TCRAP_Public/130614.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

            Friday, June 14, 2013, Vol. 16, No. 117


                            Headlines


A U S T R A L I A

MACALISTER CONSTRUCTIONS: Creditors Asked to Pay Back Funds
ONE WORLD: Directors May File For Personal Bankruptcy
SMART SERIES 2012-2US: Fitch Affirms 'BB' Rating on Class E Notes


C H I N A

AMBOW EDUCATION: Placed Into Provisional Liquidation


I N D I A

AERATO INFRABLOCKS: ICRA Rates INR12cr Term Loan at '[ICRA]B'
AGRAWAL CHANNEL: ICRA Assigns 'B-' Ratings to INR22cr Loans
ALLIED VYAPAR: ICRA Reaffirms 'B+' Ratings on INR12.6cr Loans
CENTWIN TEXTILE: ICRA Assigns 'BB-' Ratings to INR18cr Loans
CHOICE COPIERS: ICRA Assigns 'B-' Ratings to INR7cr Loans

GAYTECH ENGINEERING: ICRA Revises Rating on INR4cr Loans to 'B-'
HIND UNITRADE: ICRA Puts 'B+' Rating on INR7cr Fund Based Limits
KARISHMA EXPORTS: ICRA Assigns 'B' Ratings to INR9.5cr Loans
KHETAN SPONGE: ICRA Suspends '[ICRA]D' Term Loan Ratings
NCL WINTECH: ICRA Upgrades Ratings to INR13cr Loans to 'BB'

ROSELABS BIOSCIENCE: ICRA Puts 'D' Ratings to INR29.5cr Loans
SAHIB SYNTHETICS: ICRA Raises Rating on INR7.5cr Loan to 'B-'
SHRINATHJI SPINTEX: ICRA Assigns 'B+' Ratings to INR12.2cr Loans
UNITED COMPOSHEETS: ICRA Assigns 'B' Rating to INR6cr LT Loans


I N D O N E S I A

BERAU COAL: 2012 Audited Results No Immediate Impact on B1 CFR


J A P A N

* JAPAN: Corporate Bankruptcies Drop 8.9% in May


N E W  Z E A L A N D

ROSS ASSET: SFO Files Charges Against David Ross


P H I L I P P I N E S

EXPORT AND INDUSTRY: CA Denies Bid For TRO Against Bank Sale


T H A I L A N D

TRUE CORP: Moody's Changes Outlook to Negative; Affirms CFR at B2


X X X X X X X X

* Moody's Notes Continuing Rise of Sovereign Defaults
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


MACALISTER CONSTRUCTIONS: Creditors Asked to Pay Back Funds
-----------------------------------------------------------
ABC News reports that creditors of the failed Gippsland building
company Macalister Constructions have been told to pay back what
they were given before the company went into liquidation.

Macalister Constructions collapsed with debts of about
AUD18 million.

ABC News relates that some creditors have been told they have to
pay back anything they received in the six months before the
company went into liquidation, to allow the liquidator to assess
whether any creditors obtained an unfair advantage.

According to the report, plumber Daniel Smolenaars said it is
another blow to contractors who lost large sums of money.

"Anybody who had received a preferential payment will be feeling
very hollow at the moment," the report quotes Mr. Smolenaars as
saying.  "They've happened to recoup some and it would barely go
towards covering costs in their business and now they're asked to
repay that."

Mr. Smolenaars hopes the funds will be distributed fairly among
creditors, says ABC News.

ABC News adds the company's administrator, SV Partners, is
investigating whether the company was trading while insolvent.

Richard J. Cauchi, Michael Carrafa and Terry G. Van Der Velde of
SV Partners were appointed as administrator for the Sale-based
Macalister Construction, which formerly traded as Macalister
Homes, on Jan. 11, 2013.


ONE WORLD: Directors May File For Personal Bankruptcy
-----------------------------------------------------
Peter Hemphill at The Weekly Times reports that the directors of
One World Grain may voluntarily place themselves into personal
bankruptcy.

One World Grain liquidator Peter Goodin, of boutique insolvency
firm Brooke Bird, told The Weekly Times Alastair Beaumont and
Pat Coleman were considering personal bankruptcy over the collapse
of the grain trader.

One World Grain was placed into external administration in October
after accumulating debts of almost AUD5 million, the report
relays.

The Weekly Times relates that about 25 creditors were owed money
by One World Grain including AUD1.3 million owed to secured
creditor National Australia Bank and six unsecured creditors --
including farmers -- owed from AUD175,000 to AUD370,000.

The report notes the company was placed in liquidation by
creditors in February after settlement offers by Mr. Beaumont and
Mr. Coleman were rejected.

According to the report, Messrs. Beaumont and Coleman offered to
sell associated company Grainassist Marketing Pty Ltd and a half
share in software provider Cloud Break Advisory Pty Ltd as part of
a deed of company arrangement with creditors.

But last week, Grainassist Marketing was placed into receivership
by NAB, The Weekly Times relays.

The previous week the bank moved to place the group's parent
company, Australasian Integrated Commodities Pty Ltd (AIC), into
receivership, along with another subsidiary, Mid West Milling Pty
Ltd., The Weekly Times notes.

McGrathNicol's Rob Kirman and Matthew Caddy were appointed
receivers and managers of all three companies by NAB and have been
urgently trying to sell AIC and Mid West Milling as going
concerns. The receivers removed Mr. Beaumont from running the
company two weeks ago, The Weekly Times reports.

One World Grain exports packaged grain to Vietnam, Indonesia and
Malaysia.


SMART SERIES 2012-2US: Fitch Affirms 'BB' Rating on Class E Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed 10 Classes of SMART series 2012-2US ABS
Trust notes. The transaction is a securitisation of Australian
auto and equipment receivables originated by Macquarie Leasing Pty
Limited (Macquarie Leasing). The rating actions are listed below.

Key Rating Drivers

The transaction has performed well within Fitch's expectations.
Net losses experienced since closing in June 2012 have been well
below 1%, and 30+ day delinquencies are consistently tracking
below 0.5%. To date, excess spread has been more than sufficient
to cover for the losses experienced in the transaction.

The transaction continues to pay principal on a sequential basis
as of the May 2013 payment date. The payment method is expected to
switch to pro-rata in the near future, once the pro-rata paydown
test is met.

The rating actions are:

USD25.2m Class A-2a (ISIN US78447DAB47) affirmed at 'AAAsf';
Outlook Stable

USD104.6m Class A-2b (ISIN US78447DAC20) affirmed at 'AAAsf';
Outlook Stable

USD66m Class A-3a (ISIN US78447DAD03) affirmed at 'AAAsf'; Outlook
Stable

USD91m Class A-3b (ISIN US78447DAE85) affirmed at 'AAAsf'; Outlook
Stable

USD27m Class A-4a (ISIN US78447DAF50) affirmed at 'AAAsf'; Outlook
Stable

USD51m Class A-4b (ISIN US78447DAG34) affirmed at 'AAAsf'; Outlook
Stable

AUD11.3m Class B affirmed at 'AAsf'; Outlook Stable

AUD15.6m Class C affirmed at 'Asf'; Outlook Stable

AUD14.2m Class D affirmed at 'BBBsf'; Outlook Stable

AUD12.7m Class E affirmed at 'BBsf'; Outlook Stable

Class A-1 (ISIN US78447DAA63) paid in full on the March 2013
payment date

Rating Sensitivities

In Fitch's rating sensitivity analysis, the likelihood of a
downgrade of the senior note classes is currently remote, based on
the transaction's strong performance so far.



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C H I N A
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AMBOW EDUCATION: Placed Into Provisional Liquidation
----------------------------------------------------
Matthew Miller at Reuters reports that a court has ordered China's
Ambow Education Holdings Ltd into provisional liquidation, a move
that could end months of wrangling between the CEO and external
shareholders that include Avenue Capital, Baring Asia and
Macquarie.

A court in the Cayman Islands issued the order for New York-listed
Ambow, a private schools and career training company, and
appointed members of KPMG as the provisional liquidators,
according to a June 10 Ambow statement obtained by Reuters.

Reuters relates that the move comes after Avenue Capital Group,
Ambow's biggest independent shareholder, filed an April 23
petition at the court accusing the Beijing-based company's Chief
Executive and President Jin Huang of blocking an internal
investigation into alleged sham transactions and kickbacks.

Macquarie Group Ltd and Baring Asia Private Equity, Ambow's other
leading outside shareholders, supported the petition, Reuters
says.  Ambow has said there was no basis for Avenue's accusations,
the report relays.

Reuters reports that Ambow said in the statement the court order
dismisses the company's board of directors and empowers the
provisional liquidators to take control of its books and records
and conduct company business.

The liquidators also are authorised to oversee the company's
investigation "into allegations of mismanagement and misconduct",
Ambow, as cited by Reuters, added.

Ambow Education Holding Ltd. (NYSE:AMBO) -- is a provider of
educational and career enhancement services in China.



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


AERATO INFRABLOCKS: ICRA Rates INR12cr Term Loan at '[ICRA]B'
-------------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR12.00 crore
term loan facility of Aerato Infrablocks Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan               12.00    [ICRA]B assigned

The assigned rating is constrained by the project execution risks
that are inherent in a green field project given that project is
still at a nascent stage of implementation augmenting the
possibilities of cost and time overrun while financial closure for
the project is yet to be achieved. The rating further incorporates
absence of the promoter's experience in the AAC block
manufacturing and the sensitivity of the company's cash flows to
the capacity utilization as well as its pricing power as compared
to established players in this space. The ratings are further
constrained by the low entry barriers in the business, which could
lead to increased competitive pressures going forward which
coupled with the presence of cheaper established substitute in the
form of clay bricks, may affect the profitability.

The ratings however take comfort from the advantages that AAC
blocks offer over its substitutes, lower off take risks since the
group concerns are engaged in construction activities and
locational benefits arising from its proximity to raw material
sources.

AIPL is a closely held company incorporated in 2013 and currently
is in the process of setting up a AAC (Autoclaved Aerated
Concrete) blocks manufacturing plant with installed capacity of
1,00,000 mtr3 in Kheda, Gujarat. The company is owned and managed
by Mr. Jivraj Savani and Mr. Kartik Savani along with eight other
directors based out of Junagadh. The promoters are engaged in
various businesses through other entities involved in
construction, mining, stone crushing etc.


AGRAWAL CHANNEL: ICRA Assigns 'B-' Ratings to INR22cr Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to the INR17.0
crore fund based working capital limits and INR5.0 crore term loan
of Agrawal Channel Mills Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits        17.0    [ICRA]B- assigned
   Term Loans                5.0    [ICRA]B- assigned

The rating takes into account the low capacity utilisation of the
facilities during the last two financial years as the plant
remained shut down for a substantial period of time and a weak
financial risk profile characterised by nominal profits and cash
accruals being generated from business. The rating also factors in
the high working capital requirement leading to stretched
liquidity positions of the company and the cyclical nature of the
steel industry that makes cash flows of the players volatile. The
rating however also takes into consideration the experience of the
present management in the steel industry and the expected increase
in the utilisation of facilities owing to major up gradation work
carried out in the units.

ACMPL was originally incorporated in June 2006 by Shri Prakash
Madanlal Agrawal and Smt. Anju Agrawal. The new management,
jointly owned by Agrasen group and Laxmi Kripa group of Raipur,
took over the company in November 2012. The company is primarily
engaged in the manufacturing of ingot and rolled products viz. MS
angle, channels, beams etc.

Recent Results

As per provisional numbers, the company registered an operating
income of around INR30.84 crore in FY 2013. In FY 2012, ACMPL
reported a net loss of INR0.24 crore on an operating income (OI)
of INR31.89 crore


ALLIED VYAPAR: ICRA Reaffirms 'B+' Ratings on INR12.6cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' to the
INR12.00 crore (enhanced from INR10.00 crore) cash credit facility
and INR0.60 crore stand by line of credit facility of Allied
Vyapar Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limit-       12.00    [ICRA]B+ reaffirmed/assigned
   Cash Credit

   Fund Based Limit-        0.60    [ICRA]B+ reaffirmed
   Standby Line of Credit

The rating reaffirmation reflects the continued weakness observed
in the overall financial risk profile of AVPL, with low
profitability and aggressive capital structure resulting in weak
coverage indicators; though healthy topline growth registered in
the last years. The rating is also constrained by the highly
competitive and fragmented nature of the steel trading business
which is characterized by low entry barriers keeping margins under
check and significant geographical and client concentration risks
as majority of the sales is concentrated in the state of West
Bengal and contribution from the top 10 clients accounting for
more than 95% of the total sales in the last few years. The
rating, however, derives comfort from the experience of the
promoters in the steel trading business.

AVPL was incorporated in 2007 by Mr. Kailash Chandra Sureka. The
company is primarily involved in the trading of steel products
like Galvanized Corrugated (G.C) sheets, billets, joists, TMT
bars, angles, channels etc. In 2011, AVPL also started trading in
hosiery cotton yarn products.

Recent Results

The company reported a profit after tax of INR0.15 crore during
2012-13 on an operating income of INR78.09 crore as compared to a
profit after tax of INR0.14 crore on an operating income of
INR61.22 crore during 2011-12.


CENTWIN TEXTILE: ICRA Assigns 'BB-' Ratings to INR18cr Loans
------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB-' to the
INR3.30 crore term loan facilities and the INR14.70 crore long-
term fund-based facilities of Centwin Textile Mills Private
Limited. The outlook on the long term rating is stable.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term loan facilities     3.30    [ICRA]BB- (Stable) assigned
   Fund based facilities   14.70    [ICRA]BB- (Stable) assigned

The rating draws comfort from the experience of the promoters in
the spinning industry for about 25 years and the continuing
funding support from the promoters in the form of interest free
unsecured loans. However, the rating is constrained by the
moderate scale of operations and thin margins, significant
competition owing to fragmented nature of the industry, high
levels of customer concentration which lowers pricing flexibility
and the financial profile characterised by low profitability,
stretched capital structure owing to high working capital
requirements and the resultant weak coverage indicators. The
ratings also factor in, high levels of capital expenditure planned
during the next two fiscals; however ICRA takes note of the fact
that majority of the funding is expected to be derived from
accruals.

Centwin Textile Mills Private Limited is a closely held private
limited company set up in 1988 is a moderate sized spinner with
its unit located in Dindigul district, Tamil Nadu. With an
installed capacity of 32,112 spindles the Company currently
engaged in the production of polyester-cotton blended yarn after
having changed its product profile from cotton yarn during 2010-
11. The company also has a 2.5 mega-watt capacity windmill unit
located in Tirunelveli, Tamil Nadu. Apart from production of yarn
which contributed to 85% of the Company's revenues, CTMPL is also
involved in trading of fabric which contributed to 15% of its
revenues.

Recent Results

According to unaudited results, CTMPL reported revenues of INR63.4
crore during 2012-13 and a Profit after tax (PAT) of INR1.4 crore
as against revenues of INR45.2 crore and PAT of INR0.5 crore
during 2011-12.


CHOICE COPIERS: ICRA Assigns 'B-' Ratings to INR7cr Loans
---------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' and a short
term rating of '[ICRA]A4' to the INR7.0 Crore bank lines of Choice
Copiers Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan               2.00     [ICRA]B- assigned

   Fund Based Working
   Capital Limits          5.00     [ICRA]B- assigned

The ratings are constrained by the vulnerability of profitability
to fluctuations in raw material prices; high working capital
intensity on account of high inventory and debtor days; corporate
guarantees extended to group companies which are much higher than
the net worth and the extremely weak financial risk profile
characterised by high gearing and weak debt service coverage
indicators. Nevertheless, ICRA has favorably factored in long
track record of CCPL's promoters in the manufacture and trading of
soldering materials and the favorable demand outlook for soldering
materials driven by growth in end user industries.

Choice Copiers Private Limited was incorporated in 1985 and
commenced business as a manufacturer and assembler of Xerox
machines. However the company discontinued that business in 1990
and went into the business of manufacturing of soldering
materials. The company initially set up a soldering plant of 5
MT/month capacity which was subsequently increased in phases and
now stands at 100 MT/month. The company has two manufacturing
facilities at Noida in the state of Uttar Pradesh. The product
profile of the company constitutes solder sticks, solder wires,
solder washers, fluxes and other products used in soldering.

Recent Results

As per provisional results the company reported a net profit of
INR0.13 crore on net sales of INR7.20 crore in FY12 as against a
net profit of INR0.04 crore on net sales of INR3.79 crores in
FY11.


GAYTECH ENGINEERING: ICRA Revises Rating on INR4cr Loans to 'B-'
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR2.00
crore cash credit facility and the INR2.00 crore term loans of
Gaytech Engineering Private Limited to '[ICRA]B-' from '[ICRA]B'.
Further, ICRA has reaffirmed the short term rating assigned to the
INR5.00 crore Bank Guarantee facility of GEPL at '[ICRA]A4'.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit facility    2.00     Revised to [ICRA]B- from
                                    [ICRA]B

   Term Loans              2.00     Revised to [ICRA]B- from
                                    [ICRA]B

   Bank Guarantee          5.00     [ICRA]A4 reaffirmed
   Facility

The revision in the long-term rating takes into account the
significant increase in level of debtors, the stretched liquidity
position of the company, and the weak order book position with
only one project at hand. The ratings continue to remain
constrained by the company's relatively small scale of operations;
vulnerability of the company's revenues and profits to delays in
execution of projects on account of delays in obtaining requisite
clearances which coupled with delays in payments by its clients
has resulted in negative cash flow from operations. Further, the
company's financial risk profile continues to remain weak on
account of high working capital intensity of operations and
moderate debt coverage indicators.

The ratings, however, favorably factor in GEPL's experienced
management and its long track record in the pipeline and machinery
erection and installation management, and reputed client base
consisting mainly of public sector entities resulting into low
counterparty credit risks.

Gaytech Engineering Private Limited was incorporated in 1995 and
is involved in erection and commissioning of plant equipment and
machinery, pipeline fabrication and erection as well as operations
and maintenance of plants. The company is also involved in
providing manpower services (project managers, supervisors and
skilled labourers) for a specific time period to domestic as well
as overseas clients based out of Middle East and Africa. GEPL
caters to sectors like power, oil & gas, petrochemical, refinery,
mining, tyre, fertilizer and textile industries.

Recent Results

During FY 2011-12, the company reported operating income of
INR9.18 crore and profit after tax of INR0.53 crore as against
operating income of INR8.17 crore and profit after tax of INR0.50
crore during FY 2010-11. Further, the company has reported
operating income of INR14.97 crore and profit before tax of
INR0.68 crore in FY 2012-13 (as per unaudited provisional
numbers).


HIND UNITRADE: ICRA Puts 'B+' Rating on INR7cr Fund Based Limits
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR7 crore fund
based limits of Hind Unitrade Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits         7      [ICRA]B+ assigned

The rating takes into account HUPL's small scale of operations
characterized by nominal profits and low net-worth, its thin
profit margins as a result of limited value addition in its
trading operations, and weak financial profile as reflected by low
return on capital employed. The rating also takes note of the
company's high sales concentration risk, with top five clients
accounting for around two-third of total revenues of the company
for the financial year (FY) 2013, and the high level of inventory
required to be maintained by the company exposes it to the risk of
inventory loss.

The rating, however, favorably takes into account the experience
of promoters in the coal trading business, its conservative
capital structure and a positive demand outlook for coal in the
medium to long term. The ability of the company to grow its
business profitably and managing its working capital requirements
effectively would be key rating sensitivities going forward.

Incorporated in March'10, HUPL has been promoted by Mr. Vinod
Agarwal and Mr. Sanjay Mittal. The company is primarily engaged in
the trading of non coking coal.

Recent Results

During FY12, reported a profit after tax (PAT) of INR0.19 crore on
the back of an operating income of INR54.05 crore.


KARISHMA EXPORTS: ICRA Assigns 'B' Ratings to INR9.5cr Loans
------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the long term INR7.23
crore term loan limit, INR1.20 crore fund based limit and INR1.07
crore of proposed limit of M/s Karishma Exports.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Long-Term Scale          7.23     [ICRA]B (Assigned)
   Term Loan Limits

   Fund Based Limits        1.20     [ICRA]B (Assigned)

   Proposed limits          1.07     [ICRA]B (Assigned)

The assigned rating is constrained by the firm's high working
capital intensity of operations, vulnerability of profitability
and cash flows to cyclicality inherent in the textile industry and
fragmented nature of cloth weaving industry, leading to high
competitive pressures.  While ongoing capacity expansion could
spur revenue growth over the medium to long term the debt-funded
nature of the capex could impact the entity's debt coverage
metrics over the near term. ICRA notes that the entity is exposed
to risk of capital withdrawals inherent in proprietoryship
entities.

Nevertheless, the rating favorably factors in the long standing
experience of over 25 years and technical expertise of the
proprietor in the textile weaving industry; location advantage of
the manufacturing unit due to proximity to raw material sources
and fabric processing units resulting in low transportation costs
and incentives extended by central and state governments in the
form of interest and capital subsidy which enhances overall
profitability of the firm. Given that the proposed capacity
expansion which is to double the manufacturing capacity of the
firm by July 2013; improvement in economies of scale and
enhancement in pricing power of the firm is expected in long term.

M/s Karishma Exports is a proprietorship firm having been
incorporated in FY05 by Mr. Sridhar Jagirdar. The proprietor's son
Mr.Shripat Jagirdar joined the business in recent past in order to
support the firm's operations and expansion plan. The firm is into
manufcaturing of gery cotton fabric used primarily for shirts and
has its manufacturing unit established on a plot of land in Kalyan
-- Bhiwandi Maharashtra Industrial Development Corporation. The
existing capacity of the manufacturing unit is 15.65 lacs mtrs per
annum (34 looms) while the firm is in the process of nearly
doubling the capacity to 31.17 lacs mtrs per annum by installation
of additional relatively efficient 12 imported looms. The
commercial production from the augmented capacity is to commence
from July 2013.

Recent Results

As per the provisional figures of 9mFY13 ended 31st Dec 2013; the
firm reported a Profit after Tax (PAT) of INR0.50 crore on an
Operating Income (OI) of INR5.78 crore.


KHETAN SPONGE: ICRA Suspends '[ICRA]D' Term Loan Ratings
--------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR8.0 crore,
long term working capital facilities & the INR17.0 crore term
loans and '[ICRA]D' rating to the INR3.0 crore, short term, non
fund based bank facilities of Khetan Sponge & Infrastructure
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


NCL WINTECH: ICRA Upgrades Ratings to INR13cr Loans to 'BB'
-----------------------------------------------------------
ICRA has upgraded the long term rating to '[ICRA]BB' from
'[ICRA]B+' to INR6.34 crore (earlier INR7.30 crore) fund based
facilities, INR2.40 crore (earlier nil) proposed fund based
facilities and INR4.26 crore (earlier INR1.70 crore) unallocated
limits of NCL WINTECH India Limited. ICRA has reaffirmed the short
term rating of '[ICRA]A4' to INR3.00 crore non fund based
facilities and INR2.00 crore (earlier nil) proposed non fund based
facilities of NCLWIL. The outlook on the long term rating is
Stable.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit              4.50    Upgraded to [ICRA]BB (Stable)
   Term Loan                1.84    Upgraded to [ICRA]BB (Stable)
   Proposed Cash Credit     1.00    Upgraded to [ICRA]BB (Stable)
   Proposed Term Loan       1.40    Upgraded to [ICRA]BB (Stable)
   Letter of Credit/Bank    3.00    Reaffirmed at [ICRA]A4
   Guarantee
   Proposed Letter of       2.00    Reaffirmed at [ICRA]A4
   Credit/Bank Guarantee    4.26    Upgraded to [ICRA]BB (Stable)
   Unallocated Limits

The rating action factors in the improvement in the financial
profile of the company characterized by the increase in the
revenues from INR16.90 crore in FY11 to INR39.30 crore in FY13
backed by increase in both the volumes and realizations,
improvement in the operating profitability from -4.74% in FY11 to
7.22% in FY13 owing to decline in the selling expenses and savings
in the raw material costs and the consequent profits at the net
level in FY13. ICRA however notes that the company's track record
of profitable operations is limited. The ratings also take into
account comfortable capital structure of the company which coupled
with improved profitability has resulted in improved coverage
indicators with interest coverage at 2.90 times and NCA/Total Debt
at 34% in FY13. The ratings continue to draw comfort from the
technical capabilities of the Turkish JV partner which has
experience in the UPVC industry and favorable demand prospects for
the UPVC industry. The ratings are constrained by NCLWIL's weak
RoCE emanating from moderate capacity utilization for UPVC
profiles, and high working capital intensity owing to high
receivables. Receivables greater than 6 months account for 21% of
total sales and any increase in this is likely to put pressure on
the liquidity position of the company.

The ratings are also constrained by the vulnerability of the
profitability to adverse fluctuations in the cost of raw material
and relatively lower pricing power vis--vis institutional
customers with the product involving concept selling is likely to
put pressure on the profitability. Further, the rating also
factors in the significant competition from existing players as
well as new entrants given the nascent stage of the industry,
which is likely to limit the ability of the company to pass on
increase in raw material prices.

NCL WINTECH India Limited, incorporated in 2008, is engaged in the
manufacturing of UPVC profiles, UPVC doors and windows. NCLWIL is
a joint venture company between NCL Alltek & Seccolor Limited
(rated [ICRA]BBB-/Stable/A3), India and Adopen Plastics &
Construction Inc, Turkey. NCL Alltek & Seccolor Limited
manufactures mainly spray plasters, paints under the Alltek
division and windows & glazing profiles in Seccolor division.
Adopen Plastics & Construction Inc, founded in 1997, is engaged in
production of PVC profiles for windows, doors and shutter systems.


ROSELABS BIOSCIENCE: ICRA Puts 'D' Ratings to INR29.5cr Loans
-------------------------------------------------------------
ICRA has revoked the suspension and revised the long term rating
assigned to the INR153.00 crore (enhanced from INR90.00 crore)
fund based facilities of Roselabs Bioscience Limited (erstwhile
Roselabs Bioscience Private Limited) to '[ICRA]D' from '[ICRA]B+'.
ICRA has also assigned the short term rating of '[ICRA]D' to the
INR8.50 crore Letter of Credit facilities and the INR2.00 crore
Bank Guaratee facilities of Roselabs Bioscience Limited.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Term Loans               134.00    Revised to [ICRA]D from
                                      [ICRA]B+

   Cash Credit Facility      19.00    Assigned [ICRA]D

   Letter of Credit
   Facility                   8.50    Assigned [ICRA]D

   Bank Guarantee Facility    2.00    Assigned [ICRA]D

The revision in ratings take into account the strained liquidity
position of the company as exhibited by delays in meeting its
principal repayment and interest payment obligations to the bank
in a timely manner. The same is attributable to delay in
commencement of commercial operations owing to delay in securing
requisite regulatory approvals and increase in scope of greenfield
project set up by the company. The rating continues to remain
constrained by the limited track record of operations of the
company in pre-filled syringes manufacturing and to the
sensitivity of project metrics and future cash flows to the
establishment of the company's products in the domestic market
against those imported from European suppliers.

The ratings however take comfort from the favorable demand supply
gap for pre-filled syringes (PFS) in the domestic market and the
healthy growth outlook for the PFS segment given the advantages
over traditional syringes and current low levels of penetration.
The ratings also favorably consider the fact that RBL will get
access to established marketing and distribution network of the
group company, Roselabs Limited, which is currently involved in
marketing and distribution of pharmaceutical products in Gujarat
and north eastern states.

Incorporated in 2010, Roselabs Bioscience Limited (erstwhile
Roselabs Bioscience Private Limited) is promoted by Mr. Pawan
Kumar Agarwal and Mr. Zameer Agarwal, and is closely held by the
promoters and family members. The company is in final staged of
setting up a composite plant for to manufacturing multiple types
of pre-filled syringes and for filling formulations. The product
portfolio of RBL mainly includes glass pre-filled syringe and
plastic pre-filled syringe. RBL's manufacturing facility being set
up at Bavala near Ahmedabad; the construction work on the same was
initiated in May 2010 and the company commenced commercial
production of glass PFS from April 2013.


SAHIB SYNTHETICS: ICRA Raises Rating on INR7.5cr Loan to 'B-'
-------------------------------------------------------------
ICRA has upgraded the rating assigned to INR7.50 Crore bank
facilities of Sahib Synthetics from '[ICRA]C+' to '[ICRA]B-.'

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term Fund          7.50    [ICRA]B- (Upgraded)
   Based Limits

The rating upgrade takes into account marginal improvement in
liquidity profile of the firm on account of enhancement of
sanctioned cash credit facility. Correspondingly, the limit
utilization level has declined below 100%; however, the rating
continues to factor in weak liquidity position as reflected in
consistent high limit utilization of about 95%. The rating also
continues to be constrained on account of firm's presence in
highly unorganized and fragmented industry, which coupled with
small scale of operations results in low pricing power.

Notwithstanding the improvement in extent of value addition in
recent past on account of SS' entry into home furnishings segment,
and corresponding expansion of operating margins, ICRA notes that
return on invested capital continues to remain modest. It is also
noted that improvement in extent of value addition has been
accompanied by increase in working capital requirements thereby
increasing dependence upon external debt. Thus, capital structure
of the firm has witnessed adverse movement over last few years and
the gearing has increased from 1.2 times as on March 2009 to 2.1
times as on March 2012. Further, due to increased interest costs
the improvement in operating profitability has not trickled down
and net margins continue to remain weak. The low profitability
coupled with weak capital structure results in weak debt coverage
indicators as is reflected in interest coverage of 1.6 times and
Total Debt/OPDBITA of 4.0 times for 2011-12.

Going forward, the firm's ability to reduce working capital
intensity of operations, while maintaining profitability margins
will be crucial for overall funding requirements and timely debt
servicing. The extent of withdrawals from the business and
investment in fixed assets and funding thereof will remain the key
rating sensitivities.

Established in 1998 by Mr. Paramjit Singh and Mr. Amarjit Singh,
Sahib Synthetics (SS) is engaged in manufacturing of knitted cloth
based home furnishings like blankets, warm bed sheets, curtains
etc. The firm has installed capacity of manufacturing 1 million KG
of knitted fabric, and its plant is based out of Ludhiana, Punjab,
wherein knitting, cutting, stitching, printing and dyeing
processes are undertaken.


SHRINATHJI SPINTEX: ICRA Assigns 'B+' Ratings to INR12.2cr Loans
----------------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to the INR4.50 crore fund
based cash credit facility and to the INR7.70 crore term loan
facility of Shrinathji Spintex Private Limited. A rating of
'[ICRA]A4' has also been assigned to the INR1.50 crore export
packaging facility (sub-limit of cash credit facility) of SSPL.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Term Loan                  7.70    [ICRA]B+ assigned
   Cash Credit                4.50    [ICRA]B+ assigned
   Export Packaging Limit     1.50    [ICRA]A4 assigned

The assigned ratings are constrained by SSPL's relatively modest
size of operations, limited track record in the spinning business
and weak financial risk profile given its initial year of
operations as reflected by leveraged capital structure and high
utilization levels of working capital facility. ICRA also factors
in the high competitive intensity given the fragmented nature of
the spinning industry; and vulnerability of profitability to
unexpected movement in cotton prices which are subject to
seasonality, crop harvest and government regulations.

The ratings, however, favorably takes into account the long
experience of the present management in the cotton industry;
diversified revenue stream with presence in cotton ginning
business; procurement and financial support from group concern
engaged in cotton ginning business; and close proximity to raw
material sources as the company is located in major cotton growing
belt of India.

Shrinathji Spintex Private Limited, promoted by Mr. Dilip N
Marakana, was incorporated in November 2010 and is engaged in the
business of producing carded yarn ranging from 20s to 40s counts.
The manufacturing facility of the company is located at Gondal,
Gujarat with an installed capacity of 10,000 spindles translating
to 5 tons of yarn per day.

Recent Results

For the year ended March 31, 2013, the company has reported an
operating income of INR42.32 crore and PBDT (profit before
depreciation and taxes) of INR1.71 crore during FY 2013
(provisional unaudited figures).


UNITED COMPOSHEETS: ICRA Assigns 'B' Rating to INR6cr LT Loans
--------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B' to the INR6.00
crore fund based bank facilities of United Composheets Private
Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term Fund          6.00     [ICRA]B/Assigned
   Based Limits

The assigned rating takes into account the promoter's experience
of more than a decade in auto components manufacturing business.
Although the company has long and stable relationship with clients
like Minda, Denso, Takata etc, which has resulted in repeat
orders, there is high level of customer concentration with Denso
India contributing to more than 50% of the sales in the last few
years. Despite being operational for more than a decade, UCPL has
modest scale of operations as reflected by an operating income of
INR14.66 crore in FY12. Operating profitability of the company has
remained low at 6-7% in the past few years on account of being a
tier-2/tier-3 supplier to OEMs. Further, the company has limited
financial flexibility arising out low net worth position and high
level of creditors resulting in adverse TOL/TNW of 3.34 times as
on March 2012. Rating is also constrained on account of likelihood
of debt funded capex being undertaking in the near future towards
setting up of a new manufacturing unit in Ghaziabad, repayments
for which will not only exert a strain on the cash flows but
increased debt levels will results in weakening of debt coverage
and capitalization indicators. ICRA has also taken note of
competitive and fragmented nature of the industry, characterized
by low entry barriers, which limits the bargaining power and thus
profitability of operations of the company.

Going forward, ability of the company to improve its scale of
operations while diversifying its client base; in addition to
improving its profitability of operations will remain the key
rating sensitivities. Given the elevated levels of TOL/TNW, and
planned debt funded capital expenditure being undertaken in the
future, the ability of promoters to infuse equity capital will be
critical for improvement in its financial profile.

Incorporated in 1998, United Composheets Private Limited is
promoted by two brothers, Mr. Jinesh Kumar Tyagi and Mr. Naresh
Kumar Tyagi. The company is currently engaged in the business of
manufacturing sheet metal components for electrical, electronic
and automotive applications. The company currently has two
manufacturing units, one located in Ghaziabad and the other one in
Pune. A third unit of the company is currently under construction
in Ghaziabad.

Recent Results:

For the year ending March 2012, UCPL had net profit of INR0.22
crore on operating income of INR14.66 crore as against net profit
of INR0.20 crore and operating income of INR13.82 crore for the
year ending March 2011.



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


BERAU COAL: 2012 Audited Results No Immediate Impact on B1 CFR
--------------------------------------------------------------
Moody's Investors Service says that the 2012 audited results of PT
Berau Coal Energy Tbk (BCE) and findings of the recent audit
review have no immediate impact on BCE's B1 corporate family and
bond ratings.

"We believe the ongoing efforts by Bumi Plc and BCE's new
management to improve corporate governance standards and rebuild
investor confidence, including an enhancement of internal controls
and replacement of the board of commissioners and directors, are
credit positive" says Simon Wong, a Moody's Vice President and
Senior Analyst.

"Despite the past cash leakages and weak corporate governance
evident from the higher-than-expected amount of questionable
expenditure found in the forensic audit, BCE's credit profile
remains well positioned, underpinned by its strong liquidity,
thereby helping it withstand the current weak coal price
environment," adds Wong, who is also Moody's Lead Analyst for BCE.

BCE's liquidity remained strong with cash-on-hand of $364 million
and restricted cash balance of $149 million as at December 31,
2012. The pledges on the restricted cash balance were subsequently
released during April 2013.

Moody's expects BCE's debt/EBITDA to deteriorate in 2013 to 3.2x-
3.8x, based on the average Newcastle benchmark coal price
assumption of approximately $90 per ton, but this is within the
parameters of BCE's B1 ratings. BCE reported debt/EBITDA of 2.6x
and EBIT/interest of 2.4x for FY2012.

BCE's new management team launched a forensic audit on BCE's
balance sheet earlier this year. Initial findings include
questionable land compensation payments to third parties of an
estimated $38 million and the reclassification of approximately
$56 million of capital expenditures as costs.

The expanded review identified expenditure of $201 million with
"no clear business purpose", continuing to highlight governance
concerns that are factored into the rating. Expenditure identified
-- including road hauling and other construction in progress,
land-related payments, consulting services and acquisition-related
goodwill -- was $152 million in 2012 and $49 million in 2011, and
is significantly higher than initial estimates announced by the
company.

Moody's also notes PricewaterhouseCoopers' qualified audit opinion
for 2012, which states that it was unable to obtain sufficient
appropriate audit evidence over the completeness of BCE's related-
party transactions because of the nature of BCE's accounting
records and the recent departure of key management.

PT Berau Coal Energy Tbk (BCE) is an investment holding company
listed on the Indonesian Stock Exchange and is 85% owned by Bumi
Plc, which is listed on the London Stock Exchange. BCE has a 90%
interest in PT Berau Coal ("Berau", unrated), Indonesia's fifth-
largest producer and exporter of thermal coal. Berau operates
three active mines -- Lati, Sambarata and Binungan -- at a single
site in East Kalimantan. It has estimated resources of about 2.2
billion tons, with probable and proven reserves estimated at 509
million tons.



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


* JAPAN: Corporate Bankruptcies Drop 8.9% in May
------------------------------------------------
Kyodo News reports that the number of corporate bankruptcies in
Japan in May fell 8.9 percent from a year earlier to 1,045 -- the
seventh straight monthly drop, a research agency said Monday.

The news agency relates that Tokyo Shoko Research said the number
of business failures was the second-lowest for the reporting month
in 20 years, after May 2010, when bankruptcies totaled 1,021.

According to Kyodo, the research agency said the number has
continued to decline despite the expiration in March of a law on
financial support for small companies. Tokyo Shoko conducts
surveys on business failures with debts of JPY10 million or more.

Kyodo reports that the agency said the debts left by failed
businesses in May plunged 38.6 percent to JPY173.3 billion, a 20-
year low for May, due to the smaller number of failures with large
debts. Only one bankruptcy exceeded JPY10 billion, the report
relays.



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


ROSS ASSET: SFO Files Charges Against David Ross
------------------------------------------------
Charges have been laid in the Wellington District Court against
David Robert Gilmour Ross. The charges laid by the Serious Fraud
Office (SFO) allege he operated a $400 million Ponzi scheme. They
follow a joint agency investigation between SFO and the Financial
Markets Authority (FMA).

The Wellington financial adviser faces four Crimes Act charges of
false accounting and one charge of theft by person in special
relationship.

The joint investigation into Ross Asset Management (RAM) and
related entities commenced in November last year after complaints
were received regarding the delayed or non-payment of funds to
investors. Following enquiries FMA undertook in October 2012, FMA
took immediate action to preserve investors' funds by obtaining
asset preservation orders and orders appointing receivers and
managers to the Ross Group of entities. These orders were obtained
under the Financial Advisers Act and remain in place. Initial
inquiries by receivers showed investments of only
NZ$10.2 million actually existed.

In response to the potential loss, large number of victims,
concerns of the receivers, complexity of the case and the
significant public interest, both FMA and SFO commenced the joint
investigation.

The charges laid by SFO allege that Mr. Ross conducted a Ponzi
scheme which he disguised by falsely reporting clients'
investments. They allege that large portions of client portfolios
shown as invested through a broker 'Bevis Marks' were fictitious
and never existed, resulting in an overstatement of investment
positions by more than $380 million.

More than 1,200 RAM client accounts have been affected by Mr Ross'
scheme.

SFO's Acting Chief Executive, Simon McArley said, "The allegations
made amount to serious criminal matters. However the saddest fact
of all of this is the position that Mr. Ross' clients find
themselves in. The joint activity between SFO and FMA demonstrates
that we can work effectively together to both address the serious
criminal offending and protect as far as possible the interests of
the victims of that offending."
FMA Head of Enforcement Belinda Moffat said,

"FMA will now complete its investigation into conduct by Mr. Ross
under the Financial Advisers Act. We will also shortly release
best practice guidance for financial advisers providing
discretionary investment management services to ensure our
expectations are well understood by advisers, as well as guidance
for investors considering using such services."

SFO and FMA acknowledge the assistance provided to them by the
receivers of the Ross Group of entities and their advisers as well
as the many investors who have provided information.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).



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


EXPORT AND INDUSTRY: CA Denies Bid For TRO Against Bank Sale
------------------------------------------------------------
GMA News reports that the Court of Appeals on June 10 denied the
application for a temporary restraining order filed by five
companies against the Philippine Deposit Insurance Corp. and the
closed Export and Industry Bank aimed to stop the bidding of
assets for the latter's rehabilitation.

The five companies that applied for TRO were Pacific Rehouse
Corp., Forum Holdings Corp., East Asia Oil Co. Inc., Pacific
Concorde Corp., and Mizpah Holdings Inc., the report discloses.

GMA News notes that the denial of the TRO/injunction application
by the CA's Special Fifth Division affirmed an earlier decision by
Makati's Regional Trial Court, Branch 146.

The Appeals Court also denied the motion for reconsideration filed
by Pacific Rehouse et al., saying that the RTC had no authority to
restrain or enjoin the PDIC as receiver of EIB, in accordance with
Republic Act 3591, as amended or the PDIC Charter, GMA News says.

According to GMA News, PDIC president Valentin Araneta said that
this development affirmed the PDIC's authority as receiver of
closed banks under the law.,

                          About EIB

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

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

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

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

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

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


===============
T H A I L A N D
===============


TRUE CORP: Moody's Changes Outlook to Negative; Affirms CFR at B2
-----------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating
of True Corporation Public Company Limited and the B2 corporate
family and senior unsecured bond ratings of True Move Company
Limited, but changed the outlook on all ratings to negative from
stable.

Ratings Rationale:

"The change in outlook reflects True Corp's deteriorating
financial profile resulting from the need to invest in its 3G
networks and services, and competitive headwinds in the Thai
cellular industry as all three cellular operators launch 3G
services under the new 2.1GHz licenses this year," says Nidhi
Dhruv, a Moody's Analyst and also Lead Analyst for True Corp and
True Move.

True Corp's adjusted debt/EBITDA increased to 6.1x for the year
ended December 2012, although it improved slightly to 5.7x for LTM
March 2013, it remains high for the rating level. At the same
time, True Corp's EBITDA margins have deteriorated to 19.7% from
27% in 2011 as a result of high selling expenses and customer
acquisition costs.

Over the next 12-18 months, there will be increased competition
from the two other Thai operators - AIS (unrated) and DTAC
(unrated) -- both of which have stronger financial profiles,
forcing True Corp to front-load its capex in order to strengthen
its 3G coverage and gain market share, while maintaining
advertising and customer acquisition costs at current high levels.

True Corp also has a strained liquidity profile over the next 12-
18 months, and the company will require waivers when covenant
tests on its bank facilities commence in September next year.

In Moody's view, recapitalization is critical to de-lever True
Corp, given its weak balance sheet and the ongoing need to invest
in the business. Without recapitalization, Moody's expects True
Corp's adjusted leverage to remain higher than its tolerance of
5.5-6.0x for the current B2 rating over the next two to three
years.

"In the absence of successful recapitalization, the need for
accelerated capex coupled with initial lower utilization rates on
3G and data services will lead to leverage metrics exceeding our
tolerance levels for the B2 rating," adds Dhruv.

True Corp's management is pursuing several options to de-lever its
balance sheet, which include assets sale and leaseback via an
infrastructure fund, sale of non-core assets, equity rights
offering and bringing in a strategic partner. However, all of
these have attached uncertainties.

In the absence of timely recapitalization, True Corp's leverage
metrics will remain above Moody's tolerance levels leading to
imminent downward pressure on the rating.

The negative outlook also takes into account an expected increase
in competition following the rollout of 3G services by all three
Thai operators under the 2.1GHz license and the ongoing regulatory
uncertainties around True Move's 1800MHz concessions expiring in
September 2013.

Given the negative outlook, the rating is unlikely to be upgraded
over the near to medium term. However, the outlook could revert to
stable if (1) the company deleverages such that its adjusted
debt/EBITDA reduces to and remains at below 5.0-5.5x on a
sustainable basis, (2) delivers on its competitive strategy to
roll out 3G services under the new 2.1GHz licenses, and (3) there
is clarity on the extension of True Move's 1800MHz concession.

True Corp's rating could be downgraded if (1) the company does not
deliver on its business and recapitalization plans, such that
adjusted debt/EBITDA remains above 6.0x; and (2) negative
regulatory developments affect True Move's 1800MHz mobile
concession or the sustainability of its operations under the 3G
HSPA platform. Moody's will closely monitor progress on these and
will consider downgrading the rating if such trend is not
evidenced within the next 6-9 months.

True Move's standalone financial profile, with adjusted
debt/EBITDA of 10.8x for LTM March 2013 is inconsistent with its
current B2 rating. However, Moody's looks through to the
fundamental credit profile of True Corp and has aligned the two
ratings at the same level based on the expectation that True
Move's core business will continue to wind down as subscribers
migrate to alternative 3G platforms offered by True Corp under its
TrueMove H brand.

However, the bank debt and bonds at the True Move level will
continue to be supported by the broader True Mobile Group, which
will in turn be supported by True Corp, given its strategic
importance to the group, with its 65% contribution to consolidated
revenues. Furthermore, the mobile group under Real Future also
provides cross guarantees to True Move including the outstanding
$15.6 million bonds, $5 million of which fall due in December
2013.

The principal methodology used in these ratings was Global
Telecommunications Industry, published in December 2010.

Headquartered in Bangkok, True Corp is an integrated provider of
fixed-line, broadband, internet, and mobile services, and pay TV.
True Corp is listed on the Thai Stock Exchange; the Charoen
Pokphand Group is the major shareholder (63.3% as of March 15,
2013). Its wireless business is conducted predominantly through
its 100.0% subsidiary, Real Future (unrated), 99.4% subsidiary,
Real Move and 99.3% subsidiary, True Move, which together position
it as Thailand's third largest mobile telecommunications operator.



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


* Moody's Notes Continuing Rise of Sovereign Defaults
-----------------------------------------------------
The adverse conditions since the start of the global financial
crisis have led to an increase in the number of sovereign
defaults, says Moody's Investors Service in its ninth annual
sovereign bond default study.

Among the 116 Moody's rated sovereigns, there were three defaults
in 2012, two by the government of Greece and one by the government
of Belize, according to Moody's in "Sovereign Default and Recovery
Rates, 1983-2012." Previously, only one default, by the government
of Jamaica, was reported between 2009 and 2011.

Historically, the study indicates that issuer--weighted recovery
rates on defaulted sovereign bonds have averaged 49% over the
1983-2012 period. However, on a value-weighted basis, recovery
rates have averaged only 26%. Recoveries in 2012, as measured by
post-default trading prices, were 24% in the March Greek debt
exchange, 37% in the December Greek debt buyback, and 40% at the
time of Belize's default.

In addition to presenting an analysis of all sovereign defaults
since 1983, the Moody's report compares and contrasts sovereign
and corporates with regard to default, migration and recovery
rates as well as ratings accuracy measures. Sovereign default
rates have been, on average, modestly lower than those for
corporate issuers; however, the differences are not significant as
the overall size of the sovereign sample is small.

Sovereign ratings have had approximately the same level of
accuracy as corporate ratings in differentiating defaulters from
non-defaulters. "Over the study period, the typical sovereign
defaulter was rated B2 within one year of its default event, and
all sovereign defaulters had ratings of Ba2 or lower within that
period of time," said Merxe Tudela, a Moody's Vice President and
author of the report.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------


AUSTRALIA

AACL HOLDINGS LT          AAY              39.61       -4.66
AAT CORP LTD              AAT              32.50      -13.46
ANAECO LTD                ANQ              12.09      -16.38
ARASOR INTERNATI          ARR              19.21      -26.51
AUSTRALIAN ZI-PP          AZCCA            77.74       -2.57
AUSTRALIAN ZIRC           AZC              77.74       -2.57
BECTON PROPERTY           BEC             267.47      -15.73
BIRON APPAREL LT          BIC              19.71       -2.22
CLARITY OSS LTD           CYO              28.67       -8.42
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QUICKFLIX LTD             QFX              15.84       -1.91
REDBANK ENERGY L          AEJ             295.35      -13.08
RENISON CONSO-PP          RSNCL            10.84      -11.48
RIVERCITY MOTORW          RCY             386.88     -809.14
RUBICOR GROUP LT          RUB              60.12      -61.63
STERLING PLANTAT          SBI              37.84      -10.78
TZ LTD                    TZL              26.01       -1.69


CHINA

ANHUI GUOTONG-A           600444           73.14       -9.75
ATLANTIC NAVIGAT          ATL              89.78       -6.98
CHANG JIANG-A             520             818.55     -122.68
CHENGDU UNION-A           693              24.18      -30.53
CHINA KEJIAN-A            35               49.24     -299.06
CHINA OILFIELD T          COT              18.84      -19.88
HEBEI BAOSHUO -A          600155          101.91     -102.90
HUASU HOLDINGS-A          509              73.01      -35.36
HULUDAO ZINC-A            751             471.13     -546.12
HUNAN TIANYI-A            908              58.94      -11.50
JIANGSU ZHONGDA           600074          351.03       -9.74
JILIN PHARMACE-A          545              32.98       -6.85
QINGDAO YELLOW            600579          139.12      -58.98
SHENZ CHINA BI-A          17               26.30     -279.51
SHENZ CHINA BI-B          200017           26.30     -279.51
SHENZ INTL ENT-A          56              334.77      -70.20
SHENZ INTL ENT-B          200056          334.77      -70.20
SHIJIAZHUANG D-A          958             212.89     -118.63
TAIYUAN TIANLO-A          600234           63.16      -15.00
WUHAN BOILER-B            200770          214.39     -201.83
WUHAN XIANGLON-A          600769           83.73      -85.75
XIAN HONGSHENG-A          600817          138.05      -60.58


HONG KONG

ASIA COAL LTD             835              20.37      -11.89
BIRMINGHAM INTER          2309             63.14       -6.89
BUILDMORE INTL            108              16.89      -47.61
CELEBRATE INTERN          8212             17.15       -3.56
CHINA E-LEARNING          8055             22.22       -2.95
CHINA HEALTHCARE          673              32.51      -25.02
CHINA OCEAN SHIP          651             339.71      -56.14
CHINA ORIENTAL            2371             14.94       -1.53
EFORCE HLDGS LTD          943              63.68       -4.62
FU JI FOOD & CAT          1175             26.40     -153.32
GRANDE HLDG               186             255.10     -208.18
HAO WEN HOLDINGS          8019             20.40       -0.60
ICUBE TECHNOLOGY          139              20.70       -4.03
MASCOTTE HLDGS            136             176.50     -142.02
MELCOLOT LTD              8198             13.19      -28.51
PALADIN LTD               495             162.31       -3.89
PROVIEW INTL HLD          334             314.87     -294.85
SINO RESOURCES G          223              38.67      -23.83
SURFACE MOUNT             SMT              32.88      -10.68
TLT LOTTOTAINMEN          8022             20.48       -3.75
U-RIGHT INTL HLD          627              16.58     -204.32


INDONESIA

APAC CITRA CENT           MYTX            187.16       -6.32
ARPENI PRATAMA            APOL            416.73     -206.52
ASIA PACIFIC              POLY            410.59     -809.94
ICTSI JASA PRIMA          KARW             56.78       -1.30
MATAHARI DEPT             LPPF            232.55     -190.10
PANCA WIRATAMA            PWSI             28.67      -35.63
PERMATA PRIMA SA          TKGA             10.70       -1.55
RENUKA COALINDO           SQMI             14.81       -1.35


INDIA

ABHISHEK CORPORA          ABSC             58.35      -14.51
AGRO DUTCH INDUS          ADF             105.49       -3.84
ALPS INDUS LTD            ALPI            215.85      -28.22
AMIT SPINNING             AMSP             16.21       -6.54
ARTSON ENGR               ART              11.81      -10.16
ASHAPURA MINECHE          ASMN            167.68      -67.64
ASHIMA LTD                ASHM             63.23      -48.94
BELLARY STEELS            BSAL            451.68     -108.50
BLUE BIRD INDIA           BIRD            122.02      -59.13
CAMBRIDGE TECHNO          CTECH            12.77       -7.96
CELEBRITY FASHIO          CFLI             27.59       -8.60
CFL CAPITAL FIN           CEATF            12.36      -49.56
CHESLIND TEXTILE          CTX              20.51       -0.03
COMPUTERSKILL             CPS              14.90       -7.56
CORE HEALTHCARE           CPAR            185.36     -241.91
DCM FINANCIAL SE          DCMFS            18.46       -9.46
DFL INFRASTRUCTU          DLFI             42.74       -6.49
DHARAMSI MORARJI          DMCC             21.44       -6.32
DIGJAM LTD                DGJM             99.41      -22.59
DISH TV INDIA             DITV            517.02      -18.42
DISH TV INDI-SLB          DITV/S          517.02      -18.42
DUNCANS INDUS             DAI             122.76     -227.05
FIBERWEB INDIA            FWB              13.22       -9.70
GANESH BENZOPLST          GBP              43.90      -18.27
GOLDEN TOBACCO            GTO             109.72       -5.01
GSL INDIA LTD             GSL              29.86      -42.42
GUJARAT STATE FI          GSF              10.26     -303.64
GUPTA SYNTHETICS          GUSYN            52.94       -0.50
HARYANA STEEL             HYSA             10.83       -5.91
HINDUSTAN SYNTEX          HSYN             11.46       -5.39
HMT LTD                   HMT             123.83     -517.57
INDAGE RESTAURAN          IRL              15.11       -2.35
INTEGRAT FINANCE          IFC              49.83      -51.32
JAGJANANI TEXTIL          JAGT             10.69       -1.88
JCT ELECTRONICS           JCTE             88.67      -72.23
JENSON & NIC LTD          JN               16.65      -75.51
JOG ENGINEERING           VMJ              50.08      -10.08
JYOTHY CONSUMER           JYOC             69.07      -31.72
KALYANPUR CEMENT          KCEM             24.64      -38.69
KANCO ENTERPRISE          KANE             10.59       -4.93
KDL BIOTECH LTD           KOPD             14.66       -9.41
KERALA AYURVEDA           KERL             13.97       -1.69
KINGFISHER AIR            KAIR          1,782.32     -997.63
KINGFISHER A-SLB          KAIR/S        1,782.32     -997.63
KITPLY INDS LTD           KIT              37.68      -45.35
KM SUGAR MILLS            KMSM             19.14       -0.47
LLOYDS FINANCE            LYDF             14.71      -10.46
LML LTD                   LML              50.66      -70.76
MADRAS FERTILIZE          MDF             158.91      -64.91
MAHA RASHTRA APE          MHAC             22.23      -15.85
MALWA COTTON              MCSM             44.14      -24.79
MARKSANS PHARMA           MRKS             76.23      -31.89
MILTON PLASTICS           MILT             17.67      -51.22
MODERN DAIRIES            MRD              32.97       -3.87
MTZ POLYFILMS LT          TBE              31.94       -2.57
MYSORE PAPER              MSPM             87.99       -8.12
NATL STAND INDI           NTSD             22.09       -0.73
NICCO CORP LTD            NICC             71.84       -4.91
NICCO UCO ALLIAN          NICU             25.42      -79.20
NK INDUS LTD              NKI             141.35       -7.71
NRC LTD                   NTRY             73.10      -51.18
NUCHEM LTD                NUC              24.72       -1.60
PANCHMAHAL STEEL          PMS              51.02       -0.33
PARAMOUNT COMM            PRMC            124.96       -0.52
PARASRAMPUR SYN           PPS              99.06     -307.14
PAREKH PLATINUM           PKPL             61.08      -88.85
PIONEER DISTILLE          PND              53.74       -5.62
PREMIER INDS LTD          PRMI             11.61       -6.09
QUADRANT TELEVEN          QDTV            150.43     -137.48
QUINTEGRA SOLUTI          QSL              16.76      -17.45
RATHI ISPAT LTD           RTIS             44.56       -3.93
RELIANCE BROADCA          RBN              86.71       -0.35
RELIANCE MEDIAWO          RMW             425.22      -21.31
RELIANCE MED-SLB          RMW/S           425.22      -21.31
REMI METALS GUJA          RMM             101.32      -17.12
RENOWNED AUTO PR          RAP              14.12       -1.25
ROLLATAINERS LTD          RLT              22.97      -22.24
ROYAL CUSHION             RCVP             14.42      -73.93
SADHANA NITRO             SNC              16.74       -0.58
SANATHNAGAR ENTE          SNEL             39.67      -11.05
SAURASHTRA CEMEN          SRC              89.32       -6.92
SCOOTERS INDIA            SCTR             19.75      -13.35
SEN PET INDIA LT          SPEN             11.58      -26.67
SHAH ALLOYS LTD           SA              213.69      -39.95
SHALIMAR WIRES            SWRI             25.78      -38.78
SHAMKEN COTSYN            SHC              23.13       -6.17
SHAMKEN MULTIFAB          SHM              60.55      -13.26
SHAMKEN SPINNERS          SSP              42.18      -16.76
SHREE RAMA MULTI          SRMT             49.29      -25.47
SIDDHARTHA TUBES          SDT              75.90      -11.45
SITI CABLE NETWO          SCNL            110.69      -14.26
SOUTHERN PETROCH          SPET            210.98     -175.98
SPICEJET LTD              SJET            386.76      -30.04
SQL STAR INTL             SQL              10.58       -3.28
STATE TRADING CO          STC           1,279.23     -219.37
STELCO STRIPS             STLS             14.90       -5.27
STI INDIA LTD             STIB             24.64       -0.44
STORE ONE RETAIL          SORI             15.48      -59.09
SUPER FORGINGS            SFS              16.31       -5.93
TAMILNADU JAI             TNJB             19.13       -2.69
TATA METALIKS             TML             156.70       -5.36
TATA TELESERVICE          TTLS          1,311.30     -138.25
TATA TELE-SLB             TTLS/S        1,311.30     -138.25
TODAYS WRITING            TWPL             20.12      -24.62
TRIUMPH INTL              OXIF             58.46      -14.18
TRIVENI GLASS             TRSG             24.23      -12.34
TUTICORIN ALKALI          TACF             20.48      -16.78
UNIFLEX CABLES            UFCZ             47.46       -7.49
UNIWORTH LTD              WW              159.14     -146.31
UNIWORTH TEXTILE          FBW              21.44      -34.74
USHA INDIA LTD            USHA             12.06      -54.51
UTTAM VALUE STEE          UVSL            510.00      -48.98
VANASTHALI TEXT           VTI              25.92       -0.15
VENTURA TEXTILES          VRTL             14.33       -1.91
VENUS SUGAR LTD           VS               11.06       -1.08


JAPAN

FLIGHT SYS CONSU          3753             10.10       -2.62
HARAKOSAN CO              8894            187.50       -1.90
HIMAWARI HD               8738            251.56      -42.26
INDEX CORP                4835            227.23      -15.54
MISONOZA THEATRI          9664             56.72       -4.80
PROPERST CO LTD           3236            140.82     -353.70
TAIYO BUSSAN KAI          9941            142.90       -0.41
WORLD LOGI CO             9378             34.44      -71.60


KOREA

DAISHIN INFO              20180           740.50     -158.45
DVS KOREA CO LTD          46400            17.40       -1.20
ROCKET ELEC-PFD           425             111.09       -0.42
ROCKET ELECTRIC           420             111.09       -0.42
SHINIL ENG CO             14350           199.04       -2.53
SSANGYONG ENGINE          12650         1,231.13     -119.47
TEC & CO                  8900            139.98      -16.61
WOONGJIN HOLDING          16880         2,197.34     -635.50


MALAYSIA

HO HUP CONSTR CO          HO               54.37      -16.70
LFE CORP BHD              LFE              39.65       -0.70
PUNCAK NIA HLD B          PNH           4,400.41      -24.59
VTI VINTAGE BHD           VTI              17.74       -3.63


NEW ZEALAND

NZF GROUP LTD             NZF              11.69       -4.60
PULSE UTILITIES           PLU              14.58       -4.84


PHILIPPINES

GOTESCO LAND-A            GO               21.76      -19.21
GOTESCO LAND-B            GOB              21.76      -19.21
PICOP RESOURCES           PCP             105.66      -23.33
UNIWIDE HOLDINGS          UW               50.36      -57.19


SINGAPORE

ADVANCE SCT LTD           ASCT             48.74       -2.27
HL GLOBAL ENTERP          HLGE             83.11       -4.63
SCIGEN LTD-CUFS           SIE              68.70      -42.35
TT INTERNATIONAL          TTI             227.86      -88.73
ZHONGXIN FRUIT            NLH              19.34       -5.25


THAILAND

ASCON CONSTR-NVD          ASCON-R          59.78       -3.37
ASCON CONSTRUCT           ASCON            59.78       -3.37
ASCON CONSTRU-FO          ASCON/F          59.78       -3.37
CALIFORNIA W-NVD          CAWOW-R          28.07      -11.94
CALIFORNIA WO-FO          CAWOW/F          28.07      -11.94
CALIFORNIA WOW X          CAWOW            28.07      -11.94
DATAMAT PCL               DTM              12.69       -6.13
DATAMAT PCL-NVDR          DTM-R            12.69       -6.13
DATAMAT PLC-F             DTM/F            12.69       -6.13
K-TECH CONSTRUCT          KTECH            38.87      -46.47
K-TECH CONSTRUCT          KTECH/F          38.87      -46.47
K-TECH CONTRU-R           KTECH-R          38.87      -46.47
M LINK ASIA CORP          MLINK            83.61       -7.85
M LINK ASIA-FOR           MLINK/F          83.61       -7.85
M LINK ASIA-NVDR          MLINK-R          83.61       -7.85
PATKOL PCL                PATKL            52.89      -30.64
PATKOL PCL-FORGN          PATKL/F          52.89      -30.64
PATKOL PCL-NVDR           PATKL-R          52.89      -30.64
PICNIC CORP-NVDR          PICNI-R         101.18     -175.61
PICNIC CORPORATI          PICNI           101.18     -175.61
PICNIC CORPORATI          PICNI/F         101.18     -175.61
SHUN THAI RUBBER          STHAI            19.89       -0.59
SHUN THAI RUBB-F          STHAI/F          19.89       -0.59
SHUN THAI RUBB-N          STHAI-R          19.89       -0.59
SUNWOOD INDS PCL          SUN              19.86      -13.03
SUNWOOD INDS-F            SUN/F            19.86      -13.03
SUNWOOD INDS-NVD          SUN-R            19.86      -13.03
THAI-DENMARK PCL          DMARK            15.72      -10.10
THAI-DENMARK-F            DMARK/F          15.72      -10.10
THAI-DENMARK-NVD          DMARK-R          15.72      -10.10
TONGKAH HARBOU-F          THL/F            62.30       -1.84
TONGKAH HARBOUR           THL              62.30       -1.84
TONGKAH HAR-NVDR          THL-R            62.30       -1.84


TAIWAN

BEHAVIOR TECH CO          2341S            30.90       -0.22
BEHAVIOR TECH-EC          2341O            30.90       -0.22
HELIX TECH-EC             2479T            23.39      -24.12
HELIX TECH-EC IS          2479U            23.39      -24.12
HELIX TECHNOL-EC          2479S            23.39      -24.12
IDM INTERNATIONA          IDM              30.99      -23.62
POWERCHIP SEM-EC          5346S         2,036.01      -52.74



                             *********

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 ***