TCRAP_Public/130218.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 18, 2013, Vol. 16, No. 34


                            Headlines


A U S T R A L I A

MACALISTER CONSTRUCTIONS: Collapse Affects Gippsland Businesses
MOONYA COMMUNITY: Administrators Hopeful Center Will be Saved


H O N G  K O N G

EXCEL PROPERTIES: Members' Final Meeting Set for March 4
G.T.C. HOLDINGS: Members' Final Meeting Set for March 13
GIANT GALAXY: Members' Final General Meeting Set for March 1
GOOD QUALITY: Members' Final General Meeting Set for March 1
HEYNES ENTERPRISES: Members' Final Meeting Set for March 15

LIFE IN: Members' Final Meeting Set for March 4
MAN PO: Members' and Creditors Meetings Set for March 8
PERRY CAPITAL: Members' Final Meeting Set for March 1
STRAIGHT WHARF: Members' Final Meeting Set for March 1
SVCM CAPITAL: Members' Final General Meeting Set for March 1

SY FONG: Members' Final Meeting Set for March 1
TOP GAIN: Members' Final Meeting Set for March 6
WAI YAN: Members' and Creditors Meetings Set for March 8
WINDER MERE: Members' Final General Meeting Set for March 1
* January Bankruptcy Filings in HK Rise to Almost Two-Year High


I N D I A

BANSAL IRON: CARE Rates INR22cr Long-Term Loan at 'CARE BB'
D. D. IRON: CARE Reaffirms 'B' Rating on INR6.3cr Long-Term Loan
DEV AROMATIC: CARE Reaffirms 'BB-' Rating on INR17.61cr LT Loans
GALAXY OFFSET: CARE Assigns 'BB' Rating to Long-Term Bank Loans
HANUMAN COTTON: CARE Reaffirms 'B' Rating on INR6.49cr LT Loans

KINGFISHER AIRLINES: Founder to Use Diago Proceeds to Pay Debt
LAJ EXPORTS: CARE Assigns 'BB' Rating to INR4.95cr LT Loans
LAKSHAYA ENTERPRISE: CARE Puts 'B+' Rating on INR5cr LT Loans
LATIN MANHARLAL: CARE Reaffirms 'BB' Long-Term Loan Rating
NUTECH ENGINEERING: CARE Reaffirms 'BB-' LT Bank Loan Rating

PARSHWANATH DYECHEM: CARE Reaffirms BB+ Rating on INR7.57cr Loan
REDDY & REDDY: CARE Reaffirms 'BB-' Rating on INR9.12cr LT Loans
SHREE KALKA: CARE Rates INR9.5cr Long-Term Loan at 'CARE B'


I N D O N E S I A

BERLIAN LAJU: Move to Dismiss U.S. Bankruptcy Pushed by Creditors


K O R E A

DAEWOO ELECTRONICS: Dongbu Completes Takeover, Names New Chief
HANIL ENGINEERING: Files for Court Receivership


N E W  Z E A L A N D

AORANGI SECURITIES: HMF Investors to Get Capital Back
MAINZEAL PROPERTY: Owes NZ$4 Million to Horizon Subsidiary
PENINSULA ROAD: Receivers Put Kawara Falls Station on Market


S I N G A P O R E

STATS CHIPPAC: S&P Rates $640MM 5-Yr. Sr. Unsecured Notes 'BB+'


                            - - - - -


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

MACALISTER CONSTRUCTIONS: Collapse Affects Gippsland Businesses
---------------------------------------------------------------
Davyd Reid at the Gippsland Times reports that businesses across
Victoria have been affected by the fall of Macalister
Constructions, with the company owing up to AUD18 million to the
National Australia Bank and hundreds of unsecured creditors.

The list of creditors runs into eight pages, some smaller
creditors owed hundreds of thousands of dollars, the report notes.
However debts could be higher than preliminary investigations
suggest, with a report to creditors from SV Partners obtained by
the Gippsland Times suggesting there could be inaccuracies in the
information it had obtained from the company.

The Gippsland Times says allegations the company had been trading
while insolvent for some time are also being investigated.

According to the Gippsland Times, the SV Partners report said
initial investigations into the company had begun.

"We are in receipt of sufficient books and records of the company
which has enabled us to conduct preliminary investigations into
the company's affairs, in order to provide this report to
creditors," the report said.

"We believe that the company has maintained sufficient written
financial records (ie. invoices, bank statements, debtor and
creditor (files) that would enable true and fair financial
statements to be prepared and audited.

"Notwithstanding the above, based on our review of the company's
management accounts for the last few years, it appears that there
are various inaccuracies in the information contained within same.

Richard J. Cauchi, Michael Carrafa and Terry G. Van Der Velde of
SV Partners as administrator for the Sale-based Macalister
Construction, which formerly traded as Macalister Homes, on
Jan. 11, 2013.

The administrators may be reached at:

         Richard J. Cauchi
         Michael Carrafa
         Terry G. Van Der Velde
         SV PARTNERS
         Level 7, 151 Castlereagh Street
         Sydney NSW 2000
         GPO Box 5331
         Sydney NSW 2001
         Tel: 02 8986 8986
         Fax: 02 8986 8999
         E-mail: richard.cauchi@svp.com.au
                 michael.carrafa@svp.com.au
                 terry.vandervelde@svp.com.au


MOONYA COMMUNITY: Administrators Hopeful Center Will be Saved
-------------------------------------------------------------
774 ABC Melbourne reports that the administrators of financially
troubled Moonya Community Service said the centre could be saved.

Gess Rambaldi -- gess.rambaldi@pitcher.com.au -- and Andrew Yeo
-- andrew.yeo@pitcher.com.au -- of Pitcher Partners were appointed
as administrators of Moonya Community Services Inc on Jan. 9,
2013.

"Moonya's Day Support Service operations and "Gardening and Other
Services" supported employment services are continuing to operate
under the control of the Administrators," a statement posted on
Moonya's web site stated.

"Concurrently, the Administrators are conducting a formal
expression of interest process seeking offers and proposals for
the sale or restructure of Moonya's operations."

The Supreme Court of Victoria last week granted Pitcher Partners
an extension to continue to their work with Moonya until the
centre's State and Federal emergency funding runs out in April,
774 ABC Melbourne reports.

Moonya Community Service is disability service provider.


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


EXCEL PROPERTIES: Members' Final Meeting Set for March 4
--------------------------------------------------------
Members of Excel Properties Limited, which is in members'
voluntary liquidation, will hold their final meeting on March 4,
2013, at 11:00 a.m., at Room 1802, Harbour Centre, 25 Harbour
Road, Wanchai, in Hong Kong.

At the meeting, Cheng Seng Chong Edward, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


G.T.C. HOLDINGS: Members' Final Meeting Set for March 13
--------------------------------------------------------
Members of G.T.C. Holdings Limited, which is in members' voluntary
liquidation, will hold their final meeting on March 13, 2013, at
11:00 a.m., at Flat B, 16/F, Empire Land Commercial Centre, at 81-
85 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Ng Kwok Cheung Bernard, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GIANT GALAXY: Members' Final General Meeting Set for March 1
------------------------------------------------------------
Members of Giant Galaxy Limited, which is in members' voluntary
liquidation, will hold their final general meeting on March 1,
2013, at 4:35 p.m., at Level 28, Three Pacific Place, 1 Queen's
Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GOOD QUALITY: Members' Final General Meeting Set for March 1
------------------------------------------------------------
Members of Good Quality Enterprises Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
March 1, 2013, at 4:40 p.m., at Level 28, at Three Pacific Place,
1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


HEYNES ENTERPRISES: Members' Final Meeting Set for March 15
-----------------------------------------------------------
Members of Heynes Enterprises Limited, which is in members'
voluntary liquidation, will hold their final meeting on March 15,
2013, at 11:00 a.m., at Flat B, 39/F, Vista, at 188 Fuk Wah
Street, Sham Shui Po, in Kowloon.

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


LIFE IN: Members' Final Meeting Set for March 4
-----------------------------------------------
Members of Life In Harmony Limited, which is in members' voluntary
liquidation, will hold their final meeting on March 4, 2013, at
10:00 a.m., at 22nd Floor, Shum Tower, at 268 Des Voeux Road
Central, in Hong Kong.

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


MAN PO: Members' and Creditors Meetings Set for March 8
-------------------------------------------------------
Members and creditors of Man Po Hong Limited will hold their final
meetings on March 8, 2013, at 3:00 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.


PERRY CAPITAL: Members' Final Meeting Set for March 1
-----------------------------------------------------
Members of Perry Capital (Asia) Limited, which is in members'
voluntary liquidation, will hold their final meeting on March 1,
2013, at 10:00 a.m., at 767 Fifth Avenue, 19th Floor, New York,
NY10153, in United States.

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


STRAIGHT WHARF: Members' Final Meeting Set for March 1
------------------------------------------------------
Members of Straight Wharf Capital (HK) Limited, which is in
members' voluntary liquidation, will hold their final general
meeting on March 1, 2013, at 11:00 a.m., at 20th Floor, 101 Park
Avenue, New York, NY10178, in U.S.A.

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


SVCM CAPITAL: Members' Final General Meeting Set for March 1
------------------------------------------------------------
Members of SVCM Capital Limited, which is in members' voluntary
liquidation, will hold their final general meeting on March 1,
2013, at 4:45 p.m., at Level 28, Three Pacific Place, at 1 Queen's
Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SY FONG: Members' Final Meeting Set for March 1
-----------------------------------------------
Members of Sy Fong Holdings Limited, which is in members'
voluntary liquidation, will hold their final meeting on March 1,
2013, at 10:00 a.m., at Room 803, Tung Hip Commercial Building, at
248 Des Voeux Road Central, in Hong Kong.

At the meeting, Yu Yuk Ling Theresa, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TOP GAIN: Members' Final Meeting Set for March 6
-------------------------------------------------
Members of Top Gain Fashion International Limited will hold their
meeting on March 6, 2013, at 5:00 p.m., at Room 2802, 28/F, China
Resources Building, at No. 26 Harbour Road, Wanchai, in Hong Kong.

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


WAI YAN: Members' and Creditors Meetings Set for March 8
--------------------------------------------------------
Members and creditors of Wai Yan Investment Limited will hold
their final meetings on March 8, 2013, at 3:00 p.m., at Room 1405-
8, 14/F, C C Wu Building, 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.


WINDER MERE: Members' Final General Meeting Set for March 1
-----------------------------------------------------------
Members of Winder Mere Trading Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
March 1, 2013, at 4:50 p.m., at Level 28, Three Pacific Place, 1
Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


* January Bankruptcy Filings in HK Rise to Almost Two-Year High
---------------------------------------------------------------
Stephanie Tong at Bloomberg News reports that Hong Kong's number
of bankruptcy petitions filed last month rose to the highest in
almost two years after economic growth slowed to what the
government predicted would be the weakest since 2009.

The number of bankruptcy requests submitted in January increased
62% from a year earlier to 837, Bloomberg discloses citing data
posted on the website of the Official Receiver's Office.  That was
the highest number since March 2011 when 866 were filed, the data
showed.

"The bankruptcy data is a signal that is worthy of attention but
there is no strong evidence to conclude that the situation is
worsening," Raymond Yeung, a Hong Kong-based senior economist at
Australia & New Zealand Banking Group Ltd., told Bloomberg.  "Hong
Kong is still fundamentally strong with a low jobless rate. The
major risk is an earlier reversal of interest rate cycle which may
aggravate the situation."


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


BANSAL IRON: CARE Rates INR22cr Long-Term Loan at 'CARE BB'
-----------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Bansal
Iron & Steel Traders.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       22        CARE BB Assigned

Rating Rationale

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

The rating is constrained by low profitability margins, high
overall gearing and highly competitive and fragmented nature of
the metal scrap trading industry. The rating is further
constrained by cyclical nature of the steel industry, foreign
exchange risk, as well as significantly high inter-group
transactions. However, the rating draws comfort from the long
track record of operations, experienced promoter and established
relationship with suppliers and customers.

The ability of the firm to sustain profitability margin while
efficiently managing working capital requirements and improving
capital structure would be the key rating sensitivity.

Bansal Iron & Steel Traders, a proprietorship concern started by
Mr. Sunil Kumar Aggarwal in 1992 is involved in the trading of
iron, steel and aluminium scrap. The business includes
purchasing of scrap from the press and machine shops of various
large auto manufacturers/steel manufacturers in the National
Capital Region and selling this automotive grade steel to foundry
and casting companies. It also imports aluminium scrap from Europe
and Dubai and supplies it to auto components manufacturing
companies.

For FY12 (refers to the period April 1 to March 31), BIST achieved
a total operating income of INR259.28 crore with the PBILDT and
PAT margins of 2.38% and 0.98%, respectively. For H1FY13, BIST
reported a total income of INR124.61 crore.


D. D. IRON: CARE Reaffirms 'B' Rating on INR6.3cr Long-Term Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
D. D. Iron and Steels Pvt Ltd.

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

Rating Rational

The rating continues to remain constrained by its small scale of
operations of the family managed business of D. D. Iron and Steels
Pvt Ltd coupled with limited track record and thin
profitability margins. The rating is further constrained by lack
of backward integration with exposure to volatility in raw
material prices, intense competition and cyclical nature of the
iron and steel industry. The rating, however, derives strength
from the experience of the promoters, satisfactory leverage ratio
and capacity utilization.

The ability to improve scale of operations along with improvement
in financial risk profile while managing raw material price
fluctuations and sustaining competition will be the key rating
sensitivities.

DDIS, incorporated in January2008, by the Jaiswal family based out
of Rourkela (Odisha), is engaged in manufacturing of mild steel
ingots with current installed capacity of 27,000 Metric
Tonne Per Annum (MTPA). The manufacturing unit of the company is
located at Sundergarh, Odisha. The unit commenced commercial
production in December 2008.

The day-to-day affairs of the company are looked after by Mr.
Gouri Shankar Jaiswal, M.D., having more than three decade of
experience in steel industry.

As per audited results for FY12 (refer to the period April 1 to
March 31), DDIS reported PBILDT and PAT of INR1.2 crore (Rs.1.0
core in FY11) and INR0.2 crore (Rs.0.1 crore in FY11),
respectively, on the total income of INR36.4 crore (Rs.48.3 crore
in FY11).


DEV AROMATIC: CARE Reaffirms 'BB-' Rating on INR17.61cr LT Loans
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
DEV Aromatic Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      17.61      CARE BB- Reaffirmed

Rating Rationale

The rating continues to be constrained on account of the moderate
financial profile, customer concentration risk, intense
competition in the menthol derivatives industry and risk of
substitution from synthetic menthol. However, the rating
constraints are partially mitigated by relevant experience of the
promoters in the industry, location advantage of manufacturing
facility and reputed client base.  Going forward, the ability to
improve profitability margins and  increase its scale of
operations while maintaining the capital structure would remain
the key rating sensitivities.

The company was incorporated as 'Dev Aromatic Private Limited' by
Mr. Shashi Jain in March 2008. DAPL is an ISO 9001:2008 certified
company involved in the manufacturing of Menthol flakes (62% of
FY12 [refers to the period April 1 to March 31] total operating
income) and De-Mentha oil (DMO) (26% of FY12 total operating
income) and trading of CMO (12% of FY12 total operating income).

The manufacturing unit of DAPL is located in Lucknow (Uttar
Pradesh) and is located very close to India's largest mentha oil
producing area of Barabanki District (Uttar Pradesh). The
aggregate installed capacity of Menthol Flakes and DMO as of
March 31, 2012 was 980 Metric Tonne Per Annum (MTPA) and 470 MTPA,
respectively.

During FY12, the company achieved a total operating income of
INR173.99 crore with a PAT of INR0.38 crore as against a total
operating income of INR109.92 crore and PAT of INR0.23 crore
during FY11.


GALAXY OFFSET: CARE Assigns 'BB' Rating to Long-Term Bank Loans
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Galaxy Offset India Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.42      CARE BB Assigned
   Short-term Bank Facilities      0.66      CARE A4 Assigned
   Long/Short-term Bank           16.00      CARE BB/CARE A4
   Facilities                                Assigned

Rating Rationale

The ratings assigned to the bank facilities of Galaxy Offset India
Private Limited are primarily constrained by its small scale of
operations, customer concentration risk, moderate financial risk
profile marked by declining profitability margins, moderate
capital structure, comfortable liquidity position & and coverage
indicators and moderate operating cycle. The ratings are further
constrained by stabilization issues in its enhanced capacity,
susceptibility to volatile raw material prices and presence in
highly fragmented and competitive industry.

The ratings, however, draw comfort from experienced promoters with
demonstrated financial support in the past, reputed client base
and growing total operating income.

Going forward, the ability of GOIL to increase its scale of
operations while improving profitability, continuation of its
relationship with its key customers and stabilization of expansion
project would be the key rating sensitivities.

GOIL was established in the year 1995 as a partnership firm and
later on converted to private limited company in the year 2001.
The company was promoted by Mr. S.C. Gulati (aged 70 years)
and his three sons; Mr. Aman Gulati, Mr. Amit Gulati and Mr. Vikas
Gulati. The company has offset printing press with installed
capacity of 2.25 lakh sheet/ day and primarily deals in general,
commercial and color craft printers. The company's product profile
ranges from publishing of books, magazine, printed box, brochures,
catalogue, posters, calendars, diaries, leaflets, folders, labels,
danglers, wobblers and credit card kits.


HANUMAN COTTON: CARE Reaffirms 'B' Rating on INR6.49cr LT Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Hanuman Cotton Industries.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.49      CARE B Reaffirmed
   Short-term Bank Facilities      2 .00     CARE A4 Reaffirmed

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

Rating rationale

The ratings assigned to the bank facilities of Hanuman Cotton
Industries continue to remain constrained on account of its weak
financial risk profile characterized by highly leveraged capital
structure, thin profitability and weak debt protection metrics.
Furthermore, the ratings are constrained on account of its
presence in the highly competitive and fragmented cotton-ginning
business with limited value addition, volatility associated with
raw material prices and impact of changes in the government policy
for cotton.

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

HCI's ability to increase its scale of operations in light of
competitive nature of the industry along with improvement in the
financial risk profile remains the key rating sensitivity.

HCI was constituted in March 2006 as a partnership firm by the
Vekaria family based out of Amreli (Gujarat) by eight partners
with unequal profit and loss sharing agreement among them. HCI is
primarily engaged in cotton ginning & pressing activities with an
installed capacity of 10,886 Metric Tonnes Per Annum (MTPA) for
cotton bales and 18,380 MTPA for cotton seeds as on March 31,
2012, at its manufacturing facility located at Savarkundla in
Amreli district (Gujarat). During FY12, HCI established an oil-
seed crushing facility with a capacity of 1,381 MTPA for wash oil
which was completed in April 2012.


KINGFISHER AIRLINES: Founder to Use Diago Proceeds to Pay Debt
--------------------------------------------------------------
George Smith Alexander & Anto Antony at Bloomberg News report that
Vijay Mallya, founder of Kingfisher Airlines Ltd., will use
proceeds from the sale of a stake in United Spirits Ltd. to pare
the Indian carrier's $1.6 billion debt, reversing his earlier
stand, as lenders mount pressure.

Bloomberg relates that Prakash Mirpuri, a spokesman for Mallya's
UB Group, said in an emailed response that Mr. Mallya is in
discussions with banks "on ways to bring down their exposure,
inter alia, from the proceeds of the Diageo transaction."  The
group has not got any "formal communication" from the banks, he
said.

According to Bloomberg, Diageo Plc in November agreed to pay
INR111.7 billion to acquire a 53.4% stake in India's biggest
whiskey maker, which is controlled by Mallya.  Pratip Chaudhuri,
chairman of State Bank of India, one of Kingfisher's creditors,
said yesterday that lenders can sell shares of United Spirits and
other group companies held as collateral to recover part of the
loans, Bloomberg relates.

Mr. Mallya said in November that he will address Kingfisher
Airlines' needs "separately" from the Diageo deal and the proceeds
from the stake sale will not be used to pay Kingfisher Airlines
dues, Bloomberg recalls.

Indian lenders will start the recovery process on the loans to
Kingfisher, Shyamal Acharya, deputy managing director of State
Bank of India said in an interview to Bloomberg TV India on
Feb. 13.

The carrier had INR86.3 billion of debt at the end of September,
according to data compiled by Bloomberg. The airline, which
grounded planes on Oct. 1, posted a loss of 7.55 billion rupees in
the quarter ended Dec. 31, widening from 4.4 billion rupees a year
earlier.

                      About Kingfisher Airlines

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

                           *     *     *

Kingfisher Airlines, which has been unprofitable since it was
created in 2005, accumulated losses of $1.9 billion between
May 2005 and June 30, 2012, 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.


LAJ EXPORTS: CARE Assigns 'BB' Rating to INR4.95cr LT Loans
-----------------------------------------------------------
CARE assigns 'CARE BB' and CAREA4+' rating to the bank facilities
of LAJ Exports Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       4.95      CARE BB Assigned
   Long-term/ Short-term           0.50      CARE BB/ CARE A4+
   Bank Facilities                           Assigned
   Short-term Bank Facilities     21.00      CARE A4+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Laj Exports Limited
are primarily constrained by leveraged capital structure,
geographical concentration risk and working capital intensive
nature of operations. The ratings are further constrained by the
company's exposure to raw material price volatility, its fortunes
linked to the textile industry and exposure to foreign exchange
fluctuation risk.

The ratings, however, draw comfort from the experienced promoters
and established relationship with reputed customer base.

Going forward, the ability to profitably scale up the operations
while controlling the input cost, efficient working capital
management and improving the capital structure while managing its
foreign exchange fluctuation risk are the key rating
sensitivities.

Laj Exports Limited is a closely-held public limited company
incorporated in February 2004.  LEL is promoted by Mr. R.K. Aneja
and Mr. N.K. Aneja (brother of Mr. R. K Aneja). Mr. R.K. Aneja
(Chairman) looks after the overall affairs of the company. Mr.
N.K. Aneja (Managing Director) and Mr. Suvrat Bidani (Director)
look after the finance and procurement department and production
department respectively. They are further supported by Mr.
Juginder Vij (Director) and Ms Beena Mehra (Director), who are
looking after logistics and marketing department, respectively.
The company has its manufacturing facility located at Noida (UP)
and Bangalore (Karnataka). The company is engaged in manufacturing
of knitted fabric garments (men, women and kids wear) and the main
products are shirts & trousers (men), tops, bottoms, skirts and
blouses (women), and t-shirts and shirts (kids). The main raw
materials of the company are yarns and fabrics which are mainly
procured from Punjab, Haryana, Rajasthan and Bangalore as well as
imported as per the requirements of the customers.


LAKSHAYA ENTERPRISE: CARE Puts 'B+' Rating on INR5cr LT Loans
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Lakshaya
Enterprise.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        5        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 in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Lakshaya Enterprise
is primarily constrained on account of the project implementation
and salability risk associated with its ongoing real estate
project -- 'Avdhoot Avenue' coupled with lower booking   advances
and the inherent risk associated with the real estate industry.

The rating, however, favourably takes into account the partners'
experience in the real estate development industry.

Successful completion of the project as per the schedule and
within the envisaged cost parameters along with timely receipt of
booking advances and sale of the units at envisaged prices are the
key rating sensitivities.

LKE, incorporated as a partnership firm in December 2010, is
promoted by Mr. Jamnadas Patel, Mr. Hareshbhai Patel, Mr.
Daishikbhai Patel, Ms Sheetal Patel and Ms Rekhaben Patel. Mr.
Bhalchandra Patel was added as a new partner in April 2012 who is
currently looking after the overall operations.

LKE is engaged in the real estate development and is currently
executing its first project named 'Avdhoot Avenue' at Bharuch,
Gujarat, which comprises of 60 bungalows. The total saleable area
of the project is 1.66 lakh sq ft (approximately). LKE has
received approvals for land and other relevant clearances for the
project.


LATIN MANHARLAL: CARE Reaffirms 'BB' Long-Term Loan Rating
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Latin Manharlal Securities Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Loan Facilities       15        CARE BB Reaffirmed
   Short-term Loan Facilities      49        CARE A4 Reaffirmed

Rating Rationale

The ratings are constrained by LMSPL's high dependence on capital
markets leading to volatile revenues and profitability,
significant proportion of proprietary trading book, increasingly
competitive stock broking business and small scale of operations.
The rating is further constrained by evolving risk management
systems and geographical & product concentration.

The ratings factor in LMSPL's experienced management team, strong
client base and moderate solvency position.

Profitability, scale of operations, improvement in risk management
systems, geographical diversification and product diversification
are the key rating sensitivities.

Latin Manharlal Securities Pvt Ltd is a Mumbai-based stock broking
company. Mr. Latin Manharlal Shah promoted the business of stock
broking in year 1989 as a proprietary firm and later
in 1997 the firm was corporatized. Business of LMSPL is
concentrated in Mumbai and Gujarat.

LMSPL is a trading and clearing member registered with Bombay
Stock Exchange Limited (BSE) and National Stock Exchange of India
Limited under cash, future and options segments.
LMSPL is also registered as a trading member under currency
derivative segment with NSE (currency), MCX Stock Exchange of
India Ltd and United Stock Exchange of India Ltd. Apart from stock
broking, it also provides depository services, being a depository
participant with Central Depository Services Limited, portfolio
management services and wealth management services. LMSPL
primarily operates in two business segments viz Proprietary
Investments & Trades and Retail Clientele Broking.

The proportion of proprietary investments & trades (including
jobbing) was high during FY12 (April 1, 2011 to March 31, 2012).
LMSPL reported a loss of INR11.93 crore in FY12 as compared to a
PAT of INR0.82 crore in FY11.


NUTECH ENGINEERING: CARE Reaffirms 'BB-' LT Bank Loan Rating
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Nutech Engineering Technologies Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       21.06     CARE BB- Reaffirmed
   Short-term Bank Facilities       7.50     CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by the relatively small
scale of operations with low capitalization, moderately high debt
level and working capital intensive nature of operations. The
ratings are further constrained by the operations in a highly
competitive & fragmented industry. The ratings continue to derive
strength from the experienced management and their financial
support in the past and well-established relationship with reputed
customers. The ability of Nutech Engineering Technologies Limited
to improve the overall financial risk profile along with efficient
management of working capital cycle are the key rating
sensitivities.

Incorporated in 1986, Nutech Engineering Technologies Ltd. (NETL)
is engaged in the business of manufacturing air conditioning
ventilations and exhaust system equipment like air handling units,
centrifugal fans and other. The products of the company are
customized as per the requirement of the client, and they find
applications in various industrial establishments like shopping
malls, hotels, hospitals and corporate offices. NETL sources the
required key parts viz motor, filters and pulleys for assembling
the AHU from various domestic suppliers & the revenue also is
predominantly generated from domestic market.

During FY12 (refers to the period April 1 to March 31), the total
operating income of NETL stood at INR18.68 crore (vis-a-vis the
total income of INR35.02 crore in FY11) and PAT at INR0.85 crore
(vis-a-vis PAT of INR1.01 crore in FY11). In H1FY13, the company
has posted a total income of INR19.64 crore and PBT of INR4.16
crore. The company also has an order book amounting to INR32 crore
as on December 31, 2012.


PARSHWANATH DYECHEM: CARE Reaffirms BB+ Rating on INR7.57cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Parshwanath Dyechem Industries Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.57      CARE BB+ Reaffirmed
   Long-term/ Short-term           4.50      CARE BB+/CARE A4+
   Bank Facilities                           Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Parshwanath Dyechem
Industries Private Limited continue to remain constrained on
account of its presence in a highly competitive and
fragmented dyes and pigment industry, and susceptibility of
profitability to volatility in raw material prices as most of
these are derivatives of crude oil. The ratings are further
constrained on account of implementation and stabilization risks
associated with the ongoing debt-funded capacity expansion
project.

The constraints continue to far offset the benefits derived from
the rich experience of the promoters in the dyes and pigment
industry, moderate financial risk profile and its presence in the
dyes and chemical cluster of Ahmedabad (Gujarat).

Completing its expansion project within the revised time frame,
the increase in the scale of operations with sustained
profitability in the light of growing competition within the
industry and volatile input costs remains the key rating
sensitivity.

PDIPL, based in Ahmedabad (Gujarat), was promoted by Mr. Rajesh
Jobaliya and his brother Mr. Hitesh Jobaliya during 1991. The
promoters were initially engaged in the trading of dyes and
pigment through proprietorship firm M/s Parshwanath Chemical from
1981. Later, during 1991, the promoters forayed into manufacturing
of dyes and pigment through PDIPL. PDIPL has installed capacity of
600 Metric Tonnes Per Annum (MTPA) for phthalocyanine green and
480 MTPA for solvent dyes as on March 31, 2011, at its
manufacturing facility located at GIDC Vatva, Ahmedabad.

During Q2FY11 (refers to the period April1 to March 31), PDIPL
undertook a project for capacity expansion at its existing
manufacturing facility to increase the installed capacity of
Phthalocyanine Green to 1,200 MTPA and Solvent Dyes to 960 MTPA.


REDDY & REDDY: CARE Reaffirms 'BB-' Rating on INR9.12cr LT Loans
----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Reddy &
Reddy Motors.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      9.12      CARE BB- Reaffirmed
   Short-term Bank Facilities     1.0       CARE A4 Reaffirmed

Rating Rationale

The ratings reaffirmed by CARE are based on the capital deployed
by the partners and the financial strength of Reddy & Reddy Motors
as on March 31, 2012. The ratings may undergo a change
in case of withdrawal of capital by the partners in addition to
the financial performance and other relevant factors.

The ratings are constrained by the partnership nature of the firm,
limited track record and small scale of operations; working
capital intense operations and low margins associated with
automobile dealerships. However, the ratings positively factor in
the experienced partners and authorized dealership of Maruti
Suzuki India Ltd (market leader in passenger car segment in
India).

Continuation of the agreement with MSIL and the ability of the
company to increase the turnover, volumes and timely enhancement
of working capital needs in-line with operations will be the key
rating sensitivities.

Reddy & Reddy Motors (RRM) is a partnership firm, started in
February 2010 by Mr. G Ramakrishna Reddy, Mr. G Venkata Reddy and
Mr. Sreerama Reddy. RRM is an authorized dealer of Maruti Suzuki
India Limited in Eluru (Andhra Pradesh). It commenced its
operations in June 2010 with a showroom in Eluru. RRM belongs to
the Reddy & Reddy Group which is into trading activities like
Prawns feed, authorized dealer of MSIL and Hero Honda and also has
button manufacturing unit in Kakinada. The group's total turnover
was around INR210 crore in FY12. Mr. Ramakrishna is the Managing
Partner of the firm.

During FY12 (refers to the period April 1 to March 31), RRM has
made a PAT of INR0.08 crore on a total income of INR42.43 crore
and RRM during 9MFY13 has made a PAT of INR0.08 crore on a total
income of INR36.42crore.


SHREE KALKA: CARE Rates INR9.5cr Long-Term Loan at 'CARE B'
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shree Kalka
Fibers Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      9.50       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Kalka Fibers
Private Limited is primarily constrained by project stabilization
risk, presence in highly fragmented cotton yarn industry,
susceptibility of profit margins to cotton price fluctuations,
seasonality associated with cotton availability and regulatory
risk.

The rating, however, derives strength from the long & established
track record and the group's extensive experience in the cotton
industry.

The ability of SKF to achieve its projected revenue, profitability
and manage volatility associated with the cotton prices along with
working capital and liquidity management and withdrawal of
unsecured loans from the promoters or increase in the exposure to
group entities are the key rating sensitivities.

Incorporated in August 2007, SKF was promoted by Mr. Shyamsunder
Tayal and is engaged in cotton ginning and pressing. SKF has
recently completed a Greenfield project on Jan. 1, 2013, of
INR7.09 crore. The company's plant is located in Georai district,
Beed, Maharashtra, for processing of raw cotton with a capacity to
produce 250 bales of cotton per day.

As per the provisional results (January 1 to January 25, 2013),
the company has achieved total revenue ofINR3.63 crore and net
loss of around INR0.64 crore.


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


BERLIAN LAJU: Move to Dismiss U.S. Bankruptcy Pushed by Creditors
-----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that PT Berlian Laju Tanker Tbk is asking the U.S.
Bankruptcy Court in New York to dismiss the involuntary Chapter 11
bankruptcy reorganization filed on Dec. 13 by three creditors with
a combined $125.5 million in debt.

In March, PT Berlian put about a dozen subsidiaries into Chapter
15 proceedings in Manhattan to complement a bankruptcy
reorganization in Indonesia, where the companies are based.  In
April the U.S. Bankruptcy Judge determined that Indonesia is home
to the foreign main proceeding for the operating subsidiaries.  In
June Indonesian bank PT Bank Mandiri (Persero) Tbk began
involuntary bankruptcy proceedings in Indonesia against the PT
Berlian parent.

According to the report, the parent is arguing that the U.S.
involuntary Chapter 11 should be dismissed because the petition
wasn't filed by the required three creditors.  The company
contends that the three petitioning creditors are affiliated alter
egos of one another and should be considered as one creditor.
Alternatively, the company wants U.S. Bankruptcy Judge Stuart
Bernstein to abstain, or refuse to move forward with the
involuntary Chapter 11 and in effect defer to the proceedings in
Indonesia.

The company, the report relates, said in papers filed Feb. 12 that
the creditors filing the involuntary petition in the U.S. have
been "active participants" in the Indonesian bankruptcies.  The
reasons for dismissal are unclear because the company filed all
the dismissal papers under seal.  Judge Bernstein scheduled a
hearing on Feb. 26 to decide whether some or all of the dismissal
papers should be unsealed.

                         About PT Berlian

Creditors of PT Berlian Laju Tanker Tbk filed an involuntary
Chapter 11 bankruptcy petition in U.S. Bankruptcy Court against
the Indonesian ship operator (Bankr. S.D.N.Y. Case No. 12-14874)
on Dec. 13, 2012.

The petition was filed by Gramercy Distressed Opportunity Fund II,
Gramercy Distressed Opportunity Fund, and Gramercy Emerging
Markets Fund.  The creditors, all located in Greenwhich, Conn.,
are allegedly owed $125.5 million.

PT Berlian Laju Tanker Tbk is the largest Indonesian shipping
company, focusing on liquid bulk cargo, with operations primarily
in Asia with some expansion into the Middle East and Europe.

Indonesia-based PT Berlian Laju Tanker Tbk filed Chapter 15
bankruptcy petitions in New York for subsidiaries (Bankr.
S.D.N.Y. Lead Case No. 12-11007) on March 14, 2012, to prevent
creditors from seizing the company's vessels when they call on
U.S. ports.  Cosimo Borrelli, appointed vice president for
restructuring for PT Berlian, signed the Chapter 15 petitions for
Chembulk New York Pte Ltd and 12 other entities.

The Berlian group operates 72 vessels, of which 50 are owned.

In January 2012, the Berlian Group violated covenants under a $685
million loan agreement.  Creditors took steps to arrest certain
vessels operated by companies in the Berlian Group.

In order to prevent ship arrests and other collection efforts,
the Berlian Group initiated proceedings in the High Court of the
Republic of Singapore on March 12, 2012.  The Singapore court
entered orders prohibiting for three months any arrest of vessels
or collection effort.

The Berlian Group filed the Chapter 15 petitions to obtain entry
of an order enjoining creditors from seizing vessels that are at
port in the United States.  The Debtors do not have assets in the
U.S. other than the transitory basis vessels that are in the U.S.

The U.S. Bankruptcy Judge in April 2012 ruled that Indonesia is
the home to the so-called foreign main proceeding.


=========
K O R E A
=========


DAEWOO ELECTRONICS: Dongbu Completes Takeover, Names New Chief
--------------------------------------------------------------
Yonhap News Agency reports that South Korean conglomerate Dongbu
Group on Friday completed its acquisition of Daewoo Electronics
Corp. and tapped a new chief for the country's third-largest home
appliance maker.

Following a board meeting and a shareholder's meeting on Feb. 14,
the group said it has nominated Lee Jai-hyong, the vice chairman
of Dongbu Lightec Co. and Dongbu LED Co., as the new head of
Daewoo Electronics.

Dongbu Group last month signed a contract to take over Daewoo
Electronics Corp., ending a decade-long search for a buyer for the
electronics firm, Yonhap reported.  The group said its consortium
inked the deal with Daewoo Electronics creditors to purchase the
appliance maker for KRW272.6 billion (US$256.4 million).

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

Daewoo Electronics has been under a debt workout program since
January 2000, months after its parent group -- the Daewoo Group
-- collapsed under debts of nearly US$80 billion in 1999.


HANIL ENGINEERING: Files for Court Receivership
-----------------------------------------------
Yonhap News Agency reports that Hanil Engineering & Construction
Co., a mid-sized South Korean builder, said Friday it has filed
for court receivership as part of its efforts to get back on its
feet.

The news agency says the move came days after the troubled builder
posted a net loss of KRW298.8 billion (US$274 million) last year,
compared with a net loss of KRW23.6 billion in 2011. The heavy
losses stemming from piles of unsold apartments have wiped out the
builder's capital base, Yonhap relates.

According to the report, the builder said in a regulatory filing
that the Seoul Central District Court is scheduled to decide
whether to approve its request, though it did not give any
specific time frame.

Yonhap notes that the Korea Exchange suspended trading of Hanil
E&C on Feb. 5, citing its capital erosion.  The ailing builder
could face delisting unless it comes up with measures to recover
from capital erosion by April 1.

Hanil Engineering & Construction Co. is a mid-sized South Korean
builder.



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


AORANGI SECURITIES: HMF Investors to Get Capital Back
-----------------------------------------------------
BusinessDesk reports that investors in the frozen Hubbard
Management Funds will get all of their capital back, though anyone
who's already been paid more than what they put in won't get
anything more.

According to BusinessDesk, statutory managers Graeme McGlinn,
Richard Simpson and Trevor Thornton of Grant Thornton said 208 of
the 300 investors who faced a potential loss will get 100% of
their principal, and on Feb. 15 paid 10 cents in the dollar, or
NZ$2.1 million.

BusinessDesk notes that the payment comes after the High Court
determined how investors would be repaid in December in a decision
that wasn't appeal.  An initial NZ$9 million distribution was paid
last year, the report relays.

"This will come as an enormous relief to investors, who have been
uncertain about repayments since the fund was put into statutory
management," BusinessDesk quotes the statutory managers as saying.
"Once all capital return pool payments are completed, we will
reassess the value of the remaining assets and confirm the
entitlement calculation for each investor to the surplus pool
assets."

The fund's portfolio was valued at NZ$40.75 million as at December
31, and the managers decided to reduce and realign larger holdings
in that month, BusinessDesk discloses.

                       About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reported.


MAINZEAL PROPERTY: Owes NZ$4 Million to Horizon Subsidiary
----------------------------------------------------------
Stuff.co.nz reports that Horizon Energy said its wholly-owned
Aquaheat subsidiary is staring at a maximum pre-tax loss of
NZ$4 million from the collapse of Mainzeal Property and
Construction.

New Zealand's third biggest construction firm collapsed on
Waitangi Day, leaving 400 staff, hundreds of sub-contractors and
more than 40 building sites nationwide in the lurch.  Aquaheat is
a supplier of commercial and industrial heating and air
conditioning services.

According to the report, the receivership means Horizon Energy's
losses will widen by another NZ$2.9 million in after tax terms,
leaving it with a forecast bottom line profit of around NZ$500,000
for the 2013 financial year, well down on the
NZ$6.4 million earned in the previous year.

Stuff.co.nz relates that the firm said Aquaheat's expose relates
to its role as a Mainzeal sub-contractor, and the retentions
retained by the construction firm on both past and current
contracts and outstanding accounts for December and January.

"It is both fair and morally right for sub-contractors to have a
right to recover their share of unpaid work directly from the
client in such cases where the client has not paid Mainzeal," the
report quotes Horizon Energy chairman Rob Tait as saying.

"We will be discussing avenues to recover direct from the clients
as much of our outstanding Mainzeal debt as possible".

At the time of the receivership, Aquaheat had a total of 37
projects with Mainzeal that were in various stages of completion.
Of this, 20 (worth about NZ$1 million) were completed and subject
to retention payments, Stuff.co.nz discloses.

                       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.


PENINSULA ROAD: Receivers Put Kawara Falls Station on Market
------------------------------------------------------------
Otago Daily Times reports that Peninsula Road Ltd receiver Grant
Thornton has put stage two and three of Kawarau Falls Station,
comprising 39,966 square meters of fully zoned and undeveloped
land at Kelvin Heights, on the market.

The property is being sold by Jones Lang LaSalle, the report says.

Peninsula Road Ltd owned land earmarked for stages two and three
of the NZ$1 billion Kawarau Falls development.  It was placed in
receivership on March 2, 2010.  Tim Downes and Richard Simpson of
Grant Thornton New Zealand Ltd were appointed receivers and
managers of Peninsula Road.  Stages two and three were mortgaged
to Fortress Credit Corporation (Australia) Pty Limited.

Kawarau Falls was owned by Auckland developer Nigel McKenna, who
recently had several other companies placed into liquidation by
creditors seeking payment.

Two McKenna companies behind stage one of Kawarau Falls Station
-- Melview (Kawarau Falls Station) Investments Ltd and Melview
(Kawarau Falls Investments) Development Ltd, were also placed in
receivership by Bank of Scotland International in May 2009.



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


STATS CHIPPAC: S&P Rates $640MM 5-Yr. Sr. Unsecured Notes 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating to a proposed exchange offer of up to US$640 million
five-year senior unsecured notes by Singapore-based STATS ChipPAC
Ltd. (BB+/Stable/--; axBBB+/--).  Investors in the company's
existing US$600 million notes can exchange them for the new
notes.  S&P's rating is subject to its review of the final
issuance documentation.

S&P has equalized the issue rating with its corporate credit
rating on the company.  Some operating subsidiaries of STATS
ChipPAC will unconditionally and irrevocably guarantee the
proposed notes under the exchange offer.  As a result, S&P
estimates the company's ratio of priority liability to total
assets at 10.2% as of Dec. 30, 2012.  This ratio is below S&P's
notching threshold of 15% for speculative-grade companies.  S&P
deducts goodwill in excess of 10% of total assets in calculating
STATS ChipPAC's total assets.

S&P expects the company's Korean subsidiary to become a guarantor
to the proposed notes after the issuance.  STATS ChipPAC intends
to use the notes' proceeds to refinance its existing notes.

The corporate credit rating on STATS ChipPAC reflects the
company's exposure to a cyclical semiconductor industry and severe
competition.  The rating also reflects the risk associated with
STATS ChipPAC's high capital spending on advanced equipment to
support anticipated customer requirements.  Customer concentration
is also high, with the company's top 10 customers accounting for
more than 67% of revenues in 2012.  Favorable long-term growth
prospects of the outsourced semiconductor assembly and testing
services industry and STATS ChipPAC's "significant" financial risk
profile offset the above weaknesses.  S&P assess the company's
business risk profile as "fair."

The corporate credit rating also incorporates potential support
from STATS ChipPAC's majority shareholder, Temasek Holdings
(Private) Limited, should the company need it.  As a result, the
rating on STATS ChipPAC is one notch above the company's stand-
alone credit profile of 'bb'.  S&P's base-case scenario assumes
that Temasek will maintain its 83.8% ownership in the next two to
three years.  STATS ChipPAC's existing notes have a change-of-
control clause.



                             *********

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, 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 ***