TCRAP_Public/130208.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

           Friday, February 8, 2013, Vol. 16, No. 28



AAA SHARES: ASIC Cancels Australian Financial Services License
EZYMANAGEMENT: ASIC Suspends Credit License; Bans Director
HILL END: Ferrier Hodgson Appointed as Receivers of Assets
INTERDEMO: Ernst & Young Appointed as Liquidators
NINE ENTERTAINMENT: S&P Assigns 'BB-' ICR; Outlook Stable


AGFEED INDUSTRIES: Farm Credit Inks Forbearance Agreement
CHINA ORIENTAL: 2012 Profit Warning No Impact on Moody's Ba2 CFR
CITIC RESOURCES: Profit Warning No Impact on Moody's 'Ba3' CFR
GLORIOUS PROPERTY: S&P Affirms 'B' CCR; Outlook Negative
LDK SOLAR: Venice Court Enforces $31-Mil. Arbitration Award

ZTE CORP: Fitch Lowers IDR to 'B+' on 2012 Profit Warning

* Fitch Says China Food Safety Concerns Could Taint Profits
* Fitch Affirms Issuer Default Ratings of 11 Chinese Comm. Banks

H O N G  K O N G

ELITE CHAIN: Lui and To Step Down as Liquidators
FREE FROCE: Members' Final Meeting Set for March 4
FUHUA ELECTRONIC: Commences Wind-Up Proceedings
GLOBAL CONTAINER: Lui and To Step Down as Liquidators
GLOBAL GLASS: Tong Lap Hong Steps Down as Liquidator

GRACE MIND: Members' Final Meeting Set for March 4
HEY KING: Commences Wind-Up Proceedings
HK GENERAL: Wong and Chan Step Down as Liquidators
HUMANE SOCIETY: Creditors' Proofs of Debt Due March 5
IMPRIMIS HOLDINGS: Members' Final Meeting Set for March 6

INNOVATIONS LIMITED: Chan Sek Kwan Rays Steps Down as Liquidator
JESUS IS KING: Creditors' Proofs of Debt Due Feb. 28
JOYFUL FALCON: Tong Lap Hong Steps Down as Liquidator
KINGMEN INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
KYOSHIN TECHNOSONIC: Creditors' Proofs of Debt Due March 1


AJAY GUPTAS: ICRA Rates INR35cr LT Loan at '[ICRA]B'
EPICU AGRO: ICRA Assigns 'BB+' Rating to INR23.37cr Loan
JP SORTEX: ICRA Assigns 'B' Rating to INR34cr Fund Based Limits
KEMCO CORPORATION: ICRA Assigns 'B+' Rating to INR5cr LT Loan

MANTRA PACKAGING: ICRA Lowers Rating on INR5cr Loan to 'B'
MOTIA TOWNSHIP: ICRA Rates INR23cr LT Loan at 'B+'
PATIALA COTSPIN: ICRA Assigns 'BB-' Rating to INR19.83cr Loans
PAYODA TECHNOLOGIES: ICRA Assigns 'BB-' Rating to INR6.9cr Loans

VACHNAMRUT RESIDENCY: ICRA Assigns 'B' Rating to INR10cr Loans

N E W  Z E A L A N D

MAINZEAL PROPERTY: Collapse Has Financial Impact on Horizon Unit
STRATEGIC FINANCE: Directors Face Action as FMA Concludes Probe


BAYAN TELECOM: Has Until April 6 to Get Rehab Court's OK


* Moody's Asian Liquidity Stress Index Falls to 27.2% in January
* Large Companies with Insolvent Balance Sheets

                            - - - - -


AAA SHARES: ASIC Cancels Australian Financial Services License
The Australian Securities & Investment Commission has cancelled
the Australian financial services (AFS) licenses of AAA Financial
Intelligence and AAA Shares (in liquidation) after it found it
had comprehensively and repeatedly failed to comply with the
Corporations Act 2001 and the conditions of its AFS license.

ASIC was particularly concerned about the level of supervision of
the representatives AAA appointed and, in effect, their conduct
and the advice they provided to retail clients.

Following a surveillance of the business starting in June 2010,
ASIC found AAA had breached the majority of its license

Specifically, AAA:

   * adopted a business model that only allowed it to increase
     cash flow by increasing the number of advisers it
     authorized. The fee charged did not maintain sufficient
     financial resources to comply with its general obligations;

   * failed to maintain adequate human resources and
     technological resources to identify who its representatives
     were, the clients being serviced and the products being sold
     and to carry out supervisory arrangements;

   * failed to ensure that representatives had the necessary
     knowledge and skills prior to appointing them as authorized
     representatives and after they were appointed, failed to
     ensure that they were adequately trained and competent to
     provide financial services under the licence;

   * failed to implement adequate supervision and compliance
     measures, including advice audits. AAA outsourced its advice
     audit program to an external party without adequate
     supervision, failed act in accordance with its own audit
     policy and failed to remediate advice and conduct issues
     when they were identified;

   * failed to ensure that its representatives complied with
     relevant financial services laws when providing financial
     advice to retail clients;

   * failed to identify and manage conflicts of interest; and

   * failed to act efficiently, honestly and fairly in respect
     of the templates and guidelines it provided to its
     representatives, representative audit reports, complaints
     handling and record keeping.

ASIC Commissioner Peter Kell said: 'Licensees have a general
obligation to do all things necessary to ensure they provide
financial services efficiently, honestly and fairly.

'AAA Financial Intelligence was found to have an appalling record
that put at risk the quality of advice it provided to retail

'ASIC uses a number of regulatory remedies to improve and enforce
compliance with the laws it regulates, which includes cancelling
an AFS license. The cancellation of AAA's license demonstrates
ASIC's commitment to ensuring advice industry participants are
meeting their key obligations, including having adequate
compliance measures in place.'

ASIC has put in place a communication strategy for the
representatives of AAA, including asking all representatives of
AAA to communicate the consequences of the license cancellation
to their clients.

The cancellation of AAA Financial Intelligence's AFS license and
AAA Shares' AFS license took effect on Jan. 29, 2013, when the
orders were served. The delay in publication of the AAA Financial
Intelligence decision follows proceedings at the Administrative
Appeals Tribunal (AAT).

AAA Shares has the right to seek a review in the AAT of ASIC's

AAA was a national financial planning business, based in Sydney.
It provided financial planning advice via its network of 186
Authorised Representatives.

EZYMANAGEMENT: ASIC Suspends Credit License; Bans Director
The Australian Securities & Investment Commission has banned
Harold Charles Bundy for three years effective from Dec. 17,
2012, and suspended the Australian credit license of his company,
Ezymanagement, until June 30, 2013, after it was found he was not
a fit and proper person to engage in credit activities.

An ASIC review of the information contained in the license
application lodged by Ezymanagement identified that Mr. Bundy:

* failed to discharge his duties as a company director with
   appropriate care and diligence, and in the best interests
   of SDX Technology, of which he was a director between
   1999-2006, and Ezyware Pty Ltd, of which he was a director
   between 2008-2010;

* had been involved in negligent or otherwise discreditable
   business or professional practices with Ezyware between

* opened a bank account in his own name in or about 2008,
   and received money payable to Ezyware with the intention
   of avoiding garnishee orders against Ezyware;

* had been a director and/or substantially involved in the
   management of seven companies that between 1992-2009 had
   entered into external administration in part because of
   deficiencies in the management of those companies; and

* had been a director of a further two companies which were
   deregistered in 1992 and 2006, respectively.

It was also found that:

  * Ezyware continued to trade when Mr Bundy knew, or should
    have known, that from at least April 2008 Ezyware was unable
    to pay its debts and was therefore insolvent

  * Ezyware failed to lodge any income tax returns since its
    incorporation in January 2005.

Mr. Bundy and Ezymanagement Pty Ltd filed applications for a stay
and review of ASIC's decisions in the Administrative Appeals

On Feb. 4, 2013, the AAT refused the applications for stay.

The AAT has not yet set a date for its review of ASIC's

HILL END: Ferrier Hodgson Appointed as Receivers of Assets
Morgan Kelly -- -- and Ryan Eagle -- -- of Ferrier Hodgson were appointed as
receivers and managers to the assets and undertakings of Hill End
Motel Pty Limited, trading as Hill End Lodge, Hill End, on Feb.
6, 2013, by National Australia Bank Limited, the holder of a
fixed and floating charge.

The receivers now control the Company's assets and operations.
The receivers are continuing to operate the Hotel in the ordinary
course while they undertake an assessment of the financial

"At this stage, it is too early to advise creditors of the likely
outcome of the Receivership," Ferrier Hodgson said in a

"Creditors should note that the Receivers and Managers' primary
duty is to their appointor, the secured creditor. Payment of
unsecured creditors' accounts as at Feb. 6, 2013, is deferred
pending the satisfactory settlement of the secured creditor's

INTERDEMO: Ernst & Young Appointed as Liquidators
Patrick Stafford at SmartCompany reports that Interdemo, a
business specialising in interior stripouts and controlled
demolitions, has been placed in liquidation, as the construction
industry continues to record a large number of corporate

SmartCompany discloses that Interdemo, which was established in
2000 as a detailed demolitions and interior stripouts business,
has now been placed in liquidation with Ernst & Young partners
Simon Cathro and Philip Campbell-Wilson at Ernst & Young
appointed as liquidators.

Ernst & Young is seeking expressions of interest for Interdemo's
assets, including the trading name, plant and equipment and
vehicles, according to the report.

SmartCompany notes that while Ernst & Young has provided no
background regarding the liquidation, Housing Industry
Association chief economist Harley Dale said the construction
industry in general is still suffering.

Interdemo provides demolition, concrete cutting, removals and
occupational health and safety audits among its services.

NINE ENTERTAINMENT: S&P Assigns 'BB-' ICR; Outlook Stable
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term issuer credit rating on Australian TV
broadcasting and events group, Nine Entertainment Co. Holdings
Ltd. with a stable outlook.  S&P has also assigned a 'BB' rating
on the US$735 million (A$700 million) senior secured term loan
issued by NEC's subsidiary Nine Entertainment (Delaware) Corp.,
with a recovery rating of '2'.  NEC has implemented its Scheme of
Arrangement (Scheme) which included the conversion of all
existing senior bank debt and mezzanine debt to equity, and
issuance of the term loan.

"NEC's "aggressive" financial risk profile constrains the
ratings.  The company is exposed to cyclical advertising markets,
the mature free-to-air (FTA) television broadcasting industry,
and increasing competition from online channels," Standard &
Poor's credit analyst Adrian Chow said.  "Moderating the
weaknesses are its favorable market position in FTA TV
broadcasting and a supportive regulatory environment in that
segment.  NEC also has some business diversity in its events and
digital businesses."

The recovery rating of '2' on NEC's senior secured term loan
indicates S&P's expectation for a "substantial" (70%-90%) level
of recovery in the event of a payment default.

"Our financial risk profile assessment also factors in the
company's financial sponsor ownership and their potential
influence on the group's financial policies and capital structure
over time.  NEC's new major shareholders include hedge funds
Apollo Global Management and Oaktree Capital, who own 23.98% and
27.83% respectively.  Importantly also, Apollo and Oaktree will
initially together control five of the nine Board seats of NEC,
with Board members to be re-elected every 12 months, in line with
voting rights.  We note that NEC's new constitution will require
the company to use commercially reasonable efforts to complete an
initial public offering (IPO) within 18 months.  We believe that
an IPO, if successfully completed, could assist in mitigating the
company's financial sponsor ownership if the ownership of NEC
becomes more widely held," S&P said.

Mr. Chow added: "The stable outlook reflects our expectation that
NEC's favorable market positions and strong cash flow generation
should underpin credit quality at the 'BB-' rating level.  We
estimate the company's pro-forma fully adjusted total debt-to-
EBITDA to be about the mid-3x at Scheme implementation, and to
improve slightly at the full-year ending June 30, 2013."

Negative pressure on the rating could arise if fully adjusted
debt-to-EBITDA weakened toward 5x or more, which could result
from debt-funded acquisitions or distributions, or prolonged
weakness in advertising markets.  Furthermore, S&P could lower
the rating if NEC's market position in the FTA TV industry were
to significantly weaken due to adverse regulatory changes, loss
of the commercial TV license, or ineffective programming or loss
of key overseas programming contracts.  A lower rating could also
occur if there was a significant structural erosion of the FTA's
industry share of total advertising spend that was not offset by
new and defensible revenue streams.

Upward rating movement is considered unlikely in the next 12
months given S&P's view of the company's aggressive financial
profile and ownership structure.  Upward momentum could, however,
occur if upon completion of an IPO, NEC's ownership becomes more
widely held, and S&P believes that the company will remain
committed to a more conservative financial profile, including
fully adjusted debt-to-EBITDA sustained at about 3x or less.


AGFEED INDUSTRIES: Farm Credit Inks Forbearance Agreement
AgFeed USA, LLC, and its affiliates entered into a forbearance
agreement with Farm Credit Services of America, FLCA, and Farm
Credit Services of America, PCA, in connection with the Credit
Agreement, dated June 6, 2006.

In the Forbearance Agreement, Farm Credit agreed that it will
take no action to enforce its default remedies under the Credit
Agreement and related security and other agreements until the
earlier of (1) violation of the Forbearance Agreement or further
breach of the Credit Agreement and related security and other
agreements or (2) March 1, 2013.

The parties also entered into an amendment to the Credit
Agreement to provide, among other things, for the addition of
AgFeed USA's subsidiary Midwest Finishing, LLC, as a borrower and
obligor under the Credit Agreement, with its assets secured by
the lien under the Credit Documents.

On Jan. 9, 2013, AgFeed USA received an adverse decision in
arbitration, requiring it to make a net payment of $7.9 million
to Hormel Foods Corporation.  AgFeed USA sells hogs to Hormel
under long-term supply agreements.  Sales of hogs to Hormel under
the Supply Agreements account for substantially all of AgFeed
USA's revenues and a majority of the Company's revenues.

As a result of the arbitration decision and resulting
liabilities, AgFeed USA and its affiliates were in violation of
several financial covenants in the Credit Agreement.

Under the Credit Agreement, the Borrowers had 30 days in which to
cure those violations, at which time Farm Credit could have
notified the Borrowers that the violations constitute an Event of
Default under the Credit Agreement, and declare that the loans
and other amounts owed under the Credit Agreement immediately due
and payable.  However, the Credit Agreement was scheduled to
mature and become due and payable on Feb. 1, 2013, so the
violations did not result in an acceleration of the loans and
other amounts.  The Company did not repay the amounts due under
the Credit Agreement on Feb. 1, 2013.

The Company is working closely with Farm Credit in reviewing its
financing options and has entered into discussions with Hormel as
regarding possible amendments to the Supply Agreements.

A copy of the Forbearance Agreement is available at:


                      About Agfeed Industries

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

CHINA ORIENTAL: 2012 Profit Warning No Impact on Moody's Ba2 CFR
Moody's Investors Service reports that China Oriental Group
Company Limited's profit warning has no immediate impact on its
Ba2 corporate family and senior unsecured ratings, or on its
negative outlook.

The company announced on February 4, 2013, that its net profit
for 2012 would be substantially lower than that in 2011.

"China Oriental's expected weak operating results for 2012 is
reflected in its negative outlook, which we changed from stable
in October last year," says Jiming Zou, a Moody's Analyst.

"We believe the scale of its underperformance in 2H 2012 to be
within our expectations," adds Zou.

Moody's expects China Oriental's financial metrics to reflect the
weak fundamentals in the steel industry. The company's
debt/EBITDA ratio is expected to be high for its Ba2 ratings,
rising to about 5.0x in 2012 from 2.6x in 2011.

Nevertheless, Moody's expects an improvement in China Oriental's
operating performance and credit metrics in 2013, based on the
recent higher demand for and pricing of steel, as well as cost-
saving measures adopted by the company.

However, any recovery in its profits is dependent on management's
control over its subsidiaries and its overall internal control

As indicated by China Oriental's profit warning announcement, the
expected substantial decrease in the company's net profit in 2012
was mainly the result of the poor operating decisions and weak
risk management practices of its subsidiary Jinxi Jinlan, as well
as the weak overall operating environment.

The company indicated that it would strengthen the internal
controls of all its subsidiaries. Any further evidence of weak
internal controls will add to downgrade rating pressure.

Moody's will closely monitor the company's efforts to improve its
product mix, cost savings, and its management of working capital
and capital spending, all of which are key to improving its
financial profile. Underperformance in its business operation or
weakness in the conditions of the steel industry could prompt
downward pressure on its rating.

In terms of credit metrics, a downgrade is possible if
debt/EBITDA fails to trend below 3.0x-3.5x and EBITDA/interest
stays below 4.0x.

Moreover, any evidence that ArcelorMittal (Ba1, negative) is
withdrawing its involvement in China Oriental's operations or
reducing its ownership, would be negative for the rating.

An upgrade is unlikely, given the negative outlook.

The principal methodology used in this rating was Global Steel
Industry Methodology published in October 2012.

China Oriental Group Company Ltd, with total steel manufacturing
capacity of 11 Mtpa, mainly manufactures H-section steel products
and HR strips/strip products from iron ore at its steel mills in
Hebei province. The company was listed on the Hong Kong Stock
Exchange in 2004. It is 45%-owned by its founder, Mr. Han
Jingyuan, and 29.6% by ArcelorMittal. In 2011, it recorded sales
of RMB38.6 billion.

CITIC RESOURCES: Profit Warning No Impact on Moody's 'Ba3' CFR
Moody's Investors Service says that CITIC Resources Holdings
Limited's profit warning for 2012 has no immediate impact on its
Ba3 corporate family rating and senior unsecured bond ratings.

The positive outlook for the ratings is also unaffected.

CRH has said that it expects a significant loss for the year
ended 31 December 2012 because of (1) a large decline in the
year-on-year results of CITIC Dameng (unrated), in which CRH owns
38.98%, and (2) the need for a non-cash provision in respect of
its investment in CITIC Dameng.

CITIC Dameng is engaged in the manganese business. CITIC
Resources has to make the non-cash provision because the stock
price of CITIC Dameng had a big drop during 2012 as well as an
expected increase in the decline in the results of CITIC Dameng
for the year ended December 31, 2012 as compared with the year
ended December 31, 2011.

"We expect such impairment will not have significant impact to
CRH's equity base of HKD15 billion as of June 30, 2012, "says
Simon Wong, a Moody's Vice President and Senior Analyst.

"In addition, the non-cash provision will have no impact on CRH's
cash flow. CITIC Dameng's upstream dividend to CRH of HKD11.8
million for 2011 accounted for a very small portion of CRH's
total adjusted EBITDA of HKD2.8 billion in 2011. We therefore see
a limited impact on CRH's financial profile," adds Wong.

The Ba3 rating of CRH continues to factor in a two-notch parental
uplift from CITIC Group Corporation (Baa2, stable).

The positive outlook reflects CRH's strong liquidity position and
its improving credit profile, given the stabilization of its E&P
operations and the benefits of diversification from its other
commodity-related businesses.

As of June 30, 2012, it had a cash balance of HKD9 billion and
total reported debt of HKD12 billion. It also improved its debt
maturity profile and liquidity position by signing two new
syndicated loan facilities totaling USD780 million in 2012 and
repurchasing USD201 million in outstanding notes in 2013.

The principal methodology used in this rating was Global
Independent Exploration and Production Industry Methodology
published in December 2011.

CITIC Resources is an energy and natural resources investment
holding company, with interests in aluminum smelting, manganese,
coal, the import and export of commodities, and the exploration,
development and production of oil. The company serves as the
principal natural resources and energy arm of its parent, CITIC

GLORIOUS PROPERTY: S&P Affirms 'B' CCR; Outlook Negative
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term corporate credit rating on China-based real estate
developer Glorious Property Holdings Ltd.  The outlook is

At the same time, S&P affirmed the 'B-' issue rating on the
company's outstanding senior unsecured notes.  S&P also affirmed
its 'cnB+' long-term Greater China regional scale rating on
Glorious and S&P's 'cnB' issue rating on the notes.

"We affirmed the rating to reflect our view that Glorious'
operating performance could recover to an extent in the next 12
months," said Standard & Poor's credit analyst Frank Lu.

The company's contract sales, property delivery, and profit
margin are likely to improve on new project launches and improved
market conditions.  Its performance in 2012 was weaker than S&P
expected. Glorious' weak project execution makes the magnitude of
the recovery uncertain, in S&P's view.

S&P believes Glorious' financial management has become less
aggressive, and will likely remain so.  The company reduced its
short-term debt and did not acquire land in 2012.

S&P assess Glorious' business risk profile to be "weak."  S&P
anticipates that the company's contract sales will grow 10% to
Chinese renminbi 12 billion in 2013 as more properties are
available for sale and China's property market stabilizes.  S&P
expects margins to improve in the next one to two years as
Glorious rolls out higher-margin properties.

S&P believes Glorious' financial risk profile will remain "highly
leveraged" despite a potential improvement in the next 12 months.
In S&P's base-case scenario, it estimates that Glorious' adjusted
debt-to-EBITDA ratio will fall to 6.5x-7.0x in 2013 from more
than 10x in 2012.  Its EBITDA interest coverage will likely rise
to 1.4x-1.5x from less than 1.0x in 2012.

S&P believes a meaningful and sustained improvement in Glorious'
strategy and project execution in the next one to two years is
uncertain.  The resignation of the company's former chairman in
November 2012 and subsequent adjustments in the senior management
distracted the management in the second half of 2012.  The
restructured management will need time to establish its
operational and financial management record.

In S&P's view, refinancing risk associated with Glorious' short-
term debt has declined due to improving credit conditions in
China since mid-2012.  Nevertheless, S&P expects liquidity to
remain tight in 2013 due to the company's low unrestricted cash
balance, still-significant short-term debt, large construction
spending, and high borrowing cost.

"The negative outlook on Glorious reflects the uncertainty
regarding the magnitude of the recovery in the company's
financial performance," said Mr. Lu.  "The outlook also reflects
our view that Glorious' capital structure and cash flow adequacy
over the next 12 months may remain weaker than those of peers
with a similar rating."

S&P could lower the rating if Glorious' liquidity deteriorates to
"weak," as defined in S&P's criteria, or its capital structure
and cash flow coverage are materially weaker than S&P expected.
This could happen if: (1) the company's property sales, delivery,
or margin is materially below S&P's expectations; (2) its debt-
funded growth is more aggressive than S&P expected; or (3)
Glorious fails to roll over a significant amount of its

S&P could revise the outlook to stable if Glorious meaningfully
improves its project execution, cash flow, and liquidity, and
cautiously manages its expansion and leverage. An EBITDA interest
coverage of 1.5x or more on a sustained basis could indicate such
improvement, in S&P's view.

LDK SOLAR: Venice Court Enforces $31-Mil. Arbitration Award
LDK Solar Co., Ltd., said that after a long dispute with Italy-
based Helios Technology S.p.A., the Venice Court of Appeal
declared on Jan. 16, 2013, that, according to the ICC Rules of
Arbitration, the 2010 award in favor of LDK Solar is valid,
effective and enforceable in Italy.

The Venice Court of Appeal upholds that the "take or pay" clause
in the wafer supply contract entered into in October 2008 between
LDK Solar and Helios is valid and effective throughout its
duration and at terms and conditions related to quantities and
prices set forth therein.  By virtue of the decision of the
Venice Court of Appeal, Helios is required to pay LDK Solar an
amount of approximately $31 million plus interest, costs for the
arbitration proceedings and lawyers' fees.  The Venice Court of
Appeal issued the provision after verifying that all the
stipulations on the international arbitration are not contrary to
Italian legal order and that there are no impediments to the
acceptance of the conditions required for the effectiveness of
the award itself.

                           About LDK Solar

LDK Solar Co., Ltd. -- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

KPMG in Hong Kong, China, said in a May 15, 2012, audit report,
there is substantial doubt on the ability of LDK Solar Co., Ltd.,
to continue as a going concern.  According to KPMG, LDK Solar has
a net working capital deficit and is restricted to incur
additional debt as it has not met a financial covenant ratio
under a long-term debt agreement as of Dec. 31, 2011.  These
conditions raise substantial doubt about the Group's ability to
continue as a going concern.

LDK Solar's balance sheet at Sept. 30, 2012, showed
US$5.76 billion in total assets, US$5.41 billion in total
liabilities, US$299.02 million in redeemable non-controlling
interests and US$45.91 million in total equity.

ZTE CORP: Fitch Lowers IDR to 'B+' on 2012 Profit Warning
Fitch Ratings has downgraded China-based ZTE Corporation's Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to
'B+' from 'BB-' and removed them from Rating Watch Negative (RWN)
on which they were placed on 15 October 2012. The Outlook is

The downgrade reflects ZTE's recent profit warning for 2012, a
highly competitive telecoms equipment supply industry, and
Fitch's expectation that the turnaround in ZTE's operating
performance, and notably a return to sustainable positive
generation of cash flow from operations (CFO), could take several

In addition to these adverse market conditions, limited share in
the 4G or long-term evolution (LTE) telecom equipment market in
developed countries and over-dependence on its Chinese home
market are weighing on ZTE's operating margins and free cash
flow. The latter have been on a weakening trend since 2011. ZTE
has underperformed and lagged behind major competitors, such as
Huawei Investment & Holding Co., Ltd, Telefonaktiebolaget LM
Ericsson ('BBB+'/Negative) and Nokia Siemens Networks, which
reported improving operating performance in recent quarters,
driven by higher LTE equipment and software sales and continued

The downgrade also reflects rapid commoditisation of smartphones
as a result of low-priced chipsets from upstream providers, such
as Qualcomm Inc., MediaTek Inc. and Spreadtrum Communications,
Inc. This has in turn increased competition in ZTE's market of
low- to mid-end smartphones.

The company is now developing more advanced and expensive
smartphones. However, ZTE continues to face high-profile
political difficulties in the US. Most recently a patent probe
was launched by the US International Trade Commission into mobile
devices from four companies based in South Korea, Finland and
China for wireless patent infringement. ZTE is among the four
companies under investigation. Although the US market accounts
for a small portion of ZTE's total turnover, it is the largest
overseas market for ZTE's smartphones and the company plans to
double its market share in the US by 2015.

The Stable Outlook primarily reflects Fitch's expectation of a
pick-up in Chinese telecoms capex in 2013 and 2014 and an
increase in overseas telecoms capex spending in 2013 after a
drop-off in network equipment spending in 2012. Developed
countries with established mobile networks are likely to expand
their LTE coverage in 2013, and emerging markets are likely to
start groundwork-related spending on LTE technology. The 4G capex
cycle is an opportunity for ZTE. However, Fitch believes that the
long-term success will depend on the execution of ZTE's
turnaround plan.

In addition, Fitch believes that competition among vendors,
including ZTE, to secure contracts for China Mobile Limited's
('A+'/Stable) 4G network trials in 2013 - based on China's own
extended time division long-term evolution (TD-LTE) technology -
will be intense and hence constrain a full recovery in ZTE's

Fitch expects ZTE's operating EBIT to rebound in 2013 from a
substantial loss in 2012 with an operating EBIT margin of around
1% and its funds flow from operations (FFO)-adjusted leverage to
be above 5x. A meaningful recovery in ZTE's credit metrics is
likely in 2014, at the earliest.

What Could Trigger A Rating Action?

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

- sustained operating EBIT loss
- sustained FFO-adjusted leverage above 6x

Positive: Future developments that may, individually or
collectively, lead to positive rating action include

- sustained operating EBIT margin of 2% or above
- sustained FFO-adjusted leverage below 5x
- sustained positive CFO generation.

* Fitch Says China Food Safety Concerns Could Taint Profits
Fitch Ratings anticipates weak same-store sales (SSS) performance
in China for YUM! Brands and McDonald's Corp. in early 2013 due
to lingering effects from the antibiotic-related food scare for
chicken at the end of 2012. "We also believe growing pressure
around food safety in China will add to the cost of operating in
the country but expect both YUM and McDonald's to manage their
supply chains effectively," Fitch says.

"Due to YUM's extensive presence in China, with 5,275 units
versus about 1,720 for McDonald's, and the prominence of chicken
on KFC China's menu, the impact of negative publicity surrounding
China's poultry supply has been greater for YUM than McDonald's.
We rate McDonald's 'A/Stable' and YUM 'BBB/Stable' and continue
to view expansion into faster growing emerging markets
positively, given the maturity of the U.S. market.

"We expect modest monetary and public-investment stimulus to
support China's GDP growth of about 8% in 2013. Negative rating
actions for YUM or McDonald's solely in response to near-term
challenges in China are not anticipated as both firms generate
significant cash flow and are funding expansion with internally-
generated funds.

"Late Monday, YUM confirmed its anticipated 6% decline in China
SSS during the fourth quarter and guided for a 25% decline in
China SSS for January and February combined. Based on the firm's
internal intelligence, YUM expects SSS to gradually improve
through the year and turn positive during the fourth quarter. The
firm projects a mid-single digit decline in China SSS for the
full 2013 year to result in a corresponding mid-single digit
decline in earnings.

"McDonald's also indicated that heightened consumer sensitivity
related to the antibiotic issue negatively affected SSS in
January. While not publicly disclosed, we believe the impact to
McDonald's was not as great as that of YUM during January.
McDonald's SSS in China declined just 0.9% during the fourth
quarter of 2012.

"YUM expects restaurant margins in China to decline to the mid-
teens range in 2013, down from 18.1% for 2012. The decline is
being attributed to traffic trends and not an increase in food,
labor, or other restaurant expenses. YUM continues to expect mid-
teen labor and 3% commodity inflation in China during 2013 but is
launching a comprehensive quality assurance program with its
chicken suppliers following the Chinese New Year in February.

* Fitch Affirms Issuer Default Ratings of 11 Chinese Comm. Banks
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of 11 Chinese commercial banks with Stable Outlooks.  At
the same time, the Viability Rating (VR) of China CITIC Bank was
downgraded to 'b+' from 'bb-', and the VRs of Ping An Bank and
Industrial Bank were downgraded to 'b' from 'b+', while the
remaining banks had their VRs affirmed.

These actions were taken in conjunction with actions on China's
five large state banks (see "Fitch Upgrades BCOM's IDR and ABC's
VR; Affirms China's Other Large State Banks" and "Chinese Banks:
Mid-Tier Most Under Pressure" both dated Feb. 6, 2013).

All of the IDRs are based on state support, and are at the banks'
Support Rating Floors, reflecting varying expectations about
prospects of extraordinary support from the central government in
the event of stress.

China Merchants Bank's, China Everbright Bank's, and CNCB's
Support Rating of '2' and Support Rating Floor of 'BBB', indicate
a strong likelihood of state support. This is based on a
combination of factors such as size and domestic significance
(CMB and CNCB), ownership by fully state-owned conglomerates (all
three), direct central government ownership (CEB), and a history
of past government support (CEB).

The remaining eight banks possess Support Ratings of '3' and
Support Rating Floors of 'BB+', indicating a moderate likelihood
of central government support. Banks in this group are either
smaller in size - deposit market shares are 2% or less each - or
have no direct central government ownership. Half of the banks
have local governments as their largest shareholders. However, in
a stress scenario, Fitch believes that the ability of local
governments to support banks on a timely basis would be limited,
and hence support would effectively need to flow from the central

Any changes to IDRs will be tied to shifts in the perceived
willingness and/or ability of the central government to provide
extraordinary support to the banks, taking into account also
relative importance and ownership. The government has substantial
resources to address deterioration in the banking sector.
Required deposit reserves of 18% of non-fiscal deposits in 2012
could be released in the event of banking system liquidity
strains. Meanwhile, the government has demonstrated its
willingness in the past to draw on part of its foreign exchange
reserves (USD3.3trn in 2012) to recapitalise banks.

However, the large and increasing size of the banking system
(Fitch estimates total credit/GDP at 193% at end-2012, compared
with 120% pre-crisis), combined with the burgeoning amount of
intermediation taking place through nonbank financial
institutions, means that the cost of support is increasing and
could be substantial relative to even the sovereign's
considerable resources. This could begin to erode the central
government's ability to support less systemically important
banks, resulting in downgrades of IDRs.

The VRs of Chinese banks range from 'bb' to 'b', reflecting
varying degrees of weak intrinsic strength (i.e. also taking into
account off-balance sheet activity), risks over the level and
pace of credit growth in the financial system, issues with data
integrity, and nascent regulatory and legal systems. Corporate
governance issues stemming from the continued predominance of
state over institutional interests are also a constraint on VRs.
The range of Chinese banks' VRs has not changed since their
introduction in 2011.

Unlike the state owned banks that enjoy stronger nationwide
franchises, funding and liquidity, smaller off-balance-sheet
activities, and higher loss-absorption capacity, the lower VRs
assigned to the mid-tier banks reflect in general higher risks
relating to recent on and off-balance sheet growth, greater
sensitivity to funding and liquidity shocks as well as lower loss
absorption capacity.

Today's downgrades reflect the relative deterioration in
intrinsic strength of these entities compared with peers at
similar rating levels. VRs were affirmed for those entities that
did not demonstrate clear improvement in or deterioration of
performance relative to similarly rated banks on such parameters
as franchise strength, funding and liquidity, loss-absorption
capacity, and involvement in off-balance-sheet activities. The
chief drivers behind each VR downgrade were:

CNCB: above-average credit exposure; rapidly growing off-balance-
sheet items; weakening profitability; capital pressures; and
thinning liquidity

PAB: low loss-absorption capacity; thin capitalisation and
profitability; and high non-core funding, including large wealth
management product (WMP) issuance

IB: rapid asset growth, recently driven by aggressive interbank
lending, which carries hidden corporate credit risk; high and
rising counterparty risk, particularly to small banks and
nonbanks; and low levels of liquid assets, resulting in a growing
reliance on interbank borrowing to meet its own obligations.

Downgrades of VRs could be triggered if excessive growth renders
capital more vulnerable to deterioration, if asset quality
weakening begins to undermine solvency, or if funding and
liquidity strains become more binding. Major disruptions in WMP
issuance or interbank market distress could also lead to VR
downgrades for those entities highly exposed to, or that
experience a material increase in, these activities.

VR upgrades for China's banks, while in most cases limited over
the near-term, would be supported by slower credit growth,
reduced off-balance-sheet activities (or greater transparency
around these activities), improved loss-absorption capacity, and
stronger deposit funding and liquidity.

Over the medium term, the sector faces asset quality risks given
the magnitude of the post-global financial crisis credit boom. By
end-2013, the total stock of credit in the financial sector will
have tripled since 2008, while GDP will have risen only 85%-90%.

Nonperforming, special mention, and overdue loans have been
rising since Q411, but Fitch believes reported metrics understate
the magnitude of impaired loans. The reliability of data is
worsening as larger amounts of credit are informally securitised
into WMPs, passed on to nonbanks, and transformed into private-
placement debt securities and interbank claims. Hence, even
though rising delinquencies are expected to persist in 2013,
reported levels are likely to remain low, giving the appearance
of benign asset-quality pressure.

Given these issues with data integrity, Fitch's analysis of asset
quality places a much heavier emphasis on loss-absorption
capacity (which includes factors such as capitalisation, loan
loss reserve coverage, and profitability) than loan
classification data. Most of the banks under Fitch's coverage can
withstand a rise in impaired credit to the mid-single digits,
after which varying degrees of extraordinary state support would
be required. However, recognition of asset impairment will be a
protracted process. In the meantime, delinquencies will continue
to manifest in eroding liquidity and cash buffers, as inflows
from distressed borrowers remain weak and more resources are
directed at forbearance and support.

Chinese banks' large off-balance-sheet activities and rapidly
expanding transactions with nonbanks are also a risk. Non-loan
credit now comprises one-third of total credit outstanding in the
financial sector, up from 15% in 2006. The three banks whose VRs
were downgraded today all have elevated exposure to "shadow"
finance versus peers. CNCB and PAB are large distributors of
investment products sold by related-party nonbanks (including
CITIC Trust, CITIC Securities, Ping An Trust, and Ping An
Securities). IB owns a 73% stake in local trust company, China
Industrial International Trust Co., and is also a large extender
of credit in the interbank market, resulting in high exposure to
small banks and nonbanks with weaker intrinsic strength.

A key risk over the short-term is Chinese banks' issuance of
WMPs, substitutes for time deposits, which have been growing
rapidly as competition for deposit funding intensifies. The
balance of outstanding WMPs stood at CNY12trn in Q312, up from
CNY8.4trn at end-2011. WMPs are changing the nature of Chinese
banks' stable, cheap deposit base into one that is more mobile,
expensive and short-term. The products' short tenors, frequent
mismatching of assets and liabilities, and poor disclosure about
underlying assets present a significant contingent risk to the
issuing banks. Because most WMPs are managed on a pooled basis,
it is difficult for banks to demonstrate underperformance on the
underlying assets, impeding their ability to impose losses on
investors. Mid-sized banks derive a much larger share of their
funding through this channel than state banks.

The current ratings of China's 11 commercial non-state banks are
listed below. The ratings of Bank of Shanghai (BOS) have been
affirmed and withdrawn as the rating of the issuer is no longer
considered by Fitch to be relevant to the agency's coverage.

China CITIC Bank
Long-Term IDR affirmed at 'BBB'; Stable Outlook
Support Rating affirmed at '2'
Support Rating Floor affirmed at 'BBB'
Viability Rating downgraded to 'b+' from 'bb-'

Industrial Bank
Long-Term IDR affirmed at 'BB+'; Stable Outlook
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Viability Rating downgraded to 'b' from 'b+'

Ping An Bank
Long-Term IDR affirmed at 'BB+'; Stable Outlook
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Viability Rating downgraded to 'b' from 'b+'

China Merchants Bank
Long-Term IDR affirmed at 'BBB'; Stable Outlook
Support Rating affirmed at '2'
Support Rating Floor affirmed at 'BBB'
Viability Rating affirmed at 'bb-'

China Everbright Bank
Long-Term IDR affirmed at 'BBB'; Stable Outlook
Support Rating affirmed at '2'
Support Rating Floor affirmed at 'BBB'
Viability Rating affirmed at 'b+'

Shanghai Pudong Development Bank
Long-Term IDR affirmed at 'BB+'; Stable Outlook
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Viability Rating affirmed at 'bb-'

China Minsheng Banking Corporation
Long-Term IDR affirmed at 'BB+'; Stable Outlook
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Viability Rating affirmed at 'bb-'

Bank of Beijing
Long-Term IDR affirmed at 'BB+'; Stable Outlook
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Viability Rating affirmed at 'bb-'

China Guangfa Bank
Long-Term IDR affirmed at 'BB+'; Stable Outlook
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Viability Rating affirmed at 'b+'

Hua Xia Bank
Long-Term IDR affirmed at 'BB+'; Stable Outlook
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Viability Rating affirmed at 'b'

Bank of Shanghai
Long-Term IDR affirmed at 'BB+'; Stable Outlook; rating withdrawn
Short-Term IDR affirmed at 'B'; rating withdrawn
Support Rating affirmed at '3'; rating withdrawn
Support Rating Floor affirmed at 'BB+'; rating withdrawn
Viability Rating affirmed at 'bb-'; rating withdrawn

H O N G  K O N G

ELITE CHAIN: Lui and To Step Down as Liquidators
Lui Wan Ho and To Chi Man stepped down as liquidators of Elite
Chain Development Limited on Jan. 22, 2013.

FREE FROCE: Members' Final Meeting Set for March 4
Members of Free Froce Limited will hold their final meeting on
March 4, 2013, at 3:00 p.m., at 6/F, Kwan Chart Tower, 6 Tonnochy
Road, Wanchai, in Hong Kong.

At the meeting, Lo Yeuk Ki Alice, the company's liquidator, will
give a report on the company's wind-up proceedings and property

FUHUA ELECTRONIC: Commences Wind-Up Proceedings
Members of Fuhua Electronic (H.K.) Co., Limited, on Jan. 23,
2013, passed a resolution to voluntarily wind-up the company's

The company's liquidator is:

         Ng Yuk Lin
         703 Hang Bong Commercial Centre
         28 Shanghai Street

GLOBAL CONTAINER: Lui and To Step Down as Liquidators
Lui Wan Ho and To Chi Man stepped down as liquidators of Global
Container Line (Hong Kong) Limited on Jan. 22, 2013.

GLOBAL GLASS: Tong Lap Hong Steps Down as Liquidator
Chan Kuok Kun stepped down as liquidator of Global Glass Source
(HK) Limited on Jan. 18, 2013.

GRACE MIND: Members' Final Meeting Set for March 4
Members of Grace Mind Limited will hold their final meeting on
March 4, 2013, at 4:00 p.m., at 6/F, Kwan Chart Tower, 6 Tonnochy
Road, Wanchai, in Hong Kong.

At the meeting, Lo Yeuk Ki Alice, the company's liquidator, will
give a report on the company's wind-up proceedings and property

HEY KING: Commences Wind-Up Proceedings
Members of Hey King Development Company Limited, on Jan. 28,
2013, passed a resolution to voluntarily wind up the company's

The company's liquidator is:

         Lee King Yue
         72-76/F, Two International Finance Centre
         8 Finance Street
         Central, Hong Kong

HK GENERAL: Wong and Chan Step Down as Liquidators
Wong Chun Wa and Chan Kwun Chi stepped down as liquidators of
Hong Kong General Association of Construction Machinery Limited
Jan. 15, 2013.

HUMANE SOCIETY: Creditors' Proofs of Debt Due March 5
Creditors of Humane Society of Hong Kong Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 5, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 24, 2012.

The company's liquidator is:

         Yan Tat Wah
         5/F, Dah Sing Life Building
         99-105 Des Voeux Road
         Central, Hong Kong

IMPRIMIS HOLDINGS: Members' Final Meeting Set for March 6
Members of Imprimis Holdings Limited will hold their final
meeting on March 6, 2013, at 6:00 p.m., at Room 2802, 28/F, China
Resources Building, No. 26 Harbour Road, Wanchai, in Hong Kong.

At the meeting, Ling Wai Ming, the company's liquidators, will
give a report on the company's wind-up proceedings and property

INNOVATIONS LIMITED: Chan Sek Kwan Rays Steps Down as Liquidator
Chan Sek Kwan Rays stepped down as liquidator of Innovations
Limited on Jan. 25, 2013.

JESUS IS KING: Creditors' Proofs of Debt Due Feb. 28
Creditors of Jesus Is King Church Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 28, 2013, to be included in the company's dividend

The company commenced wind-up proceedings on Jan. 21, 2013.

The company's liquidator is:

         Wai Kam Moon
         Rm 2002, 20/F
         Multifield Centre
         426 Shanghai Street
         Kowloon, Hong Kong

JOYFUL FALCON: Tong Lap Hong Steps Down as Liquidator
Au Wai Keung stepped down as liquidator of Joyful Falcon Limited
on Jan. 23, 2013.

KINGMEN INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
At an extraordinary general meeting held on Jan. 24, 2013,
creditors of Kingmen Investment Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Kennic Lai Hang Lui
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong

KYOSHIN TECHNOSONIC: Creditors' Proofs of Debt Due March 1
Creditors of Kyoshin Technosonic (Asia) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 1, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 18, 2013.

The company's liquidator is:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


AJAY GUPTAS: ICRA Rates INR35cr LT Loan at '[ICRA]B'
ICRA has assigned a long-term rating of '[ICRA]B' to INR35.00
crore1 long term bank facilities of Ajay Guptas Shree Nath
Jewellers Private Limited.

   Facilities               (INR crore)     Ratings
   -----------              -----------     -------
   Long Term: Fund Based       35.00        [ICRA]B/Assigned

The assigned rating is supported by the promoter's experience in
the jewellery business, improving scale of operations and history
of profitable operations. The rating also derives support from
the steady equity infusion from the promoters to meet the funding
requirements of the company to support the revenue growth.
Notwithstanding the above positives, despite the improved scale
of operations, the profitability levels of the company continue
to remain suppressed as is reflected in operating profitability
margin of -3% and net profit margin of -0.44% (net profit of
INR0.85 crore in FY12). The company's operations are also
characterised by high level of working capital (23% of revenues
in FY12) owing to high debtors and inventory levels, which
coupled with high revenue growth and low profitability has
resulted in debt levels increasing from -INR14.95 crore in FY
2010 to INR33.63 crore by end of FY 2012. As a result of
increased debt levels, despite the equity infusion undertaken by
the promoters, the gearing has remained high at 2.91X times as on
March 31, 2012. High leverage levels coupled with weak operating
profitability has resulted in weak debt coverage indicators as
reflected in OPBDITA/ Interest at 1.38X, NCA/Total Debt of -3%
and Total Debt/OPBDITA of -6X as on year ending 2012. Further,
owing to high revenue growth, weak operating profitability and
modest cash accruals, the company has consistently witnessed
negative cash flows and stretched liquidity.

While assigning the rating, ICRA has also considered the risk
arising out of high customer concentration owing to higher
proportion of wholesale revenues, whereby its top five customers
accounted for ~60% of the total sales in FY 2012 and the
susceptibility of the sales and profitability of the company to
volatility in gold/ diamond prices as gold and diamond jewellery
are key revenue drivers for AGSNJ.

Going forward AGSNJ's ability to improve its operating
profitability while maintaining the revenue growth, managing
counterparty credit risks, reducing working capital intensity of
operations and improve its capital structure will be the key
driver of its debt coverage indicators and hence will be the
rating sensitivities.

Ajay Guptas Shree Nath Jewellers Private Limited is engaged in
the manufacture and sale (wholesale and retail) of gold and
diamond jewellery out of its single showroom in Karol Bagh, New
Delhi. The company carries out its manufacturing activities out
of its facility located in Karol Bagh. The company's operations
have primarily focused on wholesale business as it derives more
than 90% of its sales from wholesale customers while the retail
sales constitute the rest.

AGSNJ was incorporated in August 2009 and in October 2009 it took
over the business of M/s Shree Nath Jewellers, a partnership firm
of Mr. Daya Chand Gupta and Mr. Ajay Gupta. Post this takeover;
the company's ownership continues to be in hands of Mr. Daya
Chand Gupta and Mr. Ajay Gupta who are involved in managing the
day-to-day operations of the company.

ICRA has upgraded the long-term rating on the INR10.0 crore
(enhanced from INR5.75 crore) long term, fund based limits of
Epicenter Technologies Private Limited from "[ICRA]D" to
"[ICRA]B".  ICRA has also upgraded the short-term rating on the
INR4.25 crore short term, non fund based limits of ETPL from
"[ICRA]D" to "[ICRA]A4".

   Facilities               (INR crore)     Ratings
   -----------              -----------     -------
   Long-term, fund-based       10.00        Upgraded to [ICRA]B
   Facilities                               from [ICRA]D

   Short-term, fund-based       4.25        Upgraded to [ICRA]A4
   facilities                               from [ICRA]D

The ratings revision factors in regularization in debt repayment
by the company.

The ratings factor in the sustained financial support enjoyed by
ETPL from the promoter groups, its diversification into newer
verticals and expansion in the domestic market and its entry into
late stage collections which is expected to improve margins.
However, the ratings are constrained by the relatively small
scale of operations, the loss of major accounts impacting revenue
growth and profitability, the high geographical concentration of
business and the continued losses that have resulted in erosion
of net worth and a stretched capital structure.

Epicenter Technologies Private Limited, set up in 2000, is a
voice based BPO company providing collection services, and query
support and sales. The company operates out of a 700 seat
facility at Bhayander, Thane. ETPL is a joint venture between
Pune based Kalyani Group, Mr. Kenneth Eldred (Chairman of Ariba
Group, USA) and Seignior Exports Private Limited.

Recent Results

As per audited numbers, ETPL reported a loss of INR3.42 crore on
an operating income of INR42.95 crore in 2011-12 against a loss
of INR6.23 crore and on an operating income of INR36.30 crore in

EPICU AGRO: ICRA Assigns 'BB+' Rating to INR23.37cr Loan
ICRA has assigned a long-term rating of '[ICRA]BB+' with a
'stable' outlook and a short-term rating of '[ICRA]A4+' to
INR27.17 crore bank facilities of EPICU Agro Products Private

   Facilities                (INR crore)   Ratings
   -----------               -----------   -------
   Long-Term Fund Based         23.37      [ICRA]BB+ Assigned

   Short-Term Non-Fund Based     3.80      [ICRA]A4+ Assigned

The rating factors in the established market position of EPICU as
a sole-franchisee for Parle Agro Private Limited (PAPL) brands
in the Northern states, as well as the positive demand outlook
for PAPL's products, given Frooti's leading position in the fruit
drinks market. The rating also favorably factors in the company's
satisfactory sales and distribution network in its area of
operations and increase in manufacturing capacities to cater the
increasing requirements of PAPL's beverage products. Being a
licensee of PAPL, EPICU has to follow the standards set by PAPL
for raw-material sourcing and also for manufacturing, bottling
and distribution of the finished products in the assigned states.
The company has an established raw-material sourcing arrangement
which ensures the product quality; however seasonality in raw-
material procurement as well as in sales of finished products
increases the working capital requirements during the peak months
and stretches the liquidity position as reflected in high
utilization of working capital limits.

Further, as the overall pricing of the products is decided by
PAPL, the margins of the company remains susceptible to the
inputs costs. While the OPM of EPICU are moderate at 5.62%, the
NPM remains low at around 1.0% in FY-12 owing to high
depreciation as operations are highly fixed capital intensive in
nature. Nevertheless, satisfactory cash accruals coupled with
consistent equity infusion has resulted in satisfactory
capitalisation levels (gearing of 0.76 times on Mar-12) and debt
coverage indicators (NCA/Total Debt: 21%, OPBDIT/Interest: 2.65
times and Total Debt/OPBDITA: 2.64 times). The company has its
manufacturing facilities at Ambala (Haryana) and Alwar
(Rajasthan); given the positive demand for PAPL's products in the
assigned states, the company is currently expanding its installed
capacity at both these facilities. As the capital expenditure is
largely debt funded; hence ability of EPICU to optimally utilize
its enhanced capacity will be critical for future cash accruals
and levels of debt servicing indicators.

EPICU Agro Products Private Limited - EPICU established in
November-2003 as a franchisee of Parle Agro Pvt. Ltd., and is
involved in manufacturing and distribution of PAPL's beverages
(Frooti, Appy, Appy Fizz and Grappo Fizz) in Northern states from
its facilities at Ambala (Haryana) and Alwar (Rajasthan). The
company caters to five states, including Haryana, Rajasthan,
Punjab, Himachal Pradesh and Jammu & Kashmir (J&K) through its
network of 650 distributors.

During FY2012, EPICU reported a Profit After Tax (PAT) of INR1.24
crore with the operating income (OI) of INR124.77 crore as
compared to PAT of INR1.13 crore with OI of INR99.20 for the
previous financial year. As per the provisional results, for the
half-year ended September 30, 2012, the company reported a PAT of
INR0.89 crore with an OI of INR87.28 crore.

JP SORTEX: ICRA Assigns 'B' Rating to INR34cr Fund Based Limits
ICRA has assigned the rating of '[ICRA]B' on the long term scale
and '[ICRA]A4' on the short term scale to INR34.00 crore (earlier
INR28.00 crore) enhanced fund based facilities of JP Sortex
Private Limited.
   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Fund Based Limits        34.00      [ICRA]B assigned
   Packing Credit Limit     17.00      [ICRA]A4 assigned

The assigned ratings continue to take into consideration its
moderate scale of operations, low profitability, and high gearing
levels. The ratings also factor in the intensely competitive
nature of industry which exerts pressure on operating margins.
However, the ratings favorably take into account the company's
experienced management and its concentration on export of basmati
rice. Further, ICRA also takes into account the favorable demand
prospects of the rice industry with India being the second
largest producer and consumer of rice in the world.

JP Sortex Private Limited is a private limited company
established in 1999. The company is primarily engaged in milling
of basmati rice. JPSPL's milling unit is based out of Firozpur,
Punjab, in close proximity to the local grain market. JPSPL sells
rice under its five registered brands in the domestic market. The
sales and distribution of the company is overseen by its offices
in New Delhi and Dubai. JPSPL has its sales force present in
various states in India including Delhi, Tamil Nadu, Gujarat,
Maharashtra, and Madhya Pradesh, and is also involved in export
of rice primarily to countries in the Middle East.

In FY 2012, the company reported an operating income of INR54.63
crore and a net profit after tax of INR0.14 crore.

KEMCO CORPORATION: ICRA Assigns 'B+' Rating to INR5cr LT Loan
ICRA has assigned a long-term rating of '[ICRA]B+' and a short-
term rating of '[ICRA]A4' to the 15.75 crore bank limits of Kemco

   Facilities                (INR crore)   Ratings
   -----------               -----------   -------
   Long Term Cash Credit        5.00       [ICRA]B+ assigned

   Short Term Bank Guarantee    5.00       [ICRA]A4 assigned

   Short Term Letter of         6.50       [ICRA]A4 assigned

The assigned ratings are constrained by the firm's weak financial
profile as reflected in the low profitability levels on account
of low value addition in the business, its stretched liquidity
position, high working capital intensity and a highly leveraged
capital structure (with gearing of 3.40 times as on March 31,
2012). The firm's profitability remains exposed to fluctuation in
prices of Titanium Dioxide and since the firm also imports part
of its procurement, its profitability remains exposed to
fluctuations in currency rates. ICRA notes that as KC is a
partnership concern, the amount of withdrawals from the capital
account by the partners would affect the net worth of the firm
and thus remains a key rating sensitivity. However, there has
been no instance of any major withdrawal from the capital account
in the past four fiscals.

The ratings, however, favorably take into account the promoter's
long and established presence in the trading of Titanium Dioxide,
the firm's established sourcing/distributorship relationships
with reputed global and domestic producers of Titanium Dioxide
and the reputed and diversified customer base.

Kemco Corporation is a partnership firm, incorporated in 1994, to
deal in the trading of Titanium Dioxide (TiO2). KC sources from
domestic TiO2 producers such as Kerala Minerals and Metals
Limited, Travancore Titanium Products Limited, BMC Titania and
also the China-based Jiangxi Tikon Titanium Company Limited.
Titanium Dioxide mainly finds application as a pigment and the
clientele for KC include major players in the paints, plastics,
paper and printing ink industry.

For the period-ended December 2012, the firm has reported sales
of INR71.28 crore and net profit of INR1.15 crore (provisional
financials). In FY2012, KC has reported a profit after tax of
INR2.75 crore on operating income of INR64.78 crore.

MANTRA PACKAGING: ICRA Lowers Rating on INR5cr Loan to 'B'
ICRA has revised the long term rating assigned to INR5.00 Crore
fund based limits of Mantra Packaging Pvt. Ltd. from '[ICRA]B+'
to '[ICRA]B'). ICRA has also reaffirmed the short term rating at
'[ICRA]A4' to INR2.00 Crore short term non fund based facilities
of (MPPL).

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long Term Fund Based           5.00       [ICRA]B; downgraded

   Short Term Non Fund            2.00       [ICRA]A4; reaffirmed
   Based Limits

The rating action reflects delays in stabilization of project
resulting in a stretched financial position as reflected by
losses incurred in FY 12 and highly leveraged capital structure
following strain on liquidity and debt funded project capex. The
margins of the company are susceptible to high volatility in raw
material prices. ICRA also notes the competition from both
organized and unorganized players in plastic industry limiting
the pricing flexibility of the company. However the rating
derives comfort from the long experience of the promoter in the
plastic business.

Mantra Packaging Pvt. Ltd. was incorporated as a private limited
company in 2010 and the operations commenced from September 2011.
MPPL is engaged in manufacture of plastic packaging bags. The
company has its registered office in Mumbai and a manufacturing
facility at Silvassa. MPPL has two associate concerns 'Vazir
Polymers Ltd.' and Lila Polymers Pvt. Ltd engaged in trading of
polymers, plastics and other petroleum products.

Recent Results:

During the period ended 31st March 2012, the company reported a
net loss of INR0.30 crore on an operating income of INR1.82

MOTIA TOWNSHIP: ICRA Rates INR23cr LT Loan at 'B+'
ICRA has assigned an '[ICRA]B+' rating to the INR23.00 Crore bank
facilities of Motia Township Private Limited.

   Facilities              (INR crore)     Ratings
   -----------             -----------     -------
   Long Term Fund Based       23.00        [ICRA]B+ (Assigned)

The assigned rating is constrained on account of low bookings
achieved for ongoing first phase of integrated township, 'Royal
Oasis', being developed by the company. This coupled with high
proportion of project cost proposed to be funded by customer
advances heightens company's dependence upon incremental sales
and timely collections from customers; thereby augmenting
company's exposure to market risk for the unsold area on account
of inherent cyclicality of the sector. While ICRA takes into
account satisfactory track record of promoter group in real
estate market of Chandigarh and its satellite towns with their
completed residential projects fully sold and occupied by
residents; however, the scale of the project being executed by
MTPL is large in relation to past developments concluded by MTPL.
Thus, the company is exposed to execution risk, though it is
partially mitigated by plans to develop the township in phase
manner and considerable progress achieved at the project site.

Going forward, ability of the company to successfully market
unsold apartment inventory, timely collection from already sold
units, and execution of the project as per scheduled timelines
will remain the key rating sensitivities.

Motia Township Private Limited is part of 'Motia Group' of Punjab
and is promoted by Mr. Pawan Bansal, who has long standing
experience in the real estate industry of Punjab and Tri-city
region (Chandigarh and satellite towns). The company has
undertaken its maiden real estate project, 'Royal Oasis', whereby
it plans to develop an integrated township spread over 24.8 acres
and having saleable are of 2.37 million square feet (msf).
Located at High Ground Road, Bhabat, Zirakpur, the first phase of
project covering saleable area of 0.36 msf was launched in
February 2012 and subsequently construction work picked momentum
in second quarter of 2012-13.

PATIALA COTSPIN: ICRA Assigns 'BB-' Rating to INR19.83cr Loans
ICRA has assigned an '[ICRA]BB-' rating to the INR19.83 Crore
long term fund based and non fund based bank facilities of
Patiala Cotspin Limited. The outlook on long term rating is

   Facilities          (INR crore)   Ratings
   -----------         -----------   -------
   Long Term Fund         19.22      [ICRA]BB- (Stable)
   Based Limits                      (Assigned)

   Long Term Non Fund     0.55       [ICRA]BB-(Stable) (Assigned)
   Based Limits

   Long Term Unallocated  0.06       [ICRA]BB-(Stable) (Assigned)

The assigned rating is constrained on account of low
profitability margins and weak return on capital indicators of
the company. While the company's debt coverage indicators had
remained satisfactory till FY11 owing to low debt levels, however
due to recently completed debt funded expansion, the debt
servicing ability of the company will remain susceptible to
improvement in operating profitability margins. The expansion
will result in an improvement in product profile of the company;
which may support its profitability margins, however, it is noted
that scale of operations will continue to remain modest and
product mix will remain concentrated towards lower count yarns,
thereby resulting in limited pricing power and pressure on
margins in back drop of commoditized nature of product and
fragmented industry structure. The company plans to undertake
incremental Brownfield capacity expansion in near term, which can
further stress the cash flows profile.

ICRA however notes that promoters plan to infuse incremental
equity for supporting capacity expansion and commissioning of
incremental capacity, which would improve scale of operations.
Also, the assigned rating favorably takes into account long
standing track record of the Promoter Group in textile business,
long debt profile enjoyed by the company with majority of debt
having door to door tenure of 10 years, and commissioning of
enhanced capacity at a time when there is stability in cotton
prices and yarn realizations are steady.

Going forward, extent of improvement in profitability metrics
derived from recently completed expansion cum modernization
program while maintaining satisfactory capacity utilization
levels will remain key rating sensitivity besides scale of future
capacity expansion undertaken and funding mix used thereof.

Incorporated in 1997, Patiala Cotspin Limited is promoted by
Mr. Mohinder Pal, Mr. Surinder Lal and Mr. Sohan Lal, and is
engaged in manufacturing of course count open end cotton yarn
with its manufacturing facility located at Samana, Punjab. PCL
has recently completed Brownfield capacity expansion project at
its sole manufacturing facility, whereby installed capacity of
1,600 rotors has been increased to 4,400 rotors.

In 2011-12, the company reported Operating Income (OI) of
INR48.28 crore and Operating Profit before Depreciation,
Interest, Tax and Amortization (OPBDITA) of INR1.97 crore against
OI of INR30.78 crore and OPBDITA of INR1.04 crore reported in

PAYODA TECHNOLOGIES: ICRA Assigns 'BB-' Rating to INR6.9cr Loans
ICRA has assigned long-term rating of '[ICRA]BB-' to INR0.90
crore term loan facilities and INR6.00 crore fund based
facilities of Payoda Technologies Private Limited. ICRA has also
assigned short-term rating of '[ICRA]A4' to the INR7.10 crore
non-fund based facilities and INR3.00 crore non-fund based (sub-
limit) facilities of PTPL. The outlook on the long-term rating is

   Facilities                   (INR crore)   Ratings
   -----------                  ----------   -------
   Term loan facilities            0.90       [ICRA]BB- assigned
   LT Fund based facilities        6.00       [ICRA]BB- assigned
   ST Non-fund based facilities    7.10       [ICRA]A4 assigned
   ST Non-fund based facilities   (3.00)      [ICRA]A4 assigned

The ratings consider the experience of promoters in the
Information Technology (IT) business for more than fifteen years
and the experienced senior management team with strong domain
expertise. The ratings also take into account the Company's
assorted software product/services offerings catering to diverse
domains (BFSI, Healthcare, Retail, e-Governance etc.) and the
repeat orders from existing customers (like Verizon and HedgeMark
among others), which help in reducing order volatility. The order
book levels of the Company remain healthy supported by domestic
e-Governance orders which lend revenue visibility. However, the
working capital intensity is likely to be stretched on account of
high credit period associated with the government orders, albeit
10% of the order value is received in advance. The ratings also
factor in the vulnerability of margins to foreign exchange
fluctuations and the competitive nature of the industry
restricting pricing power. Also, the operating margins remain
adversely impacted by significant Research and Development (R&D)
expenses and bulk discounts offered by PTPL. The ability of the
Company to improve its profitability levels and manage its
working capital cycle would be the key rating sensitivities going

Incorporated in 2005 by Mr. Anand Purushothaman, PTPL is a
Coimbatore based software product/service provider, with
expertise in developing and implementation of productized
services (application traffic management, mobility solutions
etc.) in diversified domains like BFSI, Healthcare, Retail, e-
Governance among others. The Company caters primarily to
customers in North America. PTPL also provides IT services like
enterprise application development, application maintenance
services, software testing services, IT consulting services etc.
The Company presently has close to 300 employees and operates
with offices in leased premises in Coimbatore and Chennai.

Recent Results

The Company reported net profit of INR1.2 crore on an operating
income of INR24.2 crore during 2011-12 as against net profit of
INR0.1 crore on an operating income of INR5.0 crore during 2010-

ICRA has assigned '[ICRA]BB-' rating to INR40.00 Crore cash
credit facility of Sree Siddarameshawar Agro Industries.  The
rating carries a Stable outlook.

   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long Term Fund Based Limits   40.00      [ICRA]BB-(Stable);

The rating reflects the long experience of the promoters in the
solvent extraction business, locational advantage that the firm
enjoys by virtue of its plant location in the soya producing belt
and the reputed customer profile of the firm. The rating,
however, is constrained by the high competitive intensity given
the fragmented nature of industry, vulnerability of the firm's
profitability to availability and prices of soya and the highly
stretched capital structure of the firm following debt funded
capex and working capital intensive nature of operations. ICRA
also takes into account the risk of significant withdrawals of
capital by the partners owing to the partnership status of the

Incorporated in 2003, SSAI is engaged in solvent extraction and
production of soy products viz. crude oil and DOC along with its
associated products such as soya flour, soya nuggets and soya
flakes at its 400 tpd facility located in Nanded, Maharashtra.
The firm also engages in trading of soya DOC, seeds and other
agro-products depending on the market situation. The promoters of
SSAI have along experience in the soya business.

Recent Results:

SSAI recorded a net profit of INR1.95 Crore on an operating
income of INR153.47 Crore for the year ending 31st March 2012
(audited) and a net profit of INR2.54 Crore on an operating
income of INR122.35 Crore for the half year ending September 30,

VACHNAMRUT RESIDENCY: ICRA Assigns 'B' Rating to INR10cr Loans
ICRA has assigned a long-term rating of '[ICRA]B' to the
INR10.00 crore bank limits of Vachnamrut Residency.

   Facilities              (INR crore)      Ratings
   -----------              -----------     -------
   Long Term Loan             6.00          [ICRA]B assigned
   Proposed limits            4.00          [ICRA]B assigned

The assigned rating is constrained on account of the limited
track record of the firm, the high market risk of the project as
~53% of the flats are yet to be booked and the high funding risks
owing to high dependence on customer advances for funding. The
rating also factors in the exposure of the firm's operation to
the cyclicality inherent in the real estate sector and
vulnerability of the project metrics to fluctuations in steel and
cement prices. ICRA also notes that as VR is a partnership
concern, the amount of withdrawals from the capital account by
the promoter would affect the net worth of the firm and thus
remains a key rating sensitivity.

The rating, however, draws comfort from the established track
record of the partners of the firm in executing real estate
projects and the clearances and regulatory approvals acquired for
the on-going project. The rating also favorably factors in the
locational advantage of the project, given its presence in
Bharuch (Gujarat) which has witnessed robust demand from the

Vachnamrut Residency was incorporated in March 2011 as a
partnership firm based in Surat (Gujarat). It is promoted jointly
by Mr. Hiteshbhai Sakhiya and 19 other partners. The firm is
currently engaged in the construction of its pioneer project, a
residential complex 'Vachnamrut Residency' at Bharuch, Gujarat.

The complex consists of 9 towers (A to I), housing 228 flats.
These comprise of 156 2-BHK flats, with a super-builtup area of
(1,014) square feet (carpet area of -700 square feet) in the
towers A, B, G, H and I, and 72 3-BHK flats, with a super-builtup
area of (1,560) square feet (carpet area of -1,045 square feet)
in towers F, G and H. Towers A to H comprise of 24 flats each,
while Tower I consists of 36 flats. The complete handover of the
flats is planned by September 2013.

N E W  Z E A L A N D

MAINZEAL PROPERTY: Collapse Has Financial Impact on Horizon Unit
Grant Bradley at New Zealand Herald reports that fallout from the
Mainzeal receivership is hitting listed lines company, Horizon

The Herald relates that the company said its wholly owned
subsidiary, Aquaheat NZ is likely to incur a "significant adverse
financial impact" following the appointment of receivers to
Mainzeal Property and Construction.

"Aquaheat is owed money on a number of contracts with Mainzeal.
The actual financial position is currently being assessed by
Aquaheat's management, however it is clear there will be an
impact on the Horizon Energy profit for the current financial
year" the report quotes Horizon chairman Rob Tait as saying.

"Contracts were proceeding as planned and as late as Tuesday this
week we were engaged in discussions with Mainzeal personnel over
current and future work without any hint of trouble."

According to the Herald, Aquaheat's engineering and contracting
business, with offices in Auckland, Wellington and Christchurch
were purchased in September 2012 and has been integrated into the
Horizon Energy and is pursuing a range of business and growth

Aquaheat's commercial building services include refrigeration,
heating systems, fire protection, plumbing and drainage and
specialist wall and roof cladding systems, the report relays.

"We are on track with our business plans and the loss of this key
long-term customer will be a serious set-back for Aquaheat."

The Herald relates that Mr. Tait said Horizon Energy is committed
to building a successful business model outside of its core
electricity lines distribution business which is in the eastern
Bay of Plenty.

"I expect we will have a clearer picture of our financial
exposure as a result of this receivership within a few days once
we have reviewed our commitments and obligations under the many
contracts we have with Mainzeal. We will advise shareholders and
the market as soon as we have more certainty," Mr. Tait, as cited
by the Herald, said.

                        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.

Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, have been 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.

STRATEGIC FINANCE: Directors Face Action as FMA Concludes Probe
The Financial Markets Authority investigation into Strategic
Finance Limited has now concluded, with FMA forming the view that
six of the company's directors are likely to have breached the
Securities Act.

The apparent breaches relate to statements made in a registered
prospectus, investment statement and in an advertisement between
March 2008 and August 2008.

The directors are Kerry Finnigan, Graham Edward Jackson, Marcel
Aubrey Lindale, Timothy John Rich, Denis Grenville Thom and David
John Wolfenden.

FMA has notified the directors of its findings and has agreed to
provide them with an opportunity to respond to FMA's proposed
claim before civil proceedings are filed.

"FMA's role as a publicly-funded litigant, acting in the public
interest, necessitates this announcement to keep the market and
investors informed," said FMA Head of Enforcement, Belinda

                      About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) --
operated as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provided specialist financial and advisory services to the
property and corporate sectors.  The Company operated in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-
operating subsidiary is Strategic Properties No.1 Limited.  In
May 2009, the Company incorporated a subsidiary, Gulf Property
Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, was wholly owned by Australian-based finance company Allco
HIT Limited.

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ended the moratorium arrangement that
had been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone repayment on Jan. 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd., on July 27, 2010, appointed liquidators to
Strategic Finance.  The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.


BAYAN TELECOM: Has Until April 6 to Get Rehab Court's OK
BusinessWorld Online reports that the National Telecommunications
Commission (NTC) has again given Bayan Telecommunications, Inc.
more time to secure the rehabilitation court's approval for its
frequency sharing with Globe Telecom, Inc., an official of the
regulator said.

"I approved it today [Feb. 5]. So from Feb. 5, they (Bayan) are
given until April 6 to get the rehabilitation court's approval,"
NTC Commissioner Gamaliel A. Cordoba told BusinessWorld in a
telephone interview.

"According to their letter, the rehabilitation court has yet to
issue a resolution after a hearing on Jan. 23," Mr. Cordoba said.
"So since the delay is not their fault, I approved their

On Feb. 1, 2013, BusinessWorld recalls, Bayan asked NTC to extend
for another 60 days the provisional approval for the frequency

BusinessWorld relates that NTC, on Dec. 21, had extended for
another 30 days Bayan's temporary permit for the frequency
sharing to Feb. 5 from Jan. 6, the expiration date of the first
provisional approval issued in October last year.

According to the report, Mr. Cordoba last month said that the
court's clearance was needed before NTC approves the frequency
sharing deal "since Bayan is under the jurisdiction of the
rehabilitation court." Debt-ridden Bayan has been under the
supervision of the rehabilitation court since 2003.

Once the rehabilitation court gives the approval, NTC will then
determine the duration of the joint use of frequencies, Mr.
Cordoba had said last month, the report adds.

                           About Bayantel

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

In a report on Aug. 15, 2007, the Philippine Star said BayanTel
was setting aside PHP760 million to PHP800 million in 2007 to pay
down debt, using internally-generated cash.  BayanTel was placed
into receivership in 2004.

Weighed down by its huge debt, the company sought corporate
rehabilitation with the Pasig City Regional Trial Court in July
2003 to restructure its short-and long-term bank loans and bonds
payable.  The Pasig Regional Trial Court Branch 158 approved the
company's financial rehabilitation on June 28, 2004, based on
sustainable debt level of PHP17.13 billion, payable over 19
years.  According to RTC Judge Rodolfo R. Bonifacio, the
remainder of BayanTel's debt may be converted to another
appropriate instrument that will not be a financial burden to
parent Benpres Holdings Corp.  It also mandated BayanTel to
treat all creditors equally.  Some of BayanTel's creditors have
appealed the lower court decision.


* Moody's Asian Liquidity Stress Index Falls to 27.2% in January
The fall reflected a drop to 28 from 30 in the number of
companies with Moody's lowest or weakest speculative-grade
liquidity score of SGL-4, while the number of companies in the
index also fell by two to 103.

The index -- which decreases when speculative-grade liquidity
appears to increase - remains historically high, but is still
below the record high of 37% seen in the fourth quarter of 2008
following the global financial crisis.

"Four companies shed their SGL-4 scores in January, either
because their corporate family ratings were withdrawn, or because
their liquidity improved following bond issuances in January, and
two companies received SGL-4 scores," says Laura Acres, a Moody's
Senior Vice President.

At the same time, the liquidity sub-index for Chinese
speculative-grade companies declined in January to 29.4% from
31.4% in December, reflecting the fact that two companies exited
the SGL-4 rating category and one company entered it.

Meanwhile, the sub-index for Indonesian companies edged up to
12.5% from 12%, ending a 3-month streak of no change in the
percentage. The increase reflected the withdrawal of one
company's corporate family rating, but the number of Indonesian
companies with an SGL-4 score is unchanged at three.

"We also note that while corporate family rating downgrades
exceeded upgrades in January, positive outlooks are gaining
momentum. We changed the outlooks of seven companies in January,
six in a positive direction and one in a downward direction,"
says Acres.

"We further note that the current market environment is highly
favorable towards issuance," says Acres.

The report says that a total of 19 rated deals closed in January,
raising a total of $8.0 billion, the highest amount of high-yield
debt issued in a single month in Asia. It also included the
largest bond deal for a company with a single-B rating: MCE
Finance Limited (Ba3 stable) raised an eight-year B1-rated bond
of $1 billion at 5%.

"The diversity of funding choices has also broadened and the
high-yield bond markets are providing financing in ever greater
volumes. Chinese corporates in particular have access to trust
loans and a growing domestic bond market. As a result, while
defaults are expected to increase, they remain relatively low,"
says Acres.

As of end-January, Moody's had assigned speculative-grade ratings
to 103 issuers in Asia (excluding Japan and Australia), covering
$52.8 billion, up from $45.8 billion as of end-December.

* Large Companies with Insolvent Balance Sheets

                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------


AACL HOLDINGS LT           AAY            39.61        -4.66
AAT CORP LTD               AAT            32.50       -13.46
AAT CORP LTD               AAT            32.50       -13.46
ARASOR INTERNATI           ARR            19.21       -26.51
AUSTRALIAN ZI-PP           AZCCA          77.74        -2.57
AUSTRALIAN ZIRC            AZC            77.74        -2.57
BECTON PROPERTY            BEC           267.47       -15.73
BIRON APPAREL LT           BIC            19.71        -2.22
BOWEN ENERGY LTD           BWN            10.06        -1.19
CLARITY OSS LTD            CYO            28.67        -8.42
CNPR GROUP                 CNP        15,483.44      -349.73
CWH RESOURCES LT           CWH            12.09        -1.29
HAOMA MINING NL            HAO            25.26       -27.35
MACQUARIE ATLAS            MQA         1,618.82      -941.02
MISSION NEWENER            MBT            22.05       -27.72
NATURAL FUEL LTD           NFL            19.38      -121.51
ORION GOLD NL              ORNDC          10.91        -0.31
QUICKFLIX LTD              QFX            15.84        -1.91
REDBANK ENERGY L           AEJ           295.35       -13.08
RENISON CONSOLID           RSN            10.50        -9.23
RENISON CONSO-PP           RSNCL          10.50        -9.23
RIVERCITY MOTORW           RCY           386.88      -809.14
RUBICOR GROUP LT           RUB            60.12       -61.63
STERLING PLANTAT           SBI            37.84       -10.78


ANHUI GUOTONG-A            600444         70.61        -3.64
BAOCHENG INVESTM           600892         42.73        -3.58
CHANG JIANG-A              520         1,387.12       -64.68
CHENGDU UNION-A            693            26.99       -26.74
CHIFENG JILONG-A           600988         14.83        -3.52
CHINA KEJIAN-A             35             61.36      -211.36
DONGXIN ELECTR-A           600691         13.31       -35.40
HEBEI BAOSHUO -A           600155        107.75       -89.29
HUASU HOLDINGS-A           509            84.22       -18.79
HUBEI MAIYA CO-A           971           133.45        -1.85
HULUDAO ZINC-A             751         1,025.01      -104.94
HUNAN TIANYI-A             908            62.99        -4.40
JILIN PHARMACE-A           545            31.52        -6.57
JINCHENG PAPER-A           820           113.20      -102.79
QINGDAO YELLOW             600579        163.31      -103.32
SHANDONG HELON-A           677           726.23      -199.92
SHANG BROAD-A              600608         38.89       -11.05
SHANXI GUANLU-A            831           263.65       -38.86
SHENZ CHINA BI-A           17             28.69      -271.45
SHENZ CHINA BI-B           200017         28.69      -271.45
SHENZ INTL ENT-A           56            260.84       -53.74
SHENZ INTL ENT-B           200056        260.84       -53.74
SHIJIAZHUANG D-A           958           211.99      -123.23
SICHUAN GOLDEN             600678         71.51      -107.85
TAIYUAN TIANLO-A           600234         65.61       -14.45
TIANJIN GLOBAL-A           600800        134.90        -2.42
TIANJIN MARINE             600751         49.95       -92.48
TIANJIN MARINE-B           900938         49.95       -92.48
TIBET SUMMIT I-A           600338         91.79       -14.79
TOPSUN SCIENCE-A           600771        125.72      -115.82
WUHAN BOILER-B             200770        173.56      -191.42
WUHAN GUOYAO-A             600421         10.41       -27.07
WUHAN XIANGLON-A           600769        168.96        -5.24
XIAMEN OVERSEA-A           600870        274.55      -133.44
XIAN HONGSHENG-A           600817         95.47      -241.46
XINJIANG CHALK-A           972           667.59       -46.89
YANBIAN SHIXIA-A           600462        106.82      -136.87
YIBIN PAPER IN-A           600793        127.35        -4.70
YUEYANG HENGLI-A           622            34.87       -25.93


ASIA COAL LTD              835            20.25        -9.45
BEP INTL HLDGS L           2326           12.99        -0.37
BUILDMORE INTL             108            16.92       -45.22
CHINA HEALTHCARE           673            33.18       -15.21
CHINA OCEAN SHIP           651           408.06       -51.68
CROSBY CAPITAL             8088           22.66       -12.05
FIRST NTUL FOODS           1076           17.52       -56.24
FU JI FOOD & CAT           1175           73.43      -389.20
GRANDE HLDG                186           255.10      -208.18
MELCOLOT LTD               8198           36.29       -86.21
MITSUMARU EAST K           2358           22.77       -20.63
PALADIN LTD                495           173.10       -13.20
PROVIEW INTL HLD           334           314.87      -294.85
SINO RESOURCES G           223            38.67       -23.83
SUNLINK INTL HLD           2336           17.79       -36.13
SURFACE MOUNT              SMT            64.14       -29.40
U-RIGHT INTL HLD           627            14.80      -204.65


APAC CITRA CENT            MYTX          187.46        -3.73
ARGO PANTES                ARGO          154.01        -3.12
ARPENI PRATAMA             APOL          416.73      -206.52
ASIA PACIFIC               POLY          371.81      -836.19
JAKARTA KYOEI ST           JKSW           29.81       -41.48
MATAHARI DEPT              LPPF          254.86      -270.94
MITRA INTERNATIO           MIRA        1,076.79      -446.64
MITRA RAJASA-RTS           MIRA-R2     1,076.79      -446.64
PANASIA FILAMENT           PAFI           30.93       -21.52
PANCA WIRATAMA             PWSI           31.13       -38.63
PRIMARINDO ASIA            BIMA           11.11       -20.32
RENUKA COALINDO            SQMI           15.30        -0.51
SEKAR BUMI TBK             SKBM           18.90        -0.90
SUMALINDO LESTAR           SULI          166.28       -18.26
TOKO GUNUNG AGUN           TKGA           13.22        -1.15
TOKO GUNUNG-RTS            TKGA/R         13.22        -1.15
UNITEX TBK                 UNTX           15.58       -20.80


ABHISHEK CORPORA           ABSC           58.35       -14.51
AGRO DUTCH INDUS           ADF           105.49        -3.84
ALPS INDUS LTD             ALPI          215.85       -28.22
AMIT SPINNING              AMSP           16.21        -6.54
ARTSON ENGR                ART            16.52        -3.14
ASHAPURA MINECHE           ASMN          167.68       -67.64
ASHIMA LTD                 ASHM           63.23       -48.94
ATV PROJECTS               ATV            60.17       -54.25
BELLARY STEELS             BSAL          451.68      -108.50
BHAGHEERATHA ENG           BGEL           22.65       -28.20
BLUE BIRD INDIA            BIRD          122.02       -59.13
CAMBRIDGE TECHNO           CTECH          12.77        -7.96
CELEBRITY FASHIO           CFLI           27.59        -8.60
CFL CAPITAL FIN            CEATF          12.36       -49.56
CHESLIND TEXTILE           CTX            20.51        -0.03
COMPUTERSKILL              CPS            14.90        -7.56
CORE HEALTHCARE            CPAR          185.36      -241.91
DCM FINANCIAL SE           DCMFS          18.46        -9.46
DFL INFRASTRUCTU           DLFI           42.74        -6.49
DHARAMSI MORARJI           DMCC           21.44        -6.32
DIGJAM LTD                 DGJM           99.41       -22.59
DISH TV INDIA              DITV          517.02       -18.42
DISH TV INDI-SLB           DITV/S        517.02       -18.42
DUNCANS INDUS              DAI           122.76      -227.05
FIBERWEB INDIA             FWB            16.51        -7.98
GANESH BENZOPLST           GBP            49.24       -21.14
GOLDEN TOBACCO             GTO           109.72        -5.01
GSL INDIA LTD              GSL            29.86       -42.42
GUJARAT STATE FI           GSF            10.26      -303.64
GUPTA SYNTHETICS           GUSYN          52.94        -0.50
HARYANA STEEL              HYSA           10.83        -5.91
HINDUSTAN PHOTO            HPHT           74.44    -1,519.11
HINDUSTAN SYNTEX           HSYN           11.46        -5.39
HMT LTD                    HMT           123.83      -517.57
ICDS                       ICDS           13.30        -6.17
INDAGE RESTAURAN           IRL            15.11        -2.35
INTEGRAT FINANCE           IFC            49.83       -51.32
JCT ELECTRONICS            JCTE          104.55       -68.49
JD ORGOCHEM LTD            JDO            10.46        -1.60
JENSON & NIC LTD           JN             16.65       -75.51
JOG ENGINEERING            VMJ            50.08       -10.08
JYOTHY CONSUMER            JYOC           69.07       -31.72
KALYANPUR CEMENT           KCEM           24.64       -38.69
KDL BIOTECH LTD            KOPD           14.66        -9.41
KERALA AYURVEDA            KERL           13.97        -1.69
KINGFISHER AIR             KAIR        1,782.32      -997.63
KINGFISHER A-SLB           KAIR/S      1,782.32      -997.63
KITPLY INDS LTD            KIT            37.68       -45.35
KM SUGAR MILLS             KMSM           19.14        -0.47
LLOYDS FINANCE             LYDF           14.71       -10.46
LLOYDS STEEL IND           LYDS          510.00       -48.98
LML LTD                    LML            50.66       -70.76
MADRAS FERTILIZE           MDF           158.91       -64.91
MAHA RASHTRA APE           MHAC           22.23       -15.85
MARKSANS PHARMA            MRKS           76.23       -31.89
MILTON PLASTICS            MILT           17.67       -51.22
MODERN DAIRIES             MRD            32.97        -3.87
MTZ POLYFILMS LT           TBE            31.94        -2.57
MURLI INDUSTRIES           MRLI          275.90       -20.19
MYSORE PAPER               MSPM           97.02       -15.69
NATH PULP & PAP            NPPM           14.50        -0.63
NATL STAND INDI            NTSD           22.09        -0.73
NICCO CORP LTD             NICC           78.28        -4.14
NICCO UCO ALLIAN           NICU           25.42       -79.20
NK INDUS LTD               NKI           141.35        -7.71
NRC LTD                    NTRY           73.10       -51.18
NUCHEM LTD                 NUC            24.72        -1.60
PANCHMAHAL STEEL           PMS            51.02        -0.33
PARASRAMPUR SYN            PPS            99.06      -307.14
PAREKH PLATINUM            PKPL           61.08       -88.85
PIONEER DISTILLE           PND            48.76        -1.44
PREMIER INDS LTD           PRMI           11.61        -6.09
QUADRANT TELEVEN           QDTV          188.57      -116.81
QUINTEGRA SOLUTI           QSL            16.76       -17.45
RAJ AGRO MILLS             RAM            10.21        -0.61
RATHI ISPAT LTD            RTIS           44.56        -3.93
RELIANCE MEDIAWO           RMW           354.99      -105.00
RELIANCE MED-SLB           RMW/S         354.99      -105.00
REMI METALS GUJA           RMM           101.32       -17.12
RENOWNED AUTO PR           RAP            14.12        -1.25
ROLLATAINERS LTD           RLT            22.97       -22.24
ROYAL CUSHION              RCVP           14.42       -73.93
SADHANA NITRO              SNC            16.74        -0.58
SANATHNAGAR ENTE           SNEL           39.67       -11.05
SAURASHTRA CEMEN           SRC            89.32        -6.92
SCOOTERS INDIA             SCTR           19.43       -10.78
SEN PET INDIA LT           SPEN           11.58       -26.67
SHAH ALLOYS LTD            SA            213.69       -39.95
SHALIMAR WIRES             SWRI           25.78       -38.78
SHAMKEN COTSYN             SHC            23.13        -6.17
SHAMKEN MULTIFAB           SHM            60.55       -13.26
SHAMKEN SPINNERS           SSP            42.18       -16.76
SHREE GANESH FOR           SGFO           35.96        -1.80
SHREE RAMA MULTI           SRMT           49.29       -25.47
SIDDHARTHA TUBES           SDT            75.90       -11.45
SITI CABLE NETWO           SCNL          110.69       -14.26
SOPAF SPA                  SSZ           153.76       -24.22
SOUTHERN PETROCH           SPET          210.98      -175.98
SPICEJET LTD               SJET          386.76       -30.04
SQL STAR INTL              SQL            10.58        -3.28
STATE TRADING CO           STC         1,279.23      -219.37
STELCO STRIPS              STLS           14.90        -5.27
STI INDIA LTD              STIB           24.64        -0.44
STORE ONE RETAIL           SORI           15.48       -59.09
SUN PHARMA - PP            SPADVPP        16.81       -13.07
SUN PHARMA ADV             SPADV          16.81       -13.07
SUPER FORGINGS             SFS            16.31        -5.93
TAMILNADU JAI              TNJB           19.13        -2.69
TATA TELESERVICE           TTLS        1,311.30      -138.25
TATA TELE-SLB              TTLS/S      1,311.30      -138.25
TODAYS WRITING             TWPL           44.08        -5.32
TRIUMPH INTL               OXIF           58.46       -14.18
TRIVENI GLASS              TRSG           24.23       -12.34
TUTICORIN ALKALI           TACF           20.48       -16.78
UNIFLEX CABLES             UFC            47.46        -7.49
UNIFLEX CABLES             UFCZ           47.46        -7.49
UNIWORTH LTD               WW            159.14      -146.31
UNIWORTH TEXTILE           FBW            21.44       -34.74
USHA INDIA LTD             USHA           12.06       -54.51
VANASTHALI TEXT            VTI            25.92        -0.15
VENTURA TEXTILES           VRTL           14.33        -1.91
VENUS SUGAR LTD            VS             11.06        -1.08


DDS INC                    3782           19.54        -1.03
FUJITSU COMP LTD           6719          388.54       -11.97
HARAKOSAN CO               8894          193.09        -4.52
HIMAWARI HD                8738          288.37       -50.80
ISHII HYOKI CO             6336          144.19       -23.48
KANMONKAI CO LTD           3372           55.07        -3.19
MISONOZA THEATRI           9664           64.39        -5.55
NIS GROUP CO LTD           NISZ          444.72      -158.85
PROPERST CO LTD            3236          305.90      -330.20
T&C HOLDINGS INC           3832           12.42        -2.66
TAIYO BUSSAN KAI           9941          148.45        -1.49
WORLD LOGI CO              9378           42.96       -73.74


CHIN HUNG INT-2P           2787          571.91        -9.34
CHIN HUNG INTL             2780          571.91        -9.34
CHIN HUNG INT-PF           2785          571.91        -9.34
CORENTEC CO LTD            104540         27.48        -4.53
DAISHIN INFO               20180         740.50      -158.45
DVS KOREA CO LTD           46400          17.40        -1.20
KOREA PACIFIC 05           93400          19.23        -3.67
KOREA PACIFIC 06           93410          11.56        -2.37
KOREA PACIFIC 07           99210          26.66        -7.95
NAMKWANG ENGINEE           1260          762.58       -56.69


HAISAN RESOURCES           HRB            41.05       -10.24
HO HUP CONSTR CO           HO             45.56       -16.24
LFE CORP BHD               LFE            39.08        -0.85
PETROL ONE RESOU           PORB           51.39        -4.00
PUNCAK NIA HLD B           PNH         4,315.38       -21.35
SILVER BIRD GROU           SBG            44.30       -30.68
SUMATEC RESOURCE           SMTC          201.52        -2.77
VTI VINTAGE BHD            VTI            16.01        -3.34


ALLIED FARMERS             ALF            27.12        -2.16
NZF GROUP LTD              NZF           142.71        -0.26


CYBER BAY CORP             CYBR           14.62      -102.98
FIL ESTATE CORP            FC             40.90       -15.77
FILSYN CORP A              FYN            23.11       -11.69
FILSYN CORP. B             FYNB           23.11       -11.69
GOTESCO LAND-A             GO             21.76       -19.21
GOTESCO LAND-B             GOB            21.76       -19.21
PICOP RESOURCES            PCP           105.66       -23.33
STENIEL MFG                STN            21.07       -11.96
SWIFT FOODS INC            SFI            24.36        -0.25
UNIWIDE HOLDINGS           UW             50.36       -57.19
VICTORIAS MILL             VMC           176.29        -5.33


ADVANCE SCT LTD            ASCT           48.74        -2.27
CEFC INTL LTD              SUNE           12.67        -0.90
HL GLOBAL ENTERP           HLGE           83.35        -5.01
NEW LAKESIDE               NLH            19.34        -5.25
SCIGEN LTD-CUFS            SIE            68.70       -42.35
SUNMOON FOOD COM           SMOON          19.33       -14.30
TRANSCU GROUP LT           TSCU           19.86        -1.38
TT INTERNATIONAL           TTI           231.48       -88.02


ABICO HLDGS-F              ABICO/F        15.28        -4.40
ABICO HOLDINGS             ABICO          15.28        -4.40
ABICO HOLD-NVDR            ABICO-R        15.28        -4.40
ANANDA DEV PCL             ANAN          283.54        -3.55
ANANDA DEVELOP-F           ANAN/F        283.54        -3.55
ANANDA DEVE-NVDR           ANAN-R        283.54        -3.55
ASCON CONSTR-NVD           ASCON-R        59.78        -3.37
ASCON CONSTRUCT            ASCON          59.78        -3.37
ASCON CONSTRU-FO           ASCON/F        59.78        -3.37
BANGKOK RUBBER             BRC            77.91      -114.37
BANGKOK RUBBER-F           BRC/F          77.91      -114.37
BANGKOK RUB-NVDR           BRC-R          77.91      -114.37
CALIFORNIA W-NVD           CAWOW-R        28.07       -11.94
CALIFORNIA WO-FO           CAWOW/F        28.07       -11.94
CALIFORNIA WOW X           CAWOW          28.07       -11.94
CIRCUIT ELEC PCL           CIRKIT         16.79       -96.30
CIRCUIT ELEC-FRN           CIRKIT/F       16.79       -96.30
CIRCUIT ELE-NVDR           CIRKIT-R       16.79       -96.30
DATAMAT PCL                DTM            12.69        -6.13
DATAMAT PCL-NVDR           DTM-R          12.69        -6.13
DATAMAT PLC-F              DTM/F          12.69        -6.13
ITV PCL                    ITV            36.02      -121.94
ITV PCL-FOREIGN            ITV/F          36.02      -121.94
ITV PCL-NVDR               ITV-R          36.02      -121.94
K-TECH CONSTRUCT           KTECH          38.87       -46.47
K-TECH CONSTRUCT           KTECH/F        38.87       -46.47
K-TECH CONTRU-R            KTECH-R        38.87       -46.47
KUANG PEI SAN              POMPUI         17.70       -12.74
KUANG PEI SAN-F            POMPUI/F       17.70       -12.74
KUANG PEI-NVDR             POMPUI-R       17.70       -12.74
M LINK ASIA CORP           MLINK          83.61        -7.85
M LINK ASIA-FOR            MLINK/F        83.61        -7.85
M LINK ASIA-NVDR           MLINK-R        83.61        -7.85
PATKOL PCL                 PATKL          52.89       -30.64
PATKOL PCL-FORGN           PATKL/F        52.89       -30.64
PATKOL PCL-NVDR            PATKL-R        52.89       -30.64
PICNIC CORP-NVDR           PICNI-R       101.18      -175.61
PICNIC CORPORATI           PICNI         101.18      -175.61
PICNIC CORPORATI           PICNI/F       101.18      -175.61
PONGSAAP PCL               PSAAP          11.83        -0.91
PONGSAAP PCL               PSAAP/F        11.83        -0.91
PONGSAAP PCL-NVD           PSAAP-R        11.83        -0.91
SAHAMITR PRESS-F           SMPC/F         27.92        -1.48
SAHAMITR PRESSUR           SMPC           27.92        -1.48
SAHAMITR PR-NVDR           SMPC-R         27.92        -1.48
SHUN THAI RUBBER           STHAI          19.89        -0.59
SHUN THAI RUBB-F           STHAI/F        19.89        -0.59
SHUN THAI RUBB-N           STHAI-R        19.89        -0.59
SUNWOOD INDS PCL           SUN            19.86       -13.03
SUNWOOD INDS-F             SUN/F          19.86       -13.03
SUNWOOD INDS-NVD           SUN-R          19.86       -13.03
THAI-DENMARK PCL           DMARK          15.72       -10.10
THAI-DENMARK-F             DMARK/F        15.72       -10.10
THAI-DENMARK-NVD           DMARK-R        15.72       -10.10
TONGKAH HARBOU-F           THL/F          62.30        -1.84
TONGKAH HARBOUR            THL            62.30        -1.84
TONGKAH HAR-NVDR           THL-R          62.30        -1.84
TRANG SEAFOOD              TRS            15.18        -6.61
TRANG SEAFOOD-F            TRS/F          15.18        -6.61
TRANG SFD-NVDR             TRS-R          15.18        -6.61
TT&T PCL                   TTNT          589.80      -223.22
TT&T PCL-NVDR              TTNT-R        589.80      -223.22
TT&T PUBLIC CO-F           TTNT/F        589.80      -223.22


BEHAVIOR TECH CO           2341S          30.90        -0.22
BEHAVIOR TECH-EC           2341O          30.90        -0.22
HELIX TECH-EC              2479T          23.39       -24.12
HELIX TECH-EC IS           2479U          23.39       -24.12
HELIX TECHNOL-EC           2479S          23.39       -24.12
POWERCHIP SEM-EC           5346S       2,036.01       -52.74
TAIWAN KOL-E CRT           1606U         507.21      -147.14
TAIWAN KOLIN-EN            1606V         507.21      -147.14
TAIWAN KOLIN-ENT           1606W         507.21      -147.14


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

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

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


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

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