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                      A S I A   P A C I F I C

           Monday, August 19, 2013, Vol. 16, No. 163



AVJENNINGS LIMITED: Annual Net Loss Narrows to AUD15.3MM
GRIFFIN COAL: Obtains Emergency Funds; Escapes Liquidation
RETAIL ADVENTURES: Ex-Owner of Cameron Clash with Administrators


CHINA SCE: Strong First Half Performance Support Moody's B1 CFR
KWG PROPERTY: Moody's Changes Outlook on Ratings to Negative


AARNA ENTERPRISES: ICRA Rates INR30cr Cash Credit at 'B'
ABBOTT COLD: ICRA Reaffirms 'BB+' Rating on INR15cr Loan
B.H. COTTON: ICRA Reaffirms 'B+' Rating on INR7cr Loans
CENTRIC STEEL: ICRA Upgrades Ratings on INR15cr Loans to 'BB-'
CONCEPT CLOTHING: ICRA Upgrades Ratings on INR6.4cr Loans to 'BB'

GAUTHAM JAHNAVI: ICRA Upgrades Ratings on INR12cr Loans to 'C+'
LUXMI RICE: ICRA Assigns 'B' Rating to INR8cr Loan
NUWAY ORGANIC: ICRA Upgrades Ratings on INR28.37cr Loans to 'B-'
PROVIEW RISHABH: ICRA Rates INR31cr Long-Term Loan at 'B'
SHRI GANESH: ICRA Rates INR10cr Fund Based Limits at 'BB'

SURYODAYA INFRA: ICRA Assigns 'B+' Ratings to INR8.5cr Loans
VALENCIA CERAMIC: ICRA Assigns 'B' Ratings to INR10.44cr Loans
VAYHAN COFFEE: ICRA Upgrades Ratings on INR65.75cr Loans to 'C+'
VRUNDAVAN ENTERPRISE: ICRA Rates INR22.75cr Term Loan at 'B+'
* INDIA: Concerns Grow Over Industrials Cos.' Debt Burdens


GOLOMT BANK: Delayed Reports Trigger Moody's Review For Downgrade
MONGOLIAN MINING: Weak Financials Cue Moody's to Cut CFR to Caa1

N E W  Z E A L A N D

DOMINION FINANCE: Three Directors Get 10 Mons. Home Detention


ZEST AIR: Aviation Officials Suspend Airline Over Safety Concerns


* Vietnam Coffee Industry Braces For More Bankruptcies

                            - - - - -


AVJENNINGS LIMITED: Annual Net Loss Narrows to AUD15.3MM
Jacqueline Le at Australian Associated Press reports that home
builder AVJennings Limited has recorded another annual loss, but
said the real estate market is improving.

The company made a net loss of AUD15.3 million in the year to June
30, compared to a loss of AUD29.8 million a year earlier, AAP

The news agency relates revenue fell by 16 per cent from the
previous year, and the company again incurred a loss on inventory,
although that loss was smaller than in the previous year.

However, AVJennings' second half revenue improved significantly
from the first half of the financial year, and no losses were
incurred on asset values, according to AAP.

AAP relates that the company said consumer confidence in NSW
lifted in the six months to June, which reverses a decade-long
trend in Australia's most populated state.

The company believes first home buyer incentives, housing
shortages and affordability issues will lead to more houses being
built in 2013 and 2014, the report says.

AVJennings Limited is a residential property and land developer,
integrated housing and apartment builder.

GRIFFIN COAL: Obtains Emergency Funds; Escapes Liquidation
---------------------------------------------------------- reports that Lanco Infratech inserted emergency
funds into its Griffin Coal saving the Australian operation from
liquidation.  According to the report, the move to pay Griffin's
tax debt worth $13.9 million came after the Australian Taxation
Office appointed a liquidator to the company. relates that Naga Prasad Kandimalla, business
development chief executive at Lanco, said they would remedy
delayed payments for other Griffin creditors as well. He assured
that there will be a resolution for the temporary working capital
problems and the company will become a sustainable Australian
business, says

The report notes that Kandimalla's assurance came after reports
revealed that Griffin was late or missed payments to equipment
contractors, the ATO and staff superannuation accounts. It has
been said that should the liquidation proceed, 275 people would be
left jobless and the coal supplies to Bluewaters Power Station
would be put at risk.

Based in Australia, The Griffin Coal Mining Company Pty Ltd -- is engaged in coal mining and
processing.  Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth.  The Company is
producing more than three million tons of coal per year.  Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham

Bloomberg News said Griffin Coal Mining Co. appointed Kordamentha
as administrator with total debts amounting to AUD700 million.
The coal supplier defaulted on an interest payment in December
2009 to bondholders owed US$475 million and also missed a payment
to Australia's tax authority.

RETAIL ADVENTURES: Ex-Owner of Cameron Clash with Administrators
Nick Clark at reports that the former owner of
the Chickenfeed discount chain, Jan Cameron, has clashed with
administrators over the future of the parent company Retail

According to the report, Ms. Cameron and administrators Deloitte
disagree over the return to creditors if the company is

The report says Ms. Cameron wants creditors to endorse a Deed of
Company Arrangement rather than liquidation at a vote on September

Under the letterhead of Discount Superstores Group, she told
creditors that if Retail Adventures was liquidated it would result
in a return of between 2.57 and 9.04c in the dollar to creditors
including suppliers and landlords, relates.

But Deloitte disputes that assertion and said it did not endorse
the DSG letter, the report adds.

"Administrators believe the likely return to unsecured creditors
in a liquidation scenario is in the vicinity of between 22c and
48c in the dollar," administrator Vaughan Strawbridge wrote, reports.

"In order for the administrator to recommend a DOCA proposal it
needs to provide a better return to creditors than in the event of

                      About Retail Adventures

Retail Adventures Pty Ltd is an Australia-based discount variety
retailer and operates nationally under brand names Chickenfeed,
Go-Lo, Crazy Clark's, and Sam's Warehouse. The company operates
around 270 stores across the four brands.

Deloitte Restructuring Services Partners Vaughan Strawbridge,
David Lombe and John Greig have been appointed Joint Voluntary
Administrators of Retail Adventures Pty Limited, effective
Oct. 26, 2012.

Mr. Strawbridge said a license agreement is in place between
Retail Adventures Pty Ltd and DSG Holdings Australia Pty Ltd for
them to manage the 238 Crazy Clark's and Sam's Warehouse stores.

About 20 Chickenfeed stores in Tasmania have been closed and
staff paid entitlements.


CHINA SCE: Strong First Half Performance Support Moody's B1 CFR
Moody's Investors Service says that China SCE Property Holdings
Limited's robust 1H 2013 results were in line with expectations,
and support its B1 corporate family rating and B2 senior unsecured
rating as well as the stable ratings outlook.

"China SCE's strong revenue growth in 1H 2013 was due to a
substantial increase in the delivery of completed projects. We
expect the company to recognize 2H 2013 revenue similar to 1H
2013, given its strong contract sales performance of RMB5.2
billion in 1H 2013," says Lina Choi, a Moody's Vice President and
Senior Analyst.

China SCE's revenue increased 345% year-on-year to RMB3.7 billion
in 1H 2013 from RMB836 million in 1H 2012.

"Despite a significant increase in debt during 1H 2013, the robust
growth in sales and earnings will keep China SCE's credit metrics
within the B1 rating level, although these will remain at the
weaker end," adds Choi, also the Lead Analyst for China SCE.

China SCE's reported debt grew to RMB8.7 billion as of end-June
2013 from RMB7.0 billion as of end-2012, as the company funded,
largely with debt, its growing number of property development

As a result, adjusted debt/capitalization rose to around 56% as of
end-June 2013 from 52% as of end-2012. Meanwhile, brisk earnings
growth led to adjusted EBITDA/interest improving to around 3.0x
for the 12 months to June 30, 2013 from 2.3x in 2012.

Moody's expects China SCE's interest coverage to range between
2.5x and 3.0x and debt/capitalization to remain between 55% and
60% over the next 12 -- 18 months. These metrics are still
consistent with it B1 rating, although these levels do not provide
adequate leeway for further deterioration at the current rating

China SCE's liquidity profile remains good. It had cash on hand of
RMB3.7 billion as of June 2013, which can fully cover its short-
term maturing debt of RMB1.8 billion and committed unpaid land
payments of RMB0.9 billion.

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

Founded in 1996, China SCE is a leading property developer in
Fujian Province. The company has also expanded to cities around
the Bohai Rim region, including Beijing, Anshan (Liaoning
Province), Tangshan (Hebei Province), and Linfen (Shanxi
Province), but the majority of its development projects remain in
cities of Fujian Province. The company has been listed on the Hong
Kong Stock Exchange since February 2010. The Chairman, Mr. Wong
Chiu Yeung, holds a 57.5% stake.

KWG PROPERTY: Moody's Changes Outlook on Ratings to Negative
Moody's Investors Service has changed to negative from stable the
outlook of KWG Property Holding Limited's Ba3 corporate family
rating and B1 senior unsecured bond rating.

Moody's has also affirmed KWG's Ba3 corporate family rating and B1
senior unsecured bond rating.

Ratings Rationale:

"The negative outlook reflects our concern that KWG's financial
flexibility will remain constrained by its high debt leverage,
while its interest coverage is weaker than its similarly rated
domestic peers," says Franco Leung, a Moody's Assistant Vice
President and Analyst.

KWG's credit metrics in 1H 2013 were weak relative to its Ba3-
rated peers. Moreover, its debt leverage -- as measured by
adjusted debt/capitalization -- rose to around 58% as of June 2013
from 56.4% at end-2012.

Its interest coverage ratio -- i.e. adjusted EBITDA/interest -- is
weak, at 2.4x for the last 12 months ended June 2013 after
adjusting for the contribution from its jointly controlled
entities and capitalized interest included in cost of sales.

For 1H 2013, KWG reported revenue of RMB4.65 billion, little
changed from the same period last year. Its contract sales reached
RMB8 billion in 1H 2013 and the firm is on track to achieve its
full-year target of RMB16 billion.

However, Moody's is concerned that this level of sales may not be
sufficient to improve KWG's debt leverage and interest coverage to
levels necessary to maintain its ratings. Unless the company
delivers better-than-expected sales, its ratings could be under
pressure for downgrade.

On the other hand KWG has maintained strong liquidity. Its cash on
hand of RMB8.2 billion as of 1H 2013 -- which was supported by its
bond issuance of $300 million (equivalent to RMB1.8 billion) in
January 2013 -- can fully cover its short-term maturing debt of
RMB3.6 billion and committed land payment of around RMB1.1 billion
for the next 12 months.

But its liquidity position could weaken if the company increases
its land acquisitions in the next 12 months.

KWG's Ba3 rating continues to reflect its strong brand name,
supported by its good quality products, and its diversified
products, which consist of office, retail and residential
properties that command premium pricing. It also recognizes the
firm's good operating track record in Guangzhou, Chengdu, Suzhou
and Shanghai.

Moody's would consider downgrading KWG's ratings if it: (1) does
not achieve strong sales growth and lower its debt deleverage
within 12 months; (2) materially increases its investment in
projects, such that its liquidity or leverage position comes under
pressure; and/or (3) shows evidence of a material weakening of its

In addition, EBITDA/interest of less than 2x-2.5x and adjusted
debt leverage of more than 55%-60% for a prolonged period would
pressure the ratings.

Given its negative outlook, the rating is unlikely to be upgraded.
However, the outlook would return to stable if: (1) KWG's
EBITDA/interest coverage consistently exceeds 2.5x; and (2) its
adjusted debt leverage stays below 55%.

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

KWG is a Chinese property developer founded in 1995. It had a
total attributable land bank of around 9.1 million sqm in gross
floor area in Guangzhou, Chengdu, Suzhou, Beijing, Shanghai,
Tianjin and Hainan as of 1H 2013. KWG mainly develops mid- to
high-end residential properties, office buildings, shopping malls
and hotels.


AARNA ENTERPRISES: ICRA Rates INR30cr Cash Credit at 'B'
The rating of '[ICRA]B' has been assigned to the INR30.00 crore
bank facility of Aarna Enterprises Private Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             30.00    [ICRA]B assigned

The rating is constrained by the startup nature of the company;
the highly competitive and fragmented nature of the gold jewellery
and electronics industry which leads to low profitability margins;
the stretched liquidity position of the company as reflected in
high utilisation of working capital limits; the vulnerability of
the company's profitability to adverse movement in gold price and
susceptibility of gold demand to changes in duty structure and
volatility in gold prices. Further, ICRA notes the weak financial
risk profile of the company characterised by low profitability,
high gearing and low coverage indicators.

However, the rating favorably factors in the experience and
established presence of the promoters - in the jewellery,
electronics and crockery trading businesses; favorable demand
prospects for electronics and jewellery items in India and
diversified revenue stream across domestic wholesale and
retail markets.

Incorporated in July 2012, Aarna Enterprises Private Limited is
currently engaged in the trading of electronics, jewellery,
crockery, silver articles and gift items. It is a promoter family-
driven entity and operates from its showroom located in Kamla
Nagar, Delhi. The company procures electronic goods, jewellery and
other trading items from established branded players and sells
these items directly to the end-customers as well as to
wholesalers. The company derives majority of its
sales from NCR region.

Promoted by Gupta family, the other group entities of AEPL are
Future Jewels Private Limited (FJPL) and Bharat Electrico (BE).
FJPL is engaged in the trading of jewellery and BE is engaged in
the trading of small home appliances.

Recent Results

In 2012-13, as per audited financials, the company reported profit
after tax (PAT) of INR0.32 crore on a turnover of INR204.27 crore.

ABBOTT COLD: ICRA Reaffirms 'BB+' Rating on INR15cr Loan
ICRA has reaffirmed the long term rating of '[ICRA]BB+' for
INR15.00 crore fund based bank facilities of Abbott Cold Storages
Private Limited. The outlook on the long term rating is "stable".

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits       15.00    [ICRA]BB+ (stable) reaffirmed

The reaffirmation of rating takes into account the long experience
of the promoters in the core business of buffalo meat processing;
healthy turnover growth achieved by the company during FY2013 on
the back of increasing exports; and its moderate gearing levels
and comfortable debt protection indicators. The rating also
favorably factors in various product accreditations received by
the company; and the healthy potential in India in terms of raw
material availability and sufficient growth opportunities in the
meat export sector.

However, the rating is constrained by the high competitive
intensity and fragmented nature of industry which constrains the
company's margins; and vulnerability of the company's
profitability to adverse movements in foreign exchange rates given
that the majority of the revenues are contributed to by exports.
Further the rating is constrained by the susceptibility of the
business to changes in regulations related to foreign trade and
risks related to disease outbreak.

Going forward, the ability of the company to increase its scale of
operations, and maintain its profitability amid high competitive
intensity and foreign exchange risk remain key rating drivers for
the company.

Abbott Cold Storages Private Limited is engaged in export of
buffalo meat (boneless/fresh/frozen) to Middle-East, far-East,
West-African countries and CIS (Commonwealth of Independent
states) states. Incorporated in 2005, the company has an
integrated unit in Patiala, Punjab where slaughtering, rendering
and packaging is done. The unit has a capacity to process upto
100 tonnes per day (TPD) of buffalo meat. It is registered with
the Agricultural and Processed Food Products Export Development
Authority (APEDA) for export of buffalo meat and also holds a
Hazard Analysis Critical Control Point (HACCP) certification. The
products are sold under the brand "MKR".

Recent Results

ACSPL reported a net profit after tax of INR2.46 crore on an
operating income of INR219.73 crore for FY 2013 as per provisional
results, as against a PAT of 3.23 crore on an operating income of
INR203.36 crore in FY2012.

B.H. COTTON: ICRA Reaffirms 'B+' Rating on INR7cr Loans
The rating of '[ICRA]B+' has been reaffirmed to the INR7.00 crore
fund  based cash credit facility of B.H. Cotton Private Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit Limits       7.00    [ICRA]B+ reaffirmed

The rating continues to be constrained by the low value add nature
of operations and intense competition on account of fragmented
industry structure leading to thin profit margins. The rating is
further constrained by weak financial profile characterized by
high gearing and weak coverage indicators.  The rating also takes
into account vulnerability of profitability to adverse
fluctuations in raw material prices which are subject to seasonal
availability of raw cotton and government regulations on MSP and
export quota.

The rating, however positively considers the long experience of
the promoters in the cotton ginning and pressing industry, and the
advantage company enjoys by virtue of its location in cotton
producing region giving it easy access to raw cotton and positive
demand outlook for cotton and cottonseed.

BHCPL was established in 2007 and is engaged in ginning of raw
cotton to produce cotton seeds and cotton bales. The factory is
located at Rajkot, Gujarat. BHCPL has 30 ginning machines which
translate to an annual installed capacity of 15000 MT. The company
deals in S-6 type of cotton.

Recent Results

For the year ended March 31, 2013 , BHCPL reported an operating
income of INR44.88 crore and profit before tax of INR0.04 crore.

CENTRIC STEEL: ICRA Upgrades Ratings on INR15cr Loans to 'BB-'
ICRA has revised upwards the long term rating assigned to the
INR13.00 crore (enhanced from INR6.0 crore) fund-based bank limits
and the INR2.00 crore (reduced from INR7.45 crore) term loan of
Centric Steel Limited to '[ICRA]BB-' from '[ICRA]B-'. ICRA has
withdrawn the short term rating of '[ICRA]A4' to the INR1.00 crore
non-fund based bank limits of CSL. The outlook on the long term
rating is 'stable'.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long-term fund-
   based limits            13.00    Revised to [ICRA]BB- (stable)
                                    from [ICRA]B

   Term Loan                2.00    Revised to [ICRA]BB- (stable)
                                    from [ICRA]B

   Short-term non-fund
   based limits           (PY 1.00*) [ICRA]A4 withdrawn

   PY: Previous Year; * As the short term non-fund based limit
   was not renewed, the short term rating of [ICRA]A4 has been

The ratings revision takes into account CSL's small scale of
operations at present; its high gearing and weak coverage
indicators; however a large part of the company's long term debt
is interest-free debt from promoters; and its high working capital
intensity which adversely impacts the company's liquidity.

ICRA also notes the company's significant exposure to price risks,
given the high inventory holding period; and the cyclicality
inherent in the steel industry which is likely to keep cash flows
of the company volatile. The rating however, takes into account
the long experience of the promoters in the steel industry; its
improved financial discipline enabling timely debt servicing in
last one year; CSL's established relationship with reputed steel
manufacturers, which ensure smooth supply of raw materials; and a
healthy growth in revenues on the back of higher demand from

Incorporated in 1986, CSL was converted into a limited company in
May 2007. CSL is engaged in the manufacture of precision tubes and
pipes at its manufacturing facility located at Taloja (Raigad
District of Maharashtra). The company's installed capacity
increased in 2012-13 from 202.50 lakh metres per annum to 303.0
lakh metres per annum on account of the installation of second
tubing mill. Precision tubes and pipes find applications in
various industries such as automobiles, general engineering,
furniture and scaffoldings.

Recent Results

As per the provisional results for 2012-13, CSL reported a profit
after tax (PAT) of INR0.24 crore on an operating income of
INR36.11 crore as compared to a PAT of INR1.10 crore on an
operating income of INR26.46 crore in 2011-12

CONCEPT CLOTHING: ICRA Upgrades Ratings on INR6.4cr Loans to 'BB'
ICRA has upgraded the long-term rating assigned, to the INR6.40
crore bank facilities of Concept Clothing, to 'ICRA]BB' from
'[ICRA]BB-'. The outlook on the rating is Stable. ICRA has
reaffirmed the short-term rating of '[ICRA]A4' assigned to INR8.60
crore fund based bank facilities of CC.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term Fund
   Based Limits            3.06     [ICRA]BB (Stable)/Upgraded

   Unallocated             3.34     [ICRA]BB (Stable)/ Upgraded

   Short Term Fund
   Based Limits            8.60     [ICRA]A4/Reaffirmed

The revision in long-term rating of the firm takes into account
its improved financial profile characterized by a steady growth in
operating income (which increased to INR68.19 crore in FY13 from
INR58.36 crore in FY12) and improvement in profitability of
operations on account of better operational and production
efficiencies, which in turn have led to improved liquidity.
Improved profitability of operations has also resulted in
satisfactory debt coverage indicators as reflected by interest
coverage of 2.95x, NCA/TD of 33% and TD/OPBDITA of 1.89x as on
March 2013. However, despite improved profitability, on account of
external bank borrowings and regular withdrawal of capital by the
partners, the capital structure of the firm continues to remain
weak as reflected by a gearing of 1.92x as on March 2013.
Moreover, the partnership nature of the business coupled with
modest scale of operations limits the financial flexibility,
benefits arising out of economies of scale and the bargaining
power with the customers and suppliers. Although the firm has
witnessed healthy growth in revenues in the past few years, ICRA
notes that the garment exporters in the country are vulnerable to
the fluctuations in exchange rates, raw material prices and
intense competition in export markets from other domestic and
international suppliers.

The ratings however take comfort from the established
relationships with the customers, as reflected in repeat orders,
and the active involvement of the promoters who have more than two
decades of experience in the garmenting industry. The presence
across diversified markets in Europe, South America and North
America helps mitigate the impact of regional disturbances to a
certain extent.

Going forward, the firm's ability to retain its biggest regular
customer which accounted for 62% of the total sales in FY 2012-13
and 40% of the total sales in FY 2011-12, its ability to maintain
its profitability and further improve its cash flows, timely
enhancement of the working capital limits and the change in
constitution of the firm to a limited company which shall improve
the financial flexibility, will remain key rating sensitivities.

Concept Clothing is a partnership firm which was incorporated in
March 2006 and is engaged in the manufacturing and export of woven
garments for women and girls. The firm started its operations in
June 2006 with one manufacturing unit in Gurgaon (Haryana) and
presently has three manufacturing units in Gurgaon with a total
installed capacity of manufacturing ~36 lac garment pieces per

Recent Results:

On a provisional basis, Concept Clothing reported operating income
of INR68.19 crore and PAT of INR3.77 crore for the year ending
March 2013 as against operating income of Rs 58.36 crore and PAT
of INR1.23 crore in previous year.

GAUTHAM JAHNAVI: ICRA Upgrades Ratings on INR12cr Loans to 'C+'
ICRA has revised the long term rating assigned to INR12.0 crore
bank facilities of Gautham Jahnavi Construction Private Limited
from '[ICRA]D' to '[ICRA] C+'.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits       3.00     [ICRA]C+(Revised from
                                    [ICRA] D)

   Non Fund Based Limits   9.00     [ICRA]C+(Revised from
                                    [ICRA] D)

The revision in the rating reflects the improvement in the account
servicing by the company in the last six months. The rating also
factors in the long track record of operations of GJCPL and its
experienced promoters in construction business and its unexecuted
order book of INR86.24 crore which provides revenue visibility in
the short to medium term.

The ratings, however, continue to be constrained by the company's
modest scale of operation, stretched financial risk profile
characterized by high gearing and weak debt protection metrics,
modest operating profitability (OPM of 7.29%) and tight liquidity
position mainly on account of high receivables in comparison to
the booked revenues. These apart, GJCPL remains exposed to high
geographical concentration risk with its operations predominantly
concentrated in Karnataka.

Gautham Jahnavi Construction Pvt. Ltd. was established by Mr.
Mallikarjuna in the year 1987 as a proprietorship concern and was
later converted into a private limited company in April 2005.
Mr. Mallikarjuna has been in the construction industry for more
than 23 years through this company. Since the inception, the
company has mainly been involved in construction of the projects
such as residential apartments, commercial complexes, and
industrial buildings. The company has completed projects mainly in
the state of Karnataka.

Recent Results

Gautham Jahnavi Construction Pvt Ltd earned a profit after tax
(PAT) of INR0.35 crore on an operating income of INR28.19 crore in
the FY 2012-13. In FY12 company earned a PAT of INR0.53 crore on
an OI of INR33.70 crore.

LUXMI RICE: ICRA Assigns 'B' Rating to INR8cr Loan
ICRA has assigned the long term rating of '[ICRA]B' to the INR8.00
crore fund based bank facilities of Luxmi Rice Mill.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based-Long Term     8.00    [ICRA]B assigned

The assigned rating is constrained by the low value additive and
highly competitive nature of the rice milling industry which has
impacted the profitability indicators of the company. This coupled
with the high gearing of the company, arising out of substantial
debt funding of large working capital requirements, have resulted
in modest coverage and liquidity indicators for the company. ICRA
also factors in the agro climatic risks, which can impact the
availability of the basic raw material namely paddy. The rating
however, favorably takes into account the long standing experience
of promoters in the rice industry, their strong relationships with
several customers and suppliers and proximity of the mill to major
rice growing area which results in easy availability of paddy.

Recent Results:

LRM reported a net profit of INR0.02 crores on an operating income
of INR15.01 crores for the year ended March 31, 2012 and a net
profit of INR0.02 crores on an operating income of INR8.51 crores
for the year ended March 31, 2011.

Luxmi Rice Mill was established in the year 1985 as a partnership
firm with Mr. Ishwar Chand, Mr. Rohtash Kumar, Mr. Ram Pal Goyal,
Mr. Motiram, Mr. Dharampal and Mr. Ashok Kumar as partners. In
the year 1986 partnership firm was reconstituted as Mr. Motiram
and Mr. Dharampal retired from the firm. Further, in the year 1997
partnership firm was reconstituted again after the retirement of
Mr. Moti ram and the remaining partners decided to share profits
in equal ratio. Company is having its manufacturing unit at Sirsal
Road, Assandh, Karnal. As per the management milling capacity of
the plant is 2 tonnes/hr. Luxmi Rice Mill is engaged in the
business of processing and trading of rice in
domestic market. Firm sells its product under the brand name of

NUWAY ORGANIC: ICRA Upgrades Ratings on INR28.37cr Loans to 'B-'
The rating for the INR28.37 crore long-term fund based limits and
term loans of Nuway Organic Naturals India Limited has been
upgraded to '[ICRA]B-' from '[ICRA]D'.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans              25.00    Upgraded to [ICRA]B- from

   Fund-based, Long-
   term facilities          3.37    Upgraded to [ICRA]B- from

The revision in rating factors in the improvement in the liquidity
position of the company following equity infusion by the promoters
and enhancement of its fund-based bank limits, leading to regular
servicing of its debt obligations.

The rating, nevertheless, continues to be constrained by the
significant net losses faced by the company over FY2012-FY2013,
its limited track record of operations and modest capacity
utilisation levels of the company's distillery unit. Further, the
profitability of the liquor industry is vulnerable to the
regulatory scenario, given that prices are fixed by the excise
policy of the state governments at the beginning of the year with
the implication that any significant increase in grain prices over
the course of the year may impact the profitability of the liquor
manufacturers. Profitability is also vulnerable to fall in
molasses prices, in which case price competition from molasses-
based liquor increases. The weak financial risk profile of the
company is characterised by net losses, high gearing levels and
weak credit metrics. The liquidity position of the company has
remained weak, although ICRA notes that the promoters have infused
-INR5.5 crore of equity in FY2013 and the fund-based limits of the
company have been enhanced to INR8 crore recently, which may
support the liquidity position to some extent.

Nevertheless, the cash generation of the company may remain
insufficient to service upcoming term loan repayments and may
require further support from the promoter group.

The ratings, however, favorably factor in the healthy demand
prospects for grain-based alcohol. The location of the plant is
also advantageous for the long-term prospects of the company from
the marketing and raw material procurement perspective, with
Punjab being a major alcohol consumption centre and supply base
for grain procurement from the surrounding agrarian belt. Going
forward, the ability of the company to improve its operational
performance leading to better profitability and cash
generation and reduce its gearing levels, as well as its ability
to manage its liquidity position would be the key rating

Nuway Organic Naturals India Limited is primarily engaged in the
production and sale of alcoholic products. The company was
incorporated as Mahindra Papers Limited in July 1995. The
management of the company was taken over by the Ayur Group in 2003
and was renamed as Nuway Organic Naturals India Ltd. in July 2003.
Ayur Group is in the business of herbal cosmetic products
since 1984 and sells its products under the brand name "Ayur",
which has a reasonable brand strength in the domestic cosmetics
industry. NONIL's distillery is located in Rajpura (Punjab) with a
capacity of 45 kilolitres per day (KLPD) of potable alcohol and
uses grain (primarily nakku or broken rice) to manufacture liquor.
The distillery began operations in June 2011. It manufactures
Extra-Neutral Alcohol (ENA), which is used for internal
consumption, i.e. for production of country liquor (Punjabmade
Liquor or PML), and for external sales.

The company has also recently begun manufacturing Indian-made
Foreign Liquor (IMFL) under the brand name "Chairman". Besides the
liquor business, the company has also been engaged in trading
of cosmetics, mineral water and cold-drinks manufactured by group
companies and has a manufacturing unit for soaps, hand wash, and
other personal care products in Baddi (Himachal Pradesh).

In 2012-13, NONIL reported a net loss of INR4.57 crore on an
operating income of INR59.91 crore against net loss of INR2.6
crore on an operating income of INR47.13 crore in 2011-12.

PROVIEW RISHABH: ICRA Rates INR31cr Long-Term Loan at 'B'
ICRA has assigned a long-term rating of '[ICRA]B' to the INR31.00
crore fund-based bank facilities of Proview Rishabh Infra Private

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long-Term Fund          31.00    [ICRA]B Assigned
   Based Facilities

The assigned rating is constrained by the low level of booking
(33% of the area booked as on June 2013) with most of the booking
done on deferred payment plan (-75% of the total amount to be paid
on possession), which increases the funding risk as the entire
term debt is scheduled for repayment before the proposed date of
project completion. Given the low sales and nature of the payment
plan, most of the project cost incurred as on June 2013 has been
funded through promoter contribution (47%) and bank loan (36%)
with customer advances accounting for only 18% of the total cost

As the entire bank debt is scheduled for payment before the
proposed date of project completion, improvement in the level of
sales and customer advances would be critical for generating
adequate accruals for timely debt servicing. The rating is also
constrained by the undiversified stream of cash flows due to
dependence of the company on a single project. The assigned rating
however takes into account the satisfactory progress on the
project with -70% of the total project cost incurred as on
June 2013 (including land cost which is fully paid) and the
experience of the promoters in real estate development, with a
number of projects completed in the past in other companies.
In ICRA's view, the key rating sensitivities would be improvement
in the sales booking and level of customer advances received,
along with the company's ability to execute the project as per the
planned schedule and within the budgeted costs, as these would be
critical for future cash accruals and servicing of debt
obligations in a timely manner.

The company was originally promoted by Jassar family members in
June-2011 as Hemkunt Builders & Developers Private Limited. In
February-2012, the company was acquired by the present promoters,
Mr. Rajeev Kumar Arora, Mr. Sanjeev Kumar Mittal and Mr. Kapil
Arora and the company was renamed to Proview Rishabh Infra Private
Limited. Mr. Rajeev Kumar has been engaged in real estate business
under Proview group of companies and has completed four projects
till date, out of which two were in Ghaziabad, one in Meerut and
one in Maharashtra. Mr. Sanjeev Kumar Mittal owns land parcels and
has been engaged in real estate business in Meerut.

PRIPL is developing its maiden group housing project - The Grande
at Noor Nagar, Hapur by-pass road (NH-58), Meerut. The project is
proposed to be developed in phases and in the first phase which
has presently been launched, the company is constructing 362
residential flats with saleable area of 0.36 million square feet
(mn. sq. ft.) on 2.5 acres of the land parcel out of the total
land area which is spread across 8 acres.

SHRI GANESH: ICRA Rates INR10cr Fund Based Limits at 'BB'
ICRA has assigned a long term rating of '[ICRA]BB' to the INR10.0
crore cash credit limits of Shri Ganesh Veg Oil Products Private
Limited. The outlook on the long term rating is stable.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits        10.0    [ICRA]BB Assigned

The assigned rating favorably factors in the company's diversified
customer base with moderate client concentration risk and the
strong experience of the promoters in the cotton processing
business.  The rating is however constrained by the company's
modest scale of operations, vulnerability of the business to agro-
climatic conditions, relatively low value addition in business
resulting in relatively weak profit margins and the company's
stretched liquidity position during the cotton seed procurement
period (October-March).

SGVOPL was established in 1997 when the Mohata group took over an
existing cotton oil refinery in Khamgaon. While initially the
company was engaged only in cotton refining, later it added a
Vanaspati manufacturing unit in Khamgaon. However unfavourable
government policies led to the closure of this unit in 2005. At
present the company has cotton oil mill, refining and de-linting
units at Khamgaon. The company has also set up an oil mill and
refining plant at Nagpur in 2009. At present the total refining
capacity is 150TPD.

Recent Results

The company recorded a net profit of INR0.1 crore on an operating
income of INR54.5 crore in FY13 as compared to a net profit of
INR0.1 crore on an operating income of INR37.4 crore in FY12.

SURYODAYA INFRA: ICRA Assigns 'B+' Ratings to INR8.5cr Loans
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR4.00
crore fund based and INR4.50 crore non fund based bank facilities
of Suryodaya Infra Projects (I) Private Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit              4.00    Assigned [ICRA]B+
   Bank Guarantee           4.50    Assigned [ICRA]B+

The [ICRA]B+ rating is constrained by high project concentration
in order book exposing SIPIL to the risk of volatility in revenues
in the event of slow progress in the major projects; the decline
in SIPIL's operating income in FY 13 to INR32 crore from INR46
crore in FY 12 was largely on account of this reason as the
project execution remained slow on account of pending design
approvals and clearances. SIPIL's operations are largely limited
to civil construction works for National Mineral Development
Corporation (NMDC), thus resulting in concentration to the mining
sector. In March 2013, the company had an unexecuted order book of
INR117 crore across 4 mining sites of NMDC, which include a major
project subcontracted by Elecon Engineering Limited located at
Donimalai in Karnataka (unexecuted value of INR74 crore). ICRA
notes that SIPIL's working capital has been managed comfortably,
and the company has been able to get its working capital limits
enhanced so as to support the anticipated growth in the near term.
The company's capital structure and debt coverage outlook has been
adversely impacted on account of recent capex (of
-INR10 crore) towards setting up of batching plant and purchase of
construction equipments. However, the rating derives comfort from
strong clientele, and relatively substantial order book (3.6 times
the revenues in FY 13) which provides revenue visibility over the
medium term.

The rating also factors in the revenue visibility from the
projects in pipeline, for which SIPIL has been the lowest bidder,
and the company's efforts to diversify into irrigation projects
which will help reduce the dependence on the mining segment.

SIPIL was formed as a partnership firm Prime Construction in 2006
and later converted to a private limited company in December 2008.
The company has been engaged in execution of construction projects
at the mining sites of NMDC, primarily on subcontract basis.

SIPIL recorded a net profit of INR2.0 crore on a gross turnover of
INR45.7 crore in FY 12.

VALENCIA CERAMIC: ICRA Assigns 'B' Ratings to INR10.44cr Loans
ICRA has assigned an '[ICRA]B' rating to the INR6.44 crore term
loan and INR4.00 crore fund based cash credit facilities of
Valencia Ceramic Private Limited. ICRA has also assigned an
'[ICRA]A4' rating to the INR1.52 crore short term non fund based
facilities of VCPL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit              4.00    [ICRA]B assigned
   Term Loans               6.44    [ICRA]B assigned
   Bank Guarantee           1.52    [ICRA]A4 assigned

The assigned ratings take into account the risks associated with
stabilization of the plant as per expected operating parameters;
limited product portfolio of ceramic wall tiles constraining
institutional sales and the highly competitive business
environment given the fragmented nature of the tiles
industry. Further, the assigned ratings are constrained by the
vulnerability of company's profitability to the cyclicality
associated with the real estate industry as well as to increasing
prices of gas and power.

While assigning the ratings, ICRA also notes that the financial
profile is expected to remain stretched in the near term given the
debt funded nature of project and impending debt repayment.
The assigned ratings, however, favorably consider the experience
of promoters in the ceramic industry coupled with the marketing
support from already established group concerns and the location
advantage enjoyed by the company giving it easy access to raw

Valencia Ceramic Private Limited was incorporated in November
2012, with an objective to engage in manufacturing of digitally
printed ceramic glazed wall tiles with annual production capacity
of 35,700 MTPA. The commercial production is expected to commence
by end of August 2013. The company is promoted by Mr. Rajesh
Vasjariya and Mr. Harshad Vasjariya along with other family
members and relatives having a long experience in the line of
ceramic business

VAYHAN COFFEE: ICRA Upgrades Ratings on INR65.75cr Loans to 'C+'
ICRA has upgraded the long-term rating on the INR47.02 crore
fund based limits, INR0.25 crore nonfund based facilities and
INR13.48 crore unallocated limits of Vayhan Coffee Limited from
'[ICRA]D' to '[ICRA]C+'. ICRA has also upgraded the short-term
rating on the INR5.00 crore non-fund based facilities of VCL from
'[ICRA]D' to '[ICRA]A4'.

   Facilities           (INR Cr)   Ratings
   ----------           --------   -------
   Long Term Fund
   Based Limits           47.02    [ICRA]C+ Upgraded from [ICRA]D

   Long Term Non-
   Fund Based Limits       0.25    [ICRA]C+ Upgraded from [ICRA]D

   Short Term Non Fund
   Based Limits            5.00    [ICRA]A4 Upgraded from [ICRA]D

   Unallocated Limits     13.48    [ICRA]C+ Upgraded from [ICRA]D

The ratings upgrade takes into account the good product acceptance
as reflected in significant repeat orders from international
customers, healthy growth in sales volumes and reduced gearing
levels aided by term loan repayments and accruals. The assigned
ratings continue to factor in the managements' extensive exposure
to coffee industry and the geographically diversified presence
with exports to ~20 countries across the globe. The healthy order
book of the company is expected to support the company's volumes
going forward.

The ratings are however constrained by the commoditised nature of
instant coffee business which is characterised by intense
competition and the exposure of company's margins to adverse
moments in international coffee prices and foreign exchange rates.

The ratings also take into account the reduction in the operating
profit margin of VCL from 21.7% in FY12 to 11.7% in FY13 and the
stretched liquidity condition due to the high interest and
principal outgo.

In FY13, the company reported a net profit of INR3.1 crore (un-
audited & provisional) on an operating income of INR151.6 crore
(un-audited and provisional).

Vayhan Coffee Limited was incorporated on December 22, 2005. The
promoters of the company are D.R.S. Paramananda Raju, D. Rama Raju
and K.V.K. Raju. VCL manufactures and exports spray dried and
agglomerated instant coffee to various countries in Asia, Europe
and Africa.

The company has setup an export oriented Instant Coffee plant at
West Godavari District, Andhra Pradesh (AP) with an installed
capacity of 3600 tons per annum (TPA) which was increased to 4500
TPA in FY2012.

VRUNDAVAN ENTERPRISE: ICRA Rates INR22.75cr Term Loan at 'B+'
ICRA has assigned a long-term rating of '[ICRA]B+' to INR22.75
crore fund-based facility of 'Vrundavan Enterprise.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Long
   Term - Term Loan       22.75     [ICRA]B+; Assigned

The assigned rating is constrained by the residual project
implementation risks; and the sales risk given the moderate level
of bookings achieved till date coupled with the intense
competitive pressures from other upcoming real estate projects in
Surat. The assigned rating also factors in the exposure of the
firm to cyclicality of demand pattern as inherent in the real
estate market and the risks inherent in any partnership firm.
Further, timely completion of the project and realization of sales
proceeds remains critical given the limited cushion available
between the scheduled project completion date and the commencement
of the loan repayment.

The rating, however takes comfort from experience of the firm's
promoters in the Surat real estate market with the group having
completed several projects, and the low regulatory risks with
requisite approvals in place.

Vrundavan Enterprise was promoted in November 2011 as a
partnership firm, with an objective to undertake real estate
projects within Surat and adjoin areas. Mr. Praful Rangani & Mr.
Pravin Monapara are the key partners of the firm who oversees
overall operations of the firm. 'Radhe Corporation' and 'Giriraj
Corporation' are sister concerns of the firm, also engaged in real
estate development activities. The firm is currently engaged in
construction of a residential project in the name of 'Megh Malhar'
located at Simada in Surat.

* INDIA: Concerns Grow Over Industrials Cos.' Debt Burdens
James Crabtree at The Financial Times reports that concerns are
growing in India that a worsening economic slowdown in Asia's
third-largest economy may be increasing debt burdens at some of
the country's most important industrial companies to unsustainable

FT relates that new research from Credit Suisse reveals that 10 of
the country's most heavily indebted industrial conglomerates,
including billionaire Anil Ambani's Reliance companies along with
the Vedanta and Essar groups, had combined gross debts of $102
billion at the end of the last financial year, up 15 per cent from
the year before.

According to the news agency, many Indian industrialists have
struggled amid the nation's recent decline in economic growth,
which has been exacerbated by chronic regulatory problems delaying
crucial investments in power plants and infrastructure projects.

With revenues reduced, many companies have been left with mounting
repayment obligations, the report notes.

FT adds that analysts said a number of the groups are also
suffering from the after-effects of ambitious capital investment
programmes undertaken over the past decade.

"Many of the larger industrial groups in India started on major
expansions when economic times were good, and these projects were
built on the anticipation of continued strong growth in India,
which hasn't happened," the report quotes Abhishek Dangra,
associate director at rating agency Standard & Poor's in Mumbai,
as saying.

Fresh worries about rising debt levels among India's larger
corporates come at a time of heightened concern over the nation's
banking system, where non-performing asset levels have jumped from
about 2.5 per cent to about 4 per cent of loans over the past 12
months, FT adds.


GOLOMT BANK: Delayed Reports Trigger Moody's Review For Downgrade
Moody's Investors Service has placed on review for downgrade the
ratings of Golomt Bank.

The ratings affected are

- E+ standalone bank financial strength rating (equivalent to a b1
baseline credit assessment, BCA);

- B1 issuer rating;

- B1 local currency long-term deposit rating;

- B2 foreign currency long-term deposit rating

Ratings Rationale:

The review is driven by Golomt Bank's delay in the publication of
its IFRS audited financial statements for the previous fiscal
year, FY2012.

According to the date specified in the Banking Law by the Bank of
Mongolia, Golomt Bank should have released the results some three
months ago.

Moody's further notes that the bank's auditor, Ernst & Young, and
third-party investigator PricewaterhouseCoopers are jointly
reviewing the bank's off-balance sheet items.

Moody's review will consider the results of the audited financial
statements and conclusions of the joint review into off-balance
sheet items, when published. Potential corporate governance
deficiencies -- as signaled by the delay in the publication of the
audited accounts -- will also be considered. If the audited
statements show the position of the bank to be worse than Moody's
current analysis, or if the audit reveals significant control
weaknesses, the Moody's review would result in a downgrade.

More broadly, in Moody's analysis of a bank's risk position,
timely and reliable financial reporting is an important
consideration. This is because the reported financial and
operating data form the starting point of Moody's credit analysis.

If the publication of the FY2012 audited financial statements
continue to be delayed beyond nine months after the fiscal year-
end, Moody's will determine whether there is sufficient
information to maintain its ratings, or if it should withdraw

The principal methodology used in this rating was Global Banks
published in May 2013.

Domiciled in Ulaanbaatar, Golomt Bank reported total unaudited
IFRS assets of MNT2.5 trillion ($1.8 billion) as of December 31,
2012. The bank is 84.6% owned by Bodi International LLC (unrated)
-- the immediate holding company of the Bodi Group in Mongolia --
10.1% is owned by Swiss MO Investment AG (unrated), and 5.0% by
Trafigura Beheer B.V. (unrated).

MONGOLIAN MINING: Weak Financials Cue Moody's to Cut CFR to Caa1
Moody's Investors Service has downgraded the corporate family and
senior unsecured bond ratings of Mongolian Mining Corporation to
Caa1 from B2.

Moody's considers that declining coking coal prices are expected
to reduce FY2013 EBITDA to near-breakeven levels and significantly
increase liquidity pressure for the next 12-18 months.

Moody's is also reviewing the rating for further downgrade.

Ratings Rationale:

"The latest downgrade was premised on MMC's tightening liquidity
profile and weakened credit metrics, resulting from weaker-than-
expected coking coal prices, which are unlikely to recover in the
next 12-18 months, due to oversupply in the market. Despite our
expectation of cost cuts to preserve EBITDA at breakeven levels,
the company's existing debt and interest-servicing requirements
will significantly reduce its remaining cash on hand," says Simon
Wong, a Moody's Vice President and Senior Credit Officer.

Against this backdrop and based on an assumed benchmark Queensland
coking price of $145 per tonne for 2H 2013, Moody's expects MMC to
operate with a consolidated net loss, including near-breakeven
EBITDA and negative cash flow from operations for FY2013. Cash on
hand is expected to deteriorate below $90 million at the end of
FY2013 from $284 million at the end of FY2012.

"The review also reflects Moody's concern that MMC's cash on hand
could be depleted by FY2014 if coking coal prices remain at their
current level of $135-145 per tonne. The company is striving to
maintain operations at least at breakeven levels through further
cost reduction strategy, but debt servicing costs, such as
interest expense and amortization on its loans from Standard Bank
and EBRD, will erode its liquidity position," says Wong, also the
Lead Analyst for MMC.

MMC has scheduled debt maturities of $207 million and interest
expenses of approximately $70 million in FY2014, including its
$105 million promissory note.

Moody's review will focus on developments in the coking coal
market as well as MMC's plans to conserve its capital -- including
the potential divestment of assets, negotiations to defer debt
maturities, and further cost reductions -- and which may in turn
bolster its liquidity requirements for the 12-18 months. If these
measures fail to materialize during the review period, the ratings
will face further downward pressure.

During the review, Moody's will also monitor MMC's banking
relationships, production targets, customer contracts, capex
plans, possible breach of covenants, and any ongoing need for
covenant waivers.

The principal methodology used in this rating was the Global
Mining Industry Methodology published in May 2009.

MMC is the largest privately owned coal mining company in
Mongolia. Established in 2005, it was listed on the Hong Kong
Stock Exchange in October 2010. It has two producing mines located
in the Gobi Desert. The Ukhaa Khudag mine, which produced 8.6
million tonnes of coking coal in 2012 and the Baruu Naran mine,
which was acquired in 2011 and commenced production in February

N E W  Z E A L A N D

DOMINION FINANCE: Three Directors Get 10 Mons. Home Detention
Jamie Gray at APNZ reports that three directors of failed finance
companies Dominion Finance and North South Finance were all
sentenced to at least 10 months' home detention when they appeared
in the High Court at Auckland today.

APNZ says Justice Sarah Katz sentenced Vance Arkinstall to 10
months' home detention and 200 hours of community service.

Rick Bettle was sentenced to 10 months' home detention, 200 hours
of community service and ordered to pay NZ$90,000 in reparation
while Paul Forsyth was sentenced to 11 months' home detention, 200
hours of community service and ordered to pay NZ$50,000 in
reparation, the report relates.

According to APNZ, financial markets authority chief executive
Sean Hughes said the men failed to perform their role as directors
and that they did not take the steps required to ensure that they
were aware of the true position of the company.

"Investors, many of them elderly, lost significant amounts of
money and the effect of this has put a great deal of financial and
emotional strain on them," Mr. Hughes said in a statement. "They
did not deserve this betrayal of trust," Mr. Hughes said.

He said the case highlighted the responsibility of directors to
provide truthful, accurate and timely disclosure of material
information to investors, the report adds.

                      About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited was engaged in the provision of financial services
through the raising of debenture stock.  The company operated
through its wholly owned subsidiaries Dominion Finance Group
Limited and North South Finance Limited, and investment vehicle
Dominion Investment Fund Limited.  Both Dominion Finance Group
Limited and North South Finance Limited accepted debenture stock
investments and apply them (in conjunction with its own funds)
towards the provision of certain loans and other financial

Dominion Finance Group was put into receivership in
September 2008 owing about NZ$176.9 million to more than 5,900
investors. It was put into liquidation by the High Court at
Auckland in May 2009. Associate Judge Faire appointed William
Black and Andrew Grenfell of McGrathNicol as liquidators of the
firm.  Receiver Rod Partington of Deloitte said the liquidation
application will not affect the progress of the receivership.

North South Finance went into receivership in July 2010.

In total, the group is estimated to owe creditors NZ$400 million.


ZEST AIR: Aviation Officials Suspend Airline Over Safety Concerns
Associated Press reports that Philippine civil aviation officials
said August 16 they have suspended operations of Zest Air due to
safety concerns.

According to the report, Civil Aviation Authority of the
Philippines Deputy Director General John Andrews said the airline
has several outstanding safety violations, including refueling
with passengers on board. He said pilots also failed to check
aircraft log books and exceeded permitted flying time.

A pilot once requested clearance for takeoff even though the
plane's fuel cap was missing, he said, notes the report. Air
worthiness inspectors later found that the fuel cap had been
missing for three months, he added.

"There is something definitely wrong with their operations," AP
quoted Mr. Andrews as saying.

Mr. Andrews added that the airline also did not have a qualified
manager to ensure that all flight operations and maintenance
activities met safety standards. A previous manager resigned last
month. He said Zest Air had taken no significant steps to correct
the problems since it was put under heightened surveillance three
weeks ago.

Calls to Zest Air officials for comment were not answered Friday
night, the report added.

Zest Air is a local budget airline which earlier this year
operated 10 domestic and 10 international routes. Malaysia-based
airline AirAsia said in May that AirAsia Philippines had acquired
49 percent of the voting rights and an 85 percent financial stake
in Zest Air.


* Vietnam Coffee Industry Braces For More Bankruptcies
Reuters reports that Vietnam is the world's biggest producer of
the strong-flavoured robusta beans, used for instant coffee, and
has experienced a decade of solid growth which has seen coffee
exports reach $3 billion a year.

But its coffee industry is now in crisis, plagued by tax evasion,
mismanagement, insolvency, high interest rates and a credit
squeeze, Reuters relates.  Many coffee operators are trapped with
crippling debt and banks are reluctant to lend them more money,
the report says.

According to the news agency, Vietnam's credit crunch is blamed
largely on state-owned enterprises that borrowed big during the
economic boom of the past decade and squandered cash on failed
investments, which has left banks crippled by one of Asia's
highest bad-debt ratios.

Of the 127 local coffee export firms that operated in Vietnam a
year ago, 56 have ceased trading or shifted to other businesses
after taking out loans they can't repay, Reuters discloses citing
industry reports.

Few coffee exporters are willing to talk about their financial
problems. In communist Vietnam, people are often reluctant to
speak publicly about sensitive issues like politics and business,
especially to foreign media, the report notes.


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

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
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firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.

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