TCRAP_Public/130926.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

          Thursday, September 26, 2013, Vol. 16, No. 191


                            Headlines


A U S T R A L I A

TAMAR VALLEY: Slower Sales, Margin Pressure Prompt Administration


C H I N A

WUZHOU INT'L: US$100MM Sr. Notes Get Moody's Definitive B3 Rating


H O N G K O N G

* HONGKONG: Former Chief Sec. Faces Criminal Charges, Bankruptcy


I N D I A

AJMER VIDYUT: CARE Reaffirms Rating on 100cr LT Bank Loan at 'BB'
AVINASH CHALANA: CARE Reaffirms Rating on 13cr Bank Loans at 'BB'
CHENGMARI TEA: CARE Assigns 'BB' Rating to 14cr LT Bank Facilities
GULMOHAR TRADERS: CARE Reaffirms Rating on 3cr Bank Loan at 'BB'
INDUSTRIAL PROGRESSIVE: CARE Removes 'BB+' Rating from Creditwatch

JODHPUR VIDYUT: CARE Reaffirms 'BB' Rating on 70cr Bank Facilities
KARTHIK ALLOYS: CARE Revises Rating on 25cr LT Bank Loans to 'B+'
MULTIPLAST POLYMERS: CARE Assigns 'C' Rating to 10cr LT Bank Loans
NIKKA MAL: Care Assigns 'B+' Rating to 11cr LT Bank Facilities
NIRVIN COLD: CARE Assigns 'C' Rating to 4.36cr Bank Facilities

PARAMOUNT AUTOMOTIVES: CARE Puts 'BB' Rating to 9.5cr Bank Loans
SHRI OM: CARE Assigns 'BB' Rating to .65cr LT Bank Facilities
SREE SREE: CARE Assigns 'B' Rating to 5.28cr LT Bank Facilities
UNITECH AUTOMOBILES: CARE Assigns 'B' Rating to 30cr Bank Loans
VHM INDUSTRIES: CARE Reaffirms 'BB+' Rating on 102.1cr LT Loans

WEST SIDE HOTELS: CARE Assigns 'B' Rating to 12.68cr LT Bank Loans


I N D O N E S I A

BLD INVESTMENT: Escapes Bankruptcy Proceedings


N E W  Z E A L A N D

HANSELLS FOOD: Breaches Lending Covenant with ANZ Bank New Zealand
MAINZEAL PROPERTY: Liquidators Chase NZD46.6 Million in Debt


P H I L I P P I N E S

VITARICH CORP: Plans to Exit Corporate Rehabilitation in Two Years


S O U T H  K O R E A

TONG YANG GROUP: May Sell Tongyang Power to Repay Debt
TONG YANG GROUP: Financial Regulator Starts Special Probe


S R I  L A N K A

DFCC BANK: Fitch Assigns 'B+' IDRs With Stable Outlooks


                            - - - - -


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


TAMAR VALLEY: Slower Sales, Margin Pressure Prompt Administration
-----------------------------------------------------------------
Melinda Oliver at Smart Company reports that Tamar Valley Dairy
has collapsed, with administrators pointing to slower sales and
pressure on margins as causes.

Deloitte Restructuring Services partners Glen Kanevsky and Tim
Norman were appointed administrators, with the first creditors
meeting to be held on Oct. 2, Smart Company relates.

According to Smart Company, Mr. Kanevsky said the business
operated in an "extremely competitive sector" and that it had been
challenged due to a "slowdown in sales and pressure on margins".

"We are currently examining the trading position of the business
and will be working closely with all key stakeholders to allow the
business to continue to operate as normal," Smart Company quotes
Mr. Kanevsky as saying.

Mr. Norman, as cited by Smart Company, said their immediate policy
is to "commence an urgent expression of interest process to
recapitalize or sell the business".

Smart Company notes that in April this year the business was
reported to have financial challenges, with Tamar Valley Dairy
founder Archie Matteo confirming with The Australian that his
family company owed creditors and suppliers several million
dollars as part of a "short-term liquidity problem".

At the time, The Australian reported, the company had received an
AUD8 million injection from fellow dairy manufacturer Bulla Dairy
Foods, for an immediate stake in the business, Smart Company
discloses.

Tamar Valley Dairy produces a variety of yoghurt products
including classic, low fat and Greek varieties.  The 17-year-old
business was established in 1996 near Launceston, Tasmania and has
170 employees.


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


WUZHOU INT'L: US$100MM Sr. Notes Get Moody's Definitive B3 Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B3 senior
unsecured rating to Wuzhou International Holdings Ltd.'s US$100
million 13.75% senior notes. The outlook for the rating is stable.

Ratings Rationale:

Moody's definitive rating is at the same level as the provisional
(P)B3 rating assigned on September 17, 2013.

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

Wuzhou is a property developer in China and specializes in the
development and operation of wholesale markets and multi-
functional commercial complexes. The company was listed on the
Hong Kong Stock Exchange in June 2013.



===============
H O N G K O N G
===============


* HONGKONG: Former Chief Sec. Faces Criminal Charges, Bankruptcy
----------------------------------------------------------------
Julie Chu, writing for South China Morning Post, reports that the
Bank of East Asia has filed a petition with the High Court to
bankrupt the embattled former chief secretary Rafael Hui Si-yan.

Writs demanding payment on millions of dollars worth of loans have
been piling up against Hui, who is embroiled in the most high-
profile corruption case in Hong Kong's history with Sun Hung Kai
Properties co-chairmen Thomas Kwok Ping-kwong and Raymond Kwok
Ping-luen, notes South China Morning Post.

According to the report, the Bank of East Asia had already issued
a writ against Hui, 65, back in April asking for payment of all
money due under two overdraft facilities and two credit cards the
bank provided to him under a cardholder agreement.

The bank also wanted him to pay interest and costs related to a
breach of the terms of the facilities and the agreement. The writ
did not disclose the amount of money involved, the report added.

South China Morning Post relates that Hui is facing at least three
more lawsuits from three other creditors involving a total of more
than HK$14 million.

Standard Chartered Bank issued a writ against Hui for HK$1.19
million plus interest after Hui drew loans on four credit cards
and took out a personal overdraft, says the report.

Chong Hing Bank last month launched a suit claiming more than
HK$9.8 million that was outstanding on a loan to Hui, South China
Morning Post relays.

Honour Finance also filed two writs to the High Court on August 13
this year to retrieve about HK$3.16 million from a 2004 loan,
South China Morning Post says.

Honour Finance is owned by Sun Hung Kai Properties.

In the writs, says South China Morning Post, Honour Finance
claimed Hui had stood as guarantor of the loan taken by Top Faith
Enterprises, which was owned and controlled by Hui.

In March, Hui, the Kwok brothers and two others pleaded not guilty
to multiple charges filed by the Independent Commission Against
Corruption, reports South China Morning Post.

The allegations against Hui include misconduct in public office,
South China Morning Post relates. This charge alleges that when he
was chief secretary, from June 2005 to June 2007, he failed to
declare or disclose provisions and annual extensions of a HK$3
million unsecured loan from Honour Finance -- the claimant in the
civil suit.

The criminal trial is due to be heard next May, South China
Morning Post added.



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


AJMER VIDYUT: CARE Reaffirms Rating on 100cr LT Bank Loan at 'BB'
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ajmer Vidyut Vitran Nigam LTD.

Bank Facilities           Amount (Rs. Crore) Ratings   Remarks
---------------           ------------------ -------   -------
Long-term Bank Facilities        100.00      CARE BB  Reaffirmed


Rating Rationale

The rating continues to be constrained by increasing debt level of
Ajmer Vidyut Vitran Nigam Ltd.  (AVVN) on the back of
significantly higher power purchase cost vis-a-vis its tariff
(despite tariff revisions in the State during last three years)
along-with the heightened refinancing risk which has been
exacerbated by its reduced financial flexibility upon its net
worth turning negative due to accounting for its deficit through
Profit & Loss account.  The rating further continues to be
constrained by the long schedule for compensation of losses of
AVVN up to FY09 by Government of Rajasthan (GoR), its high
distribution losses and qualified audit report.

The rating, however, continues to factor in AVVN's status as a
fully-owned state power sector entity and its strategic importance
as the sole power distribution entity in its designated region of
operation with a wide distribution network.  The rating also takes
note of approval of revised Financial Restructuring Plan (FRP) for
all Discoms of Rajasthan in June 2013 in line with the scheme
notified by Government of India (GoI).

Successful implementation of revised FRP (including envisaged
takeover of 50% of its short-term loans by GoR), timely revision
in tariff commensurate with the cost of power purchase, further
reduction in distribution losses and improvement in its capital
structure shall remain the key rating sensitivities.

Background

AVVN is an unbundled state power distribution company of the
erstwhile Rajasthan State Electricity Board (RSEB).  As per the
Rajasthan Power Sector Reforms Act, 1999 of GoR, RSEB was
unbundled into a Generation Company, a Transmission Company and
three Distribution Companies (Discoms) w.e.f. July 19, 2000.

Rajasthan Rajya Vidyut Utpadan Nigam Ltd. (RVUN) was incorporated
as the sole generation company, Rajasthan Rajya Vidyut Prasaran
Nigam Ltd. (RVPN) was incorporated as the sole transmission
company and three Discoms were incorporated in the form of Jaipur
Vidyut Vitran Nigam Ltd. (JVVN), Jodhpur Vidyut Vitran Nigam Ltd.
(JoVVN) and AVVN.  AVVN's area of operation covers 11 districts of
Rajasthan namely Ajmer, Bhilwara, Nagaur, Sikar, Jhunjhunu,
Udaipur, Banswara, Chittorgarh, Rajsamand, Doongarpur and
Pratapgar.

During FY13 (Prov.) (FY refers to the period from April 1 to March
31), AVVN reported a total operating income of Rs.5757 crore
(FY12: Rs.4474 crore) with a net loss of Rs.3714 crore (FY12: net
loss of Rs.7596 crore)


AVINASH CHALANA: CARE Reaffirms Rating on 13cr Bank Loans at 'BB'
-----------------------------------------------------------------
CARE reaffirms the ratings to the bank facilities of
AVINASH CHALANA & COMPANY.

Facilities         Amount(Rs. crore)   Ratings      Remarks
----------         -----------------   -------      -------

LT Bank Facilities   5 (enhanced from   CARE BB      Reaffirmed
                        Rs.1 crore)
LT/ST Bank
Facilities           8 (enhanced from   CARE A4      Reaffirmed
                        Rs.5 crore)

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 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 Avinash Chalana &
Co. (Avinash) continue to remain constrained on account of its
limited geographical presence in a highly regulated industry,
small scale of operations, low & fluctuating profitability owing
to retail trading nature of business and inter-group transactions.

The ratings, however, continue to derive strength from Avinash's
experienced promoters, established operations and financial risk
profile marked by comfortable capital structure and moderate
liquidity indicators.

Avinash's ability to improve its profitability through increase in
scale of operations along with geographical diversification and
renewal of existing license coupled with availability of
additionallicenses are the key rating sensitivities.

Background

Avinash was formed as a partnership firm in April 2004 by Mr. Anil
Arora and other business associates.  The firm holds retail liquor
supplier licence in Madhya Pradesh (MP) and deals in Indian Made
Foreign Liquor (IMFL), Indian Made Liquor (IML), wine and beer
manufactured by distilleries such as United Spirits Ltd and United
Breweries Ltd.  The firm received the retail liquor supplier
license in FY05 (refers to the period April 1 to March 31) and has
been allotted retail liquor supplier license for 33 shops as on
August 31, 2013.

Avinash has associate concerns namely Satsangi Traders Pvt. Ltd.
(STPL; rated CARE B+/CARE A4) and Gulmohar Traders (Gulmohar;
rated CARE BB/CARE A4) which are engaged in similar business
activity.

During FY13 (provisional) it earned TOI of Rs.51.52 crore and a
PAT of Rs.0.83 crore as against a PAT of Rs.0.91 crore on a TOI of
60.39 crore in FY12.


CHENGMARI TEA: CARE Assigns 'BB' Rating to 14cr LT Bank Facilities
------------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4+' ratings to the bank
facilities of Chengmari Tea Co Ltd.

Facilities               Amount (Rs. crore)  Rating      Remarks
----------               ------------------  -------     -------
Long-term Bank Facilities    14.0             CARE BB    Assigned
Short-term Bank Facilities    0.7             CARE A4+   Assigned


Rating Rationale

The ratings assigned to the bank facilities of Chengmari Tea Co
Ltd (CTCL) are constrained by its small scale of operations,
moderate financial risk profile, susceptibility to volatile tea
prices, highly labor-intensive nature of the industry entailing
substantial employee expenses, intense competition and inherent
susceptibility of green leaf availability to vagaries of the
nature.

The above constraints are partially offset by the strengths
derived from the long track record and experience of the promoters
in the tea industry, backward integration for raw material,
satisfactory capacity utilization with in-line recovery rate and
stable outlook of the tea industry.

The ability of the company to improve the scale of operations
along with the profitability while managing the working capital
effectively would remain the key rating sensitivities.

Background

Chengmari Tea Co Ltd (CTCL) was incorporated in January 1975 by
the Kejriwal family of Kolkata (West Bengal), with a tea
processing capacity of 0.8 million kg pa.  Over the years, the
company has increased its tea processing capacity from 0.8 million
kg pa in phases to 4 million kg pa of CTC (Crush, Tear and Curl)
tea.  CTCL presently owns one tea estate at Dooars, Jalpaiguri
district, West Bengal and a manufacturing facility located
adjacent to the tea estate, which processes the leaf from the
garden.  The aggregate area under cultivation is 1,250 hectares,
having an average yield of 2,500 kgs per hectare. Tea is sold by
CTCL through auctions and brokers.

In FY12 (refers to the period April 01 to March), CTCL reported a
PBILDT of Rs.4.7 crore and a PAT of Rs.2.5 crore on a total
operating income of Rs.43.5 crore.  In FY13 (provisional), CTCL
reported a total operating income of Rs.45.6 crore and PAT of
Rs.2.1 crore.


GULMOHAR TRADERS: CARE Reaffirms Rating on 3cr Bank Loan at 'BB'
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Gulmohar Traders.

Facilities           Amount (Rs. crore)   Ratings       Remarks
----------           ------------------   -------       -------

LT Bank Facilities    3(enhanced from      CARE BB      Reaffirmed
                        Rs.1 crore)

LT/ST Bank            5                CARE BB/CARE A4  Reaffirmed
Facilities

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 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 Gulmohar Traders
(Gulmohar) continue to remain constrained on account of its
limited geographical presence in a highly regulated industry, low
profitability owing to retail trading nature of business and
inter-group transactions.

The ratings factor in the improvement in its capital structure and
continue to derive strength from Gulmohar's experienced promoters,
established operations and moderate debt coverage indicators.

Gulmohar's ability to improve its profitability through increase
in scale of operations along with geographical diversification and
renewal of existing license coupled with availability of
additional licenses are the key rating sensitivities.

Background

Gulmohar was formed as a partnership firm in January 2004 by Mr
Anil Arora and other business associates.  The firm holds retail
liquor supplier license in Madhya Pradesh (MP) and deals in
Indian Made Foreign Liquor (IMFL), Indian Made Liquor (IML), wine
and beer manufactured by distilleries such as United Spirits Ltd
and United Breweries Ltd.  The firm received the retail liquor
supplier license in FY05 (refers to financial year, April 1 to
March 31).  Gulmohar has been allotted retail liquor supplier
license for 17 shops as on August 31, 2013.

Gulmohar has associate concerns namely Satsangi Traders Private
Limited (STPL, rated CARE B+/A4) and Avinash Chalana& Co.(Avinash,
rated CARE BB/A4) which are engaged in similar business activity.

During FY13 (provisional) it earned TOI of Rs.57.43 crore and a
PAT of Rs.0.96 crore as against a TOI of Rs.99.17 crore and a PAT
of Rs.1.66 crore in FY12.


INDUSTRIAL PROGRESSIVE: CARE Removes 'BB+' Rating from Creditwatch
------------------------------------------------------------------
CARE reaffirms and revises the ratings assigned to the bank
facilities of Industrial Progressive (India) Limited.  CARE also
removes the rating from credit watch

Facilities    Amount(Rs. crore)      Ratings      Remarks
----------    ------------------     -------      -------
LT Bank       41.14                  CARE BB+     The rating
Facilities   (enhanced from                       removed from
               25.94)                              credit watch

ST Bank
Facilities    4.05                    CARE A4+    Revised from
                                                   CARE A4 and the
                                                   rating removed
                                                   from credit
                                                   watch

Rating Rationale

The revision in the short-term rating takes into account the
improvement in the financial risk profile of the company marked by
improved solvency and profitability of the company.

Furthermore, the ratings continue to draw comfort from the
promoter's experience in the dairy business, well-recognized
brands in northern India and established procurement and marketing
arrangements.  However, the ratings are constrained by the
seasonal nature of the operations, its vulnerability to changes in
the government policies and environmental conditions and
competition from other players in the industry.

Going forward, the ability to improve the profitability margins,
efficient working capital management, and enhancing milk
procurement and handling capacities would remain the key rating
sensitivities.

Furthermore, the ratings have been removed from credit watch as
the merger with Shri Khargandhi Dairy Products Pvt Ltd (SKDPPL)
has been called off.

Background

Industrial Progressive (India) Limited (IPIL), originally promoted
by Mr Subash Goel and his associates, was incorporated on November
19, 1984 as a public limited company.  In September 2010, Mr.
Rajesh Gandhi took over the controlling stake from the original
promoters.  He, as a Managing Director, looks after the overall
operations of the company.  Mr. Rajesh Gandhi is also the promoter
of Shri Khargandhi Dairy Products Pvt Ltd (SKDPPL, a group
company) engaged in the trading of dairy products in south India.

The company is engaged in the manufacturing of various milk
products under the brand name "Doaba" and "Milkcountry".  IPIL's
product range includes skimmed milk powder (SMP), whole milk
powder (WMP), dairy whitener, butter, pure ghee, pasteurized milk,
flavoured milk, curd, butter milk, etc.  The company has an
installed capacity to process 6 lakh Litres of raw milk per day
(LLPD) at its Palwal (Haryana) plant as on March 31, 2013.


JODHPUR VIDYUT: CARE Reaffirms 'BB' Rating on 70cr Bank Facilities
------------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Jodhpur Vidyut Vitran Nigam Ltd.

Bank Facilities         Amount (Rs.crore)    Ratings   Remarks
---------------         -----------------    -------   -------
LT Bank Facilities          70.00            CARE BB   Reaffirmed


Rating Rationale

The rating continues to be constrained by increasing debt level of
Jodhpur Vidyut Vitran Nigam Ltd. (JoVVN) on the back of
significantly higher power purchase cost vis-a-vis its tariff
(despite tariff revisions in the State during last three years)
along-with the heightened refinancing risk which has been
exacerbated by its reduced financial flexibility upon its net
worth turning negative due to accounting for its deficit through
Profit & Loss account.  The rating further continues to be
constrained by the long schedule for compensation of losses of
JoVVN up to FY09 by Government of Rajasthan (GoR), its high
distribution losses and qualified audit report.

The rating, however, continues to factor in JoVVN's status as a
fully-owned state power sector entity and its strategic importance
as the sole power distribution entity in its designated region of
operation with a wide distribution network.  The rating also takes
note of approval of revised Financial Restructuring Plan (FRP) for
all Discoms of Rajasthan in June 2013 in line with the scheme
notified by Government of India (GoI).

Successful implementation of revised FRP (including envisaged
takeover of 50% of its short-term loans by GoR), timely revision
in tariff commensurate with the cost of power purchase, further
reduction in distribution losses and improvement in its capital
structure shall remain the key rating sensitivities.

Background

JoVVN is an unbundled state power distribution company of the
erstwhile Rajasthan State Electricity Board (RSEB).  As per the
Rajasthan Power Sector Reforms Act, 1999 of GoR, RSEB was
unbundled into a Generation Company, a Transmission Company and
three Distribution Companies (Discoms) w.e.f. July 19, 2000.

Rajasthan Rajya Vidyut Utpadan Nigam Ltd. (RVUN) was incorporated
as the sole generation company, Rajasthan Rajya Vidyut Prasaran
Nigam Ltd. (RVPN) was incorporated as the sole transmission
company and three Discoms were incorporated in the form of Jaipur
Vidyut Vitran Nigam Ltd. (JVVN), Ajmer Vidyut Vitran Nigam Ltd.
(AVVN) and JoVVN. JoVVN's area of operation covers 10 districts of
Rajasthan viz.  Jodhpur, Jaisalmer, Bikaner, Sirohi, Jalore,
Barmer, Pali, Churu, Hanumangarh and Shriganganagar.
During FY13 (Prov.) (FY refers to the period from April 1 to March
31), JoVVN reported a total operating income of Rs.5428 crore
(FY12: Rs.4265 crore) with a net loss of Rs.4068 crore (FY12: net
loss of Rs. 6179 crore).


KARTHIK ALLOYS: CARE Revises Rating on 25cr LT Bank Loans to 'B+'
-----------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Karthik Alloys Limited


Facilities    Amount(Rs. crore)       Rating         Remarks
----------    -----------------       ------         -------
LT-Bank          25.00               CARE B+        Revised from
Facilities    (Enhanced from                         CARE B
                  17.85)

ST Bank          13.96               CARE A4         Reaffirmed
Facilities   (Enhanced from 6.96)


Rating Rationale

The revision in the long-term rating factors in the growth in
scale of operations over the last three financial years ended FY13
(refers to the period April 01 to March 31) along with moderately
stable solvency position of Karthik Alloys Limited (KAL).

The ratings continue to be constrained by the susceptibility of
margins of KAL to volatility in raw material prices, stretched
liquidity position, financial risk profile marked by low
profitability margins.  The ratings continue to factor in the
experience of the promoters and KAL's established relations with
reputed customers/suppliers.

The ability of the company to increase the scale of operations,
effectively manage its working capital and liquidity and
improvement in the capital structure are the key rating
sensitivities.

Background

Karthik Alloys Limited (KAL) was incorporated as a private limited
company in February 1992, and was later reconstituted as a public
limited company in December 1992.  KAL is engaged in the
manufacturing of 'Low/ Medium Carbon Silico Manganese' which is a
ferro alloy used in the manufacturing of stainless steel.  KAL
procures raw materials from reputed companies like MOIL
Limited, which insures the quality of raw material.  The company
has an installed capacity of 25,500 metric tonne per annum (MTPA)
as on March 31, 2013, with two manufacturing units located at
Cuncolim, Goa and Durgapur and West Bengal.  KAL was referred to
the Board of Industrial and Financial Reconstruction (BIFR) in the
year 2002 as the accumulated losses of the company were more than
the net-worth.  With the recovery of losses, the term debt of the
company was completely paid off by March 31, 2012, subsequently
the company was removed from the list of sick industries under
Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) on
August 11, 2011 (networth Rs.12.81 crore as on March 31, 2012).
KAL reported a PAT of Rs.1.08 crore against a turnover of
Rs.102.21 crore in as against a PAT of Rs.1.11 crore against a
turnover of Rs.103.95 crore in FY12.


MULTIPLAST POLYMERS: CARE Assigns 'C' Rating to 10cr LT Bank Loans
------------------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of Multiplast
Polymers Private Limited


Facilities              Amount (Rs. crore)   Rating      Remarks
----------              ------------------   ------      -------
LT Bank Facilities        10                  CARE C      Assigned


Rating Rationale

The rating assigned to the bank facilities of Multiplast Polymers
Private Limited (MPPL) is constrained by the stretched liquidity
position resulting in overdrawals in working capital limits,
relatively small scale of operations with fluctuation in income,
leveraged capital structure and weak debt coverage indicators.

The rating is further constrained by the raw material price
fluctuation risk and its presence in a highly competitive and
fragmented industry.  The rating, however, factors in the benefit
derived from the experienced promoters and reputed clientele base.

The ability of MPPL to improve the overall scale of operations
amidst increasing competition, while efficiently managing the
working capital cycle coupled with an improvement in the liquidity
position are the key rating sensitivities.

Background

Established in 1997 as a partnership firm, Multiplast Polymers
Private Limited (MPPL) is engaged in the manufacturing of plastic
bottles primarily for the pharmaceuticals industry.  MPPL is an
ISO 9001:2008 and ISO 15378:2011 certified entity and the plant is
located at Bhiwandi (Thane) with an installed capacity of 850
metric tonnes per annum.  MPPL procures its raw material from the
domestic market and the entire revenue is also generated through
the domestic market.

During FY13 (refers to the period April 01 to March 31), MPPL
reported a total operating income of Rs.16.84 crore (up by 22%
vis-a-vis FY12) and PAT of Rs.0.23 crore (against a net loss in
FY12).

Furthermore, during 4MFY14, the company has reported an operating
income of Rs.5.60 crore and PAT of Rs.0.11 crore.


NIKKA MAL: Care Assigns 'B+' Rating to 11cr LT Bank Facilities
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Nikka Mal Pyare Lal Jain.


Facilities             Amount(Rs. crore)    Rating       Remarks
----------             -----------------    ------       -------
LT Bank Facilities       11                CARE B+       Assigned
ST Bank Facilities        3                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 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 Nikka Mal Pyare Lal
Jain (NPJ) are primarily constrained by its short track record of
operations, low profitability margins, high overall gearing, weak
debt service coverage indicators and high inventory holding
period.  The ratings are further constrained by the constitution
of the entity as a partnership firm, risk associated with
fluctuation in gold prices and its presence in a highly fragmented
industry.

The ratings, however, take comfort from the experience of the
partners of NPJ in the gems and jewellery business.  Going
forward, the ability of NPJ to increase its scale of operations
while improving its profitability margin and capital structure
will be the key rating sensitivities.

Background

Nikka Mal Pyare Lal Jain (NPJ), a partnership concern, was
established in April 2010 and commenced its operations from June
2011.  The firm is engaged in the wholesale and retail trading of
gold and diamond jewellery.  NPJ has its retail outlet located at
Ludhiana, Punjab.  The firm procures gold and diamond jewellery
from wholesalers in Mumbai, Delhi, Surat and the local market.

For FY13 (refers to the period April 1 to March 31), NPJ achieved
a total operating income of Rs.35.37 crore with PBILDT and PAT of
Rs.1.36 crore and Rs.0.09 crore, respectively.


NIRVIN COLD: CARE Assigns 'C' Rating to 4.36cr Bank Facilities
--------------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of Nirvin Cold
Storage Pvt. LTD.

  Facilities                Amount(Rs. crore)  Ratings
  ----------                -----------------  -------
  LT Bank Facilities          4.36              CARE C


Rating Rationale

The rating assigned to the bank facility of Nirvin Cold Storage
Pvt Ltd is constrained by small scale of operations highly
regulated industry, high gearing level along with stretched
liquidity, competitive scenario and dependence on vagaries of
nature.  The above constraints are partially offset by experienced
promoters with long track record of the company and proximity to
potato growing area.

Ability of the company to increase its scale of operations, manage
working capital effectively and service its debt obligation on
regular basis shall remain the key rating sensitivities.

Background

Nirvin Cold Storage Pvt. Ltd. (NCSPL), incorporated in the year
1984, is a Kolkata-based (West Bengal) company, promoted by Mr
Niraj Kumar Bansal and Mrs Jyoti Bansal (wife of Mr Niraj Kumar
Bansal).  It is engaged in the business of providing cold storage
services to potato-growing farmers and potato traders, having an
installed storage capacity of 19,465 MT (metric ton) in Bankura
district of West Bengal.  Besides providing cold storage services,
NCSPL also trades in potatoes on occasional basis, which accounted
for around 49% of the total revenue in FY12.

Mr. Niraj Kumar Bansal looks after the day-to-day activities of
the business with adequate support from co-director and a team of
experienced professionals.  During FY12 (refers to the period
April 1, 2011 to March 31, 2012), NCSPL achieved a PBILDT of
Rs.0.80 crore (Rs.0.61 crore in FY11) and a PAT of Rs.0.11 crore
(Rs.0.08 crore in FY11) on the total income of Rs.4.43 crore
(Rs.2.20 crore in FY11).


PARAMOUNT AUTOMOTIVES: CARE Puts 'BB' Rating to 9.5cr Bank Loans
----------------------------------------------------------------
CARE assigns "CARE BB" and "CARE A4" ratings to the bank
facilities of Paramount Automotives Private Limited

Facilities             Amount (Rs. crore)   Rating      Remarks
----------             ------------------   ------      -------
Long-term Bank Facilities       9.5          CARE BB     Assigned
Short-term Bank Facilities      1.0          CARE A4     Assigned


Rating Rationale

The ratings assigned to the bank facilities of Paramount
Automotives Private Limited (PAL) are primarily constrained by its
moderate capital structure with high overall gearing due to its
working capital intensive nature of operation and thin
profitability.  The ratings are further constrained by the
sluggish growth and intense competition in the automobile
industry.  The ratings, however, derive strength from the long
experience of the promoters, increasing business level and
authorized dealership of Mahindra & Mahindra Ltd (MML) and Ashok
Leyland Limited (AL).

Going forward, PAL's ability to increase the scale of operations
with an improvement in profitability and effective utilization of
working capital limits will be the key rating sensitivities.

Background

Paramount Automotives Private Limited (PAL) was incorporated in
May 2008 by Mr Achar Singh Bhumber and his two sons, Mr. Talabjit
Singh Bhumber and Mr. Tejender Singh Bhumber of Jeypore, Orissa.

In April 2010, the company took over their existing partnership
business operated in the name of 'M/s Paramount Automotives' which
was into the dealership business of vehicles since 1993.  PAL is
an authorized dealer of Mahindra & Mahindra Limited and Ashok
Leyland Limited for commercial and passenger vehicles for the
district of Koraput and Rayagada in Orissa and engaged in the sale
of vehicles, sale of spare parts and servicing activities.  The
company presently operates four sales outlets [three in Jeypore
and one in Rayagada] and also offers spare parts and after sales
services (repair and refurbishment) for MML and AL vehicles.

As per the audited results for FY12 (refers to the period April to
March), PAL reported PBILDT & PAT of Rs.1.5 crore (Rs.0.9 crore in
FY11) and Rs.0.5 crore (Rs.0.3 crore in FY11), respectively, on a
total income of Rs.66.5 crore (Rs.47.7 crore in FY11).  As per the
provisional results for FY13, PAL reported a PBT of Rs.0.8 crore
on a total income of Rs.80.9 crore.


SHRI OM: CARE Assigns 'BB' Rating to .65cr LT Bank Facilities
-------------------------------------------------------------
CARE assigns 'Care BB' And 'Care A4' ratings to the Bank
facilities of Shri Om Agro Products.


Facilities                Amount(Rs. crore)   Rating    Remarks
----------                -----------------   ------    -------
Long-term Bank Facilities      0.65           CARE BB     Assigned
Short-term Bank Facilities    13.50           CARE A4     Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.

The ratings may undergo a change in case of withdrawal of 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 Shri Om Agro
Products (SOAP) are constrained primarily on account of its
constitution as a partnership firm with the inherent risk of
withdrawal of capital (as evident from withdrawal of capital by
the partners in FY13), low capacity utilisation coupled with low
bargaining power with customers and moderate leverage and
liquidity position.

The ratings are further constrained due to the highly fragmented
nature of the guar gum industry, seasonality associated with raw
material and susceptibility of operating margins to fluctuations
in raw material prices.  The above constraints outweigh the
benefits derived from the long experience of the management in the
guar gum business, location advantage due to the proximity of its
plant to the raw material producing region, significant growth in
the scale of operations in a short span of time, high
profitability margins, comfortable debt coverage indicators and
positive demand outlook of guar gum and its derivatives.

The ability of SOAP to increase its scale of operations while
maintaining profitability in light of reduced realizations of guar
gum powder, volatility in the prices and availability of raw
material is the key rating sensitivity.

Background

SOAP is a Jodhpur-based firm formed in 2010 as a proprietorship
firm with Mrs. Kamla Devi Rathi being the proprietor.  Later on,
the constitution of the firm was changed to partnership in January
2011 with Mr. Shrikant Rathi joining in as partner.  Presently,
Mrs. Kamla Devi Rathi has 51% share while Mr. Shrikant Rathi has
49% share in the firm. SOAP is being managed by the Rathi family,
who have also promoted Jodhpur-based Shri Nath Gum & Chemicals
(SNGC) which is also involved in the manufacturing of guar gum
powder (of food grade) and guar refined dall since 1988.


SREE SREE: CARE Assigns 'B' Rating to 5.28cr LT Bank Facilities
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Sree Sree Rakhahari Cold Storage Pvt Ltd.

Facilities                Amount (Rs. crore)  Rating     Remarks
----------                ------------------  ------     -------
Long-term Bank Facilities    5.28              CARE B     Assigned
Short-term Bank Facilities   0.14             CARE A4     Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sree Sree Rakhahari
Cold Storage Pvt Ltd (SSRCSPL) are constrained by its regulated
nature of business, competition from other local players,
seasonality of business with susceptibility to vagaries of nature
and risk of delinquency in loans extended to farmers and weak
financial risk profile marked by the small scale of operations
with a thin profitability and leveraged capital structure.  The
aforesaid constraints are partially offset by the rich experience
of the promoters, satisfactory track record of operations and its
proximity to the potato-growing areas.

The ability to increase the scale of operations and profitability,
manage working capital effectively and impact of weather
conditions on the production of potato would be the key rating
sensitivities.

Background

Sree Sree Rakhahari Cold Storage Pvt Ltd (SSRCS), incorporated on
March 27, 2007, was promoted by two brothers, Mr. Swarup Pratihar
and Mr. Anup Kumar Pratihar of Paschim Midnapur, West Bengal.

Since its inception, SSRCS is engaged in the business of providing
cold storage facility primarily for potatoes to the local farmers
and traders on rental basis.  The facility, with a storage
capacity of 178,028 quintals, is located at the Paschim Midnapur
district of West Bengal.  Besides providing cold storage facility,
the company also provides interest-bearing advances to farmers for
potato farming purposes against potato stored.  This apart, it
also provides additional services to the farmers such as insurance
of potatoes stored and drying of potatoes.

During FY12 (refers to the period April 1 to March 31), the
company reported a PBILDT of Rs.1.1 crore (Rs.1.2 crore in FY11)
and a PAT of Rs.0.06 crore (Rs.0.02 crore in FY11) on the total
income from operations of Rs.2.3 crore (Rs.2.1 crore in FY11).

Furthermore, the company reported to achieve net sales of Rs.2.8
crore during FY13 (Estimated).


UNITECH AUTOMOBILES: CARE Assigns 'B' Rating to 30cr Bank Loans
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Unitech Automobiles Private Limited

Facilities                Amount (Rs. crore)   Rating    Remarks
----------                ------------------   ------    -------
Long-term Bank Facilities         30            CARE B   Assigned

Rating Rationale

The rating assigned to the bank facilities of Unitech Automobiles
Private Ltd (UAPL) is tempered due to dealership nature of
automobile business and consequent limitation in growth of
profitability, high working capital intensive nature of operations
and highly leveraged capital structure.  Besides, the cyclicality
of the automobile sector and fortunes of UAPL linked with that of
Tata Motors Ltd (TML) amidst the competitive Indian automobile
market constitute the other rating constrains.

The rating, however, derives strength from the well-entrenched
experience of the promoter in the dealership of automobile, more
than decade old association with TML and reasonable scale of
operations.

The ability of UAPL to increase the sales volume amidst burgeoning
competition and consequent improvement in the profitability
comprises the key rating sensitivity.

Background

Unitech Automobiles Pvt Ltd (UAPL), incorporated in 1984 was co-
founded by Mr Vinod Sharma, Mr. R.P. Mungrikar, Mr. S. Premkumar
and Mr N. Subramanium.  UAPL is an authorized dealer of Tata
Motors Ltd (TML, rated CARE AA) for Mumbai, Thane and Raigad
districts of Maharashtra region.  It offers the entire range of
TML's commercial vehicles (light, medium & heavy), spare parts and
services.  UAPL has one showroom located at Andheri (rental basis)
in Mumbai and five sales outlets in Raigad District (rental
basis).

Furthermore, UAPL has three service workshops in Nerul, Andheri
and Turbhe, out of which, the workshops are at Nerul, (owned),
Turbhe (owned) and Andheri (rental basis) and stockyard in Panvel
(rental basis).  As per provisional FY13 financials (refers to
period April 1 to March 31) , UAPL reported sales of Rs.819.37
crore and PAT of Rs.1.13 crore as compared to sales of Rs.977.94
crore and PAT of Rs.5.52 crore respectively during FY12.


VHM INDUSTRIES: CARE Reaffirms 'BB+' Rating on 102.1cr LT Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
VHM Industries Limited

Facilities           Amount (Rs. crore)   Rating        Remarks
----------           ------------------   ------        -------
Long term Bank             102.13         "CARE BB+"    Reaffirmed
Facilities

Short term
Bank Facilities            30             "CARE A4+"    Reaffirmed

Rating Rationale

The ratings assigned to VHM Industries Limited continue to be
constrained by its limited presence across the textile value
chain, moderate capital structure and debt coverage indicators,
working capital intensive nature of business operations, intense
competition from large number of organized and unorganized players
in the sector and volatility in raw material prices.  Further, the
ratings are constrained by some instances of delays in payment of
undisputed statutory dues (tax deducted at source) in FY13.

The ratings, however, continue to derive strength from the
experience of the promoters in the textile industry and growth in
operations.  The ability of the company to improve profitability
margins amidst turbulent external environment characterized by
volatility in raw material prices and intense competition and
improve its capital structure are the key rating sensitivities.

Background

Incorporated in 1987, VHM Industries Limited (VHM) was established
as a private limited company by Mr. Vijayraj Mehta (Chairman).

VHM is engaged in manufacture of cotton as well as blended fabrics
for suiting and shirting.  In the recent years, VHM has undertaken
substantial expansion thereby increasing its fabric manufacturing
capacity from 30 lakh metres per annum (mpa) in 2006-07 to 186
lakh mpa in 2012-13.  The company has two manufacturing facilities
located in Bhiwandi (Maharashtra) and Umargaon (Gujarat).  VHM has
a dedicated dealership network spread across a number of states
like Maharashtra, Madhya Pradesh, Chhattisgarh, Himachal Pradesh,
Rajasthan, Karnataka, Kerala, Andhra Pradesh, Tamil Nadu etc.

The company reported a PAT of Rs.7 crore on a total operating
income of Rs.306 crore in FY13 visa-vis PAT of Rs.6.40 crore on a
total operating income of Rs.285 crore in FY12.


WEST SIDE HOTELS: CARE Assigns 'B' Rating to 12.68cr LT Bank Loans
------------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' rating to the bank facilities
of West Side Hotels and Resorts Pvt LTD

Facilities              Amount (Rs. crore)  Ratings    Remarks
----------              ------------------  -------    -------
LT Bank Facilities         12.68            CARE B     Assigned
ST Bank Facilities          0.42            CARE A4    Assigned

Rating Rationale

The ratings assigned to the bank facilities of West Side Hotels
and Resorts Pvt Ltd (WSR) are constrained by instances of delay in
debt servicing in the past caused by stressed liquidity position
due to delayed commencement of operations of the hotel, small
scale of operations with falling occupancy levels, revenue
concentration due to single hotel property and competition from
other existing hotels.  The ratings are further, constrained by
the subdued hotel industry outlook.

The ratings, however, draw comfort from resourceful promoters,
comfortable capital structure and favorable location of the
property.  Going forward, the ability of WSR to increase its scale
of operations while sustaining profitability margins would be the
key rating sensitivities.

Background

WSR is promoted by Dr. Amandeep Arora along with other family
members in October 2005.  WSR developed a 32-room budget hotel at
Panchkula (Chandigarh).  The hotel started operations from
December 2009.  The other facilities of the hotel include three
banquet halls (250 people accommodation) and restaurant & bar (100
seating capacity).  The management of the hotel is supported by
qualified and experienced hotel staff for day-to-day operations.

Dr. Amandeep Arora (under his proprietorship concern) is also
operating another hotel property (since 2007) under the  name of
Western Court at Chandigarh.

WSR reported a PAT of Rs.0.26 crore on a total income of Rs.6.79
crore in FY13 (refer to the period April, 1 to March, 31) as
against the PAT of Rs.0.02 crore on a total income of Rs.6.70
crore in FY12.



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


BLD INVESTMENT: Escapes Bankruptcy Proceedings
----------------------------------------------
Raras Cahyafitri at The Jakarta Post reports that BLD Investment
Pte. Ltd., a subsidiary of PT Bakrieland Development, has escaped
bankruptcy proceedings, at least for now, as the Central Jakarta
Commercial Court rejected on Sept. 23 a debt-postponement petition
by the company's bondholders over US$155 million bonds.

The court ruled that the case against BLD Investment Pte. Ltd.,
filed by London-based Bank of New York Mellon, was beyond its
jurisdiction and should be settled according to English law, The
Jakarta Post relates.

"Considering that the commercial court has no authority to examine
and adjudicate the case, the submitted debt postponement petition
shall be rejected," The Jakarta Post quotes Judge Aroziduhu Waruwu
as saying on Monday.

The debt postponement petition, known as PKPU, was filed earlier
this month when BLD Investment Pte. Ltd. failed to meet its
obligation to pay US$155 million on equity-linked bonds, which
matured last March, The Jakarta Post recounts.

According to The Jakarta Post, the presiding judge at the
commercial court said that the petition was rejected for a number
of considerations, including an agreement between the parties in
2010 to settle any dispute according to English law.

Responding to the ruling, the bondholders said they were
disappointed but appreciated the decision, The Jakarta Post notes.

Nira Nazaruddin, lawyer for the bondholders, said she would study
the ruling and talk with the bondholders before doing anything.
"We need to discuss this with our clients as to whether or not we
will appeal [to the Supreme Court]," Mr. Nazaruddin, as cited by
The Jakarta Post, said.

Meanwhile, Bakrieland's corporate affairs chief, Yudy Rizard
Hakim, said negotiations to resolve the bonds case would still go
ahead, The Jakarta Post relates.

When the trustee filed the petition, Bakrieland and the creditors
were negotiating to restructure the equity-linked bonds, The
Jakarta Post discloses.  The debt papers, issued in March 2010
with an interest rate of 8.625%, were meant to mature in 2015, The
Jakarta Post recounts.  But creditors exercised an option that saw
the bonds mature in March this year, The Jakarta Post states.

Claiming financial obstacles, Bakrieland said it would not be able
to pay its obligations and, therefore, proposed the restructuring,
The Jakarta Post relates.


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

HANSELLS FOOD: Breaches Lending Covenant with ANZ Bank New Zealand
------------------------------------------------------------------
Jonathan Underhill at The National Business Review reports that
Hansells Food Group breached a lending covenant with ANZ Bank New
Zealand because of a loss of earnings at its Australian subsidiary
stemming from a customer's trademark dispute with another company.

The Hansells unit had been making products for the customer under
a brand which became the subject of a dispute and subsequently had
"significant lost sales," The National Business Review says,
citing the company's 2013 financial statements.  The breach was
the only black spot in a year when sales climbed 9% and the
Auckland-based food manufacturer returned to profit, The National
Business Review notes.

Chief executive John McKay declined to give details of the
trademark dispute, saying it was private to a customer, The
National Business Review relates.

"We've been impacted because we made for the customer under that
brand," The National Business Review quotes Mr. McKay as saying.
"We're through that issue now and out the other side.  It's back
to business as usual."  The company is supplying some replacement
products to the customer under another brand, The National
Business Review discloses.

Hansells "is working with the bank at the moment," Mr. McKay, as
cited by The National Business Review, said.  "We have their
ongoing support."

The company refinanced its debt in the latest financial year,
shifting to ANZ Bank from Westpac Banking Corp., The National
Business Review recounts.  According to The National Business
Review, the facilities include a NZD25.9 million short-term loan
at 4.6% and a term loan of NZD18 million at 6.1%.  It also issued
about NZD3.7 million of convertible notes paying 12% interest, The
National Business Review relays.

A year earlier, it had been paying 7.3% on a short-term loan of
about NZD10.2 million at Westpac and 6.6% for a NZD31 million term
loan, The National Business Review discloses.

Hansells Food Group is a food company based in Auckland, New
Zealand.  It has brands including Empire spices, King soups,
Hansells cooking ingredients, Sucaryl and Sugromax sweeteners,
thriftee drink concentrate, WeightWatchers foods, Alfa One rice
bran oil, make a shake milkshake mix, Pane Toscano Italian breads,
Vita Quench, Vitafresh and Vitasport drinks.


MAINZEAL PROPERTY: Liquidators Chase NZD46.6 Million in Debt
------------------------------------------------------------
Paul McBeth at The National Business Review reports that the
liquidator for the failed Mainzeal construction group is preparing
to face off with several related entities over some "highly
intermingled" transactions.

According to The National Business Review, BDO's Brian Mayo-Smith,
Andrew Bethell and Stephen Tubbs said in their second report that
they are chasing NZD46.6 million in related party debt in separate
actions as they try to untangle the effects of two significant
restructures two years prior to the collapse that had a
"significant impact on related party positions".  The liquidators
have received claims totaling NZD106.3 million and say they
believe there are a number who have yet to file a claim, The
National Business Review discloses.

The National Business Review relates the liquidators said in their
report that they attempted to settle a NZD27 million debt owed by
Chinese-registered Richina China Pacific Investments relating to a
prepaid goods arrangement, which arose from the restructuring,
though those discussions have since ceased.

Mayo-Smith, Bethell and Tubbs have applied to liquidate Richina
Global Real Estate over a NZD15.2 million debt assigned to
Mainzeal Group in December last year which they considered wasn't
valid, and a hearing is scheduled in early October, The National
Business Review discloses.  The liquidators are also supporting
receivers Colin McCloy and David Bridgman of PwC's application to
wind-up Isola Vineyards over NZD6.6 million in related party
debts, The National Business Review says.

In June, the liquidators won a High Court order to pool the
affairs of a raft of Mainzeal companies into one administration,
and require Richina Global Real Estate to contribute NZD20.9
million and Isola Vineyards NZD2.5 million to the liquidation,
The National Business Review recounts.  Mainzeal principal Richard
Yan has filed an "out of time" application to strike out that
order, which is set for an initial court date late next month,
The National Business Review relates.  The liquidators were
appointed less than a month after one of its primary trading arms,
Mainzeal Property and Construction, was placed in receivership on
Waitangi Day, The National Business Review recounts.  Receivers
McCloy and Bridgman are expected to file their second report on or
around Oct. 12, and the liquidators understand the sale of a
property will satisfy the amount owed to secured creditor and the
appointer, Bank of New Zealand, excluding a performance bond,
The National Business Review discloses.  BNZ was owed NZD9.6
million by 200 Vic Ltd., a Mainzeal entity, and a further NZD2.8
million from another related party, The National Business Review
says.

The receivers' first report in April showed the Mainzeal companies
owes NZD70 million to unsecured trade creditors, of which NZD51.7
million is accounts payable and NZD18.3 million in retentions
held, The National Business Review notes.

                      About Mainzeal Property

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

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

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

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

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

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



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

VITARICH CORP: Plans to Exit Corporate Rehabilitation in Two Years
------------------------------------------------------------------
Business World Online reports that Vitarich Corp. said it plans to
exit from corporate rehabilitation in the next two years as it
moves to pay debts by converting them into shares and disposing
noncore assets.

Ricardo M. Sarmiento, Vitarich executive vice-president, said its
PHP3.2-billion liabilities from Kormasinc, Inc. will be reduced to
PHP800 million after a PHP2.38-billion debt-to-equity conversion
is completed, Business World Online relates.

"How we plan to pay [PHP]800 million is through asset sale,"
Business World Online quotes Mr. Sarmiento as saying in a briefing
in Taguig City.  "The process of selling noncore assets has
started already."

According to Business World Online, the firm said its board has
approved "the conversion of part of its debts to Kormasinc, Inc.
amounting to [PHP]2.38 billion into equity of the corporation at a
ratio of 1:1 or 1 share of common stock for every [PHP]1.00 debt."

The company, as cited by Business World Online, said that around
PHP90 million stocks will come from existing shares while PHP2.29
billion shares shall be issued out of the increase in the
authorized capital stock, subject to the approval of the
Securities and Exchange Commission, according to the company.

According to Business World Online, Mr. Sarmiento recalled that
Vitarich in 2007 embarked on a 15-year corporate rehabilitation
due to difficulties in paying debts.  Prior to the debt
conversion, the company negotiated with various parties, including
the Aboitiz Group, in search of a "white knight", Business World
Online recounts.

Kormasinc will own around 80% of Vitarich after the Securities and
Exchange Commission approves the debt conversion, which was
cleared by the firm's board just last Sept. 23, Business World
Online discloses.

The official, as cited by Business World Online, said that the
Sarmiento family, however, will continue to run the company.

Mr. Sarmiento said debt conversion is crucial for Vitarich,
describing the process as "the first step" in revitalizing the
company, whose finances were hit hard by the Asian financial
crisis in late '90s, Business World Online relates.

"What this means for us as a corporation is that the overhanging
or looming uncertainty of foreclosure is now gone, and we are in a
better position to move forward and grow the business," Business
World Online quotes Mr. Sarmiento as saying.  "It puts us in a
better position to get fresh capital, to get business partners.
We can now engage with suppliers again with our heads up high,
knowing that we are not going to close down."

Mr. Sarmiento declined to specify plans, Business World Online
notes.

The company trimmed its net loss to PHP14.64 million in the first
semester from PHP85.16 million in the same period last year,
Business World Online discloses.

Vitarich, formerly known as Philippine American Milling Co., Inc.,
was incorporated in 1962 and is currently engaged in the
formulation, production, storage and marketing of various animal
and aqua feeds in mash, pellet, crumble, and extruded forms.



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

TONG YANG GROUP: May Sell Tongyang Power to Repay Debt
------------------------------------------------------
Na Jeong-ju at Korea Times reports that Tongyang Group said
Tuesday that it is willing to sell one of its core affiliates,
Tongyang Power, in order to secure funds for debt repayment.

On the same day, the wife of the late Tongyang founder, Lee
Yang-ku, said she will transfer her stake in Orion Group, an
offshoot of Tongyang, to Tongyang Networks, to help relieve its
cash shortage problem, Korea Times discloses.  According to Korea
Times, the stake is worth about KRW150 billion.

Korea Times relates that analysts said these plans, if implemented
successfully, could help the country's 47th conglomerate avoid
immediate bankruptcy.

According to Korea Times, Tongyang officials said the firm will be
able to secure KRW300 to KRW500 billion through the sale of
Tongyang Power, an energy firm that constructs and operates power
plants.

Another core subsidiary, Tongyang Magic, that specializes in
producing kitchen appliances is valued at some KRW110 billion, and
has already been put up for auction, Korea Times discloses.  The
group's Chairman Hyun Jae-hyun also pledged to sell his own assets
to tide over the liquidity crisis, Korea Times notes.

"We are taking all possible measures to survive," Korea Times
quotes Bae Jin-won, a group spokesman, as saying.  "However, we
can't survive without support from creditors and the financial
authorities.  We need their help."

According to brokerage firms, a total of some KRW1.13 trillion
(US$1.04 billion) worth of bonds and corporate bills issued by
Tongyang's affiliates are scheduled to mature this year, Korea
Times discloses.

Tongyang, Korea Times says, hopes it can raise some KRW800 billion
by selling its core assets.  However, the liquidity problem could
make it difficult to find new owners, and even if it does, the
firms may have to be sold at bargain prices, Korea Times states.

Tong Yang Group is a South Korean conglomerate founded in 1957 as
a cement manufacturer.  The company through its subsidiaries,
engages in constructing houses, and roads and harbors.  Its
products include ready mixed concrete, PHC piles, admixture, low
heat cement, low-heat portland cement, portland cement, and blast
furnace slag cement.


TONG YANG GROUP: Financial Regulator Starts Special Probe
---------------------------------------------------------
Yonhap reports that the Financial Supervisory Service said
Wednesday it has started a special probe into a financial arm of
cash-strapped Tong Yang Group to check on its debt sales in
connection with the conglomerate's liquidity shortage.

The Financial Supervisory Service has set out for an inspection on
Tongyang Financial Services Corp., a wholly owned money-lending
subsidiary of Tong Yang Securities Inc., the brokerage unit of the
troubled namesake company Tong Yang Group, Yonhap relates.

The probe came as South Korea's 38th-largest conglomerate is on
the verge of bankruptcy after it ran out of cash to repay maturing
debts worth KRW1.1 trillion (US$1.02 billion) due to a slowdown in
their building and hospitality businesses, Yonhap notes.

The embattled family-run group has had no success in getting
financial support from either its creditor banks or its former
affiliate run by a relative, Yonhap says.

State-run Korea Development Bank (KDB), to which Tong Yang Group
owes the majority of its bank loans, repeatedly denied the
possibility that the lender will offer help to shore up the ailing
conglomerate, Yonhap discloses.

In a desperate move, Tong Yang Group was seeking to raise
KRW65 billion through selling 18-month notes, but gave up after
the FSS apparently put a brake on it, citing that the group failed
to specify risk elements in its registration report submitted to
the Korea Exchange, Yonhap recounts.

Later in the day, FSS Gov. Choi Soo-hyun held an urgent press
briefing to ask investors not to fret about the situation and
assured them that their assets are safely housed in the state-run
depository and trustee banks in accordance with rules, Yonhap
relays.

Tong Yang Group's possible default has prompted a bank run among
investors who flocked to a nearby branch to withdraw their
securities accounts tied to the company debts, Yonhap says.

The FSS probe on Tong Yang Group's money lender follows the
watchdog's preceding inspection on Tong Yang Securities, the main
seller and manager of Tong Yang Group's debts, to see if there are
any irregularities with the bond sales, Yonhap recounts.

Of the liabilities, some KRW370 billion won worth of commercial
papers (CPs), a type of short-term corporate debts, will come due
within this year, the FSS, as cited by Yonhap, said, adding to
fears that the liquidity squeeze might lead to massive losses for
retail investors who bought such bonds.

According to Yonhap, the regulator noted Tong Yang Group may face
more trouble with refinancing the debts in time since a change in
local law, taking effect from next month, will prohibit a
financial affiliate of a company from selling low-rated bonds
issued by its parent firm or other subsidiaries.

The financial watchdog said the probe is to prevent any financial
losses that might incur from Tong Yang Group's potential default
as that will be catastrophic for retail investors, Yonhap notes.

Tong Yang Group is a South Korean conglomerate founded in 1957 as
a cement manufacturer.  The company through its subsidiaries,
engages in constructing houses, and roads and harbors.  Its
products include ready mixed concrete, PHC piles, admixture, low
heat cement, low-heat portland cement, portland cement, and blast
furnace slag cement.



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


DFCC BANK: Fitch Assigns 'B+' IDRs With Stable Outlooks
-------------------------------------------------------
Fitch Ratings has assigned Sri Lanka-based DFCC Bank (DFCC) Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of
'B+' with Stable Outlooks.

Fitch has also assigned DFCC a 'b+' Viability Rating (VR), a
Support Rating (SR) of '4', and Support Rating Floor (SRF) of 'B'.

Fitch has also assigned DFCC's proposed issue of USD denominated
notes an expected rating of 'B+(EXP)'. A full list of rating
actions is provided at the end of this commentary.

The final rating of the USD notes is contingent upon receipt of
final documents conforming to information already received.

Rating Action Rationale

The Long Term IDRs and VR reflect DFCC's satisfactory risk
profile, its good project finance track-record and strong capital
ratios. Counterbalancing factors are the group's expanding
commercial banking business conducted through its 99% subsidiary,
DFCC Vardhana Bank (DVB), which has a higher risk profile given
that these activities are believed to be, at least initially, less
profitable than peers' given its weaker franchise as a relatively
new entrant.

The IDRs and VR also take into account DFCC's exposure to Sri
Lanka (BB-/Stable) and risks relating to its developing and
relatively weaker regulatory, legal, and operational environment.
This includes a potential cyclical deterioration in DFCC's asset
quality, lower profitability and volatile loan growth. The SR of
'4' and SRF of 'B' reflect Fitch's expectations of somewhat
limited extraordinary support from the state, given the latter's
own fiscal challenges as reflected in its 'BB-' rating, and DFCC's
lower systemic importance than larger government banks or larger
systemically important banks. Fitch is of the view that there is a
special relationship with the government stemming from DFCC's role
as a specialised project lender; DFCC being encouraged to issue
foreign currency debt by the government; and the government's
indirect holding of about 35% of the voting shares of DFCC.

The notes are rated at the same level as DFCC's Long-Term Foreign
Currency IDR as they constitute unsecured and unsubordinated
obligations of the issuer.

Fitch is of the view that the senior unsecured creditors of DFCC
on a standalone basis and the senior unsecured creditors of DVB on
a standalone basis are likely to rank equally, and consequently
are rated at the same level as the consolidated group.

In line with Fitch's criteria, Recovery Ratings are assigned to
entities with an IDR of 'B+' or below. Fitch has assigned a
Recovery Rating of 'RR4' to the notes to reflect average recovery
prospects of 31% -50% for unsecured creditors in case of default
under both a standalone and consolidated basis.

Rating Sensitivities

An upgrade of DFCC's IDRs and VR is unlikely over medium-term
given Fitch's expectation for the direction of the group's risk
profile and potential lower capitalisation. The IDRs and VR could
be downgraded if there is a sustained and substantial weakening in
DFCC's credit profile, together with a material decline in its
capital position and other loss absorption indicators.

The SR and SRF are sensitive to the sovereign's ability and
propensity to provide timely support, particularly if the
sovereign rating were to change.

Any change in DFCC's IDRs would impact the rating of the proposed
USD notes.

A full list of DFCC's ratings:

Long-Term Foreign- and Local-Currency IDRs assigned at 'B+';
Stable Outlook
Proposed USD senior unsecured notes assigned at 'B+(EXP)';Recovery
Rating assigned at 'RR4'
Short-term Foreign Currency IDR assigned at 'B'
Viability rating assigned at 'b+'
Support Rating assigned at '4'
Support Rating Floor assigned at 'B'
National Long-Term Rating:'AA-(lka)'; Outlook Stable
Senior unsecured debentures:AA-(lka)'
Subordinated debentures: 'A+(lka)'




                             *********

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

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

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


                            *********


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

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

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

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

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



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