TCRAP_Public/130215.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 15, 2013, Vol. 16, No. 33


                            Headlines


A U S T R A L I A

BAROSSA VALLEY: McGrathNicol Launches Asset Sale
CANANGLES CREEK: Ferrier Hodgson Appointed as Receivers
HELI-AUST GROUP: Receivers Put Business Up For Sale
* Moody's Notes Stable Outlook on Australia's Business Sectors


H O N G  K O N G

BEAUT STEP: Creditors' Proofs of Debt Due March 4
BOLD WARE: Annual Meetings Set for Feb. 21
CAPITAL ONE: Members' Final Meeting Set for Feb. 25
CHIPNUTS TECHNOLOGY: Final Meetings Set for Feb. 28
CMR LIFE: Members' and Creditors Meetings Set for March 8

HUNG FUNG: Court Enters Wind-Up Order
INARI INVESTMENT: Court Enters Wind-Up Order
JFK HOLDING: Court Enters Wind-Up Order
KENBERG INVESTMENTS: Court to Hear Wind-Up Petition on March 6
LAND ASIA: Court to Hear Wind-Up Petition on March 27

LI2ME INTERNATIONAL: Court to Hear Wind-Up Petition on March 27
MILLENNIUM BANK: Creditors Get to 0.23% Recovery on Claims
MOULIN HOLDINGS: Annual Meetings Set for Feb. 21
PAYMENT ASIA: Court to Hear Wind-Up Petition on Feb. 27
PEREGRIME FIXED: Creditors' Proofs of Debt Due Feb. 22

RED PERSONNEL: Creditors' Proofs of Debt Due Feb. 22
RICH & CAPITAL: Court to Hear Wind-Up Petition on April 3
SINO OCEAN: Court to Hear Wind-Up Petition on March 13
VIGORIA MACHINERY: Court Enters Wind-Up Order
WORLD JEWELLERY: Court Enters Wind-Up Order


I N D I A

A TO Z BUILDERS: CRISIL Rates INR170MM Term Loan at 'CRISIL B+'
AADITYA PAPTECH: CRISIL Rates INR530MM Long-Term Loan at 'B'
ANURAJ SUGARS: CRISIL Assigns 'B' Rating to INR95MM Demand Loan
BABA VISHWAKARMA: CRISIL Cuts Rating on INR1.9MM Loan to 'BB-'
KINGFISHER AIRLINES: Set to Lose IATA Membership

PRIYADARSHI MOTORS: CRISIL Raises Rating on INR100MM Loan to 'B-'
RMV RESORT: Delays in Loan Payment Cues CRISIL Junk Ratings
S P MINERALS: CRISIL Rates INR165MM Cash Credit at 'B'
SAHARA GROUP: Sebi Freezes Bank Accounts of Two Sahara Firms
SHAH TILES: CRISIL Assigns 'B' Rating to INR184MM Loans

SHIVAM COKE: CRISIL Assigns 'B+' Rating to INR35MM Cash Credit
SKR CONSTRUCTIONS: CRISIL Assigns 'B-' Rating to INR40MM Loan
SREE GURU: Delays in Loan Payment Cues CRISIL Junk Ratings
UNIVERSAL TECHNOCAST: CRISIL Puts 'BB' Rating on INR68.2MM Loans
VIBRANT DEHYDRO: CRISIL Assigns 'B+' Rating to INR40MM Loan


N E W  Z E A L A N D

MAINZEAL PROPERTY: Receivership Stalls Council's Plan to Move


X X X X X X X X
* Fitch Sees Favorable Signs for Memory Chip Sector
* FIJI: Improving Economy Prompts Moody's to Affirm 'B1' Rating
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BAROSSA VALLEY: McGrathNicol Launches Asset Sale
------------------------------------------------
McGrathNicol, receivers and managers of Barossa Valley Estate
Limited, on Feb. 14 announced the sale of BVE as a going concern.

"Since our appointment on January 15, we have been working
closely with BVE management and contract growers to prepare the
BVE business and assets for sale and we are now in a position to
launch the sale," said Receiver Sam Davies.

Mr. Davies said the BVE brand and winery had already attracted
significant interest from local, national and international
parties.

He said significant progress had been made since January 15 to
prepare the business for sale including:

   * amending and restructuring critical supply arrangements to
     ensure continuity of the E&E Black Pepper and Ebenezer
     Shiraz brands for the 2013 vintage;

   * paying all growers for 2012 supply;

   * retaining growers that supply high quality grapes for
     branded products; and

   * absorbing excess crushing capacity (caused by the lower-
     than-expected 2013 yields) via new or additional contract
     crushing arrangements which have helped stabilise revenue
     streams for the ongoing operation of the business.

"The support we have received from employees, growers and
suppliers has been very pleasing and has allowed us to make this
progress and stabilise operations quickly," Mr. Davies said.

Mr. Davies said the lower-than-expected 2013 yield was sparking
renewed interest in domestic bulk wine, resulting in a number of
sales under contract for BVE with several more under
consideration.

Mr. Davies added domestic distribution sales remained on budget
and that export orders had increased.

The sale process will be conducted in two stages. During Stage 1
interested parties will be invited to submit non-binding,
indicative offers by March 1, 2013. During Stage 2 those parties
who submitted an acceptable indicative offer will be invited to
undertake detailed due diligence and lodge a final binding offer
by March 22, 2013.

Barossa Valley Estate is a South Australia-based group winery
cooperative.  The group was placed in receivership on Jan. 15,
2013 with reported debts of AUD20 million.  Sam Davies --
sdavies @ mcgrathnicol . com -- and Rob Kirman --
rkirman@mcgrathnicol.com --of McGrathNicol were appointed
receivers.


CANANGLES CREEK: Ferrier Hodgson Appointed as Receivers
-------------------------------------------------------
Morgan Kelly and John Melluish of Ferrier Hodgson were appointed
as receivers and managers to the assets and undertakings of
Canangles Creek Pastoral Company Pty Limited, trading as The
Annandale Hotel, on Feb. 13, 2013, by Westpac Banking
Corporation.

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
position.

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

"Payment of unsecured creditors' accounts as at Feb. 13, 2013, is
deferred.

"Further updates will be provided as they become available."


HELI-AUST GROUP: Receivers Put Business Up For Sale
---------------------------------------------------
Cara Waters at SmartCompany reports that helicopter charter firm
Heli-Aust Group has entered receivership and is being put up for
sale.

SmartCompany says an advertisement was placed in The Australian
Financial Review Thursday for the sale of Heli-Aust's business
and assets.

Jenny Nettleton -- jnettleton@kordamentha.com -- and David
Winterbottom -- dwinterbottom@kordamentha.com -- of Korda Mentha
were appointed as receivers on Feb. 12, the report discloses.

According to SmartCompany, the receivers have moved swiftly to
put the business and assets up for sale with key assets including
nine helicopters, an air operator's certificate, leased hangars
at Bankstown Airport, assorted aviation stock and an engineering
plant and machinery.

Ms. Nettleton told SmartCompany it was too early to determine the
extent of Heli-Aust's debt or what led to the business' downfall.

"We have placed an advertisement in the paper and we have already
had a number of calls," SmartCompany quotes Ms. Nettleton as
saying.

Expressions of interest for the business are being sought by
February 18, the report notes.

Heli-Aust Group is a helicopter charter and helicopter
engineering maintenance company.  The group is made up of five
businesses: Heli-Aust, Heli-Muster, Aero Support, Heli-Aus
Investments and Wieland Helicopter Company and it has less than
30 employees.


* Moody's Notes Stable Outlook on Australia's Business Sectors
--------------------------------------------------------------
Moody's Investors Service says that stable outlooks dominate the
Australian corporate sector over the next twelve months, owing to
a broadly supportive domestic economy.

"Australia's supportive GDP growth in the next 12 months, while
lower than that of other key Asia-Pacific economies, is driving
the stable outlooks for most sectors due to their dependence on
the domestic economy for revenue and earnings," says Ian Lewis, a
Moody's Vice President and Senior Credit Officer.

Lewis was speaking on the just-released Moody's report titled,
"Australian Corporate Sector Outlook."

The report details Moody's expectations for the operating
conditions of key sectors over the next 12 months. The vast
majority of sectors -- including the REITs, telecoms, retail and
consumer, airlines, oil and gas, as well as building and
construction sectors -- show stable outlooks. Base metals, which
is largely dependent on global demand, has a negative outlook.

"Moody's further considers that refinancing risk for Australian
corporates over the next 12-18 months will be manageable, given
their moderate debt maturity profiles and our expectation of
further disintermediation for corporate funding," says Lewis.

"We expect that the sector will also turn increasingly to the
bond markets for funding, partly because of Basel III
considerations which could lead to potential credit spread
widening over time, for some issuers. Nonetheless, we expect
growth in bank credit of 3%-4% for at least the next 12 months,"
says Lewis.

In terms of specific sectors, metals and mining -- which has
boomed for much of the last 10 years -- as a whole faces
challenging business conditions over the next 12 months, and
while prices have recently improved for some commodities,
downward pressures remain.

In such an environment, Moody's expects continuing volatility for
the sector, and low overall growth in earnings and cash flows in
2013. At the same time, companies that directly service the
resources sector -- including railway companies and explosives
companies -- should continue to navigate through 2013 without
undue impact.

"At the same time, we consider that a sharp slowdown in China
would be a downside risk for Australian corporates. While Moody's
believes that such a scenario is unlikely, such a scenario could
slow Australia's GDP growth to 1%-2% and materially impact the
metals and mining, airlines and discretionary retail sectors, and
broadly affect other sectors as well," says Lewis.

For the retail sector, Moody's expects overall growth rates
approximately in line with Australia's GDP growth rate. But
discretionary retailers will experience weak sales and uneven
earnings growth, especially because the growth in e-commerce has
reduced barriers to entry, thereby compelling companies to
compete more efficiently with imported products ordered online
and to invest more actively in e-commerce. Therefore, Moody's has
a negative view on the discretionary sector.

The outlook for the airline sector is stable, although it is
weakly positioned and Moody's expects high fuel costs and price-
sensitive consumers, as well as severe competition in an
environment of soft demand, to remain challenges.

The REITs sector will have to contend with headwinds from subdued
business confidence, patchy demand for white-collar employment,
and the challenging retail environment. However, balance sheets
in the sector remain solid, supported by a low level of
developmental activity.

The telecoms sector will see its margins -- especially in the
mobile and data segments -- come under increasing pressure, while
over the medium term, it will ramp up implementation of 4G Long-
Term Evolution (LTE) technology and the associated requirement
for additional costly spectrum could potentially challenge the
credit profiles of some issuers in the sector.

In the oil and gas sector, oil prices will remain at levels that
support solid earnings and cash flow. And the building and
construction sector will see flat growth in earnings and cash
flow as housing starts remain subdued.



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


BEAUT STEP: Creditors' Proofs of Debt Due March 4
-------------------------------------------------
Creditors of Beaut Step 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 Feb. 1, 2013.

The company's liquidator is:

         Lee Chi Keung
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon


BOLD WARE: Annual Meetings Set for Feb. 21
------------------------------------------
Members and creditors of Bold Ware Optical (Metal) Manufactory
Limited will hold their annual meetings on Feb. 21, 2013, at
3:00 p.m., at the office of FTI Consulting (Hong Kong) Limited,
Level 22, The Center, 99 Queen's Road Central, Central, in Hong
Kong.

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


CAPITAL ONE: Members' Final Meeting Set for Feb. 25
---------------------------------------------------
Members of Capital One Charity Foundation Limited, which is in
members' voluntary liquidation, will hold their final meeting on
Feb. 25, 2013, at 10:00 a.m., at Flat 2, 3/F, Kiu Kin Mansion, at
566-568, Nathan Road, in Kowloon.

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


CHIPNUTS TECHNOLOGY: Final Meetings Set for Feb. 28
---------------------------------------------------
Members and creditors of Chipnuts Technology (HK) Limited will
hold their final meetings on Feb. 28, 2013, at 3:00 p.m., at
Suite 1704, 17th Floor, at 625 King's Road, North Point, in Hong
Kong.

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


CMR LIFE: Members' and Creditors Meetings Set for March 8
---------------------------------------------------------
Members and creditors of CMR Life (Hong Kong) Limited will hold
their final meetings on March 8, 2013, at 2:00 p.m., at Room
1405-8, 14/F, C C Wu Building, at 302-8 Hennessy Road, Wanchai,
in Hong Kong.

At the meeting, Kwan Pak Kong and Liu Chi Tat Stephen, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


HUNG FUNG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Jan. 28, 2013, to
wind up the operations of Hung Fung Enterprises Holdings Limited.

The acting official receiver is Alan K F Fong.


INARI INVESTMENT: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Jan. 30, 2013, to
wind up the operations of Inari Investment Co. Limited.

The acting official receiver is Alan K F Fong.


JFK HOLDING: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Jan. 30, 2013, to
wind up the operations of JFK Holding Company Limited.

The acting official receiver is Alan K F Fong.


KENBERG INVESTMENTS: Court to Hear Wind-Up Petition on March 6
--------------------------------------------------------------
A petition to wind up the operations of Kenberg Investments
Limited will be heard before the High Court of Hong Kong on
March 6, 2013, at 9:30 a.m.

Limbu Prya filed the petition against the company on Dec. 28,
2012.


LAND ASIA: Court to Hear Wind-Up Petition on March 27
-----------------------------------------------------
A petition to wind up the operations of Land Asia Holdings
Limited (formerly known as VPC Pacific Limited) will be heard
before the High Court of Hong Kong on March 27, 2013, at
9:30 a.m.

Diamond Rex Enterprises Limited filed the petition against the
company on Jan. 22, 2013.

The Petitioner's solicitors are:

          Ford, Kwan & Company
          Suite 3304, 33rd Floor
          Tower Two, Nina Tower
          No. 8 Yeung Uk Road
          Tsuen Wan, New Territories
          Hong Kong


LI2ME INTERNATIONAL: Court to Hear Wind-Up Petition on March 27
--------------------------------------------------------------
A petition to wind up the operations of li2me International Sales
Limited will be heard before the High Court of Hong Kong on
March 27, 2013, at 9:30 a.m.

Li Luk Ming filed the petition against the company on Jan. 23,
2013.


MILLENNIUM BANK: Creditors Get to 0.23% Recovery on Claims
----------------------------------------------------------
Millennium Bank Inc, which is in liquidation, will declare the
first and interim dividend to its creditors on Feb. 28, 2013.

The company will pay 0.23% for ordinary claims.

The company's liquidators are:

         Edward Simon Middleton
         Wing Sze Tiffany Wong
         Charles Thresh
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


MOULIN HOLDINGS: Annual Meetings Set for Feb. 21
------------------------------------------------
Members and creditors of Moulin Holdings (H.K.) Company Limited
will hold their annual meetings on Feb. 21, 2013, at 2:30 p.m.,
at the office of FTI Consulting (Hong Kong) Limited, Level 22,
The Center, 99 Queen's Road Central, Central, in Hong Kong.

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


PAYMENT ASIA: Court to Hear Wind-Up Petition on Feb. 27
------------------------------------------------------
A petition to wind up the operations of Payment Asia
(International) Limited will be heard before the High Court of
Hong Kong on Feb. 27, 2013, at 9:30 a.m.

Easy Forex Limited filed the petition against the company on
Dec. 17, 2012.

The Petitioner's solicitors are:

          Registrar Deacons
          5th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong


PEREGRIME FIXED: Creditors' Proofs of Debt Due Feb. 22
------------------------------------------------------
Creditors of Peregrime Fixed Income Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 22, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

         David R. Hague
         Simon C. Copley
         D. E. Osborn
         22nd Floor, Prince's Building
         Central, Hong Kong


RED PERSONNEL: Creditors' Proofs of Debt Due Feb. 22
----------------------------------------------------
Creditors of Red Personnel Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 22, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62nd Floor, One Island East
         18 Westlands Road
         Island East, Hong Kong


RICH & CAPITAL: Court to Hear Wind-Up Petition on April 3
--------------------------------------------------------
A petition to wind up the operations of Rich & Capital
International Development Limited will be heard before the
High Court of Hong Kong on April 3, 2013, at 9:30 a.m.

Gracechurch Limited filed the petition against the company on
Jan. 25, 2013.

The Petitioner's solicitors are:

          Ford, Kwan & Company
          Suite 3304, 33rd Floor
          Tower Two, Nina Tower
          No. 8 Yeung Uk Road
          Tsuen Wan, New Territories
          Hong Kong


SINO OCEAN: Court to Hear Wind-Up Petition on March 13
------------------------------------------------------
A petition to wind up the operations of Sino Ocean Enterprises
Limited will be heard before the High Court of Hong Kong on
March 13, 2013, at 9:30 a.m.

Koyo Kajun Asia Pte Ltd filed the petition against the company on
Jan. 7, 2013.

The Petitioner's solicitors are:

          Clyde & Co
          58th Floor, Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


VIGORIA MACHINERY: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Jan. 30, 2013, to
wind up the operations of Vigoria Machinery Limited.

The acting official receiver is Alan K F Fong.


WORLD JEWELLERY: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Jan. 30, 2013, to
wind up the operations of The World Jewellery Company Limited.

The acting official receiver is Alan K F Fong.



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


A TO Z BUILDERS: CRISIL Rates INR170MM Term Loan at 'CRISIL B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of A to Z Builders & Developers.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             170       CRISIL B+/Stable (Assigned)

The ratings reflect AZBD's exposure to the funding and demand
risks associated with its on-going project, and susceptibility to
cyclicality inherent in the real estate sector in India. These
rating weaknesses are partially offset by the benefits that AZBD
derives from its partners' experience in the real estate
industry.

Outlook: Stable

CRISIL believes that AZBD will benefit from its partners'
experience in the real estate industry. The outlook may be
revised to 'Positive' if the firm benefits from timely
implementation and high saleability of its on-going project,
leading to healthy cash accruals on a sustainable basis. The
outlook may be revised to 'Negative' if AZBD faces time and cost
overrun in its on-going project or significant pressure on its
liquidity, or delays in receiving customer advances, leading to
pressure on its revenues and profitability, and, hence,
deterioration in its debt servicing ability .

AZBD was established as a partnership firm in April 2005 by Mr.
Pankaj Rana and Mr. Parminder Tewatia. The firm, based in Meerut
(Uttar Pradesh), undertakes real estate development projects. It
is currently executing a residential project named Green Heights
in Meerut.

For 2011-12 (refers to financial year, April 1 to March 31), AZBD
reported a book profit of INR22.6 million on net sales of
INR158.6 million, against a book profit of INR6.7 million on net
sales of INR193.8 million in 2010-11.


AADITYA PAPTECH: CRISIL Rates INR530MM Long-Term Loan at 'B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the long-
term bank facility of Aaditya Paptech Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term       530       CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects AAPL's exposure to risks associated with the
implementation of its on-going project of setting up a duplex
paper board manufacturing unit. This rating weakness is partially
offset by the benefits that the company will derive from its
promoters' extensive experience in the paper industry.

Outlook: Stable

CRISIL believes that AAPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case the company
completes its project on time and within the budgeted cost, and
generates better-than-expected cash accruals during the initial
phase of its operations. Conversely, the outlook may be revised
to 'Negative' in case AAPL faces time or cost overrun in the
implementation of its project, or generates lower-than-expected
cash accruals during the initial phase of its operations or
delayed funding support from promoters, resulting in pressure on
its liquidity.

AAPL, incorporated in 2011, is currently setting up a duplex
paper board manufacturing unit near Gandhinagar (Gujarat), with
capacity to manufacture about 150 tonnes of duplex paper board
per day. Work on the project commenced in August 2012; the plant
is expected to commence commercial production in April 2014. AAPL
is promoted by Mr. Praveen Patel and Mr. Radheshyam Pokar and his
family members.


ANURAJ SUGARS: CRISIL Assigns 'B' Rating to INR95MM Demand Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Anuraj Sugars Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Working Capital          95        CRISIL B/Stable (Assigned)
   Demand Loan

The rating reflects exposure to risks related to cyclicality in
the sugar industry and regulatory framework governing the
industry, and ASL's below-average financial risk profile marked
by moderate networth, high gearing and subdued debt protection
metrics. These rating weakness are partially offset by extensive
experience of ASL's promoters in the sugar industry.

Outlook: Stable

CRISIL believes that ASL will maintain its stable business risk
profile over the medium term, backed by the extensive experience
of its promoters in the sugar industry. The outlook may be
revised to 'Positive' if the company reports higher than expected
revenues and margins, while improving its capital structure and
debt protection metrics. Conversely, the outlook may be revised
to 'Negative' if the company undertakes significant debt-funded
capital expenditure or if cash accruals decrease significantly
resulting in deterioration in ASL's financial risk profile.

Anuraj Sugars Limited, incorporated in 2007, is a closely-held
public limited company engaged in the manufacturing of sugar. It
is based out of Daund district in Pune (Maharashtra). The company
was promoted by Late Mr. Rajaram Borkar and currently its day-to-
day operations are managed by his son, Mr. Manik Borkar.

ASL reported a profit after tax (PAT) of INR3.8 million on net
sales of INR1.25 billion for 2011-12 (refers to financial year,
April 1 to March 31), as against a net loss of INR1.5 million on
net sales of INR910.5 million for 2010-11.




BABA VISHWAKARMA: CRISIL Cuts Rating on INR1.9MM Loan to 'BB-'
--------------------------------------------------------------
CRISIL has downgraded its long-term rating on the bank facilities
of Baba Vishwakarma Engineering Company Pvt Ltd to 'CRISIL BB-
/Stable' from 'CRISIL BB/Stable', while reaffirming the short-
term rating at 'CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        30       CRISIL A4+ (Reaffirmed)
   Cash Credit           65       CRISIL BB-/Stable (Downgraded
                                  from 'CRISIL BB/Stable')

   Medium Term Loan       1.9     CRISIL BB-/Stable (Downgraded
                                  from 'CRISIL BB/Stable')

   Working Capital       15       CRISIL A4+ (Reaffirmed)
   Demand Loan

The downgrade reflects pressure on BVEPL's liquidity, marked by
the company's inability to meet its scheduled bullet repayment
obligation for its working capital demand loan (WCDL) of INR15
million in September 2012. The repayment has since been
rescheduled and is now being made in ten equal installments till
June 2013. The delays in order confirmation and execution, and
thus delays in receiving payments, have led to pressure on the
company's liquidity. BVEPL's liquidity is expected to remain
stretched over the medium term because of its working-capital-
intensive operations leading to fully utilised cash credit
limits, and the scheduled repayments of its WCDL.

BVEPL's operations are working-capital-intensive because of its
moderate inventory and receivables. Although BVEPL's revenues
were subdued over the past two years due to slowdown in demand;
its incremental working capital requirements were moderate, at
INR27 million during 2011-12 (refers to financial year, April 1
to March 31). This is mainly because of relatively high
receivables and inventory holding as compared to previous years.
Although the company recorded cash accruals of around INR19.9
million during 2011-12, the delays in project confirmation and,
in turn, execution, has led to deterioration in liquidity. One of
BVEPL's projects was delayed and the stretch in receivables has
led to pressure on the company's liquidity and has resulted in
rescheduling of WCDL repayments. Going forward also, the
liquidity is expected to remain stretched. Company's ability for
timely execution of projects and recovery of receivables will be
key determinants of its credit risk profile over the medium term.

The ratings reflect BVEPL's moderate financial risk profile,
marked by low gearing and moderate debt protection metrics,
promoters' extensive industry experience, and established
relationships with customers. These rating strengths are
partially offset by the company's stretched liquidity because of
working-capital-intensive operations, its modest scale of
operations, and susceptibility to downturns in the sugar industry
and to investment cycles in other industries.

Outlook: Stable

CRISIL believes that BVEPL will continue to benefit over the
medium term from the extensive experience of its promoters in
manufacturing machinery for mill houses and boiling units. The
outlook may be revised to 'Positive' in case of significant
improvement in BVEPL's liquidity, either because of higher-than-
expected cash accruals or infusion of fresh capital by the
promoters. Conversely, the outlook may be revised to 'Negative'
if BVEPL's financial risk profile, particularly its liquidity,
deteriorates further, most likely caused by less-than-anticipated
cash accruals, larger-than-expected working capital requirements,
or large, debt-funded capital expenditure.

Incorporated in 1999 and promoted by Mr. Sunder Kamboj and his
two sons, BVEPL is mainly engaged in designing and fabricating
mill-house machinery, boiling-house machinery, and other
industrial machinery. It caters mainly to the sugar industry and
to other industries such as power and coal handling. The
promoters of BVEPL have been in the fabrication business since
1962. It has a fabrication unit near Ghaziabad (Uttar Pradesh)
and undertakes small contracts to install/supply whole or part of
the mill-house machinery or boiler units. Currently, BVEPL
derives around half of its revenues from sugar mills and the rest
from non-sugar segments.

For 2011-12, BVEPL reported a net profit of INR9.7 million on a
total operating income of INR503.1 million, against a net profit
of INR9.4 million on a total operating income of INR491.6 million
for 2010-11.


KINGFISHER AIRLINES: Set to Lose IATA Membership
------------------------------------------------
The Economic Times reports that the International Air Transport
Association (IATA) informed Vijay Mallya-promoted Kingfisher
Airlines of terminating its membership from the body if the
airline fails to take to the skies again, people in the direct
know of the matter said.

ET says IATA's move comes close on the heels of the lenders of
the debt-laden airline deciding to recall loans from the airline,
which has been defaulting on interest for over six months. What
prompted the airline body to take cognisance of the matter is the
fact that Kingfisher's IATA Operational Safety Audit (IOSA) is
about to expire within this month.

According to the report, a source said the airline has not made
any effort to keep the audit ongoing (as it is not flying), thus
initiating this move by IATA.

ET notes that airline companies have to undertake an IOSA audit,
which has a validity of two years. This audit evaluates
operational and control systems of the airline and is mandatory
for airlines that are IATA members that fly international routes
and those airlines that are part of any alliances.

"Kingfisher does not have a valid air operating permit and is not
current on its IOSA audit as it is not flying anymore and this is
the reason why IATA would look at termination of membership as a
progression," a source, who did not wish to be identified, told
ET.

In March last year, ET recalls. IATA had moved to suspend
Kingfisher from the clearance system on account of non-payment of
dues.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
been given a reality check by its auditors in the company's
annual report 2011-12.  The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012.  According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.

Kingfisher, which has been unprofitable since it was created in
2005, accumulated losses of $1.9 billion between May 2005 and
June 30 of this year, The Wall Street Journal reported citing
Sydney-based consultant CAPA-Centre for Aviation.  The airline
also owes about $2.5 billion to lenders, suppliers, leasing
companies and investors, the Journal added.

According to The Times of India, the company began showing signs
of weakness in November 2011 when it ran out of money to operate
most of its flights and started reducing its flights to cut cost.
The airline also failed to pay salaries to its employees for a
long time following which the employees went on an indefinite
strike. Its flying license was finally suspended in October 2012,
TOI reported.


PRIYADARSHI MOTORS: CRISIL Raises Rating on INR100MM Loan to 'B-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Priyadarshi Motors Pvt. Ltd. to 'CRISIL B-/Stable' from 'CRISIL
D'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              100       CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade follows the sizeable track record of timely
debt servicing by PMPL, primarily backed by funding support from
promoters. While the liquidity of the company remains weak amidst
increasing scale of operations and constrained profitability,
considering the nature of the business, CRISIL believes that the
promoters will continue to support PMPL in case of financial
exigencies, over the medium term.

PMPL is susceptible to intense competition in the automotive
dealership market, and its below-average financial risk profile
is marred by a modest net worth, high total debt to tangible net
worth (TOLTNW) ratio, and weak interest coverage ratio. The
company, however, benefits from its promoters' experience in the
dealership business and its established relationship with its
principal, Mahindra & Mahindra Ltd (M&M; rated 'CRISIL
AA+/Stable/CRISIL A1+').

Outlook: Stable

CRISIL believes that PMPL's financial risk profile will remain
constrained by low profitability and large working capital
requirements, leading to an aggressive capital structure. The
outlook may be revised to 'Positive' if there is any large equity
infusion by the promoter or sharp ramp up in business volumes,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of pressure on
PMPL's profitability, or if PMPL undertakes any large capital
expenditure programme, adversely affecting its liquidity.

PMPL was set up in June 2007 by Mr. Nikhil Priyadarshi. It
commenced operations in November 2008 with the dealership of M&M
in Patna (Bihar). The company deals in commercial vehicles and
passenger cars and has three showrooms-cum-workshops.

PMPL reported a profit after tax (PAT) of INR8.9 million on an
operating income of INR1.5 billion for 2011-12 (refers to
financial year, April 1 to March 31), against a PAT of INR3.7
million on an operating income of INR1.03 billion for 2010-11.


RMV RESORT: Delays in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of RMV Resort & Hotels Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan               195.0      CRISIL D (Assigned)
   Term Loan                55.0      CRISIL D (Assigned)

The rating reflects instances of delays by RMV in servicing its
term debt obligations; the delays have been caused due to
company's weak liquidity on account of delay in commencement of
the hotel leading to subdued cash accruals

RMV also has below-average financial risk profile, marked by a
moderate capital structure and weak debt protection metrics,
modest scale of operations, and vulnerability to cyclicality in
the hospitality industry. However, the company benefits from its
advantageous location.

RMV was incorporated in January 2008, by Mr. Mahesh Wadhwani, Mr.
Ajay Wadhwani, and Mr. Mahesh Nathani. The company owns and
operates a 106-room hotel called VW Canyon and also runs a health
and fitness centre The White Club. The hotel commenced commercial
operations in January 2012.


S P MINERALS: CRISIL Rates INR165MM Cash Credit at 'B'
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of S P Minerals.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              165       CRISIL B/Stable (Assigned)


The rating reflects SPM's weak financial risk profile marked by
high total outside liabilities to tangible net worth (TOLTNW) and
weak debt protection metrics, its moderate scale of operations
and large working capital requirements mainly driven stretched
receivables. These ratings weaknesses are partially offset by the
extensive industry experience of the SPM's partners and their
funding support.

Outlook: Stable

CRISIL believes that SPM will continue to benefit from the
industry experience of the partners. The outlook may be revised
to 'Positive' in case firm increases its scale of operations
along with improvement in liquidity, most likely driven by
larger-than-expected cash accruals or higher-than-expected
realisation of receivables. Conversely, the outlook may be
revised to 'Negative' in case the firm's financial risk profile,
particularly liquidity, weakens further, most likely because of
larger-than-expected working capital requirements or pressure on
cash accruals.

SPM was established in 2005 as a partnership firm by Mr. Jawahar
Lal Vig, Mr. Harish Kumar Vig, Mr. Om Prakash Jaggi and Mr. Alok
Kumar Katyal. The firm trades in iron ore, coal and sponge iron.
SPM also undertakes crushing of iron ore boulders.

SPM reported a profit after tax (PAT) of INR23.2 million on net
sales of INR950 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR 7.9 million on net
sales of INR 1180.0 million for 2010-11.


SAHARA GROUP: Sebi Freezes Bank Accounts of Two Sahara Firms
------------------------------------------------------------
The Economic Times reports that the Securities and Exchange Board
of India (Sebi) on Feb. 13, 2013, seized bank accounts and
properties of two Sahara Group companies and its promoter,
Subrata Roy.

The move comes following the group's failure to refund INR24,000
crore to investors as directed by the Supreme Court, Deccan
Herald says.

According to ET, the capital market regulator ordered the
attachment of:

  -- the bank accounts and properties of Roy and a few other
     directors;

  -- assets of two Sahara Group companies that had forayed into
     real estate;

  -- development rights on thousands of acres of land in Aamby
     Valley;

  -- prime locations near Gurgaon, Versova (Mumbai) and Lucknow;
     and

  -- stakes in several special purpose vehicles floated to set up
     townships and realty projects.

ET relates that the companies in question have been barred from
redeeming mutual funds and operating bank and demat accounts.
Also, they have been directed to recover investments in other
Sahara Group companies.

Banks holding accounts of the companies and individuals concerned
have been told to move funds to a prescribed account opened to
refund investors who had purchased the convertible debentures
floated by the Sahara entities to raise close to INR20,000 crore.
The orders will come into effect immediately, ET notes.

Sahara Group on Wednesday reiterated that it owed only INR5,120
crore to investors.  It said an application seeking interim
relief would come up in the Supreme Court, the report adds.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.


SHAH TILES: CRISIL Assigns 'B' Rating to INR184MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Shah Tiles Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term       12.3      CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Long-Term Loan           96.7      CRISIL B/Stable(Assigned)

   Letter of Credit          5.0      CRISIL A4 (Assigned)

   Bank Guarantee           11.0      CRISIL A4 (Assigned)

   Cash Credit              75.0      CRISIL B/Stable(Assigned)

The ratings reflect STPL's below-average financial risk profile,
marked by a small net worth, a high gearing and below-average
debt protection metrics, and modest scale of operations in the
intensely competitive ceramic tiles industry. These rating
weaknesses are partially offset by the benefits that STPL derives
from its promoters' extensive industry experience and its
strategic location.

Outlook: Stable

CRISIL believes that STPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its strategic location. The outlook may be revised to 'Positive'
in case the company registers higher-than-expected turnover
growth and improves its profitability, or if it significantly
improves its capital structure through equity infusion, leading
to improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if STPL registers a decline
in its turnover growth or if its profitability declines because
of slowdown in demand or intense industry competition, or if it
undertakes any additional debt-funded capital expenditure
programme, leading to further weakening of its financial risk
profile.

STPL, incorporated in 1992, was acquired by its current promoters
in 1999. Its board of directors includes Mr. Hemant Akhani and
Mrs. Deepti Akhani. The Akhani family has been in the ceramic
tiles business since the 1990s. STPL manufactures and markets
vitrified tiles under the brand name, Shiv Cera.

For 2011-12 (refers to financial year, April 1 to March 31), STPL
reported a net loss of INR14.3 million on net sales of INR129
million, against a profit after tax of INR0.61 million on net
sales of INR95.5 million for 2010-11.


SHIVAM COKE: CRISIL Assigns 'B+' Rating to INR35MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Shivam Coke Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit             35.00      CRISIL B+/Stable (Assigned)

The rating reflects SCPL's below-average financial risk profile,
marked by a small net worth and below-average debt protection
metrics, modest scale of operations, and susceptibility to
cyclicality in end-user industry and to volatility in coking coal
prices. These rating weaknesses are partially offset by the
benefits that SCPL derives from its promoters' extensive industry
experience and its established relations with its customers.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case the company
achieves improvement in its scale of operations and
profitability, leading to significant improvement in its cash
accruals and debt protection metrics. The outlook may be revised
to 'Negative' in case SCPL registers deterioration in its
financial risk profile, particularly its liquidity, on account of
lower cash accruals, larger-than-expected working capital
requirements, or large, debt funded capital expenditure.

SCPL, incorporated in March 1992, commenced commercial production
in September 1995. The company is promoted by Mr. Lallanji Ojha
and his son, Mr. Rakesh Kumar. SCPL has a low ash metallurgical
coke manufacturing capacity of around 3600 tonnes per month at
its plant at Dhanbad (Jharkhand). The company's capacities are
usually utilised to the extent of about 70 per cent.

SCPL reported a profit after tax (PAT) of INR1.4 million on net
sales of INR112.9 million in 2011-12 (refers to financial year,
April 1 to March 31), against a net loss of INR21.3 million on
net sales of INR153.4 million for 2010-11.


SKR CONSTRUCTIONS: CRISIL Assigns 'B-' Rating to INR40MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
bank facilities of SKR Constructions.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee           100       CRISIL A4 (Assigned)
   Cash Credit               40       CRISIL B-/Stable (Assigned)

The rating reflects SKRC's weak liquidity due large working
capital requirements and small scale of operations. These rating
weaknesses are partially offset by the extensive experience of
the firm's partners in the civil construction segment, and its
moderate order book, which provides revenue visibility over the
near to medium term.

Outlook: Stable

CRISIL believes that SKRC will continue to benefit over the
medium term from its partners' extensive experience in the
construction industry. The outlook may be revised to 'Positive'
if the firm significantly increases its scale of operations, and
improves its profitability and working capital management.
Conversely, the outlook may be revised to 'Negative' if SKRC's
capital structure deteriorates further, or if there is
lengthening of working capital cycle resulting in further
weakening of its liquidity.

SKRC was established in 2004 as a partnership firm by Mr. Krishna
Rao. The firm executes construction contracts for building and
maintenance of roads and irrigation channels for government
agencies.

For 2011-12 (refers to financial year, April 1 to March 31), SKRC
reported a profit after tax (PAT) of INR9.96 million on net sales
of INR408.8 million, against a PAT of INR6.11 million on net
sales of INR236.5 million for 2010-11.


SREE GURU: Delays in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Sree
Guru Raghavendra Cotton Ginning & Pressing Factory to 'CRISIL D'
from 'CRISIL B+/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              56.4      CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Term Loan                15.0      CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The downgrade reflects regular delays by SGRGPF in servicing its
term debt; the delays have been caused by the firm's weak
liquidity. SGRGPF's liquidity has weakened considerably because
of delays in customer payments, and sizeable buildup of inventory
as on Jan. 31, 2013.

SGRGPF also has a weak financial risk profile, marked by a small
net worth, a high gearing, and weak debt protection metrics, and
its margins are susceptible to volatility in cotton and cotton
seeds prices. However, the firm benefits from its partners'
extensive experience in the cotton ginning industry.

SGRGPF was set up as a partnership concern in 1995. It is in the
cotton ginning and pressing business. The firm's facility in
Bellary (Karnataka) has 42 ginning machines, and a pressing unit
with production capacity of around 300 bales per day. SGRGPF's
other group entities -- Sree Laxmi Venkatesh Ginning & Pressing
Factory, Sree Guru Raghavendra Ginning and Pressing Factory, and
Sree Parimala Cotton Ginning & Pressing Factory -- are also
involved in the cotton ginning business in Maharashtra.

SGRGPF reported, on a provisional basis, a profit after tax (PAT)
and net sales of INR6.6 million and INR811.5 million respectively
for 2011-12 (refers to financial year, April 1 to March 31); the
firm reported a PAT of INR8.2 million on net sales of INR789.9
million for 2010-11.


UNIVERSAL TECHNOCAST: CRISIL Puts 'BB' Rating on INR68.2MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Universal Technocast.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             48.2      CRISIL BB/Stable (Assigned)
   Bank Guarantee         1.8      CRISIL A4+ (Assigned)
   Cash Credit           20.0      CRISIL BB/Stable (Assigned)

The ratings reflect UT's moderate financial risk profile, marked
by a low gearing and strong debt protection metrics and
established relationships with customers. This rating strength is
partially offset by the firm's small scale of operations in the
intensely competitive investment castings industry, and large
working capital requirements.

Outlook: Stable

CRISIL believes that UT will continue to benefit over the medium
term from its established relationships with its customers and
suppliers. The outlook may be revised to 'Positive' in case the
firm generates higher-than-expected cash accruals, backed by
stabilisation of its newly added capacity, while it maintains its
profitability, and improves its working capital management.
Conversely, the outlook may be revised to 'Negative' if UT's
financial risk profile deteriorates on account of lower-than-
expected cash accruals, larger-than-expected debt-funded capital
expenditure, or increase in its working capital requirements.

UT, incorporated in 2006, manufactures investment castings that
are used in valves which have application in the cement, motor
pump, petroleum, and aviation industries. UT is part of the Nisan
Exports group and is managed by Jetpur (Gujarat)-based, Mr.
Suresh Hirpara, Mr. Shailesh Hirpara, and Mr. Arvind Hirpara.

UT reported a net profit of INR22.45 million on net sales of
INR129.7 million for 2011-12 (refers to financial year, April 1
to March 31), against a net profit of INR22.83 million on net
sales of INR86.5 million for 2010-11.


VIBRANT DEHYDRO: CRISIL Assigns 'B+' Rating to INR40MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vibrant Dehydro Foods Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bill Purchase-           20        CRISIL A4 (Assigned)
   Discounting Facility

   Packing Credit           40        CRISIL B+/Stable (Assigned)

The ratings reflect VFPL's modest scale of operations, and the
susceptibility of the company's operating margin to volatility in
prices of agricultural (agro) commodities and to unfavorable
changes in government policies; the ratings also factor in VFPL's
below-average financial risk profile, marked by a small net
worth. These rating weaknesses are partially offset by the
benefits that VFPL derives from its promoters' extensive
experience in the agro trading business and its established
relationships with its customers, and its locational advantage
providing easy access to key raw materials.

Outlook: Stable

CRISIL believes that VFPL will continue to benefit over the
medium term from its promoters' extensive experience in the agro
trading business and its locational advantage. The outlook may be
revised to 'Positive' if the company registers improvement in its
financial risk profile on the back of increase in its scale of
operations and cash accruals or significant equity infusion by
its promoters. Conversely, the outlook may be revised to
'Negative' in case VFPL faces pressure on its liquidity, most
likely because of more-than-expected lengthening of its working
capital cycle, lower-than-expected cash accruals, or any debt
funded capital expenditure.

VFPL was set up in 2008 by Mr. Hamid and his family. VFPL is in
the onion and garlic dehydrating business; it exports its
products to Europe and the US. The company has processing
capacity of 13 tonnes in Mahuva (Gujurat).



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


MAINZEAL PROPERTY: Receivership Stalls Council's Plan to Move
-------------------------------------------------------------
The Dominion Post reports that Greater Wellington regional
council's plans to rehouse its head office staff in a safer
building on the waterfront may be stalled for some time following
the collapse of Mainzeal Property and Construction Ltd.

Work on a major upgrade of Shed 39 to accommodate the council was
halted last week when receivers were called in, the report says.

According to the report, Mainzeal had just work on the
NZ$3 million upgrade of the former wharf shed and council was
scheduled to move its staff into the building in May or June.

The Post says Shed 39, which was leased to TelstraClear, was 60
per cent of the seismic code.  The plan was to bring it fully up
to code, said Centreport property manager Nick Wareham.

The Post relates Mr. Wareham said Mainzeal started on the project
early in the new year and they were only about 5% of the way when
the site was locked down by the receiver.

Mr. Wareham said Centreport were waiting to hear back from the
receivers on whether they planned to abandon the project or on
options for restarting it, the report relays.

                      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, on Feb. 6, 2013, were appointed receivers
to Mainzeal Property and Construction Limited and associated
entities as a result of a request made by its director to BNZ.

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

The receivers are currently in talks with some parties interested
in buying the business and assets of Mainzeal, either as a whole
or by segment.



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


* Fitch Sees Favorable Signs for Memory Chip Sector
---------------------------------------------------
Fitch Ratings believes that the DRAM and NAND memory
semiconductor markets are likely to turn more favorable for
manufactures in 2013, based on improving market dynamics and
stronger profitability from both SK Hynix (Hynix, 'BB'/Stable)
and Samsung Electronics (SEC, 'A+'/Stable). Fitch expects the
credit profile of Hynix and SEC to remain commensurate with their
current rating levels in the short- to medium-term.

DRAM market dynamics are favoring major manufacturers
notwithstanding the prospect of weak PC growth continuing in
2013. The PC DRAM market has effectively consolidated down to
three major players - SEC, Hynix, and Micron Technology, Inc..
Micron took over Japan's Elpida Memory, Inc. in 2012, and
Taiwanese makers, such as Inotera Memories, Inc. and Nanya
Technology Corporation, are gradually exiting the PC DRAM market
and focusing on either foundry or specialty DRAM to cut losses.
In addition, the pace of process migration has slowed notably due
to technological difficulties, and this will limit supply growth.
Therefore, the remaining players will have more bargaining power
in 2013 and contribute to a tighter supply than in 2012.

Demand for mobile DRAM is likely to remain strong due to growing
demand for smartphones, and demand for server DRAM is likely to
be fuelled by burgeoning growth in cloud computing. At the same
time, downward adjustments to production levels including lower
capex have contributed to an improved supply/demand balance since
late 2012. This trend is likely to continue in 2013.

Fitch expects demand for NAND memory chips to remain strong in
2013, driven by growth in sales of smartphones and tablets. In
addition, rising penetration of Ultrabooks is likely to create
stronger demand for solid state drives compared with 2012. A
significant oversupply caused NAND prices to fall substantially
during H112 and resulted in NAND manufacturers scaling back their
production levels during H212. Fitch expects chip makers to
maintain a cautious approach to supply control in 2013. Moreover,
as industy capex is likely to fall in 2013, the extent to which
NAND prices may fall in 2013 is likely to be more modest than in
2012. The market will remain largely dominated by SEC (38% market
share in 2012) and Toshiba (28%) as the first tier players,
followed by Micron (14%), Hynix (12%) and Intel (8%) as the
second tier players.

Hynix's operating profit turnaround in Q412 further underlines
the potential for the DRAM and NAND memory sectors to perform
better in 2013. The company reported q-o-q 12% revenue growth
(Q312: -8% q-o-q; 2012: -2% y-o-y) and a 2% EBIT margin (Q312: -
1%; 2012: -2%). Likewise the performance of SEC's semiconductor
segment in Q412 suggests a more favorable outlook, with q-o-q
revenue growth of 10% (Q312: 1% q-o-q; 2012: -6% y-o-y) and EBIT
margins of 15% (Q312 and 2012: 12%).


* FIJI: Improving Economy Prompts Moody's to Affirm 'B1' Rating
---------------------------------------------------------------
Moody's Investors Service affirmed the B1 foreign and local
currency long-term bond ratings of the Government of Fiji. The
ratings outlook has been changed to stable from negative.

The key drivers for the decision are:

  1. Improved fiscal and macroeconomic outcomes; and

  2. The demonstrated stability of the external payments
     position.

Moody's also affirmed Fiji's long-term foreign currency bond and
deposit ceilings at Ba3 and B2, respectively. These ceilings act
as a cap on the ratings that can be assigned to the FC
obligations of other entities domiciled in the country.

Fiji's local currency bond and deposit ceilings have been lowered
to Ba2 from Baa1.

Ratings Rationale

In 2011 and 2012, real GDP is projected to have grown by an
average of 2.2%, materially higher than the average contraction
of 0.2% over the four-year period following the 2006 coup.
Despite softening somewhat in late 2012, historically high
tourist arrivals have spurred tourism-related investments and
driven economic momentum. Income tax cuts and declining inflation
have also supported the recovery in household and business
spending. Nevertheless, the Fijian economy continues to grow at a
slower pace as compared to similarly rated countries.

Improved economic growth and revenue reforms have contributed to
lower fiscal deficits, which have narrowed from around 4% of GDP
in 2009 to a projected average of 1.5% over the past two years.
The shift away from direct to indirect forms of taxation, such as
the value-added tax (VAT), has broadened the tax base and
improved compliance. In 2011, the VAT rate was increased to 15.0%
from 12.5% and a capital gains tax was introduced, while the
following year's budget was characterized by an across the board
cut in income taxes for individuals and businesses. As a result,
revenue performance is projected to have improved by nearly two
percentage points of GDP from 2009 to 2012. Consequently, primary
surpluses in excess of 2% of GDP have been restored and the stock
of general government debt has stabilized at around 52% of GDP.

The downgrade of Fiji's rating in April 2009 was precipitated by
a fall in foreign exchange reserves, which subsequently led to a
devaluation of the Fijian dollar and the imposition of exchange
controls. Since then, however, the country's current account
deficit has narrowed, while the overall balance of payments has
not been adversely affected by the selective liberalization of
exchange controls. The exchange rate vis--vis the US dollar has
consequently stabilized, improving debt sustainability, while the
Fijian dollar's relative weakening against the Australian dollar
has supported tourism prospects. Foreign exchange reserves have
also rebounded to around US$895 mn currently from a low of
US$240 million in March 2009.

More favorable economic prospects may be contingent upon the
restoration of electoral democracy. Political concerns have
affected Fiji's ability to attract investments with FDI inflows
falling from a peak of 13.3% of GDP in 2006 to 1.9% in 2009
before recovering to 6.1% in 2010, the latest data available.
Although sanctions continue to be imposed by two of Fiji's
largest neighbors, Australia and New Zealand, both of these
countries have acknowledged sufficient progress towards elections
in 2014 by restoring diplomatic ties in 2012.

Because of the political situation, Fiji has limited access to
external concessional financing from multilateral and bilateral
sources unlike other countries at comparable levels of
development. However, the situation has been mitigated by the
captive market for government debt provided by the country's
superannuation fund, the Fiji National Provident Fund (FNPF). The
fund's balance sheet is continuously bolstered by mandatory
contributions from those employed in the formal sector, providing
a reliable source of demand for government securities. As of
October 2012, the FNPF held about 65% of the Fiji government's
total outstanding LC debt. The long-term actuarial sustainability
of the FNPF have improved due to reforms that took effect in
March 2012.

What Could Change The Rating - Up

A positive rating action could be prompted by a substantial
reduction in the government's debt burden and a further
improvement in growth performance, which continues to be weak
relative to similarly rated countries. The successful holding of
elections and consequently lower political risks would also be
credit positive.

What Could Change The Rating - -Down

A negative rating action could result from the reemergence of
balance of payments pressures or the return to materially weaker
growth conditions -- both of which could be prompted by an
escalation of political risks -- as well as a deterioration of
recently stabilized fiscal and debt metrics.

Methodology

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.

Moody's country ceilings capture externalities and event risks
that arise as a consequence of locating a business in a
particular country and that ultimately constrain domestic
issuers' ability to service their debt obligations. As such, the
ceiling encapsulates elements of the economic, financial,
political, and legal risks in a country, including political
instability, the risk of government intervention, the risk of
systemic economic disruption, severe financial instability risks,
currency redenomination, and natural disasters among other
factors, that need to be incorporated into the ratings of even
the strongest domestic issuers. The ceiling caps the credit
rating of all issuers and transactions with material exposure to
those risks -- in other words, it affects all domestic issuers
and transactions other than those whose assets and revenues are
predominantly sourced from or located outside of the country, or
which benefit from an external credit support.

Other Factors used in this rating are described in Local-Currency
Country Risk Ceiling for Bonds and Other Local Currency
Obligations published in August 2012.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

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

AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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
conferences@bankrupt.com

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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 ***