TCRAP_Public/130710.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 10, 2013, Vol. 16, No. 135


                            Headlines


A U S T R A L I A

ALLBOOKS4LESS.COM.AU: HLB Mann Judd Appointed as Administrators
APEX DERIVATIVES: Court Appoints PPB Advisory as Liquidators
KINGS PLAINS: Cattle Property Placed In Receivership
STELLAR SECURITIES: Locked Out After Failing to Pay Rent


I N D I A

ANAND ISPAT: CARE Assigns 'BB-' Rating to INR6cr LT Loan
ANAND METALLICS: CARE Assigns 'BB' Rating to INR7.5cr Loan
DESAI COTTEX: CARE Assigns 'CARE B' Rating to INR7.10cr Loan
FOUNDATION FOR LIFE: CARE Rates INR32.8cr Loan at 'CARE BB-'
GOLDEN JUBILEE: CARE Cuts Rating on INR545cr Loans to 'CARE D'

MUKTAR AUTOMOBILES: CARE Rates INR16cr LT Loan at 'CARE B'
R.P. INFOSYSTEMS: CARE Cuts Ratings on INR900cr Loans to 'CARE D'
R.P. VYAPAAR: CARE Cuts Rating on INR38cr loans to 'CARE D'
RP TECHVISION: CARE Downgrades Ratings on INR50cr Loans to 'D'
SRR E-CITY: CARE Rates INR6cr Long-Term Loan at 'CARE B+'

TRIPPLE STAR: CARE Rates INR14.79cr LT Loan at 'CARE BB-'
TURNING POINT: CARE Assigns 'BB+' Rating to INR1.52cr Loan
UTTRAYAN FINANCIAL: CARE Reaffirms 'BB' Rating on INR40cr Loan
VEEKAY PLAST: CARE Assigns 'CARE B+' Rating to INR10cr Loan
VGP MARINE: CARE Rates INR75.9cr LT Loan at 'CARE BB-'

VIHAAN RECO-MET: CARE Rates INR5.29cr Long-Term Loan at 'CARE B'


J A P A N

EACCESS LTD: S&P Lowers Senior Unsecured Debt Rating to 'BB-'
SOFTBANK: S&P Lowers CCR to 'BB+', Removes from CreditWatch


N E W  Z E A L A N D

MEDIAWORKS: TV3 Loses Home & Away
ROSS ASSET: David Ross Hearing Adjourned Until August 22


S I N G A P O R E

GLOBAL A&T: S&P Revises Outlook to Stable & Affirms 'B' CCR
MMI INT'L: Fitch Puts 'BB-' Rating on US$180MM Secured Term Loan


S O U T H  K O R E A

* SOUTH KOREA: Regulator to Pick 30 Firms for Debt Restructuring


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ALLBOOKS4LESS.COM.AU: HLB Mann Judd Appointed as Administrators
---------------------------------------------------------------
Patrick Stafford at SmartCompany reports that
Allbooks4less.com.au, a chain of discount bookstores, has been
placed in administration with HLB Mann Judd partner Todd Gammel
appointed.

While the business was turning over about AUD21 million a year
with a substantial retail network of 30 stores in four states,
Mr. Gammel said a variety of factors influenced the decision to
enter administration -- including the death of company director
Paul Alford just two weeks ago.

"It's not a usual sort of appointment," Mr. Gammel told
SmartCompany. "It's an unfortunate situation."

According to the report, Mr. Gammel said several stores are
unprofitable, with the review to determine which, if any, can be
sold.

A major contributing factor was the chain's expansion, the report
relays.  Mr. Gammel noted it began as a type of pop-up operation
which then expanded into new territory. In some cities, the chain
entered retail spaces once populated by Angus & Robertson stores.

"This is a traditional pop-up and moving away from that model is
where they've gone into trouble," the report quotes Mr. Gammel as
saying.  "They're obviously being affected by normal retail
issues."


APEX DERIVATIVES: Court Appoints PPB Advisory as Liquidators
------------------------------------------------------------
Australian Securities & Investment Commission obtained orders in
the Federal Court on June 28, 2013, to wind up Apex Derivatives
Pty Ltd.

Daniel Walley -- dwalley@ppbadvisory.com -- and Scott Pascoe --
spascoe@ppbadvisory.com -- of PPB Advisory have been appointed by
the Court as liquidators.

ASIC issued a Court application on May 28, 2013, seeking the
company be wound up because Apex:

   * was advertising through its website that it had an
     Australian Financial Services (AFS) licence, when it
     did not;

   * appeared to be insolvent;

   * had ceased all business operations; and

   * from February 2013, did not have a director resident in
     Australia.

On February 6, ASIC was advised that Apex did not have enough cash
to repay 270 clients in full; it held net tangible assets of less
than AUD500,000 and was in breach of its AFS licence requirements.

On February 20, 2013, ASIC cancelled Apex' AFS licence.

Apex Derivatives Pty Ltd is a Sydney-based retail derivatives
issuer.  Apex promoted trading in forex and contracts for
difference (CFD) derivatives via their website.


KINGS PLAINS: Cattle Property Placed In Receivership
----------------------------------------------------
Matthew Cranston at The Land reports that cattle property
Kings Plains has been placed in receivership.  The 68,000 hectare
property is now in the hands of receivers and managers from KPMG.

The property includes freehold and leasehold land, as well as
1,400 head of cattle, and is now on the market with Ray White
Rural's Andrew Adcock and Scott Hart.

The company's investors include News Corp and ACCC chairman Rod
Sims.  The Land notes that the company's moves such as these
reflect the pain cattle station operators are going through with
low prices and an oversupply of cattle in Australia following the
federal government's ban on live exports and drought conditions.

Last month, The Land recalls, the Supreme Court of Queensland
issued a warrant for the seizure of two cattle stations at
Hughenden in central Queensland, after an application from
receivers PPB representing the ANZ Banking Group.

The report notes that the difficulties in the beef industry are
not helping cattle station values. In the past few months
AUD100 million has been wiped off the book value of four major
companies' property, the report adds.


STELLAR SECURITIES: Locked Out After Failing to Pay Rent
--------------------------------------------------------
Bendigo Advertiser reports that Stellar Securities has been locked
out of its Perth offices after failing to pay its rent.

The firm was a major sponsor of businessman Tony Sage's A-League
soccer club Perth Glory.

The report says staff of Stellar Securities turned up on Monday to
find the doors of their plush St Georges Terrace office locked by
the landlord, who claims rent has gone unpaid for several months.

Stellar Securities operates from 108 St Georges Terrace in the
Perth CBD, the same office once owned by the fallen entrepreneur
Alan Bond and home to one of his best-known purchases, Vincent Van
Gogh's Irises painting, the report relates.

SmartCompany relates that Tony Sage has close business ties with a
number of Stellar Securities directors.  According to the report,
Mr. Sage and the offices of a number of stockbroking firms linked
to him were raided by the Australian Federal Police as part of a
tax investigation just before Christmas.

SmartCompany says Mr. Sage would not comment on the investigation
or raids that had occurred in and around Perth just before
Christmas.  He did confirm that Stellar Securities was no longer a
major sponsor of the football club he owns.  "We have an
announcement of a new major sponsor early next week," SmartCompany
quotes Mr. Sage as saying.

The eviction notice at Stellar Securities follows a spate of
employee departures from the 18-month-old business and comes amid
tough times in the industry, the report adds.



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


ANAND ISPAT: CARE Assigns 'BB-' Rating to INR6cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Anand
Ispat Udyog Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.00      CARE BB- Assigned

Rating Rationale

The rating assigned to Anand Ispat Udyog Limitd is constrained by
highly leveraged capital structure with declining profitability
margins, working capital intensive nature of operations,
volatility in raw material and finished goods prices and small
scale of operations. The rating, however, derives strength from
experienced promoters, backward integration for raw material
through its group concern, consistent growth in total operating
income during the last three years ending FY13 (refers to the
period April 1 to March 31). The ability of the company to
increase its scale of operations, improve capital structure and
manage the working capital efficiently will be the key rating
sensitivities.

Anand Ispat Udyog Limited was incorporated in November 1987 to
take over proprietary concern Anand Steel Rolling Mills, which was
started in 1984. AIUL has its manufacturing facility at
Kodicherla, Mahaboobnagar district of Andhra Pradesh which is
promoted by Mr. Pankaj Kumar Agarwal, Chairman and two other
promoters Mr. Pramod Kumar Agarwal and Mr. Pawan Kumar Agarwal.
AIUL is into the manufacturing of Mild Steel (MS) Billets, MS
Ingots and Thermo Mechanically Treated (TMT) bars with an
installed capacity of 90 Tons Per Day (TPD) of MS Billets &
Ingots, 18TPD of TMT bars as on March 31, 2013. In FY13, company
entered into the trading of MS Billets, Sheets and angles. The
company has other sister concern Anand Metallics and Power Pvt Ltd
(AMPPL-rated 'CARE BB'), which is into the manufacturing of sponge
iron with an installed capacity of 100 TPD as on March 31, 2013.

During FY13 (provisional), AIUL has reported a PAT of INR0.46
crore (INR0.40 crore for FY12) on a total income of INR43.83 crore
(INR41.13 crore for FY12).


ANAND METALLICS: CARE Assigns 'BB' Rating to INR7.5cr Loan
----------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Anand Metallics & Power Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.50      CARE BB Assigned

Rating Rationale

The rating assigned to the bank facilities of Anand Metallics &
Power Pvt Ltd is constrained by working capital intensive nature
of operations, volatility in raw material and finished goods
prices, small scale of operations and decline in operating
margins. The rating, however, derives strength from experienced
promoters, backward integration for coal, consistent growth in
total operating income during the last three years ending FY13
(refers to the period April 1 to March 31) and moderate gearing.
The ability of the company to increase its scale of operations and
ability to manage the working capital efficiently with improvement
in profitability margins will be the key rating sensitivities.

Anand Metallics & Power Private Ltd, incorporated in August 2003
with its manufacturing facility at Kodicherla, Mahaboobnagar
District of Andhra Pradesh, is promoted by Mr. Pankaj Kumar
Agarwal, Chairman, and two other promoters -- Mr. Pramod Kumar
Agarwal and Mr. Pawan Kumar Agarwal. AMPL is into the
manufacturing of Sponge Iron and in FY13, the company also entered
into trading of steel products like angle, clamps, channels, etc.
The installed capacity of the plant is 100 Tons per Day (TPD). The
group concern of AMPL, Anand Ispat Udyog Limited (Rated CARE BB-)
is into manufacturing of Mild Steel Billets and Thermo Mechanical
Treated (TMT) Bars.

During FY13 (UA), AMPL has reported a PAT of INR0.48 crore
(INR0.48 crore for FY12) on a total income of INR41.92 crore
(INR26.43 crore for FY12).


DESAI COTTEX: CARE Assigns 'CARE B' Rating to INR7.10cr Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Desai
Cottex.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      7.10       CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Desai Cottex (DEC)
is primarily constrained on account of its debt-funded project,
coupled with risk associated with stabilization of its operations
and presence in the highly fragmented and competitive cotton
ginning industry. The rating is further constrained due to
susceptibility of operating margins to the raw material price
fluctuation, seasonality associated with the cotton industry and
susceptibility to the change in the government policies.

The above constraints outweigh the benefits derived from the
partners' experience and locational advantage in terms of
proximity to the cotton-growing regions in Gujarat.

Timely completion of the project without any cost overrun and the
ability to achieve the envisaged level of sales and profitability
in light of competitive nature of the industry are the key rating
sensitivities.

Amreli-based (Gujarat), Desai Cottex was established as a
partnership firm in May 2012, by six partners, namely,
Mr. Manubhai Desai, Mr. Bhagwanbhai Desai, Mr. Jaysukhbhai Desai,
Mr. Vijaybhai Desai, Mr. Sureshbhai Desai and Mr. Hirenbhai Desai
to undertake greenfield project in the field of cotton ginning and
pressing with a proposed installed capacity of 5,032 MTPA for
cotton bales and 8,806 MTPA for cotton seeds. The total project
cost is estimated to be of INR5.71 crore, which is to be funded
through term loan of INR2.10 crore and balance by way of partners'
capital and unsecured loan.

DEC has another associate concern in the name of M/s Desai & Co,
which is engaged in the business of timber trading. It is a
partnership firm and is managed by Mr. Manubhai Desai, Mr
Bhagwanbhai Desai, Mr. Jaysukhbhai Desai and Mr. Vijaybhai Desai.


FOUNDATION FOR LIFE: CARE Rates INR32.8cr Loan at 'CARE BB-'
------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of
Foundation For Life Sciences and Business Management.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      32.80      CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Foundation for Life
Sciences and Business Management (FLBM) is primarily constrained
by its leveraged capital structure, project implementation risk,
increasing competition and limited reach. The rating is further
constrained by the highly regulated education sector in India.
The rating, however, finds support from FLBM's experienced
trustees and established infrastructure and the growing scale of
operations with comfortable surplus margins and buoyant prospects
of higher education in India.

Going forward, the ability of FLBM to achieve the envisaged
enrollment levels in a competitive scenario, improvement in
capital structure while supporting the future expansions plans
shall be the key rating sensitivity. Furthermore, the successful
execution of the expansion project within envisaged cost and time
will also act as a key rating sensitivity.

Foundation for Life Sciences and Business Management (FLBM) is an
educational society formed in 2004 by Mr. Prem Kumar Khosla. The
main objective of the society is to provide higher education in
engineering, biotechnology and management. FLBM is based at Solan,
Himachal Pradesh and is running two campuses under the brand name
of 'Shoolini University' and 'Shoolini Institute of Life Sciences
and Business Management'.  The courses offered by FLBM are
approved by All India Council of Technical Education (AICTE),
Indian Council of Medical Research (ICMR), Indian Council of
Agriculture Research (ICAR) and Council for Scientific and
Industrial Research (CSIR). Shoolini University is duly approved
by the University Grant Commission under the Private University
Act.

FLBM registered a total operating income of INR28.96 crore during
FY13 with a surplus of INR5.07 crore as against the total
operating income of INR20.76 crore with a surplus of INR0.29 crore
for FY12.


GOLDEN JUBILEE: CARE Cuts Rating on INR545cr Loans to 'CARE D'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Golden
Jubilee Hotels Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       495       CARE D Revised from
                                             CARE BB+

   Long-term/Short-term Bank        50       CARE D Revised from
   Facilities                                CARE BB+/CARE A4+

Rating Rationale

The revision in ratings takes into account the recent delays in
debt servicing.

Golden Jubilee Hotels Ltd was incorporated as Golden Jubilee
Estates Ltd in December, 1996 and remained dormant till 2004. The
name of the company was changed to the current nomenclature in
December 2006. GJHL is a Jont Venture (JV) between Core Hotel
Ventures Pvt Ltd (CHVL, 84% shareholding) and EIH Ltd (EIH, The
Technical Member, holding 16% shareholding).

CHVL is promoted by a consortium comprising Maha Hotel Projects
Pvt Ltd (lead developer for the project, rated CARE BB) holding
58.85% equity, Basil Infrastructure Projects Ltd (Financial
Significant Consortium Member folding 10.22% stake), JP Morgan
India Property Mauritius Company II (having 18.04% stake), Indus
Hotel Reality Mauritius Ltd (holding 12.85% stake) and others
(0.03%).

GJHL is a Special Purpose Vehicle (SPV) Project company, currently
implementing two Five Star Hotel Properties, namely 'Trident' and
'The Oberoi' on Public Private Partnership (PPP) basis with The
Youth Advancement, Tourism and Culture (YAT & C) Department,
Government of Andhra Pradesh, for which 4.33 acre of land has been
leased out by the latter. The project comprises a total room
inventory of 535 rooms (Trident - 323 and The Oberoi - 212 rooms)
with an aggregate project cost of INR827.96 crore being financed
at a debt-equity ratio of 3:2. The overall completion date for the
project is September 15, 2013. The operations of Trident were
expected to commence from April, 2013. However, the project has
been delayed and the commercial operations of 'Trident' are
expected to commence from July 2013. The delay in the project has
led to cost escalation, which was not tied up leading to a tight
liquidity position of the company.


MUKTAR AUTOMOBILES: CARE Rates INR16cr LT Loan at 'CARE B'
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Muktar Automobiles Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       16        CARE B Assigned
   Short-term Bank Facilities       1        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Muktar Automobiles
Private Limited are constrained by the short track record and lack
of relevant experience of the promoters in the automobile business
and strong linkage to the fortunes of Mahindra and Mahindra
Limited by virtue of its dealership for its vehicles. The ratings
are further constrained by the margin pressure due to pricing
constraints from the competitors and a weak financial risk profile
marked by low profitability margins, low networth base, poor
solvency and liquidity indicators.

The above weaknesses are partially tempered by the experience of
the promoters in running other business in the Goa and Mangalore
region.

Increase in the scale of operations and improvement in overall
financial risk profile is the key rating sensitivity.

Muktar Automobiles Pvt Ltd was established on May 19, 2011, to
carry out the business of automobile dealership and related
businesses. MAPL is engaged in the trading and servicing of
vehicles of Mahindra & Mahindra Ltd (MML). MAPL deals in passenger
and commercial vehicles of MML. MAPL currently operates out of
five facilities in Goa and one in Mangalore.

MAPL belongs to the Sheikh Muktar Group (SMG) of companies in Goa.
The SMG has interests in mining, construction, engineering,
logistics, hospitality (new venture), shipping and automobiles.

The flagship entity of the group and the holding company of MAPL
is Muktar Minerals Pvt Ltd.

For FY12, MAPL achieved a total income of INR49.97 crore with a
PAT of INR0.11 crore.  For FY13 (Provisional), MAPL achieved a
total income of INR105.58 crore with a PAT of INR0.41 crore.


R.P. INFOSYSTEMS: CARE Cuts Ratings on INR900cr Loans to 'CARE D'
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
R.P. Infosystems Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Proposed Non-Convertible       100.0      CARE C Revised from
   Debenture                                 'CARE B-'

   Short-Term Debt (including     100.0      CARE D
   Commercial Paper)

   Long-term Bank Facilities      500.0      CARE D Revised from
                                             'CARE B-'

   Long-term/Short-term Bank        5.0      CARE D Revised from
   Facilities                                CARE B-/CARE A4'

   Short-term Bank Facilities     395.0      CARE D Revised from
                                             'CARE A4'

Rating Rationale

The revision in the ratings of the bank facilities is due to
delays in debt servicing on account of stretched liquidity
position of the company, which, in turn, is on account of
elongating working capital cycle. The revision in the ratings of
the proposed non-convertible debentures is also on account of the
stretched liquidity position of the company.

R.P. Infosystems Ltd (RPIL; erstwhile R.P. Infosystems Pvt Ltd)
incorporated in February 2005, was promoted by Mr. Kaustuv Ray and
Mr. Shibaji Panja of Kolkata. The company sells desktop PCs and
laptops of various configurations under the brand name 'Chirag'.
Besides, the company also trades in mainly computer peripherals,
apart from selling of PCs, laptops of other brands like HP,
Lenovo, Dell, etc in smaller quantities. RPIL faces stiff
competition from global brands due to their strong marketing
campaigns and gradual slashing of prices, while local assemblers
compete in terms of price. The company also provides maintenance
services under annual maintenance contract (AMC). Delays in debt
servicing on the back of stressed liquidity position RPIL's cash
credit account has been showing signs of irregularity and there
have been delays in the servicing of interest. The bank limits
have remained overdrawn as on date.

Working capital cycle of the company deteriorated in FY12 (refers
to the period October 1 to September 30), primarily on account of
an increase in the debtor collection period on the back of
significant growth in corporate/institutional sales wherein the
company extends relatively higher credit period (about 120-180
days) as compared to about 60 days in case of sales generated
through the dealer/distributor network. As a result, average
collection period increased to 127 days in FY12 (Provisional) vis-
a-vis 110 days in FY11. This apart, average inventory period also
deteriorated to 65 days in FY12 from 47 days in FY11. The above
led to a stretch in liquidity position.


R.P. VYAPAAR: CARE Cuts Rating on INR38cr loans to 'CARE D'
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
R.P. Vyapaar Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      34.20      CARE D Revised from
                                             CARE B- (SO)

   Short-term Bank Facilities      3.80      CARE D Revised from
                                             CARE A4 (SO)

Rating Rationale

The revision in the ratings is on account of delays in debt
servicing on account of the stretched liquidity position of the
company.

R. P. Vyapaar Pvt Ltd, incorporated in July 2004, was promoted by
two friends, Mr. Kaustuv Ray and Mr. Shibaji Panja of Kolkata and
remained a dormant company until April 2006.  Mr. Ray and
Mr. Panja, both first-generation entrepreneurs, started trading of
personal computers (PC) and assembling of computer hardware from
1992. Subsequently, they had set up a partnership firm, named R P
Communication (RPC) in 2000 and carried out the above business. In
view of significant market potential for PCs in the Eastern India,
RPC forayed into the manufacturing of assembled PCs under its own
brand name 'Chirag' in 2005. Subsequently, in April 2006, RPC was
divided into RPIL, which took over the manufacturing of 'Chirag'
brand PCs, and RPVPL, which took over the business of trading in
computer components, peripherals and assembled desktops.

Currently, RPVPL is having an authorized distributorship of
reputed MNCs like Seagate, Acer, Dell, IBM, HP Compaq, Transcend,
Buffalo, Samsung, Asus, etc.  Apart from the trading of branded
products, the company is generating a considerable portion of
its revenue from maintenance services under the annual maintenance
contracts (AMCs) coupled with incentives from the vendors (based
on purchases/sales schemes).

Credit Risk Assessment

Delays in debt servicing on account of stretched liquidity
RPVL's cash credit account has been showing signs of irregularity
and there have been delays in the servicing of interest. The bank
limits have remained overdrawn as on date. The company has
achieved a PAT (after deferred tax) of INR1.1 crore on net sales
of INR283.1 crore in FY12 (refers to the period April 1 to
March 31).


RP TECHVISION: CARE Downgrades Ratings on INR50cr Loans to 'D'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
RP Techvision (India) Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        40       CARE D Revised from
                                             CARE BB

   Short-term Bank Facilities       10       CARE D Revised from
                                             CARE A4

Rating Rationale

The revision in the ratings is on account of delays in debt
servicing on account of the stretched liquidity position of the
company.

R.P. Techvision (India) Pvt Ltd, incorporated in July 2004, is
promoted by two friends, Mr. Kaustuv Ray and Mr. Shibaji Panja of
Kolkata. Mr. Ray and Mr. Panja, both first generation
entrepreneurs, started flex printing and outdoor advertising
business operations as a partnership firm - 'Clubb RP',
established in 2003. Subsequently, in 2004, post incorporation,
RPTPL took over the entire business of 'Clubb RP'. Since April
2006, RPTPL augmented its scope of operations and diversified into
print media advertising, television content development and
production, television streaming and production of movies and
music CDs. It also has presence in the entertainment sector by
producing a series of TV serials, music recordings and feature
films suited to the regional audience, thereby, garnering
additional revenues from DVD and broadcasting rights. Moreover,
since October 2009, RPTPL is the custodian of a 24-hour Bengali
News Channel 'Kolkata - TV'.

Credit Risk Assessment
Delays in debt servicing on account of stretched liquidity
RPTPL's cash credit account has been showing signs of irregularity
and there have been delays in the servicing of interest. The bank
limits have remained overdrawn as on date. The company has not
submitted the annual accounts for FY12 (refers to the period April
1 to March 31) and as per the provisional results, the company has
achieved PAT (after defd. tax) of INR1.1 crore on net sales of
INR138.4 crore in FY12.

Working capital cycle deteriorated in FY12 over FY11 primarily on
account of higher inventory holding period as the company had to
store higher stock of flex and hoarding material in view of
the overall slowdown in media spending.


SRR E-CITY: CARE Rates INR6cr Long-Term Loan at 'CARE B+'
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of SRR E-
CITY.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6         CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facility of Srr E-City (SEC) is
primarily constrained by its short track record with modest scale
of operations with limited geographical reach, stiff competition
from both, organised and unorganised, retail players in the
industry, its constitution as a partnership firm with inherent
risk of the withdrawal of capital, thin profitability margins with
weak capital structure and debt-coverage indicators. The rating,
however, derives strength from the long experience of the partners
in the industry, significant increase in total operating income
during the past three years ended FY13 (refers to the period April
1 to March 31) and growing demand of consumer electrical and home
appliances.

The ability of the firm to scale up its operations and improvement
in the overall financial risk profile is the key rating
sensitivity.

Srr E-City is a partnership firm formed in August 2009 by Mr.
Sriram Venkata Ramamohana Rao, Mr. Sriram Prema Kumar and Mr.
Sriram Vastsalya Murthy. SEC started its operations from October
2009, and is engaged in the trading (retail and wholesale) of home
appliances and consumer electronics. The firm is into trading of
around 50 major brands of consumer durables, which include reputed
brands such as LG, Samsung, Whirlpool, Bajaj, etc. SEC operates
from its showroom located at Vijayawada, Andhra Pradesh, which is
one of the biggest retail consumer durable malls in its province
with three floors spread across a built-up area of 8,500 sq ft in
each floor.

During FY13 (as per provisional results), SEC reported a net
profit of INR0.11 crore (FY12 - INR0.10 crore) on a total
operating income of INR64.05 crore (FY12 - INR57.31 crore).


TRIPPLE STAR: CARE Rates INR14.79cr LT Loan at 'CARE BB-'
---------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of
Tripple Star Agri Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      14.79      CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Tripple Star Agri
Private Limited is primarily constrained on account of its
financial risk profile marked by thin profitability margins, weak
solvency position and moderate liquidity. The rating is further
constrained on account of its presence in a highly fragmented and
competitive industry, coupled with vulnerability of profitability
margins to volatile the agro commodity prices.

The rating, however, derives strength from the experienced
management with group support and its proximity to sources of raw
material.

The ability to improve scale of operation with improvement in the
overall financial risk profile will be the key rating sensitivity.

TSPL was incorporated in 2011 by the Jaipur-based Karnani family
with a purpose to acquire a running plant for extraction of crude
edible oil and mustard cakes from mustard seeds. Initially, the
plant had an installed capacity of 10,500 Metric Tonnes Per Annum
(MTPA). Thenafter in April 2012, TSPL undertook a project to
expand its existing capacity to 60,000 MTPA. The project was
completed in January 2013, with total cost of INR6.90 crore
financed through equity share capital of INR1.42 crore, term loan
of INR5 crore and remaining through unsecured loans.

The Karnani family has also promoted other group concerns, namely,
'Karnani Solvex Private Limited' (KSPL; incorporated in 2007),
which is engaged in the manufacturing and sale of edible oil and
De-Oiled Cake (DOC) extracted from the mustard cake. The entire
production of mustard cake of TSPL is sold to KSPL and mustard oil
is sold out through agents in areas of Uttar Pradesh (U.P.),
Bihar, West Bengal and Rajasthan.

During FY12 (refers to the period April 1 to March 31), TSPL
reported a total income of INR13.15 crore with a PAT of INR0.11
crore. As per provisional result of FY13, the company has achieved
total operating income of INR46.52 crore.


TURNING POINT: CARE Assigns 'BB+' Rating to INR1.52cr Loan
----------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of Turning Point.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       1.52      CARE BB+ Assigned

   Long-term/Short-term Bank       2.00      CARE BB+/CARE A4
   Facilities

   Short-term Bank Facilities      2.50      CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Turning Point (TPT)
are primarily constrained on account of its small scale of
operations, fluctuating Total Operating Income (TOI), its
constitution as a partnership firm and high customer as well as
supplier concentration risk. The ratings are further constrained
due to the cyclical nature of the steel industry and threat of
cheap imports affecting the domestic bearing industry.

The ratings favorably take into account the benefits derived from
the promoter's vast experience in the bearing industry, its
reputed customer base, moderate profitability, moderate solvency
and liquidity position. The ratings further drive strength from
good future prospects of the bearing industry owing to the
expected healthy growth in demand from automobile and industrial
applications.

TPT's ability to increase its scale of operations with the
expansion of customer base and achieving project stabilization as
well as envisaged cash accruals would be the key rating
sensitivities.

TPT was formed in 1994 as a partnership firm by Mr. NC Mathur, Ms
Bimla Devi Agarwal and Mr. Sobhag Jangid with the objective to
manufacture bearing races/rings. Subsequently, all the partners
retired from the firm and since 2010, the firm is being controlled
by the Mathur family. Presently, TPT is being managed by its four
partners namely, Mr. Surendra Chandra Mathur, Mr. Neeraj Mathur,
Mr. Ashish Mathur and Mr. Vibhor Mathur. TPT is mainly engaged in
the manufacturing of Tapered Roller Bearing (TRB) rings from its
plant situated at Jaipur. It has an installed capacity of 114 lakh
pieces of TRB rings per annum as on March 31, 2012 with capacity
utilization in FY12 (refers to the period April 1 to March 31)
being 73%. The firm manufactures TRB rings upto 70 mm diameter
through trepanning route and upto 140 mm diameter through forging
route. The products manufactured by TPT find use mostly in the
automobile industry. It is an ISO/TS 16949:2009 and ISO 14001
certified firm.

As per the audited results for FY12, TPT reported a PAT of INR0.56
crore on a total operating income of INR12.06 crore as against a
PAT of INR0.45 crore on a total operating income of INR10.63 crore
for FY11. As per the provisional result of 9MFY13, the firm has
registered a total operating income of INR8.41 crore.


UTTRAYAN FINANCIAL: CARE Reaffirms 'BB' Rating on INR40cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Uttrayan Financial Services Pvt. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       40        CARE BB Reaffirmed

Rating Rationale

The above rating continues to be constrained by concentration of
operations in a single state, small size of operation, skewed
funding profile, moderate financial risk profile and regulatory &
political risks inherent in the industry. However, the rating
draws strength from the long experience of promoters, comfortable
capital adequacy position, high collection efficiency,
satisfactory asset quality and comfortable asset-liability
maturity profile.

Access to funding, increase in scale of operation, evolving
regulatory environment, ability to improve profitability while
maintaining the asset quality and capital adequacy would remain
the key rating sensitivities.

Uttrayan Financial Services Pvt Ltd was incorporated in April 1995
as Chotanagpur Trade and Investments Private Limited and is
registered as a NBFC to carry out financing business. In
October 2008, the company was taken over by its current promoters
(Mr. Kartick Biswas and Mr. Apu Dhar) with the objective of
carrying out micro-finance activities. Subsequently, the company
was rechristened as UFSPL.

UFSPL is engaged in the business of lending to individual women
borrowers under 'Group based individual lending' model and is
operating in rural & semi-urban areas in nine districts in West
Bengal. Operations of UFSPL are managed through its network of 68
branches. It has around 35,000 active borrowers with a total
outstanding portfolio of INR20.22 crore as on March 31, 2013.
In FY13, UFSPL earned PAT of INR0.11 crore on a total income of
INR2.57 crore.


VEEKAY PLAST: CARE Assigns 'CARE B+' Rating to INR10cr Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Veekay Plast.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       10        CARE B+ Assigned
   Short-term Bank Facilities      14        CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Veekay Plast (VKP)
are primarily constrained on account of its modest scale of
operation and its financial risk profile marked by moderate
profitability margins, weak solvency position and stressed
liquidity position. The ratings are further constrained on account
of its constitutions as a partnership concern, vulnerability of
profitability margins to fluctuations in raw material prices and
its presence in the highly competitive industry.

The ratings, however, favorably take into account the wide
experience of the promoters in the pipe manufacturing industry and
certified quality management standards. Increase in the scale of
operations in a highly fragmented industry through product
diversifications, while maintaining profitability margins in light
of volatile raw material prices and better management of working
capital are the key rating sensitivities.

Jaipur-based (Rajasthan) VKP was formed in 1995 as a partnership
concern promoted by Mr. Vijay Narain Katiyar, Ms Reema Godika and
Mr. Vijay Kumar Katiyar. However, in 2012, Mr. Vimal Katiyar
joined the firm in place of Mr. Vijay Narain Katiyar. The three
partners have equal profit and loss sharing in VKP.

VKP is engaged in the business of manufacturing of Permanently
Lubricated (PLB) High Density Polyethylene (HDPE) duct, which is
used in the telecom industry, HDPE sprinkler pipes/system,
which is used mainly in irrigation, HDPE pipes and coils for use
in the water supply distribution systems as well as industrial
applications like disposal of corrosive effluents, conveying
edible oils, etc. The firm sells sprinkler pipes and systems under
the brand name of 'Himangi'. It manufacturers PLB HDPE ducts, HDPE
and sprinkler pipes in almost 20 different sizes. The
manufacturing facilities of the firm are located at Bagru near
Jaipur in a total area of approximately 4,950 square meters and
have installed capacity of 1,200 TPA as on March 31, 2013. In May
2010, VKP also started distribution of plastic granules as
Consignment Stockist-cum-Del Credere Associate (CS cum DCA) of
Indian Oil Corporation Limited (IOCL) for the state Rajasthan.

During FY12, VKP has reported a total operating income of INR19.63
crore (FY11: INR15.91 crore) and PAT of INR0.17 crore (FY11:
INR0.12 crore). During FY13 (Provisional), the company had
achieved TOI of around INR22.41 crore.


VGP MARINE: CARE Rates INR75.9cr LT Loan at 'CARE BB-'
------------------------------------------------------
CARE assigns 'CARE BB-' rating to the proposed bank facilities of
VGP Marine Kingdom Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       75.90     CARE BB- Assigned
   (Proposed)

Rating Rationale

The rating assigned to the proposed bank facilities of VGP Marine
Kingdom Private Limited factors in the project implementation
risk, seasonality associated with the cash flows and non-
achievement of financial closure for the project. The rating also
factors in the uniqueness of the project, though an untested
project concept (under water aquarium) in the country.
Nevertheless, the rating factors in the experience of the
promoters and the established brand name of VGP group, strategic
location of the project and high entry barriers in this line of
business. The rating also takes note of the benefits derived from
the joint venture partner 'Marinescape, New Zealand', an
established player in the industry.

Going forward, timely completion of the project without any cost
overrun, timely infusion of equity by the promoters and the
ability of the company to achieve the envisaged business volumes
will be the key rating sensitivities.

VGP Marine Kingdom Pvt Ltd was incorporated in May 2012, for the
purpose of setting up an underwater aquarium (Ocenarium) in
Chennai. It is a Special Purpose Vehicle (SPV) established under a
joint venture agreement between VGP Housing Pvt Ltd (VGPHPL) and
Marinescape, New Zealand. VGPHPL is a flagship company of Chennai
based VGP group founded in 1955 by Mr. VG Panneerdas. VGPHPL deals
in real estate (mainly buying and selling of land plots) and
manages an amusement park in Chennai, branded as VGP Universal
Kingdom (VGPUK). Marinescape is a New Zealand based company headed
by Mr. Ian Mellsop who is in the business of planning and
executing underwater aquarium based projects since 1983.

The estimated cost of the project is INR109 crore. The project is
proposed to be funded out of an equity of INR26.35 crore, debt of
INR68.9 crore and Supplier's credit from Marinescape of INR13.75
crore.


VIHAAN RECO-MET: CARE Rates INR5.29cr Long-Term Loan at 'CARE B'
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Vihaan
Reco-Met.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.29      CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Vihaan Reco-Met is
primarily constrained on account of its debt-funded project and
risk associated with stabilization of operations. The rating is
further constrained on account of the limited experience of the
partners in manufacturing of nickel cathode and susceptibility of
its profit margins to volatility in price of raw material.

However, the rating derives comfort from the limited supply of
nickel cathode enabling lower competition for players like VRM and
the diversified end-user industry.

Timely completion of the project without any cost overrun and
ability to achieve the envisaged level of sales & profitability
are the key rating sensitivities.

Established in March 2012 as a partnership firm, Rajkot-based
(Gujarat) VRM, is managed by Mr. Hiren Patel and Mr. Harshadbhai
Detroja, the key partners, along with five other partners.
Currently, VRM is implementing a green-field project to
manufacture nickel cathode (non-ferrous metal) from metal sludge
with a proposed installed capacity of 120 Metric Tonnes Per Annum
(MTPA). Nickel is mainly used in the manufacturing of stainless
steel and ferro-alloys manufacturing, wires and cables. The target
end-user industries for nickel cathode manufactured by VRM would
be electroplating industry, foundry industry and stainless steel
industry in Gujarat and Maharashtra. VRM will get Alumnium Oxide
and Zink Oxide as the by-products which will also be sold in the
domestic market.

The total cost of the project is estimated to be INR6.03 crore
which is to be funded through debt equity ratio of 2.03 times. VRM
has envisaged starting commercial production from Q2FY14.



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


EACCESS LTD: S&P Lowers Senior Unsecured Debt Rating to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its long-
term corporate credit and senior unsecured debt ratings on Japan-
based mobile communications service provider eAccess Ltd. one
notch to 'BB' and 'BB-', respectively, and has removed the ratings
from CreditWatch.  S&P bases the rating action on its lowering of
its long-term ratings on eAccess' ultimate parent, Softbank Corp.
(BB+/Stable/--), to 'BB+' from 'BBB'.  S&P downgraded Softbank
because it believes its acquisition of U.S.-based wireless service
provider Sprint Nextel Corp. (B+/Watch Dev/--) will close sometime
in July.

"Our assessment of eAccess as a highly strategic subsidiary of
Softbank allows us to set our long-term corporate credit rating on
it one notch below that on Softbank unless we lower our rating on
Softbank to equal to or below the stand-alone credit profile
(SACP, in the absence of extraordinary support from a parent) for
eAccess.  Accordingly, we have lowered our long-term ratings on
eAccess because the SACP for the company is 'bb' and we downgraded
Softbank to 'BB+'.  The outlook on our long-term corporate credit
rating on eAccess is stable," S&P said.

"We assess the SACP for eAccess as 'bb'.  We base our assessment
of the 'bb' SACP for eAccess on the company's weak market position
in the mobile communications business, partly offset by Softbank's
ongoing support in operations, and its increasing capital
expenditures and growing financial burden to make use of its
spectrum.  We also assess the company as a highly strategic
subsidiary within the Softbank group because eAccess' spectrum is
important for Softbank to maintain and improve the competitiveness
of its mobile communications business, in our view.  As a result,
we expect eAccess' operational cohesiveness with Softbank to
strengthen.  EAccess may speed up capital investment, and we
expect Softbank to support the company financially when
necessary," S&P added.

"The stable outlook reflects our view that although we do not
expect eAccess' weak market position, weak cash flow, increasing
capital expenditures, and heavy debt burden to improve for the
time being, its credit quality will remain steady thanks to
stronger cohesiveness with the Softbank group and potential
extraordinary support from the group when necessary.  Even if the
SACP for eAccess deteriorates, we are likely to keep our rating on
the company at 'BB', which is a notch below our long-term ratings
on Softbank, but this is contingent on our maintaining our
assessment of eAccess as "highly strategic" to the Softbank group.
If we downgrade Softbank to or below 'BB-' as a result of
declining profitability or worsening financial standing, we will
likely lower our rating on eAccess to the same level.  Conversely,
if we upgrade Softbank because of improved profitability or
financial standing, we will likely raise our rating on eAccess to
one notch below of that on Softbank, even if the SACP for eAccess
remains at the current level," S&P added.


SOFTBANK: S&P Lowers CCR to 'BB+', Removes from CreditWatch
-----------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its 'BBB'
long-term corporate credit and senior unsecured debt ratings on
Softbank Corp. by two notches to 'BB+' and has removed the ratings
from CreditWatch.  S&P is withdrawing its debt ratings on the
company's domestic bond issuances (four issuances) at the
company's request.

S&P bases the rating action on its expectation that Softbank's
acquisition of U.S.-based Sprint Nextel Corp. (Sprint Nextel;
B+/Watch Dev/--), the third-largest wireless service provider in
the U.S., will close sometime in July, following various approvals
including those of shareholders and the Federal Communications
Commission (FCC).  The outlook on S&P's long-term corporate credit
rating on Softbank is stable.

Softbank and Sprint Nextel amended their merger agreement and
increased the acquisition amount in response to a counteroffer
Sprint Nextel received from U.S.-based satellite TV provider DISH
Network Corporation, which expressed its willingness to acquire
Sprint Nextel and equity method subsidiary Clearwire Corporation
(CCC/Watch Pos/--), a U.S.-based wireless Internet service
provider.  These developments raise the acquisition cost and cash
outflow from Softbank group.  Nonetheless, Softbank's strong
internal cash flow generation and growing cash position provide
some buffer to absorb the increased acquisition cost on a
consolidated basis at the 'BB+' rating level, in S&P's view.

S&P bases its 'BB+' long-term corporate credit rating on Softbank
on S&P's assessment that the group has a "satisfactory" business
risk profile and a "significant" financial risk profile following
the merger.

S&P's view of the "satisfactory" business risk profile for the
group incorporates the following factors:

   -- Softbank's strong market position in mobile communications
      in Japan;

   -- Sprint Nextel's exposure to intense competition in the U.S.
      market that is unlikely to subside substantially in the
      next two to three years;

   -- S&P's expectation that Sprint Nextel's operating
      performance and profitability over the next two years will
      improve under the new ownership;

   -- Certain cost savings and other benefits S&P expects the
      merger to produce in what will be the world's third-largest
      mobile phone provider by selling units;

   -- The likely benefit Sprint Nextel's proposed acquisition of
      Clearwire will have on Sprint Nextel's business risk
      profile; and

   -- Integration risks related to the acquisition that somewhat
      temper the factors above.

S&P lowered its assessment of Softbank's financial risk profile
from "intermediate" to "significant" to reflect the following
factors:

   -- Softbank's debt will increase materially because it will
      primarily use debt to finance the $21.6 billion cost of
      purchasing Sprint Nextel;

   -- Sprint Nextel has an "aggressive" financial risk profile,
      weak free cash flow generation, and high debt ratios; and

   -- Softbank's financial burden on a consolidated basis will
      increase further as a result of Sprint Nextel's proposed
      acquisition of Clearwire, which has a "highly leveraged"
      financial risk profile.

Standard & Poor's believes consolidated EBITDA for Softbank will
grow following the acquisition because operating performance for
both Softbank and Sprint Nextel is improving.  S&P maintains its
base-case expectation that Softbank's debt to EBITDA (after
adjustments including for lease and pension liabilities and to
subtract surplus cash) will be around the mid-4.0x level as of the
end of fiscal 2013 (ending March 31, 2014), but S&P expects it to
improve to below 4.0x by the end of fiscal 2015.

"The stable outlook reflects our expectation that earnings in
Softbank's domestic mobile and other businesses will likely grow
steadily, backed by strong marketing capabilities, improving brand
recognition, and better network capacity and quality.  Sprint
Nextel's exposure to intense competition in the U.S. market is
unlikely to subside substantially in the next two to three years;
however, we expect its operating performance to improve gradually,
in part reflecting cost reductions and other merger benefits," S&P
said.

"We would consider raising our ratings on Softbank if it were to
achieve a material and sustainable improvement in financial
standing through significant debt reduction and a quick turnaround
of Sprint Nextel's operating performance while improving
competitiveness in the market in Japan.  An upgrade would be
contingent on the company maintaining total debt to EBITDA below
3.5x, supported by a prudent financial policy," S&P noted.

"We would consider lowering our ratings if the competitive
environment in the domestic and U.S. markets deteriorates
significantly or if difficulties in merger integration arise that
materially weaken Softbank's consolidated profitability and cash
flow generation.  A downgrade could occur if the ratio of the
group's total debt to EBITDA does not to recover and instead
exceeds 4.5x on a sustained basis," S&P added.



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


MEDIAWORKS: TV3 Loses Home & Away
---------------------------------
3News reports that TV3 has confirmed it has lost the broadcast
rights to much-loved Australian soap Home and Away in New Zealand.

MediaWorks NZ Limited, TV3's owner that is currently in
receivership, said it is disappointed that the distributor of Home
and Away has chosen to cancel its agreement and grant the show's
license to TVNZ, according to 3News.

"It is regrettable that TVNZ has convinced the distributor to
cancel our agreement," the report quoted KordaMentha partner and
receiver, Brendon Gibson -- bgibson@kordamentha.com -- as saying.

"However, this business is much bigger than one show. TV3
continues to lead the way with producing excellent local content,
broadcasting popular international programming and has the best
news and current affairs in the country. . . . The MediaWorks
management team is now focused on providing a top quality
alternative to Home and Away that our loyal audience will enjoy
just as much," Mr. Gibson said, the report relays.


ROSS ASSET: David Ross Hearing Adjourned Until August 22
--------------------------------------------------------
BusinessDesk reports that accused Ponzi-style scheme operator
David Ross made an appearance of less than five minutes in the
Wellington District Court on July 5, just enough time for his
counsel to seek adjournment until August 22 for substantive
hearings on eight Crimes and Financial Advisers Act charges.

BusinessDesk says Mr. Ross faces charges relating to
NZ$384.8 million of assets recorded in the accounts of a Ross
vehicle, Bevin Marks, at September 30 last year, which court
documents describe as being the product of "fictitious
transactions".

According to the report, Mr. Ross was in the body of the court,
along with some of the approximately 900 investors who placed
funds under management with him, before the hearing, but was
remanded briefly in custody afterwards while bail conditions were
renewed.

BusinessDesk relates that Mr. Ross made no comment during his
brief appearance, his mouth downturned, and eyes flicking
occasionally to the scrum of photographers and television camera
operators recording the event.

Judge Barbara Morris heard brief representations from Gary
Turkington, appearing for Ross, and Crown prosecutor Kristy
McDonald QC, on agreed terms for the adjournment, the report adds.

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

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

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

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

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

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



=================
S I N G A P O R E
=================


GLOBAL A&T: S&P Revises Outlook to Stable & Affirms 'B' CCR
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Singapore-based Global A&T Electronics Ltd. (GATE) to stable from
positive.  At the same time, S&P affirmed its 'B' long-term
corporate credit rating and 'axBB-' long-term ASEAN regional scale
rating on the outsourced semiconductor assembly and test services
(OSAT) company.  S&P also affirmed its 'B' issue rating on GATE's
US$625 million notes due 2019. Most of GATE's key operating
subsidiaries in Singapore, Thailand, and Taiwan guarantee the
notes.

"We revised the outlook to stable from positive because GATE's
operating and financial performances are likely to remain weaker
than we had earlier anticipated," said Standard & Poor's credit
analyst Katsuyuki Nakai.  "Nevertheless, we expect GATE to
maintain positive free operating cash flows over the next 12
months, with a ratio of debt to EBITDA of less than 5x."

S&P expects GATE to maintain its "weak" business risk profile and
"highly leveraged" financial risk profile over the next 12 months.
In line with S&P's criteria on financial sponsors, its assessment
of GATE's financial risk profile reflects the company's ownership
by financial sponsors TPG Capital and Affinity Equity Partners.

GATE's revenues have been declining due to weak demand.  S&P
expects revenues to fall further by more than 4% in 2013.  S&P
attributes the fall to weak demand and the impact of the decision
by Nanya Technologies Corp., one of GATE's top clients, to exit
the commodity DRAM (dynamic random-access memory) business.

"We believe GATE's business risk profile has slightly weakened
because of falling sales and excess capacity," said Mr. Nakai.
The company's focus on new business from technological development
is lower than some of the peers, which leads to slower growth for
GATE relative to the industry.

S&P anticipates that GATE will generate positive free operating
cash flows in 2013 and 2014 by controlling its capital spending.
However, the company doesn't have significant flexibility to
further cut capital expenditure, given the ongoing technological
developments and changing trends in the industry.

GATE's operating performance in 2012 was weaker than S&P's
expectation.  Sales declined 5.2% over the previous year due to a
slowdown in the U.S., the company's key market, and scale-back and
relocation of some lower-margin products. EBITDA margins declined
from above 27% in 2011 due to lower sales, higher wages, and an
increase in revenue from the relatively lower-margin assembly
business compared with the test business.

The affirmed rating reflects the cyclical nature of the OSAT
business, with aggressive competition and heavy capital
expenditure requirements.  GATE's stable EBITDA margin and the
OSAT industry's growth potential temper these weaknesses.

S&P may lower the rating if: (1) GATE's business position further
weakens; and (2) the company's financial risk profile deteriorates
significantly, such that the debt-to-EBITDA ratio is more than 6x,
which may raise the risk of refinancing large debt maturities of
US$543 million in 2015 and put pressure on liquidity.

S&P is unlikely to upgrade GATE in the next 12-18 months.
However, S&P may raise the rating if: (1) GATE improves its
competitive position by increasing its market share; (2) the
company adopts a strict financial policy to restrict leverage
(including legal and contractual measures) to a debt-to-EBITDA
ratio of less than 4.5x on a sustainable basis; and (3) the
financial sponsors demonstrate full support for such financial
policies.


MMI INT'L: Fitch Puts 'BB-' Rating on US$180MM Secured Term Loan
----------------------------------------------------------------
Fitch Ratings has assigned Singapore-based MMI International
Limited's (MMI) USD180m senior secured term loan due 2018 a final
rating of 'BB-'.

The term loan is fully guaranteed by MMI's parent - Precision
Capital Private Limited (PCPL) and certain other subsidiaries of
MMI based outside China. The final rating follows the receipt of
documents conforming to information already received, and is in
line with the expected rating assigned on 17 April 2013. The
proceeds from the term loan will be fully used to refinance the
existing senior secured term loan of USD230m, with the balance
funded from available cash.

The new term loan, which shares the same characteristics with
MMI's USD300m 8% guaranteed senior secured 2017 notes, is
structurally subordinated to the existing and future debt of
certain MMI subsidiaries, particularly those based in China, which
do not guarantee the notes and term loan. Such subsidiaries
contributed 48% of MMI's consolidated revenue for FY12 (ending
June) but represented just 16% and 9% of MMI's assets and
liabilities respectively. The ratings of the notes and term loan
may be downgraded if MMI raises structurally super-senior debt or
if creditors' claims at non-guarantor subsidiaries rise to a level
that threatens expected recovery on secured debt.

Key Rating Drivers

Leverage will deteriorate: Fitch expects MMI's funds from
operations (FFO)-adjusted net leverage will deteriorate to 3.7x-
3.8x in FY13 from 3.1x in FY12 as EBITDA will decline to about
USD135m-USD140m. This is mainly due to a lower hard disk drive
(HDD) shipment volume because of slower demand from the personal
computer (PC) industry - HDD industry's largest market. However,
Fitch expects PC demand to recover in the second half of 2013 due
to seasonal factors and the launch of new convertible notebook
PCs.

Weaker profitability: Fitch expects MMI's FY13 operating EBITDAR
margins will decline to 16%-17% (FY12: 19.5%) due to lower average
selling price (ASP), as the supply of HDD components normalise and
return to levels prior to the Thai floods in 2011. However, Fitch
expects ASPs to stabilise in the medium term, benefitting from HDD
industry consolidation in 2012, which reduced the number of HDD
manufacturers to three from five.

Dependence on Seagate: MMI has concentration risk with US-based
Seagate Technology PLC (Seagate, BBB-/Stable) which contributed
about 75% of its revenue in H1FY13. However, the risk is mitigated
by high inter-dependence between MMI and Seagate; MMI is Seagate's
largest supplier for three key HDD components. MMI's ratings also
benefit from a moderate-to -high barrier to entry in the HDD
component manufacturing industry.

Fitch upgraded Seagate to 'BBB-' from 'BB+' on 1 May 2013 after
industry consolidation resulted in Seagate and Western Digital
Corp now controlling 88% of the HDD market. Fitch also expects
stable HDD pricing and strong HDD growth, driven by cloud storage
and usage of internet-enabled mobile devices.

Liquidity to improve: MMI's lease-adjusted net debt will continue
to decline in FY13 due to its ability to generate free cash flows
(FCF) of USD30m-USD40m (FCF/revenue: 4%-5%). This is supported by
its low capex requirements net of insurance claims (FY13
capex/revenue: 5%-6%). Liquidity will improve, following the
refinancing of the term loan, as average debt maturity will
increase to about 4.3 years from the existing 2.7 years.

Acquisition risk: MMI has a track record of inorganic growth
including the acquisition of three smaller component makers in
FY11. Although Fitch does not rule out the risk of further debt-
funded acquisitions, it expects the company to maintain its net
debt/EBITDA target of 3.0x.

Rating Sensitivities

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

  -- FFO-adjusted leverage of above 4x (FY13: forecast 3.6x-3.7x)
     on a sustained basis

  -- FFO interest coverage below 3.0x (FY13: forecast 3.6x) on a
     sustained basis

  -- Significant fall in cost per gigabyte differential between
     solid state drives (SSDs) and HDDs, resulting in lower
     demand for HDDs, or if Seagate moves its production
     capacity towards SSDs

Positive: Future developments that may, individually or
collectively, lead to the outlook being revised to stable include:

  -- FFO-adjusted leverage below 3.0x on a sustained basis

  -- FFO interest coverage above 8.0x on a sustained basis



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


* SOUTH KOREA: Regulator to Pick 30 Firms for Debt Restructuring
----------------------------------------------------------------
Yonhap News reports that the Financial Supervisory Service will
pick at least 30 large companies for debt rescheduling by the end
of this year, with the majority expected to have suffered the most
from the global downturn, its officials said Tuesday.

Yonhap relates that the financial regulator is soon expected to
announce a list of big firms that are to face either a debt
workout or court receivership largely due to a liquidity squeeze
stemming from the sluggish economy.

The FSS said the list will likely increase for the second half of
this year compared with a year earlier, with many players from
high-risk sectors such as shipping and shipbuilding industries,
according to Yonhap.

Last year, the report recalls, the regulator picked 549 out of
1,806 large companies for further evaluation, before narrowing
down the list to a total of 36 firms for debt rescheduling. This
year, it could rise to as many as 40 companies, as the slowing
economy has worsened their profitability, the watchdog said.

Yet FSS Gov. Choi Soo-hyun noted that a lot of them will be placed
under a debt workout rather than liquidation since the purpose of
the corporate evaluation is to give them a chance for a
turnaround, the report relays.

The regulator has assessed credit risks of big firms that took out
loans of KRW50 billion (US$43.7 million) or more to sort out
troubled companies. It gave a grade of "C" to companies subject to
a debt workout program, usually led by creditor banks, with others
given a "D" for court receivership, Yonhap notes.



===============
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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