TCRAP_Public/130716.mbx            T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

               Tuesday, July 16, 2013, Vol. 16, No. 139


                            Headlines


A U S T R A L I A

FLEXI ABS: Fitch Upgrades Rating on Class E Notes to 'BB+'


C H I N A

LDK SOLAR: Shareholders Re-Elect Four Directors
YUZHOU PROPERTIES: RMB1.3-Bil. Land Purchase No Impact on Ratings


I N D I A

A ONE CERAMICS: ICRA Assigns 'B+' Ratings to INR5.05cr Loans
ASHA INDUSTRIES: ICRA Assigns 'B-' Ratings to INR9.7cr Loans
ASHOKA DYEING: ICRA Assigns 'B+' Ratings to INR11.29cr Loans
BNR EGG: ICRA Assigns 'B-' Ratings to INR7.50cr Loans
D.S. CONTRACTORS: ICRA Lowers Ratings on INR13cr Loans to 'D'

ESKAY HEAT: ICRA Assigns 'B+' Ratings to INR11.26cr Loans
HAMSA MINERALS: ICRA Reaffirms 'B+' Rating on INR3.5cr Loans
J.R.M. FOODS: ICRA Assigns 'B+' Rating to INR21cr Loans
MAHAKALI MOTORS: ICRA Rates INR10cr Fund Based Loan at 'B+'
MITHILANCHAL INDUSTRIES: ICRA Puts 'B' Ratings on INR7.81cr Loans

RAGHU RAMA: ICRA Assigns 'B' Ratings to INR16cr Loans
SHREE NAKODA: ICRA Rates INR1cr Fund Based Loans at 'B'
SRI AUROBINDO: ICRA Places 'B+' Ratings on INR11.5cr Loans
SRI AYYAPPA: ICRA Reaffirms 'B+' Rating on INR15cr LT Loans
SRI SHIVA: ICRA Assigns 'B+' Rating to INR7cr Fund Based Loans

SRI VENKATESWARA: ICRA Reaffirms 'B' Rating on INR9cr LT Loan
SPACETECH EQUIPMENTS: ICRA Rates INR1.75cr Loan at 'B'
SVS FOOD: ICRA Assigns 'B' Rating to INR6.5cr Fund Based Loans
U GOENKA: ICRA Rates INR1cr LT Cash Credit Loan at 'B'
V CARE: ICRA Assigns 'B' Rating to INR0.59cr Term Loan

VEEKAY SMELTERS: ICRA Rates INR7cr Fund Based Loans at 'B+'


N E W  Z E A L A N D

MAINZEAL PROPERTY: Liquidators Claw Back NZ$23MM for Creditors
RENAISSANCE CORP: Shuts Four of Nine "Yoobee" Stores
TUIGAMALA AND SONS: In liquidation; Owes IRD NZ$80,000


P H I L I P P I N E S

QUEZON TRADERS: Placed Under PDIC Receivership


S O U T H  K O R E A

STX PAN OCEAN: Wins Ch. 15 Recognition From US Court


X X X X X X X X

* APAC Sovereigns See Testing Times, Fitch Says
* BOND PRICING: For the Week July 8 to July 12, 2013


                            - - - - -


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


FLEXI ABS: Fitch Upgrades Rating on Class E Notes to 'BB+'
----------------------------------------------------------
Fitch Ratings has upgraded four classes of Flexi ABS Trust 2012-1
and affirmed one, as shown below. The transaction is a
securitisation backed by small balance consumer loan receivables
due October 2016. The notes were issued by Perpetual Corporate
Trust Limited in its capacity as trustee of Flexi ABS Trust 2012-
1.

AUD69.79m Class A2 notes (ISIN AU3FN0016218): affirmed at 'AAAsf';
Outlook Stable

AUD20.06m Class B notes (ISIN AU3FN0016226): upgraded to 'AAAsf'
from 'AAsf'; Outlook Stable

AUD8.2m Class C notes (ISIN AU3FN0016234): upgraded to 'AAsf' from
'Asf'; Outlook Stable

AUD4.56m Class D notes (ISIN AU3FN0016242): upgraded to 'BBB+sf'
from 'BBBsf'; Outlook Stable

AUD3.65m Class E notes (ISIN AU3FN0016259): upgraded to 'BB+sf'
from 'BBsf'; Outlook Stable

Class A1 notes were paid in full on Feb. 6, 2013

KEY RATING DRIVERS

The transaction has performed better than Fitch's initial
expectations since closing on Aug. 9, 2012. Total net losses have
been well below Fitch's base case to date and excess spread has
been more than sufficient to cover any losses experienced.

As at May 31, 2013, the 30+days and 90+ day delinquency rates were
1.62% and 0.3% of the collateral pool. Cumulative losses since
closing have been low, totalling AUD2.04 million, below Fitch's
expected losses of AUD4.22 million. The weighted average remaining
term and weighted average seasoning were both17 months, compared
with 22 and seven months, respectively, at end-August 2012. As of
May 2013, the liquidity reserve was AUD2.3m. The collateral pool
consisted of 61,219 loans with a total portfolio balance of
AUD113.05 million and an average contract balance of AUD1,847.

RATING SENSITIVITIES

The prospect for downgrades is considered remote at present given
the current performance of the pool, as well as adequate excess
spread and subordination. The consumer loans in the collateral
pool are vulnerable to a drastic downturn in the Australian
economy.

Initial key rating drivers and rating sensitivity are described
further in the New Issue report dated Aug. 9, 2012.



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


LDK SOLAR: Shareholders Re-Elect Four Directors
-----------------------------------------------
LDK Solar Co., Ltd., held its annual general meeting on July 10,
2013, at the Company's office in Hong Kong, at which the
shareholders approved:

   (a) the adoption of the 2012 annual report;

   (b) the adoption of the 2013 stock incentive plan; and

   (c) the re-election of directors, Peng Xiaofeng (chairman of
       the board), Liu Zhibin (non-executive director),
       Liu Xuezhi (non-executive director) and Liang Junwu
       (independent director).

The total number of members of the board of directors of LDK Solar
remains at 11.  KPMG was re-appointed as LDK Solar's outside
auditors for the fiscal year 2013.  Shareholders did not approve
the issue of warrants in connection with the settlement of an
investor's holdings of LDK Solar's 4.75 percent convertible senior
notes due April 2013.

There were an aggregate of 79,264,399 shares represented in person
or by proxy throughout the duration of the meeting, including
shares underlying American depositary shares.

                           About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on
$862.88 million of net sales for the year ended Dec. 31, 2012, as
compared with a net loss of $608.95 million on $2.15 billion of
net sales for the year ended Dec. 31, 2011.  As of March 31, 2013,
the Company had $4.99 billion in total assets, $5.29 billion in
total liabilities, $356.60 million in redeemable non-controlling
interests and a $660.58 million total deficit.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.


YUZHOU PROPERTIES: RMB1.3-Bil. Land Purchase No Impact on Ratings
-----------------------------------------------------------------
Moody's Investors Service sees no immediate impact on Yuzhou
Properties' B1 corporate family and B2 senior unsecured debt
ratings and stable outlook following its Jiading land purchase of
RMB1.3 billion.

However, in Moody's view, Yuzhou's strategic shift -- from
acquiring land in lower-tier cities to higher-tier cities -- could
increase its implementation risk in the medium to long term.

"While the land acquisition appears sizeable in total price and is
at higher unit costs relative to Yuzhou's low-cost land strategy,
it adds both quantity and quality to the company's land bank,"
says Lina Choi, a Moody's Vice President and Senior Analyst.

"In addition, Yuzhou can finance the purchase with its operating
cash flow and cash-on-hand. The company's contract sales totaled
RMB5.7 billion for the first five months of the year, which is
well ahead of our expectations, considering the full-year target
of RMB7.5 billion," says Choi.

While Moody's expects no material impact on Yuzhou's credit
metrics from this transaction, the company's land acquisitions
will be monitored closely.

Yuzhou's strength is in low-cost land acquisition in lower-tier
cities. But its most recent purchase demonstrates the management's
strategy to pursue higher quality land pieces in tier 1 and 2
cities, where the company has relatively less operating experience
and presence than in its core markets.

Yuzhou's management attributes this strategy shift to its attempts
to build a more balanced land bank portfolio.

This is consistent with a trend that Moody's observed recently in
the Chinese residential property market; some regional developers,
having established market positions in certain locales in the past
few years, feel constrained by an oversupply of land in tier 3 & 4
cities and structurally lower margins from the business model that
focuses on lower land costs.

In order to further expand its operating scale and raise
profitability, these developers make strategic moves into tier 1
and 2 cities, where land costs are higher, but demand still
outstrips supply significantly.

While Moody's understands the strategic rationale behind this
move, Yuzhou has yet to establish its brand in the higher tier
cities, and there is also a concern about potential implementation
risks that accompany such an expansion.

The principal methodology used in this rating was Global
Homebuilding Industry Methodology published in March 2009.

Yuzhou Properties Company Limited is a Fujian-based developer that
focuses on residential housing in Xiamen. It had a small land bank
(with a legal title) of around 8.5 million square meters (sqm) in
gross floor area (GFA) at end-May 2013. Of this land bank, 31% is
in Xiamen; 24% in Hefei; 15% in Quanzhou; and the rest are in
Bengbu, Shanghai, Tianjin, Fuzhou, Longyan and Zhangzhou.


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


A ONE CERAMICS: ICRA Assigns 'B+' Ratings to INR5.05cr Loans
------------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to INR2.55 crore term
loans and INR2.50 crore cash credit facility of A One Ceramics
Private Limited.  A rating of '[ICRA]A4' has also been assigned to
INR0.85 crore short-term non-fund based facilities of A One
Ceramics Private Limited.

                            Amount
   Facilities             (INR Cr)    Ratings
   ----------             --------    -------
   Long term fund            2.55     [ICRA]B+ assigned
   based-Term Loans

   Long term fund based-     2.50     [ICRA]B+ assigned
   Cash Credit

   Short term non fund       0.85     [ICRA]A4 assigned
   based-Bank Guarantee

The ratings assigned take into account AOCPL's small size of
operations which along with the high competitive intensity is
likely to exert pressure on margins. The ratings are also
constrained by AOCPL's high financial risk profile as reflected by
highly geared capital structure, moderate coverage indicators, and
high working capital intensity of operations on account of long
receivable days and high inventory holding period. ICRA also notes
the dependence of operations and cash flows of the company on the
performance of the real estate industry which is the main consumer
sector, and vulnerability of profitability to increasing prices of
gas and power.

The ratings however have favorably considered the experience of
the key promoters in the ceramic industry, diversified product
profile with presence in digital tile printing segment, and
location advantage enjoyed by AOCPL giving it easy access to raw
material.

A One Ceramic Private Limited is engaged in manufacturing of wall
tiles with its plant situated at Morbi, Gujarat. The company was
established in July 2009 while the operations commenced in January
2010. AOCPL is promoted by Mr. Sanjay Nayakpara along with other
directors. The plant has an installed capacity of 21600 MTPA. It
currently manufactures wall tiles of size 12"x18", 10"x13"and
12"x12" with the current set of machineries and production
facilities.

Recent Results

In FY 2013 (based on provisional un-audited financials), AOCPL
reported an operating income of INR14.78 crore (as against
INR14.17 crore in FY 2012) and profit after tax of INR0.43 crore
(as against INR0.18 crore in FY 2012).


ASHA INDUSTRIES: ICRA Assigns 'B-' Ratings to INR9.7cr Loans
------------------------------------------------------------
The rating of '[ICRA]B-' has been assigned to the INR9.70 Crore
fund based long-term facility of Asha Industries.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             6.75     [ICRA]B- assigned
   Term Loan               2.95     [ICRA]B- assigned

The assigned rating is constrained by the weak financial profile
of the firm as reflected in its low profitability margins, weak
capital structure, modest debt coverage indicators, and tight
liquidity position with almost 100% utilization of working capital
facilities. The rating is further constrained by the highly
competitive and fragmented industry structure owing to low entry
barriers and vulnerability of profitability to raw material prices
which are subject to seasonality, crop harvest and regulatory
risks. While assigning the rating, ICRA has also considered the
expected weakening of capital structure and coverage indicators of
the firm over the near term on account of the recently completed
debt funded capex and risks associated with the partnership form
of business in terms of continuity, capital infusion and
withdrawals.

However, the rating favorably factors in the long track record of
the firm in the cotton industry; revenue diversification due to
the presence in PVC pipe manufacturing and favorable location of
the firm's manufacturing facility in the cotton producing belt
giving it an easy access to raw cotton and cotton seeds.

Asha Industries was incorporated in the year 1995 and is involved
in the business of ginning, pressing of raw cotton, crushing of
cotton seed and manufacturing of PVC/UPVC pipes. The firm's plant
is located in Morbi (Rajkot). Besides manufacturing, the firm is
also engaged in trading of cotton seeds, oilcake, resin and
PVC/UPVC pipes etc.


ASHOKA DYEING: ICRA Assigns 'B+' Ratings to INR11.29cr Loans
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR11.29
crore bank limits of Ashoka Dyeing and Printing Mills Private
Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term Loan           6.34    [ICRA]B+ assigned

   Long Term Cash           4.95    [ICRA]B+ assigned
   Credit facility

The rating is constrained by the company's small scale of
operations and weak financial risk profile as reflected by modest
profitability margins, high working capital intensity of
operations, highly leveraged capital structure and weak debt
protection metrics, owing to debt-funded nature of capex
undertaken by the company. ICRA further notes that the company
operates in a highly fragmented industry characterized by intense
competitive pressures, and low barriers to entry, resulting in low
profitability margins. The ratings are further constrained by
vulnerability of the company's operations to the cyclicality
inherent in the textile industry.

The rating, however, favorably factors in the established track
record of the promoters in the dyeing and printing industry, the
company's diversified customer profile and limited exposure to raw
material price fluctuations, owing to the job-work nature of its
operations. The rating also takes into account the locational
advantages available to the company by virtue of its proximity to
raw material sources and end customers.

Ashoka Dyeing and Printing Mills Private Limited was established
in 1993 at Surat (Gujarat) and has since been involved in the
dyeing and printing of greige fabric on a job work basis. The
customers of the company supply the fabric, which is further
processed, viz. dyed and/or printed at the company's facility at
Pandesara, Surat. The fabric processed by ADPMPL finds application
in designing sarees.

The processing unit of the company is currently equipped with 9
printing machines and has an annual production capacity of ~2.50
crore metres of dyed and printed fabric.

In FY 2013, ADPMPL reported a profit before tax (PBT) of INR0.61
crore on operating income of INR20.63 crore (provisional). In FY
2012, ADPMPL recorded a profit after tax (PAT) of INR0.31 crore on
an operating income of INR17.05 crore.


BNR EGG: ICRA Assigns 'B-' Ratings to INR7.50cr Loans
-----------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B-' to INR7.12 crore
fund based limits of BNR Egg Farms. ICRA has also assigned rating
of '[ICRA]B-' to INR0.38 crore unallocated limits of BEF.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits       7.12     [ICRA]B- assigned
   Unallocated limits      0.38     [ICRA]B- assigned

The assigned rating is constrained by project execution risks in
the form of time & cost overruns due to nascent stage of
construction of godown and feed manufacturing plant; debt funded
capital structure which is likely to put pressure on the
capitalization and coverage indicators of the firm in the initial
period and risks arising from partnership nature of the firm. The
rating is also constrained by high sensitivity of BEF's profits to
fluctuations in feed costs (mainly maize and soya prices) and the
high competitive pressure which adds to the volatility in the
business. ICRA however positively factors the experience of the
management in layer poultry farming and the healthy demand outlook
for the layer segment of the industry on account of increasing
acceptance of eggs as a daily meal component.

Established in 2010, BNR Egg Farms is a partnership firm engaged
in the business of commercial layer poultry farming for the sale
of table eggs. The unit is located in Vizanagaram district of
Andhra Pradesh and the total capacity of Poultry layer unit is
200,000 layer birds. The day to day operations is looked after by
the managing partners, Mr. B. Sayanatha Rao and Mr. P. Seshagiri
Rao. The total cost of the project is INR8.37 crore, out of which
INR5.40 crore is term loan and the remaining is partner's
contribution. The brooder, grower and two layer sheds are in place
whereas the construction of godown, two layer sheds and feed
manufacturing plant is expected to complete by September, 2013.


D.S. CONTRACTORS: ICRA Lowers Ratings on INR13cr Loans to 'D'
-------------------------------------------------------------
ICRA has revised the long term ratings assigned to the INR5.00
crore fund based limits of D.S. Contractors Private Limited from
'[ICRA]C' to '[ICRA]D'. ICRA has also revised the short term
ratings assigned to the INR8.00 crore non-fund based limits of
DSCPL from '[ICRA]A4' to '[ICRA]D'.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits-       5.0     [ICRA]D Revised from
   Cash Credit                      [ICRA]C

   Non-Fund Based Limit     8.0     [ICRA]D Revised from
                                    [ICRA]A4

The revision in ratings of D.S. Contractors Private Limited
factors in the company's stretched liquidity position evidenced by
ongoing delays in debt servicing towards the repayment of
overdraft facility resulting in overutilization of working capital
limits for more than 30 consecutive days in recent past and in
frequent excessive utilization of its fund based limits. The
ratings also factor in delays in execution of majority of the
company's projects due to issues related to availability of labor
and sand which resulted in a 13% year-on-year de-growth in FY13
revenues and the high client, sectoral, geographic and project
concentration risks in the company's order book.

However, ICRA notes DSCPL's healthy revenue visibility due to
strong unexecuted order book position as of May 2013 equivalent to
2.58x FY12 revenues led by the inflow of new orders of
INR38 crore in FY13 and the long-standing experience of the
promoters in the construction industry.

Incorporated in 1990, DSCPL is a Goa based Construction Company
that undertakes civil construction projects for residential,
industrial buildings and hotel projects. Founded by Mr. SS Gill,
DSCPL is a closely held company with 100% shares held by the
promoters. Till date, DSCPL has executed over 70 projects
involving civil construction of residential, institutional,
industrial buildings and hotel projects for a mix of public sector
and private sector clients. Entire company's projects are located
in the states of Goa.


ESKAY HEAT: ICRA Assigns 'B+' Ratings to INR11.26cr Loans
---------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR7.00 crore fund based
limits and INR4.26 crore term loan of Eskay Heat Transfers Private
Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long-term fund           7.00    [ICRA]B+ assigned
   based limits

   Term Loan                4.26    [ICRA]B+ assigned

The assigned ratings are constrained by small scale of operations
of the company in heat exchanger manufacturing industry resulting
in modest economies of scale; high customer concentration risk
with top 3 customers accounting for 29.92% of the revenues in
FY2013 and volatility in raw material prices affecting the
profitability as witnessed in the past. The ratings however
favorably factor in long experience of the promoters in
manufacturing of heat exchangers; established relationships with
its customers and high value addition in their products.

Eskay Heat Transfer Private Limited was incorporated in the year
1989 (Earlier Eskay Industries, a partnership firm established in
1977). The promoters of the company, Mr. Sachidananda N Shetty and
Mr. N. Kusha Shetty have experience of over 3 decades in design
and manufacturing of heat exchangers. The company's plant is
located in Bangalore and the company primarily supplies heat
exchangers to diverse industries such as power generation,
process, chemical, petrochemical, machine tools and mining
industries.

Recent Results

For FY2013 (unaudited and provisional), the company has reported
an operating income of INR21.29 crore and net profits of INR0.76
crore.


HAMSA MINERALS: ICRA Reaffirms 'B+' Rating on INR3.5cr Loans
------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B+' rating outstanding on the
INR3.5 crore long term fund based facilities of Hamsa Minerals &
Exports.  ICRA has also re-affirmed the '[ICRA]A4' rating to the
INR10.0 crore (enhanced from INR6.5 crore) short term fund based
facilities of HME.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term Fund          3.5      [ICRA]B+/Re-affirmed
   Based Limits

   Short Term Fund        10.0      [ICRA]A4/Re-affirmed
   Based Limits

The reaffirmation of the ratings continues to factor the
promoters' strong background and experience in the granite
quarrying industry and business synergies from group companies
that are engaged in granite quarrying.  Quarries owned / leased by
group companies of the Firm provide access to and ensure timely
availability of unique variety of granite which is well recognised
in the export market. During 2012-13, the firm's volumes witnessed
sharp decline owing to subdued demand conditions in the end
markets; however, expected revival in those markets together with
the firm's foray into granite slab processing are expected to
support revenue growth going forward. However, the impact of debt
funded capital expenditure continues to remain key monitorable.
The ratings continue to factor the Firm's moderate scale of
operations, fragmented industry structure with large number of
players catering to the export market and vulnerability of profit
margins to foreign exchange fluctuations. The ratings also factor
the Firm's stretched financial profile marked by weak capital
structure and high working capital requirement. Though majority of
the debt being extended as unsecured loans by promoters provides
comfort, the Firm's ability to improve its capital structure over
the medium run would remain key rating sensitivity.

Hamsa Minerals & Exports, promoted by Mr. V. Vikram Reddy and
family in 2004, is a partnership Firm engaged in granite quarrying
and exporting dressed granite blocks to countries such as China,
Hong Kong, Taiwan and Switzerland. Initially, the Firm was into
iron ore exports business and subsequently got 100 per cent EOU
(Export Oriented Unit) certificate from SEZ Vishakhapatnam to
export squared and dressed granite blocks.

Recent results (Unaudited)

The Firm reported net profit of INR0.9 crores on operating income
of INR21.3 crores during 2012-13 as against net profit of INR1.2
crore on operating income of INR37.7 crores during 2011-12.


J.R.M. FOODS: ICRA Assigns 'B+' Rating to INR21cr Loans
-------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR21.0 crore fund-
based limits of J.R.M. Foods Pvt. Ltd.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits       21.00    [ICRA]B+

Rating Rationale
The rating takes into account the highly competitive and low value
added nature of the rice milling industry which coupled with JRM's
moderate scale of operations has lead to weak profitability
metrics for the company. The rating is also constrained by JRM's
high gearing levels (2.78 times as on
March 31, 2013), its weak debt protection indicators (NCA/Debt of
3% and OPBDITA/Interest of 1.07 times in FY13) and consistently
high utilisation of fund based working capital limits.
Nevertheless, the rating derives comfort from JRM's experienced
management, healthy growth in its operating income and favourable
demand outlook for the rice industry.

J.R.M. Foods Pvt. Ltd. was earlier Jain Rice Mill which was a
partnership firm established in 1973 by three brothers Mr. Sandeep
Jain, Mr. Pritam Jain and Mr. Harish Jain. The firm was
incorporated as a private limited company (J.R.M. Foods Pvt. Ltd.)
in June 2011. The company is engaged in milling of basmati rice
and conversion of semi processed rice into parboiled Basmati rice.

Recent Results

As per audited results, the company has reported PAT of INR0.53
crore on an operating income of INR99.57 crores in FY13 as
compared to PAT of INR0.41 crore on an operating income of
INR70.03 crore in FY12.


MAHAKALI MOTORS: ICRA Rates INR10cr Fund Based Loan at 'B+'
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR10.00
crore fund based bank limits of Mahakali Motors Private Limited.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund Based-Cash Credit     10      [ICRA]B+ assigned

The rating takes into consideration MMPL's low profitability, as
inherent in the car dealership business, adverse capital structure
and depressed coverage indicators. The company is the authorised
dealer for Tata Motors Limited's commercial vehicles (CV) segment,
which exposes the company to the current difficult operating
environment, but ICRA expects the revenue growth to be supported
by its expanded reach with the setting up of the new outlet.
Notwithstanding the same, its operations remain confined to Bihar
leading to geographical concentration risk. The rating also takes
into consideration the limited financial flexibility of the
company as characterised by high utilisation of bank limits;
however, the same is expected to improve with access to channel
financing. The rating also takes into account the long experience
of the promoters in the car dealership business and the consistent
growth in the turnover during the past two years.

Established in 2009 by the Choudhury family, MMPL is TML's (Tata
Motors Limited) authorized dealer for the sale of commercial
vehicles as well as for services and sale of spares in the state
of Bihar. The company operates out of two showrooms in the state
of Bihar.

Recent Results

As per provisional numbers, the company has reported a net profit
after tax (PAT) of INR1.29 crore in FY13 on an operating income
(OI) of INR89.35 crore. The company had earned a PAT of INR0.99
crore on an OI of INR77.02 crore in FY12.


MITHILANCHAL INDUSTRIES: ICRA Puts 'B' Ratings on INR7.81cr Loans
-----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR7.81
crore bank limits of Mithilanchal Industries Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term Loan          1.81     [ICRA]B assigned
   Long Term Cash          6.00     [ICRA]B assigned
   Credit facility

The rating assigned is constrained by the limited track record of
operations of the company, with commencement of production in
April 2013, the exposure of the company's profitability and cash
flows to the fluctuations in raw material prices and the intense
competitive pressure arising due to the cyclical and fragmented
nature of the textile industry. The rating also factors in the
limited bargaining power available to the company due to its
dependence on a single supplier for meeting most for its raw
material requirements.

The rating, however, draws comfort from the long presence of the
promoters in the field of manufacturing various jari products and
the locational advantage available to the company by virtue of
its presence in Surat, in close proximity to raw material sources
and end customers. ICRA also notes the operational synergies
available to MIPL from the presence of group concerns in similar
lines of business. Going forward, the company's ability to scale
up operations successfully while maintaining a prudent working
capital cycle would remain important from a credit perspective.

Mithilanchal Industries Private Limited was incorporated in
April 2012 and commenced the commercial production of jari yarn in
April 2013. The company was formed by taking over the operations
of a group concern, viz. Telstar Enterprise (TE), which had been
involved in the production of metallic yarn used in the production
of jari. The operations at the existing unit of TE have been
discontinued and the facility has been equipped with 8000 hollow
spindle machines, five 48-spindle winding machines and 64
pineapple conning machines, with a cumulative installed capacity
of 180-200 tonnes per annum.


RAGHU RAMA: ICRA Assigns 'B' Ratings to INR16cr Loans
-----------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to INR15.20 crore
fund based limits of Raghu Rama Rice Industry. ICRA has also
assigned rating of '[ICRA]B' to INR0.80 crore unallocated limits
of RRRI.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits       15.20    [ICRA]B assigned
   Unallocated limits       0.80    [ICRA]B assigned

The assigned rating is constrained by nascent stage of operations
of RRRI with commercial operations starting in June, 2013; debt
funded capital structure which is likely to put pressure on the
capitalization and coverage indicators of the firm in the initial
period and risks arising from partnership nature of the firm. The
rating is further constrained by intensely competitive nature of
the rice industry with presence of several small-scale players
which increases the pressure on the operating margins;
susceptibility to agro-climatic risks which impact the
availability of the paddy in adverse weather condition and the
government policy restrictions on the quantity of rice which can
be sold in the open market limit the flexibility and realizations
for the firm. The ratings however take comfort from the long
experience of the promoters in the rice mill business; easy
availability of paddy from proximity of plant in major paddy
cultivating region of the country and favorable demand prospects
of the industry with India being the second largest producer and
consumer of rice internationally.

Raghu Rama Rice Industry is established in March 2012 as a
partnership firm by Mr. V. Rudrayya Chowdary and other family
members. The firm is engaged in milling of paddy to produce raw
and boiled rice and the firm commenced its operation in June,
2013. RRRI is located in the East Godavari District of Andhra
Pradesh. The production capacity of the plant installed is 8 tons
per hour.


SHREE NAKODA: ICRA Rates INR1cr Fund Based Loans at 'B'
-------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR1.00 crore fund-
based bank facilities of Shree Nakoda Global Ltd. ICRA has also
assigned an '[ICRA]A4' rating to the INR14.00 crore non-fund based
bank facilities of SNGL.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Fund-Based Limits         1.00    [ICRA]B; assigned
   (Cash Credit)

   Non-Fund Based Limits    14.00    [ICRA]A4; assigned

The assigned ratings take into consideration the long track record
of SNGL's promoters in the steel sector, which helps secure
business for the company, and an improvement in SNGL's
profitability during the last two years, though profits have
remained low in absolute terms. However, the ratings are
constrained by SNGL's adverse financial risk profile as reflected
by an increasing gearing and depressed levels of coverage
indicators, relatively small size of the company's operations at
present, the ongoing weakness in the steel industry as reflected
by a significant decline in SNGL's sales during 2012-13 and the
cyclicality associated with the steel industry, which is likely to
keep its profitability and cash flows volatile in future.

The company was incorporated in January 1993 by the Raipur based
Shree Nakoda Group, promoted by Mr. Virendra Goel. The operations
of the company are being managed by his younger brother, Mr.
Surendra Goel and Mr. R. K. Agarwal. The company is involved in
trading of various steel products such as plates, sheets etc. and
minerals.

Recent Results

In 2012-13, as per the provisional financial statements, SNGL
reported an operating income of INR111.48 crore and a net profit
of INR0.32 crore as against an operating income of INR271.43 crore
and a net profit of INR0.44 crore in 2011-12.


SRI AUROBINDO: ICRA Places 'B+' Ratings on INR11.5cr Loans
----------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B+' to the INR7.0
crore term loan facilities and the INR4.5 crore fund-based
facilities of Sri Aurobindo Packagers Private Limited. ICRA has
also assigned short term rating of '[ICRA]A4' to the INR0.5 crore
non fund based facilities of SAPL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term loans               7.0     [ICRA]B+/assigned
   Fund Based limits        4.5     [ICRA]B+/assigned
   Non Fund Based limits    0.5     [ICRA]A4/assigned

The assigned ratings factors the long standing experience of the
promoters in the industry, reputed customer profile diversified
across various industries with low customer churn lending
stability to volumes, steady growth in revenues over the years
backed by increasing off-take from existing customers and
acquisition of new customers and favorable demand prospects for
the flexible packaging industry due to increased usage in FMCG
products and other industries. However, the rating is constrained
by the fragmented nature of the flexible packaging industry
leading to intense competition and constrained margins, limited
bargaining power exposing earnings to volatile raw material
prices, risk of high customer concentration with major customers
contributing to more than 60% of revenues and relatively small
scale of operations. The rating also factors in the financial
profile characterized by moderately high gearing and thin accruals
owing to capacity constraints and working capital intensive nature
of operations. With the capital expenditure being undertaken to
result in increased debt levels, the company's financial profile
would critically depend on the utilization levels of its expanded
capacity especially in view of the high debt repayment
obligations.

Sri Aurobindo Packagers Private Limited is a manufacturer of
flexible packaging material based out of Chennai, Tamil Nadu. SAPL
was started in 1999 by the promoters for manufacturing laminated
packaging material. The company initially started with capacity of
6T/month and has expanded to current levels of 100T/month. The
company currently manufactures packaging material, in roll form as
well as pouch form, through the printing and laminating of plastic
films. The major customers are Aachi masala, MRF and Auro Foods.
The company is in the process expanding its capacity to 400T/month
and has plans for backward integration into manufacturing of
plastic and metallised films.


SRI AYYAPPA: ICRA Reaffirms 'B+' Rating on INR15cr LT Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR15.00
crore fund based limits of Sri Ayyappa Rice Industries at
'[ICRA]B+'.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term Fund          15.00    [ICRA]B+ reaffirmed
   Based Limits

The rating reaffirmation takes into account the modest financial
profile characterized by low operating margins & moderate coverage
indicators; intensely competitive and fragmented nature of the
rice milling industry which limits the ability of the firm to pass
on hike in input costs to its customers. Further, the firm also
remains susceptible to policy risks affecting the quantum of the
more lucrative open market sales, and agro climatic risks, which
might affect the availability of paddy. The ratings however
favorably factor in long-standing experience of promoters in the
industry, easy availability of raw material- the mill being
present in rice-belt of Andhra Pradesh and the presence of the
firm in retail market through its own brands 'Double Horse' and
'Sri Chakra' with branded sales accounting for 44% of turnover.

Operating income grew by 4.4% FY13 primarily on account of
improvement in sales realization. Firm sold 30973 MT rice in FY13
as compared to 33,407 MT rice sold in FY12. The gearing of the
firm has decreased from 1.39 as on FY12 end to 0.83 as on FY13 end
on account lower utilization of working capital limits. Working
capital intensity of the firm is high at 22.38% in FY13 on account
of high inventory days as the firm keeps an inventory of raw
material throughout the year. Rice mills are required to hold high
inventory of paddy due to seasonality of the crop and significant
seasonal variations in both price and quality of paddy. As on Mar
31, 2013, the total debt of SARM comprises of unsecured loans of
INR1.50 Cr (16%) and working capital borrowings of INR8.00 Cr
(84%).

Sri Ayyappa Rice Industries is a partnership firm established in
the year 2008 and is engaged in the milling of paddy. It produces
raw and boiled rice. It was promoted by Mr. S. Venkata Reddy and
partners. The firm has a milling unit in Polamuru (East Godavari
district) of Andhra Pradesh with a milling capacity of 90,000
MTPA.

According to provisional FY 2012-13 results, the firm has recorded
an operating income of INR62.92 crores with an operating profit of
INR3.02 crore.


SRI SHIVA: ICRA Assigns 'B+' Rating to INR7cr Fund Based Loans
--------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' to INR7.00 crore
fund based limits of Sri Shiva Parvathi Industries.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits       7.00     [ICRA]B+ assigned

The assigned rating is constrained by intensely competitive nature
of rice industry with presence of several small-scale players
which puts pressure on the operating margins; moderate financial
profile of the firm characterised by low profitability & moderate
gearing levels; and risks inherent in a partnership nature of the
firm. These apart, the rating is also constrained by the
susceptibility of profitability & revenues to agro-climatic risks
which impact the availability of the paddy in adverse weather
conditions. The rating however takes comfort from the long track
record of the promoters in the rice milling business and favorable
demand prospects for rice with India being the second largest
producer and consumer of rice internationally.

Founded in the year 2009 as a partnership firm, Sri Shiva Parvathi
Industries is engaged in the milling of paddy and produces raw &
boiled rice. The rice mill is located at Ramunipatla village of
Medak district, Andhra Pradesh. The firm is also having unit in
Dubbaka village of Medak district. The installed production
capacity of the rice mill is 6 tons per hour and ravva mill is 2
tons per hour.

Recent Results
In FY2013 (unaudited and provisional), the firm reported an
operating income of INR21.33 crore and operating profits of
INR1.59 crore.


SRI VENKATESWARA: ICRA Reaffirms 'B' Rating on INR9cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR9.00 crore
fund based bank facilities of Sri Venkateswara Rice Mill at
'[ICRA]B'.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term Fund          9.00     [ICRA]B reaffirmed
   Based Limits

The rating reaffirmation takes into account the modest financial
profile characterized by low operating margins & weak coverage
indicators; intensely competitive and fragmented nature of the
rice milling industry which limits the ability of the firm to pass
on hike in input costs to its customers. Further, the firm also
remains susceptible to policy risks affecting the quantum of the
more lucrative open market sales, and agro climatic risks, which
might affect the availability of paddy. The ratings however
favorably factor in long-standing experience of promoters in the
industry, easy availability of raw material- the mill being
present in rice-belt of Andhra Pradesh and the presence of the
firm in retail market through its own brands 'SVR Double Horse'
with branded sales accounting for 20% of turnover.

Operating income grew by 20% during FY13 primarily on account of
increase in sales volume by 35% in FY13 as firm sold 16484 MT rice
in FY13 as compared to 12257 MT sold in FY12. However the
operating profitability of the firm decreased in FY13 from 8.13%
to 5.59% on account of increase in manufacturing and employee
expenses. The gearing of the firm decreased on account of lower
working capital utilization. Working capital intensity of the firm
is high at 25.39% in FY13 primarily on account of increase in
inventory holding as the firm keeps an inventory of raw material
throughout the year. Rice mills are required to hold high
inventory of paddy due to seasonality of the crop and significant
seasonal variations in both price and quality of paddy.

Sri Venkateswara Rice Mill is a partnership firm established in
the year 1999 and is engaged in the milling of paddy. It produces
raw and boiled rice. It was promoted by Mr. S. Venkata Rama
Krishna Reddy and partners. The firm has its milling unit in
Mahendrawada (East Godavari district) of Andhra Pradesh with a
milling capacity of 99,000 MTPA.

According to provisional FY 2012-13 results, the firm has recorded
an operating income of INR35.59 crore with an operating profit of
INR1.99 crore.


SPACETECH EQUIPMENTS: ICRA Rates INR1.75cr Loan at 'B'
------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR1.75 crore fund-
based bank facilities of Spacetech Equipments & Structurals
Private Limited.  ICRA has also assigned an '[ICRA]A4' rating to
the INR4.2 crore non-fund based bank facilities of the company.
ICRA has assigned [ICRA]B and/or [ICRA]A4 rating to the INR0.05
crore unallocated fund-based/non-fund based bank facilities of
SESPL.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------               --------    -------
   Fund-Based Limits           1.75     [ICRA]B assigned
   Non-fund Based Limits       4.20     [ICRA]A4 assigned
   Fund Based/Non-fund         0.05     [ICRA]B and/or [ICRA]A4
   Based Unallocated Limits             assigned

The assigned ratings take into account the tight liquidity profile
of the company owing to delayed payments from the customers, which
is also reflected by recent instances of LC devolvement. The
ratings are also constrained by SESPL's weak financial risk
profile characterised by a leveraged capital structure, depressed
coverage indicators and nominal accruals; small scale of
operations of the company and its exposure to steel price
volatility, given the high inventory levels maintained by the
company. ICRA also notes that the company remains exposed to forex
risks due to its export presence, in the absence of a formal
hedging mechanism. Nevertheless, the ratings favorably factor in
the long experience of the promoters in the fabrication business
and reputed customer base of the company, which indicates good
product quality and ensures repeat orders. The ratings also take
into account the increased export presence of the company in 2012-
13 and in the current year, which reduces geographical
concentration risks and improves the company's operating profile.

Established in 1982, SESPL is engaged in the fabrication of
pressure vessels, with its facility located at Ambernath in Thane
district of Maharashtra. SESPL's fabrication facility is ISO 9001-
2000 certified and the pressure vessels manufactured by the
company find application mainly in the steel, oil & gas, power and
engineering sectors.

Recent Results

In 2011-12, SESPL reported a net profit of INR0.1 crore on the
back of net sales of INR13.1 crore. As per the provisional results
for 2012-13, the company reported a net profit of
INR0.3 crore on the back of net sales of INR13.7 crore.


SVS FOOD: ICRA Assigns 'B' Rating to INR6.5cr Fund Based Loans
--------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to INR6.50 crore
fund based limits and ratings of '[ICRA]B/[ICRA]A4' to INR0.50
crore unallocated limits of SVS Food Processors Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based limits       6.50     [ICRA]B assigned
   Unallocated limits      0.50     [ICRA]B/[ICRA]A4 assigned

The assigned ratings are constrained by relatively high operating
risks in SVSPL's core business of manufacturing food products
arising out of low value additive nature of its operations and
small scale of operation restricting economies of scale. The
ratings also take into account company presence in a highly
fragmented and competitive agro commodities industry which may
exerts pressures on its margins, susceptibility of its business
operations to volatility in pricing of wheat and performance of
the agricultural sector, which is further impacted by a
combination of factors like climatic conditions, government
policies and prevailing demand-supply scenario. The rating is
further constrained by significant execution risk as the project
is in the construction stage and lack of promoters experience in
flour mill industry. However, the rating favorably factor in
positive demand outlook of flour, as it forms an important part of
the staple Indian diet; also, the shorter order completion time
limits the exposure to volatility in prices; and moderate project
gearing of 0.89 times. The rating also draws comfort from cushion
available to the company in term loan repayment with repayment
commencing from July 2014 whereas expected COD is September 2013.

Incorporated in 2012, SVS Food Processors Private Limited is
proposing to set up a flour mill with 45000 TPA (ton per annum)
capacities. The proposed unit is located at Singanna Guda Village,
Medak district, Andhra Pradesh, which is around 30 kms from
Hyderabad. The company is promoted by Mr. D. Narendra Reddy and
Mr.Ch. Narsimha Reddy. The promoters have prior experience in
cement and pipes manufacturing industry.


U GOENKA: ICRA Rates INR1cr LT Cash Credit Loan at 'B'
------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the
INR1.00 crore cash credit facility and a short term rating of
'[ICRA]A4' to the INR22.00 crore short term non-fund based
facility of U Goenka Sons Private Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Long Term Fund Based        1.00    [ICRA]B assigned
   Cash Credit Facility

   Short Term Non Fund        22.00    [ICRA]A4 assigned
   Based Letter of Credit

The ratings are constrained by the weak financial profile of the
company reflected by a low profitability and weak capital
structure, limited value addition which limits any substantial
improvement in profitability and highly competitive and fragmented
nature of industry resulting in low barriers to entry. The ratings
also factor in the vulnerability of operations to any adverse agro
climatic conditions and government regulations on imports and
export which may impact the raw material availability and exposure
of profitability to any adverse foreign currency exchange rates.

The ratings, however, favorably factor in the more than three
decades long experience of the promoters in agro trading business,
healthy growth in operating income over the past six years and low
risk of customer and geographical concentration given the wide
customer base spread across India.

Established in February 1991, U Goenka Sons Private Limited is
engaged in the business of importing and trading of beans, pulses
and other agro commodities. The company is based out of Mumbai and
caters to the domestic markets.


V CARE: ICRA Assigns 'B' Rating to INR0.59cr Term Loan
------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to INR0.59 crore
term loan and a short term rating of '[ICRA]A4' to the INR5.00
crore demand loan of V Care Agritech. ICRA has also assigned
ratings of [ICRA]B/[ICRA]A4 to INR2.41 crore unallocated limits of
V Care Agritech.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan               0.59     [ICRA]B assigned
   Demand Loan             5.00     [ICRA]A4 assigned
   Unallocated Limits      2.41     [ICRA]B/[ICRA]A4 assigned

The assigned ratings are constrained by the high client
concentration risk; thin profitability levels given the limited
value addition in seed processing, high working capital intensity
of the firm due to inventory stocking resulting from seasonal
nature of the business and presence in a highly competitive market
exposed to agro-climatic conditions. The ratings, however,
favorably factor in the established presence of the promoters in
the seeds industry; the client-relationships built by the V-care
group over the years with various government agencies and improved
profitability levels in the last financial year.

V Care Agritech is a partnership firm incorporated in the year
2009 and is run by five partners Mr. S Rajashekharappa, Mr.D.
Kotiswamy, Mr.D. Venkata Rao, Mr. D. Kiran Kumar and Mr. A.
Babaiah. The firm started commercial operations in 2010-11 and is
into the business of commercial seeds processing .The firm has a
production facility with a processing capacity of 100 MT per day
at Mahbubnagar in Andhra Pradesh. The firm procures breeder seeds
from various agricultural universities in Andhra Pradesh and then
supplies the same to farmers for multiplication to commercial
seeds, which are then processed by the firm and sent for
certification. The firm sells the processed and certified seeds
mainly to group concern V Care Seeds Private Limited (VSPL) and
plans to diversify its client base to private players in the
current fiscal.

Recent Results

As per the provisional results for FY 2013, the firm reported
profit before tax of INR0.15 crore on turnover of INR11.41 crore
as against profit after tax of INR0.08 crore on turnover of
INR13.37 crore during FY 2012(audited results).


VEEKAY SMELTERS: ICRA Rates INR7cr Fund Based Loans at 'B+'
-----------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' for INR7.00 crore
fund based limits of Veekay Smelters Private Limited.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Fund Based Limits        7.00     [ICRA]B+ assigned

The assigned rating is constrained by small scale of operations in
the ferro alloy industry restricting economies of scale; exposure
to cyclicality inherent in the steel industry due to direct
linkage to steel industry prospects; and moderate execution risk
with erection of plant & machinery going on currently. The rating
is further constrained by absence of captive raw material sources
which exposes company profitability to volatility in raw material
prices and commoditized nature of the ferro alloy products. ICRA
also notes that the debt funded ferro alloy plant construction may
put pressure on debt servicing initially owing to plant
stabilization issues and lower cash accruals in the initial years.
However, the rating favorably factors in long experience of the
promoter in the ferro alloy industry; favorable demand outlook for
ferro alloys; and limited impact on the company profitability
following power cost increases in Andhra Pradesh owing to less
power intensive production process of low carbon ferro alloy
production.

Veekay Smelters Private Limited was incorporated as a private
limited company in the year 2010. The company is proposing to set
up a ferro alloy manufacturing unit to produce 6000 TPA of low
carbon ferro manganese. The proposed unit is located at Peddapuram
Village, Vijayanagaram, Andhra Pradesh, which is around 120 kms
from the Vishakhapatnam port and 17 kms from Kakinada port. The
promoter is well experienced in ferro alloy production the unit
will run under the direct supervision & control of the Mr. P.S
Vijay.



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


MAINZEAL PROPERTY: Liquidators Claw Back NZ$23MM for Creditors
--------------------------------------------------------------
NZN reports that the liquidators of the failed Mainzeal group of
companies have successfully managed to haul back more than
NZ$23 million into the pot to pay off creditors.

NZN recalls that liquidators Andrew Bethell, Brian Mayo-Smith and
Stephen Tubbs went to the High Court at Auckland last month,
arguing Mainzeal had restructured to "denude of any value"
companies which owed money to about 2,000 creditors.

There were 13 companies in liquidation, while two companies,
Richina Global Real Estate and Isola Vineyards, remained
unaffected, according to the report.

NZN relates that the liquidators said the companies, controlled by
Richard Yan, were so closely related that none had identifiable
separate businesses.

In a decision released July 11, NZN says Justice Patrick Keane
backed the liquidators, and ordered the 15 companies be treated as
one company for liquidation.  That meant RGEL and Isola Vineyards
must contribute NZ$23,415,619 to the liquidation, the report
relays.

                       About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ,
NZ$70 million to unsecured creditors and NZ$5.2 million to
employees, NZN discloses. Subcontractors are among the unsecured
creditors, says NZN.


RENAISSANCE CORP: Shuts Four of Nine "Yoobee" Stores
----------------------------------------------------
NBR Online reports that Renaissance Corp, the retailer of Apple
products and operator of a design school, said annual earnings
will be another disappointing result due to its ailing retail
unit, and it's shutting four of nine "Yoobee" stores in a bid to
restore profitability.

According to the report, the company on Monday closed Apple
reseller stores in Albany, Britomart, Sylvia Park and Dunedin as
part of a plan to get its retail unit back in shape.

NBR relates that Renaissance said the remaining stores in
Newmarket, Hamilton, Wellington and Christchurch will offer full
service functions in an effort to differentiate them from
competitors."

"In the first instance we have to get retail back to break-even,"
the company said, NBR reports. "We do not underestimate the
difficulty of that task, but management has a plan and part of
that plan was implemented with the closure of four stores."

The company posted a first-half loss of NZ$3.1 million on sales of
NZ$24.7 million, and took a NZ$2.99 million impairment to write
off goodwill on its retail division, NBR discloses.

NBR notes that Renaissance has been in a protracted due diligence
process with a party interested in the education unit, formerly
known as Natcoll Design Technology, and received a proposal on
July 12 which the board is still working through.

Based in Christchurch, New Zealand, Renaissance Corp Limited
(NZE:RNS) -- http://www.renaissance.co.nz/-- engages in the
retail of Apple and third party products in New Zealand. It
markets and sells Apple products, and associated peripheral
hardware and computer software to its digital technology consumers
through its YOOBEE retail outlets and online stores. It operates
approximately 10 stores.


TUIGAMALA AND SONS: In liquidation; Owes IRD NZ$80,000
------------------------------------------------------
Anna Cross at NewstalkZB reports that the business of the former
All Black known as 'Inga the Winger' has been placed into
liquidation.

Va'aiga Tuigamala's company Tuigamala and Sons Funeral Services
was put into liquidation on July 5.  It owes the IRD between
NZ$80,000 to NZ$90,000, NewstalkZB discloses.

According to the report, liquidator Derek Ah Sam said shareholders
signed a resolution to put the company into liquidation.

NewstalkZB relates that Mr. Ah Sam said Mr. Tuigamala is gutted
about it but he'd admitted he has made a few mistakes in business.

Several years ago he had to place his gym business into
liquidation, the report notes.



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


QUEZON TRADERS: Placed Under PDIC Receivership
----------------------------------------------
The Monetary Board (MB) placed the Quezon Traders Rural Bank of
Candelaria, Inc. under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 1122
dated July 11, 2013. As Receiver, PDIC took over the bank on
July 12, 2013.

Quezon Traders Rural Bank of Candelaria is a single-unit bank
located at Cabunag St., Pahinga, Poblacion, Candelaria, Quezon.
Latest available records show that as of March 31, 2013, Quezon
Traders Rural Bank of Candelaria had 582 accounts with total
deposit liabilities of PHP46.56 million. A total of 565 deposit
accounts or 97.08% of the accounts have balances of PHP500,000 or
less and fully covered by deposit insurance. Total insured
deposits amounted to PHP46.17 million or 99.15% of the total
deposits.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated. The state deposit insurer assured
depositors that all valid deposits shall be paid up to the maximum
deposit insurance coverage of PHP500,000.00.

The PDIC also announced that it will conduct a Depositors-
Borrowers Forum on July 17, 2013, 9:00 a.m., at the Municipal
Covered Court, Poblacion, Candelaria, Quezon, to inform depositors
of the requirements and procedures for filing deposit insurance
claims. Claim forms will be distributed during the Forum. The
schedule and venue of the Forum will be posted in the bank
premises and in the PDIC website, www.pdic.gov.ph. The claim forms
and the requirements and procedures for filing are likewise
available for downloading from the PDIC website.

Depositors may update their addresses with the PDIC
representatives at the bank premises or during the Forum using the
Mailing Address Update Forms to be furnished by PDIC
representatives. Duly accomplished Mailing Address Update Forms
should be submitted to PDIC representatives accompanied by a
photo-bearing ID of the depositor with signature. Depositors may
update their addresses until July 18, 2013.

Depositors with valid deposit accounts with balances of
PHP15,000.00 and below need not file deposit insurance claims. But
depositors who have outstanding obligations with the Quezon
Traders Rural Bank of Candelaria including co-makers of the
obligations, and have incomplete and/or have not updated their
addresses with the bank, regardless of amount, should file deposit
insurance claims.

For depositors that need not file deposit insurance claims, PDIC
targets to start mailing payments to these depositors at their
addresses recorded in the bank no later than the start of the
fourth week of July.

For depositors that are required to file deposit insurance claims,
the PDIC targets to start claims settlement operations for these
accounts no later than the fourth week of July. The schedule of
the claims settlement operations will be announced through notices
to be posted in the bank premises and other public places as well
as through the PDIC website, www.pdic.gov.ph.

According to the latest Bank Information Sheet (BIS) as of
December 31, 2012 filed by the Quezon Traders Rural Bank of
Candelaria with the PDIC, the bank is majority-owned by Ann
Michelle G. Asayo (13%), Eufronio A. Gonzalvo (13%), Ma. Gracia N.
Licup (13%) and Aida A. Gallano (13%). Its Chairman and President
is Aida A. Gallano.



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


STX PAN OCEAN: Wins Ch. 15 Recognition From US Court
----------------------------------------------------
Jeff Sistrunk of BankruptcyLaw360 reported that a New York
bankruptcy judge granted recognition to South Korean cargo company
STX Pan Ocean Co. Ltd.'s Chapter 15 bankrutcy proceedings,
extending the company protection from its American creditors
following recent detentions of its ships in the U.S.

According to the report, U.S. Bankruptcy Judge Shelley C. Chapman
granted recognition to Seoul-based STX's recently launched
reorganization proceedings in South Korea, shielding the company
from claims by creditors in the U.S. while they undergo
proceedings overseas.



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


* APAC Sovereigns See Testing Times, Fitch Says
-----------------------------------------------
Fitch Ratings says its latest overview that Asia Pacific
sovereigns, while broadly on Stable Rating Outlook, will be tested
by shifting investor risk appetite amid a relative shift in the
outlook for emerging versus advanced economies.

"This will emphasise the importance of credit fundamentals such as
credible policy frameworks and robust fiscal positions," said
Andrew Colquhoun, Head of Asia-Pacific Sovereigns at Fitch.

Fitch reviewed the sovereign ratings for all three of the region's
giants during the quarter. The agency downgraded China's Long-term
Local Currency Issuer Default Rating to 'A+/Stable from 'AA-
'/Negative on April 9. China faces the prospect of greater
economic and financial volatility as its economy rebalances, with
June's shock in the interbank market offering an example. Japan's
ratings were affirmed 'A+' with Negative Outlook on May 16.
Japan's ratings remain under pressure from high and rising public
indebtedness, although Abenomics could still help to stabilise the
ratings if Fitch gains confidence that it can deliver sustained
higher real and nominal GDP growth.

Fitch revised the Outlooks on India's 'BBB-' ratings to Stable
from Negative on June 12. Tighter fiscal policy and some
structural reforms have helped to stabilise India's credit profile
in the most recent assessment, although fiscal slippage in the new
fiscal year to March 2014, if it happened, could still see
negative pressure re-emerge.

The Overview also covers Macao for the first time, following the
agency's publication of a 'AA-' IDR with Stable Outlook for the
sovereign credit on May 22.

This edition of the Overview additionally presents the results of
audience polls taken in Hong Kong and Singapore during June's
Global Banking Conference tour. Audience members were polled on
their assessment of the chances that shadow banking would provoke
a financial crisis in China, and on their views on the impact of
Fed "tapering".


* BOND PRICING: For the Week July 8 to July 12, 2013
----------------------------------------------------

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


  AUSTRALIA
  ---------

GRIFFIN COAL MINING   9.50     12/1/2016    USD    39.00
GTL INFRASTRUCTURE    2.53     11/9/2017    USD    40.43
MIDWEST VANADIUM     11.50     2/15/2018    USD    63.50
MIDWEST VANADIUM     11.50     2/15/2018    USD    71.12
NEW S WALES TREA      0.50     9/14/2022    AUD    68.46
NEW S WALES TREA      0.50     10/7/2022    AUD    68.23
NEW S WALES TREA      0.50    10/28/2022    AUD    68.03
NEW S WALES TREA      0.50    11/18/2022    AUD    67.82
NEW S WALES TREA      0.50    12/16/2022    AUD    68.00
NEW S WALES TREA      0.50      2/2/2023    AUD    67.52
NEW S WALES TREA      0.50     3/30/2023    AUD    66.97
TREAS CORP VICT       0.50     8/25/2022    AUD    69.41
TREAS CORP VICT       0.50      3/3/2023    AUD    68.12
TREAS CORP VICT       0.50    11/12/2030    AUD    46.75


CHINA
-----

CHINA GOVT BOND       1.64    12/15/2033    CNY    68.83


INDIA
-----

3I INFOTECH LTD       5.00    4/26/2017     USD    30.10
COROMANDEL INTL       9.00     7/23/2016    INR    16.31
DR REDDY'S LABOR      9.25     3/24/2014    INR     5.00
GRAMEEN FIN SERV     14.05      6/7/2016    INR    54.59
JCT LTD               2.50      4/8/2011    USD    20.00
MASCON GLOBAL LT      2.00    12/28/2012    USD    10.00
PRAKASH IND LTD       5.63    10/17/2014    USD    59.49
PRAKASH IND LTD       5.25     4/30/2015    USD    59.66
PUNJAB INFRA DB       0.40    10/15/2024    INR    33.83
PUNJAB INFRA DB       0.40    10/15/2025    INR    30.79
PUNJAB INFRA DB       0.40    10/15/2026    INR    28.03
PUNJAB INFRA DB       0.40    10/15/2027    INR    25.53
PUNJAB INFRA DB       0.40    10/15/2028    INR    23.31
PUNJAB INFRA DB       0.40    10/15/2029    INR    21.37
PUNJAB INFRA DB       0.40    10/15/2030    INR    19.62
PUNJAB INFRA DB       0.40    10/15/2032    INR    16.62
PUNJAB INFRA DB       0.40    10/15/2033    INR    15.34
PYRAMID SAIMIRA       1.75      7/4/2012    USD     1.00
REI AGRO              5.50    11/13/2014    USD    70.16
REI AGRO              5.50    11/13/2014    USD    70.16
SHIV-VANI OIL         5.00     8/17/2015    USD    30.15
SUZLON ENERGY LT      7.50    10/11/2012    USD    65.12
SUZLON ENERGY LT      5.00     4/13/2016    USD    49.87


INDONESIA
----------

BUMI INVESTMENT      10.75   10/6/2017     USD      74.00


JAPAN
-----

ELPIDA MEMORY         2.03     3/22/2012    JPY    14.37
ELPIDA MEMORY         2.10    11/29/2012    JPY    14.37
ELPIDA MEMORY         2.29     12/7/2012    JPY    14.37
ELPIDA MEMORY         0.50    10/26/2015    JPY     8.12
JPN EXP HLD/DEBT      0.50     9/17/2038    JPY    67.41
JPN EXP HLD/DEBT      0.50     3/18/2039    JPY    67.93
TOKYO ELECTRIC        2.36     5/28/2040    JPY    70.25


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

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


SINGAPORE
---------

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

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

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



SRI LANKA
---------

SRI LANKA GOVT        6.20      8/1/2020    LKR    73.80
SRI LANKA GOVT        7.00     10/1/2023    LKR    67.80
SRI LANKA GOVT        5.35      3/1/2026    LKR    56.88
SRI LANKA GOVT        8.00      1/1/2032    LKR    71.08


THAILAND
--------

G STEEL               3.00     10/4/2015    USD     8.00
MDX PUBLIC CO         4.75     9/17/2003    USD    16.25



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



                 *** End of Transmission ***