TCRAP_Public/130618.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Tuesday, June 18, 2013, Vol. 16, No. 119


                            Headlines


A U S T R A L I A

ELIZA PARK: Inglis Indicates Potential Buyer
MACALISTER CONSTRUCTIONS: No Money Left for Unsecured Creditors
PLATINUM AUSTRALIA: Liquidation Bid Delays Jubilee Platinum Deal


C H I N A

FAMOUS COMMERCIAL: S&P Assigns 'BB' CCR; Outlook Stable


I N D I A

ADMIRON LIFE: CARE Assigns 'B+' Rating to INR39cr LT Loan
AGYA AUTO: CARE Assigns 'BB+' Rating to INR7.25cr LT Loan
AHINSA INFRASTRUCTURE: CARE Rates INR16cr LT Loan at 'CARE B+'
DABANG METAL: CARE Rates INR6.61cr LT Loan at 'CARE B'
ITL INDUSTRIES: CARE Assigns 'BB' Rating to INR1.06cr Loan

J.R RICE: CARE Rates INR18cr LT Loan at 'CARE BB-'
JEWEL STAR: CARE Rates INR30cr LT Loan at 'CARE B+'
LAVASA CORP: CARE Assigns 'C' Rating to INR117cr NCD
M. SHAILESH: CARE Assigns 'BB-' Rating to INR10cr LT Loan
MADHURAM INDUSTRIES: CARE Rates INR9.62cr Loan at 'CARE B'

MAHAJYOTI FIBERS: CARE Rates INR6.93cr LT Loan at 'CARE B'
MODERN METALS: CARE Assigns 'B+' Ratings to INR5.6cr Loans
RATNA INFRACON: CARE Rates INR20cr LT Loan at 'CARE B+'
SAVVY INFRASTRUCTURE: CARE Puts 'BB+' Rating on INR13.75cr Loan
SCREEN-O-TEX (INDIA): CARE Puts 'B+' Rating on INR3.57cr Loan

SHYAM POLYSPIN: CARE Assigns 'B+' Rating to INR14cr LT Loan


J A P A N

DTC FIVE:  S&P Affirms 'BB+' Rating to Class E Notes
J-CORE 13: Moody's Downgrades Ratings on 13 CMBS Transactions


N E W  Z E A L A N D

HERBERT CONSTRUCTION: To Build Resort Despite Liquidation Threat
MEDIAWORKS NZ: Funders Call in KordaMentha as Receivers
RYAN SECURITY: In Liquidation; Owes Nearly NZ$1 Million


S O U T H  K O R E A

STX PAN: Effects of Receivership Process Begins
STX SOLAR: Major Shareholders Fight Over Liquidation


X X X X X X X X

* BOND PRICING: For the Week June 10 to June 14, 2013


                            - - - - -


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


ELIZA PARK: Inglis Indicates Potential Buyer
--------------------------------------------
Bloodstock Racing Post reports that a day after the news that
Eliza Park had been placed into receivership, it was revealed the
business was on the verge of being purchased by an international
operation.  Placed on the market in March, the business was put up
for sale through the property division of Australian auctioneers
Inglis, according to Bloodstock Racing Post.

The report notes that speaking to Melbourne's Herald Sun, Inglis
chief executive Mark Webster said: "The party is doing due
diligence and we are close to getting the deal done.  We are at
the final stage of negotiations."

The report discloses that however, while the sale is close to
completion, Webster indicated there was still a chance for another
group to put in an offer.

The report discloses that Mr. Webster also added that the only
difference for Inglis in handling the sale now the stud was in
receivership was that instead of dealing with a representative of
the Fleming Group, it was liaising directly with insolvency firm
PPB Advisory.

Eliza Park is home to 12 stallions, including sprinting sensation
Black Caviar's sire Bel Esprit and her brother Moshe, who stand
for AUS33,000 and AUS8,800 respectively.  The stud is part of the
Fleming Group, founded by supermarket entrepreneur Jim Fleming.


MACALISTER CONSTRUCTIONS: No Money Left for Unsecured Creditors
---------------------------------------------------------------
Gippsland Times reports that the situation for unsecured creditors
affected by the fall of Macalister Constructions appears grim,
with one creditor believing there is little money to share.

Gippsland Times says local contractors have taken another hit in
the saga, with administrators SV Partners asking for creditors to
re-pay funds secured in the six months in the lead up to
Macalister Constructions liquidation in January.

According to the report, Laser Plumbing manager Daniel Smolenaars
said the situation for creditors looked grim, believing there was
little money to share among the many unsecured creditors.

"Nothing will come," the report quotes Mr. Smolenaars as saying.
"I don't believe there is any money there."

Gippsland Times notes that businesses across the state have been
affected by the fall, with the company owing up to AUD18 million
to the National Australia Bank and to hundreds of unsecured
creditors.

The report says the list of creditors runs into eight pages, some
smaller creditors owed hundreds of thousands of dollars.

Allegations the company had been trading while insolvent for some
time are also being investigated, Gippsland Times adds.

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.  The constructions company collapsed with
debts of about AUD18 million.


PLATINUM AUSTRALIA: Liquidation Bid Delays Jubilee Platinum Deal
----------------------------------------------------------------
Dissolve.com.au reports that the liquidation application for
PhokoThaba Platinum, a subsidiary of Platinum Australia in South
Africa, has threathened Jubilee Platinum plc's acquisition of the
parent company.  According to Dissolve.com.au, reports said
Jubilee was giving Platinum Australia 14 days to resolve or set
aside the liquidation application or the acquisition will be
terminated by the former.

On May 28, an intent to liquidate PhokoThaba Platinum was filed by
JIC Mining Services over payments in disputes, reports
Dissolve.com.au. The first Australian court hearing to approve the
merger was postponed on June 20, the report notes.

Dissolve.com.au relates that people involved in the merger
expected to complete the transaction in July. According to the
report, Jubilee said while its board was frustrated by the
postponement of the court date, the company is giving PhokoThaba
Platinum the chance to address the matter.

Jubilee also stated that such given opportunity will also allow
them to make a review how the transaction can be affected by the
regulated event, Dissolve.com.au adds.

Platinum Australia (ASX:PLA) -- http://www.platinumaus.com/--  is
engaged in platinum and palladium exploration, development and
production. Its projects include the Smokey Hills Project, the
Kalahari Platinum Project (Kalplats), Kalplats area of influence
(AoI) Project and the Stellex North Project.



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


FAMOUS COMMERCIAL: S&P Assigns 'BB' CCR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term corporate credit rating to Famous Commercial Ltd.
The outlook is stable.  S&P also assigned its 'cnBBB-' Greater
China regional scale rating to the company.

At the same time, S&P affirmed the 'BB-' long-term issue rating
and the 'cnBB+' Greater China regional scale rating on outstanding
bonds that Famous guarantees. Gemdale Corp. (BB+/Stable/--;
cnBBB+/--) issued the bonds through offshore special purpose
vehicles.

"The rating on Famous reflects the rating on the company's parent
Gemdale," said Standard & Poor's credit analyst Matthew Kong.
"The rating on Famous is one notch below that on the parent
because we view Famous as a highly strategic subsidiary, but not a
core subsidiary, of Gemdale.  Although Famous is highly integrated
with Gemdale, it has a limited operating history.  Famous was
founded in 2005.  Also, Famous' scale is small."

Famous' role as the flagship offshore investment holding company
and sole financing platform for Gemdale supports its status within
the group.

The issue rating is one notch lower than the long-term credit
rating on Famous to reflect the uncertainty over the timing of
financial support from Gemdale because of China's exchange and
capital controls, and uncertainty over regulatory approvals for
equity interest purchase.  Gemdale had exercised an equity
interest purchase undertaking before and it usually takes up to
three months to complete.

In S&P's view, a keepwell agreement and equity interest purchase
undertaking demonstrate Gemdale's strong commitment to Famous.
But S&P don't view these agreements as a guarantee that would
equalize the issue rating with the rating on Gemdale.  According
to these agreements, Gemdale will maintain Famous' status as
Gemdale's sole offshore financing platform and make capital
contribution to enable Famous to maintain sufficient liquidity
when necessary.

"The stable outlook on Famous reflects the outlook on Gemdale.  We
expect that Gemdale can generate satisfactory property sales in a
stabilized property market," said Mr. Kong.  "We also anticipate
that the company will continue to have a large unrestricted cash
balance and good access to bank credit to support its operations."

S&P could lower the rating on Famous if S&P downgrades Gemdale.
S&P could also lower the rating on Famous if: (1) it believes that
the company's importance to Gemdale has weakened because of a
change in the parent's strategy; or (2) Gemdale's control and
supervision of Famous weaken.

Conversely, S&P could upgrade Famous if it upgrades Gemdale, or
S&P's assessment of Famous' strategic importance to its parent
improves such that it believes it is a core part of Gemdale.



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


ADMIRON LIFE: CARE Assigns 'B+' Rating to INR39cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' to the bank facilities of Admiron Life
Sciences Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       39        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Admiron Life
Sciences Pvt Ltd is constrained by time overrun in the project
execution, non availability of long-term contracts with raw
material suppliers and customers, and post-implementation risks
associated with stabilizing the operations of the company.
However, the rating derives strength from the experienced
promoters, advanced stage of completion of the project, required
approvals in place and equity contribution by the promoters.
Ability of the company to stabilize its operations and form long
term relationship with suppliers and clients will be the key
rating sensitivity.

Admiron Life Sciences Pvt Ltd, incorporated in December 6, 2010,
is promoted by T Mohan Reddy. ALSPL is setting up a pharmaceutical
plant with an installed capacity of 386 Metric
tons per annum in Visakhapatnam. ALSPL is planning to produce 18
Active Pharmaceutical Ingredients (APIs) and two bulk drug
intermediaries in its facility. The project cost is estimated at
INR68.13 crore, which is funded through a debt of INR39 crore and
remaining INR29.13 crore through equity with a debt-to-equity
ratio of 1.34:1. ALSPL has achieved financial closure in
June 2012, and the Commercial Operation Date is expected in June
2013, which was previously envisaged on April 1, 2013.

As on February 28, 2013, ALSPL had incurred INR50.43 crore, which
is 74% of the projected cost of INR68.13 crore. The cost incurred
till February 28, 2013, is funded through a debt of INR27.80 crore
and the remaining INR22.63 crore is through equity and unsecured
loans. The promoters have infused INR22.63 crore, which is 78% of
the total equity component of INR29.13 crore.


AGYA AUTO: CARE Assigns 'BB+' Rating to INR7.25cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of Agya Auto Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.25      CARE BB+ Assigned
   Short-term Bank Facilities      0.66      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Agya Auto Limited
are mainly constrained by its moderate scale of operations in the
fragmented auto component industry with subdued short term demand
outlook and stressed liquidity position. The ratings are further
constrained by susceptibility of profits to the raw material price
fluctuation and cyclicality associated with the end-user industry.

The ratings, however, favorably take into account the experience
of the promoters in the auto component industry, long-standing
relationship with leading automobile Original Equipment
Manufacturers (OEMs), improved profitability and moderate debt
coverage indicators.

The ability of AAL to increase its scale of operations in light of
competitive nature of industry along with improvement in liquidity
and solvency position through efficient working capital
management is the key rating sensitivity.

Incorporated in 1985, ISO 9001 and ISO/TS:16949-certified AAL is
engaged in the manufacturing of automotive leaf springs and steel
flats, which are widely used in Commercial Vehicles (CVs).
Originally incorporated as a private limited company, the
constitution of AAL was changed to a public limited company in
January 1995. AAL is promoted by Manmohan Gupta, who has vast
experience in the auto component industry. AAL has set up the
manufacturing facilities of steel flats with an installed capacity
of 20,000 metric tonnes per annum (MTPA) in 2009 as a part of its
backward integration, production of which has started from August
2011. During FY12 (refers to the period April 1 to March 31), the
leaf spring manufacturing capacity has also been enhanced from
5,400 MTPA to 11,400 MTPA. AAL's manufacturing facilities are
located at Pithampur (Indore) and caters mainly to the demand of
the OEMs.

During FY13 (provisional; refers to the period April 1 to
March 31), AAL reported a PAT of INR1.75 crore on Total Operating
Income (TOI) of INR46.57 crore as against a PAT of INR1.14 crore
on TOI of INR41.53 crore during FY12.


AHINSA INFRASTRUCTURE: CARE Rates INR16cr LT Loan at 'CARE B+'
--------------------------------------------------------------
CARE assigns 'CARE B+' to the bank facilities of Ahinsa
Infrastructure And Developers Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       16        CARE B+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ahinsa
Infrastructure and Developers Limited are primarily constrained on
account of its modest scale of operations, weak solvency position
and project implementation risk associated with its ongoing
projects -- Navkar Greens (NKG), Navkar Royal (NKR) and Nehru
Commercial Complex (NCC). The ratings are further constrained on
account of low booking status of NKG project and nascent stage of
NCC project and inherent risk associated with the cyclical real
estate sector.

The ratings, however, derive strength from the experienced
management, which huge land bank at lower cost in the Bhilwara
region. The ratings further derive strength from its moderate
booking status in the NKR project.

The ability of AIDL to successfully complete its on-going project
without any time and cost overrun, along with the timely receipt
of the booking advances are the key rating sensitivities.

Ahinsa Infrastructure and Developers Limited was originally
incorporated in 2002 with the name of Ahinsa Processors India
Limited. Later on, the name of the company was converted and
assumed its current name AIDL. AIDL is promoted by the Kothari
family and is a part of the BD Ahinsa Group based out of Bhilwara
(Rajasthan). The group concern includes Shree Bharka (India)
Limited (SBIL, incorporated in 1995, rated: CARE BB/A4 in
March 2013) and Shree Bharka Synthetics Limited (SBSL,
incorporated in 1992, rated: CARE BB/A4 in March 2013), which are
engaged in the manufacturing of suiting fabrics and synthetic
fabrics.

AIDL is mainly engaged in the real estate development activities
and has completed one commercial project, namely, Navkar City
Center in Bhilwara with total area of 24,918.10 Square
Feet (Sq Ft) as well as developed one land at Ahmedabad. At
present, AIDL is working on two residential projects, namely,
Navkar Greens (NKG), Navkar Royals (NKR) and one commercial
project Nehru Commercial Complex (NCC) in Bhilwara.

Initially, in 2010, AIDL had envisaged to construct eight storey
residential complex consisting of 224 flats, however,
subsequently, the company has increased the scope of the work
and envisaged to construct one additional floor with total 252
flats (99 flats - two BHK, 144 flats - three BHK and nine flats -
four BHK). Due to change in scope of the work, the company has
revised the cost upwards and revised the schedule of work
completion from August 2012 to October 2013.

The total salable area of the project would be 4.06 lakh square
feet (lsf). The total cost of project is INR52 crore to be funded
through debt-equity ratio of 4.20 times. The total expenditure
incurred till March 31, 2013, was INR38.15 crore i.e. 73.37 % of
the total cost.

AIDL has started construction of this project from February 2012,
with the envisaged cost of INR16.80 crore funded through debt-
equity ratio of 3.26 times. However, the financial closure
has not achieved till March 31, 2013. Till March 31, 2013, AIDL
has incurred total cost of INR4.02 crore (i.e.23.93% of the total
cost). The project has total salable area of 1.08 lsf. The project
includes 72 flats with 36 flats of two BHK and 36 flats of three
BHK. The project is estimated to be completed till April 2015.

NCC is the commercial complex consisting two floors with 59 shops
started from March 2013. The total cost of the project is
envisaged to be INR2.32 crore funded through debt equity
ratio of 3.64 times. It has total salable area of 1.08 lsf. The
project is scheduled to be completed by the end of March, 2014.
Till March 31, 2013, INR0.20 crore has been incurred and five
shops are booked.

During FY12 (refers to the period April 1 to March 31), AIDL has
reported a total operating income of INR7.68 crore (FY11: INR17.65
crore) and PAT of INR0.20 crore (FY11: INR1.41 crore).


DABANG METAL: CARE Rates INR6.61cr LT Loan at 'CARE B'
------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Dabang
Metal Industry.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      6.61       CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Dabang Metal
Industries is primarily constrained by the short track record of
operations and stabilization risks associated with its
greenfield project. The rating is further constrained by the
highly fragmented industry with low entry barrier and
susceptibility to volatile raw material prices.

The rating, however, draws comfort from the experienced partners
and fiscal benefits to the unit being established in the tax-free
zone.

Going forward, the ability of the firm to stabilize the greenfield
project, and achieve envisaged sales and profitability margins
would be the key rating sensitivities.

Dabang Metal Industries was established in 2012 by Vishal Tayal,
Mahender Jain with three other partners, who are friends and
family relatives. The firm is engaged in the drawing of copper
wires of thickness of 1 mm to 6 mm, which is used in the
electricity cables. The main raw material for DMI is copper rod,
which is mainly procured from Hindalco Industries Limited,
Sterlite Industries Limited, Birla Copper Limited and Hindustan
Copper Limited at prevailing market rates. The firm started
commercial production in February 2013, with an installed
manufacturing capacity of 4,000 Tonne Per Annum (TPA).

For FY13 (based on provisional numbers), DMI has achieved total
operating income of INR3.68 crore with a PAT of INR0.11 crore.


ITL INDUSTRIES: CARE Assigns 'BB' Rating to INR1.06cr Loan
----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of ITL Industries Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       1.06      CARE BB Assigned

   Long-term/Short-term Bank      17.50      CARE BB/CARE A4
   Facilities                                Assigned

   Short-term Bank Facilities      2.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of ITL Industries
Limited are primarily constrained by its financial risk profile
marked by the consistent decline in the total operating income
over the past three years ended FY12 (refers to the period
April 1 to March 31), moderate profitability and deteriorating
liquidity position and modest scale of operations of in a highly
competitive machine tools industry. The ratings are further
constrained by working capital intensive nature of operations,
elongated working capital cycle and subdued demand from the end-
user industry, resulting in deterioration in the financial
performance during 9MFY13.

The above constraints are partially offset by the established
track record of the promoters in machine tools business and
diversified client base.

The ability of ITL to improve its scale of operations with the
growth in order book amid slowdown in the end-user industry and
effective management of the working capital are the key rating
sensitivities.

Indore-based ITL was established as a partnership firm in 1985.
Later on, it was converted into a private limited company and then
to a public limited company in 1989. The company manufactures
manual and automatic metal-cutting machines such as bandsaw &
circular saw machines and pipe & tube manufacturing machines. ITL
also acts as a distributor of hydraulic products for Eaton
Hydraulic Systems for state of Madhya Pradesh and Rajasthan. ITL
is also the supplier of bi-metal bandsaw blades, hacksaw blades
and other tools. The company has a manufacturing facility located
at Sanwer Road, Indore.

During FY12 (refers to the period April 1 to March 31), as per the
audited results, ITL reported a total operating income of INR49.95
crore (FY11: INR53.68 crore) and a Profit after Tax (PAT) of
INR2.04 crore (FY11: INR2.17 crore). During 9MFY13 (as per the
provisional results), ITL has achieved PAT of INR0.83 crore on a
total income of INR27.60 crore.


J.R RICE: CARE Rates INR18cr LT Loan at 'CARE BB-'
--------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of
J.R Rice India Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       18        CARE BB-
   (Fundbased)                               Assigned

Rating Rationale

The rating of J.R Rice India Pvt Ltd is constrained by highly
leveraged capital structure and weak coverage indicators,
emanating from working capital intensive operations and low
networth base.

The rating further takes into account the inherent risks
associated with trading such as low profit margins, commodity
price risks and highly fragmented industry with low entry
barriers.

However, the rating derives comfort from the experienced
promoters, diversified customer and supplier base, and consistent
growth in the total operating income over the past three years.
Going forward, the company's ability to scale up its operations
while sustaining profitability margins and managing working
capital requirements efficiently shall be the key rating
sensitivities.

J.R Rice India Private Limited was established as a proprietorship
firm under the name of Nav Durga Rice Traders in 1992, and was
converted into a private limited company in May 2009.

The company is promoted by Prem Chand Jain, who has a vast
experience of about 30 years in the rice trading business. JRRIPL
is engaged in the trading of rice and red lentil (Masoor Daal).
For FY12 (A), JRRPL has registered total operating income of
INR176.83 crore with PAT of INR0.68crore. As per FY13
(provisional) results, JRRPL has booked a total operating income
of INR242.50crore with PAT of INR0.75 crore.


JEWEL STAR: CARE Rates INR30cr LT Loan at 'CARE B+'
---------------------------------------------------
CARE assigns 'CARE B+' rating to the long-term bank facilities of
Jewel Star.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        30       CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Jewel Star (JS) is
primarily constrained by the modest scale of operations, low
profitability, moderately leveraged capital structure and debt
coverage indicators. The rating further factors in the
geographical concentration and foreign currency fluctuation risk,
along with operations in a highly fragmented industry and
constitution of the entity as partnership firm.

The aforesaid constraints are partially offset by the strength
derived from the experience of partners in the gems and jewellery
industry.

The ability of JS to increase its scale of operations, along with
improvement in the capital structure and efficient management of
working capital cycle are the key rating sensitivities.

Established as partnership firm in 1992, Jewel Star is engaged in
the trading and processing of polished diamonds. JS is
predominantly an export-oriented unit, with exports forming 89.26%
of the total income in FY12. The exports are primarily to
Hongkong, Belgium, USA, and West Germany. The rough diamonds are
also primarily imported, with imports forming 92.87% of the
total purchases in FY12 (refers to the period April 1 to
March 31). The processing units of JS are located at Bhavnagar and
Surat (Gujarat).

During FY12 (refers to the period April 1 to March 31), JS
reported total operating income of INR77.55 crore (up by 68.54%
vis-a-vis FY11) and PAT of INR4.76 crore (up by 304.46% vis-a-vis
FY11). Furthermore, as per the provisional FY13 results, JS has
posted total income of INR81.53 crore with PAT of INR2.01 crore.


LAVASA CORP: CARE Assigns 'C' Rating to INR117cr NCD
----------------------------------------------------
CARE assigns 'CARE C' rating to the ncd issue of Lavasa
Corporation Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Non-Convertible Debentures       117      CARE C Assigned

Rating Rationale

The rating assigned to the proposed non-convertible debenture
issue of Lavasa Corporation Ltd. factors in the past delays in
servicing of debt obligations by LCL on account of the strain on
the liquidity of LCL due to stoppage of work on the project until
November 2011 and consequent decline in the sales. However, the
rating also factors in the resumption of work on the project, the
restructuring of the bank facilities of LCL and the support from
the promoter group of LCL. The ability of the company to improve
its cash flow metrics via growth in the sales, to raise further
equity capital as well as adhere to its restructured bank loan
repayment schedule would be the key rating sensitivities.

LCL is jointly promoted by HCC through its subsidiary company -
Hindustan Real Estate Limited, apart from Venkateshwara Hatcheries
Pvt. Ltd., Janpath Investments Ltd (JIL - an
Avantha group company), and Vinay Vithal Maniar (a trader and
developer based in Pune).

HCC, through its subsidiary and group companies, holds 68.72%
stake in LCL.

LCL is undertaking a project to create an integrated hill-station
township - Lavasa - admeasuring around 12,500 acres, providing
residential and business/leisure tourism and educational
infrastructure close to Pune. The project was envisaged to be
taken up in four phases, with the development activities up to
2021.

In FY13 (refers to the period April 1, 2012 to March 31, 2013),
LCL has reported a net loss of INR78 crore on a total income of
INR141 crore as compared with a loss of INR138 crore on income of
INR28 crore in FY12.


M. SHAILESH: CARE Assigns 'BB-' Rating to INR10cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of M.
Shailesh & Co.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        10       CARE BB- Assigned

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

Rating Rationale

The rating assigned to the bank facilities of M. Shailesh & Co.
are constrained by the modest scale of operations, low
profitability margins, weak debt coverage indicators and working
capital intensive nature of business. The rating is further
constrained by operations in a highly fragmented and competitive
G&J industry, raw material price fluctuation risk and constitution
of entity as a partnership firm.

The aforesaid constraints are partially offset by the strengths
derived from the experienced partners.

The ability of MS to effectively manage the working capital cycle
along with growing scale of operations coupled with improving
profitability amidst slowdown in key export geographies are
the key rating sensitivities.

Established in 1983 as a partnership firm, M. Shailesh & Co. is
engaged in the business of trading and exporting of diamonds. The
firm derives its revenue majorly from export market (approximately
90%) namely Hong Kong, Belgium, China and Israel. The rough and
polished diamonds are sourced locally with negligible imports
(1%).

During FY12 (refers to the period April 01 to March 31) the firm
has posted a total income of INR61.71 crore (vis--vis INR35.90
crore in FY11) and PAT of INR0.47 crore (vis--vis INR0.28 crore
in FY11). During FY13 (provisional) the firm has posted a total
income of INR59.45 crore and PAT of INR0.54.


MADHURAM INDUSTRIES: CARE Rates INR9.62cr Loan at 'CARE B'
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Madhuram
Industries Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       9.62      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Madhuram Industries
Private Limited is primarily constrained by its financial risk
profile marked by low profitability, leveraged capital
structure & weak debt coverage indicators, and post-implementation
risk associated with the capex. The rating is further constrained
on account of its modest scale of operations in the highly
fragmented rice milling industry, working capital intensive
operations, risks related with adverse regulatory changes in the
government policies and dependency of the industry on vagaries of
monsoon.

The rating, however, continues to derive strength from the
promoter's experience in the agro commodity business and proximity
to the paddy-growing region of Gujarat.

MIPL's ability to increase its scale of operations, improvement in
profitability amidst intense competition, along with improvement
in the capital structure would remain the key rating
sensitivities.

Ahmedabad-based (Gujarat) MIPL, promoted by Mr Kamlesh Kumar
Thakkar, was initially established as a partnership firm in 1985
and later on in 2003 it was reconstituted as a private limited
company. MIPL is engaged in the milling and processing of non-
basmati rice. The processing facility of company is located in the
Bavla region near Ahmedabad having rice milling capacity of 2
Metric Tonnes Per Hour (MTPH) as on March 31, 2013.

During FY12 (refers to the period April 1 to March 31), MIPL
reported a total operating income of INR24.25 crore (FY11:
INR22.51 crore) and PAT of INR0.06 crore (FY11: INR0.10 crore).
During FY13 (provisional), MIPL reported a total operating income
of INR32.78 crore and PAT of INR0.24 crore.


MAHAJYOTI FIBERS: CARE Rates INR6.93cr LT Loan at 'CARE B'
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Mahajyoti
Fibers Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        6.93     CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Mahajyoti Fibers
Private Limited is primarily constrained by its presence in the
highly fragmented cotton ginning industry and financial risk
profile marked by low networth, thin profitability and weak debt
coverage indicators. Limited value addition nature of business,
seasonality associated with the procurement of raw material,
susceptibility of profitability to cotton price fluctuation and
changes in the government policy further constrain the rating.

The rating, however, continues to draw strength from the wide
experience of the promoter in the cotton industry and proximity to
the cotton-growing areas of Madhya Pradesh and Maharashtra.
The ability of MFPL to increase its scale of operations and
improve its profitability and capital structure, while moving up
in the cotton value chain, is the key rating sensitivity.

Sendhwa-based (Madhya Pradesh) MFPL was promoted by the Agrawal
family in 2008. The company is engaged in the trading of ginned
cotton and cotton seeds, and also produces cotton bales by ginning
and pressing of raw cotton. The ginning facility is located at
Prakasha (Maharashtra) with an installed capacity of 21,000 metric
tonnes per annum (MTPA) as on March 31, 2013.

During FY12 (refers to the period April 1 to March 31), MFPL
reported a total operating income of INR18.79 crore (FY11:
INR26.52 crore) and PAT of INR0.04 crore (FY11: INR0.07 crore).
During FY13 (provisional), MFPL reported total operating income of
INR11.94 crore and PAT of INR0.04 crore.


MODERN METALS: CARE Assigns 'B+' Ratings to INR5.6cr Loans
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Modern Metals India Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       0.75      CARE B+ Assigned
   Long/Short-term Bank            4.85      CARE B+/CARE A4
   Facilities                                Assigned

Rating Rationale

The ratings assigned to the bank facilities of Modern Metals India
Private Limited are primarily constrained by its short track
record, coupled with small scale of operations, leveraged
capital structure and project risk. The ratings are further
constrained by its presence in the automotive sector with subdued
demand outlook in the near term.

The ratings, however, draw comfort from its experienced promoters,
healthy profitability margins, coupled with moderate operating
cycle.

Going forward, increasing the scale of operations while
maintaining the profitability margin, along with an improvement in
capital structure will be the key rating sensitivities.

Modern Metals India Private Limited was incorporated as a private
limited company in October 2010 by Rakesh Kumar, Rachit Gupta and
Ankit Gupta, and commenced commercial operations in September
2011. The company is engaged in providing heat treatment services
to automobile components. The servicing facility is located at
Faridabad, Haryana. The group entity 'Metals India' is also
engaged in providing heat treatment services.

The company registered a total operating income and PAT of INR0.47
crore and INR0.15 crore, respectively, during 6MFY12 (refers to
the period September 30 to March 31).


RATNA INFRACON: CARE Rates INR20cr LT Loan at 'CARE B+'
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ratna
Infracon Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        20       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Ratna Infracon
Private Limited is primarily constrained on account of the high
project gearing and low booking status in its on-going residential
real estate project. The rating is further constrained by the
project implementation and saleability risk in the highly
competitive and cyclical real estate industry.

The above constraints far offset the benefits derived from
experienced promoters and established track record of operations
of the Ratna group in the real estate industry and location
advantage.

The ability of RIPL to complete the project within the envisaged
cost and time parameters and timely receipt of the sale proceeds
at envisaged prices are the key rating sensitivities.

Incorporated in July 2011, RIPL is a Special Purpose Vehicle
(SPV), formed by the Ratna group of Ahmedabad which is promoted by
two brothers viz Mahendra Shah and Jitendra Shah, having around 35
years of experience in the real estate sector. Over the years, the
group has developed more than 40 lakh square feet (lsf) of area
cumulatively in residential and commercial segments.

Under the project named - 'Ratna Paradise', RIPL is constructing a
high-rise residential complex having three towers. Two towers are
proposed to have 11 floors each, while the third tower is proposed
to have 12 floors with aggregate of 68 units (all 4 BHK) of the
total saleable area of 2.31 lsf.

The construction work commenced in March 2012 and is envisaged to
complete by September 2014.


SAVVY INFRASTRUCTURE: CARE Puts 'BB+' Rating on INR13.75cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Savvy Infrastructure Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       13.75     CARE BB+ Assigned
   Short-term Bank Facilities      11.00     CARE A4+ Assigned

Rating Rationale

The ratings are constrained by the modest scale of operations of
Savvy Infrastructure Private Limited, its high leverage and
significantly large exposure to its associate concerns by way of
loans and advances. The ratings are further constrained by its
presence in the highly competitive and cyclical real estate
industry.

The ratings, however, draw strength from the vast experience of
the promoters, long track record of successful execution of
various real estate projects and advanced stage of execution in
the ongoing projects.

The ability of SIPL to sell the balance units at envisaged prices,
timely realization of sale proceeds and improvement in capital
structure are the key rating sensitivities.

The Savvy group is a first-generation real-estate group promoted
in 1996 by Jaxay Shah, Sameer Sinha and Jigish Shah. SIPL is the
flagship company of the group. Other group concerns include
Millennium Park Holdings Pvt Ltd, Savvy Construction Company,
Savvy Infrastructure Company, Savvy Homes Company, Savvy
Organizers and Savvy Realty and Infrastructures Pvt Ltd - all are
engaged in the real estate industry.

Over the last decade, the group has developed 10 projects (five
commercial and five residential) with total saleable area of more
than 16 lakh square feet (lsf) in Ahmedabad. Currently, SIPL is
executing three projects; two commercial complexes (Shapath-Hexa
and Shapath-V) and one hotel.

Total project cost of these projects is INR295.50 crore, which is
envisaged to be funded by the promoters' contribution of INR44
crore, debt of INR44 crore and customer advances of INR207.50
crore. As on December 31, 2012, SIPL had already incurred
INR270.42 crore towards these projects, which were funded by the
promoters' contribution of INR30.11 crore, debt of INR24.64 crore
and customer advances of INR215.67 crore. SIPL also has a land
bank of 2.58 lsf with total saleable area of more than 3.22 lsf in
Gandhinagar, as on December 31, 2012.

During FY12 (refers to the period April 1 to March 31), SIPL
earned a PAT of INR16.75 crore on a total operating income of
INR108.23 crore as against a PAT of INR6.47 crore on a total
operating income of INR36.51 crore in FY11. As per provisional
results for 9MFY13, SIPL has earned PAT of INR4.47 crore on total
operating income of INR74.05 crore.


SCREEN-O-TEX (INDIA): CARE Puts 'B+' Rating on INR3.57cr Loan
-------------------------------------------------------------
CARE assigns 'CARE B+ and CARE A4' ratings to the bank facilities
of Screen-O-Tex (India) Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       3.57      CARE B+ Assigned
   Short-term Bank Facilities      2.25      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Screen-O-Tex
(India) Private Limited are constrained by its small scale of
operations, working capital intensive nature of business, moderate
leveraged capital structure and debt service parameters. The
ratings are further constrained by the company's high dependence
on the textile industry, customer concentration risk,
susceptibility of operating margins to volatility in prices of raw
material and foreign exchange fluctuation risk.  The ratings
factor in the benefit derived from the experienced management and
their financial support in the past.

The ability of SIPL to increase the scale of operations and
efficiently manage the working capital cycle amidst the growing
competition are the key rating sensitivities.

Incorporated in 2000, Screen-O-Tex (India) Private Limited is
engaged in the manufacturing of precision rotary nickel screens
[comprising 70% of total sales during 9MFY13 (refers to period
April 1 to March 31) (44% in FY12)] and trading of finished fabric
[comprising 30% of total sales during 9MFY13 (56% in FY12)]. The
rotary nickel screens finds application in textile printing. The
manufacturing facility of SIPL with an installed capacity of
60,000 units per annum (as on March 31, 2013) is located at
Ahmedabad, Gujarat.

During FY13, SIPL has expanded its production capacity from 40,000
units per annum to 60,000 units per annum with total cost outlay
of INR1.10 crore, funded through unsecured loans from directors
and shareholders, and internal accruals. Currently also SIPL is
undertaking a capex to further expand the capacity by 40,000 units
per annum at a total cost outlay of INR1.71 crore, to be funded
through bank borrowing of INR1 crore and INR0.71 crore through the
promoters' fund.

The key raw material i.e. Nickel is primarily imported (around 55%
from United Kingdom and Netherlands). Moreover, SIPL procures grey
& finished fabric domestically and supplies to its customers in
the domestic market. SIPL derives 65% of revenue from domestic
market and rest through exports to Brazil, Turkey, Madagascar, Sri
Lanka, Greece and others.

During FY12, SIPL posted total income of INR14.40 crore (vis-a-vis
INR12.76 crore in FY11) and PAT of INR0.23 crore (vis-a-vis
INR0.18 crore in FY11). During FY13, the company has posted a
total income of INR18.34 crore.


SHYAM POLYSPIN: CARE Assigns 'B+' Rating to INR14cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shyam Polyspin Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        14       CARE B+ Assigned
   Short-term Bank Facilities        2       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shyam Polyspin
Private Limited are primarily constrained on account of the
financial risk profile marked by thin profitability, leveraged
capital structure and weak debt coverage indicators. The ratings
are further constrained on account of its working capital
intensive operations in the highly competitive and fragmented
cotton ginning industry with limited value addition due to the
trading nature of operations and volatility associated with the
raw material (cotton) prices.

The ratings, however, favorably take into account the experience
of the promoters and diversified client profile.

The ability of SPPL to increase the scale of operations with
improvement in profitability and capital structure while managing
working capital efficiently is the key rating sensitivity.

SPPL was established in 1990 at Ahmedabad and is engaged in the
cotton trading business. SPPL is also working as a commission
agent in the cotton yarn trading business. Commission income
constitutes approximately 1% of the total operating income of FY12
(refers to the period April 1 to March 31). Mr Hanuman Prasad
Gupta, Managing Director, manages the day-to-day operations of
SPPL.

The directors of the SPPL have interests in associate concerns
i.e. Shyam Polytex Pvt. Ltd., Vinay Corporation, Priyanka Sales
Corporation, Shyam Syntex and Shyam Textile which are engaged in
the same line of business.

During FY12, SPPL reported a total operating income of INR54.38
crore (FY11: INR42.97 crore) and a net profit of INR0.26 crore
(FY11: INR0.22 crore). As per FY13 provisional results, SPPL has
achieved a turnover of INR72.90 crore with a PAT of INR0.37 crore.



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


DTC FIVE:  S&P Affirms 'BB+' Rating to Class E Notes
----------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
ratings on the class C to E pass-through notes issued by DTC Four
Funding Ltd. (DTC4).  At the same time, S&P affirmed its ratings
on the other classes of DTC4, as well as all classes issued by DTC
Five Funding Ltd. (DTC5) and DTC Six Funding Ltd. (DTC6).

The rating actions reflect the following:

   -- S&P expects the performance of the apartment properties to
      remain within its assumptions, although slight
      deterioration in performance is likely as the properties
      age.

   -- All three transactions employ a unique principal payment
      rule, whereby available cash is used to repay outstanding
      subordinate notes--except for the most subordinated class-
      if the subordination level of the senior classes equals its
      predefined target level.  Therefore, no senior class'
      subordination level increases over its predefined target
      level.

   -- Repayment of all rated classes, including mezzanine, is
      progressing as a result of the above rule.

   -- DTC4 has a lower concentration of large loans than either
      DTC5 or DTC6.

   -- The upgrades of classes C to E of DTC4 reflect robust
      tolerance against defaults of such large loans, in addition
      to the increase in the likelihood of full repayment.

The assets underlying these three transactions are residential
apartment mortgage loans that were originated by New Century
Finance Co. Ltd. (name changed to Lehman Brothers Commercial
Mortgages on Dec. 1, 2007), a former affiliate of the now defunct
Lehman Brothers Tokyo Branch.  New Century Finance extended the
mortgage loans to finance the construction costs and miscellaneous
expenses of new apartment buildings that Daito Trust Construction
Co. Ltd. built.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED

DTC Four Funding Ltd.
JPY21.198 billion pass-through notes due November 2036*
Class       To              From           Initial issue amount
C           A+ (sf)         A (sf)         JPY0.87 bil.
D           A (sf)          BBB (sf)       JPY0.84 bil.
E           BBB+ (sf)       BB+ (sf)       JPY0.75 bil.

*Nonrated class F notes (initial issue amount: about
JPY0.738 bil.) were also issued under this transaction.

RATINGS AFFIRMED

DTC Four Funding Ltd.
Class       Rating          Initial issue amount
A-1         AAA (sf)        JPY11.44 bil.
A-2         AAA (sf)        JPY5.72 bil.
B           AA (sf)         JPY0.84 bil.
X*          AAA (sf)
*Interest-only class.

DTC Five Funding Ltd.

JPY20.795 billion pass-through notes due March 2037*
Class       Rating          Initial issue amount
A           AAA (sf)        JPY16.83 bil.
B           AA (sf)         JPY0.84 bil.
C           A (sf)          JPY0.84 bil.
D           BBB (sf)        JPY0.84 bil.
E           BB+ (sf)        JPY0.72 bil.
XSection    AAA (sf)

*Nonrated class F notes (initial issue amount: about JPY0.725
bil.) were also issued under this transaction.
Section Interest-only class.

DTC Six Funding Ltd.
JPY30.014 billion pass-through notes due July 2037*

Class       Rating          Initial issue amount
A           AAA (sf)        JPY24.61 bil.
B           AA (sf)         JPY1.20 bil.
C           A (sf)          JPY1.26 bil.
D           BBB (sf)        JPY1.00 bil.
E           BB+ (sf)        JPY1.10 bil.
X Section          AAA (sf)

*Nonrated class F notes (initial issue amount: about JPY0.844
bil.) were also issued under this transaction.
Section Interest-only class.


J-CORE 13: Moody's Downgrades Ratings on 13 CMBS Transactions
-------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings on the Class C
through E Trust Certificates issued by J-CORE 13 Trust.

The affected ratings are as follows:

Class C, downgraded to C (sf); previously on February 15, 2013,
downgraded to B3 (sf)

Class D, downgraded to C (sf); previously on February 15, 2013,
downgraded to Caa1 (sf)

Class E, downgraded to C (sf); previously on February 15, 2013,
downgraded to Ca (sf)

Deal Name: J-CORE 13 Trust

Class: Class C through E Trust Certificates

Issue Amount (initial): JPY12.0 billion

Dividend: Floating

Issue Date (initial): December 18, 2007

Legal Final Maturity: September, 2014

Underlying Asset (initial): Trust Certificates ultimately backed
by the office building in Tokyo.

Originator (Initial): Deutsche Bank A.G., Tokyo Branch

Arranger (Initial): Deutsche Securities Inc.

Ratings Rationale:

The rating action was prompted by the occurrence of a fixed-loss
amount through special servicing of the underlying asset.

Based on the trustee report as of June 3, the recovery proceeds
from the asset fall short of the amount needed to fully redeem the
classes issued from the J-CORE 13 Trust.

J-CORE 13 Trust is a single-asset/single-borrower CMBS deal,
effected in 2007.

Moody's did not conduct any additional cash flow analysis or
stress scenarios, because the ratings rely on the fixed recovery
proceeds from the special servicing of the underlying asset.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
published in June 2010.



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


HERBERT CONSTRUCTION: To Build Resort Despite Liquidation Threat
----------------------------------------------------------------
The Dominion Post reports that Napier-based Herbert Construction,
a construction company in the gun over the NZ$10 million leaky
Hawke's Bay Regional Council building, is building a multimillion-
dollar resort in Fiji.

The report says the company is fighting off an application for
liquidation in New Zealand, but in Fiji it has just announced it
will be the official builder of the Peppers Naisoso Island Resort.

Director Malcolm Herbert is in Fiji and has been quoted in the
Fiji Times as saying he was proud to be involved in a development
"of immense importance to the national interest of Fiji,"
according to the report.

Dominion Post says the Hawke's Bay Regional Council in April last
year began legal action to seek reparations costs from Herbert
Construction after defects were noticed in three-storey council
building.  The legal action is ongoing, with Herbert Construction
taking action against sub-contractors who worked on the building.

Adding to the construction company's woes is an application to the
High Court last week by Strata Engineers to put it into
liquidation over an alleged unpaid debt of NZ$33,935.75, reports
Dominion Post.

Strata filed an affidavit with the court claiming it was owed the
sum for engineering work carried out on another Napier building in
2011 and 2012, the report relates.

In November, Herbert Construction applied for the statutory demand
for payment to be set aside.

The application was dismissed on May 9 and the company was given a
week to make payment.

"The defendant company failed to make the payment on the statutory
demand of $33,935.75, or costs of $12,415.30 awarded by the
court," Strata said in an affidavit obtained by Dominion Post.

The report relates that Strata said Herbert Construction was
unable to pay its debts and "in the circumstances it is just and
equitable that the defendant should be liquidated".

According to the Dominion Post, Mr. Herbert said his company had
issued a counterclaim against Strata in relation to another
contract, and had offered to hold the unpaid moneys in a trust
account until the arbitration was determined but Strata had
refused.

Mr. Herbert said he was planning to put a compromise to creditors,
and was committed to paying them, the report adds.


MEDIAWORKS NZ: Funders Call in KordaMentha as Receivers
-------------------------------------------------------
MediaWorks NZ Limited funders on June 17 appointed Brendon Gibson
-- bgibson@kordamentha.com -- and Michael Stiassny--
mstiassny@kordamentha.com -- of financial advisory firm
KordaMentha to oversee the receivership of MediaWorks NZ Limited
and its subsidiaries, including RadioWorks Ltd and TVWorks Ltd.

"We are working with a strong management team and assuring current
employees, customers and suppliers that it is business as usual.
We are in a fortunate position whereby MediaWorks' funders have
provided funding and are committed to the future of the business.
This extends to a commitment that all those who have supplied
goods or services to the companies before receivership, will be
paid what they are due.

"Arrangements are well advanced with a proposal to transfer the
business to new ownership suitable for the long term. We
anticipate that this will be concluded quite soon," Mr. Gibson
said.

MediaWorks Group Managing Director, Sussan Turner said that moving
to a new structure was inevitable.

"For some time now, management has been working closely with our
funders to settle on a structure that will enable MediaWorks to
reduce its debt burden. The debt structure that was adopted when
MediaWorks Limited changed hands in 2007 was unsustainable after
the GFC. Our core business is strong and all divisions are trading
well. We are confident that we can successfully build on this
solid platform.

"Under receivership it will be business as usual as we transition
to a new company with an appropriate, right-sized capital
structure," Ms. Turner said.

Mr. Gibson advised that the proposed new structure will provide
certainty for staff, customers and external stakeholders.

"Everyone with an interest in MediaWorks can have confidence in
the future. There is a genuine commitment to build on the
promising performance MediaWorks has achieved in difficult trading
conditions. The transition to the new structure, which is
supported by the existing funders, will begin shortly and will be
finalised once the necessary consents are received. A further
announcement will be made in due course," he said.

MediaWorks NZ Limited -- http://www.mediaworks.co.nz/--through
its subsidiaries, operates in the television and radio
broadcasting sectors in New Zealand.  It operates the TV3
television network, which primarily offers news, current affairs,
and sports programs, as well as entertainment programs; and C4, a
free-to-air music channel.


RYAN SECURITY: In Liquidation; Owes Nearly NZ$1 Million
-------------------------------------------------------
Martin Van Beynen at The Press reports that Ryan Security and
Consulting (Christchurch) Ltd have folded owing nearly a million
dollars to Inland Revenue.

The companies, owned by a Christchurch security consultant who
provides security for Dan Carter, Richie McCaw and their team-
mates and Christchurch events, were placed in liquidation in April
by the High Court in Christchurch on a request from Inland
Revenue.

The companies allegedly owe GST and PAYE tax, including penalties,
of NZ$969,000, according to The Press.

The Press relates that the companies' sole director, Jayson Ryan,
who has been a security consultant for the All Blacks, New Zealand
Cricket and the Government, has provided security for Christchurch
events and has been active in security issues in the central city.

Mr. Ryan told liquidators Malcolm Hollis and Maurice Noone, of
PricewaterhouseCoopers, the companies got into strife because of a
large bad debt, a decline in events due to the Christchurch
earthquakes and a period during which he was ill, the Press
relays.

The liquidators, in their first report, said the companies were
owed large amounts by other companies in the Ryan group, the Press
reports.



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


STX PAN: Effects of Receivership Process Begins
-----------------------------------------------
Doug Wright at Otago Daily Times reports that the fallout from the
announcement that the STX Pan Ocean Shipping Co had filed for
receivership, has begun.

Reports indicate that company-owned tonnage has been arrested in
overseas ports, according to Otago Daily Times.  The report
relates that on June 15, the 27,116gt New Giant, which had been
anchored in Poverty Bay waiting to load logs at Gisborne, was also
arrested.

In recent years, the report discloses, the company has incurred
heavy debts and growing losses stemming from the slump in the
global shipping industry.


STX SOLAR: Major Shareholders Fight Over Liquidation
----------------------------------------------------
Korea IT Times reports that STX Energy and Japan's Orix are in
conflict over liquidation of STX Solar, an STX Energy subsidiary
specializing in solar panel manufacturing.  The report relates
that STX Energy said on June 11 it filed on the 10th for an
injunction to stop liquidation of STX Solar with the Suwon
district court.

According to the report, Lee Chang-woo, an auditor with STX
Energy, said it's better for STX Solar to be alive than dead,
contending that liquidation forced on by Orix is in violation of
law and the interest of STX Energy and all its shareholders.

Earlier last December, the report recalls, STX Group had sold a
stake of STX Energy held by STX Corp. and STX Offshore &
Shipbuilding to Orix at KRW360 billion. The stakes held by Orix
and STX Corp. are 50.05 and 43.15 percent, respectively. As STX
Group fell into a financial difficulty lately, Orix has demanded a
liquidation of STX Solar for which STX Energy holds a
86.7-percent stake, says Korea IT Times.

"If STX Solar is liquidated as Orix wants, we will take a loss of
the amount that we have invested. In addition, we must shoulder
the debt guarantee obligations related to projects that STX Solar
took on. Once STX Solar can recover from the current crisis, it
has a high growth potential. Why would anyone want a promising
company to be dead prematurely?," the report quotes an STX Energy
official as saying.



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


* BOND PRICING: For the Week June 10 to June 14, 2013
-----------------------------------------------------

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


  AUSTRALIA
  ---------

MIDWEST VANADIUM     11.50     2/15/2018    USD    63.50
MIDWEST VANADIUM     11.50     2/15/2018    USD    71.12
NEW S WALES TREA      0.50     9/14/2022    AUD    70.62
NEW S WALES TREA      0.50     10/7/2022    AUD    70.30
NEW S WALES TREA      0.50    10/28/2022    AUD    70.10
NEW S WALES TREA      0.50    11/18/2022    AUD    69.90
NEW S WALES TREA      0.50    12/16/2022    AUD    70.22
NEW S WALES TREA      0.50      2/2/2023    AUD    69.71
NEW S WALES TREA      0.50     3/30/2023    AUD    69.25
TREAS CORP VICT       0.50     8/25/2022    AUD    71.75
TREAS CORP VICT       0.50      3/3/2023    AUD    70.62
TREAS CORP VICT       0.50    11/12/2030    AUD    49.51


CHINA
-----

CHINA GOVT BOND       1.64    12/15/2033    CNY    68.97


INDIA
-----

3I INFOTECH LTD       5.00    4/26/2017     USD    33.70
COROMANDEL INTL       9.00     7/23/2016    INR    16.27
DR REDDY'S LABOR      9.25     3/24/2014    INR     5.00
GRAMEEN FIN SERV     14.05      6/7/2016    INR    54.58
JCT LTD               2.50      4/8/2011    USD    20.00
MASCON GLOBAL LT      2.00    12/28/2012    USD    10.00
PRAKASH IND LTD       5.63    10/17/2014    USD    66.37
PRAKASH IND LTD       5.25     4/30/2015    USD    64.59
PUNJAB INFRA DB       0.40    10/15/2024    INR    34.15
PUNJAB INFRA DB       0.40    10/15/2025    INR    31.19
PUNJAB INFRA DB       0.40    10/15/2026    INR    28.37
PUNJAB INFRA DB       0.40    10/15/2027    INR    25.88
PUNJAB INFRA DB       0.40    10/15/2028    INR    23.66
PUNJAB INFRA DB       0.40    10/15/2029    INR    21.71
PUNJAB INFRA DB       0.40    10/15/2030    INR    19.95
PUNJAB INFRA DB       0.40    10/15/2031    INR    18.37
PUNJAB INFRA DB       0.40    10/15/2032    INR    16.94
PUNJAB INFRA DB       0.40    10/15/2033    INR    15.64
PYRAMID SAIMIRA       1.75      7/4/2012    USD     1.00
REI AGRO              5.50    11/13/2014    USD    70.81
REI AGRO              5.50    11/13/2014    USD    70.81
SHIV-VANI OIL         5.00     8/17/2015    USD    34.12
SUZLON ENERGY LT      7.50    10/11/2012    USD    65.12
SUZLON ENERGY LT      5.00     4/13/2016    USD    49.87


INDONESIA
----------

BUMI INVESTMENT      10.75   10/6/2017     USD      74.25


JAPAN
-----

ELPIDA MEMORY         2.03     3/22/2012    JPY    13.62
ELPIDA MEMORY         2.10    11/29/2012    JPY    13.62
ELPIDA MEMORY         2.29     12/7/2012    JPY    13.62
ELPIDA MEMORY         0.50    10/26/2015    JPY     8.12
JPN EXP HLD/DEBT      0.50     9/17/2038    JPY    68.44
JPN EXP HLD/DEBT      0.50     3/18/2039    JPY    68.47


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

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


SINGAPORE
---------

BAKRIE TELECOM       11.50      5/7/2015    USD    40.00
BAKRIE TELECOM       11.50      5/7/2015    USD    37.87
BLD INVESTMENT        8.63     3/23/2015    USD    70.00
BLUE OCEAN           11.00     6/28/2012    USD    39.37
BLUE OCEAN           11.00     6/28/2012    USD    39.37
DAVOMAS INTL FIN     11.00     12/8/2014    USD    25.75
DAVOMAS INTL FIN     11.00     12/8/2014    USD    25.75
INDO INFRASTRUCT      2.00     7/30/2049    USD     1.87


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

CHEJU REGION DEV      3.00    12/29/2034    KRW    67.09
EXP-IMP BK KOREA      0.50     9/28/2016    BRL    64.45
EXP-IMP BK KOREA      0.50    10/27/2016    BRL    72.04
EXP-IMP BK KOREA      0.50    11/28/2016    BRL    69.49
EXP-IMP BK KOREA      0.50    12/22/2016    BRL    68.07
EXP-IMP BK KOREA      0.50    10/23/2017    TRY    69.15
EXP-IMP BK KOREA      0.50    11/21/2017    BRL    66.35
EXP-IMP BK KOREA      0.50    12/22/2017    TRY    67.85
EXP-IMP BK KOREA      0.50    1/25/2017     TRY    73.97


SRI LANKA
---------

SRI LANKA GOVT        6.20      8/1/2020    LKR    74.49
SRI LANKA GOVT        7.00     10/1/2023    LKR    67.52
SRI LANKA GOVT        5.35      3/1/2026    LKR    57.25
SRI LANKA GOVT        8.00      1/1/2032    LKR    72.07


THAILAND
--------

G STEEL               3.00     10/4/2015    USD     7.87
MDX PUBLIC CO         4.75     9/17/2003    USD    16.12



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***