medium Term Note Program rating (foreign
currency): (P)A2

- Junior subordinated Medium Term Note Program rating (foreign
currency): (P)A3

Mizuho Finance (Cayman) Limited (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated Medium Term Note Program rating (foreign
currency): (P)A2

- Junior subordinated debt rating (foreign currency): A3(hyb)

- Junior subordinated Medium Term Note Program rating (foreign
currency): (P)A3

Mizuho Finance (Curacao) N.V. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated Medium Term Note Program rating (foreign
currency): (P)A2

- Junior subordinated Medium Term Note Program rating (foreign
currency): (P)A3

Mizuho Financial Group (Cayman) Limited (Lead analyst: Tetsuya
Yamamoto)

- Senior subordinated debt rating (foreign currency): A2

- Senior subordinated Medium Term Note Program rating (foreign
currency): (P)A2

- Junior subordinated Medium Term Note Program rating (foreign
currency): (P)A3

Mizuho Financial Group (Cayman) 2 Limited (Lead analyst: Tetsuya
Yamamoto)

- Senior subordinated debt rating (foreign currency): A2

Mizuho Trust and Banking Co., Ltd. (Lead analyst: Tetsuya
Yamamoto)

- Senior subordinated debt rating (domestic currency): A2

- Senior subordinated shelf registration rating (domestic
currency): (P)A2

- Junior subordinated shelf registration rating (domestic
currency): (P)A3

Norinchukin Finance (Cayman) Limited. (Lead analyst: Tetsuya
Yamamoto)

- Senior subordinated debt rating (foreign currency): A2

- Senior subordinated Medium Term Note Program rating (foreign
currency): (P)A2

Shinsei Bank, Ltd. (Lead analyst: Natsuko Ishida)

- Senior subordinated debt rating (foreign currency): Ba2

- Junior subordinated debt rating (foreign currency): Ba3(hyb)

Chiba Bank. Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated shelf registration rating (domestic
currency): (P)A2

- Senior subordinated debt rating (domestic currency): A2

Sumitomo Mitsui Trust Bank, Limited (Lead analyst: Tetsuya
Yamamoto)

- Senior subordinate debt rating (domestic currency): A2

- Senior subordinate Medium Term Note Program rating (domestic
currency): (P)A2

- Junior subordinate debt rating (foreign currency): A3(hyb)

- Junior subordinate Medium Term Note Program rating (domestic
currency): (P)A3

STB Finance Cayman Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinate debt rating (foreign currency): A2

- Senior subordinate Medium Term Note Program rating (foreign
currency): (P)A2

- Junior subordinate debt rating (foreign currency): A3(hyb)

- Junior subordinate Medium Term Note Program rating (foreign
currency): (P)A3

Sumitomo Mitsui Banking Corporation (Lead analyst: Mutsuo Suzuki)

- Senior subordinate Medium Term Note Program rating (domestic
currency): (P)A1

- Senior subordinate debt rating (domestic currency): A1

- Senior subordinate debt rating (foreign currency): A1

- Junior subordinate debt rating (foreign currency): A2 (hyb)

SMBC International Finance N.V. (Lead analyst: Mutsuo Suzuki)

- Senior subordinate Medium Term Note Program rating (Foreign
currency): (P)A1

Kansai Urban Banking Corporation (Lead analyst: Mutsuo Suzuki)

- Senior subordinate debt rating (domestic currency): Baa1

- Junior subordinate debt rating (domestic currency): Baa2 (hyb)

Minato Bank, Ltd (The) (Lead analyst: Mutsuo Suzuki)

- Senior subordinate shelf registration rating (domestic
currency): (P)A3

- Senior subordinate debt rating (domestic currency): A3

Resona Holdings, Inc. (Lead analyst: Natsuko Ishida)

- Senior subordinate Medium Term Note Program rating (domestic
currency): (P)Baa1

- Junior subordinate Medium Term Note Program rating (domestic
currency): (P)Baa2

Resona Bank, Ltd. (Lead analyst: Natsuko Ishida)

- Senior subordinate debt rating (domestic currency): A3

- Senior subordinate Medium Term Note Program rating (domestic
currency): (P)A3

- Junior subordinate Medium Term Note Program rating (domestic
currency): (P)Baa1

- Junior subordinate debt rating (foreign currency): Baa1 (hyb)

Saitama Resona Bank, Ltd. (Lead analyst: Natsuko Ishida)

- Senior subordinate Medium Term Note Program rating (domestic
currency): (P)A3

- Junior subordinate Medium Term Note Program rating (domestic
currency): (P)Baa1



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


DOMINION FINANCE: Two Former Directors Apply for Discharge
----------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that two former
Dominion Finance directors accused of misleading investors are
applying to be discharged from the case.

Their trial is due to start later this month, the report says.

The Herald relates that Dominion Finance and North South Finance
directors Richard Bettle and Vance Arkinstall faces seven
Securities Act charges for allegedly signing offer documents that
contained untrue statements.  Another director, Paul Forsyth, is
also facing charges.

The report notes that the case against the men is being brought by
the Financial Markets Authority -- six of the failed companies'
directors were originally facing charges but one has died and two
others pleaded guilty.

On June 12, Messrs. Bettle's and Arkinstall's lawyer, Timothy
Castle, is applying for the men to be discharged, the report
relays.

According to the report, the hearing is being heard in chambers
and Justice Sarah Katz directed that media could report that the
application was taking place, but not any details from it.

                       About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited was engaged in the provision of financial services
through the raising of debenture stock.  The company operated
through its wholly owned subsidiaries Dominion Finance Group
Limited and North South Finance Limited, and investment vehicle
Dominion Investment Fund Limited.  Both Dominion Finance Group
Limited and North South Finance Limited accepted debenture stock
investments and apply them (in conjunction with its own funds)
towards the provision of certain loans and other financial
accommodation.

Dominion Finance Group was put into receivership in
September 2008 owing about NZ$176.9 million to more than 5,900
investors. It was put into liquidation by the High Court at
Auckland in May 2009. Associate Judge Faire appointed William
Black and Andrew Grenfell of McGrathNicol as liquidators of the
firm.  Receiver Rod Partington of Deloitte said the liquidation
application will not affect the progress of the receivership.

North South Finance went into receivership in July 2010.

In total, the group is estimated to owe creditors NZ$400 million.


HARPERCOLLINS NEW ZEALAND: To End Distribution Network
------------------------------------------------------
Stuff.co.nz reports that publishing company HarperCollins has
announced the closure of its New Zealand distribution network.

Stuff.co.nz relates that the company could not say how many jobs
would be lost in the move as some of the people affected would be
offered new positions.

According to the report, HarperCollins chief executive
James Kellow said supply would switch to the company's warehouse
in Australia.  Support services would also be run from Australia,
the report relays.

Mr. Kellow said the company "remained committed to publishing New
Zealand books for New Zealand readers and looked forward to
maintaining a local publishing programme in the future".

"We will now start the search for new premises for HarperCollins
NZ on Auckland's North Shore for our ongoing publishing, sales and
marketing communications team," the report quotes Mr. Kellow as
saying.

Stuff.co.nz notes Mr. Kellow signalled the departure of general
manager Graham Mitchell, however, saying he had "kindly agreed to
stay on until the transition of the business has been successfully
completed".

Communications director Simon Milne said he did not even have a
"ball park figure" of how many people were affected, according to
Stuff.co.nz.

He said the decision was related to "economies of scale" and all
publishing houses apart from Random House had now moved their
warehousing back to Australia, the report adds.


NUTRICIA: Set to be Placed Into Liquidation Over Debts
------------------------------------------------------
Radio New Zealand News reports that Auckland-based Damon
Engineering has obtained court orders to liquidate a baby formula
company Nutricia and take over its factory.

Radio NZ relates that Damon Engineering said Nutricia, which makes
Karicare baby formula, has not paid it for more than NZ$400,000 of
work completed on a factory in Mt Wellington earlier this year.

According to the report, Damon owner Chris Barrett said Auckland
District Court ordered Nutricia to pay the money it owes his
company.  Mr. Barrett said the court also made an order giving
Damon the right to sell Nutricia's factory to recover the debt,
the report relays.

A spokesperson for Nutricia, which is owned by Danone, a
multinational corporation, said the company is seeking legal
advice and hopes the issue can be resolved, Radio NZ reports.



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


SSANGYONG ENG'G: Creditors Likely to Approve Debt Workout Plan
--------------------------------------------------------------
Yonhap News reports that South Korea's top lender Kookmin Bank
could approve a debt workout program for Ssangyong Engineering &
Construction Co., a bank official said Wednesday.

Kookmin Bank, which has a 7.95 percent voting right among creditor
banks, planned to discuss on Wednesday whether to join other banks
in launching the debt restructuring program for the troubled
builder.

"There is a possibility that we could move in the direction of
approving the program, though it is difficult to give a clear-cut
answer now," a Kookmin Bank official said on the condition of
anonymity because no final decision has been made, Yonhap reports.

Yonhap notes that the state-run Export-Import Bank of Korea has
decided to support the builder while Hana Bank, the country's
third-largest lender, and Seoul Guarantee Insurance Co., a credit
guarantee company, said they would follow the decision of major
creditor banks.

The news agency relates that Woori Bank, the main creditor bank
with a 24.22 percent voting right, has suggested that it would
endorse the debt workout program for Ssangyong E&C.

The program requires 75 percent consent from creditors, and it
calls for a debt-to-equity swap worth KRW107 billion (US$94
million) and fresh liquidity injections of KRW445 billion, the
report notes.

Ssangyong said the debt workout program, if approved, could give a
boost to its efforts to turn around the company, adds Yonhap.

Based in Seoul, Korea, Ssangyong Engineering & Construction Co.,
Ltd. -- http://www.ssyenc.com/eng/-- is involved in the areas of
construction and engineering.

Ssangyong E&C filed for debt-rescheduling program on Feb. 26,
2013, after it has suffered from capital erosion due to massive
losses for the second straight year in 2012 amid the lackluster
housing market, Yonhap News reported.



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


* Moody's Issues New Asian High-Yield Compendium
------------------------------------------------
Moody's Investors Service released its fifth Asian High-Yield
Compendium, a semi-annual publication which enables investors to
compare more easily the financial metrics of 126 high-yield
issuers in 28 individual industries and 14 countries in the
region.

Since the end of the global financial crisis in Q2 2009, the Asian
high-yield sector has grown steadily, in part fuelled by regional
and international bond investors' quest for increased diversity of
holdings and higher yields. The Compendium should facilitate
investors' comparisons on Asian high yield bonds by industry,
country and rating category.

Moody's further notes that for January-June 2013, a total of 44
rated deals closed, raising an aggregate $16.8 billion compared
with $10.9 billion for all of 2012.

While the issuance has been substantially driven by repeat
issuers, Moody's has also seen eight newly rated issuers --
including 7 from China - enter the bond market.

"Both new and repeat issuance represent welcome steps to
broadening and deepening the regional bond markets, which will aid
the overall development of the debt capital markets in Asia, in
turn benefitting all participants," says Acres.

"While the average tenor for 2013 appears relatively static
against 2012 at 5.8 years, this situation belies a clear trend
this year of an increased acceptance by investors of 7- and 10-
year bond deals, particularly by repeat issuers. In contrast, the
average weighted coupon has shown a clear decline," adds Acres.



                             *********

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 ***