TCRAP_Public/130724.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 24, 2013, Vol. 16, No. 145


                            Headlines


A U S T R A L I A

BILLABONG INT'L: Shareholders Take Aim at Recapitalization Deal
BUNNY BITES: Directors May Face Insolvent Trading Claims
CHALLENGER RMBS: Fitch Affirms Ratings on 3 Note Classes at 'B'
INTERSTAR RMBS: Fitch Affirms Ratings on 7 Note Classes at 'Bsf'
MEDICAL VISION: 500 Australian Women Join Class Action

* Urgent Meeting Called Amid Canberra Business Collapses Crisis


C H I N A

AGFEED USA: U.S. Meeting of Creditors on Aug. 21
GOLDEN WHEEL: B2 CFR Unchanged Following Profit Warning
SUNTECH POWER: Unit Files $192.7 Million Claim Against SPI


I N D I A

ASHIRBAD AGRO: CARE Rates INR4.38cr LT Bank Loans at 'B+'
CARE CORUPACK: CARE Rates INR12.70cr LT Bank Loan at 'BB-'
CENLUB INDUSTRIES: CARE Puts 'BB' Rating on INR14cr Bank Loan
CORUM HOSPITALITY: CARE Rates INR6.78cr Bank Loans at 'BB'
JEEWAN MOTORS: CARE Assigns 'BB' Rating to INR30cr LT Bank Loans

MULTILINK: CARE Assigns 'BB-' Rating to INR9cr Bank Loans
PATEL PHOSCHEM: CARE Rates INR18.5cr LT Bank Loans at 'BB-'
SAFETEC HEALTHCARE: CARE Assigns 'BB-' Rating to INR37.11cr Loan
SHELL APPARELS: CARE Assigns 'BB-' Rating to INR8.96cr Bank Loans
SHREE KRISHNA: CARE Rates INR7.20cr LT Bank Loans at 'BB-'

SPECIAL STEEL: CARE Assigns 'B-' Rating to INR5.5cr Bank Loan
TRIDENT CORPORATION: CARE Rates INR15cr LT Bank Loan at 'BB-'
WHITE PEARLS: CARE Rates INR15cr LT Bank Loans at 'B'


I N D O N E S I A

BUMI RESOURCES: Refinancing Risk Cues Moody's to Cut CFR to Caa1


M O N G O L I A

SAVINGS BANK: Declared Insolvent; State Bank to Take Over


N E W  Z E A L A N D

PACIFIC HORIZON: Director Hopes to Restructure Group


S R I  L A N K A

* Moody's Notes Stable Credit Profile for B1-Rated Sri Lanka


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -



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


BILLABONG INT'L: Shareholders Take Aim at Recapitalization Deal
---------------------------------------------------------------
The Sydney Morning Herald reports that a shareholders' rights
group has taken aim at Billabong International's planned
recapitalisation deal, arguing competing offers for the surfwear
icon should be considered.

SMH relates that Billabong last week announced it had reached a
US$294 million (AUD320 million) deal with US private equity group
Altamont Capital Partners which will allow it to repay its debts.
Altamont is expected to take a stake of up to 40 per cent, the
report says.

But two of Billabong's main creditors, Centerbridge Partners and
Oaktree Capital, have lodged a challenge to the deal with the
federal regulator Takeovers Panel. The challenge centres on a
35 per cent interest rate levied on a $44 million convertible loan
held by Billabong, which will be charged until shareholders
approve the deal, and a reported $65 million break fee which it
will have to pay if it scraps the deal with Altamont. The panel
has yet to decide whether to hold hearings into the matter.

According to the report, Australian Shareholders' Association
chairman Ian Curry said on Sunday that the panel should declare
the break fee to be "unacceptable".  The panel had previously said
break fees should not equate to more than 1 per cent of the equity
value of the transaction, Mr. Curry said. "ASA is not currently a
party to the proceedings, but we are concerned by media reports
about the break fee and urge the Takeovers Panel to declare it to
be 'unacceptable'," SMH quotes Mr. Curry as saying.

SMH notes that Centerbridge and Oaktree have submitted their own
refinancing proposal which involved them taking a 61.2 per cent
stake in Billabong, but their offer has been rejected by the
company's board.

SMH says Mr. Curry wants the board to take whatever steps are
necessary to ensure an orderly and competitive process that allows
shareholders to consider alternative proposals to the Altamont
deal. "Billabong shareholders have suffered enough at the hands of
a board and management team which have imperilled the company,"
Mr. Curry, as cited by SMH, said.

"At the very least, the board should facilitate a truly
competitive auction so that all serious bidders can lodge their
best offers," SMH quotes Mr. Curry as saying.

The Sydney Morning Herald reported in April that the company's
path to redemption got tougher after the surfwear group downgraded
earnings guidance and said a AUD537 million loss for the half-year
put it in breach of debt covenants.  The breach led its banks to
seek a secured charge over most of the business, SMH related.

Billabong, according to DealBook, has fallen on difficult times
because of changing consumer tastes and the financial crisis. It
has closed stores and sold assets as part of an effort to
restructure the company.

Based in Australia, Billabong International Limited (ASX:BBG) --
http://www.billabongbiz.com/-- is engaged in the wholesaling and
retailing of surf, skate, snow and sports apparel, accessories and
hardware, and the licensing of its trademarks to specified regions
of the world.


BUNNY BITES: Directors May Face Insolvent Trading Claims
--------------------------------------------------------
John Mccarthy at The Courier-Mail reports that Bunny Bites
administrator, Robson Cotter Insolvency Group, has advised
creditors there may be legal avenues to claim against directors
for possible insolvent trading.

John Brent, a director of Bunny Bites, said Bunny Bites didn't
collapse as much as it was tripped, the report says.

Mr. Brent, Scenic Rim Regional Council mayor and a director of
farming representative groups AusVeg and Growcom, said claims of
people being owed anywhere between AUD5 million and AUD10 million
were wildly inaccurate and the product of "alternate reporting,"
according to The Courier-Mail.

The report relates that Mr. Brent said Bunny Bites was a trading
company and didn't own any assets.

Nevertheless, the report notes, the company was put into
administration and ended up in the hands of Vegpro4.

Mr. Brent said he has no association with Vegpro4 and his only
concern was that the 80 Bunny Bites employees kept their jobs and
operations continued, the report adds.

Bunny Bites Foods is a Queensland-based vegetable processing
company.

Bunny Bites Foods went into voluntary administration last month
owing nearly AUD10 million, ABC News disclosed.  A report by the
administrator shows that more than AUD5 million is still owed to
creditors following the sale of the business and key assets to
recently-created company Veg Pro 4, according to ABC.


CHALLENGER RMBS: Fitch Affirms Ratings on 3 Note Classes at 'B'
---------------------------------------------------------------
Fitch Ratings has affirmed 16 classes of notes issued by five
Challenger RMBS Series. These transactions are backed by pools of
Australian conforming residential mortgages originated through a
network of mortgage originators and brokers under the Challenger
Millennium Trust Securitisation programmes.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that the available credit
enhancement is able to support the notes at their current rating
levels and the credit quality and performances of the pools
remains stable and within Fitch's expectations.

Challenger 2007-1E, Challenger 2008-1, Challenger 2008-2, and
Challenger 2009-1 each contained less than 12% low-doc loans at
end May 2013. As at May 31, 2013, 30+ day arrears were 2.82%,
0.7%, 1% and 1.32% respectively. Fitch's Dinkum Index, which
measures industry wide 30+ day arrears performance, was 1.48% as
at end March 2013.

As at May 31, 2013, Challenger 2007-2L had an underlying mortgage
pool comprised of 89.3% low-doc loans and 30+ day arrears
accounted for 4.69% of the pool compared to Fitch's 30+ Day Low-
doc Dinkum Index of 6.7% as at end March 2013.

All transactions have lenders' mortgage insurance (LMI) in place,
with policies provided by QBE Lenders Mortgage Insurance Ltd
(Insurer Financial Strength Rating: 'AA-'/Outlook Stable) and
Genworth Financial Mortgage Insurance Pty Ltd. Challenger 2008-2
had the lowest recorded losses, while Challenger 2007-1E had the
highest record losses, 0.03% and 0.55% of their original pool
balance respectively. LMI has covered over 99% of all losses to
date, except for Challenger 2007-1E where LMI has covered 70% of
losses to date. All losses not covered by mortgage insurers have
been covered by Challenger Mortgage Management Pty Ltd as residual
unit holder.

RATING SENSITIVITIES

A significant and unexpected increase in delinquencies, defaults
and losses would be necessary before any negative rating action
would be considered. Credit enhancement levels for the 'AAAsf'
rated notes can support many multiples of arrears levels.

Challenger Millennium Series 2007-1E Trust (Challenger 2007-1E):
USD140.7m Class A2a notes (ISIN XS0280784637) affirmed at 'AAAsf';
Outlook Stable;
GBP87.0m Class A2b notes (ISIN XS0280786335) affirmed at 'AAAsf';
Outlook Stable;
EUR31.0m Class AB notes (ISIN XS0280787226) affirmed at 'AAAsf';
Outlook Stable; and
EUR32.5m Class B notes (ISIN XS0280788976) affirmed at 'Bsf';
Outlook Stable.

Challenger Millennium Series 2007-2L Trust (Challenger 2007-2L):
AUD168.3m Class A notes (ISIN AU0000CHUHA5) affirmed at 'AAAsf';
Outlook Stable;
AUD13.9m Class AB notes (ISIN AU0000CHUHB3) affirmed at 'AAAsf';
Outlook Stable; and
AUD10.6m Class B notes (ISIN AU0000CHUHC1) affirmed at 'Bsf';
Outlook Stable.

Challenger Millennium Series 2008-1 Trust (Challenger 2008-1):
AUD145.9m Class A notes (ISIN AU0000CHSHA9) affirmed at 'AAAsf';
Outlook Stable;
AUD10.4m Class AB notes (ISIN AU0000CHSHB7) affirmed at 'AAAsf';
Outlook Stable; and
AUD4.7m Class B notes (ISIN AU0000CHSHC5) ') affirmed at 'A+sf';
Outlook Stable.

Challenger Millennium Series 2008-2 Trust (Challenger 2008-2):
AUD297.8m Class A notes (ISIN AU0000CLGHA6) affirmed at 'AAAsf';
Outlook Stable;
AUD16.6m Class AB notes (ISIN AU0000CLGHB4) affirmed at 'AAAsf';
Outlook Stable; and
AUD12.3m Class B notes (ISIN AU0000CLGHC2) affirmed at 'A+sf',
Outlook Stable.

Challenger Millennium Series 2009-1 Trust (Challenger 2009-1):
AUD241.3m Class A4 notes (ISIN AU0000CLJHF9) affirmed at 'AAAsf';
Outlook Stable;
AUD18.0m Class AB notes (ISIN AU0000CLJHD4) affirmed at 'AAAsf';
Outlook Stable; and
AUD18.0m Class B notes (ISIN AU0000CLJHE2) affirmed at 'Bsf';
Outlook Stable.


INTERSTAR RMBS: Fitch Affirms Ratings on 7 Note Classes at 'Bsf'
----------------------------------------------------------------
Fitch Ratings has affirmed 23 classes of notes issued by seven
Interstar RMBS Series. These transactions are backed by pools of
Australian conforming residential mortgages originated through a
network of mortgage originators and brokers under the Interstar
Millennium Trust Securitisation programmes.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement levels are sufficient to support the notes' current
ratings, and that the credit quality and performance of the loans
in the collateral pools remain in line with its expectations. The
transactions are well seasoned, with note balances between 11.5%
(Interstar 2004-5) and 36.2% (Interstar 2006-4H) of the original
balances.

Interstar 2004-5, Interstar 2005-3E, Interstar 2006-1 and
Interstar 2006-2G each contain less than 30% low-doc loans. As at
end-May 2013, 30+ day arrears were 5.4%, 2.3%, 3% and 2.2%,
respectively, compared with Fitch's 30+ days Dinkum prime index of
1.6%.

Both Interstar 2005-2L and Interstar 2006-3L have underlying
mortgage pools comprising 90% low-doc loans. As at end-May 2013,
their 30+ day arrears were 5.3% and 5.5%, respectively, compared
with Fitch's 30+ days Dinkum conforming low-doc index of 6.7%.

Interstar 2006-4H is a high loan-to-value ratio (LVR) pool, with
100% of loans full-doc with LVRs above 90% at issuance. By 31 May
2013, the percentage of the pool with LVRs over 90% has reduced to
55.3%. The 30+ day arrears were 3.6% at end-May 2013.

All transactions have lenders' mortgage insurance in place, with
policies provided by QBE Lenders Mortgage Insurance Ltd (Insurer
Financial Strength Rating: 'AA-'/Outlook Stable) and Genworth
Financial Mortgage Insurance Pty Ltd. All losses not covered by
the mortgage insurers have been covered by Challenger Mortgage
Management Pty Ltd as residual unit holder.

RATING SENSITIVITIES

A significant and unexpected increase in delinquencies, defaults
and losses would be necessary before any negative rating action
would be considered. Credit enhancement levels for the 'AAAsf'
rated notes can support many multiples of the arrears levels.

The full list of rating actions is as follows:

Interstar Millennium Series 2004-5 Trust (Interstar 2004-5):
AUD41.1m Class A2-2 notes (ISIN AU3FN0003901) affirmed at 'AAAsf';
Outlook Stable;
AUD33.8m Class AB notes (ISIN AU300INTA032) affirmed at 'AAAsf';
Outlook Stable; and
AUD11.3m Class B notes (ISIN AU300INTA040) affirmed at 'Bsf';
Outlook Stable.

Interstar Millennium Series 2005-2L Trust (Interstar 2005-2L):
USD76.6m Class A1 notes (ISIN US46071TAA16) affirmed at 'AAAsf';
Outlook Stable;
AUD111.8m Class A2 notes (ISIN AU300INTC012) affirmed at 'AAAsf';
Outlook Stable;
AUD17.7m Class AB notes (ISIN AU300INTC020) affirmed at 'AA+sf';
Outlook Stable; and
AUD9.6m Class B notes (ISIN AU300INTC038) affirmed at 'Bsf';
Outlook Stable.

Interstar Millennium Series 2005-3E Trust (Interstar 2005-3E):
GBP120.3m notes Class A2 (ISIN XS0232803709) affirmed at 'AAAsf';
Outlook Stable;
AUD37.0m notes Class AB (ISIN AU300INTD010) affirmed at 'AAAsf';
Outlook Stable; and
AUD44.5m notes Class B (ISIN AU300INTD028) affirmed at 'Bsf';
Outlook Stable.

Interstar Millennium Series 2006-1Trust (Interstar 2006-1):
AUD149.5m Class A notes (ISIN AU300INTE018) affirmed at 'AAAsf';
Outlook Stable;
AUD5.5m Class AB notes (ISIN AU300INTE026) affirmed at 'AA+sf';
Outlook Stable; and
AUD6.4m Class B notes (ISIN AU300INTE034) affirmed at 'Bsf';
Outlook Stable.

Interstar Millennium Series 2006-2G Trust (Interstar 2006-2G):
USD143.1m Class A1 notes (ISIN USQ49677AA73) affirmed at 'AAAsf';
Outlook Stable;
USD131.2m Class A2 notes (ISIN USQ49677AB56) affirmed at 'AAAsf';
Outlook Stable;
AUD13.6m Class AB notes (ISIN AU0000INBHC6) affirmed at 'AAAsf';
Outlook Stable; and
AUD16.0m Class B notes (ISIN AU0000INBHD4) affirmed at 'Bsf';
Outlook Stable.

Interstar Millennium Series 2006-3L Trust (Interstar 2006-3L):
AUD296.9 Class A2 (ISIN AU0000INNHB3) affirmed at 'AAAsf'; Outlook
Stable;
AUD23.1m Class AB (ISIN AU0000INNHC1) affirmed at 'AA+sf'; Outlook
Stable; and
AUD17.7m Class B (ISIN AU0000INNHD9) affirmed at 'Bsf'; Outlook
Stable.

Interstar Millennium Series 2006-4H Trust (Interstar 2006-4H):
AUD105.6m Class A2 notes (ISIN AU3FN0000816) affirmed at 'AAAsf';
Outlook Stable
AUD19.2m Class AB notes (ISIN AU3FN0000824) affirmed at 'AAAsf';
Outlook Stable
AUD19.9m Class B notes (ISIN AU3FN0000832) affirmed at 'Bsf';
Outlook Stable


MEDICAL VISION: 500 Australian Women Join Class Action
------------------------------------------------------
Natasha Wallace at The Sydney Morning Herald reports that about
500 Australian women who had faulty PIP breast implants have
joined thousands of other victims in an overseas class action in a
last-ditch bid for compensation.

SMH relates that the silicone-gel implants were banned in April,
2010, after the French manufacturer was found to have been using
cheaper, unapproved industrial-grade silicone. They are at least
twice as likely as other brands to rupture, the report says.

According to the report, the 500 women are part of a class action
against Poly Implant Prothese involving 5,127 mostly French and
Colombian victims in criminal proceedings against PIP's former
owner Jean-Claude Mas, who is facing at least four years' jail.

SMH notes that about 1,300 Australian women of the estimated 5,000
who have had the implants had signed up to a class action against
Medical Vision Australia, but that collapsed in March after it was
discovered the company did not have adequate product liability
insurance and the case was unviable.  SMH says law firm Tindall
Gask Bentley is claiming compensation for surgery costs and pain
and suffering.

"The whole PIP implants fiasco has been extremely traumatic for
the Australian women who were innocently caught up in the
scandal," SMH quotes TGB partner Tim White as saying. "They spent
thousands of dollars on a product that they were told and expected
was of high quality, authorised and safe.

"Many experienced physical issues such as pain, swelling, lymph
node damage, illness and infection. Almost all women spoke of the
psychological toll, which ranged from stress and anxiety to
depression."

Medical Vision Australia is in liquidation but its owner Stan
Racic has set up other companies and is still selling breast
implants, according to SMH.

SMH relates that liquidators Anthony Phillips and Andrew Heard
have referred MVA to corporate watchdog the Australian Securities
and Investments Commission for investigation.

"We have secured the key financial records of the company and our
investigations to date have focused on the sale of the company's
business assets to Medical Vision Australia Holdings Pty Ltd, a
related entity, and other transactions entered into prior to our
appointment," the report quotes Mr. Phillips as saying.

Medical Vision Australia Pty Ltd is the sole Australian
distributor of PIP breast implants since 2004.  Medical Vision has
lodged a document with the Australian Securities and Investment
Commission (ASIC) saying creditors are voluntarily winding the
company up.


* Urgent Meeting Called Amid Canberra Business Collapses Crisis
---------------------------------------------------------------
Yolanda Redrup at SmartCompany reports that an urgent meeting is
set to be held in Canberra in the next three weeks in an attempt
to counter the territory's high business insolvency rate.

According to SmartCompany, the Australian Capital Territory had
the lowest business survival rate of any Australian state or
territory between 2008 and 2012, with 42 ACT businesses collapsing
in the last quarter.

The ACT and Region Chamber of Commerce and Industry, Andrew Blyth,
told SmartCompany the meeting will provide an opportunity for
businesses to share their experiences first-hand and assist in
developing improved policy options to take to the government.

"In the short time I've been chief executive there's been a number
of situations brought to my attention, namely that we have the
lowest business survival rate in the country and there has been an
increase in liquidations in the past 12 months," SmartCompany
quotes Mr. Blyth as saying.

"Calling an election in January hasn't helped. We need the
election to take place sooner rather than later and a drop in
interest rates from the Reserve Bank of Australia to help boost
consumer confidence."

According to the report, Mr. Blyth said the ACT government only
allocates 0.02% of its budget to business and industry development
and says despite the ACT recording an unemployment figure of 3.7%,
this number disguises the fact full-time employment figures have
dropped and female unemployment has risen from 3.2% to 3.9%.

"Since January, the wallets have stayed in backpockets and purses
have stayed shut because people have cut back on discretionary
spending," the report quotes Mr. Blyth as saying.



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AGFEED USA: U.S. Meeting of Creditors on Aug. 21
------------------------------------------------
A meeting of creditors in the U.S. bankruptcy case of AgFeed USA,
LLC, will be held on Aug. 21, 2013, at 10:00 a.m.

This is the first meeting of creditors required under Section
341(a) of the U.S. Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                      About Agfeed Industries

AgFeed Industries, formerly known as M2 P2, LLC, is an
international agribusiness with operations in the U.S. and China.
AgFeed has two business lines: animal nutrition in premix,
concentrates and complete feeds and hog production.  In the U.S.,
AgFeed's hog production unit, M2P2, is a market leader in setting
new standards for production efficiency and productivity.  AgFeed
believes the transfer of these processes, procedures and
techniques will allow its new Western-style Chinese hog production
units to set new standards for production in China.  China is the
world's largest pork market consuming 50 percent of global
production and over 62 percent of total protein consumed in China
is pork.  Hog production in China currently enjoys income tax free
status.

AgFeed Industries, Inc., and its affiliates filed voluntary
petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Case No. 13-11761) on July 15, 2013, with a deal to sell most of
its subsidiaries to The Maschhoffs, LLC, for cash proceeds of $79
million, absent higher and better offers.  The Debtors estimated
assets of at least $100 million and debts of at least $50 million.

Keith A. Maib signed the petition as chief restructuring officer.
Hon. Brendan Linehan Shannon presides over the case.  Donald J.
Bowman, Jr., and Robert S. Brady, Esq., at Young, Conaway,
Stargatt & Taylor, serve as the Debtors' counsel.   BDA Advisors
Inc. acts as the Debtors' financial advisor.  The Debtors' claims
and noticing agent is BMC Group, Inc.


GOLDEN WHEEL: B2 CFR Unchanged Following Profit Warning
-------------------------------------------------------
Moody's Investors Service says Golden Wheel Tiandi Holdings Co
Ltd.'s profit warning announcement has no immediate impact on its
corporate family rating of B2 and stable outlook.

On July 19 Golden Wheel announced that it would record a
substantial decrease in its total revenue and net core profit for
the six months ended June 30 compared with the same period last
year. The contractions are primarily due to the smaller year-on-
year gross floor areas delivered in the first half of 2013.

"We believe Golden Wheel's lower revenues and net core profit are
the result of its planned delivery of key projects in 2013, which
have been scheduled for completion in the second half of the
year," says Franco Leung, a Moody's Assistant Vice President and
Analyst.

Golden Wheel plans to deliver six projects this year compared with
five last year. Its low number of projects inevitably results in
volatile revenues in any given fiscal year.

"In terms of liquidity, the company's liquidity levels are
adequate and support its B2 rating," adds Mr. Leung.

Golden Wheel announced a cash balance of RMB1.2 billion as at end-
June, a significant increase from the RMB200 million reported at
end-2012. Moody's believes the company's strong cash position is
largely due to its RMB600 million bond issuance earlier this year,
its IPO proceeds of around USD100 million and its announced
contract sales amount that exceeds its full-year sales target of
RMB1.2 billion.

In addition, Moody's believes that Golden Wheel's strong cash
balance will be sufficient to cover its short-term debt and
committed land payment in the next 12 months, despite its higher
land acquisition budget this year, and as evidenced by its
announcement in May of a RMB195 million land acquisition in
Nanjing.

"The company's projected debt leverage -- as measured by adjusted
debt/capitalization -- of around 30% for 2013 is strong for its
rating level of B2, although this may deteriorate slightly as the
company makes further land acquisitions in the next 12 months,"
says Mr. Leung.

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

Golden Wheel is an integrated commercial and residential property
developer. It owns, operates and develops projects mostly in
Jiangsu and Hunan provinces. The projects are either connected to
or close to metro stations or other transportation hubs. The
company also leases and manages shopping malls owned by third
parties. As of end-2012, Golden Wheel had a total land bank of
347,080 sqm in gross floor area in Nanjing, Yangzhou and Zhuzhou.


SUNTECH POWER: Unit Files $192.7 Million Claim Against SPI
----------------------------------------------------------
In connection with the grant of a definitive moratorium on
creditor claims from the judicial authorities in Schaffhausen,
Switzerland to Suntech Power International, Ltd., the Company's
principal operating subsidiary in Europe, Suntech Power Holdings
Co., Ltd., and various of its affiliated entities, including Power
Solar Systems Co., Ltd., the Company's principal subsidiary in the
British Virgin Islands, and Wuxi Suntech Power Co., Ltd., the
Company's principal operating subsidiary in China, have submitted
creditor claims to the administrator overseeing the moratorium.

The Company, PSS, and Wuxi Suntech submitted applications to
register with the SPI administrator claims of approximately
US$192.7 million, US$324 million, and US$454.3 million,
respectively.  Those amounts followed a restructuring of
intercompany debt among various operating units.  In addition,
other affiliates of the Company submitted applications to register
with the SPI administrator claims aggregating approximately
US$23.8 million.  The actual amounts recovered by the Company and
its affiliates as creditors of SPI may differ significantly from
the amounts registered.  Several of the affiliates of the Company
which registered claims as creditors are also debtors to SPI.

As previously announced, the definitive moratorium was granted on
June 19, 2013, for a six month period and may be extended
thereafter, and allows SPI time to restructure debt and reach an
agreement with creditors.  In addition, in connection with the
intercompany debt restructuring, the Company's principal Japanese
and Singaporean subsidiaries, Suntech Power Japan Corporation and
Suntech Power Investment Pte. Ltd., respectively, have been
reorganized under Wuxi Suntech.

The Company believes the restructuring was necessary to facilitate
possible financing of the Company's operations in the future and
potentially attract new investors.

                           About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,
Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.

As reported by the TCR on March 20, 2013, Suntech Power Holdings
Co., Ltd., has received from the trustee of its 3% Convertible
Notes a notice of default and acceleration relating to Suntech's
non-payment of the principal amount of US$541 million that was due
to holders of the Notes on March 15, 2013.  That event of default
has also triggered cross-defaults under Suntech's other
outstanding debt, including its loans from International Finance
Corporation and Chinese domestic lenders.



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ASHIRBAD AGRO: CARE Rates INR4.38cr LT Bank Loans at 'B+'
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Ashirbad Agro Products Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      4.38       CARE B+ Assigned
   Short-term Bank Facilities     0.80       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ashirbad Agro
Products Private Limited are constrained by its short track record
of operations and weak financial risk profile marked by small
scale of operations, leveraged capital structure and stressed
liquidity position. The ratings are further constrained by high
level of government regulations, seasonal nature of availability
of paddy, resulting in high working capital intensity and exposure
to vagaries of nature. The ratings, however, do derive strength
from the experience of the promoter and proximity to raw material
sources, resulting in low inward freight cost.

The ability of the company to scale up its operation, sustain
profitability margin, improve its capital structure and liquidity
position will be the key rating sensitivities.

APL was incorporated in November 2008 by Mr. Parsuram Dash and his
wife Ms. Padmini Mishra for setting up a rice processing & milling
unit at Jajpur, Orissa. The milling unit, having an installed
capacity of 36,000 metric tonnes per annum (MTPA), was set up at
an aggregate project cost of INR5 crore, being financed at a debt-
equity ratio of 2.13:1. The company started commercial operations
at its plant from March 2010.

As per the audited results for FY12 (refers to the period April 1
to March 31), APL reported PBILDT of INR1.80 crore and PAT of
INR0.54 crore on total income of INR6.08 crore. In FY13
(provisional), APL has reported a total operating income of
INR6.59 crore.


CARE CORUPACK: CARE Rates INR12.70cr LT Bank Loan at 'BB-'
----------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Care
Corupack Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     12.70       CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Care Corupack
Limited is mainly constrained on account of its weak liquidity,
low profitability, high leverage and weak debt coverage
indicators.

The rating is further constrained by its low net-worth base, high
customer concentration risk, presence in a highly competitive
industry and susceptibility of its profitability to volatility in
raw material prices.

The rating, however, favorably takes into account the vast
experience of the promoters in the packaging business, long
operational track record, steady growth in its turnover and cash
accruals and positive outlook for the packaging industry.
CCL's ability to efficiently manage its incremental working
capital requirement & diversify its customer base along with the
sustained increase in its scale of operations and profitability
are the key rating sensitivities.

CCL was incorporated as Care Beverages (India) Ltd in 1995.
Subsequently, it changed its name to CCL in 2001. CCL is promoted
by Mr. Rajiv Agrawal & has its manufacturing unit located near
Dholka-Bagodara highway in Gujarat having a capacity of 28,000
metric tonne per annum (MTPA).

The promoter family owns 51.24% of shares in CCL and balance
48.76% shares are owned by different financial institutions and
private companies. The major revenue (80%) of CCL is from
manufacturing corrugated products and balance (20%) from trading
of paper board.

During FY13 (refers to the period April 01 to March 31), CCL
reported a PAT of INR0.98 crore on a Total Operating Income (TOI)
of INR87 crore as against a PAT of INR0.64 crore on a TOI of
INR45.64 crore in FY12.


CENLUB INDUSTRIES: CARE Puts 'BB' Rating on INR14cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Cenlub Industries Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        14       CARE BB Assigned
   Short-term Bank Facilities        3       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Cenlub Industries
Limited are constrained by its modest scale and highly working
capital intensive nature of operations, revenue concentration
risk, fluctuating operating income during the past three years and
its presence in the highly fragmented and competitive lubrication
industry.

The ratings, however, draw strength from the experience of the
promoters, established business relations with its customers,
healthy profit margins and favorable capital structure with
satisfactory debt coverage indicators.

The ability of the company to scale up its operations and
effectively manage its working capital are the key rating
sensitivities.

Cenlub Industries Limited was incorporated in the year 1992 by
Mr. Vijendra Kumar Mittal (Chairman and Managing Director) as a
public limited company. CIL was earlier established as a
proprietorship firm in the year 1977 by Mr. Vijendra Kumar Mittal
under the name of "M/s Cenlub Engineers"; which was later taken
over by CIL in March 1992. The company is engaged in the
manufacturing of lubrication systems and assembling of components
such as motors, pumps, filters and their sub-assemblies which
cater to the requirements of machine tools, heavy engineering
machines and plants such as the power industry, sugar industry,
iron and steel, cement, paper as well as heavy duty vehicles and
railways.

CIL operates from three manufacturing units located at Faridabad,
Bengaluru and Rajkot and sells its products under the brand name
of "CENLUB".

During FY13 (provisional - refers to the period April 1 to
March 31), CIL reported a total operating income of INR33.65 crore
and a PAT of INR2.24 crore as against a total operating income and
PAT of INR35.92 crore and INR2.55 crore respectively in FY12.


CORUM HOSPITALITY: CARE Rates INR6.78cr Bank Loans at 'BB'
----------------------------------------------------------
CARE assigns 'CARE BB' ratings to the bank facilities of Corum
Hospitality.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        6.78     CARE BB 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 Corum Hospitality
are constrained by its small scale of operations, highly leveraged
capital structure and weak debt service indicators. The rating is
further constrained by the high level of competition from the
organized and unorganized players in the area and constitution as
a partnership firm.

The rating factors in the benefit derived from the experienced
promoters, continuous growth in restaurant-wise sales and location
advantage of restaurants.

The ability of CH to successfully complete the planned capex
within time & cost parameters and achieving the projected revenue
& maintaining margins amidst increasing competition are the key
rating sensitivities.

Established as a partnership firm by Mr. Mihir Desai and Mr. Amit
Singh in 2009, Corum Hospitality presently operates two specialty
north Indian cuisine restaurants under the brand "Masalazone" at
Bandra (having a sitting capacity of 110 as on March 31, 2013) &
Dadar (having a sitting capacity of 65 as on March 31, 2013),
operational since April 2009 and October 2011, respectively. In
January 2013, the firm has also started operating a bar & cafe viz
"Big Bang" at Bandra (having sitting a capacity of 180 as on
March 31, 2013).

CH is under the process of opening a new outlet, under its brand
"Big Bang" at Oshiwara (Andheri, with a seating capacity of 100)
with total cost outlay of INR1.85 crore, to be funded through
promoters fund (Rs.1.65 crore) and internal accruals (Rs.0.30
crore). The firm has already signed the lease agreement for the
said premises; however the possession is yet to be received. The
firm has already incurred a cost of INR0.35 crore against the
lease deposit for the property. The restaurant is expected to
commence the operations from December 2013.

As per provisional FY13 results, CH has posted a total income of
INR6.13 crore (vis-a-vis INR3.32 crore in FY12) with PAT of
INR0.23 crore (vis-a-vis INR0.07 crore in FY12).


JEEWAN MOTORS: CARE Assigns 'BB' Rating to INR30cr LT Bank Loans
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Jeewan Motors Private Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       30.00     CARE BB Assigned
   Short-term Bank Facilities       1.00     CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained by the low and declining
profitability margins of Jeewan Motors Private Limited, its low
capitalization, high leverage and weak debt coverage indicators.
The ratings are further constrained by the high working capital
intensity of its operations and the challenging environment for
automobile dealership industry due to subdued demand amidst high
competitive intensity within the industry.

The ratings, however, derive strength from the wide experience of
the promoters in automobile dealership business, established
operations of JMPL along with long-standing association with key
principals, Maruti Suzuki India Limited and VE Commercial Vehicles
Ltd and its diversified revenue streams with presence in both
commercial vehicle and passenger car segments.

JMPL's ability to increase its scale of operations and improve its
profitability in a highly competitive automobile dealership
business while efficiently managing its working capital
requirement and improve its capital structure would be the key
rating sensitivities.

Incorporated in May 1998, JMPL is a closely-held company promoted
by the Chhatwal family based out of Bhopal, Madhya Pradesh. JMPL
is engaged in the automobile dealership business of MSIL and
VECVL. Having initially commenced operations with the dealership
of MSIL, JMPL started dealership of VECVL in the year 2000 and is
currently the only dealer of VECVL in the city of Bhopal. VECVL is
a 50:50 joint venture between Eicher Motors Limited and Volvo
Group of Sweden. All the showrooms and service centres of JMPL are
supported with 3-S facilities (Sales, Service and Spare-parts).

As per the provisional results for FY13 (refers to the period
April 1 to March 31), JMPL reported a total operating income of
INR176.36 crore (FY12: INR146.69 crore) with a PAT of INR0.69
crore (FY12: INR0.61 crore).


MULTILINK: CARE Assigns 'BB-' Rating to INR9cr Bank Loans
---------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Multilink.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        9        CARE BB- Assigned
   Short-term Bank Facilities       4        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 Multilink are
constrained by its financial risk profile marked by highly
leveraged capital structure, operating margins susceptible to
volatility in the raw material prices and negative outlook for the
two-wheeler industry. The above constraints are partially offset
by the experience of the partners in the auto component industry,
consistent growth in revenues during the past three years and
established long-term relationships with reputed clients.

The ability of the firm to increase its scale of operations with
improvement in the overall financial risk profile will remain the
key rating sensitivity.

Multilink was established in 1983 as a partnership firm by
Mr. H.G.Vasuki, Mr. M.B.Muralidhar, and B.M. Mangala, who have
more than three decades of experience in the automobile component
industry. The firm is engaged in the manufacturing of electro
mechanical, electrical, and electronic components for various
applications in the two-wheeler segments. Multilink operates from
its units located at Karnataka, Haryana and Tamil Nadu with an
overall installed capacity of 21.2 million units of components per
annum.

During FY13 (provisional), Multilink reported a total operating
income of INR98.11 crore (FY12 - INR88.02 crore) and a PAT of
INR1.69 crore (FY12 - INR1.59 crore).


PATEL PHOSCHEM: CARE Rates INR18.5cr LT Bank Loans at 'BB-'
-----------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Patel
Phoschem Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       18.50     CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Patel Phoschem
Private Limited is primarily constrained on account of its
financial risk profile marked by the moderate profitability
margins, leveraged capital structure and moderate liquidity
position. The rating is further constrained on account of higher
volatility in the prices of rock phosphate and challenges of
operating in a highly regulated fertilizer industry and continuous
reduction in subsidy for Single Super Phosphate by the government.

The rating however derives strength from the experienced
management and marketing arrangement with Chambal Fertilisers and
Chemicals Limited.  Ability to improve the scale of operation
while maintaining profitability in light of the volatile raw
material prices along with efficient working capital management
and changes in the government policy with respect to subsidy on
SSP will be the key rating sensitivities.

Udaipur-based (Rajasthan), PPPL was incorporated in 2006 by
Mr. Roop Lal Patel along with his family members. Initially, PPPL
was engaged in the business of executing turnkey projects related
to installation of fertilizer plants which include construction of
plant to supply of machineries. It has its facility at Udaipur for
the manufacturing of plant & machineries which is used in
fertilizer plants. Besides, the company also provides services of
operations and maintenance for fertilizer plants.

However, in order to diversify its business, the company undertook
a project for the construction of plant at Udaipur in December
2010 to start the production of SSP, Granular Single Super
Phosphate (GSSP) and Phosphoric Acid (PA). PPPL has started the
commercial production of SSP, GSSP and PA from September, 2012 and
has incurred a total cost of INR17.28 crore towards the project
which was financed through term loan of INR10.95 crore, share
capital of INR5.26 crore and remaining through unsecured loan from
the promoters. It has a total installed capacity of 100,000 Metric
Tonne Per Annum (MTPA) of SSP, 50,000 MTPA of GSSP and 21,000 MTPA
of PA as on March 31, 2013.

As per the provisional result of FY13 (refers to the period
April 1 to March 31), PPPL reported a total income of INR26.59
crore with a PAT of INR1.51 crore.


SAFETEC HEALTHCARE: CARE Assigns 'BB-' Rating to INR37.11cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' to the bank facilities of
Safetec Healthcare & Hygiene Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       37.11     CARE BB- Assigned
   Short-term Bank Facilities       3.20     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Safetec Healthcare
& Hygiene Private Limited are constrained by small scale of
operations, leveraged capital structure, stretched operating cycle
and project execution risk with debt yet to be tied-up. The
ratings are further constrained by volatility in raw material
prices, exchange rate fluctuations and competitive nature
of the industry.

The ratings derive strength from well-qualified and experienced
management, and financial support from the promoters. Furthermore,
a diversified product portfolio and tie-ups with reputed companies
benefit the rating.

The abilities of SHHPL to timely execute the project and achieve
envisaged sales, efficient management of working capital cycle and
improvement in capital structure remain the key ratings
sensitivities.

Incorporated in the year 1999, Safetec Healthcare & Hygiene
Private Limited [(SHHPL) formerly known as Safetec Disposables
Private Limited] is engaged in the business of manufacturing of
surgical disposable products (i.e. caps, masks, gowns, drapes and
packs) and medical packaging for specific treatments. SHHPL is
also engaged in contract-manufacturing for Johnson & Johnson (J&J)
and 3M India. The leased manufacturing plant of SHHPL is located
at Chakan, Pune, with an installed capacity of 64.13 crore pcs per
annum operating in three shifts. SHHPL mainly caters to hospitals
through its large distributor base spread across the country. The
company follows 21CFR 820 standards, which defines good
manufacturing practices for medical devices.
The site is awarded ISO 9001:2008 and ISO 13485:2003 certification
through the assessment conducted by BSCIC on
August 21, 2012, and has USFDA and CE certification for exports in
the USA and European markets. Furthermore, the company has also
been trading in disinfectants and cleaning chemicals.

During FY13, SHHPL posted total operating income of INR15.84 crore
(up by 163% vis-avis FY12) and PAT of INR0.88 crore (against loss
of INR2.31 crore in FY12).


SHELL APPARELS: CARE Assigns 'BB-' Rating to INR8.96cr Bank Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Shell Apparels Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      8.96       CARE BB- Assigned
   Short-term Bank Facilities     4.50       CRE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shell Apparels
Private Limited are constrained by the implementation risk
associated with the ongoing debt-funded capex, highly leveraged
capital structure and moderate liquidity position and presence in
the highly fragmented and competitive textile industry. The
ratings, however, derive strength from the experience of the
promoters in the textile industry, increase in revenues during the
past three years and established business relations with its
customers.

The abilities of the company to increase its scale of operations,
while managing its working capital requirements efficiently, and
to complete its ongoing project without any cost or time overrun
would be the key rating sensitivities.

Shell Apparels Private Limited was incorporated in 2003 by Mr.
B.R. Vasuki and Ms B.R.Vasudha. The company was started by taking
over M/s. Shell Apparels, a proprietary concern, established in
1994 and promoted by Mrs. B.R.Vasudha. SAPL is engaged in the
manufacturing of knitted readymade garments (men, ladies and
children) with an overall installed capacity of 125,000 pieces per
annum at its manufacturing units located at Bangalore. The major
raw materials; yarn, fabric and accessories are majorly procured
from the domestic market (98%) and rest from imports.

During FY13 (provisional) (refers to the period April 1 to
March 31), 98% of the total revenue was from the domestic sales
and rest 2% from the export market, which include France, Germany
and Italy.During FY13 (provisional), SAPL reported a total
operating income of INR43.64 crore (FY12 - INR29.33 crore) and a
PAT of INR0.76 crore (FY12 - INR0.48 crore).


SHREE KRISHNA: CARE Rates INR7.20cr LT Bank Loans at 'BB-'
----------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Shree
Krishna Stone Quarry.
                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      7.20       CARE BB- 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 the 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 Shree Krishna Stone
Quarry is primarily constrained by its low profitability,
moderately leveraged capital structure and its modest scale of
operations. The rating is further constrained on account of its
presence in the highly fragmented stone quarrying industry,
working capital intensive operations, risks related with adverse
regulatory changes in the government policies and raw material
availability.

The rating, however, continues to derive strength from the
promoter's experience in the stone quarrying business, established
relationship with the customers and strong order book position.

The ability of SKSQ to increase its scale of operations,
improvement in profitability amidst intense competition, along
with improvement in the capital structure is the key rating
sensitivity.

Surat-based (Gujarat) SKSQ was originally incorporated as a
partnership firm on October 18, 2007, by four partners. The two
partners retired from the firm on November 07, 2007, and currently
the firm is managed by two partners - Mr. Masribhai Ahir and, his
son, Mr. Kamal Ahir, with equal profit sharing basis. SKSQ is
engaged in the business of stone crushing activities such as
crushing, screening and material handling with an installed
capacity of 9 lakh metric tonnes per annum (LMTPA) as on March 31,
2013.

During FY13 (provisional; refers to the period April 1 to
March 31), SKSQ reported a PAT of INR0.39 crore on a total
operating income (TOI) of INR19.88 crore as against a PAT of
INR0.17 crore on a TOI of INR8.37 crore during FY12.


SPECIAL STEEL: CARE Assigns 'B-' Rating to INR5.5cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B-' & 'CARE A4' rating to the bank facilities
of Special Steel Wire Rope Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.50      CARE B- Assigned
   Short-term Bank Facilities     13.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Special Steel Wire
Rope Private Limited are constrained by the nascent & small scale
of operation, working capital intensive nature of operations
resulting in leveraged capital structure and stressed debt
coverage indicators. The ratings are further constrained by the
presence in a highly fragmented industry leading to intense
competition, raw material price volatility, foreign exchange
fluctuation risk and dependence on investments in the
infrastructure sector and overall economic activities.

The aforesaid constraints are partially offset by the strengths
derived from the experienced management along with financial
support to the company and strong clientele.

The ability of SS to achieve the envisaged turnover and
profitability amidst the intense competition and efficiently
manage the working capital cycle are the key rating sensitivities.

Incorporated in April 2011, Special Steel Wire Rope Private
Limited commenced commercial operations from September 2011 for
the manufacturing of steel wire ropes, steel wire rope slings,
stainless steel wire rope ranging from 1.5 mm to 70 mm (which
finds its application in various industries such as general
engineering, elevators, cranes, onshore/offshore oil exploration,
ports, railways, shipping and mining) and other wire rope-related
products. SS has its manufacturing plant (leased) located at
Sahapur (Thane) with an installed capacity of 12,000 MTPA (average
utilization of around 60% during FY13 (refers to the period April
1 to March 31). The major raw materials i.e mild steel, stainless
steel and titanium/corten steel wires are sourced from China and
Korea and sales were majorly in the domestic market in FY13.

SS's products are accredited by the British Standard Institute and
it holds membership of International Wire and Machinery
Association (IWMA) & National Small Industries Corporation.


TRIDENT CORPORATION: CARE Rates INR15cr LT Bank Loan at 'BB-'
-------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Trident
Corporation.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       15        CARE BB- 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 in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Trident Corporation
is primarily constrained by the modest scale of operations, low
profitability & capitalization, leveraged capital structure and
weak debt protection indicators. The rating is further constrained
by constitution of the entity as a partnership concern with
operations in a highly fragmented and competitive Gems & Jewellery
industry.

The rating, however, derives strength from the experience of the
partners in the Gems & Jewellery industry, coupled with
demonstrated financial support in past.  The ability of TC to
increase its scale of operations, improvement in profitability
amidst intense competition, along with improvement in the capital
structure, would remain the key rating sensitivity.

Established as a proprietary concern by Mr. Avinash Jain in 1994,
Trident Corporation (TC) is engaged in the manufacturing of Gold &
Diamond studded jewellery and designer mangalsutras.

TC earns its entire revenue from the domestic markets through
wholesalers. TC's key raw material viz gold, precious stones &
diamonds are sourced domestically from bullion dealers and local
market. TC has its manufacturing facility located at Sewree,
Mumbai.

During the FY12 (refers to the period April 01 to March 31), TC
reported total operating income of INR69.85 crore (up by 39.10%
vis--vis in FY11) and PAT of INR0.96 crore (vis--vis INR0.33
crore in FY11). Furthermore, as per the provisional FY13 results,
TC has posted total income of INR102.17 crore and PAT of INR1.20
crore.


WHITE PEARLS: CARE Rates INR15cr LT Bank Loans at 'B'
-----------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of White
Pearls Hotels & Investments Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      15         CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of White Pearls Hotels
& Investments Private Limited is constrained by the business risk
profile marked by the real estate business contributing a majority
of the revenue, investments in loss-making subsidiaries & average
occupancy of the hotel.

The rating is further constrained by the leveraged capital
structure and weak debt coverage indicators, presence in the
competitive hotel industry and seasonality associated with the
hotel & real estate industry. The rating, however, derive strength
from the experienced promoters and their financial support in the
past, declining yet healthy profitability and long track record of
operations in the hospitality sector & location advantage.

Going forward, the ability of the company to increase the scale of
operations amidst increasing competition in the hotel industry and
cyclical real estate industry along with sustaining the
profitability would be the key rating sensitivities.

Incorporated in 1983 by Mr. Ganesh Gupta and late Dilkhush Doshi,
White Pearls Hotels & Investments Private Limited owns & operates
a budgetary hotel consisting of 43 airconditioned rooms at Colaba
in Mumbai. The hotel being situated in the tourist hub of South
Mumbai near Gateway of India mainly caters to the overseas
tourists from the Gulf region who book the rooms (in a cluster of
10-15 rooms) for a minimum period of two to three months. The
operations of the hotel are managed by the promoters' group only.

Besides the hotel business, WPH also invests in real estate
ventures wherein it buys residential and commercial properties
(properties mainly located in South Mumbai, Bandra, Khar Road and
other suburbs in Mumbai) and lease them out on rental basis.
The promoters have other group entities [Vijay Trading Company
(VTC), Vinaya Nirman Pvt Ltd (VN), Osians Dwelling Pvt Ltd (OD)]
engaged in the real estate business.

During FY12 (refers to the period April 1 to March 31), the
company reported a total operating income of INR10.96 crore and
PAT of INR1.45 crore. As per the provisional FY13, WPH has
reported a total operating income of INR12.36 crore with PAT of
INR1.60 crore.



=================
I N D O N E S I A
=================


BUMI RESOURCES: Refinancing Risk Cues Moody's to Cut CFR to Caa1
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior secured bond ratings of PT Bumi Resources Tbk (Bumi
Resources) to Caa1 from B3.

The ratings remain on review, with direction uncertain.

The senior secured bonds are issued by Bumi Capital Pte Ltd and
Bumi Investment Pte Ltd, both of which are wholly owned
subsidiaries of Bumi Resources.

Ratings Rationale:

"The downgrade reflects the increased refinancing risk for Bumi
Resources. The deadline in August for the refinancing of the $150
million term loan is less than a month away, and the company has
yet to complete the potential monetization of its non-core
assets," says Simon Wong, a Moody's Vice President and Senior
Credit Officer.

Moreover, $360 million of loans at PT Bumi Resources Minerals Tbk
(BRM, unrated) -- in which Bumi Resources has an 87.09% stake --
will mature in September. These loans are non-recourse to Bumi
Resources.

As of end-March 2013, Bumi Resources had a cash balance of $90
million and restricted cash of $109 million on a consolidated
basis.

The ratings are on review owing to the uncertainty and lack of
visibility related to the monetization of Bumi Resources' non-core
assets, particularly its stake in BRM. Successful monetization
could result in ratings being upgraded again, while failure could
see further downward ratings pressure.

"While the sale of assets could be credit positive because it will
alleviate some near-term liquidity concerns and improve the
company's credit metrics, the timing and proceeds of such a sale
are currently unclear," says Wong, also the Lead Analyst for Bumi
Resources.

"We expect interest costs to remain high even if Bumi Resources
refinances its upcoming debt maturities, given the ongoing
uncertainty over its separation from Bumi Plc., which owns a 29.2%
stake in the firm. We also note that the company will face
significant debt maturities again in 12 to 18 months," he adds.

Bumi Resources' debt maturities in 2H 2014 include $375 million of
convertible bonds and $150 million of the loan from China
Development Bank that falls due in 3Q 2014, and $600 million of
the loan from China Investment Corporation (CIC) that matures in
4Q 2014.

The timeframe for the separation of Bumi Resources from Bumi Plc.
remains unclear. In July 2013, Bumi Plc. announced that it had
agreed to sell its 29.2% stake in Bumi Resources to Bakrie group
for $501 million. Bakrie group would subsequently sell its 23.8%
stake in Bumi Plc. to an affiliate of PT Borneo Lumbung Energi &
Metal Tbk (unrated).

Because this new proposed transaction differs from the deal
approved by shareholders in Bumi Plc.'s Extraordinary General
Meeting in June 2013, it could face resistance from some of Bumi
Plc.'s shareholders. In February 2013, Bumi Plc. signed an
agreement to divest its entire 29.2% stake in Bumi Resources to
Bakrie group for $270 million and buy back Bakrie group's 23.8%
stake in the company.

Furthermore, Moody's expects little improvement in Bumi Resources'
ability to generate internal cash from its coal operations in 2H
2013, as market conditions are likely to remain challenging. With
the Newcastle coal price falling below $80 per ton in July and
seaborne thermal coal supply continuing to outpace demand, the
company's selling prices are likely to remain correspondingly
weak.

Moody's review will focus on Bumi Resources' ability to: (1)
refinance its scheduled near-term maturities, and (2) reduce its
debt level through asset sales.

Moody's would consider upgrading the ratings if Bumi Resources can
raise funds or refinance its maturing debt in 2013 and 2014 in a
timely manner, and lower its leverage by selling assets. Credit
metrics that could trigger an upgrade include consolidated
debt/EBITDA of below 5.0x and consolidated EBITDA/interest of
above 1.0x-1.5x on a sustained basis.

Moody's would consider downgrading the ratings if Bumi Resources'
liquidity position or operating performance deteriorates further,
or it does not make any progress in addressing its maturing debt.

The principal methodology used in these ratings was the Global
Mining Industry Methodology published in May 2009.

Bumi Resources is Indonesia's largest thermal coal producer and
one of the three largest thermal coal exporters globally. Through
its principal assets (a 65% stake in PT Kaltim Prima Coal and a
70% stake in PT Arutmin), Bumi Resources produced 66 million tons
of coal in 2011 and which accounted for approximately 19% of
Indonesia's total coal production.



===============
M O N G O L I A
===============


SAVINGS BANK: Declared Insolvent; State Bank to Take Over
---------------------------------------------------------
Michael Kohn at Bloomberg News reports that Savings Bank,
Mongolia's fifth-largest lender, has been declared insolvent after
affiliated companies defaulted on loans, and will be taken over by
a state-owned competitor, the central bank said.

Bloomberg relates that State Bank will take over Savings Bank's
503 branches starting July 22, Danjilaa Ganbat, director of the
banking supervision department at Mongol Bank, said at a press
conference in Ulaanbaatar July 21. Savings Bank was owned by Just
Group, a holding company based in the capital, whose other assets
include Just Oil LLC. The takeover is the first by the government
since 2009.

With 1.7 million customers in a nation of 2.9 million, Savings
Bank accounts for about 8 percent of active banking assets and 55
percent of government financial services, such as disbursement of
pensions and payment of utility bills, Bloomberg discloses citing
the central bank.  Other lenders are healthier, said Dambadarjaa
Jargalsaikhan, an economist and commentator on television show De
Facto, Bloomberg relates.

"The central bank now has things in control," Bloomberg quotes Mr.
Jargalsaikhan as saying. "I don't think all the banks are like
this but we should draw certain lessons. There was too much risk
on one individual and there was a problem with poor corporate
governance and conflicts of interest."

According to Bloomberg, Mr. Ganbat said Sharavlamdan Batkhuu, Just
Group's controlling shareholder, and other companies in the group
have defaulted on loans since 2011.

Savings Bank is the third lender to be taken over by the
government, following Anod Bank JSC in 2008 and Zoos Bank JSC in
2009. The central bank said the lender has losses of MNT180
billion (US$122 million) and its working capital is MNT94 billion
lower than its assets, according to Bloomberg.

All 503 Savings Bank branches of Savings Bank were closed on
July 21 as the assets moved to State Bank, Mr. Ganbat, as cited by
Bloomberg, said.



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


PACIFIC HORIZON: Director Hopes to Restructure Group
----------------------------------------------------
Stuff.co.nz reports that John Liddell, a director of Pacific
Horizon, said he believes the motorhome rental company still has a
future and hopes to restructure the group with a reduced fleet,
despite it being placed in receivership.

"We still see a future for PHL with a reduced fleet," director
John Liddell said.

Stuff.co.nz notes that the company had suffered from a "perfect
storm" which had formed in the last two or three years, with the
combined effects of the global financial crisis, the relative
strength of the local currency and drastic downturns in Australian
and British visitor numbers, "all culminating in our inability to
carry on as we were."

Pacific Horizon had seen a 30 per cent decline in visitors to
Christchurch in the year after the Canterbury earthquakes.

According to the report, Mr. Liddell said the motorhome company
was now talking to other financiers with a view to restructuring
the company.

The company had had the support from its current financiers who
had helped it through a tough period.

"But there comes a time you have to put a line in the sand and say
you can't keep going as you are."

Stuff.co.nz relates that Mr. Liddell said they had been grateful
for the support of suppliers and customers and travel agents
worldwide.

The receivers had described the business as unlikely to be
saleable, but Mr. Liddell said he believed there was a market out
there for the business in a restructured form, according to the
report.

They would reduce their fleet size from 260 to about 100 due to
overcapacity in the industry, the report notes.

Pacific Horizon Motorhomes offers motorhome and campervan hire in
New Zealand.

Brendon James Gibson and Grant Robert Graham of Kordamentha were
appointed Joint and Several Receivers and Managers of the trading
entities related to Pacific Horizon Motorhomes on July 15, 2013.
No future bookings are being accepted.  The companies in
receivership are Pacific Horizon Limited, Eclipse Travel Homes
Limited, and Pacific Horizon Motorhomes Limited.



================
S R I  L A N K A
================


* Moody's Notes Stable Credit Profile for B1-Rated Sri Lanka
------------------------------------------------------------
Moody's Investors Service says that the policies of the government
have stabilized Sri Lanka's (B1 stable) overall credit profile,
although benefits from the post-civil war peace dividend have
waned.

Moody's assessment was contained in its annual "Credit Analysis
Sri Lanka" which assesses economic strength as low; institutional
strength as moderate; government financial strength as low; and
susceptibility to event risk as moderate. Sri Lanka's B1 sovereign
bond rating reflects Moody's methodological assessment of these
factors.

In July, Moody's revised the outlook on the sovereign rating to
stable, from positive. The action was prompted by: (1) the
stabilization in Sri Lanka's external payments position following
the sizable loss of foreign reserves in 2011, but without enough
improvement to support a rating upgrade; and (2) the pause in
government debt consolidation.

The latest report is an update and does not constitute a rating
action.

The report notes that while economic growth has slowed, to 6.4% in
2012 from an average of 8.1% in 2010 and 2011, the previous faster
pace of growth was accompanied by an overheating of the economy.
The slowdown is primarily a result of the implementation of
adjustment reforms in early 2012.

Looking ahead, Moody's projects that growth will be 6% to 7% in
2013 and 2014. At this pace, inflation should remain in the single
digit range, although the policies of the government will likely
continue to have a growth bias.

Furthermore, although government debt has declined after the end
of the nearly three-decade long civil war in 2009, debt reduction
has stalled in the past two years and government bond yields
widened in both nominal and real terms, as the fiscal payoffs from
the peace dividend have dissipated. Moody's expects the government
debt to GDP ratio to touch 80% in 2013 and 78% in 2014, broadly
unchanged since 2011 and compared with 86% in 2009.

At the same time, Moody's notes that Sri Lanka has financed its
current account deficit largely via debt, and while the government
expects foreign direct investment inflows to pick up in 2013, such
a situation will have little immediate effect on changing a debt-
dependent external financing profile.

However, overall, Moody's says that Sri Lanka's economy has
benefited from political stability in the aftermath of the civil
war, and continued progress in reconciliation and integration of
the Northeast region will boost the employment of the country's
economic resources and lead to a higher long-term growth rate.



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


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

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.



                 *** End of Transmission ***