TCRAP_Public/130121.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

           Monday, January 21, 2013, Vol. 16, No. 14


                            Headlines


A U S T R A L I A

SPILLANE FABRICATIONS: Goes Into Administration


C H I N A

COMPUTER GRAPHICS: Clement C. W. Chan Raises Going Concern Doubt
DBA TELECOMMUNICATION: S&P Assigns 'BB-' Corporate Credit Rating
EVERGRANDE REAL ESTATE: Share Placement No Effect on 'B1' CFR
UTSTARCOM HOLDINGS: Himanshu Shah Hikes Equity Stake to 17.7%


H O N G  K O N G

AP FAR: Members' Final Meeting Set for Feb. 14
CDP SECURITIES: Creditors' Proofs of Debt Due March 11
CMC MARKETS: Members' Final Meeting Set for Feb. 15
FANCY HERO: Members' Final Meeting Set for Feb. 18
HEP B: Creditors' Proofs of Debt Due Jan. 31

IGAI COMPANY: Annual Meetings Set for Jan. 22
INTERNATIONAL (HK): Lau Cheuk Man Steps Down as Liquidator
OCEAN MATE: Creditors' Proofs of Debt Due Feb. 14
PO LAI: Placed Under Voluntary Wind-Up Proceedings
PO LAI COSMETICS: Placed Under Voluntary Wind-Up Proceedings

RAYNERS COMPANY: Creditors' Proofs of Debt Due March 11
REPUTEX HOLDINGS: Commences Wind-Up Proceedings
RICKMANSWORTH INVESTMENTS: Creditors' Proofs of Debt Due March 11
STANDARD CHARTERED: Creditors' Proofs of Debt Due Feb. 14
SUN RISE: Members' Final Meeting Set for Feb. 14


I N D I A

ANNAPOORANI YARNS: Delay in Loan Payment Cues Junk Rating
CORONA STEEL: CRISIL Rates INR10MM Cash Credit at 'CRISIL B'
MOUNT INFRA: CRISIL Cuts Rating on INR100MM Loan to 'B+'
R.K & SONS: ICRA Assigns 'BB+' Rating on INR1.25cr LT Loans
SANGITA SALES: CRISIL Assigns 'B' Rating on INR150MM Loans to 'B'

SHREE MOMAI: ICRA Assigns 'B+' Rating to INR5.50cr Loans
SOUTHERN AGRIFURANE: CRISIL Ups Rating on INR320MM Credit to BB-
SRI KRISHNA: ICRA Assigns '[ICRA] B' Rating to INR12.3cr Loans
SSZ COMMODITIES: CRISIL Cuts Rating on INR300MM Loan to B+'
VMC SYSTEMS: ICRA Cuts Rating on INR705cr on Loans to 'BB'

WORLD RESORTS: ICRA Suspends 'B-' Rating Placed to INR53.6cr Loan


I N D O N E S I A

BUMI RESOURCES: S&P Lowers Corporate Credit Rating to 'B'
LIPPO KARAWACI: Fitch Assigns 'BB-' Rating to USD130-Mil. Notes


N E W  Z E A L A N D

BRIDGE AND MARINE: In Liquidation; Key Canberra Road in Limbo
ZEPHYR PUBLISHING: Liquidator Says Unsec. Creditors May Not Claim


                            - - - - -


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


SPILLANE FABRICATIONS: Goes Into Administration
-----------------------------------------------
Cara Waters at SmartCompany reports that Spillane Fabrications
has gone into administration in another blow to the beleaguered
manufacturing sector.

Terry Rose -- terry.rose@svp.com.au -- and Anne Meagher --
anne.meagher@svp.com.au -- of SV Partners were appointed as the
company's administrators last week, the report says.

Mr. Rose told SmartCompany that Spillane Fabrications owes the
Australian Tax Office AUD100,000 and trade creditors around
AUD30,000.

"We are continuing to trade the business with a view of trying to
put a deed of company arrangement in place," the report quotes
Mr. Rose as saying.

According to the report, Mr. Rose said the factor which tipped
Spillane Fabrications over the edge was cash flow problems.

"That's why we think a deed might be able to be worked through
and also the ATO was applying some pressure to them," Mr. Rose,
as cited by SmartCompany, said.  "The indicators are that
hopefully we will be able to trade out."

SmartCompany relates that Mr. Rose said he is still investigating
Spillane Fabrications' collapse.

"There is always uncertainty in the industry but it is probably
just too early at this stage to say," Mr. Rose told SmartCompany.

A first meeting of creditors will be held on Jan. 25, 2013, the
report says.

Spillane Fabrication is a stainless steel manufacturing company
based in Brisbane.



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


COMPUTER GRAPHICS: Clement C. W. Chan Raises Going Concern Doubt
----------------------------------------------------------------
Computer Graphics International Inc. filed on Jan. 14, 2013, its
annual report on Form 10-K for the fiscal year ended Sept. 30,
2012.

Clement C. W. Chan & Co., in Wanchai, Hong Kong, expressed
substantial doubt about Computer Graphics' ability to continue as
a going concern.  The independent auditors noted that the Company
incurred a net loss of $1,136,813 for the year ended Sept. 30,
2012 and has accumulated losses of $841,688 at Sept. 30, 2012.

The Company reported a net loss of $1.1 million on $5.8 million
of sales in fiscal 2012, compared with net income of $2.8 million
on $10.1 million of sales in fiscal 2011.  The Company attributed
the decrease in sales to the overall market decline in the
current Chinese real estate industry.

The Company's balance sheet at Sept. 30, 2012, showed
$2.0 million in total assets, $1.3 million in total liabilities,
and stockholders' equity of $700.8 million.

A copy of the Form 10-K is available at http://is.gd/R5TP9v

Shenzhen, China-based Computer Graphics International, Inc., is a
3D digital visual service provider founded in 2006.  The Company
specializes in providing one-stop-shop service and systems based
on 3D image technology to domestic governments, real estate
developers, game developers, the automotive industry and other
commercial customers.  The Company operates through its wholly-
owned subsidiaries Shenzhen Digital Image Technologies Co.,
Limited and Guangzhou Digital Image Technologies Co., Ltd.


DBA TELECOMMUNICATION: S&P Assigns 'BB-' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term corporate credit rating and its 'cnBB+' long-term
Greater China regional scale rating to DBA Telecommunication
(Asia) Holdings Ltd., a China-based manufacturer and operator of
intelligent self-service payment terminals.  The outlook is
stable.

At the same time, Standard & Poor's assigned its 'BB-' long-term
issue rating and 'cnBB+' rating to the company's proposed senior
unsecured notes.

"The rating on DBA reflects our view of the exposure of the
company's intelligent self-service business to competition from
alternative payment service providers and regulatory
uncertainty," said Standard & Poor's credit analyst Lillian
Chiou.  "The execution risk in DBA's aggressive nationwide
expansion plan and revenue concentration in pre-paid phone cards
also weigh on the rating.  The company's adequate financial
buffers and good efficiency due to its integrated business model
temper these risks."

S&P assessed the company's business risk profile as "weak" and
its financial risk profile as "significant," as S&P's criteria
defines these terms.

"The sustainability of DBA's intelligent self-service (ISS)
business is untested, in our opinion.  The ISS business faces
stiff competition from substitute payment services.  In addition,
the ISS business is subject to high regulatory uncertainty.
Nevertheless, the company is the first non-financial company
licensed to provide e-payment services nationwide through its
connection with the payment and settlement system of UnionPay, a
bank card, in China," S&P said.

DBA is exposed to revenue concentration risk in selling phone
cards through its ISS business.  The growth of DBA's ISS business
outpaces that of its information technology (IT) business.  S&P
estimates that sales from phone cards will continue to comprise
more than 90% of total cards sold in 2013.  However, S&P expects
still-strong growth in China's mobile communication demand to
temper the risk.

DBA's plan to increase the number of self-service payment
terminals to about 50,000 across China over the next three to
four years is aggressive, in S&P's opinion.  However, the high
flexibility in the implementation of the plan reduces the
execution risk.

S&P expects DBA to generate adequate profits to support the
rating over the next one to two years, partly due to the IT
business.  S&P anticipates that government policy will support
renewal demand for phone booths.

"We believe DBA's low leverage provides adequate buffer for the
company's planned capital expenditure and the risk of lower
returns from business expansion over the next one to two years.
In our base-case projection, after factoring in the proposed bond
issuance, we expect the company's debt-to-EBITDA ratio to rise to
about 1.8x in 2013.  We estimate the ratio of funds from
operations (FFO) to debt to fall to about 40.0% in 2013 from
630.1% at the end of 2012.  Both ratios are likely to improve in
2014," S&P noted.

"The stable outlook reflects our expectation that DBA will
maintain adequate financial buffers to support its debt-funded
growth strategy," said Ms. Chiou.  "We anticipate high double-
digit revenue growth over the next 12 months.  In our base case,
we also expect a healthy profit margin for DBA's IT business."

S&P could lower the rating if DBA's growth and profitability are
materially weaker than its expectation or if the company
undertakes a more aggressive expansion plan than it anticipates.
A deterioration in credit protection measures, such that debt
leverage approaches 2.5x, would indicate such weakness.

An upgrade is unlikely in the coming one to two years due to
DBA's revenue concentration in pre-paid phone cards and the
perceived threat of rapid growth for other substitute services
providers.


EVERGRANDE REAL ESTATE: Share Placement No Effect on 'B1' CFR
-------------------------------------------------------------
Moody's Investors Service says that Evergrande Real Estate Group
Limited's share placement has positive implications for its
capital structure and liquidity.

However, this fund raising initiative will not have an immediate
impact on the company's B1 corporate family rating, B2 senior
unsecured bond ratings, or their stable outlook.

"The share placement announced on 17 January 2012 is credit
positive, and is a prudent move by Evergrande's management to
improve its debt leverage and liquidity position," says Kaven
Tsang, a Moody's Vice President and Senior Analyst.

The company has been growing rapidly over the past few years,
supported mainly by debt. The latest share placement will enhance
its equity base and balance sheet liquidity.

"This funding initiative should position it more firmly at the B1
rating level," adds Mr. Tsang.

The HKD4.35 billion (approximately RMB3.5 billion) in proceeds,
approximately 10% of the company's total equity of RMB36.3
billion as of June 2012, will be used to fund its business
development activities and debt repayments.

After the placement, its adjusted debt/capitalization ratio will
improve to below 60% from 64.5% as of June 2012.

Meanwhile, its projected EBITDA interest coverage will remain at
3x-3.5x.

Evergrande's contract sales in 2012 were RMB92.3 billion (+15%
year-on-year); its 2013 target is RMB100 billion, which is an
8.3% increase from the actual sales in 2012.

The equity proceeds will help support this growth targets.

Nevertheless, the core driver for upward rating pressure will
depend on a successful rollout of the company's business plan and
demonstration of prudent financial management.

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

Evergrande Real Estate Group Limited is one of the major
residential developers in China, with a standardized operating
model. Founded in 1996 in Guangzhou, the company has rapidly
expanded its business across the country over the past few years.
As of June 2012, it had a land bank of 142 million square meters
in gross floor area across 121 cities in China.


UTSTARCOM HOLDINGS: Himanshu Shah Hikes Equity Stake to 17.7%
-------------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Himanshu H. Shah and his affiliates
disclosed that, as of Jan. 15, 2013, they beneficially own
20,706,948 shares of common stock of UTStarcom Holdings Corp.
representing 17.68% of the shares outstanding.  Mr. Shah
previously reported beneficial ownership of 19,004,034 common
shares or a 12.56% equity stake as of July 11, 2012.

A copy of the amended filing is available at http://is.gd/q4y4GT

                       About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access
services using their existing infrastructure, while providing a
migration path to cost-efficient, end-to-end IP networks.  The
Company's headquarters are currently in Alameda, California, with
its research and design operations primarily in China.

The Company had income of $11.77 million in 2011, following a net
loss of $65.29 million in 2010, and a net loss of $225.70 million
in 2009.

The Company's balance sheet at Sept. 30, 2012, showed $505.93
million in total assets, $279.29 million in total liabilities and
$226.64 million in total equity.



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


AP FAR: Members' Final Meeting Set for Feb. 14
----------------------------------------------
Members of AP Far East Limited will hold their final meeting on
Feb. 14, 2013, at 11:00 a.m., at 7th Floor, Alexandra House, at
18 Chater Road, Central, in Hong Kong.

At the meeting, Philip Brendan Gilligan, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


CDP SECURITIES: Creditors' Proofs of Debt Due March 11
------------------------------------------------------
Creditors of CDP Securities Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 11, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 27, 2012.

The company's liquidator is:

         Leung Shiu Tong
         16th Floor, Jonsim Place
         228 Queen's Road
         East, Wanchai
         Hong Kong


CMC MARKETS: Members' Final Meeting Set for Feb. 15
---------------------------------------------------
Members of CMC Markets Asia Limited will hold their final general
meeting on Feb. 15, 2013, at 10:00 a.m., at 19/F, Tower A,
Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong,
Kowloon, in Hong Kong.

At the meeting, John Chi Wai Wong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


FANCY HERO: Members' Final Meeting Set for Feb. 18
--------------------------------------------------
Members and creditors of Fancy Hero Limited will hold their final
meeting on Feb. 18, 2013, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 1705-6, 17/F, 248 Queen's Road East,
Wanchai, in Hong Kong.

At the meeting, Lam Yuet Ling Karen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HEP B: Creditors' Proofs of Debt Due Jan. 31
--------------------------------------------
Creditors of Hep B Alliance Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 31, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 27, 2012.

The company's liquidator is:

         Dr. Hsu Yau Que
         Apt 941, Tower 5
         Hong Kong Parkview
         88 Tai Tam Reservoir
         Road, Hong Kong


IGAI COMPANY: Annual Meetings Set for Jan. 22
---------------------------------------------
Contributories and creditors of Igai Company Limited will hold
their annual meetings on Jan. 22, 2013, at 3:00 p.m., and 3:30
p.m., respectively at 43/F, The Lee Gardens, 33 Hysan Avenue,
Causeway Bay, in Hong Kong.

At the meeting, Alan C W Tang, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


INTERNATIONAL (HK): Lau Cheuk Man Steps Down as Liquidator
----------------------------------------------------------
Lau Cheuk Man stepped down as liquidator of International
(Hong Kong) Antique & Unique Mineral Collectors Association
Limited on Jan. 4, 2013.


OCEAN MATE: Creditors' Proofs of Debt Due Feb. 14
-------------------------------------------------
Creditors of Ocean Mate International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 14, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 30, 2012.

The company's liquidators are:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         6/F, Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong


PO LAI: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------
At an extraordinary general meeting held on Dec. 28, 2012,
creditors of Po Lai Eye Pouch Treatment Centre Limited resolved
to voluntarily wind up the company's operations.

The company's liquidators are:

         Cheung Hok Hin Alan
         Suen Fuk Yuen
         Wing United CPA Limited
         Suite 2302, 23rd Floor
         Seaview Commercial Building
         21 Connaught Road
         West, Sheung Wan, Hong Kong


PO LAI COSMETICS: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Dec. 28, 2012,
creditors of Po Lai Cosmetics International Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Cheung Hok Hin Alan
         Suen Fuk Yuen
         Wing United CPA Limited
         Suite 2302, 23rd Floor
         Seaview Commercial Building
         21 Connaught Road
         West, Sheung Wan, Hong Kong


RAYNERS COMPANY: Creditors' Proofs of Debt Due March 11
-------------------------------------------------------
Creditors of Rayners Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 11, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 27, 2012.

The company's liquidators are:

         John Robert Lees
         Mat Ng
         20/F, Henley Building
         5 Queen's Road
         Central, Hong Kong


REPUTEX HOLDINGS: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Reputex Holdings (HK) Limited, on Jan. 2, 2013, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         J P Walsh
         2310 Dominion Centre
         43-59 Queen's Road
         East, Hong Kong


RICKMANSWORTH INVESTMENTS: Creditors' Proofs of Debt Due March 11
-----------------------------------------------------------------
Creditors of Rickmansworth Investments Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 11, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 27, 2012.

The company's liquidators are:

         John Robert Lees
         Mat Ng
         20/F, Henley Building
         5 Queen's Road
         Central, Hong Kong


STANDARD CHARTERED: Creditors' Proofs of Debt Due Feb. 14
---------------------------------------------------------
Creditors of Standard Chartered Real Estate Advisory Services
(Hong Kong) Limited, which is in members' voluntary liquidation,
are required to file their proofs of debt by Feb. 14, 2013, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 31, 2012.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35/F, One Pacific Place
         88 Queensway, Hong Kong


SUN RISE: Members' Final Meeting Set for Feb. 14
-------------------------------------------------
Members of Sun Rise Textile Company Limited will hold their final
general meeting on Feb. 14, 2013, at 10:00 a.m., at 1606, Yiu
Chung House, Yiu On Estate, Ma On Shan, in N.T.

At the meeting, Lau Yin Yee Angela, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.



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


ANNAPOORANI YARNS: Delay in Loan Payment Cues Junk Rating
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Annapoorani Yarns to 'CRISIL D' from 'CRISIL B-/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              53.7      CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Long-Term Loan           49.3      CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The downgrade reflects instances of delay by Annapoorani in
servicing its term loan. The delays have been caused by the
firm's weak liquidity, driven by its low cash accruals and
limited fund based lines to fund working capital requirements.

Annapoorani has a weak financial risk profile, marked by a small
net worth and weak debt protection metrics. However, the firm
benefits from the established relationship with supplier and from
its diversified customer profile.

Incorporated in 2000 and based in Tamil Nadu (TN), Annapoorani
trades in various kinds of yarn and hosiery fabric required for
manufacturing garments.

Annapoorani reported a profit after tax (PAT) of INR1.5 million
on net sales of INR687.10 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR2.5
million on net sales of INR627.48 million for 2010-11.


CORONA STEEL: CRISIL Rates INR10MM Cash Credit at 'CRISIL B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities of Corona Steel Industry Private
Limited.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Foreign Bill              20       CRISIL A4
   Discounting

   Cash Credit               10       CRISIL B/Stable

   Export Packing Credit     20       CRISIL A4

The ratings reflect Corona's weak financial risk profile, large
working capital requirements and susceptibility to volatility in
raw material prices. These rating weaknesses are partially offset
by Corona's considerable experience of its promoters in the steel
fabrication industry.

Outlook: Stable

CRISIL believes that Corona will benefit from its promoters
considerable experience in steel engineering products. The
outlook may be revised to 'Positive' in case, the company shows
better than expected revenue growth and records higher than
expected profitability leading to improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
in case of deterioration in the company's financial risk profile
due to lengthening of working capital cycle or due to decline in
revenues and profitability.

Founded in 1978, Corona is engaged in manufacturing of wide range
of steel accessories used in the road and construction industry.
The company is promoted by Kolkata based Garodia family and has
manufacturing facility at Belur (West Bengal). The company
construction products include threaded rods, studs, tie rods,
stakes, cut rebars, bolts, nuts, washers, road forms & pins and
wire.


MOUNT INFRA: CRISIL Cuts Rating on INR100MM Loan to 'B+'
--------------------------------------------------------
CRISIL has downgraded its long term ratings on the bank loan
facilities of Mount Infra Project to 'CRISIL B/Stable' from
'CRISIL B+/Stable' while reaffirming the short term ratings at
'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Bank Guarantee       70       CRISIL A4 (Reaffirmed)
   Cash Credit         100       CRISIL B/Stable (Downgraded from
                                  'CRISIL B+/Stable')

The downgrade in rating is driven by MIP's low revenue visibility
marked by low order book position coupled with significantly
higher than expected deterioration in the gearing levels and debt
protection metrics over the medium term. MIP currently has an
order book of INR173.8 million to be executed in the next 18
months. Furthermore, the firm has recorded revenues of only
INR11.2 million for the six months ended September 30, 2012. The
gearing is expected to be under pressure over the medium term as
the firm will continue to depend heavily on external borrowings
to fund its working capital requirements. The dependence on
external facilities has increased also due to capital withdrawal
of INR10.2 million by the partners from the firm and support to
group companies (INR43.5 million) in the form of loans and
advances during 2011-12 (refers to financial year, April 1
to March 31). The gearing has deteriorated to 10.89 times as on
March 31, 2012 from nil as on March, 31, 2011. Increased
dependence on external debt has resulted in deterioration in the
interest coverage ratio to 1.76 times for 2011-12 as against 2.36
times for 2010-11. The interest coverage ratio is expected to be
under pressure due to high expected external indebtedness over
the medium term.

The ratings reflect MIP's modest scale of operations, exposure to
intense competition in the civil construction sector, and
working-capital-intensive nature of its operations. These
weaknesses are partially offset by the experience of MIP's
promoters in the civil construction business.

For arriving at its rating, CRISIL has treated INR95 million of
interest-bearing unsecured loans extended by MIP's promoters,
family and friends as neither debt nor equity. This is based on
the sanction terms of the bank which stipulate that the funds
will be retained in the business till the currency of the bank
facilities.

Outlook: Stable

CRISIL believes that MIP will continue to benefit over the medium
term, from promoters extensive experience in the industry. The
outlook may be revised to 'Positive' if the firm reports
significant growth in its revenue and profitability margins while
improving its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if there is
a steep decline in the firm's revenues or profitability margins
or if the group extends more-than-expected support to its group
concerns or if there is a significant deterioration in its
capital structure on account of larger-than-expected working
capital requirements.

MIP was established as a partnership firm between by Mrs.
Savitaben Shah and her grandson, Mr. Jimit Shah, in 2006. MIP is
a civil contractor and undertakes civil construction activities,
including construction of roadways and sewage and storm work
drains, primarily for Brihanmumbai Municipal Corporation and
Public Works Department, Mumbai. The firm is a Class A contractor
for the BMC.

Currently, the business activity of the firm is limited to Mumbai
and Thane. The registered office of the firm is in Mumbai.

MIP reported a profit after tax (PAT) of INR 0.1 million on net
sales of INR199.9 million for 2011-12, as against a PAT of INR7.2
million on net sales of INR141.1 million for 2010-11.


R.K & SONS: ICRA Assigns 'BB+' Rating on INR1.25cr LT Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' to the
INR1.25 crore fund based facilities of R.K & Sons; the outlook on
the rating is Stable.  ICRA has also assigned a short term rating
of '[ICRA]A4+' to the INR12.0 crore non-fund based bank limits of
RK.

                                   Amount
   Facilities                     (INR Cr)    Ratings
   ----------                     ---------   -------
   Long term, Fund based Limits     0.75      [ICRA]BB+ (Stable),
                                               Assigned

   Long term, Proposed Fund         0.50      [ICRA]BB+ (Stable),
   based Limits                                assigned

   Short term, Non fund            12.00      [ICRA]A4+, assigned
   based Limits

The ratings factor in the modest position of the firm in the
highly competitive road construction industry and the continuing
exposure to geographical and client concentration risk. The
ratings also take into consideration the decline in the revenues
and margins in FY 2012 due to delay in execution of some of the
orders, because of issues like land acquisition, and the increase
in basic raw material prices. The ratings also factor in the
recent changes in the partnership though the impact on the firm's
capital structure has been minimal considering the personal
settlement made to the exiting partner. The ratings,
nevertheless, continue to derive comfort from the long track
record and experience of the promoters in the industry;
relatively healthy orderbook of the firm which provides revenue
visibility for the medium term; and, the adequacy of plant &
equipment for scaling up its operations over the next 1-2 years.
The ratings also favourably consider the traditionally healthy
financial profile with high margins, low gearing and strong
coverage indicators.

R.K & Sons, a partnership firm formed in 1979, is a Salem-based
civil construction contractor. The firm is primarily involved in
the execution of road and bridge construction projects for
Government agencies. The firm is a contractor registered with the
Public Works Department (PWD) of Tamil Nadu and has executed
various projects for clients like the Tamil Nadu Highways
Department, Airports Authority of India, Corporation of Chennai,
etc. The firm has the requisite management, manpower and
equipment resources to execute road and bridge projects.

The business was managed by Mr. R Ganesan, Mr. Thangavelu and Mr.
G Ashwin Balaji (son of Mr. Ganesan). However, following the exit
of Mr. Thangavelu in April 2012, Mrs. Kalavathy (wife of
Mr. Ganesan) has been included as the third partner. The
promoters have longstanding experience of more than three decades
in the infrastructure construction segment. December 2012


SANGITA SALES: CRISIL Assigns 'B' Rating on INR150MM Loans to 'B'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sangita Sales Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              80        CRISIL B/Stable
   Proposed Long-Term       70        CRISIL B/Stable
   Bank Loan Facility

The rating reflects SSPL's modest scale of operations and subdued
financial risk profile marked by a small net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by extensive experience of SSPL's promoters in the coal trading
industry and established relationships with customers.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit from its
promoters' extensive industry experience and established
relationships with customers over the medium term. The outlook
may be revised to 'Positive' in case SSPL's generates a higher-
than-expected growth in its revenues, while improving its
profitability margins and capital structure. Conversely, the
outlook may be revised to 'Negative' if the company's revenues or
margins decline significantly or if the company undertakes debt-
funded capital expenditure, leading to weakening of its financial
risk profile.

Sangita Sales Pvt. Ltd., incorporated in 1992 is engaged in
domestic coal trading. The company procures coal mainly from
different subsidiaries of Coal India Ltd and supplies to end
users in the steel, power and various other sectors. The day-to-
day operations of the Nagpur-based company are managed by Mr.
Anant Kumar Agarwal, Mr. Sushil Bansal and Mr. Pradeep Bansal.

SSPL reported a profit after tax (PAT) of INR1.5 million on net
sales of INR596 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.6 million on net
sales of INR240 million for 2010-11.


SHREE MOMAI: ICRA Assigns 'B+' Rating to INR5.50cr Loans
--------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR5.00 crore
cash credit facility and INR0.50 crore proposed term loan of
Shree Momai Engineering Works.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------               ---------   -------
   Cash Credit                 5.00     [ICRA]B+ assigned
   Term Loan                   0.50     [ICRA]B+ assigned

The assigned rating is constrained by the relatively small scale
of operations of the firm and high competitive intensity in the
business owing to the low complexity of work involved. Further
the rating is constrained by the high customer concentration risk
of the firm with more than 50% of the revenues being derived from
a single customer and absence of any firm off take arrangements
as well as vulnerability of margins to adverse fluctuations in
raw material prices forex rates. The rating also takes into
account the high working capital intensity of operations due to
high inventory days and limited bargaining power of the firm on
the credit terms for raw material procurement; as well as risks
associated with partnership form of business in terms of capital
infusion and withdrawals. The rating however takes comfort from
the long experience and track record of the promoters in the
brass extrusion industry; expertise of the firm in development
and customization of products in accordance with customer's
requirements and long standing relationships with major customers
resulting in repeat orders.

Established in 1974 as a proprietorship firm, Shree Momai
Engineering Works was earlier involved in casting and moulding of
iron products. The firm was converted to a partnership firm in
1988 and is currently engaged in manufacturing brass extrusion
rods and brass based products including cooker weight sets,
sanitary fittings and water purifier pipes among others. The
firm's manufacturing facility is located in Jamnagar, Gujarat and
has an installed capacity of 500 MTPA.

Recent Results

For the year ended March 31, 2012 the firm reported an operating
income of INR13.46 crore and profit after tax of INR0.35 crore as
against an operating income of INR16.56 crore and profit after
tax of INR0.35 crore for FY 2011.


SOUTHERN AGRIFURANE: CRISIL Ups Rating on INR320MM Credit to BB-
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Southern Agrifurane Industries Pvt. Ltd. to 'CRISIL BB-
/Stable' from 'CRISIL B-/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              320       CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's expectation of improvement
in SAFL's business risk profile, driven by increased focus on
production of Indian Made Foreign Liquor for its own brands as
against the activities for other companies. CRISIL believes that
SAFL's operating profitability is likely to be aided by the
increased focus on production of IMFL for its own brands.

SAFL's revenues of around INR2.3 billion during 2011-12 (refers
to financial year April 1 to March 31) were marginally lower than
the CRISIL's estimates. However, the operating profitability was
significantly higher than CRISIL's estimates owing to its
increased focus on production of premium category IMFL for its
own brands.

CRISIL expects SAFL's liquidity profile to improve over the
medium term driven by the improved realizations from production
of IMFL for its captive brands. SAFL is expected to generate
adequate cash accruals to meet its maturing term debt obligations
over the medium term.

SAFL's financial risk profile was in line with CRISIL's
expectations with a gearing of 1.03 times as on March 31, 2012.
The gearing is expected to improve over the medium term aided by
the repayment of its long term debt obligations coupled with
improvement in its net worth levels driven by steady accretion to
reserves. The company does not intend to undertake any major debt
funded capital expenditure over the medium term.

CRISIL's rating continues to reflect SAFL's established regional
presence in the IMFL market and it's above average financial risk
profile. These rating strengths are partially offset by the
working capital intensive operations of SAFL and its
susceptibility to adverse
government regulations.

Outlook: Stable

CRISIL believes that SAFL will continue to benefit from its
established regional presence in the IMFL segment and the healthy
demand prospects for IMFL in Tamil Nadu. The outlook may be
revised to 'Positive' if the company increases its scale of
operations and operating profitability on a sustained basis
leading to sustenance of its healthy financial risk profile.
Conversely, the outlook may be revised to 'Negative' if any
regulatory changes adversely impact the company's revenues and
margins or if the company undertakes a larger than expected debt
funded capital expenditure programme leading to deterioration in
its financial risk profile.

                     About Southern Agrifurane

Southern Agrifurane Industries Pvt. Ltd. was acquired in 2002 by
the Tamil Nadu based MGM group. SAFL manufactures Indian Made
Foreign Liquor.

For 2011-12 (refers to financial year April 1 to March 31), SAFL
reported a profit after tax (PAT) of INR108.1 million on net
sales of INR2.3 billion as against a net loss of INR5.6 million
on net sales of 2.0 billion during 2010-11.


SRI KRISHNA: ICRA Assigns '[ICRA] B' Rating to INR12.3cr Loans
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR7.80 crore term
loan and INR4.50 crore cash credit facility of Sri Krishna
Nutritions (India) Private Limited.

                                    Amount
   Facilities                     (INR Cr)    Ratings
   ----------                     ---------   -------
   Fund Based Limits-Term Loan      7.80      [ICRA]B assigned
   Fund Based Limits-Cash Credit    4.50      [ICRA]B assigned

The assigned rating takes into account SKNPL's relatively small
scale and limited track record of operations and substantial debt
repayment obligation, which may exert pressure on the company's
liquidity in the short to medium term. The rating also takes into
consideration the inherent risks in the poultry and related
businesses in terms of disease outbreaks, timeliness of which
cannot be predicted, highly fragmented nature of the industry
with low entry barriers, intense competition from a large number
of players and the vulnerability of profitability to the risks of
fluctuations in raw material prices. The rating, however, derives
comfort from the favorable demand prospects for the domestic
poultry feed industry on the back of favorable socio economic
factors and the strategic location of the manufacturing unit that
is in close proximity to raw material sources and key customers.

SKNPL, incorporated in 2010, started its commercial production in
June 2012. The company is currently engaged in the production of
poultry feed with an installed capacity of 48,000 metric tonne
per annum (MTPA). The manufacturing facility of the company is
located at Ormanjhi, in the district of Ranchi, Jharkhand.


SSZ COMMODITIES: CRISIL Cuts Rating on INR300MM Loan to B+'
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of SSZ
Commodities Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Import Letter of       300      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that the business risk
profile of SSZ will be constrained over the medium term. The
scale of operations is expected to decline in 2012-13 (refers to
financial year, April 1 to March 31), with the operating income
expected to decrease year-on-year by more than 20 per cent. The
decline is expected on the back of slowdown in demand for steel
products in the end-user sectors including infrastructure,
engineering/fabrication and automobile and intense competition.

The financial risk profile of SSZ will also remain weak over the
medium term, primarily because of a small net worth. The company
has witnessed a significant decline in the net worth to just INR8
million as on March 31, 2012, from INR20 million in the previous
year, because of a net loss of INR10 million incurred in the year
because of foreign exchange (forex) loss of INR37 million. The
company procures more than 70 per cent of the products it trades
in from outside India. In the absence of any hedging mechanism to
minimise the risk due to forex rate fluctuations and high
volatility in forex rates in 2011-12, the company incurred forex
losses. Consequently, SSZ started hedging its forex exposure in
2012-13; however, the result of this hedging undertaken by the
company will remain a key rating monitorable over the medium
term. As a result of a small net worth and low
profitability, the risk coverage ratio (a measure of the
company's exposure to inventory, debtor risk and forex risk) and
total outside liabilities to tangible net worth are expected to
remain weak over the medium term. The interest coverage ratio is
also expected to remain weak at less than 1.50 times over the
medium term.

Outlook: Stable

CRISIL believes that SSZ's business and financial risk profiles
will remain constrained over the medium term; however it will
continue to benefit from the extensive industry experience of its
promoters and diversified customer base. The outlook may be
revised to 'Positive' if the company reports significantly
better-than-expected growth in its revenues along with a
significantly better-than-expected operating margin and cash
accruals, leading to improvement in its risk coverage metrics, or
if its capital structure improves due to infusion of substantial
capital. Conversely, the outlook may be revised to 'Negative' if
SSZ's operating margin further declines, if its cash
accruals decline significantly because of any further forex
losses or if its liquidity weakens due to a stretched working
capital cycle.

SSZ was incorporated in Mumbai in November 2009. SSZ is promoted
by a group of friends Mr. Sanjay Gupta, Mr. Zaheer Lokhandwala
and Mr. Mohanlal Jatia. The company is trading in steel plates
and coils.


VMC SYSTEMS: ICRA Cuts Rating on INR705cr on Loans to 'BB'
----------------------------------------------------------
ICRA has revised the rating assigned to the INR245 crore fund
based limits, INR400 crore non-fund based limits, and INR60 crore
term loan of VMC Systems Limited from '[ICRA]BBB-' to '[ICRA]BB'.
The outlook on the long term rating is revised from negative to
stable. ICRA has also revised the rating assigned to the INR1270
crore non-fund based limits of VMC from '[ICRA]A3' to '[ICRA]A4'.

                            Amount
   Facilities              (INR Cr)     Ratings
   ----------              ---------    -------
   Fund Based Limits         245        [ICRA]BB
                                        (stable outlook); revised

   Term Loan                 60         [ICRA]BB (stable Non Fund
                                         outlook); revised

   Based Limits              400        [ICRA]BB (stable
                                         outlook); revised

   Non Fund Based Limits     1270       [ICRA]A4; revised
   Fund Based/ Non Fund       57        [ICRA]BB (stable
   Based Limits                         outlook)/[ICRA]A4;
                                        revised

The rating assigned to INR57 crore of proposed fund based/ non
fund based limits of VMC has been revised from [ICRA]BBB-/
[ICRA]A3 to [ICRA]BB/ [ICRA]A4.

The revision in the ratings takes into account VMC's continued
stretched liquidity position as reflected by its high fund based
working capital utilization during past several months (average
fund based working capital utilization during Jun-Oct'12 was 99%;
average non-fund based utilization during the period was 69%).
Besides, the ratings continue to remain constrained by VMC's high
working capital intensity (FY12 consolidated NWC/OI of 0.51 times
as per the revised provisional numbers), its substantial
outstanding debtors against a single customer (Bharat Sanchar
Nigam Limited , BSNL) and its significantly high dependence on
short term debt which exposes it to refinancing risk. ICRA has
also taken note of the uncertainties prevailing in the domestic
telecom industry which has led to moderation in capital
expenditure by the telecom operators. Besides, the ratings
continue to remain constrained by the company's high customer and
supplier concentration risk, its vulnerability to adverse foreign
currency movements, and the intensely competitive nature of the
industry.

The ratings however, continue to favorably factor in VMC's
demonstrated track record of strong growth in revenue since
inception, and initiatives taken by the company during past two
years to diversify geographically and operationally. ICRA also
notes that the increased focus of the GoI towards indigenization
of telecom/ electronic equipments should provide growth
opportunities to Indian telecom equipment manufacturing companies
in the medium term.

VMC, incorporated in the year 1997, started its commercial
operation in the year 2003. The company is mainly into the
manufacturing and sales of telecommunication and power products.
It follows a mixed approach of manufacturing products developed
by its technology partners and also developing its own products.
The company was highly concentrated towards BSNL orders and
Huawei supplies till FY2010. However, during the last two years,
it has taken several diversification initiatives which helped it
to reduce the concentration to certain extent.

During FY11, VMC generated a net profit of INR85.9 crore on
consolidated operating income (OI) of INR1129.8 crore. The PAT
and OI for FY12 are INR86.4 crore and INR1322.1 crore,
respectively.


WORLD RESORTS: ICRA Suspends 'B-' Rating Placed to INR53.6cr Loan
-----------------------------------------------------------------
ICRA has suspended the '[ICRA]B-' rating assigned to the INR53.66
crore long term loans of World Resorts Limited. The suspension
follows ICRAs inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                            Amount
   Facilities              (INR Cr)       Ratings
   ----------              ---------      -------
   Long term Fund based     53.66         [ICRA]B-/suspended
   limits-Term Loan

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.

World Resorts Ltd was incorporated on April 27, 1995, by Mr.
Sanjay Khan to develop a luxurious Spa and 5 Star Deluxe Hotel in
Bangalore. The hotel named "The Golden Palms Hotel & Spa" is
spread across 14 acres of land at Nagarur village, Dasanapura
hobli off Tumkur Road on the outskirts of Bangalore. The hotel is
located about 25 kms from MG Road, providing a tranquil
environment in the lush foliage. The hotel has total of 150 rooms
comprising of 132 deluxe rooms, 16 deluxe suites and 2
presidential suites. Destined as an ideal place for meetings and
conference, the hotel has total of seven meeting rooms,
comprising a ballroom that can be divided into two sections; one
conference hall and two smaller spa meeting rooms that can be
combined, 2 meeting rooms, and 2 board rooms. Besides for the
leisure travellers, the hotel has a 70,000 square feet spa
building, along with a fully equipped gymnasium. The hotel also
has four restaurants and 3 bars, a 135 metres swimming pool and
facilities for sports such as tennis, badminton, squash,
billiards and pool.



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


BUMI RESOURCES: S&P Lowers Corporate Credit Rating to 'B'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Indonesia-based thermal coal
producer PT Bumi Resources Tbk. (Bumi) to 'B' from 'B+'.  At the
same time, Standard & Poor's lowered the rating on the company's
guaranteed senior secured notes to 'B' from 'B+'.  S&P also
lowered its long-term ASEAN regional scale rating on Bumi to
'axB+' from 'axBB-'.  The ratings remain on CreditWatch, where
they were placed with negative implications on Sept. 26, 2012.

"We downgraded Bumi because we expect the company's cash flow to
be weaker in 2013 than we had anticipated.  We expect Bumi's
ratio of funds from operations to debt to be below 5% over the
next 12 months," said Standard & Poor's credit analyst Vishal
Kulkarni.

S&P has revised its assessment of the company's financial risk
profile to "highly leveraged" from "aggressive."

"We lowered our forecast of Bumi's gross profit per ton of coal
sold (excluding depreciation) to US$20-US$23 from US$28-US$32.
We expect coal prices to remain low and the company to sell a
higher volume of low-quality coal.  This will more than offset a
likely improvement in Bumi's cash costs from its expected lower
stripping ratios (the ratio of soil removed to obtain a ton of
mineral).  In our base case for 2013, we expect gross coal
production at Bumi's coal companies at 80 million ton, Bumi's
EBITDA at US$700 million-US$800 million, its debt at above US$4.5
billion, and its cash interest costs at about US$450 million."

Bumi's high interest and tax outgoings are likely to continue to
erode its debt-servicing cushion.  S&P anticipates that the
company's funds from operations to interest coverage will average
1x-1.5x over the next two to three quarters.  Nevertheless, S&P
believes Bumi's inventory at the end of 2012 provides some buffer
if production growth trails our expectation.

S&P do not expect Bumi to meaningfully reduce debt in 2013
because the company's ability and willingness to sell assets to
repay debt is untested.  S&P assesses Bumi's management and
governance as "weak," as defined in its criteria.  S&P believes
the company's financial management is very aggressive, reflected
in its appetite to maintain high leverage.  This weakness
overshadows the satisfactory underlying operational and financial
management at the coal companies, reflected in their track record
of modest production growth and sustained cash flow generation.

S&P expects Bumi to refinance about US$570 million debt in 2013,
including about US$330 million at Bumi's subsidiary PT Bumi
Resources Minerals Tbk.  Of the maturing debt, US$485 million is
with a single bank with which Bumi has a long-term relationship.
This link will help Bumi focus its refinancing negotiations and
reduce the risk of refinancing delays.  S&P notes that Bumi's
financial covenants restrict its ability to borrow additional
debt, except to repay existing debt.

"We kept the ratings on CreditWatch because Bumi could face
difficulty in refinancing debt maturing in 2013," said Mr.
Kulkarni.  "This is because of an ongoing investigation by Bumi's
29.5% shareholder Bumi PLC into potential financial
irregularities at Bumi and continued shareholder disagreements
have weakened Bumi's access to capital."

S&P aims to resolve the CreditWatch when Bumi refinances its debt
maturities that are due in the third quarter of 2013.

S&P could lower the rating if Bumi does not complete its
refinancing by May 2013.


LIPPO KARAWACI: Fitch Assigns 'BB-' Rating to USD130-Mil. Notes
---------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Lippo Karawaci
Tbk's ('BB-'/Stable) USD130 million 6.125% notes due 2020 final
'BB-' ratings.  The new notes, issued by Theta Capital Pte. Ltd.,
are guaranteed by LK.

The rating action follows the receipt of documents conforming to
information already received. The final rating is in line with
the expected rating assigned on Jan. 7, 2013. The USD130 million
bonds are issued as a tap to the existing USD273.306 million
6.125% notes due 2020.

LK plans to use the issue proceeds to refinance its 9% notes
falling due in 2015. This tap issue will not result in an
increase in LK's net debt and therefore will not impair its
current financial profile. LK's ratings are supported by
Indonesia's favorable long-term demand for residential properties
and healthcare services, a continued strong recurring income
base, and LK's demonstrated track record in managing these
businesses.

What Could Trigger a Rating Action?

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

- Recurring EBITDA interest cover falling below 1.5x
- Recurring EBITDA fixed-charge cover falling below 1.25x
- Failure to pre-fund projected capex

Positive: Not foreseen in the medium term due to LK's high
operating exposure to the cyclical real estate sector.



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


BRIDGE AND MARINE: In Liquidation; Key Canberra Road in Limbo
-------------------------------------------------------------
Kathleen Dyett at ABC News reports that a key Canberra road
project could stall, amid allegations that Bridge and Marine, a
new contractor at the site, owes workers large amounts of money.

ABC relates that the construction union said it will conduct a
protest at the ACT Government worksite on Thursday to stop work
on the widening of Parkes Way.

According to the report, the company was doing bridge work at the
site before going into liquidation in December 2012.

Several days later, ABC relates, a new company Civil Bridge and
Wharf was registered with the same director as the failed
company.  It is expected to take over work at the site, though
the ACT Government is yet to decide if that will happen, the
report relays.

According to ABC News, CFMEU ACT branch secretary Dean Hall said
the company went into liquidation while owing money to workers
and subcontractors.

"We've got 100% support from [the] workers on the site that they
wouldn't go back to work until we saw justice for the contractors
and the workers," the report quotes Mr. Hall as saying.  "We're
not asking for anything special.  We're just asking for people to
have a bit of fairness and a bit of justice."


ZEPHYR PUBLISHING: Liquidator Says Unsec. Creditors May Not Claim
-----------------------------------------------------------------
Andrea Fox at Waikato Times reports that the liquidator of failed
glossy Waikato lifestyle magazine Que said he expects some
unsecured creditors not to bother making claims after reading his
statement of the publisher's affairs.

In his first report, Tauranga accountant Tom Rodewald --
tomr@rhb.co.nz -- of Rodewald Consulting, said Cambridge-based
Zephyr Publishing owed unsecured trade creditors NZ$75,585. Two
shareholders are also unsecured creditors for NZ$212,478,
according to Waikato Times.

The company's deficits before unsecured creditors and before
liquidation costs are unknown, the report says.

Waikato Times discloses that employee claims are estimated to
total NZ$2,000 and it is estimated the Inland Revenue Department
is owed NZ$20,000.

According to the report, Zephyr director and shareholder Melissa
Wilson had advised the reason for the company's failure was
losses in the past two years.

Mr. Rodewald's report said it was not yet known how much assets
could realise. The report said debtors are estimated to realise
NZ$10,000, and office furniture and equipment NZ$1,000, Waiktao
Times notes.

Waikato Times relates that Mr. Rodewald said the rights to Que
magazine are for sale, and are expected to be listed on Trade Me
this week.

There are no secured creditors and Mr. Rodewald said he expected
some unsecured creditors would not bother making a claim after
seeing the figures.  Mr. Rodewald believed the amount owed
creditors would exceed the estimated NZ$75,585.

There were 21 creditors as of late last month, with the major
creditors being print companies and the magazine's landlord, Mr.
Rodewald, as cited by Waikato Times, said,



                             *********

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, Ivy B. Magdadaro, 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
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                 *** End of Transmission ***