TCRAP_Public/130703.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, July 3, 2013, Vol. 16, No. 130


                            Headlines


A U S T R A L I A

EARTHLINE ENTERPRISES: Placed in Voluntary Liquidation
* Low Income Areas Remain Vulnerable Despite Low Mortgage Rates


C H I N A

CHINA NATURAL: Consents to U.S. Bankruptcy


I N D I A

AABHAR INTERNATIONAL: CRISIL Puts 'B' Ratings on INR10MM Loans
AGL POLYFIL: CRISIL Ups Ratings on INR362.5MM Loans to 'B-'
BAJAJ BASMATI: CRISIL Upgrades Ratings on INR670MM Loans to 'B+'
CARONA INDUSTRIES: CRISIL Cuts Ratings on INR279.5MM Loans to 'D'
EVERGREEN DRUMS: CRISIL Assigns 'B-' Ratings to INR140MM Loans

INDIA GREEN: CRISIL Rates INR1 Billion LT Bank Loan at 'B+'
KILPEST INDIA: CRISIL Assigns 'B+' Ratings to INR44.6MM Loans
LEADE LIQUOR: CRISIL Assigns 'D' Ratings to INR97.5MM Loans
M. IMPEX: CRISIL Assigns 'B+' Ratings to INR75MM Loans
PURULIA CHEMICALS: CRISIL Rates INR18MM Cash Credit at 'B+'

SHRI SINDHVAI: CRISIL Cuts Ratings on INR140MM Loans to 'D'
SILPA PROJECTS: CRISIL Assigns 'C' Ratings to INR300MM Loans
SNEH QUALITY: CRISIL Assigns 'B' Ratings to INR70MM Loans
TEXCEL INT'L: CRISIL Upgrades Ratings on INR220MM Loans to 'B-'


J A P A N

INDEX CORP: Files for Bankruptcy in Japan
MIZUHO CAPITAL: Fitch Affirms 'BB' Preferred Securities Ratings
TRAVEL SEKAI: Expected to File for Bankruptcy Late This Month


N E W  Z E A L A N D

FELTEX CARPETS: More Than 3K Former Shareholders Join Action
LOMBARD FINANCE: Receiver Still in Talks With Former Directors
LOMBARD FINANCE: Four Former Directors Get Home Detention
NEW ZEALAND POST: Strikes Deal With Australia Post


P H I L I P P I N E S

UNIWIDE GROUP: Seeks Extension of Review Period


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


EARTHLINE ENTERPRISES: Placed in Voluntary Liquidation
------------------------------------------------------
Emily Kemp at The Gladstone Observer reports that more than 20
local businesses are out of pocket after Earthline Enterprises was
forced into voluntary liquidation last month by a flood recovery
project gone wrong.

John and Gail Beattie from Earthline Enterprises owe a total of
AUD1 million to 38 businesses, including local small businesses,
the report says.

According to the Observer, the company was the main subcontractor
to VDM Construction, a Western Australian-based company which was
contracted to the Gladstone Regional Council for the Natural
Disaster Relief and Recovery Arrangements Stage 2 road works
project in April last year.

The Observer relates that VDM's executive general manager Bob
Gregg said VDM engaged Earthline to perform the earthworks
component, to be delivered under a schedule of rates.  VDM's
contract with Gladstone Regional Council was about AUD13 million
and Earthline expected to be paid AUD9 million from that, the
report relates.

"We felt this allowed us entry into a bigger field, but being a
government-funded project, a safe field," the report quotes
Mr. Beattie as saying.  "Once the work started VDM withdrew from
their verbal obligations and we ended up having to do basically
all the work, including work we had not budgeted for."

The Observer relates that Mr. Gregg said "it became clear to us
early on that Earthline Enterprises was in financial difficulty
and experiencing cash flow problems, so we made ex-gratia payments
to the company and assisted on its works in an effort to help."


* Low Income Areas Remain Vulnerable Despite Low Mortgage Rates
---------------------------------------------------------------
Fitch Ratings says mortgage performance in Australia has converged
such that the gap between the worst and best performing states is
at its tightest since 2004.

In its latest Q113 report, Fitch says the difference in
delinquency rates between the worst and best performing states was
only 29bp, with arrears in the 1.29%-1.58% range.

On average, the delinquency rate across Australia increased to
1.45% at end-March 2013, up from 1.2% at end-September 2012, but
below the five-year average of 1.53%. New South Wales (NSW) and
Queensland (QLD) were the worst performing states in regards to
mortgage performance, both with a 30+ day delinquency rate of
1.58%.

However, within each state, mortgage performance diverged between
low-income areas and affluent regions.

Regions southwest of Sydney, west of Melbourne, and south of
Brisbane, where serviceability is key to mortgage performance,
experienced the sharpest increase in arrears. These regions
recorded an increase in delinquency rates in the 26bp-55bp range,
above the national average increase of 25bp. Fairfield-Liverpool
(NSW) returned to being the worst-performing region with a 30+ day
delinquency rate of 2.37% at end-March 2013, compared with 1.82%
at end-September 2012.

Delinquency rates were little changed in Australia's most affluent
regions. Lower Northern Sydney (NSW), Southeast Inner Brisbane
(QLD), Boroondara City in Victoria and Central Metropolitan Perth
in Western Australia were the best performing regions within their
respective states. On average, the ten best performing regions
worsened by 10bp, to 0.73% from 0.63% in September 2012, and
showed no change in the number of borrowers in arrears, still five
out of every 1,000.

The increase in delinquency rates indicates that the Reserve Bank
of Australia's (RBA) decision to reduce the cash rate did not
positively impact mortgage performance in the six months to March
2013, in contrast to the six months to September 2012.

Christmas spending and increasing cost of living might have
arguably offset the positive benefits from lower mortgage rates,
but do not fully justify the increase in delinquency rates. The
increasing number of delinquent borrowers in low-income and high-
unemployment regions might indicate that these specific
serviceability constraints cannot be fully solved by monetary
policy, unlike previous first quarters characterised by rate cuts.

Therefore, the delinquency rate in these regions may have reached
a floor in September 2012 when arrears were in line with, if not
lower than the delinquency rates in 2004, the lowest level
recorded from the data used in this analysis.

Just as coastal regions did not benefit as much as low-income
regions from the monetary policy changes over the 12 months to
March 2013, they also did not show the same degree in volatility
in performance. Gold Coast East (QLD) 30+ days arrears improved
15bp to 2.29% as of March 2013, but the 90+days arrears are still
high at 1.22% in March 2013 (vs. 1.14% in September 2012).

Nelson Bay (NSW) remained the worst performing postcode by value
of mortgages in arrears, with a 30+ day delinquency rate of 6.6%.
Montrose in Tasmania was still the worst performing postcode by
number of mortgages in arrears, with 33 borrowers out of 1,000 in
delinquency.

The report, Australian Mortgage Delinquency by Postcode --
March 31, 2013, is available on www.fitchratings.



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


CHINA NATURAL: Consents to U.S. Bankruptcy
------------------------------------------
China Natural Gas, Inc., has finally consented to the entry of an
order for relief under Chapter 11 of the U.S. Code.

On Feb. 8, 2013, an involuntary petition for bankruptcy was filed
against China Natural Gas by three alleged creditors of the
Company, namely Abax Lotus Ltd., Abax Nai Xin A Ltd., and Lake
Street Fund LP.  The Petition was filed in the United States
Bankruptcy Court, Southern District of New York.  The Petitioners
have claimed in the Involuntary Petition that they have debts
totaling $42,218,956 as a result of the Company's failure to make
payments on the 5 Percent Guaranteed Senior Notes issued in 2008.

The Company previously asked the Court to dismiss the Involuntary
Petition claiming that it has not been served with valid summons.

The Company's Board of Directors approved the consent to the entry
of an order for relief in response to the Involuntary Petition.

                         Appoints Chairman

On June 24, 2013, the Board of Directors of the Company appointed
its CEO, Mr. Shuwen Kang, as the Chairman and a member of the
Company's Board of Directors.

Mr. Kang has been serving as the Company's CEO since October 2011.
Prior to serving as the CEO of the Company, Mr. Kang was the vice
president of Xi'an Xilan Natural Gas Co., Ltd., the variable
interest entity of one of the Company's major subsidiaries, and
was in charge of Xi'an Xilan's business operations.  From 2006 to
2010, Mr. Kang served as senior counsel to Xi'an Xilan,
responsible for making strategic and business development plans
for the Company.  Mr. Kang has extensive experience in the
operations and management of the Company and in the natural gas
industry in general.

Mr. Kang holds an associate degree in Party and Government
Management from the Party School of the Shaanxi Provincial
Committee of the Communist Party of China.

Mr. Kang will not receive additional compensation for his services
as the Chairman of the Company's Board of Directors.

                         About China Natural

Headquartered in Xi'an, Shaanxi Province, P.R.C., China Natural
Gas, Inc., was incorporated in the State of Delaware on March 31,
1999.  The Company through its wholly owned subsidiaries and
variable interest entity, Xi';an Xilan Natural Gas Co., Ltd., and
subsidiaries of its VIE, which are located in Hong Kong, Shaanxi
Province, Henan Province and Hubei Province in the People's
Republic of China ("PRC"), engages in sales and distribution of
natural gas and gasoline to commercial, industrial and residential
customers through fueling stations and pipelines, construction of
pipeline networks, installation of natural gas fittings and parts
for end-users, and conversions of gasoline-fueled vehicles to
hybrid (natural gas/gasoline) powered vehicles at 0ptmobile
conversion sites.

China Natural was subject to an involuntary Chapter 11 bankruptcy
petition filed on Feb. 8, 2013, by Abax Lotus Ltd., Abax Nai Xin A
Ltd. and Lake Street Fund LP in Manhattan (Bankr. S.D.N.Y. Case
No. 13-10419).  Adam P. Strochak, Esq., at Weil, Gotshal & Manges,
LLP, in Washington, D.C., represents the petitioners.



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


AABHAR INTERNATIONAL: CRISIL Puts 'B' Ratings on INR10MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Aabhar International.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        5       CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Cash Credit               5       CRISIL B/Stable (Assigned)

   Export Packing Credit    70       CRISIL A4 (Assigned)

The ratings reflect Aabhar's modest scale of operations in an
intensely competitive commodity trading industry and weak
financial risk profile marked by small net worth, high gearing,
and subdued debt protection matrices. These rating weaknesses are
partially offset by the extensive experience of Aabhar's promoters
in the commodity trading industry and well-spread geographical
reach.

Outlook: Stable

CRISIL believes that Aabhar will maintain its business risk
profile backed by its promoters' extensive experience in the
trading of commodities. The outlook may be revised to 'Positive'
if the firm achieves higher-than-expected growth in revenues and
profitability resulting in sustainable improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of sharp decline in its revenues and margins or
lengthening of its working capital cycle leading to significant
deterioration in the financial risk profile.

Aabhar was set up in 2003 as a partnership firm by Mr. Tejas P
Mehta, Mr. Lalitkumar M Chauhan, and Mr. Bhupendrakumar M Chauhan.
All the partners are family members. Aabhar is engaged in trading
of rice, spices, groceries, toiletries, soft drinks, and utensils.
The firm mainly caters to the export market and has customers
based in the UK, USA, and Canada. Trading in rice contributes to
around 50 per cent of the total revenue.

For 2012-13 (refers of financial year, April 1 to March 31),
Aabhar's net profit and net sales are estimated to be INR2.4
million and INR304.1 million, respectively as against net profit
of INR1.02 million on net sales of INR172.6 million for 2011-12.


AGL POLYFIL: CRISIL Ups Ratings on INR362.5MM Loans to 'B-'
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of AGL
Polyfil Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           0.3      CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit            137.5      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Letter of credit &       9.7      CRISIL A4 (Upgraded from
   Bank Guarantee                    'CRISIL D')

   Term Loan              160.0      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan               65.0      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The ratings upgrade reflect regularization in debt servicing by
AGL and CRISIL's belief that the company will continue to service
its debt on time over the medium term, supported by its improved
liquidity. The improvement in AGL's liquidity is mainly on account
of sustained revenue growth leading to improved cash accruals.
However, AGL's liquidity, in spite of the improvement, remains
constrained, mainly because of the company's large, on-going
capital expenditure (capex) programme and substantial working
capital requirements. AGL is currently undertaking a capex
programme towards production of yarn from polyster fibre.

The ratings also reflect AGL's below-average financial risk
profile, marked by a high gearing and moderate debt protection
metrics, and susceptibility of its profitability to raw material
price changes. However, AGL benefits from its promoters' extensive
experience in the business of trading in polyester staple fibre
(PSF) and recycled polyethylene terephthalate (PET) bottles.

Outlook: Stable

CRISIL believes that AGL will continue to benefit from its
promoter's industry experience. The outlook may be revised to
'Positive' if PFPL's financial risk profile improves, most likely
because of more-than-expected growth in revenues and profitability
or improvement in capital structure driven by substantial equity
infusion. The outlook may be revised to 'Negative' in case the
company's financial risk profile deteriorates, most likely driven
by larger-than-expected debt-funded capex or stretch in working
capital cycle.

AGL, set up in 1989, manufactures PSF and PET bottles at its plant
in Chandrapur (West Bengal). The company is managed by Mr. Sunil
Kumar Agarwal and Mr. Suresh Kumar Agarwal.

AGL achieved a profit after tax (PAT) of INR2.27 million on net
sales of INR652.0 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR0.16 million on net
sales of INR182.0 million for 2010-11. AGL's PAT for 2012-13 is
estimated at INR7.6 million on net sales of around INR995.0.


BAJAJ BASMATI: CRISIL Upgrades Ratings on INR670MM Loans to 'B+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Bajaj Basmati Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              380      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan                190      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Warehouse Financing      100      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects the sharp improvement in BBPL's business risk
profile, marked by a significant increase in its scale of
operations. The company's revenues for 2012-13 (refers to
financial year, April 1 to March 31) are estimated at about
INR1620 million; the revenues have almost tripled over 2011-12 and
2012-13. The growth was driven by better realisations and higher
sales volumes. The increase in scale of BBPL's operations has
largely been supported by higher-than-expected capital infusion by
the promoters and enhancement in its working capital limits. This
has also supported the company's financial risk profile,
particularly its liquidity. However, BBPL continues to have a
leveraged capital structure, as reflected in its debt-to-equity
ratio of over 4 times as on March 31, 2013.

The rating continues to reflect BBPL's large working capital
requirements, and the susceptibility of its operating margin to
government regulations, to the vagaries of the monsoons, and to
volatility in raw material prices. The rating also factors in the
company's weak financial risk profile, marked by a high gearing
and weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of BBPL's promoters
in the rice milling industry and its established relationships
with customers.

Outlook: Stable

CRISIL believes that BBPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves early
stabilisation of operations and more-than-expected increase in its
cash accruals, or in case of significant equity infusion,
resulting in improvement of its capital structure. Conversely, the
outlook may be revised to 'Negative' if BBPL's financial risk
profile deteriorates, most likely because of lower-than-
anticipated cash accruals or larger-than-expected debt-funded
capital expenditure.

BBPL was established in April 2010 by Mr. Krishan Bajaj and Mr.
Sahil Bajaj. In the same year, the company acquired the business
of its group concern, Bajaj Rice Mills (which is no longer
operational). BBPL mills and processes paddy into rice, rice bran,
broken rice, and husk; it has paddy milling capacity of 5 tonnes
per hour (tph). The company's rice mill is in Ludhiana (Punjab).
BBPL also trades in basmati rice, which contributes around 40 per
cent of its revenues. The company is currently enhancing its
processing capacity to 13 tph at an estimated cost of INR285.5
million, which is being funded mainly by long-term debt
(67 per cent).

BBPL is estimated to report a profit after tax (PAT) of INR2.5
million on net sales of INR965.1 million for 2011-12 (refers to
financial year, April 1 to March 31); it had reported a PAT of
INR2.3 million on net sales of INR616.7 million for 2010-11.


CARONA INDUSTRIES: CRISIL Cuts Ratings on INR279.5MM Loans to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Carona
Industries Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           5.4      CRISIL D (Downgraded from
                                     CRISIL A4)

   Cash Credit             62.5      CRISIL D (Downgraded from
                                     CRISIL B-/Stable)

   Letter of Credit        12.5      CRISIL D (Downgraded from
                                     CRISIL B-/Stable)

   Long Term Loan         189.1      CRISIL D (Downgraded from
                                     CRISIL B-/Stable)

   Packing Credit          10.0      CRISIL D (Downgraded from
                                     CRISIL A4)

The downgrade reflects instances of delay by Carona Industries in
servicing its debt; the delays have been caused by the company's
weak liquidity.

Carona Industries also has a below-average financial risk profile,
marked by a small net worth, a high gearing and weak debt
protection metrics, and is exposed to risks related to volatility
in raw material prices and to the sub-par power scenario in Tamil
Nadu. However, Carona Industries benefits from its average
operating efficiency and the extensive experience of its promoter
in the textiles industry.

Carona Industries was set up in 2006 by Mr. K Saminathan. It
commenced commercial production of cotton yarn in 2008. The
company's unit, based in Tirupur (Tamil Nadu), has 14,400
spindles.


Carona Industries' profit after tax (PAT) is estimated at INR8.1
million on operating revenues of INR513.5 million for 2012-13
(refers to financial year, April 1 to March 31), against a PAT of
INR0.8 million on operating revenues of INR493.9 million for 2011-
12.


EVERGREEN DRUMS: CRISIL Assigns 'B-' Ratings to INR140MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Evergreen Drums & Cans Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                61.5     CRISIL B-/Stable (Assigned)

   Proposed Long-Term        3.5     CRISIL B-/Stable (Assigned)
   Bank Loan Facility

   Cash Credit              75.0     CRISIL B-/Stable (Assigned)

   Letter of Credit        160.0     CRISIL A4 (Assigned)

The ratings reflect EDCPL's large working capital requirements and
susceptibility of its operating margin to fluctuations in the
prices of raw material and foreign exchange rates. These rating
weaknesses are partially offset by the experience of the promoters
in the packaging industry.

Outlook: Stable

CRISIL believes that EDCPL will benefit over the medium term from
the experience of the promoters in the packaging industry. The
outlook may be revised to 'Positive' in case of increase in its
scale of operations while maintaining its profitability and better
working capital management leading to improvement in the financial
risk profile, especially liquidity. The outlook may be revised to
'Negative' in case of lower-than-expected accruals, lengthening in
the working capital cycle, and significant debt-funded capital
expenditure plans leading to weakening in the company's liquidity.

Formed in 1974 by Mr. O P Jhunjhunwala as a partnership firm, it
was reconstituted into a private limited company in 1992-93
(refers to financial year, April 1 to March 31). The company
manufactures metal containers, cans, roll-on-pilfer-proof caps,
barrels, and drums. The day-to-day operations of the company are
being managed by Mr. O. P. Jhunjhunwala and his son Mr. Kamal
Jhunjhunwala.


INDIA GREEN: CRISIL Rates INR1 Billion LT Bank Loan at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of India Green Reality Private Limited (IGRPL).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term      1,000     CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects IGRPL's exposure to risks associated with its
ongoing project and susceptibility to inherent risks and
cyclicality in the real estate sector in India. These rating
weaknesses are partially offset by favorable location of the
projects.

Outlook: Stable

CRISIL expects India Green Realities Private Limited to maintain
its current business risk profile on the back of extensive
experience of the promoters in real estate sector. The outlook may
be revised to 'Positive' if there is a significant improvement in
its business & financial risk profile backed by timely
implementation and high saleability of its ongoing projects
leading to healthy cash accruals on sustainable basis. The outlook
shall be revised to 'Negative' if there is time and cost over-run
in on-going project or significant pressure on the IGRPL's
liquidity if there are delays in receiving customer advances
leading to pressure on revenues and profitability, leading to
deterioration in its debt-servicing ability.

India Green Reality Private Limited is into development of various
residential projects, mainly in Gujarat and West Bengal for about
5 years. The company is promoted by Ahmedabad (Gujarat) based Mr.
Vinod Thakkar and Kolkatta based Mr. Amitawa Sawantha. The company
is undertaking following three projects at present.


KILPEST INDIA: CRISIL Assigns 'B+' Ratings to INR44.6MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kilpest India Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       2.1      CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Letter of Credit         5.0      CRISIL A4 (Assigned)

   Bank Guarantee           5.0      CRISIL A4 (Assigned)

   Cash Credit             42.5      CRISIL B+/Stable (Assigned)

The ratings reflect the extensive experience of KIL's promoters in
the agri-chemical industry, and moderate financial risk profile,
marked by healthy gearing and debt protection metrics. These
rating strengths are partially offset by the company's working-
capital-intensive operations, and modest scale of operations in a
competitive industry.

Outlook: Stable

CRISIL believes that KIL will maintain its business risk profile,
backed by the extensive experience of the promoters in the agri-
chemical industry. The outlook may be revised to 'Positive' in
case of improvement in the company's scale of operations, along
with sustained profitability and improved working capital
management. Conversely, the outlook may be revised to 'Negative'
if the company's financial risk profile deteriorates due to
further stretch in its working capital or in case it undertakes
any debt-funded capex programme, thus constraining its financial
risk profile.

Incorporated in 1972, KIL is promoted by Mr. R K Dubey and family
in Bhopal (Madhya Pradesh). The company formulates various kinds
of pesticides and manufactures about 50 pesticide products, micro
fertilisers, bio-fertilisers and bio-pesticides.


LEADE LIQUOR: CRISIL Assigns 'D' Ratings to INR97.5MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Leade Liquor Manufacturing Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                67.5     CRISIL D (Assigned)

   Bank Guarantee            5.0     CRISIL D (Assigned)

   Proposed Long-Term       25.0     CRISIL D (Assigned)
   Bank Loan Facility

The ratings reflect instances of delay by LLMPL in servicing its
debt; the delays have been caused by the firm's weak liquidity.
The firm's weak liquidity is driven by its depressed cash accruals
driven by its low capacity utilisation owing to its start-up phase
of operations.

LLMPL also has a below-average financial risk profile driven by
its start-up phase of operations and exposure to customer
concentration in its revenue profile. These rating weaknesses are
partially offset by the benefits from the extensive experience of
LLMPL's promoters in the Indian made foreign liquor (IMFL)
bottling business and its tie up with Pernod Ricard India Pvt Ltd.

LLMPL was promoted during 2010-11 (refers to financial year, April
1 to March 31) by Mr. Sumit Kumar Jain and his family members to
set up an IMFL bottling plant at Hugli (West Bengal). The plant
was commissioned during 2012-13 and commenced commercial
operations from December 2012. The company currently has bottling
capacity of around 100,000 cases per month.


M. IMPEX: CRISIL Assigns 'B+' Ratings to INR75MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the bank
facilities of M. Impex.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              64       CRISIL B+/Stable (Assigned)

   Proposed Long-Term       11       CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects MI's small scale of operations leading to low
operating profitability and weak financial risk profile marked by
high leverage. These rating weaknesses are partially offset by
extensive experience of MI's promoters' in the dry fruits trading
industry.

Outlook: Stable

CRISIL believes that MI's credit profile will remain stable on
account of extensive experience of promoter. The outlook may be
revised to 'Positive' in case of higher than expected revenues &
profitability or in case of infusion of funds leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of steep decline in the
firm's revenues or profitability or in case of capital withdrawals
by partners leading to deterioration of financial risk profile.

Incorporated in 2003 by Mr. Jagdish Ahuja, MI is engaged in
trading of dry fruits-primarily walnuts in the domestic market.
The firm is based out of New Delhi.

MI reported net profit of INR3.2 million on net sales of INR326
million for 2012-13(refers to financial year, April 1 to
March 31), as against net profit of INR1.05 million on net sales
of INR146 million for 2011-12.


PURULIA CHEMICALS: CRISIL Rates INR18MM Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Purulia Chemicals Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL A4 (Assigned)
   Cash Credit               18      CRISIL B+/Stable (Assigned)

The ratings reflect PCPL's below-average financial risk profile,
marked by its small net worth and weak debt protection metrics and
modest scale of operations in the fragmented shellac industry.
These rating weaknesses are partially offset by the long-standing
industry experience of PCPL's promoters in the shellac industry.

Outlook: Stable

CRISIL believes that PCPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in PCPL's scale of operations and profitability,
resulting in higher-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of the company's
lower-than-expected cash accruals or any larger-than-expected
working capital requirements or in case the company undertakes any
large debt-funded capex programme, thus affecting its liquidity.

PCPL was incorporated as a partnership firm in 2003 and was
reconstituted as a private limited company in November 2010. The
company was incorporated by Mr. Rajesh Kumar Lath and his brother
Mr. Satish Kumar Lath. PCPL commenced commercial production in
2005 and produces seedlac, shellac/aleuritic acid and button lac,
which are used in processes such as leather polish, varnish,
perfume, food coating. Nearly 55 per cent of the company's
revenues are from shellac, about 30 per cent from seedlac, and the
balance from button lac.

PCPL, on a provisional basis, reported a profit after tax (PAT) of
INR0.9 million on net sales of INR388.3 million for 2012-13
(refers to financial year, April 1 to March 31), against a PAT of
INR0.5 million on net sales of INR256.0 million for 2011-12.


SHRI SINDHVAI: CRISIL Cuts Ratings on INR140MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shri Sindhvai Ginning Factory to 'CRISIL D' from 'CRISIL
B/Stable'. The downgrade reflects instances of delay by SSGF in
servicing its term loan; the delays have been caused by the firm's
weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             110.0     CRISIL D (Downgraded from
                                     'CRISIL B/ Stable')

   Term Loan                30.0     CRISIL D (Downgraded from
                                     'CRISIL B/ Stable')

SSGF also has a weak financial risk profile, marked by a small net
worth and a high gearing, and is susceptible to adverse regulatory
changes. However, the firm benefits from its promoter's extensive
experience in cotton farming and its established relations with
brokers.

SSGF was set up in 2007 by Mr. H L Mehta. It is in the business of
cotton ginning and pressing at Harij in Patan (Gujarat). The firm
commenced commercial production in 2008.

SSGF reported, on a provisional basis, a profit after tax (PAT) of
INR0.2 million on net sales of INR748.4 million for 2011-12
(refers to financial year, April 1 to March 31), against a PAT of
INR1.4 million on net sales of INR463.1 million for 2010-11.


SILPA PROJECTS: CRISIL Assigns 'C' Ratings to INR300MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Silpa Projects and Infrastructure India Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Working Capital            170      CRISIL C (Assigned)
   Demand Loan

   Standby Line of Credit      30      CRISIL C (Assigned)

   Proposed Long-Term Bank     70      CRISIL C (Assigned)
   Loan Facility

   Bank Guarantee             200      CRISIL A4 (Assigned)

   Cash Credit                 30      CRISIL C (Assigned)

The ratings reflect instances of delay by SPIPL in servicing its
debt obligations (not rated by CRISIL). The delays have been
caused by the company's weak liquidity.

The ratings also reflect SPIPL' working capital intensive
operations and geographical concentration in its revenue profile.
SPIPL's rating weaknesses are partially offset by its established
regional presence in the civil construction segment aided by
extensive industry experience of its promoters and its established
customer relationships.

Incorporated in the year 1987 as a proprietorship company Silpa
Projects, the firm was subsequently rechristened as SPIPL in the
year 2007. Promoted by Mr. T.S.Sanil, SPIPL is engaged in the
business of civil construction in Kerala.

For 2011-12 (refers to financial year April 1 to March 31), SPIPL
reported a profit after tax (PAT) of INR27.5 million on net sales
of INR736 million as against a PAT of INR21.7 million on net sales
of INR792 million in 2010-11.


SNEH QUALITY: CRISIL Assigns 'B' Ratings to INR70MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sneh Quality Spices Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               10      CRISIL B/Stable (Assigned)
   Term Loan                 60      CRISIL B/Stable (Assigned)

The rating reflects Sneh's weak financial risk profile marked by a
small net worth and weak debt protection metrics. The rating also
factors in Sneh's small scale of operations in a highly fragmented
industry and exposure to risks related to project implementation.
These rating weaknesses are partially offset by the extensive
experience of Sneh's promoters in the spices industry.

Outlook: Stable

CRISIL believes that Sneh will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operations and profitability leading to
better-than-expected cash accruals or substantial equity infusion
along with efficient working capital management and timely
completion of the project within the budgeted cost. Conversely,
the outlook may be revised to 'Negative' in case Sneh generates
lower-than-expected cash accruals or if its working capital
requirements are larger than expected, leading to further
weakening of its liquidity. Time or cost overrun in the on-going
project may also result in the revision of outlook to 'Negative'.

Sneh, incorporated in 2010, trades in and processes different
kinds of spices, mainly cumin and turmeric powder. Currently, the
company is setting up a spice processing unit, a warehouse, and a
cold storage unit at Kundli (Haryana).


TEXCEL INT'L: CRISIL Upgrades Ratings on INR220MM Loans to 'B-'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Texcel
International Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              102      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Letter of Credit          30      CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Proposed Long-Term        74.3    CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Term Loan                 43.7    CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The ratings upgrade reflect TIPL's regular and timely debt
repayment supported by its improved liquidity, which in turn is
marked by the capital infusion and funding support of Model Infra
Corporation Pvt Ltd after it acquired TIPL in April 2013. The
upgrade also factors in CRISIL's belief that TIPL will continue to
receive need-based funding support from MIC to promptly meet its
debt obligations.

The upgrade factors in TIPL's weak financial risk profile, marked
by high gearing, weak debt protection metrics, and large working
capital requirements. These rating weaknesses are partially offset
by TIPL's established regional position in the fabrication and
precision components segment.

Outlook: Stable

CRISIL believes that TIPL will benefit from its established
regional position in the fabrication and precision components
segment, and its association with MIC, over the medium term. The
outlook may be revised to 'Positive' if TIPL reports a significant
improvement in revenues and profitability, and improves its
capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if TIPL's financial risk
profile deteriorates, because of lower-than-expected profitability
or revenues, or if its working capital cycle weakens, or if it
undertakes a large, debt-funded capital expenditure (capex)
programme.

Established in 2001 Chennai (Tamil Nadu), TIPL manufactures
precision components for the automobiles, engineering, and related
industries. The company also manufactures material handling
equipment, and undertakes various fabrication activities. It was
set up by the late Mr. R. Rajalingam, and managed by Mr. Kumar
Narayanan until April 2013. Subsequently, MIC acquired all of Mr.
Kumar Narayanan's shares in the company. Currently, Mr. M A
Prasad, TIPL director and chief executive officer, manages the
company.

TIPL reported a net loss of INR34.6 million on net sales of
INR241.1 million for 2011-12 (refers to financial year, April 1 to
March 31), as against a net loss of INR51.6 million on net sales
of INR219.3 million for 2010-11.



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


INDEX CORP: Files for Bankruptcy in Japan
-----------------------------------------
cubed3.com reports that Index Corporation, the parent company
behind developer Atlus, has filed for bankruptcy in Japan with
investigations of fraud.

The company, which took the reins from Atlus in 2010, have begun
"civil rehabilitation procedures" with a JPY2.45 billion in debt
and lower than expected figures overseas, cubed3.com relates.

The report says the group is still looking to expand and develop
the gaming aspect of the business, currently seeking a sponsor to
take control.  However despite the filing, games such as Etrian
Odyssey Untold: Millennium Girl will still continue as planned,
the report notes.


MIZUHO CAPITAL: Fitch Affirms 'BB' Preferred Securities Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Japan-based Mizuho Financial Group,
Inc. (MHFG) and its subsidiaries -- Mizuho Bank, Ltd. (new MHBK,
renamed from Mizuho Corporate Bank, Ltd. (MHCB)), Mizuho Trust &
Banking Co., Ltd. (MHTB) -- at Issuer Default Rating (IDR) 'A-'
with Stable Outlook. At the same time, the agency has withdrawn
former Mizuho Bank, Ltd.'s (former MHBK) ratings as the entity no
longer exists.

The rating actions follow the merger between MHCB and former MHBK
on July 1, 2013. MHCB is a surviving entity after the merger and
is renamed Mizuho Bank, Ltd (the new MHBK).

KEY RATING DRIVERS - IDRS, SUPPORT RATING (SR), SUPPORT RATING
FLOOR (SRF) AND SENIOR DEBT

The group's support-driven IDRs, SR and SRF reflect Fitch's belief
that the government's propensity to support, if necessary, remains
intact. This includes the group's strong access to funding on the
back of the group's substantial franchise and extensive liquidity
within the system.

RATING SENSITIVITIES - IDRS, SR, SRF AND SENIOR DEBT

A downgrade of the sovereign's Long-Term IDRs to below 'A' from
the current 'A+'/Negative would lead to a downgrade of SRs and
SRFs of the group as well as the support-driven IDRs, as this
would indicate weaker ability to support the banks. Any reduced
propensity by the state to support banks would also lead to the
downgrade of the group's ratings, although Fitch views this as
remote in the foreseeable future. An upgrade in the VR would not
affect the Long-Term IDRs, unless it is by more than two notches,
which Fitch also considers as a remote prospect over the medium
term.

KEY RATING DRIVERS - VR

The affirmation of the VRs of the group reflects no change to the
group's risk profile. This is because MHCB and former MHBK had
effectively been operating as one entity even before the merger.
The group's VRs are underpinned by their strong domestic
franchises and solid liquidity, particularly in yen. Sound asset
quality and manageable investment risk in Japanese government
bonds and equity are also taken into account, together with
Fitch's expectation for further improvement in risk absorption
capability through ongoing group restructuring.

RATING SENSITIVITIES - VR

A further upgrade is unlikely, as the rating has already factored
in future meaningful improvement in capital - common equity Tier 1
to reach 8% by FYE16 on a fully implemented basis and to remain at
this level notwithstanding market fluctuations.

Material deterioration in the operating environment may result in
negative rating action. Any unexpected increase in risk appetite
without an increase in capital buffers will also exert negative
pressure on the VRs.

KEY RATING DRIVERS - SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Preferred securities issued under Basel II by subsidiaries of MHFG
are rated four notches below the parent's VR - two notches for
loss severity and two notches for non-performance risk due to the
constraint of coupon suspension - in line with Fitch's criteria on
performing instruments. The securities' ratings have been affirmed
following the same rating action on the group's VR.

Subordinated debt under Basel ll are rated one notch below the
parent's IDRs, reflecting Fitch's expectations that sovereign
support, if required, would preclude the bank from legal failure.
As a result, subordinated debt, like senior debt, would not
default. The debt rating has been affirmed following the same
rating action on the group's IDRs.

RATING SENSITIVITIES - SUBORDINATED DEBT AND OTHER HYBRID
SECURITIES
Mizuho group's preferred securities and subordinated debt ratings
are sensitive to the same considerations that might affect the
group's VR and IDRs.

The rating actions are:

MHFG, MHTB:
- Long-Term Foreign and Local Currency IDRs affirmed at 'A-';
  Outlook Stable
- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
- Viability Rating affirmed at 'bbb+'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A-'

New MHBK (MHCB):
- Long-Term Foreign and Local Currency IDRs affirmed at 'A-';
  Outlook Stable
- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
- Viability Rating affirmed at 'bbb+'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A-'
- Senior unsecured debt affirmed at 'A-'

Former MHBK:
- Long-Term Foreign and Local Currency IDRs 'A-'; Outlook Stable;
  withdrawn
- Short-Term Foreign and Local Currency IDRs 'F1'; withdrawn
- Viability Rating 'bbb+'; withdrawn
- Support Rating '1'; withdrawn
- Support Rating Floor 'A-'; withdrawn

MHFG's preferred securities' ratings (Mizuho Capital Investment
(USD) 1 Limited): affirmed at 'BB'

Mizuho Financial Group (Cayman) Limited:
- Senior subordinated debt (Lower Tier 2 bonds under Basel ll)
  affirmed at 'BBB+'


TRAVEL SEKAI: Expected to File for Bankruptcy Late This Month
-------------------------------------------------------------
The Japan Times reports that small Japanese travel agency Travel
Sekai Co. is expected to go bankrupt.

According to the report, a law office for the company said Travel
Sekai effectively stopped business Friday and is expected to file
for bankruptcy with Tokyo District Court in late July.

The firm is believed to have about JPY300 million in debt and
about 400 to 500 creditors, including customers, the report
relays.

Travel Sekai, set up in 1975, deals in unique package tours
focused on rarely visited sites in Africa or on the UNESCO World
Heritage list. The company is based in Tokyo, Japan.



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


FELTEX CARPETS: More Than 3K Former Shareholders Join Action
------------------------------------------------------------
The New Zealand Herald reports that more than 3,600 former Feltex
Carpet shareholders are now opted into litigation against the
carpet-maker's former directors and an updated list of claimants
has been filed with the High Court.

The Herald says the representative action alleges Feltex's
prospectus in 2004 -- the year it floated -- contained information
that was misleading or wrong, or omitted to make information
available that would have affected investment decisions.

Feltex collapsed in 2006, causing 8,000 investors to lose millions
of dollars.

Investors, represented in court by Feltex shareholder Eric
Houghton, are seeking a refund of the purchase price of their
shares, plus associated interest and costs, the Herald notes.

According to the report, the first part of the case is due to
begin in the High Court at Wellington next March and investors had
until recently to opt-into the case.

The Herald, citing an update filed to the court on Friday, says
3,639 former Feltex shareholders have opted-in and are now
represented in the litigation.

                      About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
is a manufacturer of superior-quality carpet.  The Feltex
operation included a wool scouring plant, six spinning mills,
three tufted carpet mills, a woven carpet mill and offices in New
Zealand, Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


LOMBARD FINANCE: Receiver Still in Talks With Former Directors
--------------------------------------------------------------
BusinessDesk reports that the receiver for Lombard Finance &
Investments is still in talks with the directors of the failed
lender and has started negotiations with a third party it sees
facing a claim as it looks to claw back what it can for investors.

BusinessDesk relates that PwC's John Fisk said he is talking to
Lombard's former directors, who were sentenced Tuesday to home
detention by the Court of Appeal, as they work through "complex
factual and legal issues."

If the discussions do not come to a satisfactory conclusion,
Mr. Fisk said he expects to take the claim to the High Court,
which he has ensured has not been time-barred, according to
BusinessDesk.

Separately, BusinessDesk reports that the receiver has determined
there is a claim against a third party, and is in "without
prejudice" talks with that party. Again, if a deal cannot be
reached, Mr. Fisk said it will also likely be pursued in the High
Court.

"The claims may have a material effect on the assets of LF&I
available for distribution to secured debenture holders," the
report quotes Mr. Fisk as saying.

"We remain of the view that progressing the discussions with the
directors and the third party with a view to reaching a
determination as quickly as possible is in the best interests of
secured debenture holders."

BusinessDesk notes that the 4,400 Lombard Finance investors owed
NZ$127 million at the time of the receivership have been repaid
13 cents in the dollar, and are looking at an estimated recovery
of between 15 percent and 20 percent.

The receiver is still working to wind up the remaining property
assets of Lombard Finance, which include one section in a
completed residential subdivision, a bare land development and a
completed coastal subdivision, the report adds.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact
Lombard Group Limited.

Some 4,400 Lombard Finance investors were owed NZ$127 million.


LOMBARD FINANCE: Four Former Directors Get Home Detention
---------------------------------------------------------
BusinessDesk reports that the Court of Appeal has sentenced all
four former directors of Lombard Finance to home detention, having
accepted the initial sentences were "manifestly inadequate."

In a judgment Tuesday [July 2] Justices Anthony Randerson, John
Wild, and Christine French substituted the sentences of community
work imposed on the Lombard four, BusinessDesk says.

According to BusinessDesk, Bill Jeffries was sentenced to eight
months home detention and 250 hours community work and Michael
Reeves was sentenced to nine months home detention and 250 hours
community work, having both initially been sentenced to 400 hours
community work.

BusinessDesk relates that Sir Doug Graham and Lawrie Bryant were
each sentenced to six months home detention and fines of
NZ$100,000 apiece. Sir Doug had his sentence of community work
reduced to 200 hours from 300 hours.

The report notes that the men were last year found guilty of
making untrue statements about Lombard's position in its offer
documents in December 2007.

"In our interim judgment, we concluded that prison sentences
should have been adopted as a starting point and that the
discounts allowed by the sentencing judge were excessive," the
judgment said, BusinessDesk reports.

"We said that the appropriate final sentences should have been a
combination of home detention and community work."

The community work sentences were moderated because of the home
detention orders, the report notes.

BusinessDesk adds that the former Lombard directors have already
said they plan to take their appeal the Supreme Court.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact
Lombard Group Limited.

Some 4,400 Lombard Finance investors were owed NZ$127 million.


NEW ZEALAND POST: Strikes Deal With Australia Post
--------------------------------------------------
Stuff.co.nz reports that New Zealand Post has joined forces with
its Australian counterpart as part of an ambitious plan to expand
into international markets.

The government-owned mail carrier said that it had signed a three-
year strategic agreement with Australia Post giving it exclusive
access to the Express Mail Service and parcels business over the
Tasman.

According to the report, Australia Post parcels and express
services executive general manager Richard Umbers said both
companies were looking beyond the trans-Tasman benefits.

"Joining forces with New Zealand Post enables both organisations
to grow our business from Australasia to the rest of the world and
globally into Australasia," Stuff.co.nz quotes Mr. Umbers as
saying.

Stuff.co.nz notes that the mail carriers are interested in
international growth strategies that will help them tap into the
online shopping boom.

It may help turn around the ailing fortunes of NZ Post, which has
cut hundreds of jobs recently in response to a continuous fall in
mail volumes, Stuff.co.nz says.

The state-owned enterprise has warned that it may have to ask the
Government for a subsidy if it cannot get approval to slash its
mail-delivery requirements, the report adds.

New Zealand Post is a state-owned enterprise responsible for
providing postal service in New Zealand.



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


UNIWIDE GROUP: Seeks Extension of Review Period
-----------------------------------------------
BusinessWorld Online reports that the Uniwide Group of Companies
has sought to extend the period to file a petition for review with
the Court of Appeals (CA) on the dissolution and liquidation order
of the Securities and Exchange Commission (SEC).

BusinessWorld relates that in a nine-page petition, the group
sought "an additional period of 15 days from June 21, 2013, or
until July 6, 2013, within which to finalize and file the petition
for review."

"Petitioners received a copy of the decision on June 6, 2013.
Therefore, they have 15 days, or until June 21, within which to
file their petition," the petition read. "Unfortunately,
petitioners will not be able to file their petition for review on
time due to lawyers' very heavy workload . . . [Lawyers] shall
further need time to consult with the various stakeholders, to
review the voluminous records of this case, and to finalize the
petition for review," the petition, cited by BusinessWorld, read.

BusinessWorld recalls that Uniwide Group President Jimmy N. Gow
said in a disclosure on June 24 that the SEC decision was
"unfair."

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2013, GMA News said the Securities and Exchange
Commission ordered the dissolution and liquidation of Uniwide
Holdings Inc., a listed company owned by businessman Jimmy Gow and
five other companies under Uniwide Group of Companies.  SEC denied
the Uniwide group's appeal to reconsider the special hearing
panel's decision to terminate the proposed rehabilitation of
Uniwide Group.

"The dissolution of all companies in the group, namely Uniwide
Sales Inc., Uniwide Holdings Inc., Naic Resources and Development
Corp., Uniwide Sales Realty and Resources Corp., First Paragon
Corp. and Uniwide Sales Warehouse Club Inc. is hereby ordered
pursuant to Sec 6-1 of the SEC Rules of Procedures on Corporate
Recovery, after which, liquidation shall follow," SEC, as cited by
GMA News, said.

In 2009, GMA News recalled, the SEC's special hearing panel
decided to terminate the Uniwide Group's rehabilitation plan
because of its failure to comply with the terms of the plan as
approved in 2002.  The special hearing panel also concluded that
the Uniwide group has changed from being "solvent but distressed"
to "technically insolvent," GMA News added.

                       About Uniwide Holdings

Uniwide Holdings Inc. (UW) was incorporated on September 15,
1994 primarily to engage in the business of investment by way of
acquisition, transfer, exchange or disposal of real or personal
property.  The company started commercial operations on July 1,
1995.  UW was established to act as the franchisor of the
retail/wholesale stores that trade under the name Uniwide Sales,
and to consolidate the real estate interests of the Gow Family.
The company is currently the franchisor of five Uniwide Sales
Warehouse Clubs and one Uniwide Sales Department Store.

Uniwide filed for rehabilitation in June 1999, and the
Securities and Exchange Commission approved its rehabilitation
plan in 2000.  Under the plan, the Company will convert 50% of
its unsecured debt into 15-year convertible notes redeemable
anytime at its convenience, while the remaining 50% would be
restructured into a 10-year loan with 0% interest and a 3-year
grace period; payment will begin on the fourth year.

At that time, it still had eight warehouse clubs and two
department stores with total assets of PHP19.864 billion and
liabilities worth PHP11.101 billion, according to GMANews.TV.
By the end of 2008, Uniwide was operating only five warehouse
clubs and a department store.  At the end of September 2009, the
group's assets stood at PHP2.726 billion, while liabilities
further increased to PHP12.292 billion.

The Uniwide group is composed of Uniwide Sales, Inc., Uniwide
Holdings, Inc., Naic Resources and Development Corp., Uniwide
Sales Realty & Resources Corp., First Paragon Corp., and Uniwide
Sales Warehouse Club, Inc.



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

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.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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.



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