TCRAP_Public/130807.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, August 7, 2013, Vol. 16, No. 155


                            Headlines


A U S T R A L I A

GLOBAL ELECTROTECH: Receiver Seeks Expressions of Interest
MINING EQUIPMENT: Appoints Deloitte as Receivers and Managers
MISSION NEW ENERGY: Had AUD1.4 Million in Cash at June 30
SOLIMAR ENERGY: In Negotiations with SCCP Over Alleged Default
* AUSTRALIA: Gas Plants Might Close as Gas Prices Rise


I N D I A

ASCENT HOTELS: CARE Lowers Rating on INR5cr LT Loan at 'C'
BANCO CONSTRUCTION: CARE Rates INR5.8cr LT Bank Loan at 'BB-'
HITECH DIE: CARE Rates INR6.25cr LT Bank Loan at 'CARE B'
JICS LOGISTIC: CARE Places 'BB+' Rating on INR25cr Bank Loans
MAHALAKSHMI PROFILES: CARE Puts 'B+' Rating on INR20.5cr Loans

MANGLAM YARN: CARE Assigns 'BB' Rating to INR20cr LT Bank Loan
NARRA CONSTRUCTIONS: CARE Assigns 'B' Rating to INR8cr Loan
NEXT RADIO: CARE Assigns 'B' Rating to INR18.9cr LT Loan
OM KAILASH: CARE Rates INR9cr Long-Term Loan at 'CARE B+'
SRINIVASA EDUCATIONAL: CARE Rates INR136.5cr LT Loan at 'BB'

SURESH DHARMAVAT: CARE Rates INR10cr Long-Term Bank Loan at 'B+'


I N D O N E S I A

BHAKTI INVESTAMA: First Half Results Support Moody's B1 CFR
BUMI RESOURCES: S&P Lowers Corporate Credit Rating to 'CCC'
INDOSAT TBK: First Half Results In Line With Moody's Expectations
TOWER BERSAMA: First Half Results Support Moody's Ba2 Rating


N E W  Z E A L A N D

SOUTH CANTERBURY FINANCE: Crown Drops False Acctg. Charge v. CFO


P H I L I P P I N E S

RURAL BANK OF SAN JOSE: Placed under PDIC Receivership


S R I  L A N K A

* Fitch Ratings Sees Expansion in Sri Lankan Debt Issuance


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


GLOBAL ELECTROTECH: Receiver Seeks Expressions of Interest
----------------------------------------------------------
dissolve.com.au reports that receiver Ernst & Young is seeking
expressions of interest for the purchase of the business of Global
Electrotech Pty Ltd.  Kimberley Andrew Strickland, Christopher
Michael Williamson and David Ashley Norman Hurt of WA Insolvency
Solutions were appointed administrators of the company on June 14.

dissolve.com.au says the successful buyer will be able to get the
opportunity to own a leading provider of integrated services that
specialise in designing, installing and commissioning, electronic
and fire systems.  In fact it also maintains and services
electrical, life safety and security systems, the report relays.

Global Electrotech is a multimillion dollar electrical contracting
business based in Western Australia.


MINING EQUIPMENT: Appoints Deloitte as Receivers and Managers
-------------------------------------------------------------
Yolanda Redrup at SmartCompany reports that Queensland-based
mining services company Mining Equipment Maintenance has
collapsed, as businesses are starting to feel more pressure due to
the fading mining boom.

Receivers and managers John Grieg and Richard Hughes from Deloitte
were appointed in late July to manage the Rockhampton business
Mining Equipment Maintenance, SmartCompany reports.

According to the report, the company's parent company, the DPSA
Group, was reported by the Rockhampton publication The Morning
Bulletin to also be in receivership. The same report also claimed
nearly 100 jobs have been lost.

MEM currently has AUD2.6 million worth of orders and open quotes
equating to AUD4.6 million.

Mining Equipment Maintenance is a maintenance and service company
providing product offerings across heavy engineering, fabrication,
structural and mechanical repairs and field services.


MISSION NEW ENERGY: Had AUD1.4 Million in Cash at June 30
---------------------------------------------------------
Mission New Energy Limited reported net operating cash flows of
AUD1.09 million for the quarter ended June 30, 2013.

At the beginning of the quarter, the Company had AUD113,000 in
cash.  The Company obtained cash from investments of AUD130,000
and AUD1.59 from financing.  At the end of the quarter, the
Company had AUD1.42 million in cash.

A copy of the report is available for free at http://is.gd/MGoLLj

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission New Energy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Grant Thornton Audit Pty Ltd, in Perth, Australia, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred operating cash outflows of AUD4.9 million during the year
ended June 30, 2012, and, as of that date, the consolidated
entity's total liabilities exceeded its total assets by
AUD24.4 million.

The Company's consolidated balance sheet at Dec. 31, 2012, showed
AUD7.05 million in total assets, AUD27.29 million in total
liabilities and a AUD20.24 million net deficit.


SOLIMAR ENERGY: In Negotiations with SCCP Over Alleged Default
--------------------------------------------------------------
Solimar Energy Limited on Aug. 2 disclosed that further to the
news release of July 22, 2013, the Company has been in
negotiations with SCCP Solimar Holdings LP ("Second City") in
relation to their issuance of a "Notice & Request" to
Computershare Trust Company of Canada.  Solimar has since paid the
interest in relation to the alleged default.  While the outcome of
the negotiations with respect to Second City withdrawing their
"Notice & Request" of default cannot be guaranteed, the Company is
hopeful that a mutually acceptable resolution will be reached.

Headquartered in Melbourne, Australia, Solimar Energy Limited --
http://www.solimarenergy.com.au/-- is engaged in the evaluation,
development of onshore oil and gas prospects and production of oil
and gas in California.


* AUSTRALIA: Gas Plants Might Close as Gas Prices Rise
------------------------------------------------------
The Australian reports that AGL Energy Ltd chief executive Michael
Fraser said some of Australia's biggest baseload gas power
stations could face closure as the carbon price falls and gas
prices rise.

The Australian relates that Mr. Fraser said baseload power
stations in Queensland, South Australia and NSW might not survive.

"Baseload gas plants like Darling Downs that Origin has, some of
the Braemer plants (in Queensland), Tallawarra (NSW) and Pelican
Point (SA), those things don't work under a high-gas, low-carbon
scenario," The Australian quotes Mr. Fraser as saying.

According to The Australian, newly constructed gas plants won't be
able to compete with coal-fired power under the current carbon
prices, let alone lower or non-existent carbon prices in future.
The federal Labor government has moved to a floating carbon price
of between AUD6 and AUD10 per tonne and away from the current
fixed price of AUD24.15 per tonne, while the Coalition has vowed
to dump the carbon tax altogether, the report notes.



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


ASCENT HOTELS: CARE Lowers Rating on INR5cr LT Loan at 'C'
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Ascent Hotels Pvt. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        5        CARE C Revised from
                                             CARE B-

   Short-term Bank Facilities      23        CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings factors in the ongoing delays in
interest servicing on the term loan (which is not rated by CARE)
by Ascent Hotels Pvt Ltd. The ratings also consider the continuing
losses from the hotel operations.

Ascent Hotels Private Limited is promoted by the Jatia group (81%
holding) and Vascon Engineers Limited. The Jatia group has over
two decades of experience in the hospitality industry,
and VEL is a leading Pune-based construction company. Asian Hotels
(North) Limited (AHNL, rated 'CARE A-/A1') is the flagship company
of the Jatia group, which owns and operates Hyatt Regency, Delhi
(508 keys, commissioned in 1982).

AHPL established a five-star deluxe hotel with 222 rooms
(operational since October 2010) along with 84 service apartments
(expected to be operational in FY14) and a retail office space of
20,000 sq ft (expected to be operational in FY14) at Weikfield
Estate, Nagar Road, Pune, under the "Hyatt Regency" brand. The
hotel is developed on a land area of 1.85 lakh sq ft with a total
built up area of 6 lakh sq ft. AHPL has entered into management-
cum-marketing arrangement with the Hyatt group (Hyatt).

During FY12 (refers to the period April 01, 2011 to March 31,
2012), the company posted revenue of INR42.35 crore with a net
loss of INR36.50 crore due to lower RevPAR and higher operational
and interest expenses. As per the provisional results for FY13,
AHPL reported a net loss of INR35.35 crore on a total income of
INR47.98 crore.


BANCO CONSTRUCTION: CARE Rates INR5.8cr LT Bank Loan at 'BB-'
-------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Banco
Construction Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.80       CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Banco Construction
Private Limited is primarily constrained on account of its
fluctuating turnover and profitability margins, leveraged capital
structure owing to recently completed debt-funded capex and
stressed liquidity position. The rating is further constrained by
its modest scale of operation, mainly concentrated in the state of
Madhya Pradesh and presence in a highly competitive infrastructure
sector.

The rating, however, derives strength from the extensive
experience of the promoters in the infrastructure industry,
established track record of operation, reputed clientele and
moderate order book position.

The ability of the company to diversify into new geographical
market and enhance its scale of operations; along with the
improvement in profitability and capital structure while managing
its working capital requirement are the key rating sensitivities.

Gwalior-based, BCPL was established as a partnership firm in the
name of M/s Banco Construction by Prem Narayan Bansal in 1992. It
got converted into a private limited company in June 2012.
The Banco group is currently managed by Prem Narayan Bansal,
Deepak Bansal, Amit Bansal and their family members.

BCPL is engaged in road and civil construction work in Madhya
Pradesh (MP), which includes construction of roads, canals, pipe
lines and other repairs and renovation civil works on a cash
contract basis. BCPL is registered as a class 'A' contractor with
the Public Work Department (PWD) and Water Resource Division (WRD)
of Madhya Pradesh (highest on a scale of A to E) and secures all
the contracts through bidding process. BCPL has two associate
firms, namely, Banco Infrastructure Private Limited (BIPL, engaged
in power generation) and Bansal & Co (engaged in civil
construction). BCPL also holds a stake of 51% in a Special Purpose
Vehicle (SPV), Banco Construction & Prachi Infrastructure Private
Limited (BCPIPL), which is engaged in civil construction. The SPV
was formed in 2011 for a project of INR23.49 crore under the Water
Supply Scheme in Dantia.

BCPL has commissioned 1MW Solar PV project at Ujjain in June 2013
of INR10.18 crore. The power sale agreement has been signed with
Deendayal Mall Management Private Limited for tenure of 10 years.

As against a net profit of INR0.96 crore on a total operating
income of INR31.15 crore in FY11 (refers to the period April 01 to
March 31), BCPL reported a net profit of INR0.69 crore on a total
operating income of INR22.04 crore during FY12. As per the
provisional results for FY13, the company reported a net profit of
INR0.86 crore on a total operating income of INR26.64 crore.

On consolidated basis (BCPL and BCPIPL), BCPL posted PAT of
INR0.88 crore on total income of INR37.27 crore with a net worth
of INR3.03 crore as on March 31, 2013. The PBILDT margins and
PAT margins remained at 4.12% and 2.37% respectively


HITECH DIE: CARE Rates INR6.25cr LT Bank Loan at 'CARE B'
---------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Hitech Die Cast Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.25      CARE B Assigned
   Short-term Bank Facilities      1.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Hitech Die Cast
Private Limited are constrained by its weak financial profile
characterized by stressed liquidity, declining operating
income, high gearing and weak coverage indicators. The ratings are
further constrained by the company's small scale of operations in
a highly competitive environment, its dependence on the cyclical
automobile industry and its moderate level of client concentration
and susceptibility of margins to raw material price fluctuations.
The ratings, however, favorably factor in the vast
experience of the promoters for more than three decades.
Going forward, the ability of HDCL to improve its liquidity
position would be critical in improving credit profile. This along
with its ability to scale up the operations and sustain its profit
margin would be the key rating sensitivities.

Incorporated in 1990, HDCPL is engaged in the manufacture of iron
castings, according to the design specification of its customers,
primarily original equipment manufacturers (OEMs) in the
automotive industry. HDCL is part of the United group of companies
promoted by B. Govindarajan. The product profile includes gear
boxes, covers, break-drum, etc. The company has its manufacturing
unit at Pollachi, Tamil Nadu with an installed capacity of 9,000
metric tonne per annum (MTPA), as on June 30, 2013.

The company reported PAT of INR0.002 crore on an operating income
of INR18.62 crore during FY13 (refers to the period April 01 to
March 31), against PAT of INR0.22 crore on an operating income of
INR21.57 crore during FY12.


JICS LOGISTIC: CARE Places 'BB+' Rating on INR25cr Bank Loans
-------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Jics Logistic Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term/Short-               25.00      CARE BB+/CARE A4+
   term Bank Facilities                      Assigned

   Short-term Bank Facilities      7.50     CARE A4+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of JICS Logistic
Limited are primarily constrained due to its financial risk
profile marked by decline in turnover and profit margins, coupled
with high receivables and project implementation risk. The ratings
are further constrained on account of high revenue concentration
and vulnerability in profit margins as warehousing and assaying
charges are fixed by National Commodity and Derivatives Exchange
Limited.

These constraints outweigh the benefits derived from the
experience of the promoters, established track record of operation
with diversified revenue portfolio, favorable demand scenario for
the logistic industry, going forward, infusion of capital by
private equity, comfortable capital structure and moderate debt
coverage indicators.

The ability of JLL to increase its scale of operations with
achievement of envisaged utilization levels of new warehouses and
timely completion of the project within envisaged cost remain the
key rating sensitivities.

JLL, promoted by the Jhawar family, was setup in 1996 as a
partnership firm. Later on, in 2009, it was converted into a
public limited company. JLL is an approved NCDEX associate for
providing warehousing and allied services across the country for
agricultural commodities and other products, including perishable
products requiring cold storage facility. It has established a
presence across India and operates mainly though leased warehouses
and caters largely to NCDEX's clients as well as other corporate
clients. Furthermore, it provides agri-financing services against
warehouse receipts.

JLL has three wholly-owned subsidiaries, namely, Samaira Infratech
Private Limited (SIPL), JICS Holdings Private Limited (JHPL) and
Yamada Logistics Private Limited (YLPL).YLPL was an associate
concern till May 2011, and, thereafter, it became wholly owned
subsidiary of JLL. Anik JICS Logistic Private Limited (AJLPL) is a
newly incorporated Joint Venture company (50:50) formed for
undertaking the contracts from Madhya Pradesh Warehousing and
Logistic Corporations (MPWLC).

The associate concerns of JLL are Indra Marshal Private Limited
(IMPL) and Yamada Automation Private Limited (YAPL). IMPL is
engaged in the manufacturing of diesel engine, pump sets and air
compressors while YAPL manufactures machine parts such as
spindels, spools, shafts, connecting rods, engine bearings,
valves, fuel nozzles, etc.

As per audited results for FY13 (Provisional), JLL reported a
total operating income of INR24.49 crore (FY12: INR32.27 crore)
and a net profit of INR0.27 crore (FY12: INR4.32 crore).


MAHALAKSHMI PROFILES: CARE Puts 'B+' Rating on INR20.5cr Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Mahalakshmi Profiles P. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      20.50      CARE B+ Assigned
   Short-term Bank Facilities      2.50      CARE A4 Assigned

Rating Rationale

The ratings are constrained by moderate size of operations with
low capacity utilisation of manufacturing facilities, volatility
in raw material prices impacting profitability margins & cash
accruals, and slowdown in the steel industry along-with power
shortage faced by the industrial units in Andhra Pradesh. The
ratings also factor in the satisfactory experience of the
promoters, presence of backward integration facility for the pipe-
manufacturing facility and moderate gearing ratios. The ability of
the company to increase its scale of operation and improve
profitability are the key rating sensitivities.

Mahalakshmi Profiles P. Ltd was incorporated in September 1995 as
Black Gold Steel Industries Ltd and the name of the company was
changed to current nomenclature in July 2005. MPPL is engaged in
the manufacturing of hot rolled strips and coils (installed
capacity - 50,000 MTPA), ERW Pipes & other steel products viz W-
Strap, Scaffolding Systems, etc (installed capacity - 40,000 MTPA)
at its facilities located at Toopran, Medak District, Andhra
Pradesh (A.P). Besides, it is also involved in the trading in
steel products (comprising about 1-5% of sales in last three
years). The products are used in construction (mainly as
scaffolding structures), automobile & engineering segments and are
sold under the brand name MPL.

The promoters of the company; Mr. Mohanlal Agarwal and Mr. Vinod
Kumar Agarwal have an established experience in the steel
industry. Besides MPPL, there are other group companies, all of
which are engaged in the steel business.  During FY12 (refers to
the period April 01 to March 31), MPPL earned a PBILDT of INR4.5
crore [FY11 - INR3.7 crore) and a PAT (after deferred tax) of
INR1.5 crore (FY11 - INR0.5 crore) on a total income of INR122.6
crore (FY11 - INR119.7 crore).

As per the provisional results for FY13, MPPL registered net sales
and PAT of INR125.2 crore and INR0.5 crore, respectively


MANGLAM YARN: CARE Assigns 'BB' Rating to INR20cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4+' ratings to the bank
facilities of Manglam Yarn Agencies.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        20       CARE BB Assigned
   Short-term Bank Facilities        1       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 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 Manglam Yarn
Agencies are primarily constrained by financial risk profile
marked by thin profitability margins, working capital intensive
nature of operations and weak solvency and debt-protection
indicators. The ratings are further constrained by susceptibility
of profit margins to volatility in raw material prices, cyclical
nature of the textile industry and constitution of the firm as a
partnership concern.

The above constraints outweigh the benefits derived from the
extensive experience of the partners in the yarn-trading business,
long-established track record of operations of the firm, coupled
with location advantage of being present in the textile cluster of
Bhilwara and growing scale of operations with established
distributor network.

The ability of MYA to improve its profitability margins, capital
structure and liquidity position with effective working capital
management is the key rating sensitivity.

Bhilwara-based (Rajasthan) MYA was established as a partnership
firm in March 1991 by the Bagrodia and Goenka family. Though the
partners are Mr Dinesh Kumar Bagrodia, Mr Krishan Kumar Goenka, Ms
Manju Bagrodia and Ms Shashi Goenka, the firm is managed by Mr
Dinesh Kumar Bagrodia, alongwith his brother Mr Jugal Kishore
Bagrodia and his nephew, Mr Sandeep Bagrodia. All the partners
have equal profit sharing in the firm.

MYA is engaged in the business of trading of texturised, blended
and spun yarn, and caters to the market of Bhilwara, Kishangarh,
Jaipur and surrounding areas. MYA distributes yarn manufactured
by companies such as Reliance Industries Ltd, Indo Rama Synthetics
(India) Ltd, Reliance Spinning Mills Ltd, Nepal and SRV Polytex
Pvt Ltd. The promoters are also into the manufacturing of suiting
fabrics through their group concern Sumanglam Suitings Pvt Ltd.

During FY12 (refers to the period April 01 to March 31), MYA
reported a total income of INR263.15 crore (FY11: INR238.38 crore)
with a net profit of INR0.63 crore (FY11: INR0.62 crore).

FY13 provisional results, the firm has reported a total operating
income of INR286.47 crore with the PBILDT margin of 1.19% and PAT
margin of 0.89%.


NARRA CONSTRUCTIONS: CARE Assigns 'B' Rating to INR8cr Loan
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Narra Constructions Private Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        8        CARE B Assigned
   Short-term Bank Facilities       6        CARE A4 Assigned

Rating Rationale

The assigned ratings are constrained by the stretched liquidity
position of Narra Constructions Private Ltd, its small scale of
operations, geographical concentration risk and highly competitive
nature of the civil construction industry. The ratings are,
however, underpinned by around two decades of experience of the
promoter in civil construction and a Special Class (Civil)
Contractor status from the Government of Andhra Pradesh (Road and
Buildings Department). The ability of the company to consistently
add new orders, increase the scale of operations and maintain
profitability margins along with improvement in working capital
management are the key rating sensitivities.

Incorporated in October 2011 as a private limited company, Narra
Constructions Private Limited (NCPL) was promoted by Mr Narra
Srinivas (Managing Director) and Ms Narra Anitha (Director).
Before incorporating NCPL as a private limited company, the
promoter of the company Mr Narra Srinivas was operating as a sole
proprietor (NSP) for around two decades. Although the company
was incorporated during FY12 (refers to the period April 1 to
March 31) but the business of NSP was transferred to NCPL w.e.f
April 1, 2013. NCPL is registered as a Special Class (Civil)
contractor under Road and Buildings Department, Government of
Andhra Pradesh (A.P). The Hyderabadbased company, NCPL focuses on
building construction projects for the government and public
sector entities.

During Q1FY14, NCPL provisionally reported a total operating
income of INR5.89 crore with PBILDT margin of 12.90% and PAT
margin of 7.13%.


NEXT RADIO: CARE Assigns 'B' Rating to INR18.9cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Next Radio Limited (Erstwhile Radio One Limited).

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      18.90      CARE B Assigned
   Short-term Bank Facilities      3.32      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Next Radio Limited
(NRL) are constrained by weak financial risk profile characterized
by significant accumulated losses, cyclicality associated with
advertisement revenue, limited inventory of advertisement slots
for sale and intense competition faced in A and A+ category
cities. The ratings also take into account the weak liquidity
position, which has resulted into delays in debt servicing in
past.

The aforesaid constrains far outweigh the strengths derived from
the promoter support with continuous infusion of funds,
experienced management and presence in high revenue generating
category cities.

The ability of NRL to improve its profitability and capital
structure in light of the Phase III auctions and likely outgo
towards renewal fees for existing licenses, which could result in
higher borrowings, along with the improvement in its liquidity
position are the key rating sensitivities.

Incorporated in 1999, Next Radio Limited (NRL, erstwhile Radio One
Limited) launched its first radio station in May 2002, in Mumbai.
The company broadcasts under the brand name 'Radio One
FM 94.3'. NRL is a joint venture between Next MediaWorks Limited
(NML) and BBC Worldwide Holdings BV (BBC). The company has
expanded its presence across seven metro cities of Mumbai,
Delhi, Bengaluru, Kolkata, Chennai, Pune and Ahmedabad. ROL
broadcasts on 95 Mhz in Ahmedabad while in rest of the cities it
broadcasts on 94.30 Mhz. From January 29, 2012, NRL has
changed its business model by switching to the exclusively
international format in Mumbai and Delhi, retro music in Kolkata
and Ahmedabad, 100% request station in Chennai and Hindi music in
Pune and Bangalore.

During FY13 (provisional; refers to the period April 1 to
March 31) provisional, NRL reported total operating income of
INR51.26 crore with PBILDT of INR18.42 crore and net loss of
INR6.27 crore. During FY12, NRL reported total operating income of
INR43.81 (vis-a-vis INR44.28 crore in FY11) and loss of INR13.02
crore (compared with loss of INR6.11 crore in FY11).


OM KAILASH: CARE Rates INR9cr Long-Term Loan at 'CARE B+'
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Om Kailash
Cotton.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Facilities             9        CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of 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 Om Kailash Cotton
(OKC) is mainly constrained by its weak financial risk profile
characterized by fluctuating total operating income and cash
accruals, thin profit margins, leveraged capital structure and
weak debt coverage indicators. The rating is further constrained
by its lowest segment value of textile value chain with limited
value addition, seasonality associated with raw material
availability and susceptibility to volatile cotton prices and
government regulations.

The rating, however, favorably takes into account the vast
experience of the partners in the cotton ginning business and
proximity to the cotton-producing areas of Gujarat.

The ability of OKC to increase its scale of operations, along with
improvement in profitability, capital structure and efficient
management of its working capital are the key rating
sensitivities.

OKC was constituted as a partnership firm in 2006 by the key
partners Mr Madhavji S. Zanzarukiya, Ms Prabha M. Zanzarukiya and
Mr Manish M. Zanzarukiya to undertake business of ginning &
pressing of raw cotton and trading of cotton bales/seeds. It
operates through its sole processing unit located in Botad
(Gujarat) and has 24 ginning machines and one pressing machine
to process raw cotton, which enable it to produce 300 processed
cotton bales per day (1 bale approximately 170 kg). OKC deals in
'Shankar-6' type of cotton, which is being sourced through the
local farmers from Gujarat.

OKC also has associate firms namely Madhav Cotton Ginning &
Pressing Factory (MCGPL - rated CARE B+) and Bhavani Cotton
Company (BCC), which are engaged in the same line of business.
During FY12 (refers to the period April 1 to March 31), OKC earned
a PAT of INR0.10 crore (FY11: INR4.13 crore) on a total operating
income of INR55.07 crore (FY11: INR68.78 crore). During FY13
(provisional), OKC earned a PAT of INR0.34 crore on a total
operating income of INR90.84 crore.


SRINIVASA EDUCATIONAL: CARE Rates INR136.5cr LT Loan at 'BB'
------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Sri
Srinivasa Educational And Charitable Trust.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       136.5     CARE BB Assigned

Rating Rationale

The rating assigned to the bank facilities of Sri Srinivasa
Educational and Charitable Trust is constrained by highly
leveraged capital structure on account of predominately debt-
funded capex and deficit reported during the past, continuous need
to incur capex towards creation of infrastructure and presence in
a highly regulated industry. However, the rating derives strength
from the experienced promoters, long track record of operating the
engineering college with consistently high enrollment levels and
good response received for the recently launched medical and post
graduate programs, which had assisted robust growth in the total
operating income.

The ability of SSECT to maintain the healthy student enrolment
amidst the increasing competition, improve its capital structure
and have an effective cash flow management in light of the
intermittent nature of the fee receipts remains the key rating
sensitivity.

Sri Srinivasa Educational and Charitable Trust was established on
November 16, 2000, by G. Dayanand and his spouse, Ms Kalpana
Dayanand, with the purpose of promoting engineering and medical
colleges in Bangalore. In 2001, SSECT started an engineering
college [Sapthagiri College of Engineering (SCE)] affiliated to
Visvesvaraya Technological University (VTU) and approved by All
India Council of Technical Education (AICTE). In August 2011, the
trust started a medical college in Bangalore [Sapthagiri Institute
of Medical Science and Research Center (SIMSRC)] affiliated to
Rajeev Gandhi University and approved by Medical Council of India
(MCI). As per the regulations of MCI, in September 2010, the trust
has started a 750-bed hospital (including 250 super specialty
beds), namely, Sapthagiri Hospital [SH] within the college campus.
During the academic year (AY) 2013, SCE started M.Tech course with
a sanctioned intake of 36 students.

During FY13 (refers to the period April 01 to March 31), SSECT
reported a surplus of INR13.9 crore on total operating income of
INR74.5 crore.


SURESH DHARMAVAT: CARE Rates INR10cr Long-Term Bank Loan at 'B+'
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Suresh
Dharmavat Associates.

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

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

Rating Rationale

The rating assigned to the bank facilities of M/s Suresh Dharmavat
Associates (SDA) is primarily constrained by low sales momentum
due to low booking status, pending approvals for the Phase II of
the project, competition from other projects in the vicinity and
the cyclical nature of the real estate industry. The rating,
however, derives strength from the experienced promoters, along
with long track record of the partners in the Pune real-estate
market, proximity of the on-going project to the key locations of
Pune and advanced stage of project execution for Phase I.

The ability of the firm to complete the project as per the
schedule and timely sale of units at envisaged price is the key
rating sensitivity

SDA, a partnership firm formed by Mr Devaram Dharmavat and Mr
Suresh Dharmavat, was incorporated in August 1998. The partners
have been in real estate development in Pune for the last
25 years and have executed 20 projects till date with a total
saleable area of 15 lakhs sq ft (lsf). The firm is developing a
residential real estate project, 'Sunder Sanskruti' on Sinhagad
Road, Pune, with a total saleable area of 5.50 lsf and is proposed
to be executed in two phases. The Phase I of the project has three
towers with total 127 units on a saleable area 1.46 lsf.

As on March 31, 2013, the firm has incurred 73% of the total
project cost. The project is slated to be completed by Q4FY14. As
on March 31, 2013, 29 % of total saleable area has been sold and
financial closure for the total project is achieved.



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


BHAKTI INVESTAMA: First Half Results Support Moody's B1 CFR
-----------------------------------------------------------
Moody's Investors Service says that the operating results of PT
Bhakti Investama Tbk for 1H 2013 were broadly in line with
expectations, and continue to support its B1 corporate family
rating and B2 bond rating with stable outlook.

"BHIT's revenue for 1H 2013 grew 22% year-on-year and its
unadjusted EBITDA increased 24%, owing to the strong performance
of its core media subsidiaries, which contributed around 85% of
its consolidated revenue," says Annalisa Di Chiara, a Moody's Vice
President and Senior Analyst.

Through its 51.55% stake in Global Mediacom (unrated), BHIT has a
significant stake in media operating companies PT Media Nusantara
Citra Tbk (MNC, Ba3 stable), Indonesian's leading free-to-air
(FTA) broadcast company, and PT MNC Sky Vision Tbk (MNC Sky
Vision, B2 positive), a Pay TV operator.

During 1H 2013, MNC continued to expand its market share and
maintained its leading position in Indonesia's growing FTA TV
market, with a prime time local audience share of about 43%,
compared with 35% at end-2012. MNC's unadjusted EBITDA margin also
improved to 41% for 1H 2013 from 34% in 1H 2012, mainly because of
lower programming costs.

MNC Sky Vision also reported strong operating results for 1H 2013
with subscriber growth of 43% year-on-year, reflecting its solid
organic growth and the underpenetrated Pay TV market in Indonesia.
Moody's expects that MNC Sky Vision's leading market share and
product offerings will continue to support significant organic
growth over the next 12-18 months, and help keep EBITDA margins
above 40%.

BHIT's other two segments, financial services and energy and
natural resources subsidiaries, contributed around 7% and 5% of
consolidated revenue, respectively.

On the other hand, BHIT's credit quality remains pressured by the
lack of clarity over its shareholders' intentions and the
ambitious growth plans for its non-media-related businesses --
such as financial services, energy and natural resources, and
property -- which have weaker credit profiles than its media
businesses.

Expanding these businesses will require additional investments,
including for acquisitions, to reach the scale and market position
that BHIT is targeting, a situation that could present event and
execution risks.

For example, in May 2013, BHIT completed the issuance of bonds
worth $365 million and used IDR 1.949 trillion ($190 million) of
the proceeds to purchase a 26.21% stake in PT MNC Land Tbk, a
real-estate and property management company listed in Indonesia.

Even though the company's consolidated financials generate robust
credit metrics for the group and support the rating, BHIT's
ability to service its debt depends on the cash dividends up-
streamed by its subsidiaries because it is a holding company.
Therefore, Moody's analyzes BHIT as a standalone holding company.

The stable rating outlook reflects Moody's expectation that Global
Mediacom will continue to provide a stable level of cash dividends
and that BHIT's coverage of interest by cash dividends will remain
above 1.5x, a level appropriate for B1 rating level.

The principal methodology used in these ratings was the Global
Investment Holding Companies Methodology published in October
2007.

Headquartered in Jakarta, BHIT is a listed investment holding
company with strategic investments in operating companies in the
media, financial services, and energy and resources industries.

In addition to MNC and MNC Sky Vision, BHIT's other principal
operating companies are PT MNC Kapital (Kapital, unrated) and PT
MNC Energi (unrated). The company also has portfolio investments
in other private and public companies operating in transport,
infrastructure and other industries. BHIT is controlled by Mr.
Hary Tanoesoedibjo.


BUMI RESOURCES: S&P Lowers Corporate Credit Rating to 'CCC'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Indonesia-based coal producer
PT Bumi Resources Tbk. to 'CCC' from 'B-'.

At the same time, S&P lowered the rating on the senior secured
notes the company guarantees to 'CCC' from 'B-'.  S&P also lowered
its long-term ASEAN regional scale rating on Bumi to 'axCCC' from
'axB-'.  All the ratings remain on CreditWatch, where they were
placed with negative implications on Sept. 26, 2012.

"We lowered the ratings on Bumi to reflect our view of the
company's weakening liquidity and growing challenges in
refinancing its debt maturities over the next six months," said
Standard & Poor's credit analyst Xavier Jean.  "We believe Bumi's
capital structure is unsustainable unless the company restructures
or reduces its debt through asset sales."

S&P understands that Bumi is yet to tie-up funding to refinance
its August and September maturities, although it is still in
discussions with lenders.  In S&P's base case, Bumi will refinance
US$150 million debt due in August 2013.  Still, the company faces
refinancing risk for the US$350 million debt due in September 2013
at its majority-owned subsidiary PT Bumi Resources Minerals Tbk.
(BRM).  S&P understands that Bumi does not guarantee BRM's debt.
However, S&P believes a default on the BRM debt would jeopardize
Bumi's ability to refinance its future debt maturities through the
sale of BRM assets.

S&P believes Bumi's liquidity will remain "weak," as defined in
its criteria, beyond September 2013.  This is given the company's
existing amortizing debt and high interest payments over the next
six months.

"Bumi's internal cash flows will likely remain weak as soft coal
prices hit operating cash flows, and interest and tax payments
remain high," said Mr. Jean.  The likelihood of a default on the
company's amortizing debt or interest payment over the next six
months is therefore increasing, in S&P's opinion.

S&P believes Bumi will find it difficult to sell stake in BRM in
the next six months.  Regulatory approvals could delay asset
disposal.  S&P also remains unsure about Bumi's willingness to
dispose of these assets at potentially distressed prices and use
the proceeds to reduce debt.

S&P notes that Bumi's financial covenants restrict its ability to
borrow. Bumi is in breach of its incurrence covenants and cannot
raise debt, except to repay existing indebtedness.

The CreditWatch on Bumi reflects the one-in-two likelihood that
S&P could lower the ratings in the next three months.  S&P aims to
resolve the CreditWatch placement after it has better clarity on
Bumi's ability to refinance its September debt maturity.

S&P could lower the rating to 'CCC-' if Bumi's liquidity does not
improve materially and S&P believes that a default, distressed
exchange, or redemption is inevitable within the next six months.

S&P could raise the rating, most likely by one notch, if Bumi
executes on its debt reduction plan through asset sales within the
next three months.


INDOSAT TBK: First Half Results In Line With Moody's Expectations
-----------------------------------------------------------------
Moody's Investors Service says that PT Indosat Tbk's 1H 2013
results are broadly in line with Moody's expectations and continue
to support its Ba1 rating with a stable outlook.

Indosat recorded revenue growth of 14.2% year-on-year (YoY) in
1H2013, which is above its industry peers, driven by 10.9% YoY
growth in mobile subscribers and 3% YoY rise in average revenue
per user, from IDR26,600 to IDR27,300.

Despite the revenue growth, Indosat's reported EBITDA margin
slightly declined to 45.4% in 1H 2013 from 47.3% in 1H2012 due to
sub-optimal usage of data services along with higher cost of
services.

"Over the next one to two years, we expect a moderate contraction
in margins because of increasing revenue from lower-margin data
services," says Yoshio Takahashi, a Moody's Assistant Vice
President and Analyst.

Capex for 1H 2013 was IDR5.4 trillion, of which about 80% was
spent to modernize the cellular network to better support future
data demand. The company expects to incur IDR8.0 trillion in capex
for 2013.

Moody's expects capex to remain around at least IDR 8.0 trillion
in the next two years, given the imminent need to enhance its 3G
networks, an area in which the company lags its peers.

"Continued high capex for 3G services will weaken cash flow
metrics. However, this situation can be contained within the
current rating as capex will be almost covered by operating cash
flow," adds Takahashi, also Moody's Lead Analyst for Indosat.

For the 12 months to June 2013, leverage -- as measured by
debt/EBITDA -- declined from 2.6x in 2012 to 2.3x, driven mainly
by the reduction of debt. Moody's expect adjusted debt/EBITDA to
remain in the 2.0x-2.5x range for the next 12-24 months.

Indosat is also expected to retain an adequate liquidity profile.
Its cash position of IDR1.8 trillion as of June 2013, along with
expected operating cash flow of around IDR7.5-8.0 trillion in the
next 12 months, will be used to cover IDR8.0-8.5 trillion in capex
and IDR4.8 trillion in scheduled debt maturities in the next 12
months. Moody's expects that the company will successfully
refinance the bulk of its upcoming debt maturities.

The principal methodology used in rating Indosat was the Global
Telecommunications Industry Methodology published in December
2010.

PT Indosat Tbk is a fully integrated telecommunications network
and services provider in Indonesia. The company is the second-
largest cellular operator in the country, as well as its leading
provider of international call services. It also provides multi-
media, data communications, and internet services. Indosat is 65%-
owned by Ooredoo Q.S.C. (previously known as Qatar Telecom,
A2/stable).


TOWER BERSAMA: First Half Results Support Moody's Ba2 Rating
------------------------------------------------------------
Moody's Investors Service says that the 1H 2013 operating results
of PT Tower Bersama Infrastructure Tbk (TBI, Ba2 stable) were
better than expectations, but still within the parameters of its
Ba2 rating with stable outlook.

TBI's revenue jumped 96% year-on-year to IDR1.3 trillion in 1H
2013, while the company's EBITDA doubled to approximately IDR1.04
trillion compared to 1H 2012, largely driven by its acquisition of
towers in 2H 2012.

In addition, even when compared with 2H 2012 numbers, TBI's growth
was solid, with its revenue increased by 19% and EBITDA rising 18%
in 1H 2013.

As a result, TBI maintained its adjusted EBITDA margin at over 80%
for the 12 months ended June 2013, while its adjusted debt/EBITDA
for the same period was 5.8x compared with 6.2x in 2012.

Given its strong revenue and earnings growth, Moody's expects the
company's adjusted debt/EBITDA to fall to below 5.0x in 2013.
Moody's had previously estimated that TBI's adjusted debt/EBITDA
would remain at over 5.0x in 2013.

"We expect the company to maintain its solid financial
performance, as its long-term and non-cancellable contracts with
leading telecommunication operators in Indonesia provide stability
and visibility for its revenue stream," says Yoshio Takahashi, a
Moody's Assistant Vice President and Analyst.

Given the continued increase in EBITDA owing to higher signed
tenancies, it is likely that TBI's adjusted debt/EBITDA will
decrease to around 4.0x-4.5x in 2014 in the absence of substantial
future acquisitions, and which is in line with Moody's
expectations.

"While acquisitions are a core part of TBI's growth strategy, the
company has limited flexibility to accommodate any material debt-
funded acquisitions at its current rating level," says Takahashi,
also Moody's Lead Analyst for TBI.

Despite the little tolerance for TBI to take up any additional
debt, Moody's notes that the company has diversified its funding
sources and lengthened its debt maturity profile from 2016 to 2018
following the issuance of $300 million 5-year notes in March 2013.

Furthermore, TBI's management has a track record of adopting a
prudent approach to acquisitions and has demonstrated the ability
to successfully integrate acquired companies.

The principal methodology used in this rating was the Global
Communications Infrastructure Rating Methodology published in June
2011.

TBI is the holding company of the TBG, one of the 2 leading
independent tower operators in Indonesia, with 9,308
telecommunication sites serving 15,293 tenants as of June 2013. It
leases space on its telecommunications towers to cellular
telecommunications operators on long-term contracts.



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


SOUTH CANTERBURY FINANCE: Crown Drops False Acctg. Charge v. CFO
----------------------------------------------------------------
BusinessDesk reports that the Crown has dropped its one charge of
false accounting against former South Canterbury Finance chief
financial officer Graeme Brown.

Mr. Brown's counsel, Richard Raymond, said in a statement that
Justice Paul Heath on August 6 granted the application to remove
Brown's name from the indictment.  Mr. Brown was one of five
people charged by the Serious Fraud Office over the collapse of
the Timaru-based lender controlled by the now-deceased
Allan Hubbard.

The others include former directors Ed Sullivan and Bob White,
former chief executive Lachie McLeod, and former company
accountant Terry Hutton, who are set to stand trial next year, and
Brown may be called as a witness, BusinessDesk relays.

According to the report, Mr. Brown said the last three years of
the investigation and the prosecution had a "very profound impact"
on his personal and professional life.

"I would expressly like to thank my counsel, Richard Raymond, who
has supported and believed in me throughout, together with our
forensic investigator, Gib Beattie," the report quotes Mr. Brown
as saying. "I also thank those people that saw beyond the charge,
and continue to believe in me and what I achieved during my tenure
at SCF."

BusinessDesk notes that the 21 charges relating to fraud, dating
back to between November 2004 and February 2010, and are linked to
the NZ$1.58 billion paid out to debenture holders covered by the
retail deposit guarantee.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


RURAL BANK OF SAN JOSE: Placed under PDIC Receivership
------------------------------------------------------
The Monetary Board (MB) placed the Rural Bank of San Jose Del
Monte, Inc. under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 1254
dated August 1, 2013. As Receiver, PDIC took over the bank on
August 2, 2013.

Rural Bank of San Jose Del Monte is a four-unit bank with Head
Office located at 204 Quirino Highway, Tungkong Mangga, San Jose
del Monte City, Bulacan. Its three branches are in Apalit,
Pampanga; and in Meycuayan and Sapang Palay, Bulacan. Latest
available records show that as of June 30, 2013, Rural Bank of San
Jose Del Monte had 3,917 accounts with total deposit liabilities
of PHP367.7 million. A total of 3,855 deposit accounts or 98.4% of
the accounts have balances of PHP500,000 or less and fully covered
by deposit insurance. Total insured deposits amounted to PHP334.1
million or 90.9% 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 August 6-8, 2013 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 August 12, 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 Rural Bank of
San Jose Del Monte 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 by the 3rd week of August 2013.

For depositors that are required to file deposit insurance claims,
the PDIC targets to start claims settlement operations for these
accounts by the 4th week of August 2013. 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
June 30, 2013 filed by the Rural Bank of San Jose Del Monte with
the PDIC, the bank is majority-owned by the Heirs of Reuben M.
Protacio (38%), Mario M. Leygo (17.5%) and Wilfredo R. Olaguer
(17.5%). Its Chairman and President is Wilfredo R. Olaguer.



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


* Fitch Ratings Sees Expansion in Sri Lankan Debt Issuance
----------------------------------------------------------
Fitch Ratings expects Sri Lankan local and foreign currency debt
issuance to expand threefold in five years, as demand for funding
infrastructure projects and corporate investments increases. The
agency predicts growth in activities such as structured finance,
insurance, money market and bond funds, and infrastructure
financing particularly under the public-private-partnership model.

"The excitement in the bond market is a step in the right
direction for Sri Lanka to become a financial hub for South Asia,"
said Maninda Wickramasinghe, CEO and Head of Fitch Ratings Lanka
Ltd, at the company's inaugural Sovereign & Banking Roundtable in
Colombo. "We see more financial institutions getting geared to
finance their growth, corporates expanding their capital base and
activities, as well as investing in technology to add value to
their operations."

Fitch forecasts Sri Lanka's economy to grow 7% in 2013. The
country's economic growth slowed to 6.4% in 2012, after two years
of consistent growth at 8% in 2010 and 2011 following the end of
the ethnic conflict in 2009. To fuel their growth, larger export-
driven corporates are likely to seek external funding, along with
commercial banks as they cater to credit demand from exporters
that generally lack the scale to tap global bond markets.

Historically, several domestic corporates and banks have actively
sought and successfully sourced medium-term foreign funding,
largely from multilateral agencies. However, issuance has
increased recently. In 2012, state-owned Bank of Ceylon (BB-
/Stable), Sri Lanka's biggest bank by assets, successfully raised
USD 1bn. The lender raised an additional USD 500m this year.
Another state-owned bank, National Savings Bank (BB-Stable), plans
an international bond sale of up to USD 1bn this year. The
government has also permitted development lenders such as National
Development Bank (B+/Stable) and DFCC Bank (AA(lka)/Stable) to tap
the international capital markets this year.

Fitch believes the recent increase in foreign bond sales out of
Sri Lanka could be the start of a long-term trend for stronger
entities attempting to overcome weak domestic liquidity. The
government has also encouraged institutions to borrow offshore to
bolster foreign-currency inflows and offered tax breaks for listed
corporate debentures in the 2013 budget.

Fitch has assigned international ratings to seven Sri Lankan
companies and has more than 60 clients including almost all the
banks in Sri Lanka and over half of the financial institutions, as
well as the leading conglomerates. Since its inception in Sri
Lanka in 1999, Fitch has rated over LKR 600bn (approximately USD
4.6bn) of debt issues for domestic corporates, as well as USD
1.6bn in international corporate debt. Fitch has also rated all of
Sri Lanka's five sovereign debt issues, which raised a total of
USD 4bn. It was the first international rating agency to issue Sri
Lanka's maiden rating of 'BB-' in December 2005 and the first
agency to rate Sri Lanka's maiden USD 500m sovereign bond issue in
2007.

"We are optimistic about the development of Sri Lanka's fixed
income markets," said Vivek Goyal, Managing Director and Head of
Asia-Pacific Business Relationship Management. "More issuers are
expected to tap the local and cross border markets," added
Mr. Goyal who is also a board member of Fitch Ratings Lanka Ltd.



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


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

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
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