TCRAP_Public/130211.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, February 11, 2013, Vol. 16, No. 29


                            Headlines


A U S T R A L I A

BANKSIA SECURITIES: Creditors to get Up to 35% Repayment by June
NINE ENTERTAINMENT: Moody's Assigns 'Ba2' CFR; Outlook is Stable
REDZED TRUST: S&P Affirms 'BB' Rating on Class D RMBS
SECRET RECIPE: Aussie Franchise Goes Into Administration
WETTENHALLS GROUP: Receivers Sell Business in Management Buy-Out


H O N G  K O N G

APC SOLUTIONS: Liu and Yen Step Down as Liquidators
CAPE TRANS: Tong Lap Hong Steps Down as Liquidator
CAPITALAND (HK): Tong Lap Hong Steps Down as Liquidator
EASTERN COTTON: Tam Kwan Ping Ignatius Steps Down as Liquidator
ETERNAL CHARTER: Creditors' Proofs of Debt Due Feb. 25

M & H INSURANCE: Leong and Mok Step Down as Liquidators
MARINE ATSOURCE: Chan Sek Kwan Rays Steps Down as Liquidator
MARINE OPERATING: Chan Sek Kwan Rays Steps Down as Liquidator
MASSIVE MARINE: Chan Sek Kwan Rays Steps Down as Liquidator
OSMONICS ASIA-PACIFIC: Seng and Ngai Step Down as Liquidators

TEGO GARMENTS: Lui and To Step Down as Liquidators
TSING-YI REALTY: Members' Final Meeting Set for March 1
UPBEST FINANCIAL: Creditors' Proofs of Debt Due March 4


I N D I A

B. N. SONS: CARE Assigns 'BB-' Rating to INR6.42cr LT Loan
GOPI SYNTHETICS: CARE Reaffirms 'BB+' Rating on INR60.93cr Loan
GRANITE ZONE: CARE Reaffirms 'B' Rating on INR5.8cr LT Loan
JOBBY ENGINEERS: CARE Reaffirms 'BB+' Rating INR2.96cr Loan
RITURAJ HOLDINGS: CARE Reaffirms 'BB+' Rating on INR6.28cr Loan

RPL PROJECTS: CARE Reaffirms 'B+' Rating on INR6.30cr LT Loan
SHREE GANESH: CARE Reaffirms 'BB' Rating on INR27.6cr LT Loan
SHRINATH COTTON: CARE Rates INR6.74cr LT Loan at 'CARE B'
STEEL HYPERMART: CARE Rates INR40cr LT Loan at 'CARE BB-'
SURYA BOARDS: CARE Reaffirms 'B+' Rating on INR25cr LT Loan

SURYA VIKAS: CARE Reaffirms 'B+' Rating on INR30cr LT Loan
TT LIMITED: CARE Reaffirms 'BB+' Rating on INR217.05cr LT Loan


N E W  Z E A L A N D

ACS (NZ) LTD: A.M. Best Upgrades FSR to 'B'
MAINZEAL PROPERTY: CeresNZ Has "Strong Interest" in Buying Firm
MAINZEAL PROPERTY: Subcons Urged to Take Any Issues to Receivers
MAINZEAL PROPERTY: Directors Claim Full Knowledge of Finances


S I N G A P O R E

ALENTINO CREATION: Court to Hear Wind-Up Petition on Feb. 22
ALTO CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 15
AML CONSTRUCTION: Court Enters Wind-Up Order
EOS ENERGY: Creditors' Proofs of Debt Due March 8
CROSS MARKETING: Creditors' Proofs of Debt Due March 22


X X X X X X X X

* Moody's Notes Lackluster Economic Climate in Pakistan


                            - - - - -


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


BANKSIA SECURITIES: Creditors to get Up to 35% Repayment by June
----------------------------------------------------------------
ABC News reports that the receivers of insolvent Victorian
regional lender, Banksia Group, said creditors will get some of
their money back earlier than anticipated.

ABC News relates that McGrathNicol said there has been strong
interest in the business and it hopes to sell the remaining assets
by April.

The receivers anticipate they will be able to pay creditors
between 20 and 35 cents for each dollar owed by June, the report
relays.

It is expected creditors will eventually get back at least half
the money they are owed, the report relays.

                       About Banksia Securities

Banksia Securities Limited is a subsidiary of The Banksia
Financial Group Ltd.  TBFG is a privately owned, independent
group of companies operating in the finance sector, largely
operating as a National Financier and Mortgage Fund Manager.

The Trust Company (Nominees) Limited on Oct. 25, 2012, appointed
Tony McGrath, Joseph Hayes, Matthew Caddy and Robert Kirman of
McGrathNicol as receivers and managers of Banksia Securities
Limited.  The Trustee is the secured creditor of BSL.

The Receivers and Managers may be reached at:

         Tony McGrath
         Joseph Hayes
         MCGRATHNICOL
         Level 31, 60 Margaret Street
         Sydney NSW 2000
         Tel: +61-2-9338-2610
         Email: tmcgrath@mcgrathnicol.com
                jhayes@mcgrathnicol.com

            -- and --

         Matthew Caddy
         Robert Kirman
         MCGRATHNICOL
         Level 8, 60 City Road Southbank
         Victoria 3006
         Tel: +61-3-9038-3157
         Email: mcaddy@mcgrathnicol.com
                rkirman@mcgrathnicol.com

The Trustee made the appointment of Receivers and Managers
following a request of BSL's Board.

McGrathNicol said BSL owes approximately $660 million to
investors and advanced these funds to borrowers primarily to
finance real property purchases.  BSL holds first ranking real
property mortgages to secure its advances.

Control of the business and the assets of BSL rests with the
Receivers and Managers who will be working in close consultation
with the Trustee to ensure the interests of debenture holders are
being protected.

Interest payments and redemptions have been frozen as of
Oct. 25, 2012.


NINE ENTERTAINMENT: Moody's Assigns 'Ba2' CFR; Outlook is Stable
----------------------------------------------------------------
Moody's Investors Service assigned a definitive Ba2 corporate
family rating and a definitive Ba2 rating to Senior Secured
Syndicated Facilities entered into by Nine Entertainment Group Pty
Ltd and Nine Entertainment (Delaware) Corporation, 100% owned and
guaranteed subsidiaries of Nine Entertainment Co. Holdings Ltd.
The outlook on the ratings is stable.

The Senior Secured Syndicated Facilities were originally assigned
a provisional (P)Ba2 rating on 9 January 2013; the assignment of
the definitive Ba2 rating follows review of the final Term Loans
documentation.

The loans rated are:

US$ 735 million Senior Secured Facility due February 2020

A$ 100 million Senior Secured Revolving Facility due February 2018

The loans are guaranteed by NEC and certain of its subsidiaries.
The loans are secured on a first-priority basis by substantially
all the material-owned assets of NEC and guarantors.

Ratings Rationale

NEC's Ba2 rating reflects its strong operating profile combined
with a moderately conservative financial profile post
implementation of the Scheme", says Maurice O'Connell, a Moody's
Vice President -- Senior Analyst. "The company's strong operating
profile is driven by its national scale operations which provide
it with a good ability to withstand and absorb localized weak
operating conditions or sporadic market disruptions, across its
entire network," Ms. O'Connell adds.

"At the same time NEC has a solid track record of strong audience
and revenue share as well as a good degree of diversification
across different advertising channels", Ms. O'Connell says, adding
"Nevertheless NEC faces strong competition from other Free to Air
networks which could impact on margins depending on the success of
future content." "We expect growth in advertising revenue over the
next 1-2 years to be slow and gradual."

Post re-capitalization following successful completion of the
Scheme, NEC will exhibit a conservative financial profile, but
appropriate for a potentially volatile earnings platform.
Following re-capitalization, Moody's expects the company's
adjusted gross Debt/EBITDA to be around 3.5 times in FY2013. With
no plans for dividends in the near term and manageable capex, the
ratio should gradually improve. Also driving the rating is NEC's
liquidity profile which Moody's considers to be strong post
execution of the seven-year term loan.

The rating considers the strengthened business profile following
the recent sale of ACP magazines business which was subject to a
structural decline in the magazine advertising market. The rating
additionally considers the earnings diversification provided by
NEC's Events and Digital operations.

Finally, the rating also considers a degree of uncertainty around
the future capital structure due to the complex shareholder
structure and the potential for the capital structure to change
following a possible IPO in the next 18-24 months.

The stable rating outlook reflects the solid liquidity and Moody's
expectation that NEC will continue its focus on maintaining
conservative financial leverage to cushion any adverse industry
developments.

Ratings could be downgraded if debt-to-EBITDA ratios are sustained
above 4.25x (including Moody's standard adjustments) which could
be due to operating weakness, acquisitions or cash distributions
to shareholders. Failure to maintain good liquidity including a
comfortable cushion to financial covenants to absorb a cyclical
downturn in revenue could also result in a downgrade.

Ratings could be upgraded if the company will operate in a
financially prudent manner consistent with a higher rating,
including maintaining debt-to-EBITDA ratio below 2.5x, and free
cash flow-to-debt ratio in the low double digit range or above on
a consistent basis.

The principal methodology used in these ratings was the Global
Broadcast and Advertising Related Industry Methodology published
in May 2012.


REDZED TRUST: S&P Affirms 'BB' Rating on Class D RMBS
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 12
subprime residential mortgage-backed securities (RMBS) issued by
Pepper Residential Securities Trust No. 8, RESIMAC Bastille Trust
in respect of RESIMAC Series 2011-1NC, and RedZed Trust Series
2011-1.  Each of the three subprime transactions was initially
issued in 2011.

Standard & Poor's undertakes surveillance of its outstanding
ratings over time, and has typically informed the market of any
consequent changes to S&P's credit opinions.  To enhance market
transparency, S&P will also be publishing rating affirmations from
time to time after conducting a rating review that does not result
in a rating change.

Based on S&P's latest performance review of these transactions,
the notes are performing within S&P's current rating expectations.
They have benefited from an increase in credit enhancement as a
proportion of the outstanding balance due to the amortization of
the portfolio.

Nevertheless, the pools face rising adverse selection risk at the
tail end of the transaction, whereby borrowers that are
susceptible to financial difficulties may remain in the pool.
Although S&P expects further defaults and losses to emerge, the
current credit enhancements are commensurate with the current
ratings on the notes.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS AFFIRMED

Pepper Residential Securities Trust No. 8
Class       Rating
A3          AAA (sf)

RESIMAC Bastille Trust in respect of RESIMAC Series 2011-1NC
Class       Rating
A2          AAA (sf)
A3          AAA (sf)
B           AAA (sf)
C           AA (sf)
D           A (sf)
E           BBB- (sf)

RedZed Trust Series 2011-1
Class       Rating
A           AAA (sf)
AB          AAA (sf)
B           A+ (sf)
C           BBB- (sf)
D           BB (sf)


SECRET RECIPE: Aussie Franchise Goes Into Administration
--------------------------------------------------------
Cara Waters at SmartCompany reports that Malaysian cafe franchise
Secret Recipes has gone into administration, putting into jeopardy
ambitious expansion plans in Australia.

Secret Recipes has 240 cafes in eight countries including
Singapore, Indonesia, Thailand and China and expanded to Australia
with six Melbourne locations.

But the business failed to catch on in Australia and despite
investors putting in AUD7 million to establish the franchise here
it only turned over AUD3 million last year.

Glenn Franklin -- gfranklin@lawlerdd.com.au -- of Lawler Draper
Dillon, told SmartCompany he has been appointed as administrator
of the Secret Recipe businesses: Secret Recipe Manufacturing,
Secret Recipe Management, Secret Recipe Leasing, Secret Recipe
Franchising, Secret Recipe Cakes & Caf‚ and Secret Recipe
Australia.

"The main problem was that the investors from Malaysia had
invested somewhere over AUD7 million into the start-up of the
franchise in Melbourne and they determined after putting so much
in and not seeing performance they have withheld putting further
money into the business," SmartCompany quotes Mr. Franklin as
saying.

According to the report, Mr. Franklin says the administrators have
been trading the business on since being appointed but have closed
down three franchises for not running profitably, leaving three
running.

"We are marketing the business for sale and that process is
ongoing at the moment. We have had some interest in Australia and
Malaysia," Mr. Frank told SmartCompany.

The administrators will be holding a second meeting of creditors
on February 14, SmartCompany adds.


WETTENHALLS GROUP: Receivers Sell Business in Management Buy-Out
----------------------------------------------------------------
The receivers of the Wettenhalls Group confirmed on Feb. 6, 2013,
that they have sold the Wettenhalls business in a management
buy-out.

The sale preserves about 200 permanent jobs and puts Wettenhalls
back into the market as a viable business with certainty of
employment for employees.

"Within hours of our appointment we had spoken to every major
player in the road transport sector to gauge their level of
interest, and it is fair to say the interest was significant,"
said Wettenhalls receiver and Ferrier Hodgson partner Brendan
Richards. "It was clear there was a future for this business if we
could bring together the new management team with a restructure
and a buyer within a short timeframe."

"By closing the Express business and selling the Warrnambool
business we have been able to restructure the Wettenhalls
operation and as a consequence we are left with a stronger
business that has the potential to generate value."

"The new management team had a clear vision of how this business
could succeed and worked with us to deliver this excellent
result," Mr. Richards said.

                     About Wettenhalls Group

Wettenhalls Group is a privately owned transport and logistics
company. It employs over 500 people at 14 sites nationally and
has a turnover in excess of AUD130 million.

Brendan Richards and George Georges of Ferrier Hodgson were
appointed joint and several Receivers and Managers of Wettenhalls
Group on Jan. 25, 2013 pursuant to the provisions contained in a
registered debenture charge created by the Group.

The Receivers and Managers may be reached at:

         Brendan Richards
         George Georges
         FERRIER HODGSON
         Level 29, 600 Bourke Street
         Melbourne VIC 3000
         Tel: +61-3-9600-4922
         Fax: +61-3-9642-5887
         Email: Brendan.Richards@fh.com.au
                george.georges@fh.com.au

The appointment followed the appointment of Rachel Burdett-Baker
and Luke Targett of BDO as joint and several Administrators of
the Group on Jan. 25, 2013.

The group's subsidiaries were named as Logistics Group
Investments, Wettenhalls Group Logistics Amezdroz & Son and
Wildan Transport.


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


APC SOLUTIONS: Liu and Yen Step Down as Liquidators
---------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of APC Solutions (HK) Limited on Jan. 22, 2013.


CAPE TRANS: Tong Lap Hong Steps Down as Liquidator
--------------------------------------------------
Tong Lap Hong stepped down as liquidator of Cape Trans Co. Limited
on Jan. 18, 2013.


CAPITALAND (HK): Tong Lap Hong Steps Down as Liquidator
-------------------------------------------------------
Ha Yue Fuen Henry stepped down as liquidator of Capitaland (HK)
Consultancy and Management Limited on Jan. 25, 2013.


EASTERN COTTON: Tam Kwan Ping Ignatius Steps Down as Liquidator
---------------------------------------------------------------
Tam Kwan Ping Ignatius stepped down as liquidator of Eastern
Cotton Mills Limited on Jan. 25, 2013.


ETERNAL CHARTER: Creditors' Proofs of Debt Due Feb. 25
------------------------------------------------------
Creditors of Eternal Charter International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 25, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 25, 2013.

The company's liquidator is:

         Mat Ng
         JLA Asia Limited
         20/F, Henley Building
         5 Queen's Road
         Central, Hong Kong


M & H INSURANCE: Leong and Mok Step Down as Liquidators
-------------------------------------------------------
Leong Ting Kwok David and Mok Mun Lan Linda stepped down as
liquidators of M & H Insurance Agency Limited on Jan. 24, 2013.


MARINE ATSOURCE: Chan Sek Kwan Rays Steps Down as Liquidator
------------------------------------------------------------
Chan Sek Kwan Rays stepped down as liquidators of Marine Atsource
(HK) Limited on Jan. 25, 2013.


MARINE OPERATING: Chan Sek Kwan Rays Steps Down as Liquidator
-------------------------------------------------------------
Chan Sek Kwan Rays stepped down as liquidators of Maritime
Operating System (HK) Limited on Jan. 25, 2013.


MASSIVE MARINE: Chan Sek Kwan Rays Steps Down as Liquidator
-----------------------------------------------------------
Chan Sek Kwan Rays stepped down as liquidator of Massive Marine
(HK) Limited on Jan. 25, 2013.


OSMONICS ASIA-PACIFIC: Seng and Ngai Step Down as Liquidators
-------------------------------------------------------------
Natalia Seng Sze Ka Mee and Ngai Kit Fong stepped down as
liquidators of Osmonics Asia-Pacific Limited on Jan. 24, 2013.


TEGO GARMENTS: Lui and To Step Down as Liquidators
--------------------------------------------------
Lui Wan Ho and To Chi Man stepped down as liquidators of Tego
Garments Limited on Jan. 22, 2013.


TSING-YI REALTY: Members' Final Meeting Set for March 1
-------------------------------------------------------
Members of Tsing-Yi Realty Limited will hold their final general
meeting on March 1, 2013, at 10:00 a.m., at 9th Floor, Cheung Kong
Center, at 2 Queen's Road Central, in Hong Kong.

At the meeting, Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


UPBEST FINANCIAL: Creditors' Proofs of Debt Due March 4
-------------------------------------------------------
Creditors of Upbest Financial Services Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 4, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 23, 2013.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         602 The Chinese Bank Building
         61-65, Des Voeux Road
         Central, Hong Kong


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


B. N. SONS: CARE Assigns 'BB-' Rating to INR6.42cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of B. N. Sons.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      6.42       CARE BB- Assigned
   Short-term Bank Facilities     6.00       CARE A4 Assigned

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

Rating Rationale

The ratings are primarily constrained on account of the modest
scale of operations of B. N. Sons along with its constitution as a
partnership firm and its financial risk profile marked by
declining profitability, weak solvency position and stressed
liquidity position due to the working capital intensive nature of
operations. The ratings are further constrained on account of the
vulnerability of margins to fluctuation in the raw material prices
and its presence in a highly competitive and fragmented industry.

The ratings, however, continue to derive strength from the vast
experience of the partners in the industry coupled with
established association with the state electricity utilities and
its association with the Research Design & Standards Organization
(RDSO) of Ministry of Railways.

Improving the scale of operations while sustaining profitability
margins in light of volatile raw material prices and efficient
management of working capital through better management of
collection period are the key rating sensitivities.

Jaipur (Rajasthan)-based BNS was formed in April 1994, as a
partnership firm by Mr Dwarka Das Somani and Mr Madan Mohan
Somani. However, in June 2007, Mr Dwarka Das Somani retired from
BNS and Mr Mayank Somani joined the firm as a partner. Earlier,
BNS was engaged in the business of manufacturing of sodium
silicate and trading of iron ore and scrape. Thenafter in 2007, it
exited from manufacturing of sodium silicate business and started
the business of manufacturing of power cables and meter protection
box which are mainly used in the power distribution. In FY12
(refers to the period April 1 to March 31), it generated 70% of
its revenue from cable manufacturing, 15% from meter protection
box and remaining 15% from iron trading.

During FY12, BNS reported a total income of INR30.62 crore (FY11:
INR25.19 crore) with a net profit of INR0.09 crore (FY11: INR0.03
crore). As per the provisional result of 8MFY13, the company has
achieved a total income of around INR30 crore.


GOPI SYNTHETICS: CARE Reaffirms 'BB+' Rating on INR60.93cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Gopi Synthetics Pvt. Ltd.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     60.93      'CARE BB+' Reaffirmed
   Short-term Bank Facilities     6.00      'CARE A4' Reaffirmed

Rating Rationale

The ratings of Gopi Synthetics Pvt. Ltd. continue to be
constrained by its high leverage, stressed liquidity and working
capital intensive operations. The ratings are further constrained
on account of intense competition prevailing in the fabric
processing industry and inherent cyclicality and regulatory risk
associated with the textile sector.

These weaknesses are partially offset by the benefits derived from
the vast experience of its promoters, its long track record of
operations in the textile processing industry and steady growth in
its total operating income along with stable profitability.
GSPL's ability to improve its profitability, capital structure and
liquidity along with regular compliance with pollution control
norms would remain the key rating sensitivities.

Incorporated in 1981, GSPL is a part of Ahmedabad based Arnav
Group which is involved in textile business for more than three
decades. Earlier the group was managed by Mr. Omkarmal Agarwal
and Mr. Champalal Agarwal and the business was conducted through
two companies namely Omkar Textile Mills Pvt. Ltd (OTMPL; rated:
CARE BB / CARE A4) and GSPL. However, due to a family partition,
the control of GSPL was taken over by Mr. Champalal Agarwal while
that of OTMPL remained under Shri Omkarmal Agarwal.

GSPL had an installed capacity to process 55 million meters per
annum (mmpa) of grey fabric as on March 31, 2012 at its processing
unit located in Ahmedabad, Gujarat. Apart from carrying out
processing of its own cloth, GSPL also undertakes job work for its
clients.

As per the audited results for FY12 (refers to the period April 1
to March 31), GSPL reported a total operating income of INR196.88
crore (FY11: INR167.14 crore) and a PAT of INR2.51 crore (FY11:
INR2.91 crore).


GRANITE ZONE: CARE Reaffirms 'B' Rating on INR5.8cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Granite Zone India Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.80      CARE B Reaffirmed
   Short-term Bank Facilities      0.90      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Granite Zone India
Private Limited continue to be constrained by its short track
record with small scale of operations, exposure to cyclical real
estate market and financial profile marked by highly leveraged
capital structure, stressed liquidity position and elongated
working-capital cycle. However, the ratings continue to derive
strength from the experience of the promoters in the granite
industry and location advantage with its presence in a granite
manufacturing cluster.

GZIPL's ability to expand its scale of operations with improvement
in its overall financial profile will remain the key rating
sensitivity.

GZIPL, incorporated in the year 2007, was promoted by Mr
RameshwarLalBhutra and Mr Devendra Kumar Soni. The promoters have
20 years of experience in the granite industry. GZIPL is involved
in processing of rough granite blocks into granite slabs and
tiles. The company generates its revenue from domestic (87.30% in
FY12) and export markets (12.70% in FY12). GZIPL exports its
products to countries like Sri Lanka, Serbia and other European
countries. The company has an overall installed capacity to
produce 180,000 sq ft of granite slabs and tiles per month at its
manufacturing facility located at Medupalli Road, Chennapalli,
major hub for the Granite industry in Tamil Nadu.


JOBBY ENGINEERS: CARE Reaffirms 'BB+' Rating INR2.96cr Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Jobby Engineers Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      2.96       CARE BB+ Reaffirmed
   Short-term Bank Facilities     6.50       CARE A4+ Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Jobby Engineers
Private Limited continue to be tempered by modest scale of
operations with low capitalization and high working capital
intensity associated with the business. The ratings are further
constrained by the operations in the highly fragmented industry
with susceptibility of operating profit margin to volatile raw
material prices.

The ratings continue to derive strength from the experience of the
promoters and long track record of operations of JEPL, established
customer base and favorable financial risk profile with low
leverage and adequate debt coverage indicators.
The ability to complete the existing orders in a timely manner and
efficiently manage its working capital requirements are the key
rating sensitivities.

Established in 1970 as a proprietorship concern and later
incorporated in 1997, JEPL undertakes turnkey engineering projects
which involves fabrication, erection, procurement and
commissioning and also provides maintenance services for sectors
like pharma, chemical and power. JEPL's business is primarily
tender based; however, the company directly receives repair and
maintenance contracts for the plants erected and commissioned by
the company. The company earns majority of its revenue from job-
work activities forming approximately 63% of total revenue for
FY12 (refers to the period April 1 to March 31).

During FY12, JEPL has reported total income of INR42.24 crore (up
by 38% vis-a-vis FY11) and PAT of INR1.33 crore (up by 17% vis-a-
vis FY11).


RITURAJ HOLDINGS: CARE Reaffirms 'BB+' Rating on INR6.28cr Loan
---------------------------------------------------------------
CARE reaffirms ratings to the bank facilities of Rituraj Holdings
Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.28      CARE BB+ Reaffirmed
   Long-term/ Short-term           6.39      CARE BB+/CARE A4+
   Bank Facilities                           Reaffirmed
   Short-term Bank Facilities      0.40      CARE A4+ Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Rituraj Holdings
Private Limited continue to be constrained by moderate business
operations in the highly competitive and fragmented industry and
financial risk profile marked by moderate growth in the turnover
and declining profit margin.

The ratings continue to take into account the strength from
experienced promoters, operational linkages with associate concern
and moderately leveraged capital structure and debt coverage
indicators.

Improving overall financial risk profile with increase in the
scale of operations and profit margins are the key rating
sensitivities.

RHPL incorporated in October 15, 1984, is promoted by Mr. G. D.
Mundra. The promoters have more than three decades of experience
in the textile industry. RHPL is engaged in the manufacturing of
Lycra Covered Yarn, Chenille Yarn and Twisted yarn. Lycra Covered
Yarn finds application in the manufacturing of dress material,
shirting and sportswear, Chenille yarn primarily finds use as
mixture in various types of yarn to strengthen the yarn. The
company has an installed capacity of 2,050 MTPA (Metric Tonnes Per
Annum) of Chenille yarn, 800 MTPA of Hamel and 4,250 MTPA of
Twisted yarn.

Apart from RHPL, they have promoted Damanganga Investments Pvt.
Ltd. (DIPL, rated: 'CARE B+/A4', June 2012) and Radhika Rayon Pvt.
Ltd. which is engaged in the manufacturing of polyester and
cotton.


RPL PROJECTS: CARE Reaffirms 'B+' Rating on INR6.30cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
RPL Projects Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        6.30     CARE B+ Reaffirmed

Rating Rationale

The rating of RPL Projects Limited continues to factor in its
short track record, its small scale of operations coupled with
yet-to-be-proven execution capability for large contracts. The
rating is further constrained by the low profitability margin,
moderate gearing levels and the fragmented nature of the industry.
However, the rating continues to derive comfort from the
experience of the promoters of RPLPL and its reputed client base.

Going forward, the company's ability to increase its scale of
operations with improvement in the profitability margins and the
ability to successfully execute the projects within the specified
tenure will remain the key rating sensitivities.

RPLPL was incorporated as a public limited company on March 25,
2009 by Mr. Naveen Rungta, Mr. Praveen Rungta and Mr. R. S.
Agrawal.  Mr. Naveen Rungta (Managing Director) & Mr. Praveen
Rungta (Director), both have more than two decades of experience
in the field of mining and transportation.  Mr. R. S. Agarwal
(Director) has an experience of more than five decades in similar
line of business.  Mr. Naveen Rungta and Mr. Praveen Rungta are
also among the directors of Rungta Projects Limited.

Until FY12 (refers to the period April 1 to March 31), business
activity of RPLPL was largely restricted to transportation of coal
for various industries like chemicals, aluminium, etc. In FY13,
the company is in the process of undertaking contracts for the
removal of over burden of coal which shall involve drilling,
blasting, loading, excavating coal and transportation of same.


SHREE GANESH: CARE Reaffirms 'BB' Rating on INR27.6cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shree Ganesh Jewellers Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       27.60     CARE BB Reaffirmed

Rating Rationale

The rating continues to remain constrained by the modest scale of
operations, high volatility in the income and profitability
margins, stretched working capital cycle and moderately high
leverage ratios. The rating also takes into account the
geographical concentration risk and competition from the players
in the organized and the unorganized sector. The rating, however,
favorably factors in the experience of the promoters, long track
record of operations and established brand image in the Ludhiana
market.

Going forward, the ability of Shree Ganesh Jewellers Ltd to
effectively manage its working capital requirement while improving
its margins and leverage ratios would remain the key rating
sensitivities.

SGJL, incorporated in 1997, is engaged in the business of
manufacturing and trading of gold jewellery, gold bars/coins,
diamond/precious stones, etc. The company sells its jewellery and
precious stones to retail customers at its showroom located at
Ludhiana, Punjab, under the brand name of 'Ganpati Jewellers'. The
company has one manufacturing unit which is also located at
Ludhiana, Punjab. SGJL has been promoted by Deepak Fasteners Ltd.
and managed by Mr. Kailash Chander Kalra, Mr Sanjeev Kalra and Mr
Deepak Kalra. DFL is a group company of SGJL and is engaged in the
manufacturing and export of fasteners since 1990. It holds 49.75%
of the total equity in the SGJL.

In FY12 (refers to the period April 1 to March 31), SGJL
registered a total income of INR298.59 crore and a PAT of
INR3.27 crore.


SHRINATH COTTON: CARE Rates INR6.74cr LT Loan at 'CARE B'
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shrinath
Cotton Industries.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      6.74       CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Shrinath Cotton
Industries is primarily constrained on account of its weak
financial risk profile marked by thin profitability margins,
highly leveraged capital structure and weak debt coverage
indicators. The rating is further constrained on account of its
presence in the highly competitive and fragmented cotton-ginning
business with limited value addition, exposure to the volatility
associated with the raw material prices, working capital intensive
operations and susceptibility to changes in the government policy
for cotton.

The above constraints far offset the benefits derived from the
experience of the partners in cotton ginning business and
proximity to the cotton-producing region of Gujarat.

The ability of SCI to move upward in the textile value chain along
with improvement in the financial risk profile and better working
capital management remains the key rating sensitivity.

SCI is a partnership firm incorporated in 2006 by three partners
at Amreli district, Gujarat, and is engaged in the cotton ginning
and pressing business. As on March 31, 2012, SCI had a total
installed capacity of 18,000 bales of cotton and 4,526 metric
tonnes per annum (MTPA) of cotton seed per annum. SCI is also
engaged in the trading of wheat, cotton bales and cotton seeds,
which constituted approximately 33% of the total operating income
(TOI) during FY12 (refers to the period April 1 to March 31).


STEEL HYPERMART: CARE Rates INR40cr LT Loan at 'CARE BB-'
---------------------------------------------------------
CARE assigns 'CARE BB-' ratings to the bank facilities of
Steel Hypermart India Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        40       CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Steel Hypermart
India Private Limited is constrained by its low profitability
inherent to the trading nature of its business, highly leveraged
capital structure, working capital intensive nature of operations,
supplier concentration risk and susceptibility of operating
margins to volatility in the input prices on account of the
cyclical nature of the steel industry. The rating, however,
favorably takes into account the experience of the promoter's and
growth in the total income during the past two years.

Going forward, the ability of the company to increase its scale of
operations, improve its capital structure and to manage its
working capital requirements efficiently will remain the key
rating sensitivities.

SHIPL was incorporated in 2004 by Mr. Mahendra Kumar Singhi and
Mr. Suman Singhi, who have more than three decades of experience
in the trading business. SHIPL is engaged in the trading of
steel products like Cold Rolled (CR) Sheets, Hot Rolled (HR)
Sheets, Galvanized plain (GP) steel sheets, pre-coated sheets and
MS Sections/ Structures. The company procures materials from Essar
Steel Ltd., Jindal Steel & Power Ltd., SAIL (Steel Authority of
India Ltd.), TATA Steel Ltd., and sells it to the manufacturers of
various steel products and traders across the country.

During FY12 (refers to the period April 1 to March 31), SHIPL
reported a total operating income of INR146.90 crore and a PAT of
INR0.80 crore. As per the provisional financials for the nine
months period ended December 2012, the company has achieved a
total operating income of INR151.46 crore and a PAT of INR1.05
crore.


SURYA BOARDS: CARE Reaffirms 'B+' Rating on INR25cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Surya Boards Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       25        CARE B+ Reaffirmed
   Short-term Bank Facilities       4.50     CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by the weak financial risk
profile of Surya Board Limited marked by declining profit margins,
highly leveraged capital structure, weak debt coverage
indicators and liquidity position. The ratings are further
constrained due to SBL's working capital intensive nature of
operations, presence in highly competitive and fragmented plywood
industry and weak financial risk profile of group concerns.

The ratings, however, continue to draw strength from the
promoters' extensive experience of two decades in the plywood
industry and established marketing set-up through dealer and
distributor network spread across India.

SBL's ability to increase its scale of operations, improvement in
profitability amidst intense competition along with improvement in
the capital structure along with efficient management of
working capital would remain the key rating sensitivities.

Delhi-based SBL, promoted by Mr. Jitendra Kejriwal, was initially
incorporated as a private limited company in 1994 and later on in
1999 it was reconstituted as a limited company. SBL is engaged in
the manufacturing of the plywood, recon plywood and block boards.
The company is also involved in the trading of cotton and sofa
fabric which contributes approximately 64% in total operating
income during FY12 (refers to the period April 1 to March 31). The
manufacturing facility of the company is located in the Jhajjar,
Haryana with an installed capacity of 54 lakh Square Meters Per
Annum for manufacturing of plywood and block boards.

During FY12, as per the audited results, SBL reported a total
operating income of INR72.20 crore (FY11: INR42 crore) and a
Profit After Tax of INR0.16 crore (FY11: INR0.21 crore).


SURYA VIKAS: CARE Reaffirms 'B+' Rating on INR30cr LT Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Surya Vikas Plywood Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        30       CARE B+ Reaffirmed
   Short-term Bank Facilities        2       CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by the weak financial risk
profile of Surya Vikas Plywood Limited marked by leveraged capital
structure, weak debt coverage indicators, working capital
intensive nature of operations and weak liquidity position. The
ratings are further constrained due to SVPL's presence in the
highly competitive and fragmented plywood industry and high
intergroup transactions.

The ratings, however, continue to draw strength from the
promoters' extensive experience of two decades in the plywood
industry and established marketing set-up through dealer and
distributor network spread across India.

SVPL's ability to increase its scale of operations, improvement in
profitability amidst intense competition along with improvement in
the capital structure and efficient management of working capital
would remain the key rating sensitivities.

Delhi-based SVPL, promoted by Mr. Jitendra Kejriwal, was initially
incorporated as a private limited company in 2002 and later on in
August 2010 it resumed its current name. The company is engaged in
the manufacturing of moisture-resistant grade plywood, marine
grade plywood, and fireretardant plywood and block boards. The
company is also involved in the trading of cotton and sofa fabric
which contributes approximately 60% in total operating income
during FY12 (refers to the period April 1 to March 31). The
manufacturing facility of the company is located in the Damla,
Haryana with an installed capacity of 72.50 Lakh Square Meters Per
Annum (SMPA) for manufacturing of plywood having 4 mm thickness.

During FY12, as per the audited results, SVPL reported a total
operating income of INR76.68 crore (FY11: INR67.13 crore) and a
Profit After Tax of INR1.27 crore (FY11: INR1.10 crore).


TT LIMITED: CARE Reaffirms 'BB+' Rating on INR217.05cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
TT Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      217.05     CARE BB+ Reaffirmed
   Short-term Bank Facilities     186.00     CARE A4+ Reaffirmed

Rating Rationale

The ratings continue to be constrained by the moderate financial
risk profile marked by high overall gearing and weak coverage
indicators, continued volatility in the raw material prices,
mainly cotton, resulting in volatile margins and the risk related
to the competition from cheap imports.

The ratings, however, draw support from the experienced promoters,
long track record of operations and the well-established 'TT'
brand.

Going forward, the ability of TT Limited to enhance its
profitability margins along with improving its capital structure
and successful implementation of the ongoing project would be the
key rating sensitivities.

TT Limited (formerly Tirupati Texknit Ltd) was incorporated in
1978, as a public limited company, with facilities to manufacture
knitted fabric at Ghaziabad. It gradually entered into the
manufacturing of combed cotton yarn and undergarments at various
locations in UP, Gujarat and Tamil Nadu. TT has a network of
franchise units for manufacturing and marketing of the
undergarments and knitwear garments at Tirupur, Kolkata, Delhi,
Varanasi, Saharanpur, Kanpur and Ludhiana, which are sold under
the brand name "TT".

TT reported a net loss of INR2.17 crore on the total income of
INR395.79 crore in FY12 (refers to the period April 1 to March 31)
as compared with PAT of INR15.80 crore on the total income of
INR489.27 crore in FY11. As per the provisional results, TT has
reported PAT of INR8.78 crore on the total income of INR353.77
crore in 9MFY13.


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


ACS (NZ) LTD: A.M. Best Upgrades FSR to 'B'
-------------------------------------------
A.M. Best Asia-Pacific Limited has upgraded the financial strength
rating to B (Fair) from B- (Fair) and issuer credit rating to
"bb+" from "bb-" of ACS (NZ) Limited (New Zealand).  Both ratings
remain under review with developing implications.

ACS' ratings were downgraded and placed under review with
developing implications on July 17, 2012 due to regulatory risk,
continued high reinsurance recoverable risk and slower than
anticipated claims settlement.

Since then, cash settlements of the largest claims helped to
significantly reduce reinsurance recoverables risk, which has
helped to strengthen ACS' regulatory solvency margin and reduced
the regulatory risk facing ACS.  The settlement of the largest
claims also has reduced the risk to further potential adverse
claims development.

Offsetting rating factors include continued credit risk related to
reinsurance recoverables, as these balances still amount to over
10 times ACS' capital.

More clarity is needed concerning the ongoing discussions between
ACS and the Reserve Bank of New Zealand and the reinsurance buffer
available for February 2011 earthquake claims to resolve the under
review status.


MAINZEAL PROPERTY: CeresNZ Has "Strong Interest" in Buying Firm
---------------------------------------------------------------
BusinessDesk reports that CeresNZ, the Christchurch-based unit of
American firm Ceres Environmental Services, says it has a "strong
interest" in buying Mainzeal Property and Construction from the
receivers.

The company plans to have preliminary talks with the receivers,
betting that the rebuild of Christchurch provides a role for the
"highly skilled people within Mainzeal", BusinessDesk relates
citing a statement posted on the Scoop website.

"Strategically, CeresNZ sees this as an extremely positive
opportunity for growing the business," the report quotes company
spokesman Bernie de Vere as saying.  Financing for its local
projects has been provided by US private equity firm Vesta Equity,
owned by David McIntyre.

                        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.

The Receivers may be reached at:

         Colin McCloy
         David Bridgman
         PRICEWATERHOUSECOOPERS
         PricewaterhouseCoopers Tower
         188 Quay Street
         Auckland, NZ
         Tel: +64-9-355-8000
         Fax: +64-9-355-8001
         Email: colin.mccloy@nz.pwc.com
                david.bridgman@nz.pwc.com

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.


MAINZEAL PROPERTY: Subcons Urged to Take Any Issues to Receivers
----------------------------------------------------------------
The Daily Post reports that subcontractors who worked on the
recent Rotorua Hospital redevelopment have been urged to take up
any issues with the receivers of Mainzeal Property and
Construction.

According to the report, Lakes District Health Board chairman
Deryck Shaw said Mainzeal had completed the main project to build
the new three-level hospital building and upgrade of operating
theatres late last year and moved off the hospital site before
Christmas.  Subcontractors were on site during last month and
early this month completing defect rectification works, he said.

The Daily Post relates that Mr. Shaw said the board would be
working with the receivers to finalise matters relating to
warranties and claims for additional payments but it was fully up
to date with all required payments to Mainzeal.

Mr. Shaw said if any subcontractors had issues with Mainzeal about
the Rotorua Hospital site, they should take those up with
PricewaterhouseCoopers, the receiver.  PWC has said it is
committed to doing the best it can for suppliers, staff and
subcontractors, the report relays.

Mainzeal used several dozen subcontractors on the main hospital
project, Mr. Shaw, as cited by The Daily Post, 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.


MAINZEAL PROPERTY: Directors Claim Full Knowledge of Finances
-------------------------------------------------------------
APNZ reports that former independent directors of failed
construction group Mainzeal said they had full knowledge of the
company's financial position at all times, refuting earlier media
reports.

TVNZ reported the directors did not know until the end of last
year that the company needed capital, APNZ relates.

"All directors, including the independent directors and the
director and shareholder Richard Yan and the management, worked
hard on the particular business challenges we faced through the
middle and latter part of 2012 and with the support of our bankers
had arrangements in place and equity support from our shareholder
up until late January of this year," the news agency quotes former
independent directors Dame Jenny Shipley, Paul Collins and Clive
Tilby as saying.

"Furthermore we had a three-year business plan, banking
arrangements in place, negotiations were going on with the
shareholder and commitments were being made by the shareholder
regarding future support for the company which would see it return
to a cash flow positive position and profitability in 2013," the
directors, as cited by APNZ, said.

At the end of January, written undertakings and assurances that
the company, the independent directors, and the bank had relied
on, changed unexpectedly, APNZ relays.

"This led to the bank withdrawing support and despite exhaustive
efforts by many people, a binding commercial solution was not able
to be achieved. At that point the independent directors felt they
had no choice but to resign," they 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.


=================
S I N G A P O R E
=================


ALENTINO CREATION: Court to Hear Wind-Up Petition on Feb. 22
------------------------------------------------------------
A petition to wind up the operations of Alentino Creation Pte Ltd
will be heard before the High Court of Singapore on Feb. 22, 2013,
at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on Jan. 29, 2013.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          9 Battery Road #25-01
          Straits Trading Building
          Singapore 049910


ALTO CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 15
------------------------------------------------------------
A petition to wind up the operations of Alto Construction and
Engineering Services Pte Ltd will be heard before the High Court
of Singapore on Feb. 15, 2013, at 10:00 a.m.

Hock Hin Leong Timber Trading (Pte) Ltd filed the petition against
the company on Jan. 28, 2013.

The Petitioner's solicitors are:

          M/s David Ong & Co, Advocates & Solicitors
          151 Chin Swee Road #08-14
          Manhattan House
          Singapore 169876


AML CONSTRUCTION: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Feb. 1, 2013, to
wind up the operations of AML Construction Pte Ltd.

Lion (S) Pte Ltd filed the petition against the company.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road, #03-08 Wilkie Edge
         Singapore 228095


EOS ENERGY: Creditors' Proofs of Debt Due March 8
-------------------------------------------------
Creditors of EOS Energy Singapore Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 8, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


CROSS MARKETING: Creditors' Proofs of Debt Due March 22
-------------------------------------------------------
Creditors of Cross Marketing Services Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 22, 2013, to be included in the company's
dividend distribution.

The company's liquidator is:

          Heng Lee Seng
          15 Hoe Chiang Road
          #12-02 Tower Fifteen
          Singapore 089316


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


* Moody's Notes Lackluster Economic Climate in Pakistan
-------------------------------------------------------
Moody's Investors Service says that the macroeconomic environment
for Pakistan (Caa1 negative) remains lackluster because of
persistent supply-side constraints and ineffective policies.

Pakistan's Caa1 rating and negative outlook reflect Moody's
assessment of four factors: its "low" economic and government
financial strengths, its "very low" institutional strength, and
its "high" susceptibility to risks from financial, economic, and
political events.

According to a just-released Moody's report titled, "Credit
Analysis: Pakistan," the macroeconomic environment remains
lackluster, with the main constraints to growth being a protracted
energy crisis that has deterred investment; a chronically weak
fiscal structure that has fuelled high government borrowing and
inflation; and continued policy uncertainty.

In particular, looming repayments to the International Monetary
Fund (IMF) pose as risks to Pakistan's macroeconomic stability and
external payments position. International reserves declined to
$8.7 billion in January 2013, from $12.5 billion a year ago. Any
further decrease in capital flows and the absence of emergency
liquidity infusions would ultimately pressure reserve adequacy and
increase the possibility of default.

The country's fiscal deficits remain large because of structurally
weak revenue collections. The budget targets for FY2012 saw large
slippages, and this trend will likely continue in FY2013. Limited
external financing has fuelled high budgetary borrowings from the
banking sector and impaired the effectiveness of monetary policy.

In addition, the contentious state of domestic politics and weak
governance standards -- both of which have blocked progress in
economic reform -- support Moody's view that Pakistan's
institutional strength is "very low."

Tensions within the country are escalating in the run-up to
parliamentary elections earmarked between March and May. These
developments indicate that the relations between the executive,
judiciary and military arms of government are worsening, and
present a risk to a smooth transfer of power. Such events also
undermine Pakistan's ability to formulate policies to address
pressing economic challenges, bolster investor confidence, and
attract external financial support from the country's official
creditors and donors.

Moody's assesses Pakistan's susceptibility to event risks as
'High'. This stems from an increased level of economic risks due
to continued pressures on the balance of payments. Political risks
are also high, given uncertain relations with the US and continued
tensions with India. The increasing credit concentration of the
country's banks to the sovereign remains a source of credit risk
over the outlook horizon.



                             *********

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

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

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


                            *********


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

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





                 *** End of Transmission ***