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                      A S I A   P A C I F I C

             Monday, July 1, 2013, Vol. 16, No. 128



PROCUREMENT MANAGEMENT: Clifton Hall Appointed as Liquidators
SMHL SERIES 2008-1: Fitch Affirms, Withdraws 'BB' Notes Rating
STORM FINANCIAL: ASIC to Press Ahead With Case vs. Storm Founders


CHINA GINSENG: Amends Reports to Address SEC Comments
NORD ANGLIA: Moody's Assigns B3 Rating to $165MM New Notes
* Chinese Issuer Exposure Manageable for U.S. and European MMFs
* Policies to Spur Rise in Securitisation; Challenges Remain


AKS ALLOYS: ICRA Assigns 'B+' Rating to INR15cr Loan
BALDEV METALS: ICRA Assigns 'B+' Rating to INR8cr LT Loan
DHARMLOK INDUSTRIES: ICRA Assigns 'B' Rating to INR4.36cr Loan
KASIM COAL: ICRA Revises Rating on INR5cr Loan to '[ICRA]B+'
LUXMI RICE: ICRA Assigns 'B' Rating to INR10cr LT Loan

OVERSEAS TRADERS: ICRA Revises Rating on INR13cr Loan to 'B+'
ROLTA LLC: Fitch Assigns 'BB-' Rating to US$200MM Senior Notes
SATYA DEVA: ICRA Assigns 'B+' Ratings to INR8.15cr Loans
SHRI KRISHNA: ICRA Rates INR12cr Loan at '[ICRA]B+'
SRI HANUMA: ICRA Reaffirms 'B+' Rating on INR10.75cr Loan


ELPIDA MEMORY: US Judge Approves Micron's $2BB Takeover
RENESAS ELECTRONICS: To Axe More Than 1,000 Jobs in Europe

N E W  Z E A L A N D

CAPITAL + MERCHANT: Directors Receive Additional Jail Sentence
ROSS ASSET: FMA Lays More Charges Against David Ross

S O U T H  K O R E A

STX PAN OCEAN: Seeks Ch. 15 To Stay Afloat

S R I  L A N K A

PEOPLE'S MERCHANT: Fitch Affirms 'BB+' National Long-Term Rating

                            - - - - -


PROCUREMENT MANAGEMENT: Clifton Hall Appointed as Liquidators
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators in respect of Procurement Management
Services Pty Ltd on June 28, 2013.

SMHL SERIES 2008-1: Fitch Affirms, Withdraws 'BB' Notes Rating
Fitch Ratings has affirmed and withdrawn SMHL Series 2008-1's
Class B notes 'BBsf' rating with Stable Outlook. The transaction
is a securitisation of Australian conforming residential mortgages
originated by Member Equity Bank Pty Ltd (ME Bank). The rating
action is as listed below.

-- AUD36.26 million Class B (ISIN AU3FN0007613) affirmed at
   'BBsf', Outlook Stable; rating withdrawn

Key Rating Drivers

The rating was withdrawn as it is no longer considered by Fitch to
be relevant to the agency's coverage due to a lack of investor
interest. It was affirmed at 'BBsf' prior to this rating

The rating reflected the transaction's 100% coverage by mortgage
insurance, with policies provided by Genworth Financial Mortgage
Insurance Pty Ltd. The credit quality and performance of the loans
in the collateral pools remained in line with the agency's

Performance of the transaction had been within Fitch's
expectations with low levels of defaults and arrears. Arrears
levels had fallen since January 2013, with 30+days arrears
reported at 0.73% at end-May 2013, well below the latest Dinkum
level of 1.48%. There have been three foreclosures since issuance,
with one claim on lenders mortgage insurance of AUD87,276.

STORM FINANCIAL: ASIC to Press Ahead With Case vs. Storm Founders
The Australian Securities and Investment Commission on June 28
welcomed the Federal Court's decision to dismiss an application by
Storm Financial founders Emmanuel and Julie Cassimatis seeking
summary dismissal of ASIC's case against them.

The decision means ASIC can pursue its civil penalty proceedings
alleging the executive directors breached their directors' duties.

ASIC is seeking to ban the Cassimatises from the financial
services industry and disqualify them from managing companies, as
well as the payment of pecuniary penalties.

ASIC said it will now be asking the court to implement a timetable
for these proceedings to be progressed to trial.

"Since Storm's collapse ASIC has been seeking compensation for
investors as well as pursuing regulatory action against those
companies and individuals intrinsically involved in implementing
the Storm model," ASIC Deputy Chairman Peter Kell said.

In May 2013, ASIC secured AUD1.1 million in compensation on behalf
of two former Storm investors, Barry and Deanna Doyle.

ASIC has also appealed a recent decision of the Federal Court to
approve the settlement between former Storm Financial clients and
Macquarie Bank Limited. ASIC's challenge is not to the amount of
the settlement, rather to the fairness of the settlement
distribution among all of the class action members who are
entitled to participate in it. This appeal will be heard by the
Full Court of the Federal Court in Brisbane on Aug. 5, 2013.

And last year, ASIC and CBA reached an agreement for the bank to
provide up to AUD136 million in compensation for Storm investors
who borrowed with the bank.

The Cassimatis matter will return to court for a directions
hearing on July 11, 2013, at which time the court will order a
timetable to progress the proceedings to trial and also hear
argument on the question of costs arising from the court's
decision to dismiss the defendants' application.

                        About Storm Financial

Storm Financial Limited --
operated in the Australian wealth management industry.  The
company managed over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds were invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

In 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AUD20 million.  Storm later closed its business and fired all of
its 115 staff.  The closure, the company's administrators said,
was due to the significant reduction in Storm's income resulting
in trading losses being incurred "at a rate which the company
could no longer absorb."

The Commonwealth Bank of Australia, Storm's largest creditor,
lodged a AUD27.09 million debt claim at a first meeting of the
company's creditors on Jan. 20, 2010.  The group's remaining
creditors are owed AUD51 million, plus a provision for dividends
of AUD10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the


CHINA GINSENG: Amends Reports to Address SEC Comments
China Ginseng Holdings, Inc., has amended its quarterly reports
for the periods ended Dec. 31, 2012, and March 31, 2013, to
respond to the Securities and Exchange Commission's comments.  The
Company is revising its disclosure of Liquidity and Capital
Resources regarding the Company's default on the note payable of
RMB1 million to Meihekou City Rural Credit Union to indicate the
course of action the Company has taken to remedy the default and
how the default has or will impact the Company's ability to raise
capital in the future.

Copies of the amended Form 10-Qs are available for free at:


Changchun City, China-based China Ginseng Holdings, Inc., conducts
business through its four wholly-owned subsidiaries located in
China.  The Company has been granted 20-year land use rights to
3,705 acres of lands by the Chinese government for ginseng
planting and it controls, through lease, approximately 750 acres
of grape vineyards.  However, recent harvests of grapes showed
poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and

The Company reported a net loss of $3.1 million on $2.7 million of
revenues for the nine months ended March 31, 2013, compared with a
net loss of $1.1 million on $3.1 million of sales for the nine
months ended March 31, 2012.  "The net loss was primarily due to
the decreased whole sales and increased cost of sales as a
percentage of revenue and the inventory impairment.

The Company's balance sheet at March 31, 2013, showed
$6.3 million in total assets, $6.8 million in total liabilities,
and a stockholders' deficit of $462,148.

NORD ANGLIA: Moody's Assigns B3 Rating to $165MM New Notes
Moody's Investors Service has downgraded the rating of the $325
million Senior Secured Notes due 2017 issued by Nord Anglia
Education (UK) Holdings plc. to B3 from B2. Moody's has
concurrently affirmed Nord Anglia Education, Inc.'s B3 corporate
family rating, B3-PD probability of default rating and the Caa2
rating on the $150 million PIK Toggle Notes due 2018. Moody's has
also assigned a B3 rating to the $165 million add-on notes due
2017. The ratings outlook remains stable.

The proceeds of the proposed $165 million senior notes will be
used (1) to repay the 125 million bridge loan put in place in May
2013 for the acquisition of World Class Learning Group Ltd and for
the repayment of the $11 million HSBC facility; (2) for corporate
general purposes including acquisitions and (3) for related fees
and expenses.

Ratings Rationale:

The affirmation of Nord Anglia Education, Inc.'s B3 CFR reflects
Moody's beliefs that the company's premium schools segment will
continue to deliver positive organic sales growth through new
enrolments and annual tuition fee increases. Moody's expects that
NAE will continue to offset the negative trends in the number of
visits and enquiries by an improved conversion rate as seen in the
year to date performance through 9 June 2013.

NAE's B3 CFR remains constrained by the company's high leverage
estimated at around 7.2x/7.3x at the end of August 2013 pro-forma
for the acquisition of World Class Learning Ltd (WCL). Given the
material shareholder contribution ($133 million) to the financing
of WCL, the acquisition is almost leverage neutral.

On May 22, 2013, NAE completed the acquisition of WCL, which
operates eleven international schools out of which six schools are
located in the US and one school in Spain where NAE is not
present. The acquisition of WCL will therefore improve NAE's
business profile through greater geographic diversification.
However, EBITDA contribution from the company's schools in China
will remain above 50%. This leaves NAE exposed to expatriate flows
coming out of China.

Moody's expects that NAE will use part of the proceeds from the
$165 million additional notes to fund additional acquisitions.
However, the B3 CFR assumes that Nord Anglia will adopt a prudent
approach towards debt-financed acquisitions; leading to a Moody's
adjusted leverage ratio trending towards 6.5x by August 2014.

Structural Considerations

The uplift that was provided by the $150 million PIK Toggle Notes
to the Senior Secured Notes has been diluted as a result of the
proposed issuance of the $165 million additional notes because it
will increase the quantum of Senior Secured notes within the
capital structure. As a result, the rating of the Senior Secured
Notes is being aligned with the CFR at B3.

The B3 rating assigned to the $165 million additional notes is at
the same level as the rating of the existing $325 million Senior
Secured Notes. This reflects the fact that the additional notes
will be issued under the same indenture of the $325 million Senior
Secured Notes and will be governed by the same terms and


The stable outlook reflects Moody's expectations that NAE will
continue to generate positive free cash flow and will not engage
in any material debt-funded M&A activity.

What Could Change The Ratings Up/Down

Negative pressure on the ratings could arise if the company's
leverage materially rises above 7.0x by August 2013 and if it does
not trend towards 6.5x by August 2014. Furthermore, any material
deterioration in the company's liquidity position could contribute
towards a rating downgrade. Conversely, positive pressure on the
ratings could develop if (1) the company's utilization rate and
revenue per student were to improve leading to the adjusted
debt/EBITDA ratio falling below 6.0x on a sustainable basis; (2)
the company sustains positive free cash flow generation and (3)
the company reports ample headroom under its financial covenants.

The principal methodology used in these ratings was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the U.S.,
Canada and EMEA published in June 2009.

Headquartered in Hong Kong, China, Nord Anglia Education, Inc.
operates 25 international premium schools, with more than 14,500
students ranging in level from pre-school through to secondary
school. NAE also provides a range of outsourced education and
training contracts with governments in the UK, the Middle East,
and Asia through its Learning Services division. For the fiscal
year ended August 31, 2012, NAE generated revenues of $264.6

* Chinese Issuer Exposure Manageable for U.S. and European MMFs
Certain U.S. and European prime money market funds (MMFs) have
modest exposures to Chinese issuers, according to Fitch Ratings.
"We have reviewed these exposures in light of recent liquidity
pressures in the Chinese interbank and money markets and believe
U.S. and Europeans MMF exposures to date are manageable due to
their small allocations," Fitch says.

MMFs have made modest investments in certain Chinese issuers over
the last few months to compensate for low yields and reduced
supply from traditional issuers in developed markets. The
exposures are primarily to the major state-controlled or
affiliated banks and industrial companies.

The ratings of these firms generally reflect expected support from
the Chinese government (rated 'A+/F1' by Fitch) and are in line
with Fitch's 'AAAmmf' rating criteria. The average allocation to
Chinese issuers in Fitch-rated U.S. and European prime MMFs is
less than 1%, although in certain funds, it can be as high as 4%.
The maturity profile of these securities is typically under 90

Recent actions by the Chinese central bank to curtail lending in
China's "shadow" banking system have led to sharply reduced
liquidity and increased volatility in the Chinese interbank and
money markets. However, liquidity strains appear to have abated
more recently.

Fitch receives regular surveillance reports from rated funds and
will continue to monitor developments in China's money markets and
MMFs' Chinese exposures.

For additional information on portfolio allocations and
characteristics of Fitch-rated MMFs, see the special report "U.S.
Money Market Funds Dashboard," dated June 2013, available on our
website at

* Policies to Spur Rise in Securitisation; Challenges Remain
Fitch Ratings says in a special report that it expects more
securitisation transactions to launch in China following new
regulations promulgated under the specific asset management plan
(SAMP) and the credit asset securitisation pilot scheme (CAS).
However, challenges remain in data robustness, legal
enforceability and transaction structure.

Data robustness remains an issue for Chinese securitisation
portfolios. Due to the rapid and continuous growth of China's
economy in the past 30 years, asset delinquency and default data,
as well as property price data, do not cover a full economic
cycle. Therefore, it is difficult to arrive at fair assumptions
for asset default and recovery rates. Incomplete or a short
history of data further makes credit analysis of Chinese
securitisations difficult.

Bankruptcy-remoteness of the originator from project assets of
SAMP ABS remains unclear. This stems from an absence of
comprehensive rules on how to effectively transfer the asset title
for various eligible asset types under the SAMP framework. Fitch
believes it is difficult to rate transactions significantly above
the rating of the originator as a result of the lack of clarity in

There is no substitution or revolving mechanism present in the
structure of prevailing CAS transactions. Because of the short
tenor of SME loans, such securitisations are quickly paid off,
resulting in the weighted-average life of the transaction being
less than one year. This results in the need to originate a new
transaction and incur the associated costs, making it difficult
for banks to use securitisation as a capital management tool. The
governing CAS rules are silent on the revolving arrangement and
all issued transactions thus far under the CAS pilot scheme are

By contrast SAMP's updated rules released in March 2013 explicitly
allow the revolving structure. The principal repayments of the
project assets can be used to purchase new project assets from the
originator, as long as the eligible criteria, purchase volume, and
mitigants of liquidity risk have been addressed in the transaction
documents. Fitch believes SAMP's framework is more attractive to
originators whose assets are short tenor, such as credit-card,
consumer, or SME loans.

Details of the analyses of the Chinese securitisation framework
can be found in the report titled, "China Securitisation Framework
and Development - Current Characteristics and Foreseeable
Problems" which is available at or by
clicking on the link above.


AKS ALLOYS: ICRA Assigns 'B+' Rating to INR15cr Loan
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR15.00
crore fund based facilities of AKS Alloys Private Limited. ICRA
has also assigned a short-term rating of '[ICRA]A4' to the INR5.00
crore fund based (sub-limit) facility and the INR10.00 crore non-
fund based facility of AAPL.

   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund based facility       15.00    [ICRA]B+ assigned

   Fund based (sub-limit)    (5.00)   [ICRA]A4 assigned

   Non fund based facility   10.00    [ICRA]A4 assigned

The assigned ratings consider the experience of promoters in the
steel industry for over two decades. The ratings also consider the
Company's stretched capital structure and coverage metrics, its
exposure to the cyclicality inherent in the steel industry, and
the high competition in the fragmented and commoditised steel
ingots manufacturing and scrap trading business which restricts
scope for expansion of the operating margin, which is already thin
due to the low value-added nature of operations. AAPL's accruals
are vulnerable to sharp unfavourable movements in foreign exchange
rates, akin to the current trend, in the absence of hedging. While
the ongoing weakness in the steel industry is expected to impact
the Company's revenue growth and accruals at least in the near
term, the favourable demand outlook for steel products in the
long-term is expected to drive business growth. AAPL's revenues
and accruals in the current fiscal are also expected to be
impacted due to suspension of operations since mid-May 2013, on
account of non-availability of labour.

Incorporated in 2000, AAPL is primarily engaged in manufacturing
steel ingots and trading steel scrap / ingots. The Company
operates a steel ingot manufacturing facility, with a capacity of
18,000 TPA, at Pondicherry. The Company is closely held and
managed by the promoter group, mainly comprising Mr. Sanjay Kumar
Sharma and Mr. Nemi Chand Kothari. The Company has 48% equity
share holding in SAR Ispat Private Limited, which is engaged in
manufacturing steel billets at Pondicherry with a capacity of
36,000 TPA.

Recent results

The Company reported a net profit of about INR1.0 crore on an
operating income of INR95.7 crore during 2012-13 (according to
unaudited results) against a net profit of INR0.6 crore on an
operating income of INR137.3 crore during 2011-12.

BALDEV METALS: ICRA Assigns 'B+' Rating to INR8cr LT Loan
ICRA has assigned a long term rating of '[ICRA]B+' to the INR8.00
crores fund based bank facilities of Baldev Metals Private

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits-       8.00    [ICRA]B+ assigned
   Long Term

The assigned rating is constrained by BMPL's presence in a highly
fragmented and competitive industry which coupled with the low
value added nature of the business has resulted in low
profitability at operating and net levels in the past. The rating
also takes into account the company's modest scale of operations,
its exposure to raw material price fluctuation risk and stretched
liquidity position as evidenced by high working capital
utilization. The rating however derives comfort from the long
track record of the promoters and proximity of the company to raw
material sources resulting in availability of raw material at
competitive prices.

Established in the year 1990, BMPL is engaged in manufacturing of
aluminium ingots. The company is promoted by Mr. Raj Kumar, Mr.
Ashok Kumar, Mr. Rajinder Kumar and Ms. Dimple Rajput. The company
has three furnaces for manufacturing Aluminium Ingots with
installed capacity 400 tonne/month (~4800 MT/annum).

Recent Results:

BMPL reported a net profit of INR0.21 crores on an operating
income of INR56.97 crores for the year ended March 31, 2012 and a
net profit of INR0.17 crores on an operating income of INR44.99
crores for the year ended March 31, 2011.

DHARMLOK INDUSTRIES: ICRA Assigns 'B' Rating to INR4.36cr Loan
ICRA has assigned a long term rating of '[ICRA]B' to the INR4.36
crores fund based limits and short term rating of '[ICRA]A4' to
the INR5.00 crores fund based limits of Dharmlok Industries.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits-       4.36    [ICRA]B assigned
   Long Term

   Fund Based Limits-       5.00    [ICRA]A4 assigned
   Short Term

The assigned ratings are constrained by high gearing level arising
out of the large working capital funding and weak profitability
metrics at operating and net levels in firm's core business of
grain processing and trading. The ratings also take into account
high intensity of competition in the industry and agro climatic
risks, which can affect the availability of agro products in
adverse weather conditions. The ratings however, favorably take
into account long standing experience of promoters with strong
relationships with several customers and suppliers coupled with
proximity of the mill to major agro growing area which results in
easy availability of raw materials.

Dharmlok Industries was established in the year 1992 as a
proprietorship concern with Mr Mohanlal Batra as proprietor. The
Company is engaged in the business of trading and processing of
Grains, Poha, and Murmura. Rahar Dall is the main product of the
firm having significant share in the revenues. Manufacturing unit
of the firm is located at Katni, Madhya Pradesh with a capacity of
30,000 MT per annum.

Recent Results:

DI reported a net profit of INR0.30 crores on an operating income
of INR34.76 crores for the year ended March 31, 2012 and a net
profit of INR0.38 crores on an operating income of INR48.31 crores
for the year ended March 31, 2011.

KASIM COAL: ICRA Revises Rating on INR5cr Loan to '[ICRA]B+'
ICRA has revised the long term ratings for INR5.00 crore bank
facilities of Kasim Coal and Logistics Private Limited from
'[ICRA]BB' to '[ICRA]B+' and has reaffirmed the short term rating
of '[ICRA]A4' for INR50.00 crore bank facilities.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long term-Fund           5.00    [ICRA]B+ (Revised)

   Short term-Non          50.00    [ICRA]A4 (Reaffirmed)
   Fund based

Rating Rationale

The revision in the ratings takes into account the devolvement in
the letter of credit of the company in the recent past due to
delay in realizing payment from the customers, moderate revenues
reported by the company in FY2012 and FY2013 on account of fall in
coal trading volumes and inherently low profit margins on account
of trading nature of the operations. ICRA also notes that company
mainly imports coal from Indonesia, and the Indonesian coal
exports are exposed to increased regulatory risks (proposed volume
restrictions on coal exports and increase in taxes) since 2009.

However, the ratings draw support from the favorable outlook for
the coal trading industry arising out of demand and supply
scenario, long track record of promoters in this business and the
coal sourcing arrangement of KCL in Indonesia, which augurs well
for the future revenue growth given the domestic demand for coal.
The ratings also factor in continues support from the promoters in
terms of regular equity infusion in the past. While company is
exposed to forex variation risks arising out of its predominantly
import based transactions, its ability to hedge against these
variations is critical to the profitability.

Kasim Coal and Logistics Private Limited was incorporated in
FY2007, and is promoted by Yasin & Yesesi Group. KCL is primarily
engaged in trading imported non-coking coal and has traded close
to 109785 MT in FY2012. Over the years KCL has supplied to
customers like Chettinad Cement India Limited, JSW Steel,
Seshasayee Paper and Boards Limited, MRF Limited, OPG Power etc.

In FY-2013 it has (provisionally) recorded INR39.15 Cr Operating
Income, INR0.58 Cr OPBITDA and INR0.07 Cr net profit. In FY2012
(audited) it had recorded INR49.50 Cr Operating Income, INR1.71 Cr
OPBITDA and INR0.08 Cr net profit.

LUXMI RICE: ICRA Assigns 'B' Rating to INR10cr LT Loan
ICRA has assigned the long term rating of '[ICRA]B' to the
INR10.00 crores fund based bank facilities of Luxmi Rice Mill.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based-Long Term    10.00    [ICRA]B assigned

The assigned rating is constrained by the low value additive and
highly competitive nature of the rice milling industry which has
impacted the profitability indicators of the company. This coupled
with the high gearing of the company, arising out of substantial
debt funding of large working capital requirements, have resulted
in modest coverage and liquidity indicators for the company. ICRA
also factors in the agro climatic risks, which can impact the
availability of the basic raw material namely paddy. The rating
however, favorably takes into account the long standing experience
of promoters in the rice industry, their strong relationships with
several customers and suppliers and proximity of the mill to major
rice growing area which results in easy availability of paddy.

Luxmi Rice Mill was established in the year 1983 as a
proprietorship firm with Mr. Roshan Lal as proprietor. Luxmi Rice
Mill is engaged in the business of processing and trading of rice
in domestic market and no export sales are made by the firm. The
entire raw material requirement is met from local mandi of Haryana
as well as commission agents in Uttar Pradesh. Firm deals in both
Basmati as well as non-Basmati rice. Company is having its
manufacturing unit at Karnal Kaithal Road, Nissing. Plant has a
milling capacity of 3 tonnes per hour of paddy.

Recent Results:

LRM reported a net profit of INR0.10 crores on an operating income
of INR26.00 crores for the year ended March 31, 2012 and a net
profit of INR0.06 crores on an operating income of INR18.03 crores
for the year ended March 31, 2011.

OVERSEAS TRADERS: ICRA Revises Rating on INR13cr Loan to 'B+'
ICRA has revised the long-term rating for the INR13.00 crore
(enhanced from INR11.00 crore) long-term fund based bank facility
of M/s Overseas Traders to '[ICRA]B+' from '[ICRA]BB-'. The short-
term rating for the INR5.00 crore (enhanced from INR3.00 crore)
non-fund based bank facility has been reaffirmed at '[ICRA]A4'.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long-term fund based     13.00   Revised to [ICRA]B+ from
   Facility                         [ICRA]BB- (Stable)

   Short- term non-fund      5.00   Reaffirmed at [ICRA]A4
   based facility

The revision in rating incorporates the firm's high working
capital intensity due to elongated receivables and high inventory
levels which adversely impacts liquidity position; it also
incorporates the increase in gearing level to 2.09 times as on
March 31, 2013 on account of higher working capital requirements
and the resultant depressed coverage indicators. ICRA also notes
that the intensely competitive and limited value-adding nature of
the trading industry has resulted in the firm's thin
profitability. The ratings also factor in OT's vulnerability to
agro climatic conditions and regulatory risks given that it trades
in agro commodities. Also, the firm's capital structure is
susceptible to the risks associated with the entity's status as a
partnership firm including the risk of capital withdrawal. The
ratings, however, favorably factor in the established experience
of partners in the agro-commodity trading business and steady
growth in operating income in FY 12 and FY 13 supported by
increased demand.

Overseas Traders is a partnership firm established in 1977 and is
engaged in the export of agricultural commodities like onions,
potatoes, tendu (beedi) leaves, fresh fruits and vegetables. OT
has its registered office at Mahim, Mumbai.

Recent Results

As per its audited financials for FY 12, OT recorded a net profit
of INR0.43 crore on an operating income of INR40.25 crore. As per
the provisional financials for FY 13, the firm reported a net
profit of INR0.47 crore on an operating income of INR45.66 crore.

ROLTA LLC: Fitch Assigns 'BB-' Rating to US$200MM Senior Notes
Fitch Ratings has assigned India-based Rolta, LLC's USD200 million
guaranteed senior notes due 2018 a final rating of 'BB-'. The
final rating follows the receipt of documents conforming to
information already received, and is in line with the expected
rating assigned on May 7, 2013.

Rolta, LLC is a wholly owned subsidiary of India-based technology
company, Rolta India Limited. (Rolta, BB-/Stable)

Rolta has used a major portion of the proceeds from the issue in
refinancing its existing debt, and plans to continue to pay down
its secured debt to reduce the subordination of senior unsecured
creditors. However, the issue rating may be downgraded if the
planned progress on reducing subordination is not made in a timely

Key Rating Drivers

Small scale, limited diversification: Despite its high
profitability Rolta's ratings are constrained by its small scale
of operations. Given its size, Fitch believes that the company's
growth strategy will continue to rely partly on acquisitions of
core technologies to strengthen its intellectual properties which
will require high capex and limit its ability to deleverage.

Increase in leverage: Fitch forecasts that Rolta's funds flow from
operations (FFO)-adjusted leverage will increase well above 3x by
end-FY13 from 2.8x at end-FY12 due to capex. Rolta's free cash
flow (FCF) is likely to remain negative over the medium term as
capex will only slowly decline from a peak of INR14bn in FY12.

Niche-market operation: Rolta's key credit strength lies in its
established market position in engineering and geospatial services
which have high entry barriers. This has led to solid revenue
growth and operating EBITDAR margins over 40%, which compare
favorably with industry peers. In addition, Indian defence
spending is likely to grow which will continue to underpin Rolta's
growth over the long term.

Transition to IP-led strategy: Rolta's gradual transition to an
IP-led solution provider is a sound strategy as it creates long-
term recurring revenues in the form of licence sales and
maintenance fees. The company's target to improve the IP-driven
revenue share to 25%-30% in the next two to three years from the
current 15% should add stability to revenue growth and operating

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

- FFO-adjusted leverage increasing above 4x. However, Fitch
  expects the company to maintain leverage below 4x in the
  medium term, driven by a gradual decrease in capex and
  stable FFO growth.

- failure to reduce subordination of the senior unsecured
  creditors, which would lead to a downgrade of the issue

Positive: Fitch does not foresee any positive rating action over
the medium term, as Rolta's IDR is constrained by the small scale
of its operations.

SATYA DEVA: ICRA Assigns 'B+' Ratings to INR8.15cr Loans
ICRA has assigned a long-term rating of '[ICRA]B+' to INR8.15
crores fund based limits of Satya Deva Steels.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash credit             7.00     [ICRA]B+
   Term Loan               1.15     [ICRA]B+

The assigned rating factors in the strong growth in revenues in
the last two years with the operating income increasing from
INR18.47crores in FY 2010 to INR42.04 crores in FY2012 primarily
due to increase in capacity utilization. The rating also favorably
factors in the strong demand for steel products due to favorable
outlook for construction and infrastructure sector.

However, the assigned rating is constrained by moderate
profitability margins and limited track record of operations of
the company; highly fragmented nature of the steel industry
leading to intense competition and pricing pressures; and highly
cyclical nature of the steel industry which makes the cash flows
of the players volatile.

Satya Deva Steels is involved in the manufacture of Mild Steel
Rebars and and Miss Rolls. It is also involved in the trading of
binding wires and 6mm bars. The manufacturing plant is at
Tadepalligudam in West Godavari District, Andhra Pradesh. The
company has an installed capacity of 15000 MT per year. SDS is
promoted by Kotha family with Mr. Kotha Surya Ramesh and Mr. Kotha
Naga Raju as the Managing partners. The day to day operations of
the company are supervised by Mr. Ramesh whereas Mr. Kotha Naga
Raju is also involved in jewellery business.

Recent Results

In FY 2012, the company reported an operating income of INR42.04
crores and an operating profit of INR1.98 crores as against an
operating income of INR29.13 crores and an operating profit of
INR1.50 crores in FY 2011.

SHRI KRISHNA: ICRA Rates INR12cr Loan at '[ICRA]B+'
ICRA has assigned an '[ICRA]B+' rating to the INR12.00 crore fund
based facilities of Shri Krishna Jute Traders.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based-Cash         12.00    [ICRA]B+ assigned

The assigned rating takes into account the firm's weak financial
profile as reflected by operating level losses incurred during the
past two financial years on account of susceptibility of margins
to sugar and jute price fluctuation and non-adherence to pricing
commitment by jute players. The operations and margins of the firm
as further exposed to supply side constraints viz. agro climatic
conditions as well as demand uncertainties given the highly
regulated framework of sugar industry. The rating also factors in
the high fragmentation and competition on account of the
unorganized nature of the industry and the risk associated with
capital withdrawals as inherent in the proprietorship firm.

The rating, however favorably factors in the long standing
experience of the promoter in the sugar industry and revenue
growth witnessed by the firm during the period, mainly contributed
by orders from a reputed player in the food industry. The rating
also takes into account the healthy order book position of the
firm, which provides revenue visibility for current financial

Established in 1966, by Mr. Premji Ruparel, Shri Krishna Jute
Traders is engaged in trading of sugar and jute in the domestic
market. Shri Dutt Polytextiles (rated [ICRA]BB+/ Stable /
[ICRA]A4+) is the associate firm of SKJT, engaged in export of
sugar and its by-products.

Recent Results

The firm has recorded a net loss before tax of INR4.35 crore on an
operating income of INR113.04 crore in the financial year 2011-
12.The firm has achieved an operating income of INR97.55
(provisional) crore in 2012-13.

SRI HANUMA: ICRA Reaffirms 'B+' Rating on INR10.75cr Loan
ICRA has reaffirmed the '[ICRA]B+' long term rating assigned to
INR10.75 crore (enhanced from INR5.75 crore) fund based bank lines
of Sri Hanuma Enterprises.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
  Fund Based Limits       10.75     [ICRA]B+; reaffirmed

The assigned rating continues to be constrained by the low
operating margins inherent in the trading segment, the present
small but increasing scale of operations, and the susceptibility
to regulatory risks and climatic risks. Tobacco is a seasonal crop
and its production and auctioning is tightly controlled by tobacco
board of India. The board prescribes the quantity of tobacco to be
cultivated and prices the auctions. Any overproduction faces
punitive measures including fines.

Nonetheless, the assigned rating is supported by the long-standing
experience of the promoters of nearly three decades, their network
with aggregators and manufacturers, and the relatively stable and
price inelastic nature of demand for tobacco products. The
promoters have been into cultivating and sales of tobacco through
other group firms previously. Their strong network in the industry
is an operational strength for the company which can be seen as
SHE has been able to secure commitments from other aggregators and
manufacturers. Further, the price inelasticity in tobacco demand
would help the company pass any increase in leaf costs to its

The ability of the promoters to increase the scale of operations,
enhancing the profitability in the process would be a key
sensitivity for SHE in the short to medium term while the impact
of tobacco production controls which could arise if India enforces
the WHO Tobacco Treaty would be the sensitivity over long term.

Sri Hanuma Enterprises was incorporated in September 2009 by
Mr. Chunduri Venkateswarlu. The firm is owned by Mr. Venkateswarlu
who is the managing partner and his family. The unit is registered
with Tobacco Board as a Tobacco Dealer and can participate in the
auctions conducted by the Tobacco Board. The primary activity of
the firm is trading in tobacco leaves (Virginia Flue Cured). The
firm conducts its operations from Prakasam District of Andhra
Pradesh which is among the prominent tobacco growing regions in
the state.

Recent Results

Sri Hanuma Enterprises reported an operating income of INR23.47
crores and operating profit of INR0.77 crore for FY 2012 as
against INR11.05 crores and INR0.37 crores respectively in FY


ELPIDA MEMORY: US Judge Approves Micron's $2BB Takeover
Stewart Bishop of BankruptcyLaw360 reported that a Delaware
bankruptcy judge recognized Elpida Memory Inc.'s reorganization
plan, which had already been approved by a Japanese court, paving
the way for a $2 billion takeover of the Tokyo-based chipmaker by
rival Micron Technologies Inc.

According to the report, U.S. Bankruptcy Judge Christopher S.
Sontchi granted full force and effect in the U.S. to Elpida's
reorganization plan, which was approved by a Tokyo court in
February and later upheld on appeal, clearing the last major
hurdle for Boise-based Micron to acquire the bankrupt company.

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

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

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

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

RENESAS ELECTRONICS: To Axe More Than 1,000 Jobs in Europe
AFP reports that Renesas Electronics said it would shed more than
a thousand jobs in Europe, including its whole workforce of more
than 800 in Finland.

The cuts are part of an existing plan to slash up to 15,000
positions through voluntary reductions and factory floor cuts, the
report says.

The chief executive of wholly owned subsidiary Renesas Mobile
Europe, Juha Tenhunen, told AFP the company had been unable to
find "a way to continue its activities due to the lack of a buyer"
despite a search since the beginning of the year.

According to the news agency, the northwestern Finnish city of
Oulu, once a Nokia stronghold, will be especially hard hit losing
570 jobs after nearly 3,000 jobs were eliminated in the area's
telecommunications sector in recent years.

In addition to Finland, AFP relates, the layoffs will affect
Denmark (109 people), Britain (135 people) and Germany (six
people), as well as 287 employees working for subsidiaries in
India and China.

Renesas Electronics, the world's biggest supplier of automotive
microcontroller chips, was created through a merger of the chip
units of Hitachi, Mitsubishi Electric and NEC.

                       About Renesas Electronics

Based in Tokyo, Japan, Renesas Electronics Corp. -- manufactures semiconductor systems for
mobile phones and automotive applications.

The Company reported a net loss of JPY168 billion for the fiscal
year ended March 31, 2013, compared with a net loss of
JPY62.60 billion in fiscal year ended March 31, 2012.

In February, shareholders of Renesas Electronics Corp. approved a
JPY150 billion investment plan from a government-backed fund and
eight companies to accelerate restructuring steps, the Japan Times
Online reported.

N E W  Z E A L A N D

CAPITAL + MERCHANT: Directors Receive Additional Jail Sentence
Georgina Bond at NBR Online reports that jailed Capital + Merchant
Finance directors Wayne Leslie Douglas and Neal Medhurst Nicholls
have had their record-setting prison sentences increased after
pleading guilty to misleading investors.

NBR Online relates that the directors appeared before Justice
Geoff Venning for sentencing in Auckland High Court on June 28
having, in February, pleaded guilty to five charges between them
of signing prospectuses that contained false statements between
2006 and December 2007.

The misleading statements included information about Capital +
Merchant's liquidity and cashflow, management of loans and
related-party lending, the report relays.

According to NBR Online, Mr. Douglas was sentenced to eight
months' imprisonment and Mr. Nicholls was sentenced to 12 months
on the charges, brought by the Financial Markets Authority.

The report relates that the jail time is on top of the seven and a
half year jail terms they are currently serving for fraud after a
prosecution by the Serious Fraud Office last year.

That trial was described as one of the most complicated finance
company trials and their jail sentences are the longest given to
failed finance company bosses so far, the report notes.

NBR Online says the convicted fraudsters, alongside Capital +
Merchant's chief executive Owen Tallentire, who is serving a five-
year jail term, are now trying to overturn their conviction and
prison terms. Their first attempt was thrown out by the Court of
Appeal before Christmas, the report relays.

                     About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.

Capital + Merchant Finance, along with subsidiary Capital +
Merchant Investments Ltd., went into receivership on Nov. 23,
2007, due to breaches in respect of general security agreements
issued by the companies in favor of creditor Fortress Credit
Corporation (Australia) 11 Pty Ltd.  Fortress appointed Tim
Downes and Richard Simpson of Grant Thornton, chartered
accountants, while trustee Perpetual Trust have called in

Capital + Merchant owed NZ$167.1 million to about 7,500
investors. Fortress reportedly has a prior charge over assets and
was owed around NZ$70 million in total.

ROSS ASSET: FMA Lays More Charges Against David Ross
The Financial Markets Authority has laid further charges against
David Ross alleging breaches of financial markets legislation.

Mr. Ross faces one charge under the Financial Service Providers
Act of providing a financial service when he was not registered
for that service. The maximum penalty is 12 months' imprisonment
or a NZ$100,000 fine.

He is also charged under the Financial Advisers Act with knowingly
making a false or misleading declaration or representation to FMA
for the purpose of obtaining authorisation to become an Authorised
Financial Adviser (AFA). The maximum penalty is a NZ$100,000 fine.

A third charge under the Financial Markets Authority Act alleges
he supplied information or produced documents to FMA which he knew
to be false or misleading. The maximum penalty is a NZ$300,000

Earlier this month, five Crimes Act charges were laid by the
Serious Fraud Office (SFO) against David Ross following a joint
investigation by SFO and FMA.

"Today's charges allege that David Ross showed a disregard for the
financial adviser regime by misleading FMA in his application to
become an AFA," said FMA Head of Enforcement, Belinda Moffat.

"These charges send a strong message that there are serious
consequences if false information is provided to FMA for any
license, and it reinforces the need for integrity in the system."

The investigation into Ross Asset Management and related entities
commenced in October last year when FMA received complaints from
investors who had been unable to withdraw funds. FMA took
immediate action to preserve investors' funds by obtaining asset
preservation orders and orders appointing receivers and managers
to the Ross Group of entities and a joint investigation was
subsequently commenced. The asset preservation orders remain in

David Ross will appear at the Wellington District Court on
July 5, 2013.

S O U T H  K O R E A

STX PAN OCEAN: Seeks Ch. 15 To Stay Afloat
Kathryn Brenzel of BankruptcyLaw360 reported that a South Korean
cargo company filed for Chapter 15 bankruptcy in New York federal
court, claiming $6 billion in assets and $4.4 billion debt and
seeking to extend protections from its current bankruptcy
proceedings after recent detentions of its ships in the United

According to the report, Seoul-based STX Pan Ocean Co. Ltd. is
seeking protection from U.S. creditors as it sorts out recently
launched reorganization proceedings in South Korea, according to
court documents.

STX Pan Ocean is the shipping unit of cash-strapped STX Group,
South Korea's No. 13 conglomerate.  The shipping and shipbuilding
group has been struggling from cash shortages amid the downturn in
the global industry.

S R I  L A N K A

PEOPLE'S MERCHANT: Fitch Affirms 'BB+' National Long-Term Rating
Fitch Ratings Lanka has affirmed Sri Lanka's People's Merchant
PLC's (PMF) National Long-Term rating at 'BB+(lka)'. The Outlook
is Stable.

Key Rating Drivers

The rating reflects implied support from its main shareholder,
state-owned People's Bank (PB; AA+(lka)/Stable), if required. PB
has a 36% effective shareholding in PMF, directly and via PB's
subsidiary People's Leasing Finance PLC (AA-(lka)/Stable). Fitch's
view of support is also based on PMF's association with, and
consequent reputational risk to, PB's franchise given the common
brand identity, PB's representation on PMF's board and past
demonstrated support in the form of borrowings and equity
injections. PB continues to be a key creditor to PMF, accounting
for 41% of its total borrowings at the financial year end-March

PMF obtained a licensed finance company (LFC) license that allows
mobilisation of retail deposits in April 2012, prior to which much
of its funding was from wholesale sources. Deposits accounted for
LKR2.3bn at FYE13 (57% of total assets). This included new
deposits mobilised by mainly leveraging the PB brand as well as
conversions of promissory notes.

Profitability as measured by return on assets (ROA) deteriorated
to negative 2.5% in FY13 (FY12: 0.6%), mainly due to increasing
operating costs to support growth in the wake of obtaining the new
LFC license. Operating expenses (excluding provisions) to total
income increased to 107.3% (FYE12: 60%).

If the current economic downturn persists, there is a risk current
three-month loan arrears will accelerate into the over six-month
category unless strong monitoring and control measures are
maintained. PMF's non-performing loans (NPLs) of over three months
rose to 25.2% at FYE13 (FYE12:17.9%), as a significant number of
performing loans turned into three-month arrears. However PMF's
NPLs of over six months improved to 11.9% at FYE13 (FYE12:14.2%),
due to rapid loan growth.

PMF's liquidity pressure remains intense as unutilised credit
lines were insufficient to cover maturity mismatches between
assets and liabilities. Total liquid assets accounted for 10.5% of
deposits at FYE13, marginally above the statutory liquidity ratio
of 10% for LFCs. However, Fitch expects adequate liquidity support
from PB would be forthcoming should it be required.

PMF's capitalisation measured by equity to total assets fell to
20.3% at FYE13 (FYE12: 31.6%) largely due to accumulated losses
and increase in assets stemming mainly from the loan book. A
further dilution in capitalisation is likely along with the
expansion of the loan book, in the absence of a capital injection.
The continued dilution in capitalisation will expose the company
to greater earnings volatility and reduce its ability to absorb
credit losses if they accrue, and may result in a weaker
standalone credit profile.

Rating Sensitivities
PMF's rating may be downgraded if there is any change to PB's
ability or propensity to extend support. This may stem from a
change to PB's National Long-Term Rating or a material weakening
of linkages with PB, such as a dilution of PB's effective
shareholding or board control.

PMF's asset base accounted for 0.8% of LFC sector assets at end-
December 2012. PMF mainly provides vehicle finance, in the form of
lease and hire purchase (76% of the loan book at FYE13).

The latest research on PMF is available on


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

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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firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***