TCRAP_Public/130619.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

            Wednesday, June 19, 2013, Vol. 16, No. 120


                            Headlines


A U S T R A L I A

EL ZORRO: Closes Operations, Cuts 26 Jobs
FLEXI ABS 2013-1: Moody's Assigns (P)Ba2 Rating to Cl. E Notes
FLEXI ABS TRUST: Fitch Assigns 'BB' Rating to Class E Notes
LIQUID VISION: SV Partners Appointed as Administrators
LISA HO: Fire Sales Begin as Administrators Fail to Find Buyer


I N D I A

AEON MEDICAL: ICRA Reaffirms 'BB' Ratings on INR11.5cr Loans
BRIJ GOPAL: ICRA Assigns 'BB+' Ratings to INR200cr Loans
DAYARAM CHEMICALS: ICRA Rates INR10cr Cash Credit at '[ICRA]B+'
GOYAL DEVELOPERS: ICRA Rates INR6.50cr LT Loan at '[ICRA]B+'
GULMOHAR PARK: ICRA Reaffirms 'BB+' Rating on INR55cr Term Loan

IL&FS ENG'G: Court Admits Winding Up Plea Against Firm
INDIAN STEEL: ICRA Cuts Ratings on INR684.92cr Loans to 'BB'
MULCHAND FIBER: ICRA Assigns 'B' Ratings to INR13cr Loans
PETRO CHEM: ICRA Assigns 'B+' Rating to INR5cr Cash Credit
PRAHLADRAI & CO: ICRA Assigns 'D' Rating to INR2.95cr Loan

RAJ COKE: ICRA Assigns 'D' Ratings to INR6.93cr Loans
SETHI COKE: ICRA Assigns '[ICRA]D' Ratings to INR6.88cr Loans
SHIVAM COTTON: ICRA Rates INR13cr Cash Credit at 'B'
VIPUL ENTERPRISES: ICRA Places 'C+' Ratings on INR5.50cr Loans


J A P A N

TOKYO ELECTRIC: Execs Voiced Staff Exodus Concerns, Minutes Show


S O U T H  K O R E A

GS ENGINEERING: Faces Probe on Alleged Accounting Fraud
STX GROUP: Pan Ocean Falls as Receivership Filing Accepted


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


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A U S T R A L I A
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EL ZORRO: Closes Operations, Cuts 26 Jobs
-----------------------------------------
ABC News reports that there's still confusion about the payment of
entitlements to sacked workers in Junee at El Zorro Transport.

When El Zorro closed its doors 26 employees lost their jobs and
some have not received any benefits for six weeks, according to
ABC News.

The report relates that secretary with the New South Wales Branch
of the Rail, Tram and Bus Union Robert Hayden said he held talks
with company representatives.   While the company is refusing to
comment, Mr. Hayden said no decision has been made by the firm on
whether it will go into receivership, the report notes.

The report discloses that the union official said the workers will
start receiving letters from El Zorro about what they are owed and
a termination certificate so they can access Centrelink payments.

"But the company is saying they won't issue that to employees
until the employees have returned all the company's property that
they may have still. . . .  We think that is a bit over the top
and a bit unfair, some of our members haven't been paid for quite
some time now. . . . For the company to now to say you won't get
information you need to start to get some sort of benefits until
you give us our property is a bit over the top," the report quoted
Mr. Hayden as saying.

The report relays that Mr. Hayden said the company insists workers
will get their entitlements but there is confusion about who will
pay them.

"But whilst the company hasn't gone into receivership at the
moment members get no money from anyone," Mr. Hayden said, the
report adds.


FLEXI ABS 2013-1: Moody's Assigns (P)Ba2 Rating to Cl. E Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes issued by Perpetual Corporate Trust Limited in its capacity
as the trustee of the Flexi ABS Trust 2013-1.

Issuer: Flexi ABS Trust 2013-1

$A152.25M Class A Notes, Assigned (P)Aaa (sf)

$A11.55M Class B Notes, Assigned (P)Aa2 (sf)

$A16.8M Class C Notes, Assigned (P)A2 (sf)

$A8.4M Class D Notes, Assigned (P)Baa2 (sf)

$A6.3M Class E Notes, Assigned (P)Ba2 (sf)

The $A14.7M Class F Notes are not rated by Moody's.

The transaction is the cash securitization of a portfolio of
Australian operating and financial equipment leases originated by
Flexirent Pty Ltd, a subsidiary of FlexiGroup Ltd.

This is FlexiGroup's fourth term-securitization and the third
rated by Moody's.

Ratings Rationale:

Flexi ABS Trust 2013-1 is the securitization of operating and
financial equipment lease receivables extended to small-to-medium-
sized commercial obligors located in Australia. Notable features
of the transaction include the following:

- strong back-up servicing arrangements

- substantial amount of excess spread

- 6.3% exposure in the receivables portfolio to a single corporate
obligor rated investment grade by Moody's

- presence of equipment maintenance components in around 9.9% of
the contracts, and

- the short-weighted average lives of the notes.

The receivables have either been originated by Flexirent through
retail vendors at the point of sale or vendor partnerships, or
have been purchased by Flexi from other financiers. During the
life of the receivables, the obligors will make at least monthly
payments to Flexirent or to the vendor itself, which then
transfers the aggregate funds to Flexi, typically on a monthly
basis. The receivables are unsecured.

Flexirent and FlexiGroup are unrated. Consequently, the
transaction structure includes back-up servicing arrangements with
Dun & Bradstreet (Australia) Pty Limited. Dun & Bradstreet carries
out servicing in parallel with Flexirent, providing near 'hot'
levels of support and mitigating the risks of a prolonged
servicing disruption.

Moody's expected default rate for the granular portion of
portfolio is 4.2%. The assumption is based primarily on the
historical performance data, and incorporates additional stresses
to reflect a more stressful economic environment than that evident
during the 2004-2012 period covered by the historical data.

The final mean default rate used is 4.68%, which incorporates the
benefit of 6.3% exposure to an investment grade corporate obligor,
and penalties for the presence of vendor commingling risk and
potential losses due to the originator providing equipment
protection.

The coefficient of variation of the mean default rate was assumed
at 53.3%, significantly higher than historical observations due to
the lack of any stressed economic environment in the historical
data, the short length of meaningful historical data in respect of
46% of receivables in the portfolio, and the presence of
maintenance components in some contracts, which could expose the
transaction to tail losses.

The 27.5% subordination is commensurate with the Aaa (sf) rating
of the senior notes. It is materially higher that of a typical
auto lease ABS transaction. This is attributed to the unsecured
nature of the receivables leading to zero recovery values and to
the comparatively worse-than-expected performance.

In order to fund the purchase price of the portfolio, the Trust
has issued six classes of notes. The notes will be repaid on a
sequential basis until the later of: (1) the seventh payment date
following the Issue Date, (2) increase in the subordination to
Class A notes to 30% from 27.5%, and as long as (3) the 10% clean-
up call date has not been reached, (4) there are no carryover
charge-offs on any note, and (5) the 60 days past due arrears
ratio does not exceed 4%.

If all those conditions are met, then classes A to E will be
amortized on a pro-rata basis. Subsequently, if the subordination
to the Class E Notes becomes greater than 15%, the Class F Notes
will be repaid pro rata with the other tranches as well, as long
as conditions (3) to (5) are still met.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for the timely payment
of interest and the ultimate payment of the principal by the legal
final maturity.

Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Medium/High. Among other
factors, the V Score is driven by the sensitivity of the capital
structure to the assumptions relating to timing of defaults,
particularly in light of some micro-tranching and amortization of
equity (subject to certain conditions).

Moody's was provided with detailed, loan-by-loan data for all
receivables originated by Flexirent in the 2004-2012 period. A
large part of this dataset relates to receivables originated
before 2009 when Flexirent shifted its origination strategy
towards large tickets (where the asset costs above AUD10,000). As
a result, the historical data provided to Moody's might not be
accurately reflective of expected future performance.

Moody's notes that this shift in Flexirent's book is directed
towards better credit quality obligors, while on the other hand,
the short length of meaningful historical data on that customer
segment reduces the benefit given to this in quantitative
assumptions.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of rating
changes. The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Asia/Pacific RMBS
Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

In the case of Flexi ABS Trust 2013-1, assuming the default rate
rises to 5% (compared to Moody's assumption of 4.68%), the model-
indicated rating for the Class A Notes becomes Aa1.

The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009.

The cash flow model used to analyze the transaction was ABSROM
3.5, in which, substantially all default scenarios were
considered. Therefore, Moody's analysis encompasses the assessment
of stress scenarios.


FLEXI ABS TRUST: Fitch Assigns 'BB' Rating to Class E Notes
-----------------------------------------------------------
Fitch Ratings has assigned Flexi ABS Trust 2013-1 expected
ratings. The transaction is a commercial finance receivables-
backed securitisation of unsecured commercial lease receivables.
The ratings are as follows:

AUD152.3m Class A notes: 'AAA(exp)sf'; Outlook Stable;
AUD11.6m Class B notes: 'AA(exp)sf'; Outlook Stable;
AUD16.8m Class C notes: 'A(exp)sf'; Outlook Stable;
AUD8.4m Class D notes: 'BBB(exp)sf'; Outlook Stable;
AUD6.3m Class E notes: 'BB(exp)sf'; Outlook Stable; and
AUD14.7m Class F notes: not rated.

The notes, due June 2018, will be issued by Perpetual Corporate
Trust Limited as trustee of Flexi ABS Trust 2013-1. The Flexi ABS
Trust 2013-1 is a legally distinct trust established pursuant to a
master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of
27,516 loan receivables totalling approximately AUD206m, with an
average contract size of AUD7,487. The pool comprises loan
receivables predominantly originated by Flexirent Capital Pty
Limited (Flexi), a subsidiary of FlexiGroup Limited. All
receivables are amortising principal and interest operating leases
and finance loans with no residual value at maturity of each of
the contracts in the pool. The highest concentrations by equipment
type in the pool are collectively printers, copiers and faxes
(16.9%) and telephone systems (14.1%). The pool contains loans
with varying balloon amounts payable at maturity (25.2%), with a
weighted average balloon payment of 6.3%.

The transaction also benefits from a diversification of a large
number of predominantly small to medium sized business borrowers.
The pool contains a wide range of vendors supplying predominantly
office and business critical equipment, some of which are managed
service products (9.9% of the pool)

Key Rating Drivers

The 'AAAsf' Long-Term rating with Stable Outlook of the Class A
notes are based on the quality of the collateral; the 27.5% credit
enhancement provided by the subordinate Class B, C, D, E and F
notes; a liquidity reserve account of 2% of outstanding rated
notes, funded by issue proceeds; the interest rate swap provided
by Westpac Banking Corporation (WBC, 'AA-'/Stable/'F1+'); the
collections reserve account that will be funded by Flexi at
closing; and the underwriting and servicing capabilities of Flexi.

The ratings on the Class B, C, D and E notes are based on all the
strengths supporting the Class A notes except their credit
enhancement levels. The rating of the Class C, D, and E notes is
dependent on excess spread to support their respective rating
levels.

Rating Sensitivities

Fitch's stress and rating sensitivity analysis is discussed in the
corresponding presale report entitled "Flexi ABS Trust 2013-1",
published today, now available on www.fitchratings.com or by
clicking on the above link. Included in a corresponding appendix
is a description of the representations, warranties and
enforcement mechanisms.


LIQUID VISION: SV Partners Appointed as Administrators
------------------------------------------------------
Cara Waters at SmartCompany reports that administrators have been
appointed to Liquid Vision Plumbing and the Melbourne plumbing
business has stopped trading.

Richard Cauchi -- richard.cauchi@svp.com.au -- of SV Partners was
appointed as administrator last week to the business, which had
around 10-20 employees, says the report.

Liquid Vision had worked on several large-scale projects
throughout Australia, including 67 apartments in the Little Hero
complex in Melbourne's Russell Place and 200 apartments and
retailers in The Nicholson development in East Coburg,
SmartCompany discloses.

Mr. Cauchi told SmartCompany it was unclear at this stage what had
caused Liquid Vision to collapse, but said he is currently working
on a lot of administrations.

"They are flying through a million miles an hour at the moment,
the economy is not all that you should believe it to be," the
report quotes Mr. Cauchi as saying.  "The economy is not
performing right across the industry base, niche businesses are
going alright but generally the economy is at a stagnant time."

SmartCompany relates that Mr. Cauchi said Liquid Vision had a
turnover last year of around AUD4 million and it is still unclear
how much is owing to creditors, which include one of Liquid
Vision's directors and quite a few suppliers.

A first meeting of creditors was held on June 14, but Mr. Cauchi
said more information will be available at the second creditors'
meeting, the report says.


LISA HO: Fire Sales Begin as Administrators Fail to Find Buyer
--------------------------------------------------------------
The Australian reports that administrators have failed to sell
designer Lisa Ho's business as a going concern, leaving the Lisa
Ho Group to be picked apart and its shops to launch fire sales.

According to the report, administrators Barry Taylor and Todd
Gammel of HLB Mann Judd said in a statement there had been
considerable interest in the business, which went into voluntary
administration on May 8 with debts of nearly AUD11 million, but
that they had not been able to finalise a sale.

"Discussions are continuing with a number of interested parties in
relation to the purchase of intellectual property, stock and other
assets of the Lisa Ho Group," the administrators said in a
statement, adding that they would not focus on closing the
remaining Lisa Ho stores, reports The Australian.

The Australian relates that the administrators announced an
immediate final sale on current season designs, classic evening
and bridal dresses at the Lisa Ho stores in the Strand Arcade and
at David Jones Elizabeth Street in Sydney, at Chadstone and at
David Jones Bourke Street in Melbourne, in the Wintergarden in
Brisbane and at www.lisaho.com.

The report discloses that Ms. Ho had attempted to float the
company on the NSX as recently as February with plans to turn the
Australian brand into an "international icon" but was revealed as
in need of capital and the IPO was pulled. A group of backers
later dropped plans to invest, putting the group in financial dire
straits, the report adds.

Administrators HLB Mann Judd were appointed as administrators to
iconic Australian fashion brand Lisa Ho earlier in May.
SmartCompany said Lisa Ho recorded AUD13.05 million in revenue in
2012 but made a loss of AUD2.3 million, which the business
attributed to "one-off issues".  This led to the appointment of
administrators to Lisa Ho Designs and Lisa Ho Retail.

The Lisa Ho chain comprises 10 flagship stores in Australia, two
clearance stores and an online store.



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AEON MEDICAL: ICRA Reaffirms 'BB' Ratings on INR11.5cr Loans
------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB' rating outstanding for the INR11.50
crore bank facilities of Aeon Medical Private Limited. The outlook
on the long-term rating is retained as "Stable".

                            Amount
   Facilities              (INR Cr)  Ratings
   ----------              --------  -------
   Fund Based Facilities      6.50   [ICRA]BB (Stable) reaffirmed
   Bank Guarantee             5.00   [ICRA]BB (Stable) reaffirmed

The ratings takes into account AMPL's presence in the premium life
support vehicle segment of the Indian ambulance market, the pan
India presence of the company with sales offices at various metro
cities and a healthy customer profile comprising of public health
departments of various state governments and private hospitals.
The rating continues to factor in the long experience of the
promoters in medical equipment supplies industry. ICRA has also
taken note of the anticipated future regulations in ambulance
industry that may enhance the growth prospects of the company,
while deciding on the rating action. Further, ICRA has also
considered the large orders from Ashok Leyland Limited and Bharat
Vikas Group, which would help AMPL enhance its current small scale
of operations. However, ICRA noted that these orders will be
catered through capacity enhancement of the plant, majorly funded
through bank loans. The increased debt on the consolidated balance
sheet of the AMPL (including its subsidiary) is expected to
increase the pressure on the group's credit profile in short term.
Additionally, ICRA also noted that dependence on foreign imports
will continue to make profit margins vulnerable to forex
fluctuations. Going forward, AMPL's ability to increase its scale
of operations and maintain its profit margins, manage its working
capital intensity and credit profile would remain the key rating
sensitivities.

Aeon Medical Private Limited was incorporated in 2005. The company
is a healthcare integrator and assembles high-end ambulances (Life
Support Vehicles) by installing advance life support systems in
basic ambulances. The company has an impressive client list which
includes both public and private hospitals across India. The
primary customers include Apollo Group of Hospitals, Max Group of
Hospitals and public health departments of various state
governments such as Kerala and Gujarat. It has also catered to
fulfill the needs of Corporate such as Cipla Limited and Steel
Authority of India Limited. The company currently has an
assembling unit located in Pithampur, Madhya Pradesh. Further, it
has sales offices at Delhi, Kolkata, Bhubaneswar,
Thiruvananthapuram & Hyderabad.

All promoters have years of experience in healthcare industry in
India prior to starting the company. The CEO, Mr. Abani Tripathy
has worked in healthcare sector for many years before starting
AMPL. The managing director, Mr. Rabindra Narayan Senapati owns
and heads Odisha's largest medical equipment and surgical business
house. Mr. Ranjan Roy has worked in the Indian healthcare industry
for 15 years before joining AMPL. Dr. Siddhanta Kar is a physician
by profession and operates a hospital in Bhubaneswar.

Recent Results

In 9m, 2012-13, VRL reported Net Sales of INR12.7 Crore, Profit
before Depreciation, Interest and Tax (PBDIT) of INR1.6 Crore and
Profit after Tax (PAT) of INR0.6 Crore.


BRIJ GOPAL: ICRA Assigns 'BB+' Ratings to INR200cr Loans
--------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB+' to INR200.0
crore fund based and non-fund based bank facilities of Brij Gopal
Construction Company (P) Ltd. The outlook on the long term rating
is Stable.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term: Fund         50.00    [ICRA] BB+(Stable)/assigned
   Based Limits

   Long Term: Non         150.00    [ICRA] BB+(Stable)/assigned
   Fund Based Limits

The assigned rating favorably factor in demonstrated track record
of promoters in the infrastructure development (mainly roads,
water and sewerage systems) space and established liasioning
relationship of the promoters with the key government departments
in Haryana and UP which has supported order-book and thereby
steady revenue growth of the company. While BGCCPL has witnessed
healthy revenue growth in the past, the same has not been
supported by a commensurate growth in operating profits primarily
owing to sub-contracting nature of work undertaken by BGCCPL in
the past which limited the operating profit margin for the
company. However, BGCCPL's sustained efforts at improving its
qualification criteria by enhancing fixed asset base (investment
in construction equipment) to improve operational capabilities
securing of projects directly from the principal contract awarding
party may support margin expansion going forward.

Though the pending order book as on March 31, 2013 which is
equivalent to 1.6 times the FY 2012-13 revenues is adequate and
provides revenue visibility over the medium term, it is
concentrated on three orders from the same customer (HUDA) in a
single state (Haryana). ICRA notes that any slow-down in execution
of these orders due to unforeseen events will have a pronounced
impact on revenue growth of the company. This said, BGCCPL's
efforts to diversify the current order-book may partly alleviate
this risk going forward.

The assigned rating is also constrained by the elongating working
capital cycle due to stretching of receivable collection which
along with strong revenue growth has increased the working capital
requirement. As the accruals are modest due to weak profitability,
this has increased reliance on debt to fund the growth. While the
delay in the disbursement of the sanctioned limits had stretched
the liquidity of the company in FY 2012-13, however with the
disbursal of the limits now, the liquidity is expected to improve
but will be subject to containing the overall working capital
requirements within sanctioned limits. The rating also takes into
consideration the fact that though the debt levels in relation to
the net-worth of the company remains comfortable, resulting in
comfortable capitalization for the company, however a majority of
the net worth (~56% as on 31st March 2013) is blocked in
investments in group companies. BGCCPL had invested nearly
INR125.00 crore in solar power project in Brij Gas & Power Pvt Ltd
in FY2011, a project which did not take off; subsequently BGCCPL
has partly monetized the said investment and deployed the proceeds
partly to support working capital requirements of the company and
partly to further invest in group companies.

The ratings take into account the level of investments and
unsecured loans already extended by the company and note that
timely release of the funding support given by BGCCPL in the form
of unsecured loans and timely monetization of investments will be
imperative to support BGCCPL's own working capital and fresh
margin money requirements to support the growth of business. Going
forward, BGCCPL's ability to sustain revenue growth by securing
additional orders, improve its operating profitability, prudently
reduce its working capital cycle and timely monetize its advances
(investments / unsecured loans) to group companies to support
business operations will be key rating sensitivities.

BGCCPL had invested nearly INR125.00 crore in solar power project
in Brij Gas & Power Pvt Ltd in FY2011, a project which did not
take off; subsequently BGCCPL has partly monetized the said
investment and deployed the proceeds partly to support working
capital requirements of the company and partly to further invest
in group companies. The ratings take into account the level of
investments and unsecured loans already extended by the company
and note that timely release of the funding support given by
BGCCPL in the form of unsecured loans and timely monetization of
investments will be imperative to support BGCCPL's own working
capital and fresh margin money requirements to support the growth
of business.

Going forward, BGCCPL's ability to sustain revenue growth by
securing additional orders, improve its operating profitability,
prudently reduce its working capital cycle and timely monetize its
advances (investments / unsecured loans) to group companies to
support business operations will be key rating sensitivities.

Established in 1999 as a partnership firm namely Brij Gopal
Construction Company (BGCC), Brij Gopal Construction Company (P)
Limited (BGCCPL) was incorporated on April 01, 2009 as a private
limited company to undertake civil construction work relating to
infrastructure development in sectors like roads, highways, water
and sewerage and storm water drainage work. The company was
promoted by Mr. Ram Goyal and his three sons -- Mr. Vikram Goyal,
Mr. Rajan Goyal and Mr. Raman Goyal. While Mr. Ram Goyal is the
Chairman of the company and has more than 40 years of experience
in the construction industry, the day-to-day affairs of the
company are handled by his sons. The company is a closely held
company with the entire shareholding with the promoters and their
associates either in individual capacity or through holding
company.


DAYARAM CHEMICALS: ICRA Rates INR10cr Cash Credit at '[ICRA]B+'
---------------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR10.00 Crore
fund based long-term facility of Dayaram Chemicals Pvt. Ltd.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Cash Credit (Proposed)    10.00    [ICRA]B+ assigned

The assigned rating is constrained by DCPL's weak financial
profile as characterized by low profits and cash accruals, high
gearing levels and weak coverage indicators. The rating is further
constrained by the highly competitive and fragmented industry
structure owing to low entry barriers and vulnerability of
profitability to adverse fluctuations in prices of various traded
chemicals majority of which are crude derivatives.

However, the rating favorably factors in the long track record of
the promoters in the chemical trading business; large trading
portfolio comprising of organic chemicals and favorable location
of the company in Ankleshwar leading to proximity to various end
users. The rating also factors in DCPL's well established
relationships with customers and suppliers.

Dayaram Chemicals Private Limited (DCPL) was incorporated in 1992
as a proprietorship firm by Mr. Magan Badhani and later on was
converted into a private limited company in 2006. The company is
engaged in the business of trading chemicals and solvents and has
its corporate office and warehouse located in Ankleshwar. Some of
the main products traded by DCPL include toluene, dichloromethane,
ethyl acetate, acetone, di ethylene glycol and isopropyl alcohol;
which find application in pharmaceutical, textiles, paints and
lubricants industry.


GOYAL DEVELOPERS: ICRA Rates INR6.50cr LT Loan at '[ICRA]B+'
------------------------------------------------------------
ICRA has assigned the '[ICRA]B+' rating to INR6.50 crore long term
bank facility of Goyal Developers.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term-               6.50    [ICRA]B+(assigned)
   Cash Credit

The rating favorably factors in long standing experience of
promoters in real estate development and presence of escrow
mechanism for routing the booking advances and expenses. The
rating is however constrained by execution risk associated with
the project as it is in nascent stage; high dependence on customer
advances and bank debt and high geographic concentration with
majority of the projects executed by group located in and around
Pune.

Established in 2010, Goyal Developers is developing a residential
real estate project 'My Home (MH-14) on Talegaon-Chakan Road in
Talegaon, Pune. The firm is a part of Goyal Properties. The group
is promoted by Mr. Rajendra Goyal having 25 years working
experience in real estate development.


GULMOHAR PARK: ICRA Reaffirms 'BB+' Rating on INR55cr Term Loan
---------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB+' rating to the INR55 crore
fund based limits of Gulmohar Park Mall Pvt. Ltd. (erstwhile
Navratna SG Highway Properties Private Limited). The long term
rating has been assigned a stable outlook.

                        Amount
   Facilities          (INR Cr)   Ratings
   ----------          --------   -------
   Term Loan              55      [ICRA]BB+ (Stable) Re-affirmed

The rating reaffirmation favorably factors in GPMPL's improving
operating profitability levels aided by increasing occupancy
levels and strong mix of brands at the Gulmohar Park mall; the
continuing focus on mall management, due to presence of
experienced promoters as key stakeholders, which acts as a key
differentiator compared to competing malls in the vicinity;
attractive location of the property in Ahmedabad; absence of
construction risks and no additional capex plans in the company.

The rating is however, constrained by the inadequacy of Monthly
Minimum Guarantee (MMG)-based lease rentals in servicing monthly
debt servicing obligations; exposure to client concentration risks
with the top two retailers occupying ~20% of the leasable area;
high proportion of area (~17%) leased on pure-revenue sharing
basis, and GPMPL's single-asset nature of operations. Further, the
rated loan being a Lease Rental Discounting (LRD) loan availed by
securitizing lease rentals receivable from retailers occupying the
property, any delays in timely remittance of monthly lease rentals
from lessees could adversely impact GPMPL's ability to service its
debt repayment obligations in a timely manner.

GPMPL is a Joint Venture between Kshitij Venture Capital Fund and
Navratna Organizers and Developers Pvt. Ltd. whose shareholdings
in the company are 90% and 10% respectively. GPMPL owns and
operates the Gulmohar Park Mall at Sarkhej-Gandhinagar Highway,
Ahmedabad. The name of the company has been changed to Gulmohar
Park Mall Pvt. Ltd. from Navratna SG Highway Properties Pvt. Ltd.
on May 29, 2012.

The Gulmohar Park mall is located on the Sarkhej-Gandhinagar
Highway at Satellite Road in Ahmedabad, ~17-19 km. from the
airport and 11-12 km. from the railway station. The total leasable
area of the mall is 2,22,236 sqft. The property is a standalone
mall which is being operated on a 100% lease model. Construction
of the mall began in June 2006 and the mall commenced operations
in October '08.


IL&FS ENG'G: Court Admits Winding Up Plea Against Firm
------------------------------------------------------
The Hindu Business Line reports that Justice Seshasayana Reddy of
Andhra Pradesh High court on Monday admitted a company petition
seeking winding up of IL&FS Engineering and Construction Co.
Limited.

The company petition was filed by Vaartha Power Company Limited
contending that INR50 crore was due and money is not being paid by
Maytas. Justice Seshasayana Reddy rejected the Maytas plea that it
cannot repay the amount.

The court said that the final notification of winding up will be
published in newspaper if INR50 crore is not deposited within 3
months.

IL&FS Engineering and Construction Company Limited, formerly known
as Maytas Infra Limited, is engaged in infrastructure development,
construction and project management.


INDIAN STEEL: ICRA Cuts Ratings on INR684.92cr Loans to 'BB'
------------------------------------------------------------
ICRA has revised the rating assigned to INR454.92 crore term loans
(earlier INR588.0 crore) and INR230.00 crore (earlier INR185.0
crore) fund based limits of Indian Steel Corporation Limited from
'[ICRA]BB+' to '[ICRA]BB'. The outlook on the long term rating is
stable. ICRA has also revised the rating assigned to INR1900.00
crore (earlier INR1720.00 crore) non-fund based limits of ISCL
from '[ICRA]A4+' to '[ICRA]A4'.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Term loan               454.92    Revised to [ICRA]BB(Stable)

   Fund-based Limits       230.00    Revised to [ICRA]BB(Stable)

   Non-Fund-based Limits 1,900.00    Revised to [ICRA]A4

The rating revision takes into account the pressure on liquidity
profile of the company driven by weakening in its profitability,
delayed stabilisation of the enhanced capacities, and increased
working capital requirements resulting in increased borrowings
(including buyer's credit) and hence high gearing which coupled
with weak profitability has resulted in deterioration in its debt
protection metrics. The stretched liquidity profile of the company
has resulted in company opting for debt restructuring; however the
same has resulted in improved debt maturity profile with deferment
of ISCL's scheduled repayment obligations and reduction in
repayment burden in the near term. The rating also factors in the
risks arising out of uncertainty in the economic environment which
affects off take and pricing; its relatively low margins in the
business, given the highly competitive nature of the industry, and
vulnerability of its margins to volatility in foreign exchange
rates, interest rates and raw material prices. ICRA however notes
that the company has strong risk management systems which partly
mitigate risks arising out of volatility in raw material prices
and forex rates while diversification into value added products
may result in an improvement in margins going forward. Further the
expected increase in proportion of manufacturing sales in the
total sales of the company is likely to help improve profitability
going forward. The ratings also continue to draw comfort from
ISCL's experienced management, its extensive distribution network,
scale benefits arising out of enhanced capacities, its advantage
of being located near Kandla port and equity stake of Mitsui and
Company Limited, Japan which besides management support also
provides technical assistance to ISCL.

Indian Steel Corporation Limited is jointly promoted by Ruchi
Group of Industries, India and Mitsui & Company, Japan in the year
2004. The company is involved in manufacturing of Cold Rolled (CR)
coils & sheets and Galvanised Plain (GP) and Galvanised Corrugated
(GC) sheets. The company has set up its manufacturing facilities
at village Bhimasar near Kandla port, Gandhidham in the State of
Gujarat, in close proximity to Mundra port.

Ruchi Group of Industries is a reputed industrial conglomerate in
India with interests in businesses ranging from steel to food
products. The Group is actively involved in soya processing,
edible oils, dairy products, cold rolled sheets and coils,
galvanized sheets and coils and a host of other activities.

Mitsui & Co. Limited is one of the largest industrial
conglomerates in Japan and has variety of business interests such
as Metal products and Minerals, Machinery, Electronics, Chemical,
Energy, Consumer Products and Services, Logistics and Financial
Markets. Mitsui & Co. has presence in 67 countries through their
151 offices.


MULCHAND FIBER: ICRA Assigns 'B' Ratings to INR13cr Loans
---------------------------------------------------------
ICRA has assigned the '[ICRA]B' rating to INR13.00 crore long term
bank facilities of Mulchand Fiber Private Limited.

                               Amount
   Facilities                  (INR Cr)   Ratings
   ----------                  --------   -------
   Long Term, Fund based         8.92     [ICRA]B (assigned)
   Limits-Term Loan

   Long Term, Fund based         4.00     [ICRA]B (assigned)
   Limits-Cash Credit

   Long Term, Fund based         0.08     [ICRA]B (assigned)
   Limits-Unallocated

The assigned rating favorably consider the longstanding experience
of promoters in the cotton trading and ginning business; easy
access to raw cotton owing to company's presence in cotton belt of
Maharashtra. The rating is however constrained by deferment in
project and debt funded capital expenditure which likely to
stretched Company's capital structure over the near to medium
term, though company has interest as well as principal moratorium
till Dec'13. The company deferred the project in order to avail
incentives announced under recent Maharashtra Government
Industrial Policy. Going forward, timely commence of project
within stipulated cost will be a key rating sensitivity.

Incorporated in 2012, MFPL is a project company. The Company has
been incorporated to set up an integrated project of Cotton
Ginning & Pressing mill with capacity of 160 bales per day
production. Mr. Ashok Agrawal and Mrs. Chhaya Agrawal are the
directors of MFPL. Presently Mr. Ashok Agrawal is heading Cotton
Ginning & Pressing Association, Jalna as President.

The Company is promoted by Mulchand Phulchand Krishi Udyog Private
Limited which is a holding company having 51% equity stake in
MFPL.


PETRO CHEM: ICRA Assigns 'B+' Rating to INR5cr Cash Credit
----------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR5.00 Crore
fund based long-term facility of Petro Chem Industries.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Cash Credit (Proposed)     5.00     [ICRA]B+ assigned

The assigned rating is constrained by PI's small scale of
operation and weak financial profile as characterized by low
profits, low cash accruals and high gearing levels. The rating is
further constrained by the highly competitive and fragmented
industry structure owing to low entry barriers and vulnerability
of profitability to adverse fluctuations in prices of various
traded chemicals majority of which are crude derivatives. While
assigning the ratings ICRA has also considered the risks
associated with proprietorship form of business in terms of
continuity, capital infusions and withdrawals

However, the rating favorably factors in the long track record of
the promoters in the chemical trading business; trading portfolio
comprising of licensed chemicals and favorable location of the
firm in Ankleshwar leading to proximity to various end users. The
rating also factors in DCPL's well established relationships with
customers and suppliers.

Petro Chem Industries was incorporated in 2000 as a proprietorship
firm by Mr. Hasmukh Badhani. The firm is engaged in the business
of trading chemicals and solvents for which regulatory approvals
regarding the storage of such products are required and has its
corporate office and warehouse located in Ankleshwar. Some of the
main products traded by DCPL include Hexane, Methanol, Formic acid
and Acetic acid toluene which find application in pharmaceutical,
textiles, paints and lubricants industry.


PRAHLADRAI & CO: ICRA Assigns 'D' Rating to INR2.95cr Loan
----------------------------------------------------------
ICRA has assigned a long-term rating for the INR1.45crore fund
term loan of Prahladrai & Co. at '[ICRA]D'. In addition, ICRA has
outstanding rating of '[ICRA]D' on INR3.5 Crores fund based limits
and INR1.5 Crores term loan of PRC. ICRA has also withdrawn the
short-term rating of '[ICRA]D' outstanding on INR0.75 crores non-
fund based limits of PRC as there is no amount outstanding against
the rated instrument.

                         Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan               2.95     [ICRA]D assigned
   Fund Based Limits       3.50     [ICRA]D outstanding
   Non-Fund Based Limits   0.75     [ICRA]D withdrawn

The long-term rating reaffirmation factors in the continued delays
in repayment of firm's debt obligations due to delayed payments by
its clients. While assigning the rating, ICRA also notes PRC's
high overall dependence on external debt, its modest debt coverage
indicators and PRC's constitution as a partnership firm.

Prahladrai and Co., partnership firm promoted by Mr. Kailash
Sharma, is engaged primarily in fly ash transportation business
for Birla Corporation's units in Chittorgarh(Rajasthan) since
1975.


RAJ COKE: ICRA Assigns 'D' Ratings to INR6.93cr Loans
-----------------------------------------------------
ICRA has assigned '[ICRA]D' rating to the INR6.50 crore fund based
working capital limits and INR0.43 crore non-fund based bank
facilities of Raj Coke Industries.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits        6.50    [ICRA]D assigned
   Non-fund Based Limits    0.43    [ICRA]D assigned

The rating primarily takes into account the very high working
capital intensity characterised by high debtor days as well as
pending transport subsidy claims, leading to a stretched liquidity
position as reflected by continuous overdrawals in the cash credit
account. ICRA further notes that the transport subsidy benefits
would expire from June 2014, which is likely to negatively impact
the operating profitability of the firm. The rating also takes
note of the risks associated with the status of the entity being a
partnership firm and its exposure to the volatility in the prices
of coal and coke owing to non-integrated nature of operations of
the firm. While assigning the rating, ICRA has taken note of the
experience of the promoters in the manufacturing of LAM coke and
the comfortable capital structure of the firm, however low cash
generation leads to negative fund flow from operations.

RCI is primarily engaged in the manufacturing of Low ash
metallurgical (LAM) coke with its manufacturing facilities
situated at Guwahati, Assam. The installed capacity of the plant
is 57,240 tons per annum (tpa).

Recent Results

As per provisional numbers, RCI registered a PAT of INR15.87 crore
on the back of operating income of INR35.24 crore in FY13. In
FY12, the firm registered a PAT of INR15.68 crore on the back of
operating income of INR35.21crore.


SETHI COKE: ICRA Assigns '[ICRA]D' Ratings to INR6.88cr Loans
-------------------------------------------------------------
ICRA has assigned '[ICRA]D' rating to the INR6.50 crore fund based
working capital limits and INR0.38 crore non-fund based bank
facilities of Sethi Coke Industries.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits        6.50    [ICRA]D assigned
   Non-fund Based Limits    0.38    [ICRA]D assigned

The rating primarily takes into account the very high working
capital intensity characterised by high debtor days as well as
pending transport subsidy claims, leading to a stretched liquidity
position as reflected by continuous overdrawals in the cash credit
account. ICRA further notes that the transport subsidy benefits
would expire from October 2014, which is likely to negatively
impact the operating profitability of the firm. The rating also
takes note of the risks associated with the status of the entity
being a partnership firm and its exposure to the volatility in the
prices of coal and coke owing to non-integrated nature of
operations of the firm. While assigning the rating, ICRA has taken
note of the experience of the promoters in the manufacturing of
LAM coke and the comfortable capital structure of the firm,
however low cash generation leads to negative fund flow from
operations.

SCI is primarily engaged in the manufacturing of Low ash
metallurgical (LAM) coke with its manufacturing facilities
situated at Guwahati, Assam. The installed capacity of the plant
is 57,024 tons per annum (tpa).

Recent Results

As per provisional numbers, SCI registered a PAT of INR14.99 crore
on the back of operating income of INR35.25 crore in FY13. In
FY12, the firm registered a PAT of INR15.90 crore on the back of
operating income of INR35.14 crore.


SHIVAM COTTON: ICRA Rates INR13cr Cash Credit at 'B'
----------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR13.00 crore
long-term fund based facilities of Shivam Cotton Industries. The
assigned rating is constrained by the weak financial profile as
evident from highly leveraged capital structure, weak debt
coverage indicators and low profitability. The rating is further
constrained by the highly competitive and fragmented industry
structure owing to low entry barriers and vulnerability of
profitability to any adverse fluctuations in the raw material
prices, which are also subject to seasonality, crop harvest and
regulatory risks.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             13.00    [ICRA]B assigned

However, the ratings favorably factor in the long track record of
the firm in the ginning industry; favorable raw material sourcing
arrangement from farmers providing easy access and cost advantage.

Shivam Cotton Industries was established in the year 1998 and is
engaged in the business of ginning and pressing of raw cotton
along with crushing of cotton seed to extract cotton seed oil and
cotton seed cake. The firm's plant is located in Karjan with
production capacity of 300 bales per day.

Recent Results

For the year ended on March 31, 2012, the firm reported an
operating income of INR45.86 crore and profit after tax of INR0.12
crore as against an operating income of INR43.34 crore and profit
after tax of INR0.15 crore for FY 2011.


VIPUL ENTERPRISES: ICRA Places 'C+' Ratings on INR5.50cr Loans
--------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]C+' and short
term rating of '[ICRA]A4' the INR7.50 crores bank facilities of
Vipul Enterprises.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------               --------    -------
   Long Term Fund Based-      3.00      [ICRA]C+ assigned
   Cash Credit

   Long Term Fund Based-      2.49      [ICRA]C+ assigned
   Term Loan

   Short Term Non Fund        1.00      [ICRA]A4 assigned
   Based-Bank Guarantee

   Short Term Non Fund        1.00      [ICRA]A4 assigned
   Based-Letter Of Credit

   Long Term Non Fund         0.01      [ICRA]C+ assigned
   Based Unallocated

The assigned rating is constrained by Vipul's limited track record
in manufacturing solar panels and exposure to the project risk
associated with ongoing capital expenditure. Rating also takes
into account Vipul's small scale of operation and intense pricing
pressures prevailing across the solar upstream value chain due to
global supply glut which is expected to continue in the short to
medium term. The rating however, favorably takes into account the
long standing experience of promoters in running business and
their strong relationships with several customers and suppliers.

Vipul Enterprises has been set up by Mr. Vipul Arora to supply
solar PV products in off grid space including home lighting
systems. The company has already installed 117kw of the solar PV
power plants for Central Electronics Limited and is in the process
of obtaining more orders. The company has set up 25Mw of the solar
panel manufacturing facility in Kalaamb Himachal Pradesh which is
expected to be operational from May 2013. The promoters have
another group company Swatex Excel Private Limited which is
engaged in the consultancy business in the irrigation sector.

Recent Results:

Vipul reported a net profit of INR0.04 crores on an operating
income of INR0.92 crores for the year ended March 31, 2012 and a
net loss of INR0.02 crores on an operating income of INR0.01
crores for the year ended March 31, 2011.



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


TOKYO ELECTRIC: Execs Voiced Staff Exodus Concerns, Minutes Show
----------------------------------------------------------------
Tokyo Electric Power Co. executives spent dozens of meetings
fretting about the company's future as hundreds of younger
employees quit over salary cuts after Fukushima, according to
minutes obtained by Bloomberg News.

"The company could quickly deteriorate" as workers leave at "a
rapidly accelerating rate," Bloomberg quotes an unidentified
executive as saying at an Oct. 4 meeting last year of the
government-backed fund designed to bail out the utility. Tepco, as
it's known, faces an estimated JPY11 trillion ($116 billion) in
cleanup costs from the wrecked Fukushima Dai-Ichi plant, Bloomberg
notes.

The comments are in redacted proceedings of 23 meetings of the
fund's steering committee held from Oct. 3, 2011, to April 8,
2013, obtained through a freedom of information request, says
Bloomberg.

Almost 1,200 employees voluntarily resigned in the two years ended
in March this year, Tepco Managing Executive Officer Mamoru
Muramatsu said in an April 8 meeting, according to the minutes
cited by Bloomberg. Turnover among employees under 30 accounted
for about half of all voluntary departures, President Naomi Hirose
said at a Nov. 12 meeting, Bloomberg reports.

"The biggest reason is money," Ms. Hirose said, according to the
minutes.  "It's difficult for us to stop them when they say they
have loans and have to take care of kids and so on."

The notes offer the first full view of the committee's operations
and talks among senior officials involved in the Tokyo-based
utility's revival following the Fukushima earthquake and tsunami
in March 2011. The workings of the committee are contained in 227
pages, parts of which mask most attendees' names and agenda items
deemed too sensitive to be made public, according to a letter from
the fund provided to Bloomberg as part of the request.

The utility cut annual salaries by 25 percent for managers and 20
percent for workers under its turnaround plan released in May last
year. The average annual salary of Tepco employees over the three
years ending March 2015 will be reduced to JPY5.9 million, the
utility said in a July 25 statement.

                     About Tokyo Electric

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.



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


GS ENGINEERING: Faces Probe on Alleged Accounting Fraud
-------------------------------------------------------
Kim Rahn at The Korea Times reports that the Financial Supervisory
Service (FSS) is considering launching a probe into GS Engineering
and Construction over suspicions of it manipulating its accounts,
officials said Sunday.

The report relates that the Solidarity for Economic Reform, a
civic group, asked the regulator to conduct a special inspection
into South Korea's fourth-largest builder last month.

If the allegations are confirmed, the FSS may ban the company from
issuing new bonds or stock certificates and recommend the
dismissal of its chief, according to The Korea Times.  The
company's CEO Huh Myung-soo already resigned on June 12. He is the
younger brother of Huh Chang-soo, GS Group chairman and largest
shareholder of the construction arm.

According to the report, FSS officials said they are reviewing the
case. "We will decide whether to investigate the firm after
looking into more details about the case," an official said.

They are currently examining the firm's financial documents to
ascertain the veracity of the allegations, the report notes.

In April, the company said it recorded KRW535.4 billion in
operating losses in the first quarter of the year. Its total sales
amounted to KRW1.8 trillion, 13.4 percent down from the same
period last year, and resulting in KRW386 billion in net losses,
The Korea Times discloses.

The report relates that the company also said the huge deficit
resulted from the increased cost of overseas plant construction
projects, accounting for its increased operational costs in the
first quarter.  However, the civic group said the company was
aware of the rise last year but did not calculate it at that time,
the report relays.

"It is suspected that the delayed inclusion of the loss was in
violation of accounting regulations," the group said in a press
release obtained by The Korea Times.

Based in Seoul, South Korea, GS Engineering & Construction
Corporation operates as an engineering, procurement, and
construction contractor. The company offers services primarily in
the areas of plants, power and environment, civil engineering,
housing, architecture, and development.


STX GROUP: Pan Ocean Falls as Receivership Filing Accepted
----------------------------------------------------------
Kyunghee Park at Bloomberg News reports that STX Pan Ocean Co.
slumped to the lowest level in Seoul trading since its listing
after a court accepted its application to seek protection.

Bloomberg relates that Pan Ocean fell by its daily 15 percent
limit to KRW2,185, the lowest price since September 2007, when it
debuted on the Korea Exchange.  The report says trading in the
shares had been halted since June 6, and the company filed for
court receivership the next day. The stock was the worst performer
on the benchmark Kospi index on June 17.

"This is only the start of more pain for Pan Ocean and other units
of STX Group," Bloomberg quotes Cho Byoung Hee, an analyst at
Kiwoom Securities Co. in Seoul, as saying. "The court's acceptance
will mean investors will see their equity written down and
creditors will swap debt for equity as part of the restructuring
plan."

STX Pan Ocean sought court receivership after Korea Development
Bank, the main creditor and Pan Ocean's second-biggest
shareholder, decided against buying the company from STX Group,
Bloomberg reports.

STX Group -- with businesses ranging from shipbuilding to
components that go into vessels -- is the largest shareholder of
Seoul-based Pan Ocean. The parent has been trying to raise
KRW2.5 trillion (US$2.2 billion) by selling stakes in units as a
slump in bulk shipping rates caused ship orders to tumble.

STX Offshore and two other units of the STX Group had voluntarily
sought debt rescheduling with their creditors, Bloomberg notes.



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


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---------------------------------------------

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July 11-13, 2013
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July 18-21, 2013
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Aug. 8-10, 2013
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      Mid-Atlantic Bankruptcy Workshop
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Aug. 22-24, 2013
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      Southwest Bankruptcy Conference
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Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
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Dec. 2, 2013
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      19th Annual Distressed Investing Conference
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Dec. 5-7, 2013
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      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
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                             *********

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 ***