TCRAP_Public/130219.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

           Tuesday, February 19, 2013, Vol. 16, No. 35


                            Headlines


A U S T R A L I A

APOLLO RMBS: Fitch Affirms 'BB' Rating on Two Bond Classes
PATINACK FARM: Tinkler Still Faces Insolvent Trading Claim
PLUNKETT AND JOHNSON: Enters Into Voluntary Administration


C H I N A

CIFI HOLDINGS: Fitch Assigns 'B+' LT Issuer Default Rating
CIFI HOLDINGS: S&P Assigns 'B+' CCR; Outlook Stable


H O N G  K O N G

EXTRA LAND: Members' Final Meeting Set for March 18
FINEAST TRADING: Members' Final Meeting Set for March 15
FUBON CAPITAL: Creditors' Proofs of Debt Due March 8
G & O LIMITED: Commences Wind-Up Proceedings
GRAND MARINE: Members' and Creditors Meetings Set for March 12

GREEN POWER: Creditors' Proofs of Debt Due March 1
HUNG CHUN: Commences Wind-Up Proceedings
IN HOUSE: Creditors' Proofs of Debt Due Feb. 25
INTER OPEN: Members' Final Meeting Set for March 15
KYT LIMITED: Commences Wind-Up Proceedings

LEKSON MAID: Creditors' Proofs of Debt Due March 11
MAX TEAM: Members' Final Meeting Set for March 11
MEGA DOME: Placed Under Voluntary Wind-Up Proceedings
SEAO AUDIO: Creditors' Proofs of Debt Due April 30
SKY WARD ASIA: Creditors' Proofs of Debt Due March 4

SKY WARD: Creditors' Proofs of Debt Due March 4
SINO KINETIC: Commences Wind-Up Proceedings
SPX PROCESS: Creditors' Proofs of Debt Due March 1
SUNRICH PRODUCTS: Placed Under Voluntary Wind-Up Proceedings
TECHCENTRE LIMITED: Creditors' Proofs of Debt Due March 15

TIMS SYSTEMS: Creditors' Proofs of Debt Due Feb. 22
UNION WISE: Placed Under Voluntary Wind-Up Proceedings


I N D I A

ANDAMAN SEA: CRISIL Reaffirms 'B-' Rating on INR403.8MM Loans
B. SONI: CRISIL Assigns 'B+' Rating to INR150MM Loans
CHARISMA BUILDERS: CRISIL Reaffirms 'BB-' Rating on INR600M Loans
G. M. OVERSEAS: CRISIL Rates INR150MM Cash Credit at 'B+'
JDC TRADERS: CRISIL Reaffirms 'BB-' Rating on INR94MM Loans

M.P.S. STEEL: CRISIL Reaffirms 'D' Ratings on INR1.03BB Loans
OGUN STEEL: Delay in Loan Payment Cues CRISIL to Junk Ratings
PARAGON STEELS: Delay in Loan Payment Cues CRISIL to Junk Ratings
RAMKRUSHNA COTGIN: CRISIL Junks Ratings Over Late Loan Payment
SHETKARI MAHILA: CRISIL Reaffirms 'B-' Rating on INR265.2MM Loan

SPECIALITY SILICA: CRISIL Up Rating on INR172.5MM LOANS to 'C'
SRI BALMUKUND: CRISIL Reaffirms 'BB-' Rating on INR149.5MM Loans


J A P A N

SHARP CORP: S&P Cuts Senior Unsecured Debt Rating to 'B'


N E W  Z E A L A N D

CAPITAL + MERCHANT: Two Directors Plead Guilty to FMA Chargers
PIKE RIVER: Receivership Outcome Unclear


S I N G A P O R E

ARTICON CONSTRUCTION: Creditors Get 47.29628% Recovery on Claims
ASHCRAFT HOLDINGS: Court to Hear Wind-Up Petition Feb. 22
CHIAN KEONG: Court Enters Wind-Up Order
ENSAFE OFFSHORE: Court to Hear Wind-Up Petition March 1
HILLCREST PUBLICATIONS: Creditors Get 37.004% Recovery on Claims


X X X X X X X X

* BOND PRICING: For the Week Feb. 11 to Feb. 15, 2013


                            - - - - -


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


APOLLO RMBS: Fitch Affirms 'BB' Rating on Two Bond Classes
----------------------------------------------------------
Fitch Ratings has affirmed 10 classes of bonds issued from four
Apollo RMBS transactions.  All four transactions are backed by
pools of Australian conforming residential full-documentation
mortgages originated by Suncorp-Metway Limited (A+/Stable/F1).

Apollo Series 2007-1E (Apollo 2007-1E)
AUD243.4m Class 1A (ISIN AU0000AOYHA7) affirmed at 'AAAsf';
Outlook Stable
EUR180.5m Class 2A (ISIN XS0299266972) affirmed at 'AAAsf';
Outlook Stable
AUD33.7m Class B (ISIN AU3FN0002580) affirmed at 'BBsf'; Outlook
Stable

Apollo Series 2009-1 (Apollo 2009-1)
AUD528.2m Class A3 (ISIN AU3FN0008697) affirmed at 'AAAsf';
Outlook Stable
AUD147.8m Class B (ISIN AU3FN0008975) affirmed at 'BBsf'; Outlook
Stable

Apollo Series 2011-1 (Apollo 2011-1)
AUD615.3m Class A1 (ISIN AU3FN0014502) affirmed at 'AAAsf';
Outlook Stable
AUD250m Class A2 (ISIN AU3FN0014510) affirmed at 'AAAsf'; Outlook
Stable
AUD65m Class AB (ISIN AU3FN0014528) affirmed at 'AAAsf'; Outlook
Stable

Apollo Series 2012-1 (Apollo 2012-1)
AUD863.8m Class A1 (ISIN AU3FN0016515) affirmed at 'AAAsf';
Outlook Stable
AUD52m Class AB (ISIN AU3FN0016523) affirmed at 'AAAsf'; Outlook
Stable

The affirmations reflect Fitch's view that the credit quality and
performance of the loans in the respective collateral pools remain
in line with the agency's expectations and that the available
credit enhancement levels are able to support the notes' current
ratings.

Except for Apollo 2007-1E none of the transactions have
experienced any defaults to date. The last foreclosure in the
portfolio backing Apollo 2007-1E was in April 2011, meaning the
total number of foreclosures to date remains at seven, the same as
at the time of the last rating action in March 2012. Losses on the
underlying mortgages have been covered primarily by the lenders'
mortgage insurance provider, QBE Lenders Mortgage Insurance Pty
Limited ('AA-'/Stable). The remaining losses were covered by
excess spread. All loans in each of the underlying portfolios are
covered by mortgage insurance from QBE.

Fitch will continue to monitor the recent flooding and bush fires
and any effect they may have on the transactions.


PATINACK FARM: Tinkler Still Faces Insolvent Trading Claim
----------------------------------------------------------
Paddy Manning at smh.com.au reports that Anthony Matthews, the
liquidator of Nathan Tinkler's private vehicle Patinack Farm
Administration, is still considering an insolvent trading claim
against the former billionaire and fellow director Troy Palmer.

Mr. Matthews was appointed to wind up Patinack Farm Administration
in November over an unpaid AUD16,978 debt owed to the Workcover
Corporation of South Australia.  The non-payment was due to an
administrative error, Tinkler Group claimed.  But PFA also had
debts of AUD4.6 million to the tax office and a further AUD417,244
in unpaid superannuation, and these remain unpaid, smh.com.au
discloses citing minutes of a creditors meeting held on Feb. 15
and filed with the corporate regulator.

At the meeting, the report relates, Mr. Matthews told the ATO that
he had notified insurers of the Patinack Farm group of a potential
insolvent trading claim.

"I have spoken with my solicitor about it and we do need to
complete further work and investigations to formulate a claim,"
the report quotes Mr. Matthews as saying.

Mr. Tinkler's legal battles continue, with the ATO confirming it
will seek to wind up one of his main private entities, Tinkler
Group Holdings Administration, over unspecified debts, smh.com.au
said.  Two of Mr. Tinkler's companies, Mulsanne Resources and
Patinack Farm Administration, are in liquidation and another, TGHA
Aviation, is in receivership.  The ATO has also filed wind-up
proceedings against Queen St Capital.


PLUNKETT AND JOHNSON: Enters Into Voluntary Administration
----------------------------------------------------------
dissolve.com.au reports that Plunkett and Johnson has entered
voluntary administration with no plans other than to have the
business wind up.  Operations in the Artarmon-based company have
stopped since Feb. 8 upon appointment of Dean Willcock Shepard as
administrators.

Around 15 employees are affected by the recent development of the
company owned by Alex Imre and Steve Farrell, according to
dissolve.com.au.  According to dissolve.com.au, the administrators
said it is too early to say what the situation is in reference to
ongoing maintenance contracts that the company currently holds.  A
report and a notice of meeting will be issued to creditors
shortly.

Plunkett and Johnson is a service and engineering company.  The
company worked for major printing companies such as Hannanprint.



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


CIFI HOLDINGS: Fitch Assigns 'B+' LT Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has assigned China-based CIFI Holdings (Group) Co.
Ltd's Long-Term Issuer Default Rating of 'B+' with a Positive
Outlook. Fitch has also assigned CIFI a senior unsecured rating of
'B+' and its proposed USD senior unsecured notes an expected
rating of 'B+(EXP)'.

Rating Action Rationale

The notes are rated at the same level as CIFI's senior unsecured
rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company. The final rating of the
proposed notes is contingent upon the receipt of documents
conforming to information already received.

CIFI's ratings reflect its high leverage and low margins as well
as its high sales turnover model and improving credit profile.

Its net debt/adjusted inventory improved to around 30% in end-2012
from 48% at end-2011, after the company's IPO. Nonetheless, the
company's high growth target, which requires a sharp increase in
new project launches in 2013, may limit its ability to keep
leverage at low levels.

The company's focus on mass market housing also means that its
operating margins are lower relative to that of its peers. Fitch
expects the company to achieve EBITDA margins in the high teens
over the next two to three years, compared with 20%-25% for past
two years.

CIFI's credit profile has been improving since the company
standardised its product types and shifted its focus to mass
market housing in 2011. The agency expects this model to result in
a rapid rise in sales turnover and contracted sales. Fitch
estimates CIFI's contracted sales/total debt to have been 1.1x for
2012. The Positive Outlook reflects Fitch's view that CIFI is
likely to grow to a scale commensurate with a 'BB-' profile within
the next 12 to18 months.

Its diversified presence in Yangtze River Delta, Bohai Economic
Rim, and Central Western Region also reduces local uncertainties
and provides more room to scale up relative to homebuilders in the
'B' rating category.

Rating Sensitivities

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

- Delivery of contracted sales target in 2013 (2012: CNY9.5bn)
- Maintaining the current strategy of high cash flow turnover,
   such that contracted sales/total debt is sustained over 1.3x
- EBITDA margin over 18% on a sustained basis
- Net debt/adjusted inventory falling below 35% on a sustained
   basis

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

- Failure to meet the above guidelines over the next 12-18
   months, which would lead to the Outlook being revised to
   Stable


CIFI HOLDINGS: S&P Assigns 'B+' CCR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' long-term corporate credit rating to Shanghai-based property
developer CIFI Holdings (Group) Co. Ltd.  The outlook is stable.

S&P also assigned its 'cnBB' Greater China regional scale rating
to the company.  At the same time, S&P assigned its 'B' issue
rating and 'cnBB-' Greater China regional scale rating to CIFI's
proposed issue of benchmark-size U.S.-dollar-denominated senior
unsecured notes.  The rating on the proposed notes is subject to
S&P's review of the final issuance documentation.

"The rating on CIFI reflects our view of the company's small land
bank and weak profitability in comparison with peers', and its
untested financial discipline due to rapid business expansion,"
said Standard & Poor's credit analyst Dennis Lee.  "CIFI's strong
growth and solid foothold in Shanghai, flexible market
positioning, and good operating efficiency related to its high
asset turnover model temper these weaknesses."

S&P views CIFI's business risk profile as "weak" and its financial
risk profile as "aggressive."

The issue rating is one notch lower than the long-term corporate
credit rating on CIFI to reflect S&P's opinion that offshore
noteholders would be materially disadvantaged, compared with
onshore creditors, in the event of default.

CIFI's small land bank limits its growth potential.  It is
uncertain if the company can acquire enough land at reasonable
prices to feed its business model, which is focused on fast sales
turnover.

S&P expects CIFI to largely fund its new land purchases through
debt.  The company's discipline in financial management is
untested due to its short record and aggressive growth history.
There is also a risk that the company may not have sustainable
access to capital at a reasonable cost to finance growth.

CIFI's profit margin is lower than that of most of its peers due
to the company's mass-market positioning and the high asset
turnover of its business model.

S&P anticipates that CIFI's financial performance will improve
gradually in the next one to two years.  The company's
profitability will also likely improve due to a recovery in
China's property market and the company's mass-market positioning.
S&P expects CIFI to maintain its fast growth in the coming two
years based on its project sales and launch schedule.

S&P views CIFI's market strategy as flexible.  The company
recently adjusted its product positioning to target mass-market
first-time home buyers and upgraders.  This strategy is critical
for CIFI's business model and helps the company to weather the
recent government measures to curb investment demand.

"The stable outlook reflects our expectation that CIFI's property
sales will improve and its profit margin will likely stabilize in
the next 12 months," said Mr. Lee.  "We also anticipate that
management will adopt a less aggressive land acquisition strategy
than in the past."

S&P may lower the rating if: (1) CIFI's property sales are weaker
than Chinese renminbi (RMB) 10 billion or its EBITDA margins are
lower than 18% in the next 12 months; and (2) its debt-funded
expansion is more aggressive than S&P expected, such that the
EBITDA interest coverage is below 2x in the next 12 months.

Conversely, S&P may raise the rating if CIFI's sales execution and
financial management are good.  A debt-to-EBITDA ratio of less
than 4.5x on a sustained basis would indicate such improvement.



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


EXTRA LAND: Members' Final Meeting Set for March 18
---------------------------------------------------
Members of Extra Land Investment Limited will hold their meeting
on March 18, 2013, at 11:00 a.m., at No. 19B Wilson Road, in
Hong Kong.

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


FINEAST TRADING: Members' Final Meeting Set for March 15
--------------------------------------------------------
Members of Fineast Trading Limited will hold their final meeting
on March 15, 2013, at 11:00 a.m., at Unit D, 12th Floor, Seabright
Plaza, at 9-23 Shell Street, in Hong Kong.

At the meeting, Chan Sek Kwan Rays, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


FUBON CAPITAL: Creditors' Proofs of Debt Due March 8
----------------------------------------------------
Creditors of Fubon Capital (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 8, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 1, 2013.

The company's liquidators are:

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


G & O LIMITED: Commences Wind-Up Proceedings
--------------------------------------------
Members of G & O Limited, on Jan. 25, 2013, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

         Cheung Hok Hin Alan
         Suen Fuk Yuen Bernie
         Suite 2302, 23/F
         Seaview Commercial Building
         21 Connaught Road
         West, Sheung Wan
         Hong Kong


GRAND MARINE: Members' and Creditors Meetings Set for March 12
--------------------------------------------------------------
Members and creditors of Grand Marine Holdings Limited will hold
their meeting on March 12, 2013, at 2:30 p.m., and 2:45 p.m.,
respectively at Room 32B1, 32nd Floor, One Pacific Place, at 88
Queensway, in Hong Kong.

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


GREEN POWER: Creditors' Proofs of Debt Due March 1
--------------------------------------------------
Creditors of Green Power Health Products International Co.
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by March 1, 2013, to be included in
the company's dividend distribution.

The company's liquidators are Chow Cheuk Lap and Cheng Siu Hang.


HUNG CHUN: Commences Wind-Up Proceedings
----------------------------------------
Members of Hung Chun Infotech Limited, on Jan. 25, 2013, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Cheung Hok Hin Alan
         Suen Fuk Yuen Bernie
         Suite 2302, 23/F
         Seaview Commercial Building
         21 Connaught Road
         West, Sheung Wan
         Hong Kong


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

The company commenced wind-up proceedings on Jan. 30, 2013.

The company's liquidator is:

         Ngan Lin Chun Esther
         1902 MassMutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


INTER OPEN: Members' Final Meeting Set for March 15
---------------------------------------------------
Members of Inter Open International Limited will hold their
meeting on March 15, 2013, at 10:00 a.m., at Unit D, 12th Floor,
Seabright Plaza, at 9-23 Shell Street, in Hong Kong.

At the meeting, Chan Sek Kwan Rays, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


KYT LIMITED: Commences Wind-Up Proceedings
-------------------------------------------
Members of KYT Limited, on Jan. 25, 2013, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

         Cheung Hok Hin Alan
         Suen Fuk Yuen Bernie
         Suite 2302, 23/F
         Seaview Commercial Building
         21 Connaught Road
         West, Sheung Wan
         Hong Kong


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

The company commenced wind-up proceedings on Jan. 31, 2013.

The company's liquidator is:

         Lee Kwok On Alexander
         Rooms 1901-2, Park-In Commercial Centre
         56 Dundas Street, Kowloon


MAX TEAM: Members' Final Meeting Set for March 11
-------------------------------------------------
Members of Max Team Holdings Limited will hold their meeting on
March 11, 2013, at 2:30 p.m., at Rooms 1901-2, Park-In Commercial
Centre, 56 Dundas Street, in Kowloon.

At the meeting, Lee Kwok On Alexander, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MEGA DOME: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on Feb. 1, 2013,
creditors of Mega Dome Limited resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

         Kwan Pak Kong
         Liu Chi Tat Stephen
         Rm. 1405-8, 14/F
         C C Wu Building
         302-308 Hennessy Road
         Wanchai, Hong Kong


SEAO AUDIO: Creditors' Proofs of Debt Due April 30
--------------------------------------------------
Creditors of Seao Audio Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 30, 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:

         Wong Leung Wai
         Room 2001-4, China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


SKY WARD ASIA: Creditors' Proofs of Debt Due March 4
----------------------------------------------------
Creditors of Sky Ward Asia Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by March 4,
2013, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 29, 2013.

The company's liquidator is:

         Kwong Chi Choi Oliver
         C C Kwong & Co
         Room 601, 6/F
         Tai Tung Building
         No. 8 Fleming Road
         Wanchai, Hong Kong


SKY WARD: Creditors' Proofs of Debt Due March 4
-----------------------------------------------
Creditors of Sky Ward Global Management Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 4, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 29, 2013.

The company's liquidator is:

         Kwong Chi Choi Oliver
         Room 601, 6/F, Tai Tung Building
         No. 8 Fleming Road
         Wanchai, Hong Kong


SINO KINETIC: Commences Wind-Up Proceedings
-------------------------------------------
Members of Sino Kinetic Limited, on Feb. 6, 2013, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Fung Kit Yee
         Unit B, 1/F
         Neich Tower, 128 Gloucester Road
         Wanchai, Hong Kong


SPX PROCESS: Creditors' Proofs of Debt Due March 1
--------------------------------------------------
Creditors of SPX Process Equipment HK Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 1, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 28, 2013.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


SUNRICH PRODUCTS: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Feb. 2, 2013,
creditors of Sunrich Products Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

         Lui Wan Ho
         To Chi Man
         17/F, Kam Sang Building
         255-257 Des Voeux Road
         Central, Sheung Wan
         Hong Kong


TECHCENTRE LIMITED: Creditors' Proofs of Debt Due March 15
----------------------------------------------------------
Creditors of Techcentre Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 15, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 29, 2013.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


TIMS SYSTEMS: Creditors' Proofs of Debt Due Feb. 22
---------------------------------------------------
Creditors of Tims Systems Solutions 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 commenced wind-up proceedings on Jan. 31, 2013.

The company's liquidators are:

         Ng Man Fai
         Leung Sun Sunny
         44/F, Office Tower
         Convention Plaza
         1 Harbour Road
         Wanchai, Hong Kong


UNION WISE: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Jan. 31, 2013,
creditors of Union Wise Enterprises Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chung Cheuk Ming
         Room 08, 5/F
         Chinachem Golden Plaza
         77 Mody Road, Tsimshatsui East
         Kowloon, Hong Kong



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


ANDAMAN SEA: CRISIL Reaffirms 'B-' Rating on INR403.8MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Andaman Sea Foods Pvt.
Ltd. continue to reflect ASFPL's weak financial risk profile,
marked by a negative net worth and below-average debt protection
metrics, and susceptibility to risks inherent in the seafood
industry. These rating weaknesses are partially offset by ASFPL's
established position in the seafood export business and moderate
operating efficiency.

                            Amount
   Facilities             (INR Mln)  Ratings
   ----------             ---------  -------
   Bank Guarantee            10.0   CRISIL A4 (Reaffirmed)
   Export Packing Credit    125.0   CRISIL B-/Stable (Reaffirmed)
   Foreign Bill Discounting  65.0   CRISIL B-/Stable (Reaffirmed)
   Funded Interest Term      10.7   CRISIL B-/Stable (Reaffirmed)
   Loan
   Proposed Term Loan         7.1   CRISIL B-/Stable (Reaffirmed)
   Standby Line of Credit    30.0   CRISIL A4 (Reaffirmed)
   Working Capital          196.0   CRISIL B-/Stable (Reaffirmed)
   Term Loan

Outlook: Stable

CRISIL believes that ASFPL will continue to benefit over the
medium term from the company's established position in the seafood
export industry and its moderate operating efficiency. The outlook
may be revised to 'Positive' in case the company registers
significant increase in its scale of operations and operating
margin, or in case of substantial improvement in capital structure
most likely on account of sizable infusion of equity. Conversely,
the outlook may be revised to 'Negative' if ASFPL undertakes a
large, debt-funded capital expenditure programme or registers a
material decline in its accruals, leading to deterioration in its
liquidity.

Update

For 2011-12 (refers to financial year, April 1 to March 31), ASFPL
registered an operating income of INR676 million, in line with
CRISIL's expectations. The company's revenue growth is expected to
remain flat over the medium term because of subdued demand from
the export market, particularly Europe. However, ASFPL's operating
margin of 8.6 per cent for 2011-12 was higher than expectations as
well as historical levels, on account of its management's
increasing focus on improving processes. ASFPL's operating margin
has increased over the past few years, from that of 4.7 per cent
in 2009-10. CRISIL believes that ASFPL will maintain its improved
operating margin over the medium term.

ASFPL's working capital requirements have been large, with the
company maintaining an inventory level of 90 days on average.
ASFPL's financial risk profile remains weak, marked by a negative
net worth of INR117.9 million as on March 31, 2012, on account of
foreign exchange forward losses incurred in 2008-09.  ASFPL's net
cash accruals (NCA) were modest at about 14.8 million for 2011-12;
the NCA are expected to remain at similar levels over the medium
term. However, the company's term loans were restructured in
October 2012; the repayment of the same will now commence in March
2014, thereby providing cushion to ASFPL's liquidity. CRISIL,
however, believes that ASFPL's liquidity will remain weak over the
medium term, marked by modest accruals and high bank limit
utilization. The company's bank limits were utilized at an average
of 96 per cent over the 12 months through December 2012.

For 2011-12, ASFPL reported a profit after tax (PAT) of INR14.8
million on net sales of INR649 million, against a PAT of INR12.8
million on net sales of INR619.9 million for 2010-11.

ASFPL was set up in 1995 in Kolkata (West Bengal) by Mr. Amit
Ranjan Mukherjee. It processes and exports cultured shrimp and
fish.


B. SONI: CRISIL Assigns 'B+' Rating to INR150MM Loans
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of B. Soni Jewellers.

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

The rating reflects BSJ's below average financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio, and weak debt protection metrics, geographical
concentration in revenue profile, and exposure to intense
competition. These rating weaknesses are partially offset by the
extensive experience of BSJ's proprietor in the jewellery business
and established relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that BSJ will continue to benefit from its
proprietors' extensive experience in the gold jewellery business.
The outlook may be revised to 'Positive' if its financial risk
profile improves significantly due to improvement in profitability
margins or infusion of capital by the proprietor. Conversely, the
outlook may be revised to 'Negative' if the firm's debt protection
metrics deteriorate because of lower-than-expected growth in
revenues and margins, larger-than-expected working capital
requirements or a large debt funded capex

Set up in 2005 as a proprietorship firm by Mr. Bharat Soni, BSJ is
engaged in wholesale and retailing of gold and diamond studded
jewellery such as necklaces, bracelets, earrings, cuffs, bangles,
sets, etc. The firm operates through a showroom in Krishna Nagar,
New Delhi.

BSJ reported a net profit of INR0.77 million on net sales of
INR805.5 million for 2011-12 (refers to financial year, April 1 to
March 31), as against a net profit of INR0.91 million on net sales
of INR463.0 million for 2010-11.


CHARISMA BUILDERS: CRISIL Reaffirms 'BB-' Rating on INR600M Loans
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Charisma
Builders continues to reflect the benefits that Charisma derives
from comfortable financial risk profile and its proprietor's
extensive experience in the real estate industry. These rating
strengths are partially offset by Charisma's exposure to risks
related to real estate development, and the firm's geographically
concentrated and volatile revenue profile.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long-Term Loan         46       CRISIL BB-/Stable (Reaffirmed)
   Overdraft Facility    171       CRISIL BB-/Stable (Reaffirmed)
   Proposed Long-Term    383       CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that Charisma will continue to benefit over the
medium term from its proprietor's extensive industry experience,
and its large land bank. The outlook may be revised to 'Positive'
in case of a sustainable improvement in the firm's revenues and
accruals, while it maintains its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if Charisma
faces a subdued demand for any of its projects, thereby weakening
its net cash accruals and hence its debt protection metrics, or if
the firm provides further financial support to other group
entities, thereby impacting its liquidity.

Update

Charisma's business risk profile remains constrained by high
project implementation risk driven by delayed project execution.
The firm's performance in 2011-12 (refers to financial year, April
1 to March 31) remained subdued, reflected in revenues of about
INR68 million from its real estate business and INR39 million from
its windmill business. This is mainly because of delay in
execution of real estate projects. Currently, Charisma is
executing three real estate projects (two residential and one
commercial) in and around Chembur, Mumbai (Maharashtra), which
will be completed from 2013-14 onwards; hence, CRISIL expects the
firm's business risk profile to improve thereafter. However, the
performance is likely to remain susceptible to any further delays
in project execution owing to subdued demand.

Charisma's financial risk profile remains healthy, supported by a
comfortable net worth of INR815 million and low gearing of 0.32
times as on March 31, 2012, due to no significant project-linked
term debt. However, the firm's cash accruals are low. CRISIL
expects Charisma's financial risk profile to remain healthy,
despite the expected large debt to be tied up for project-funding
requirements, mainly supported by a comfortable net worth and
expected gearing of below 1 time, over medium term.

Charisma's liquidity is supported by non-project-linked working
capital bank lines and the track record of funding support from
its proprietor; however, its liquidity is constrained by
substantial loans and advances extended towards its joint venture
(JV) project, and insufficient cash flows from windmill power
generation to service large term debt repayment obligations. The
firm has non-project-linked working capital bank lines of INR171
million, which are availed against investments in marketable
securities; the balance of such securities stood at over INR200
million as on March 31, 2012. Moreover, the promoters have
supported the firm by way of fund infusion of INR68 million over
the two years ended March 31, 2012. The incremental funding
support from its proprietor has helped Charisma to meet its term
debt obligations of about INR33.5 million per annum, in a timely
manner in the absence of adequate cash flows from power
generation. However, Charisma has extended significant loans and
advances of about INR415 million to associate firms, which are
also engaged in real estate development. Over the medium term,
Charisma's liquidity is expected to remain moderate, supported by
non-project linked working capital bank lines, though constrained
by significant loans and advances extended to group entities and
large term debt obligations. CRISIL believes that, over the medium
term, Charisma's liquidity will remain susceptible to timely
funding support from its proprietor.

Charisma was set up by Mr. Sudhir V Shetty as a proprietorship
firm in 1982. Initially, it developed a few properties, such as
row houses, bungalows, and small residential buildings. Gradually,
the firm began undertaking bigger projects, such as residential
buildings providing apartments with two or three bedrooms plus a
hall and kitchen, and commercial properties. Most of these
projects are located in the eastern suburbs of Mumbai, such as
Chembur, Sion, and Govandi. Charisma also set up a separate
division for its wind power business, Pawan Shakti, in 2007-08.
Currently, it has nine windmills under Pawan Shakti.


G. M. OVERSEAS: CRISIL Rates INR150MM Cash Credit at 'B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of G. M. Overseas.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit            150        CRISIL B+/Stable (Assigned)

The rating reflects GMO's modest scale of operations in the highly
fragmented rice milling industry, and weak financial risk profile
marked by high gearing and weak debt protection metrics. These
weaknesses are partially offset by GMO's strong raw material
sourcing capability and partners' extensive experience in the rice
milling industry.

Outlook: Stable

CRISIL believes that GMO will maintain its credit risk profile
backed by promoter's industry experience. The outlook may be
revised to 'Positive' if the firm's revenues and profitability
increase substantially, leading to an improvement in its financial
risk profile, or in case of significant infusion of capital by the
partners, resulting in an improvement in GMO's capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes aggressive, debt-funded expansions, or if its revenues
and profitability decline substantially, leading to weakening in
its financial risk profile.

GMO was set up by Mr. Gian Chand Garg in 1992 and is engaged in
milling and processing of paddy. The firm is based out of Delhi.

For 2011-12(refer to financial year, April 1 to
March 31), reported a book profit of INR3.9 million on net sales
on INR412.2 million against a book profit of INR2.5 million
against a sales of INR361.2 million for 2010-11.


JDC TRADERS: CRISIL Reaffirms 'BB-' Rating on INR94MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of JDC Traders Ltd
continue to reflect the benefits that JDC derives from its
promoters' extensive experience in the plastic and paper trading
industry and its established relationships with its key customers
and suppliers. These rating strengths are partially offset by
JDC's working-capital-intensive operations, supplier
concentration, and average financial risk profile marked by a
modest net worth, a moderate total outside liabilities to tangible
net worth (TOLTNW) ratio, and low interest coverage ratio.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             84      CRISIL BB-/Stable (Reaffirmed)
   Proposed Long-Term      10      CRISIL BB-/Stable (Reaffirmed)
   Bank Long Facility

Outlook: Stable

CRISIL believes that JDC will continue to benefit over the medium
term from its established relationships with its key suppliers and
customers. CRISIL, however, also believes that JDC's scale of
operations will remain modest, on account of the company's
customer and supplier concentration. The outlook may be revised to
'Positive' in case JDC's capital structure improves significantly,
most likely on account of more-than-expected cash accruals or
sizeable equity infusion. Conversely, the outlook may be revised
to 'Negative' in case JDC's working capital cycle lengthens or
there is a decline in the company's sales or profitability.

Update

In 2012-13 (refers to financial year, April 1 to March 31), JDC is
expected to generate an operating income in the range of INR900
million to INR950 million, in line with its operating income of
around INR890 million in 2011-12. JDC's operating margin is
expected to be in the range of 3 to 3.3 per cent in 2012-13 vis-a-
vis that of 3.9 per cent in 2011-12. JDC has registered an
operating margin in the range of 2.5 to 4 per cent over the past
five years; the low operating margin is because of the trading
nature of the company's business.

JDC's TOLTNW ratio is expected to remain in the range of 3 to 4
times over the medium term vis-a-vis its TOLTNW ratio of 3 times
as on March 31, 2012. Expected increase in TOLTNW is driven by
higher utilisation of the company's cash credit limit as a result
of increase in its working capital requirements from its
increasing scale of operations; however, the same is expected to
be partially offset by better working capital management, as the
company's debtors are expected to improve to around 45 days over
the medium term vis-a-vis debtors of 53 days in 2011-12. JDC's
interest coverage ratio is expected to range between 1.8 to 2.0
times over the medium, in line with past trends. The company has
moderate liquidity, marked by high bank limit utilisation of 89
per cent over the 9 months through December 2012 and expected cash
accruals of around INR8 million vis-a-vis its debt obligations of
INR1.1 million in 2012-13. CRISIL believes that JDC's bank lines
will remain highly utilised on account of its working-capital-
intensive nature of operations.

For 2011-12, JDC reported a profit after tax (PAT) of INR4.5
million on net sales of INR849.3 million, against a PAT of INR6.1
million on net sales of INR1.03 billion for 2010-11.

JDC was set up a private limited company in 1999 by the Chopra
family of New Delhi; it was reconstituted as a closely held public
limited company in 2004. JDC trades in bi-axially oriented
polypropylene (flexible packaging) films and paperboard laminates.


M.P.S. STEEL: CRISIL Reaffirms 'D' Ratings on INR1.03BB Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of M.P.S. Steel Castings
Pvt. Ltd. (MPS Steel; part of the MPS group) continue to reflect
instances of delay by MPS Steel in servicing its term debt; the
delays have been caused by the MPS group's weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long-Term Loan          222.90     CRISIL D (Reaffirmed)
   Cash Credit             330.00     CRISIL D(Reaffirmed)
   Letter of Credit        477.20     CRISIL D(Reaffirmed)

The MPS group also has a weak financial risk profile, marked by a
high gearing and weak debt protection metrics, and is exposed to
risks related to volatility in raw material prices and to
cyclicality in the steel industry. However, the group benefits
from its established position in the central Kerala market, and
its partially integrated operations.

For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of MPS Steel, Ogun Steel Rolling Mills Pvt
Ltd, Ogun Steels Pvt Ltd, and Paragon Steels Pvt Ltd. This is
because these entities, together referred to as the MPS group,
have a common set of promoters, are in the same line of business,
and have strong intra-group operational linkages, including
fungible funds.

The MPS group was established in 1969 by Mr. M Paramsivam. It
comprises four entities, namely, MPS Steel, OSRM, OSPL, and
Paragon Steels. MPS Steel, set up in 1996, manufactures sponge
iron and mild steel ingots. MPS Steel also has a captive power
plant at its sponge iron manufacturing site. Paragon Steel, set up
in 1994, manufactures thermo-mechanically treated (TMT) bars and
ingots; its plant is in Palakkad (Kerala). OSRM, established in
2009, manufactures TMT bars; its unit is at Sulur (Tamil Nadu).
OSPL was also set up in 2009; it is the trading arm of the group.

For 2011-12 (refers to financial year, April 1 to March 31), the
MPS group reported a profit after tax (PAT) of INR27.5 million on
net sales of INR2.08 billion, against a PAT of INR34.6 million on
net sales of INR1.89 billion for 2010-11.


OGUN STEEL: Delay in Loan Payment Cues CRISIL to Junk Ratings
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Ogun
Steel Rolling Mills Pvt Ltd (OSRM; part of the MPS group) to
'CRISIL D/CRISIL D' from 'CRISIL B+/Negative/CRISIL A4'

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               200      CRISIL D (Downgraded from
                                      'CRISIL B+ /Negative')

   Letter of Credit          150      CRISIL D (Downgraded from
                                      'CRISIL A4')

   Long-Term Loan            112.70   CRISIL D (Downgraded from
                                      'CRISIL B+ /Negative')

   Proposed Long-Term         20.80   CRISIL D
   Bank Loan Facility

The downgrade reflects instances of delay by OSRM in servicing its
term debt; the delays have been caused by the MPS group's weak
liquidity.

The MPS group also has a weak financial risk profile, marked by a
high gearing and weak debt protection metrics, and is exposed to
risks related to volatility in raw material prices and to
cyclicality in the steel industry. However, the group benefits
from its established position in the central Kerala market, and
its partially integrated operations.

For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of OSRM, MPS Steel Castings Pvt Ltd (MPS
Steel), Ogun Steels Pvt Ltd (OSPL), and Paragon Steels Pvt Ltd
(Paragon Steel). This is because these entities, together referred
to as the MPS group, have a common set of promoters, are in the
same line of business, and have strong intra-group operational
linkages, including fungible funds.

The MPS group was established in 1969 by Mr. M Paramsivam. It
comprises four entities, namely, MPS Steel, OSRM, OSPL, and
Paragon Steels. OSRM, established in 2009, manufactures thermo-
mechanically treated (TMT) bars; its unit is at Sulur (Tamil
Nadu). Paragon Steel, set up in 1994, manufactures TMT bars and
ingots; its plant is in Palakkad (Kerala). MPS Steel, set up in
1996, manufactures sponge iron and mild steel ingots. MPS Steel
also has a captive power plant at its sponge iron manufacturing
site. OSPL, set up in 2009, is the trading arm of the group.

For 2011-12 (refers to financial year, April 1 to March 31), the
MPS group reported a profit after tax (PAT) of INR27.5 million on
net sales of INR2.08 billion, against a PAT of INR34.6 million on
net sales of INR1.89 billion for 2010-11.


PARAGON STEELS: Delay in Loan Payment Cues CRISIL to Junk Ratings
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Paragon Steels Pvt Ltd (Paragon Steels; part of the MPS group) to
'CRISIL D/CRISIL D' from 'CRISIL B+/Negative/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             320       CRISIL D (Downgraded from
                                     'CRISIL B+ /Negative')

   Letter of Credit        455       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Long-Term Loan          245       CRISIL D (Downgraded from
                                     'CRISIL B+ /Negative')

The downgrade reflects instances of delay by Paragon Steels in
servicing its term debt; the delays have been caused by the MPS
group's weak liquidity.

The MPS group also has a weak financial risk profile, marked by a
high gearing and weak debt protection metrics, and is exposed to
risks related to volatility in raw material prices and to
cyclicality in the steel industry. However, the group benefits
from its established position in the central Kerala market, and
its partially integrated operations.

For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of Paragon Steels, Ogun Steel Rolling Mills
Pvt Ltd, MPS Steel Castings Pvt Ltd, and Ogun Steels Pvt Ltd.
This is because these entities, together referred to as the MPS
group, have a common set of promoters, are in the same line of
business, and have strong intra-group operational linkages,
including fungible funds.

The MPS group was established in 1969 by Mr. M Paramsivam. It
comprises four entities, namely, MPS Steel, OSRM, OSPL, and
Paragon Steels. Paragon Steel, set up in 1994, manufactures
thermo-mechanically treated (TMT) bars and ingots; its plant is in
Palakkad (Kerala). MPS Steel, set up in 1996, manufactures sponge
iron and mild steel ingots. MPS Steel also has a captive power
plant at its sponge iron manufacturing site. OSRM, established in
2009, manufactures TMT bars; its unit is at Sulur (Tamil Nadu).
OSPL was also set up in 2009; it is the trading arm of the group.

For 2011-12 (refers to financial year, April 1 to March 31), the
MPS group reported a profit after tax (PAT) of INR27.5 million on
net sales of INR2.08 billion, against a PAT of INR34.6 million on
net sales of INR1.89 billion for 2010-11.


RAMKRUSHNA COTGIN: CRISIL Junks Ratings Over Late Loan Payment
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of
Ramkrushna Cotgin Coporation to 'CRISIL D' from 'CRISIL B-
/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               80       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by RCC in
servicing its term debt; the delays have been caused by the
company's weak liquidity. RCC's liquidity is weak because of its
large working capital requirements. CRISIL believes that the
company's liquidity will remain weak over the medium term because
of intense market competition and offtake-related risks,
considering the weak economic environment.

RCC has working-capital-intensive operations, and is susceptible
to volatility in raw material prices. It also has a weak financial
risk profile, marked by high gearing and weak debt protection
metrics. However, the company benefits from its promoter's
established relationship with its suppliers and customers.

RCC is a partnership firm engaged in ginning and pressing of raw
cotton, and extraction of cotton seed oil and cotton seed oil
cake; it has manufacturing facilities at Rajkot (Gujarat). The
firm is promoted by Mr. Vinubhai Daboria, Mr. Dilipbhai Daboria,
Ms. Induben Daboria, Ms. Jasuben Daboria, and Mr. Parth Agarwal.


SHETKARI MAHILA: CRISIL Reaffirms 'B-' Rating on INR265.2MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Shetkari Mahila Sahakari
Vastranirman Soot Girni Maryadit continues to reflect SMSV's weak
liquidity, marked by tightly matched cash accruals against term
debt obligations, weak debt protection measures, large working
capital requirements, and vulnerability of its profitability to
volatility in cotton prices. These rating weaknesses are partially
offset by the fiscal incentives that the society receives from the
Government of Maharashtra (GoM).

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             265.2     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SMSV will continue to benefit over the medium
term from its association with GoM. The outlook may be revised to
'Positive' in case of significant improvement in SMSV's cash
accruals. Conversely, the outlook may be revised to 'Negative' if
there are delays in receipt of subsidies from GoM, which will
impact the timely debt servicing ability of the society, or if the
society continues to incur losses as witnessed in 2011-12.

Update

For 2011-12 (refers to financial year, April 1 to March 31), SMSV
reported net sales of INR278 million, a decline from INR343
million for 2010-11. The decline was mainly due to the sharp
reduction in cotton prices to INR199 per kilogram (kg) in March
2012 from INR258 per kg in March 2011. As the society had
maintained large cotton inventory, it suffered losses at the
operating level in 2011-12, in line with CRISIL's expectations.
The society incurred an operating loss of 7.1 per cent for the
year, as against an operating profit of 14.9 per cent in 2010-11.

SMSV used to maintain high inventory levels till 2010-11, leading
to large working capital requirements. However, due to the
inventory losses in 2011-12, the society has started to keep low
inventory levels: its inventory declined to 34 days as on March
31, 2012, from 112 days as on March 31, 2011, while its gross
current assets declined to 99 days from 153 days over this period.
CRISIL believes that the change in inventory policy will help SMSV
to improve its financial risk profile and also insulate the
society against any sudden changes in cotton prices over the
medium term.

SMSV's financial risk profile is constrained by weak debt
protection metrics mainly due to operating losses. However, the
society had a healthy net worth and low gearing of INR242 million
and 0.84 times, respectively, as on March 31, 2012. The net worth
is high mainly due to funding support from GoM. GoM has invested
in SMSV's preference shares, the balance of which stood at INR238
million as on March 31, 2012. CRISIL continues to treat SMSV's
preference share capital from GoM as quasi equity because it is
repayable only after 20 years and is interest free.

SMSV's liquidity is constrained due to tightly matched cash
accruals with term debt obligations. The society is expected to
generate cash accruals of INR30 million to INR32 million in 2012-
13, as against term debt obligations of INR28 million for the
year. It had low average utilisation of its working capital bank
limit, at 8.5 per cent for the 12 months through September 2012.
CRISIL believes the society's liquidity profile will improve over
the medium term, if the management's stance of maintaining low
inventory is sustained.

SMSV incurred a net loss of INR66.7 million on net sales of INR278
million for 2011-12, as against a profit after tax of INR8.5
million on net sales of INR343 million for 2010-11.

SMSV, a women-focused society, is engaged in spinning of cotton
yarn. The society, based at Solapur (Maharashtra), commenced
operations in 2006. It was set up under the guidance of Mr.
Ganpatrao Deshmukh, former minister in GoM.


SPECIALITY SILICA: CRISIL Up Rating on INR172.5MM LOANS to 'C'
--------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of
Speciality Silica Pvt Ltd to 'CRISIL C' from 'CRISIL D'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              47.5      CRISIL C (Upgraded from
                                      'CRISIL D')

   Term Loan                95.0      CRISIL C (Upgraded from
                                      'CRISIL D')

   Proposed Long-Term       30.0      CRISIL C (Upgraded from
   Bank Loan Facility                 'CRISIL D')

The rating upgrade reflects timely servicing of term debt by SSPL
over the four months through December 2012, supported by
enhancement in its bank limits to INR47.5 million in August 2012
from INR30 million.

The rating reflects SSPL's weak financial risk profile, marked by
a very high gearing, weak debt protection metrics, and a small net
worth, and small scale of operations in the intensely competitive
and commoditised precipitated silica industry. These rating
weaknesses are partially offset by the benefits that SSPL derives
from its promoter's extensive experience in the chemical business.

SSPL produces precipitated silica with capacity of 5400 tonnes per
annum. It is promoted by Mr Ravi Soni, who has been associated
with the chemicals industry for around three decades. Currently,
SSPL primarily manufactures rubber grade silica and silica for
dental care. The company commenced production in 2008-09 (refers
to financial year, April 1 to March 31).

SSPL reported a net loss of INR13.0 million on net sales of
INR140.0 million for 2011-12, against a net loss of INR12.0
million on net sales of INR138.0 million for 2010-11.


SRI BALMUKUND: CRISIL Reaffirms 'BB-' Rating on INR149.5MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Balmukund Polypack
Pvt Ltd continue to reflect the benefit that Sri Balmukund derives
from its promoters' experience in the packaging industry, and the
company's moderate financial risk profile, marked by a moderate
gearing and healthy debt protection metrics. These rating
strengths are partially offset by Sri Balmukund's small scale of
operations and exposure to volatility in raw material prices.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          5       CRISIL A4+ (Reaffirmed)
   Cash Credit            60       CRISIL BB-/Stable (Reaffirmed)
   Proposed Long-Term     19.5     CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan              70.0     CRISIL BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sri Balmukund will continue to benefit over
the medium term from its promoters' industry experience and its
established relations with its customers and suppliers. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations, backed by optimum utilization of its
enhanced capacities, while it maintains its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' in case Sri Balmukund undertakes a large, debt-funded
capital expenditure programme, faces suboptimal utilization of its
enhanced capacities, or extends substantial financial assistance
to its group entities.

Update

For 2011-12 (refers to financial year, April 1 to March 31), Sri
Balmukund has booked sales of INR286.2 million as against sales of
INR248.7 million in 2010-11. For the first eight months of 2012-
13, the company has booked sales of INR275 million and is expected
to report sales of around INR400 million for 2012-13. The healthy
sales growth over the past two years was backed by increase in
manufacturing capacity from 4800 tonnes per annum (tpa) to 9600
tpa, which was completed in 2011-12. The company's sales growth is
also driven by addition of new customers such as Sahara Energy,
Century Cements, Rashtriya Ispat over the last 12 months. The
company's profitability is expected to remain in line with past
trends, with an operating margin ranging from 7.5 to 8.5 per cent,
over the medium term.

Sri Balmukund's financial risk profile remains moderate, with the
company's net worth expected to be INR100 million as on March 31,
2013. The company's gearing increased to 1.35 times as on
March 31, 2012 from 0.90 times as on March 31, 2011 because of the
debt-funded capex undertaken for capacity expansion. The company's
gearing is expected to range from 1.20 to 1.35 times, over the
medium term. Sri Balmukund's debt protection metrics are expected
to remain moderate, with net cash accruals to total debt of 0.10
times and interest coverage of more than 2 times for 2012-13.
CRISIL believes that Sri Balmukund's financial risk profile will
improve over the medium term, with increasing cash accruals,
absence of any major debt-funded capex, and stable working capital
intensity.

For 2011-12, Sri Balmukund reported a profit after tax (PAT) of
INR2.1 million on net sales of INR286.2 million, as against a PAT
of INR2.3 million on net sales of INR248.7 million for 2010-11.

Sri Balmukund, incorporated in December 2007, manufactures high-
density polyethylene and polypropylene fabrics and bags. Its
facility at Industrial Area in Tendua in Raipur (Chhattisgarh) has
a manufacturing capacity of 9600 tonnes per annum. The company
primarily supplies bags to the cement companies with some sales to
the fertiliser, petrochemicals, and sugar segments.



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J A P A N
=========


SHARP CORP: S&P Cuts Senior Unsecured Debt Rating to 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered to 'B'
from 'B+' its senior unsecured debt rating on Sharp Corp.  At the
same time, S&P kept the senior unsecured debt rating and 'B+'
long-term and 'B' short-term corporate credit ratings on Sharp
and its overseas subsidiaries-- Sharp Electronics Corp. and Sharp
International Finance (U.K.) PLC -- on CreditWatch with negative
implications.  S&P lowered the senior unsecured debt rating by one
notch from the issuer rating because it believes Sharp's priority
liabilities have increased and will likely remain high against the
company's assets in the next six to 12 months.

"We believe Sharp's total priority liabilities increased
substantially during the October to December quarter of 2012, as
evidenced by the increase in its consolidated secured loans to
JPY33.44 billion as of Dec. 31, 2012, from JPY19.95 billion as of
Sept. 30, 2012.  The total secured loan accounted for 15.4% of
the company's consolidated total assets of JPY2.17 trillion as of
Dec. 31, 2012, up from 8.9% as of Sept. 30, 2012.  In our view,
Sharp increased the secured loan balance to redeem maturing
commercial paper and to fund cash expenses related to the
company's early retirement program.  Sharp still aims to downsize
assets to JPY2.15 trillion at the end of March 2013 by selling
real estate and reducing inventories.  However, we see risk of
fluctuation in Sharp's working capital towards the fiscal yearend.
We are of the opinion that unless Sharp receives significant
external nonsecured funds--such as in the form of an equity
infusion as part of a strategic alliance--the company will likely
be unable to reduce its high dependence on short-term secured loan
facilities.  As a result, we believe Sharp's total priority
liabilities are likely to continue to exceed the threshold, as
defined in our criteria, of 15% of the company's assets in the
next six to 12 months," S&P said.

"We take the view that Sharp's operating performance is
stabilizing following the company's JPY387.5 billion net loss for
the fiscal 2012 first half (ended Sept. 30, 2012) and significant
efforts to restructure its businesses.  During the October to
December quarter, Sharp reported operating profit of
JPY2.6 billion, after operating losses for four consecutive
quarters.  The quarterly result was slightly stronger than Sharp's
previous guidance and in line with our base projection.
Recovering sales of flat-panel TVs, strong sales of Sharp
smartphones (for NTT DoCoMo) featuring indium gallium zinc oxide
(IGZO) panels, and reduced losses in its solar panel business
supported the return to profit on a quarterly basis.  Quarterly
sales increased 15% year on year, and a quarterly net loss fell to
JPY36.7 billion from JPY173.6 billion year on year," S&P added.

Sharp maintained its full-year earnings guidance for fiscal 2012
and expects JPY11.2 billion in operating profits in the January to
March quarter.  Still, S&P considers Sharp's recovery in operating
performance to remain slow due to the challenging operating
environment, including fierce competition and low utilization of
plants, despite the recent depreciation of the yen against other
major currencies.  While S&P sees increasing likelihood that the
company will report positive operating profit in the second half
of fiscal 2012 (ending March 31, 2013)--which S&P believes is an
important condition for Sharp's lender banks to extend their
syndicated loan agreement beyond June 2013-- S&P maintains a
cautious view on the company's quarterly prospects due primarily
to the slow recovery in its liquid crystal display (LCD) panel
business.

On Dec. 4, 2012, Sharp announced a capital alliance and display
technology development agreement with Qualcomm Inc., in which
Sharp will accept up to JPY9.9 billion from Qualcomm in equity
investment to pursue this joint development.  The companies plan
to develop MEMS (Micro Electro Mechanical Systems) displays for
use in smartphones and other devices.  Although S&P believes the
alliance will help Sharp enhance its technological competitiveness
in the longer term by utilizing Sharp's proprietary technology in
IGZO panels, the immediate positive impact on the company's
financial position is limited.  S&P also considers the possibility
that Sharp will reach an agreement by late March to implement a
strategic alliance with Taiwan-based electronics maker HonHai
Precision Industry Co. Ltd. has not diminished, but the terms and
conditions of the deal remain uncertain.

Sharp's liquidity remains "less than adequate" because its
upcoming liquidity needs will likely substantially exceed sources
in the next 12 months, in S&P's view.  As of Dec. 31, 2012, Sharp
had JPY672.5 billion in short-term loans, JPY205.9 billion in
bonds due to mature within a year (including JPY200.5 billion in
convertible bonds maturing Sept. 30, 2013), and JPY8.0 billion in
commercial paper.  While Sharp and its main creditor banks signed
an agreement in late September on a JPY360 billion syndicated
loan, Standard & Poor's does not consider the deal to have
improved the company's debt profile materially, because the
contract term is short, ending June 30, 2013, and the company
remains highly dependent on short-term bank loans.  Weak internal
cash flow has forced the company to pay off commercial paper
primarily with bank borrowings in the past six months.  Still, S&P
considers that the syndicated loan is a major source of Sharp's
liquidity and ongoing support from the banks--together with
management initiatives including a slowdown in the use of funds
for working capital and capital expenditures and expansion of
funding sources through asset disposals--could alleviate pressure
on the company's liquidity.  Nevertheless, S&P's assessment of
Sharp's liquidity as "less than adequate," assumes that the
syndicated loan of existing size or larger will remain a major
source of liquidity for the company beyond June 2013.

In resolving the CreditWatch placement, S&P will reassess Sharp's
liquidity profile, including how it can secure funding sources
with longer durations that extend beyond June 2013 to meet future
debt maturities and reduce dependence on short-term debt.
Specifically, S&P will resolve the CreditWatch if it believes the
syndicated loan agreement with Mizuho Corporate Bank Ltd. and Bank
of Tokyo-Mitsubishi UFJ Ltd. will be extended or replaced in the
long term and in a more committed manner.  S&P will also examine
how the company can restore its weakened capital structure.  S&P
will consider lowering its ratings on Sharp if the company cannot
effectively improve its funding conditions.  In addition, S&P
would further lower the senior unsecured debt ratings if it
believes the ratio of the company's priority liabilities to total
assets is likely to exceed 30% of the company's assets, although
S&P considers this possibility relatively remote, at least in the
next six months.



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


CAPITAL + MERCHANT: Two Directors Plead Guilty to FMA Chargers
--------------------------------------------------------------
The New Zealand Herald reports that two already jailed Capital +
Merchant finance directors have pleaded guilty to separate charges
laid by the Financial Markets Authority.

The Herald relates that Wayne Douglas and Neal Nicholls, the
founding directors and beneficial owners of Capital + Merchant,
were found guilty in July last year of three charges of theft by a
person in a special relationship.

In a case brought by the Serious Fraud Office, both men were each
jailed for seven and a half years, the longest sentences given to
failed finance companies bosses to date, the report says.

According to the report, Messrs. Douglas and Nicholls were
originally due back in the High Court at Auckland last week for a
separate case where the FMA said the men mislead investors after
making untrue statements in offer documents.

The Herald notes that Mr. Nicholls faced two Securities Act
charges for signing a registered prospectus in December 2006 that
included an untrue statement and for a prospectus first
distributed in September 2007.  He also faced a charge for
distributing an advertisement that included an untrue statement.

Mr. Douglas faced two charges relating to statements in a
prospectus and an advertisement that included an untrue statement,
the report adds.

The duo pleaded guilty on Feb. 13, 2013, and were convicted on
these charges before Justice Patricia Courtney. The charges the
men pleaded guilty to carry a maximum penalty of five years
imprisonment or fines of up to NZ$300,000.

A sentencing date has not been set, the report notes.

                    About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.

Capital + Merchant Finance, along with subsidiary Capital +
Merchant Investments Ltd., went into receivership on Nov. 23,
2007, due to breaches in respect of general security agreements
issued by the companies in favor of creditor Fortress Credit
Corporation (Australia) 11 Pty Ltd.  Fortress appointed Tim
Downes and Richard Simpson of Grant Thornton, chartered
accountants, while trustee Perpetual Trust have called in
KordaMentha.

Capital + Merchant owed NZ$167.1 million to about 7,500
investors. Fortress reportedly has a prior charge over assets and
was owed around NZ$70 million in total.


PIKE RIVER: Receivership Outcome Unclear
----------------------------------------
3news.co.nz reports that the ultimate outcome of the receivership
of the Pike River Coal mine continues to depend on the resumption
of mining.

The receivers of Pike River Coal are continuing to pursue an
insurance claim made by the company before its mine exploded,
killing 29 workers, according to 3news.co.nz.

The report recalls that receivers John Fisk, --
john.fisk@nz.pwc.com -- David Bridgman, --
david.bridgman@nz.pwc.com -- and Malcolm Hollis, --
malcolm.g.hollis@nz.pwc.com -- of PricewaterhouseCoopers sold the
mine to state-owned Solid Energy last year.

The receivers said in their latest six-monthly report that they
are pursuing an insurance claim relating to events prior to the
explosions on Nov. 19, 2010, 3news.co.nz notes.  The claim is the
company's last remaining asset.

3news.co.nz says that the receivers' report does not give details
of the insurance claim, but the mine experienced a ventilation
shaft collapse and had problems with equipment during its
development.

The ultimate outcome of the receivership still remains unclear
because the company may receive future payments if Solid Energy
reopens the mine, 3news.co.nz discloses.

3news.co.nz discloses that Solid Energy paid an initial $7.5
million with up to a further $25 million to be paid if the mine
resumes production.

"Should Solid Energy New Zealand begin mining at Pike River and
extract coal to agreed levels, future payments will be payable
under the sale and purchase agreement," the receivers said in the
latest report, 3news.co.nz notes.

3news.co.nz says that first and second ranking creditors have been
paid in full and there will not be enough money to pay third-
ranking creditors in full.

Under a plan implemented in September 2011, all Pike River's
unsecured creditors were repaid the first US$10,000 owed to them
and an additional 20 cents in the dollar, 3news.co.nz recalls.

The plan resulted from an insurance settlement of $80 million.

The receivers reiterated that unsecured creditors will not receive
any more money, 3news.co.nz notes.

The latest report discloses $51.78 million of claims from
creditors, of which $13 million are from unsecured trade
creditors, the report adds.

                         About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd was placed into receivership in December 2010
after 29 miners died in a series of explosions on Nov. 19, 2010.
New Zealand Oil & Gas, the company's largest shareholder,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and NZ Oil &
Gas.  Pike River Coal also owed another estimated NZ$10 million
to NZ$15 million to contractors, including some of the men who
lost their lives in the disaster.



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


ARTICON CONSTRUCTION: Creditors Get 47.29628% Recovery on Claims
----------------------------------------------------------------
Articon Construction Pte Ltd declared the first and final
preferential dividend on Dec. 18, 2012.

The company paid 47.29628% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


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

Hyflux Limited filed the petition against the company on Feb. 6,
2013.

The Petitioner's solicitors are:

         Drew & Napier LLC
         10 Collyer Quay #10-01
         Ocean Financial Centre
         Singapore 049315


CHIAN KEONG: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Feb. 1, 2013, to
wind up Chian Keong Trading Pte Ltd's operations.

Malayan Banking Berhad filed the petition against the company.

The company's liquidators are:

         Messrs Andrew Grimmett
         Lim Loo Khoon
         Deloitte & Touche LLP
         care of 6 Shenton Way Tower 2, #32-00
         Singapore 068809


ENSAFE OFFSHORE: Court to Hear Wind-Up Petition March 1
-------------------------------------------------------
A petition to wind up the operations of Ensafe Offshore Marine
Private Limited will be heard before the High Court of Singapore
on March 1, 2013, at 10:00 a.m.

The Comptroller of Goods and Services Tax and The Comptroller of
Income Tax filed the petition against the company on Feb. 7, 2013.

The Petitioner's solicitors are:

         Infinitus Law Corporation
         77 Robinson Road
         #16-00, Robinson 77
         Singapore 068896


HILLCREST PUBLICATIONS: Creditors Get 37.004% Recovery on Claims
----------------------------------------------------------------
Hillcrest Publications Pte Ltd declared the first and final
dividend on Feb. 8, 2013.

The company paid 37.00408% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118



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


* BOND PRICING: For the Week Feb. 11 to Feb. 15, 2013
-----------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----

  AUSTRALIA
  ---------

AUSTRALIAN I/L        4.00   8/20/2015    AUD       180.17
AUSTRALIAN I/L        4.00   8/20/2020    AUD       190.31
AUSTRALIAN I/L        3.00   9/20/2025    AUD       135.14
AUSTRALIAN I/L        2.50   9/20/2030    AUD       126.94
COM BK AUSTRALIA      1.50   4/19/2022    AUD        72.80
EXPORT FIN & INS      0.50   6/15/2020    NZD        74.52
MIDWEST VANADIUM     11.50   2/15/2018    USD        60.00
MIDWEST VANADIUM     11.50   2/15/2018    USD        60.38
NEW S WALES TREA      0.50   9/14/2022    AUD        69.11
NEW S WALES TREA      0.50   10/7/2022    AUD        68.90
NEW S WALES TREA      0.50  10/28/2022    AUD        68.71
NEW S WALES TREA      0.50  11/18/2022    AUD        68.53
NEW S WALES TREA      0.50  12/16/2022    AUD        68.56
NEW S WALES TREA      0.50    2/2/2023    AUD        68.10
NEW S WALES TREA      0.50   3/30/2023    AUD        67.61
NSWTC-I/L             3.75  11/20/2020    AUD       128.59
NSWTC-I/L             2.75  11/20/2025    AUD       128.45
NSWTC-I/L             2.50  11/20/2035    AUD       116.94
QUEENSLAND TREAS      2.75   8/20/2030    AUD       123.27
TREAS CORP VICT       0.50   8/25/2022    AUD        70.50
TREAS CORP VICT       0.50    3/3/2023    AUD        68.74
TREAS CORP VICT       0.50  11/12/2030    AUD        47.35


CHINA
-----

CHINA GOVT BOND       4.86   8/10/2014    CNY       102.74
CHINA GOVT BOND       1.64  12/15/2033    CNY        68.10


INDIA
-----

JCT LTD               2.50    4/8/2011    USD        20.00
MASCON GLOBAL LT      2.00  12/28/2012    USD        10.00
PRAKASH IND LTD       5.63  10/17/2014    USD        68.92
PRAKASH IND LTD       5.25   4/30/2015    USD        68.39
PYRAMID SAIMIRA       1.75    7/4/2012    USD         1.00
REI AGRO              5.50  11/13/2014    USD        66.37
REI AGRO              5.50  11/13/2014    USD        66.37
SHIV-VANI OIL         5.00   8/17/2015    USD        45.41
SUZLON ENERGY LT      5.00   4/13/2016    USD        51.33


JAPAN
-----

EBARA CORP            1.30   9/30/2013    JPY       100.14
ELPIDA MEMORY         2.03   3/22/2012    JPY         9.13
ELPIDA MEMORY         2.10  11/29/2012    JPY         9.13
ELPIDA MEMORY         2.29   12/7/2012    JPY         9.13
JPN EXP HLD/DEBT      0.50   9/17/2038    JPY        64.31
JPN EXP HLD/DEBT      0.50   3/18/2039    JPY        63.75
KADOKAWA HLDGS        1.00  12/18/2014    JPY       107.84
SHARP CORP            1.14   9/16/2016    JPY        71.15
SHARP CORP            2.07   3/19/2019    JPY        65.32
SHARP CORP            1.60   9/13/2019    JPY        65.04
TOKYO ELEC POWER      2.11  12/10/2029    JPY        73.75
TOKYO ELEC POWER      1.96   7/29/2030    JPY        72.25
TOKYO ELEC POWER      2.37   5/28/2040    JPY        67.16

MALAYSIA
--------

DUTALAND BHD          7.00   4/11/2013    MYR         0.91


PHILIPPINES
-----------

BAYAN TELECOMMUN     13.50   7/15/2049    USD        22.63
BAYAN TELECOMMUN     13.50   7/15/2049    USD        22.63


SINGAPORE
---------

BAKRIE TELECOM       11.50    5/7/2015    USD        56.47
BAKRIE TELECOM       11.50    5/7/2015    USD        57.00
BLUE OCEAN           11.00   6/28/2012    USD        34.13
BLUE OCEAN           11.00   6/28/2012    USD        34.13
CAPITAMALLS ASIA      2.15   1/21/2014    SGD        99.82
CAPITAMALLS ASIA      3.80   1/12/2022    SGD       100.63
DAVOMAS INTL FIN     11.00   12/8/2014    USD        28.13
DAVOMAS INTL FIN     11.00   12/8/2014    USD        28.13
F&N TREASURY PTE      2.48   3/28/2016    SGD       100.30


SOUTH KOREA
-----------

CHEJU REGION DEV      3.00  12/29/2034    KRW        67.29
CN 1ST ABS            8.00   2/27/2015    KRW        34.25
CN 1ST ABS            8.30  11/27/2015    KRW        35.67
EXP-IMP BK KOREA      0.50   8/10/2016    BRL        73.97
EXP-IMP BK KOREA      0.50   9/28/2016    BRL        73.64
EXP-IMP BK KOREA      0.50  10/27/2016    BRL        73.12
EXP-IMP BK KOREA      0.50  11/28/2016    BRL        72.55
EXP-IMP BK KOREA      0.50  12/22/2016    BRL        72.10
EXP-IMP BK KOREA      0.50  10/23/2017    TRY        71.20
EXP-IMP BK KOREA      0.50  11/21/2017    BRL        66.70
EXP-IMP BK KOREA      0.50  12/22/2017    TRY        70.61
EXP-IMP BK KOREA      0.50  12/22/2017    BRL        66.32
SINBO 14TH ABS        8.00    2/2/2015    KRW        29.97
SINBO 3RD ABS         9.00   7/27/2015    KRW        30.04


SRI LANKA
---------

SRI LANKA GOVT        6.20    8/1/2020    LKR        73.95
SRI LANKA GOVT        7.00   10/1/2023    LKR        69.49
SRI LANKA GOVT        5.35    3/1/2026    LKR        57.39
SRI LANKA GOVT        8.00    1/1/2032    LKR        68.91
SRI LANKA GOVT        9.00   1/10/2032    LKR        74.87


THAILAND
--------
BANGKOK LAND          4.50  10/13/2003    USD         5.50



                             *********

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 ***