TCRAP_Public/130220.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

          Wednesday, February 20, 2013, Vol. 16, No. 36


                            Headlines


A U S T R A L I A

BERRI CLUB: Appoints Clifton Hall as Voluntary Administrators
BRISCONNECTIONS:  In Receivership, Blames Low Traffic & Debts


C H I N A

CIFI HOLDINGS: Moody's Assigns B1 CFR; Outlook is Stable
PEDEVCO CORP: Terminates Original Mississippian Agreement
* Chinese MMFs Assets Hit Record High in Q412, Fitch Reports


H O N G  K O N G

ACTIVE TOWN: Annual Meetings Set for March 14
ALKAHN-HK LABELS: Ying and Chan Step Down as Liquidators
ASIA GAIN: Annual Meetings Set for March 8
BEST LEGEND: Commences Wind-Up Proceedings
BEUNA COMPANY: Creditors' Meeting Set for March 2

BOYER ALLAN: Commences Wind-Up Proceedings
BRIGHT TOWN: Annual Meetings Set for March 13
BUILD SKY: Annual Meetings Set for March 13
CCPEPA LIMITED: Chan Mei Bo Mabel Steps Down as Liquidator
CLARLY LIMITED: Members' Final Meeting Set for March 11

COLOUR PAINT: Annual Meetings Set for March 13
DICKSON (CHINA): Annual Meetings Set for March 13
DICKSON CONSTRUCTION: Annual Meetings Set for March 14
DICKSON PROPERTIES: Annual Meetings Set for March 13
EMP-DAIWA CAPITAL: Members' Final Meeting Set for March 11


I N D I A

DEEPAK BUILDERS: ICRA Assigns 'BB-' Rating to INR30cr Loans
DEEPAK SINGAL: ICRA Assigns 'B+' Rating to INR8cr Loans
DIAMOND SEAFOOD: ICRA Assigns 'BB' Rating to INR0.95cr LT Loans
DUNLOP INDIA: High Court Vacates Stay on Winding Up Order
EROS FOR: ICRA Assigns 'BB' Ratings to INR22.69cr Loans

ICON CABLES: ICRA Rates INR4.80cr Loans at '[ICRA]B+'
INDER MOHAN: ICRA Assigns 'B+' Rating to INR6cr Loans
KGS NELSUN: ICRA Assigns 'B+' Ratings to INR34cr Loans
KHAYA SOLAR: ICRA Assigns 'B-' Rating to INR54.2cr Term Loans
KINGFISHER AIRLINES: United Breweries Seeks to Hike Loan Limit

KINGFISHER AIRLINES: Bankers May Face Biggest Loan Write Off
KINGFISHER AIRLINES: Pays Salaries for June to Airport Staff
MMC TECHNICA: ICRA Assigns 'B+' Rating to INR15cr Term Loans
NEUMANN COMPONENTS: ICRA Reaffirms 'BB+' Rating on INR15cr Loans
UNICURE REMEDIES: ICRA Assigns 'BB-' Ratings to INR9.29cr Loans


I N D O N E S I A

BATAVIA AIR: Assets Fall Short of IDR1.27-Tril. Owed to Creditors


J A P A N

CAFES 1 TRUST: Moody's Cuts Rating on Class D-1/D-2 Certs. to Ba1
J-CORE 13: Moody's Downgrades Ratings on Six Certificate Classes
* S&P Puts CCC-Rated CDO Transactions on Creditwatch Positive


N E W  Z E A L A N D

MAINZEAL PROPERTY: Subcontractors Seek Help From Politicians
NZF MONEY: Investors to Get Payout Following Settlement Deal
OTAGO BOWLING: Placed Into Liquidation
ROSS ASSET: 7-Member Liquidation Committee Named
SILVER FERN: Rejects Liquidation Claims


P H I L I P P I N E S

PHILIPPINE NATIONAL: Moody's Affirms Ba2 Rating After ABC Merger


S I N G A P O R E

HYCARBEX ASIA: Court to Hear Wind-Up Petition Feb. 22
ISO-BUILD CORPORATION: Creditors' Proofs of Debt Due March 1
KELAI GEOTHERMAL: Creditors' Proofs of Debt Due March 13
QIAN HUI: Creditors Get 25.15899% Recovery on Claims
RIGHT ANGLE: Court Enters Wind-Up Order

STATS CHIPPAC: Moody's Rates New USD Sr. Unsecured Notes (P)Ba1
WE DO: Creditors' Proofs of Debt Due March 14


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BERRI CLUB: Appoints Clifton Hall as Voluntary Administrators
-------------------------------------------------------------
Catherine Heuzenroeder at ABC Riverland reports that the
community-run Berri Club has closed its doors after being placed
in voluntary administration amid financial difficulties.

Tim Clifton -- tclifton@cliftonhall.net.au -- from administration
firm Clifton Hall was appointed on February 12, the report
discloses.

The club's 15 casual workers have had their employment terminated,
says ABC.

According to the report, administrator Tim Clifton said the
decision to appoint administrators was the only option left to the
club because of its poor financial position.

"An assessment must be made of what is in the best interest of the
creditors of the association (club) and the community at large,"
the report quotes Mr. Clifton as saying.

It is understood the club has significantly reduced its trading
turnover during recent years, the report adds.

ABC says the club has financial obligations to the ANZ Bank, which
is its only secured creditor.
The first meeting of creditors will be held on Feb. 22, 2013.

The Berri Club was established in 1969 and has sponsored local
sporting clubs and events, becoming a fixture at Berri with its
distinctive palm-lined grounds on the western approach to Berri.


BRISCONNECTIONS:  In Receivership, Blames Low Traffic & Debts
-------------------------------------------------------------
Yahoo!7, citing a release to the ASX, reports that BrisConnections
has gone into administration citing low traffic levels and debts
worth more than the tunnel.

BrisConnections entered negotiations to restructure its debt, but
the board was told lenders were not prepared to support the
proposals, according to Yahoo!7.

"As advised in a release to the ASX on Nov. 12, 2012, following an
analysis of traffic levels post the introduction of tolls and a
review which determined that the enterprise value of
BrisConnections may be less than the outstanding debt, the Board
and Management entered into negotiations with the group's lenders
and other key stakeholders regarding potential reconstruction
options," a company statement said, the report relates.

The report discloses that it has been reported just 45,000
vehicles per week were using the tunnel - 90,000 people less than
originally predicted.  The report relates that traffic volumes had
been steadily in decline since tolls were introduced in August
last year, according to BrisConnection's media release.

The tunnel will remain open as normal to road-users, with
BrisConnections moving to assure people all accounts are still
secure and active, the report notes.

BrisConnections is the company behind the $4.8 billion Airport
Link tunnel.



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


CIFI HOLDINGS: Moody's Assigns B1 CFR; Outlook is Stable
--------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to CIFI Holdings (Group) Co. Ltd.

Moody's has also assigned a provisional (P)B2 to CIFI's proposed
US dollar senior unsecured notes.

The ratings outlook is stable.

The company plans to use the proceeds from the proposed issuance
for debt refinancing, land acquisitions and project developments.

Moody's will remove the provisional status of the notes after CIFI
completes the issuance on satisfactory terms and conditions.

Ratings Rationale:

"The B1 corporate family rating reflects CIFI's ability to execute
a property development model that has a rapid turnover," says
Franco Leung, a Moody's Assistant Vice President and the Lead
Analyst for CIFI.

Because CIFI generally targets pre-sales within about 10-12 months
of the completion of its land acquisitions, its inventory level is
low. Its inventory to revenue ratio was 1.9x at end-December 2012,
while the average for the 2010-2012 period was 2.2x.

The B1 rating also takes into account the company's focus on mass-
market housing, and which offers some buffer against the Chinese
government's regulatory measures to curb speculative demand in the
property market.

CIFI's fast turnover model results in a high level of cash. As of
December 2012, its cash balance stood at RMB4.6 billion and the
ratio of cash to total assets was around 17%. Moody's expects CIFI
to maintain at least 10% of its assets in cash in the next two
years.

On the other hand, CIFI's B1 rating is constrained by its
geographic concentration in the Yangtze River Delta, which is its
core market. Around 50% of its land bank is located in the Yangtze
River Delta, where CIFI secured about 60% of its contract sales in
2012. Moody's expects the region to remain the major contributor
to CIFI's sales in the next two years.

CIFI's strategy of rapid growth also entails execution risks, as
well as increased funding needs. With the proceeds from its
initial public offering in November 2012 and the planned offshore
financing, CIFI aims to double its sales by 2015. Such a target
could put pressure on the replenishment of its land bank.

In addition, CIFI has limited access to funding from offshore
markets. Its offshore borrowings accounted for only 4.2% of its
total borrowings as of December 2012, although Moody's expects
this proportion to increase gradually.

CIFI's low profit margins relative to other rated Chinese
developers constrain its ability to reduce prices to boost sales
in a down market. Its historical EBITDA margin was around 20%-25%
in the last three years. Its EBITDA/interest was weak at around 2x
in 2012, partly because of rising interest expenses as a result of
its higher funding needs for project development. Moody's expects
CIFI's interest coverage to increase gradually in the next 12
months, owing to the likely improvement in its access to offshore
funding as well as its book sales.

The B2 rating of CIFI's senior unsecured debt is one notch lower
than the corporate family rating, reflecting structural and legal
subordination risk. The ratio of secured and subsidiary debt to
total assets was around 33% as of December 2012. Although Moody's
expects this ratio to improve, it will remain above 15% because
the company plans to expand quickly in the next two years.

The stable rating outlook reflects Moody's expectation that CIFI
will maintain its discipline in financial management and its
adequate liquidity position to support its sales growth.

Upward rating pressure could emerge over the medium term if CIFI
can: (1) achieve stable sales growth; (2) maintain solid liquidity
to support sales growth and buffer against any downturn in the
market; and (3) maintain its good financial discipline and
increase EBITDA margins above 20%-23%.

On the other hand, downgrade pressure could emerge if CIFI's: (1)
sales growth or liquidity position weakens; (2) profitability
deteriorates such that EBITDA margin declines below 15%; or (3)
ability to service debt or its financial flexibility decreases as
indicated by weak interest coverage, with EBITDA/interest coverage
below 1.5x.

The principal methodology used in rating CIFI Holdings (Group) Co.
Ltd. was the Global Homebuilding Industry Methodology published in
March 2009.

CIFI Holdings Co. Ltd. was incorporated in Cayman Islands in May
2011 and was listed on the Hong Kong Stock Exchange in November
2012. CIFI focuses on developing residential and commercial
properties mainly in the Yangtze River Delta Region. It has also
expanded to the Pan Bohai Rim and the Central Western Region. It
owned 49 projects and had a land bank of 6.2 million square meters
at end-December 2012.


PEDEVCO CORP: Terminates Original Mississippian Agreement
---------------------------------------------------------
On Nov. 30, 2012, Condor Energy Technology LLC, a joint venture
between PEDEVCO CORP. and MIE Jurassic Energy Corporation, an
affiliate of MIE Holdings Corporation, entered into an Agreement
for Purchase of Term Assignment for the acquisition by Condor of
interests in the Mississippian Lime and related 3-D seismic data,
for an aggregate purchase price of $8,648,661.  Pursuant to the
Original Mississippian Agreement, Condor paid an initial deposit
in the amount of $864,866.

On Feb. 8, 2013, the Company, Condor, Berexco LLC and Hinkle Law
Firm LLC, as escrow agent, entered into a Termination of Agreement
for Purchase of Term Assignment; Agreement to Transfer Performance
Deposit and Negotiate in Good Faith, pursuant to which Condor and
Berexco mutually agreed, without fault of either party, to
terminate the Original Mississippian Agreement.

In the Mutual Termination and Deposit Transfer Agreement, the
Company and Berexco further agreed that they would negotiate in
good faith the terms and conditions of an alternative transaction
whereby the Company would acquire the rights to the leases
previously contemplated to be acquired under the Original
Mississippian Agreement by Condor.  The parties to the Mutual
Termination and Deposit Transfer Agreement further agreed that the
Initial Deposit would continue to be held in escrow on the
Company's behalf pending the entry into a new escrow agreement by
and between the Company and Berexco in connection with the
Proposed PEDEVCO-Berexco Transaction; provided, however, that if
no such escrow agreement or no definitive documentation with
respect to the Proposed PEDEVCO-Berexco Transaction is entered
into by and between the Company and Berexco by 5:00 p.m. Central
Time, Feb. 22, 2013, then the escrowed funds will be returned to
the Company.

Pursuant to the Original Mississippian Agreement, Condor had
planned to acquire interests in the Mississippian Lime covering
approximately 13,806 gross acres located in Comanche, Harper,
Barber and Kiowa Counties, Kansas, and Woods County, Oklahoma, and
approximately 19.5 square miles of 3-D seismic data, for an
aggregate purchase price of $8,648,661, of which $864,866 was paid
into escrow by Condor.  Pursuant to the Proposed PEDEVCO-Berexco
Transaction, the Company plans to acquire up to 100% of these same
interests on substantially the same terms and conditions as
originally entered into between Berexco and Condor.

The Company cannot assure that it will in fact be able to enter
into such a revised agreement with Berexco or that if such an
agreement is entered into that we will be able to consummate the
acquisitions.

                 Production Rate of Niobrara Well

PEDEVCO Corp. said that its second horizontal well, the Waves 1H
well, located in Weld County, Colorado, has tested at an initial
production rate of 528 bopd and 360 mcfgpd (588 boepd) from the
Niobrara "B" Bench target zone.  The well is operated by the
Company's joint venture partner, Condor Energy Technology LLC.
Condor spudded the Waves 1H well on Nov. 19, 2012, and drilled to
11,114 feet measured depth (6,200 true vertical foot depth) in
eight days.  The 4,339 foot lateral section was completed in 18
stages on Feb. 1, 2013.

Condor's first horizontal well in Weld County, Colorado, the FFT2H
well, tested at an initial production rate of 437 boepd from the
Niobrara "B" Bench target zone.  This first well was spudded in
April 2012 and drilled to a total combined vertical and horizontal
depth of 11,307 feet, with completion operations concluding in
July 2012.

On Nov. 30, 2012, Condor spudded its third horizontal well, the
Logan 2H well, in Weld County, Colorado.  Drilling of the well was
completed on Dec. 8, 2012, to a true vertical depth of
approximately 6,150 feet, and a total horizontal length of
approximately 6,350 feet in the Niobrara "B" Bench target zone.
Condor completed hydraulic fracturing operations on this well in
January 2013, and plans to finish completion operations and
commence flow testing in mid-February 2013.

Frank C. Ingriselli, the Company's President and CEO commented,
"We are pleased to be able to execute on our 2013 development
program in the Niobrara formation, and are encouraged that the
knowledge we gained from drilling and completing our initial FFT2H
well in the Niobrara formation is proving beneficial to us as we
seek to drive down our drilling and completion costs, optimize our
completion operations, and maximize production and resource
recovery."

For more information on the Company, please visit the Company's
corporate Web site at www.pacificenergydevelopment.com.

                         About PEDEVCO Corp.

PEDEVCO Corp., doing business as Pacific Energy Development,
(OTCBB:PEDO) is a publicly-traded energy company engaged in the
acquisition and development of strategic, high growth energy
projects, including shale oil and gas assets in the United States
and Pacific Rim countries.  The company's producing assets include
its Niobrara Asset located in the DJ Basin in Colorado, the Eagle
Ford Asset in McMullen County, Texas, and the North Sugar Valley
Field located in Matagorda County, Texas.  The company was founded
in early 2011 and has offices in Danville, California and Beijing,
China.

In the auditors' report accompanying the financial statements for
year ended Dec. 31, 2011, GBH CPAs, PC, in Houston, Texas,
expressed substantial doubt about Blast Energy Services' ability
to continue as a going concern.  The independent auditors noted
that Blast incurred a loss from continuing operations for 2011,
and has an accumulated deficit at Dec. 31, 2011.

The Company reported a net loss of $4.14 million in 2011,
compared with a net loss of $1.51 million in 2010.

The Company's balance sheet at Sept. 30, 2012, showed
$11.62 million in total assets, $3.96 million in total
liabilities, $1.25 million in redeemable series A convertible
preferred stock, and $6.41 million in total stockholders' equity.


* Chinese MMFs Assets Hit Record High in Q412, Fitch Reports
------------------------------------------------------------
Assets at Chinese open-ended money market funds surged to a record
high in Q412, according to Fitch Ratings' calculations. The growth
came despite a return of risk appetite among investors and big
gains for equities. If this "risk-on" scenario for equities gains
further traction it could cause Chinese MMF growth to slow again,
especially among retail investors.

Even if the "risk-on" environment continues and Chinese MMF growth
slows, the rise of institutional MMFs should help reduce
volatility because such funds tend to be less flighty. The market
share of institutional Chinese MMFs had risen to 48.8% at end-Q412
from 38.9% a year earlier even when accounting for seasonality of
year-end flows.

"We expect a further institutionalisation of the market and a move
closer to the global MMF framework. In October 2012 the first
fund-management companies were granted approval from the China
Securities Regulatory Commission to provide investors with a T+0
settlement through exchange-listed Chinese MMFs. We will monitor
the development of this segment closely as the new funds' daily
liquidity provision will be a key challenge for portfolio
managers, particularly as they lack knowledge of redemption
dynamics or the steadiness of investors in the new products,"
Fitch says.

"Demand for fund managers' short-term wealth management products
also remained strong in Q412. But investor interest was only in
new offerings, while existing products suffered redemptions.
Momentum seemed to fade somewhat in November and December. Twenty-
five additional fund management companies added offerings,
bringing the total to 33. Their AuM in the final quarter rose
CNY87.5bn to CNY135.3bn at end-2012.

"Total Chinese MMF assets rose 59% in the quarter to CNY572.3bn
(USD 90.6bn), almost doubling from a year before. Ongoing demand
from institutional investors added about CNY71.1bn to existing
Chinese MMFs, while retail contributed CNY89.7bn in Q412. The
launch of 10 new MMFs and two new institutional B-class offerings
from existing funds added about CNY52bn to the total. As a result
the concentration among the 10 leading Chinese MMF management
firms dropped from 66% to 62%.

"At end-2012 the traditional CMMF sector consisted of 62 funds, of
which 45 provide B-class offerings designed to meet the needs of
institutional investors."



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


ACTIVE TOWN: Annual Meetings Set for March 14
---------------------------------------------
Members and creditors of Active Town Limited will hold their
annual meetings on March 14, 2013, at 9:00 a.m., and 9:30 a.m.,
respectively at 62/F, One Island East, at 18 Westlands Road,
Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung the company's liquidator
will give a report on the company's wind-up proceedings and
property disposal.


ALKAHN-HK LABELS: Ying and Chan Step Down as Liquidators
--------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Alkahn-Hong Kong Labels Limited on Jan. 31, 2013.


ASIA GAIN: Annual Meetings Set for March 8
------------------------------------------
Members and creditors of Asia Gain Investments Limited will hold
their annual meetings on March 8, 2013, at 9:30 a.m., and 10:00
a.m., respectively at 62/F, One Island East, 18 Westlands Road,
Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung and David Yen Ching Wai, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


BEST LEGEND: Commences Wind-Up Proceedings
------------------------------------------
Sole Member of Best Legend Development 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 1603-1606, 16/F
         Alliance Building
         No. 130-136 Connaught Road
         Central, Sheung Wan
         Hong Kong


BEUNA COMPANY: Creditors' Meeting Set for March 2
-------------------------------------------------
Creditors of Beuna Company Limited will hold their meeting on
March 2, 2013, at 11:15 a.m., for the purposes provided for in
Sections 241, 242, 243, and 244 of the Companies Ordinance.

The meeting will be held at 9/F, Levertech Centre, 69-71 King Yip
Street, Kwun Tong, Kowloon, in Hong Kong.


BOYER ALLAN: Commences Wind-Up Proceedings
------------------------------------------
Members of Boyer Allan Investment Management (Hong Kong) Limited,
on Jan. 28, 2013, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


BRIGHT TOWN: Annual Meetings Set for March 13
---------------------------------------------
Members and creditors of Bright Town Investment Limited will hold
their annual meetings on March 13, 2013, at 9:00 a.m., and
9:30 a.m., respectively at 62/F, One Island East, at 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung the company's liquidator
will give a report on the company's wind-up proceedings and
property disposal.


BUILD SKY: Annual Meetings Set for March 13
-------------------------------------------
Members and creditors of Build Sky Development Consultancy Limited
will hold their annual meetings on March 13, 2013, at 10:00 a.m.,
and 10:30 a.m., respectively at 62/F, One Island East, at 18
Westlands Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung the company's liquidator
will give a report on the company's wind-up proceedings and
property disposal.


CCPEPA LIMITED: Chan Mei Bo Mabel Steps Down as Liquidator
----------------------------------------------------------
Suen Suk Ying stepped down as liquidator of CCPEPA Limited on
Jan. 30, 2013.


CLARLY LIMITED: Members' Final Meeting Set for March 11
-------------------------------------------------------
Members of Clarly Limited will hold their final meeting on
March 11, 2013, at 10:00 a.m., at Level 17, Tower 1, Admiralty
Centre, 18 Harcourt Road, in Hong Kong.

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


COLOUR PAINT: Annual Meetings Set for March 13
----------------------------------------------
Members and creditors of Colour Paint Limited will hold their
annual meetings on March 13, 2013, at 12:00 p.m., and 12:30 p.m.,
respectively at 62/F, One Island East, at 18 Westlands Road,
Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung the company's liquidator
will give a report on the company's wind-up proceedings and
property disposal.


DICKSON (CHINA): Annual Meetings Set for March 13
-------------------------------------------------
Members and creditors of Dickson (China) Enterprises Limited will
hold their annual meetings on March 13, 2013, at 2:00 p.m., and
2:30 p.m., respectively at 62/F, One Island East, at 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung the company's liquidator
will give a report on the company's wind-up proceedings and
property disposal.


DICKSON CONSTRUCTION: Annual Meetings Set for March 14
------------------------------------------------------
Members and creditors of Dickson Construction (Housing) Limited
will hold their annual meetings on March 14, 2013, at 12:00 p.m.,
and 12:30 p.m., respectively at 62/F, One Island East, at 18
Westlands Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung the company's liquidator
will give a report on the company's wind-up proceedings and
property disposal.


DICKSON PROPERTIES: Annual Meetings Set for March 13
----------------------------------------------------
Members and creditors of Dickson Properties Limited will hold
their annual meetings on March 13, 2013, at 3:00 p.m., and
3:30 p.m., respectively at 62/F, One Island East, at 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung the company's liquidator
will give a report on the company's wind-up proceedings and
property disposal.


EMP-DAIWA CAPITAL: Members' Final Meeting Set for March 11
----------------------------------------------------------
Members of EMP-Daiwa Capital Asia Limited will hold their final
general meeting on March 11, 2013, at 10:30 a.m., at 20/F,
Prince's Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.



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


DEEPAK BUILDERS: ICRA Assigns 'BB-' Rating to INR30cr Loans
-----------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' and '[ICRA]A4' ratings to the
INR60.0 crore Fund and Non-Fund Based bank limits of Deepak
Builders. The long term rating has been assigned a stable outlook.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Fund Based Facilities       30.0      [ICRA]BB- (stable)
                                         (Assigned)

   Non-Fund Based Facilities   30.0      [ICRA]A4 (Assigned)

The ratings reflect DBD's established track record in the
construction industry, its experienced partners, its reputed
client profile and its healthy order book position which provides
visibility to revenues in the medium term. However, the ratings
are constrained by DBD's modest scale of operations, its high
debtors from intra group companies and its high gearing levels at
the end of March 2012. Further, the ratings take into account
DBD's high geographical concentration with its order book
comprising of projects only in Punjab Region, weak new order flow
activity in the current year reflected in no new contract secured
and highly competitive nature of the construction industry which
has resulted in moderate profitability in the past. Going forward,
DBD's ability to secure new orders, grow its revenues while
improving its profitability and capital structure will be amongst
the key rating sensitivity factors.

Deepak Builders is a partnership firm which has been converted
from a proprietorship entity in the FY2013. It is one of the
leading Government Contractor and builders established in the
Punjab region. The firm is in this line for last 25 years and has
undertaken and completed many construction projects in Punjab. It
is being run by key person Mr. Deepak Kumar Singal who has
experience in construction line for the last 23 years. The profit
sharing in the firm is majorly with Mr. Deepak Singal at 81% and
the balance is with his wife Mrs. Sunita Singal at 19%.

The firm is on the approved list of contractors with Punjab
Government, Department of PSEB, PIDBD, PWD (B&R) Punjab, Punjab
Housefed, Punjab Mandi Board, Municipal Corporation, Ludhiana and
local Bodies Punjab.


DEEPAK SINGAL: ICRA Assigns 'B+' Rating to INR8cr Loans
-------------------------------------------------------
ICRA has assigned an '[ICRA]B+' and '[ICRA]A4' ratings to the
INR16.0 crore Fund and Non-Fund Based bank limits of Deepak Singal
Engineers & Builders Private Limited.

                               Amount
   Facilities                 (INR Cr)   Ratings
   ----------                 --------   -------
   Fund Based Facilities        8.0      [ICRA]B+ (Assigned)
   Non-Fund Based Facilities    8.0      [ICRA]A4 (Assigned)

The ratings reflect DSEBPL's established track record in the
construction industry, its experienced promoters and its reputed
client profile. However, the ratings are constrained by DSEBPL's
small scale of operations, its slow moving order book also leading
to stretched receivables and its high gearing levels at the end of
March 2012. Further, the ratings take into account DSEBPL's high
geographical concentration with its order book comprising of
projects only in Punjab Region, weak new order flow activity in
the current year reflected in no new contract secured and highly
competitive nature of the construction industry which has resulted
in moderate profitability in the past. Going forward, DSEBPL's
ability to secure new orders, grow its revenues while improving
its profitability and capital structure will be amongst the key
rating sensitivity factors.

Deepak Singal Engineers & Builders Private Limited is a private
limited company and is one of the leading Government Contractor
and builders of Punjab. The company is in this line for the last
20 years and has undertaken and completed many construction
projects in Punjab. The company is being run by key person
Mr. Deepak Kumar Singal who has experience in construction line
for the last many years. It is a closely held company by the
Singal family and Mr. Deepak Singal holds majority shares in it.

DSEBL is on the approved list of contractors with Punjab
Government, Department of PSEB, PIDBD, PWD (B&R) Punjab, Punjab
Housefed, Punjab Mandi Board, Municipal Corporation, Ludhiana and
local Bodies Punjab.


DIAMOND SEAFOOD: ICRA Assigns 'BB' Rating to INR0.95cr LT Loans
---------------------------------------------------------------
ICRA has upgraded the short-term rating assigned to the INR12.15
crore fund based facilities (enhanced from INR9.75 crore) of M/s.
Diamond Seafood Exports to '[ICRA]A4+' from '[ICRA]A4'. ICRA has
also assigned the short-term rating of '[ICRA]A4+' to the INR1.11
crore short-term non-fund based facilities and assigned the long-
term rating of '[ICRA]BB' to the INR0.95 crore term loan
facilities of the Firm.  The outlook on the long-term rating is
stable.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           --------    -------
   ST-Fund based         12.15      upgraded to [ICRA]A4+ from
   facilities                       [ICRA]A4/[ICRA]A4+ assigned

   ST Non-fund based      1.11      [ICRA]A4+ assigned
   facilities

   LT Term loans          0.95      [ICRA]BB assigned - enhanced
                                    from revised amount of
                                    INR9.75 crore

In arriving at the ratings, ICRA has taken a consolidated view of
the four entities under Diamond Sea Food group - Diamond Seafood
Exports, Edhayam Frozen Foods Private Limited, Kadalkanny Frozen
Foods and Theva & Co, considering the common management team and
the presence of strong operational linkages among the entities.

The rating revision factors in the significant increase in scale
of operations of the group supported by growth in export volumes
and realization, moderate geographical diversification and the
support for the group's operations, to an extent, by the power
generated from the windmills (which offsets ~50% of the group's
total power requirement). The rating also takes into account the
established presence of the group in the seafood business for more
than three decades and the long standing relationship with its
customers.

The rating is however constrained by the inherent risks associated
with the seafood industry like susceptibility to diseases, climate
change risks, fluctuation in exchange rate movements, adverse
change in government policies and vulnerability to movement in
anti dumping duty (ADD) imposed on Indian exporters. Further,
intense competition in the highly fragmented seafood industry with
minimal product differentiation limits the pricing flexibility.
The ratings also consider the weak financial profile of the group
characterized by high gearing.

Incorporated in 1976, DSE exports sea foods (primarily shrimps) to
Japan and has a shrimp processing facility at Tuticorin (Tamil
Nadu) with an installed capacity of around 150 tonnes per month.
The entity forms part of Tuticorin-based DSF group which is
primarily engaged in the processing and export of sea foods
(mainly shrimp, cuttlefish, crab and squid). The group has
presence in other segments of the sea food value chain like feed
sales, hatching and aquaculture through separate entities. The
group also has a shopping mall-cum-hotel in Tuticorin under the
name DSF Grand Plazas Private Limited.

Recent Results

The entity reported net profit of INR1.1 crore on an operating
income of INR40.6 crore during 2011-12 as against net profit of
INR0.9 crore on operating income of INR34.9 crore during 2010-11.


DUNLOP INDIA: High Court Vacates Stay on Winding Up Order
---------------------------------------------------------
The Hindu Business Line reports that the Calcutta High Court on
February 18 directed the official liquidator to take 'immediate
possession' of the assets of Dunlop India.  The Division Bench
also vacated an interim stay order on winding up of the company,
the report.

Dunlop has facilities in Sahagunj in West Bengal and Ambattur in
Chennai. Neither of these is in operation.

As per the Court order, though the official liquidator will take
possession of assets, he will not have the right to sell them, the
Business Line says.  According to the report, police authorities
in West Bengal and Tamil Nadu have been asked to render all
possible help to the official liquidator.

The Business Line recalls that a Single Bench of the Calcutta High
Court had ordered the winding up of Dunlop on January 31 based on
a petition filed by a group of creditors seeking liquidation of
the company over non-payment of dues.

On February 4, the report relates, Dunlop had moved a Division
Bench seeking a stay on the winding up order. The Bench of
Justices Girish Gupta and Tarun Kumar Das had then directed the
company to deposit INR10 crore before their petition for a stay on
the winding-up order is heard.  Dunlop India had deposited the
amount on February 9, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
March 30, 2012, The Hindu Business Line said the Calcutta High
Court asked for appointment of a provisional liquidator to take
stock of the assets of Dunlop India Ltd.  The company's creditors
and a few employees had sought the liquidation of its assets.
Justice Sanjib Banerjee admitted the petition from 41 applicants
on Nov. 8, 2011.  As on March 31, 2011, the company has unsecured
loans of about INR272 crore and secured loans of about INR48
crore.

Headquartered in Kolkota, India, Dunlop India Limited
manufactures and distributes automotive tires and tubes.  The
firm also manufactures high-pressure hoses, steelcord belting,
and vibration isolators.


EROS FOR: ICRA Assigns 'BB' Ratings to INR22.69cr Loans
-------------------------------------------------------
The rating of '[ICRA]BB' has been assigned to the INR22.69 crore
long term fund based facilities of Eros For Sanitarywares. The
rating of '[ICRA]A4' has also been assigned to the INR2.88 crore
short-term non-fund based facilities of Eros. The outlook assigned
to the long term rating is stable.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Working Capital Limits    7.00    [ICRA]BB (stable) assigned
   Term Loan                15.69    [ICRA]BB (stable) assigned
   Bank Guarantee            1.35    [ICRA]A4 assigned
   Letter of Credit          1.00    [ICRA]A4 assigned
   CEL                       0.53    [ICRA]A4 assigned

The assigned ratings are constrained by Eros's small scale of
operations, the highly fragmented nature of the sanitary ware
industry and stiff competition from cheaper imports from China and
Pakistan. The rating also takes into account vulnerability of the
firm's operating profitability to availability and volatility in
gas prices and the cyclical nature of the housing and construction
sector which is the major consumer of sanitary ware. While
assigning the ratings, ICRA has also noted the risk of capital
withdrawal that is inherent in partnership firm.

The ratings, however, favorably take into account the long track
record of the promoters in sanitary ware business and its
established relationships with the suppliers. The rating also
takes comfort from the firm's healthy operating profitability and
the easy availability of raw materials and skilled manpower to it,
with its plant being located in Morbi, Gujarat.

Incorporated in June 2006, Eros for Sanitarywares is a partnership
firm engaged in the manufacturing of ceramic sanitary ware
products like wash basins, closets, urinals, pans and related
accessories. The firm is promoted by Mr. Karshanbhai Patel who is
also associated with two other units namely, Suncity Ceramics
which manufactures ceramic glazed tiles and I.K. Impex which is a
merchant exporter undertaking trading of ceramic products. The
manufacturing facility of Eros is located in Morbi, Gujarat and
has an installed capacity of 12,00,000 pieces per annum, as on
Sept. 30, 2012. In FY 13, Eros absorbed a partnership firm named
Weldecor ceramics (also promoted by Mr Karsanbhai Patel), also
engaged in the manufacturing of sanitaryware in order to undertake
entire production under one Brand Name i.e. "Eros Standard".

Recent Results

For the year ended March 31, 2012, Eros has reported operating
income of INR22.48 crore and profit after tax (PAT) of INR6.59
crore as against operating income of INR 18.72 crore and PAT of
INR 5.43 crore for the year ended 31st March 2011. Further in 9M
FY13 (provisional unaudited financials), company reported
operating income of INR 23.55 crore and PAT of 3.14 crore.


ICON CABLES: ICRA Rates INR4.80cr Loans at '[ICRA]B+'
-----------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the
INR4.80 crore fund based facilities of ICON Cables Limited. ICRA
has also assigned '[ICRA]A4' rating to INR 1.70 crore non-fund
based facilities of ICL.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Fund Based limits        4.80     [ICRA]B+ assigned
   Non-fund based limits    1.70     [ICRA]A4 assigned

The ratings are constrained by ICL's weak operational profile as
reflected in the small scale of operations which limits the
economies of scale for manufacturing various kinds of cables,
competitive industry environment, exposure to raw material price
fluctuation risk and weak financial profile characterized by low
profitability, moderate gearing and consequently weak coverage
indicators. Further there is a high customer concentration and
counterparty credit risk as the pending orders are only from two
clients with the customer profile mainly consists of private
players. The rating, however favorably takes into account long
track record of promoters with over 4 decades of experience in
cable industry. The ratings also draw comfort from the strong
growth in revenues in FY2012 and comfortable order book of INR17
crore. The company's foray in producing Cathode Protection cables
and Fire resistive instrumentation cables which have good demand
potential in India with only a few domestic players in the country
has helped it achieve growth in revenues and order book.
Nevertheless, accumulated losses from the past have resulted in
relatively leveraged capital structure. Going forward, the ability
of the company to improve upon its scale of operations,
profitability and timely execution of the pending order book will
remain key rating drivers for the company.

ICON Cables Limited was incorporated in the year 1999 with the
head office in Delhi and manufacturing facility at Chopanki,
Bhiwadi (Rajasthan). The capacity of the Company is 10000 Kms. The
company is primarily engaged into manufacturing of different kinds
control and instrumentation cables. The company products cater to
Indian markets as well as International markets. The products
manufactured are used in industries like Telecom, Power Plants,
Cement, Steel, Paper, Polyester and Petroleum etc. The Company is
professionally managed by Mr. N.K Rathi who has over 4 decades of
experience in cable industry.

Recent Results

During the financial year 2011-12, the company reported a profit
after tax (PAT) of INR 0.24 crore on an operating income of
INR19.64 crore as against PAT of INR 0.11 crore on an operating
income of INR 10.98 crore in 2010. For the current financial year,
the company has already achieved turnover of INR15.00 crore till
date.


INDER MOHAN: ICRA Assigns 'B+' Rating to INR6cr Loans
-----------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR6.0 crore Fund
Based bank limits of Inder Mohan Singh Contractors.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund Based Facilities      6.0      [ICRA]B+ (Assigned)

The ratings reflect IMSC's established track record in the
construction industry, its experienced promoters and its reputed
client profile. However, the ratings are constrained by IMSC's
small scale of operations, its slow moving order book, its
stretched receivables and its high gearing levels at the end of
March 2012. Further, the ratings take into account IMSC's high
geographical concentration with its order book comprising of
projects only in Punjab Region, weak new order flow activity in
the current year reflected in no new contract secured and highly
competitive nature of the construction industry which has resulted
in moderate profitability in the past.

Going forward, IMSC's ability to secure new orders, grow its
revenues while improving its profitability and capital structure
will be amongst the key rating sensitivity factors.

Inder Mohan Singh Contractors is a proprietorship entity and was
established in the year 1965 with the purpose of providing
building & construction service covering all spheres of civil
engineering. The entity is registered as class "A" contractor with
Punjab Public Works Department, Punjab Urban Development
Authority, Improvement Trust, Ludhiana and C.P.W.D. It has
executed various construction projects in Punjab and Chandigarh in
the last few years and the projects have been across sectors which
include multi storied buildings, hospital buildings, Multi Storied
residential Complexes, Sewerage, Large Span Auditorium & Halls,
Road Work & Highway works, Earth Work of All Types etc. The entity
is being run by key person Mr. Inder Mohan Singh who is the
proprietor in the entity and has experience in the construction
line for more than two decades.


KGS NELSUN: ICRA Assigns 'B+' Ratings to INR34cr Loans
------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B+' to the INR34.0 crore
sanctioned term loans and fund based facilities of KGS Nelsun
Paper Mill Limited.  ICRA has also assigned a rating of '[ICRA]A4'
to the INR 66 crore proposed/sanctioned fund based and non-fund
based bank facilities of the company.

                        Amount
   Facilities          (INR Cr)     Ratings
   ----------          --------     -------
   Term Loans             17.0      [ICRA]B+ assigned

   Fund Based Bank        17.0      [ICRA]B+ assigned
   Facilities

   Non-Fund Based          6.0      [ICRA]A4 assigned
   Bank Facilities

   Proposed Facilities    60.0      [ICRA]A4 assigned

The assigned ratings take into account the longstanding experience
of the promoter & management in the paper industry, and the
established operational profile of KGS Nelsun's Trichy plant with
adequate customer as well as supplier tie-ups. The ratings also
take into consideration the added manufacturing capacity, post the
acquisition of Cochin Kagaz, which is expected to aid in KGS
Nelsun scaling up its operations in the medium term. However, the
ratings are constrained given the high fragmentation & competitive
intensity in the packaging paper industry which limits the
profitability to moderate levels, and the stretched capital
structure and coverage indicators for KGS Nelsun. KGS Nelsun has
undertaken significant debt funding towards acquisition of Cochin
Kagaz. Given that Cochin Kagaz is currently a loss making entity
with substantial liabilities, the stabilisation of its operations
and return to profitability is critical to the sustainability of
KGS Nelsun's growth plans in the medium term. ICRA notes that the
promoters have been steadily funding Cochin Kagaz since
acquisition to bridge its cash deficit and meet its various
financial obligations.

KGS Nelsun Paper Mill Limited is part of the Chennai based KGS
group and is into the business of manufacturing packaging (kraft)
paper. The company was promoted in 1995 by Mr. K Kumaran as Nelsun
Paper Mill Limited and became a part of KGS group in the current
year 2012-13 when the other two promoters of KGS group (Mr. P
Shanmugam and Mr. Gigi George) purchased majority stake in the
company. KGS Nelsun has its manufacturing facility in Trichy with
a production capacity of 60 MTs per day. KGS Nelsun has been
steadily acquiring the shareholding in another company -- Cochin
Kagaz Limited (Cochin Kagaz) -- over the past 2 years and
currently holds 76.05% shareholding in the company, thereby making
it a subsidiary. Cochin Kagaz possesses its manufacturing
facilities in Cochin. It has three units with production
capacities of 50 MTs, 100 MTs and 150 MTs per day respectively.


KHAYA SOLAR: ICRA Assigns 'B-' Rating to INR54.2cr Term Loans
-------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B-' to the INR54.20 crores
term loans of Khaya Solar Projects Private Limited.

                      Amount
   Facilities        (INR Cr)     Ratings
   ----------        --------     -------
   Term Loans          54.20      [ICRA]B- assigned

The rating is constrained by sub-optimal levels of plant load
factor during the initial six months (Jan-June 2012) due to delay
in construction of transmission line; this adversely impacted
generation in the key months of Mar-May and the cash flows of the
company in FY13.

The ratings are also constrained by significant technical risks
arising from the limited track record of utility scale solar power
projects in India and absence of adequate technical performance
record of imported equipments like trackers and inverters in
Indian conditions. Further, solar photovoltaic projects have
relatively high capital cost/MW which makes their power
uncompetitive vis-a-vis other conventional power sources. Under
this circumstance, ability and willingness of off takers to pay
such tariffs will remain a key rating driver. KSPL has signed
power purchase agreement (PPA) with NTPC Vidyut Vyapar Nigam
Limited which offers an adequate feed in tariff of INR 11.5 per
unit for 25 years. However, the above weaknesses are tempered by
the successful commissioning of the company's 5 MW solar power
project at Rajasthan. ICRA also takes note of sound management
team of the Lanco Group, with an established track record in solar
power industry. Going forward, the ability of the company to meet
the designed performance parameters and secure timely collection
from NVVN will remain the key rating drivers.

Khaya Solar Projects Private Limited is an SPV, promoted by Lanco
Solar Energy Private Limited (LSEPL, 100% subsidiary of Lanco
Infratech Limited) for setting up 5MW solar power plant in the
state of Rajasthan. The project has been set up under centre's
Jawaharlal Nehru National Solar Policy with NTPC Vidyut Vyapaar
Nigam Ltd (NVVN) being the designated nodal agency to implement
the policy framework. The SPV has entered into a 25 year PPA with
NVVN. The feed in tariff is INR 11.5 per unit for entire term of
the agreement of 25 years. The construction was completed in
January 2012, however the full scale operations commenced in June
2012 as there was a delay in completion of transmission line by
Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPNL). The total
project cost was INR82.2 crores which was funded in a debt- equity
Ratio of 2:1.


KINGFISHER AIRLINES: United Breweries Seeks to Hike Loan Limit
--------------------------------------------------------------
Anirban Chowdhury and Ashutosh Joshi at The Wall Street Journal
report that United Breweries (Holdings) Ltd. has sought
shareholders' approval to provide more loans to group company
Kingfisher Airlines Ltd. even as the grounded carrier's lenders
decided to recall all their loans.

United Breweries, which owns shares in most companies in the
group, said in a statement sent to the National Stock Exchange
that it plans to increase its lending limit to the airline to
INR7.50 billion ($138.40 million) from the current cap of
INR3.00 billion, the news agency relates.

It also has an equity investment of INR7.50 billion in the
airline, the Journal discloses.

The Journal recalls that Kingfisher's lenders last week said they
plan to recover INR70 billion of loans to the airline, as it has
failed to produce a convincing business plan.

The Journal say the process is an immediate call for loan
repayment, failing which the lenders would take control of all the
assets given by the airline as security against the loans. The
lenders plan to shortly sell some of the shares in UB Group
companies given as collateral, the report adds.

                       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.


KINGFISHER AIRLINES: Bankers May Face Biggest Loan Write Off
------------------------------------------------------------
The Times of India reports that the Indian banking system is
preparing to write off possibly the biggest ever single loan
account in its history, as lenders left with shallow collateral
provided by Kingfisher Airlines Ltd., have given up hope that it
can be revived.

TOI relates that the decision to recover loans through legal means
after more than a year of futile negotiations to revive the
grounded airline will yield little as the collateral pledged is
not enough to cover even a fourth of the amount in default.

Lenders from the State Bank of India to Punjab National Bank who
will send legal notice to recover as much as Rs 7,500 crore of
loans, will probably get just about Rs 1,500 crore, or even less,
calculations by ET and auditors not associated with the lenders
show, TOI relays.

According to the report, bankers who have decided to recover loans
from Kingfisher Airlines met on February 13 to discuss valuation
of collateral but the discussions were inconclusive. Officials
from SBI, Bank of India, Punjab National Bank and IDBI discussed
legal measures that can be taken to accelerate the recovery, the
report notes.

                       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.


KINGFISHER AIRLINES: Pays Salaries for June to Airport Staff
------------------------------------------------------------
The Hindu Business Line reports that Kingfisher Airlines Ltd. has
started disbursing some staff salaries after a gap of almost two
and half months.

Sources told the Business Line that sections of the staff, mainly
airport staff, received their salaries for June 2012 on Monday.

The report says the monthly salary outgo for the airline is around
INR20 crore and its staff members have not been paid regular
salaries since June last year.

In November last year the airline cleared some back wages with a
promise of settling more wages. This promise was not fulfilled.

The airline has over 4,000 people on its rolls, the Business Line
discloses.

                       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.


MMC TECHNICA: ICRA Assigns 'B+' Rating to INR15cr Term Loans
------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B+' to the
INR15.00 crore* term loan of MMC Technica Pvt. Ltd.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             --------    -------
   Fund Based-Term Loan     15.00     [ICRA]B+ assigned

The assigned rating factors in the favorable location of MMC's
plot in Dharuhera Industrial Area (Rewari, Haryana) with ease of
accessibility through National Highway-8, and low market risk as
the lease deed for the developed portion of the plot has been
signed with rentals already accruing from completed facilities
(main building and outbuildings). The rating also draws comfort
from the long tenor of the loan which eases cash flow pressure
especially given the delay in completion of some of the
facilities.

The rating is however constrained by the delay in completion of
the construction work for some of the facilities on the plot,
which has resulted in reduced lease rentals and consequent
shortfall in meeting the monthly debt obligations by the company.
Currently the cashflow gap is being met by regular fund infusion
from the promoters; however the company expects to handover the
remaining facilities by March 2013 thus becoming self-sufficient
in meeting its obligations post that. The rating also considers
the significant tenant concentration with plot leased to a single
tenant (BWI Automotive Technologies Pvt. Ltd.). ICRA, however,
notes that BWI has invested significantly in the plant and
machinery, which creates certain level of exit barrier. Further,
considering that the company does not maintain any debt service
reserve account (DSRA) for its loan, timely debt servicing would
hinge upon the company's ability to maintain its timeliness of
rental collection, and internal financial discipline. Going
forward, company's ability to complete and handover the remaining
facilities without incurring any incremental time and cost over
runs will remain the key rating sensitivity.

Incorporated in May 2003 as a private limited entity, MMC Technica
Pvt. Ltd. (MMC) is currently part of MR Juneja Group which is
actively engaged in trading of iron and steel products through
another entity 'MRJ Steels Private Limited'. MMC owns an
industrial plot of 18.65 acres at Dharuhera Industrial Estate in
Rewari district of Haryana. This plot was bought by the promoters
from Shaw Wallace & Company Limited in April, 2006. In May 2011,
company entered into lease agreement with M/S BWI Automotive
Technologies Pvt. Ltd. (BWI) to lease 7 acres of the plot. While
main building and outbuilding have been leased to BWI since
September'2011, construction of office building and paint room is
underway with completion expected by March'2013. BWI is an auto
component manufacturer for companies like Maruti Suzuki and
General Motors. MMC's present operations only include lease
rentals from the above plot. 11.65 acres of the said plot remains
vacant and may be developed in future.

Recent Results

In FY12, MMC has reported a profit after tax of INR 0.30 crore on
gross lease rental income of INR 1.40 crore.


NEUMANN COMPONENTS: ICRA Reaffirms 'BB+' Rating on INR15cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating on the long term scale
for INR6.50 cash credit facility and INR8.50 crore term loan
facility of Neumann Components Private Limited. The outlook on the
long term rating is stable.

                      Amount
   Facilities        (INR Cr)     Ratings
   ----------        --------     -------
   Cash Credit         6.50       [ICRA]BB+ reaffirmed
   Term Loan           8.50       [ICRA]BB+ reaffirmed

The assigned rating continues to be constrained by NCPL's modest
scale of operations, low cash accruals, high gearing, and low
bargaining power vis-a-vis its customers and suppliers. While
assigning the rating, ICRA continues to take into consideration
the low value addition of operations, high competitive intensity
of the industry and entry of new players, which limits NCPL's
pricing flexibility; the company's high client concentration risk
(LG Electronics India Limited accounts for more than 50% of the
turnover) and the seasonal nature of demand for the white goods;
which can lead to volatility in the turnover of NCPL going
forward. However, the rating draws comfort from the promoter's
long track record in the manufacturing of sheet metal components
and the company's established relationships with reputed players
in the consumer durable industry. ICRA also factors in the
company's order backed nature of procurements which mitigates
exposure of the company's profit margins to fluctuations in raw
material prices.

Established in 2002, Neumann Components Private Limited (NCPL) is
a closely held company promoted by Mr. Pawan Kumar Malhotra and
his family members. NCPL is involved in the business of
manufacturing of sheet metal components and other fabricated
items. NCPL's clientele includes established and reputed companies
LG Electronics India Ltd., Blue Star Limited, Honda Siel Power
Products Ltd., Whirlpool of India Ltd. etc. The company has
established four manufacturing facilities in the NCR region for
manufacturing of sheet metal components.

The company reported a Profit After Tax (PAT) of INR0.52 crore and
an operating income of INR57.09 crore for FY 2012.


UNICURE REMEDIES: ICRA Assigns 'BB-' Ratings to INR9.29cr Loans
---------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]BB-' to the INR 9.29 crore
long-term fund based facilities of Unicure Remedies Private
Limited.  The outlook on the long term rating is Stable. ICRA has
also assigned a rating of '[ICRA]A4' to the INR0.40 crore short
term non fund based facilities of URPL.

                      Amount
   Facilities        (INR Cr)    Ratings
   ----------        --------    -------
   Cash Credit         4.00      [ICRA]BB- (Stable) assigned
   Term Loan           5.29      [ICRA]BB- (Stable) assigned
   Bank Guarantee      0.25      [ICRA]A4 assigned
   Letter of Credit    0.15      [ICRA]A4 assigned

The assigned ratings are constrained by the small scale of
operations in a business involving manufacture of non-patent
pharmaceutical formulations, which is highly fragmented due to the
presence of large number of players. The ratings also take into
account the company's moderate financial risk profile
characterized by low profitability, weak coverage indicators and
high working capital intensity. The ratings also factor in the
high customer concentration risk reflected by majority sales being
made to the top ten customers.

The ratings however favorably consider the long standing
experience of URPL's promoters in the pharmaceutical industry,
extensive product portfolio coupled with approved status for
export of drugs to several Asian and African countries. The
ratings also factor in the technical competence and ability of the
company to develop new formulations on a continuous basis apart
from growing visibility of its powdered formulation "VITAL Z"
across pharmacies in Gujarat.

Unicure Remedies Private Limited is a pharmaceuticals company
engaged in manufacturing formulation drugs, disinfectants and
prescription based energy powders. URPL is promoted by Mr V.P
Divanji who set up the entity in 1993. URPL operates from its
three plants located at Gorwa and Manjusar in Vadodara with a
total installed capacity of manufacturing 6 crore general tablets,
9 crore hormonal tablets and 7.8 lakh kgs of powder formulation
per year. URPL has developed more than 130 generic drugs for the
export market and about 40 drugs for the domestic market since
inception; manufactured in its WHO GMP compliant manufacturing
facility.

Recent Results

In FY 2012, URPL reported an operating income of INR21.17 crore
(as against INR17.94 crore in FY 2011) and profit after tax of
INR0.62 crore (as against INR0.58 crore in FY 2011).



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


BATAVIA AIR: Assets Fall Short of IDR1.27-Tril. Owed to Creditors
-----------------------------------------------------------------
Jakarta Globe reports that the value of assets held by Batavia
Air, the private airline that was declared bankrupt last month,
falls far short of the total amount owed to creditors, according
to the court overseeing the liquidation of the company.

The Globe relates that Nawawi Pomolango, a judge with the Central
Jakarta Commercial Court, said February 15 that the operator's
total assets as of Jan. 30, when it was declared bankrupt,
amounted to IDR886 billion ($91.7 million), whereas its debts came
in at IDR1.27 trillion.

The company's biggest debt, totaling around INR500 billion, is
owed to the International Lease Finance Corporation, a US-based
aircraft leasing company, the report discloses.

Batavia also owes IDR429 billion to Bank Muamalat, IDR15 billion
to Bank Capital and IDR11 billion to Bank Harda Internasional for
loans, and IDR70 billion in unpaid taxes, the Globe relays.

According to the report, Mr. Nawawi suggested that in light of the
discrepancy between assets and debts, and the number of creditors
in the case, the creditors should form a committee to discuss the
best way to get their money back.

Turman Panggabean, one of the four curators assigned by the court
to handle the liquidation of Batavia's assets, said the figure
given for the value of the assets was based on a report by the
company's financial director and could still change, the Globe
reports.

Indonesia-based Batavia Air -- http://www.batavia-air.co.id/--
operated domestic flights to around 30 destinations and
international services to China and Malaysia. Its main base is
Soekarno-Hatta International Airport, in Jakarta.

Batavia was declared bankrupt by the Central Jakarta Commercial
Court on Jan. 30, 2013, and announced it would cease all
operations as of Jan. 31, 2013.  The bankruptcy petition was filed
by US-based aircraft leasing firm the International Lease Finance
Corporation over the US$4.68 million debt that Batavia reportedly
failed to pay by the Dec. 31, 2012, deadline for leasing a fleet
of Airbus A330 jets.



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


CAFES 1 TRUST: Moody's Cuts Rating on Class D-1/D-2 Certs. to Ba1
-----------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class A-1
through D-2 Trust Certificates issued by Cafes 1 Trust.

Details follow:

Class A-1/A-2, downgraded to Aa2 (sf); previously on 15 November
2012, Aaa (sf) placed under review for downgrade

Class B, downgraded to A1 (sf); previously on 15 November 2012,
Aa2 (sf) placed under review for downgrade

Class C-1/C-2, downgraded to Baa1 (sf); previously on 15 November
2012, A2 (sf) placed under review for downgrade

Class D-1/D-2, downgraded to Ba1 (sf); previously on 15 November
2012, Baa2 (sf) placed under review for downgrade

Deal Name: Cafes 1 Trust

Class: Class A-1 through D-2 Trust Certificates

Issue Amount (initial): JPY 53.2 billion

Dividend: Fix/Floating

Issue Date (initial): 21 July, 2006

Legal Final Maturity: May, 2018

Underlying Asset (initial): A non-recourse loan backed by an
office property in Tokyo

Originator: Calyon, Tokyo Branch (as of the issue date)

Arranger: Calyon Capital Markets Asia B.V., Tokyo Branch (as of
the issue date)

Cafes 1 is a single-asset/single-borrower CMBS deal, effected in
July 2006.

The Originator entrusted a loan to the Asset Trustee, and received
the Class A-1 through D-2 and Class X Trust Certificates, which it
then sold through the Arranger to investors. The trust
certificates are rated by Moody's.

Dividends on the rated Trust Certificates are made using interest
collections as non-recourse loan interest. The incurred losses
from the non-recourse loan will be allocated in reverse sequential
order, starting with the most subordinate class of the trust
certificates.

The transaction is backed by a large office building in Tokyo.

Ratings Rationale:

Moody's has re-assessed the property's stabilized cash flows and
value in light of the rental market conditions in sub-markets
around the property. It has also re-evaluated the performance of
the underlying property in terms of occupancy rates and actual
rents.

As a result, Moody's has decided to apply a higher level of stress
on the stabilized value, reducing it by about 22% from the initial
estimate.

The relevant parties of this deal -- such as the trustee and the
servicer -- had originally tried to replace the current advancing
provider with an eligible advancing provider following the
occurrence of an advancing provider replacement event.

However, the relevant parties later decided not to replace the
advancing provider because they judged that it was too difficult
to obtain the required votes from all investors.

Therefore, Moody's incorporates the non-replacement of the
advancing provider into the ratings of Class A-1/A-2 Trust
Certificates.

Uncertainty over some assumptions is due to the current
macroeconomic environment for the commercial real estate market,
especially occupancy rates, rents and the lending policies of the
banks.

Vacancy rates in Tokyo's business areas are fluctuating between 8%
and 9%, and rents continue to decline moderately. In the non-Tokyo
office market, high vacancy rates continue to weigh on rents.

The steady decrease in disposable personal income in Japan --
owing to the ongoing economic downturn and the proposed increase
in the consumption tax -- will continue to weaken the sales and
profits of the retail sector. Such a development will, in turn,
lower rents for retail properties.

On the other hand, occupancy rates and rents will remain stable in
the residential market.

In the hotel sector, however, occupancy rates have recovered since
the March 2011 earthquake and tsunami. But the average daily rate
has not yet recovered because of the general economic downturn.

At the same time, domestic lenders are aggressively financing
loans to the real estate market. This trend will continue in next
6-12 months.

The analysis is based mainly on 1) the quality of the underlying
property; 2) the amortization mechanism; 3) the credit support
provided by the senior/subordinated structure, as illustrated by
the loan-to-value (LTV) ratio and level of stressed DSCR ; and 4)
the legal and structural integrity of the transaction.

The key parameters in this analysis are Moody's value assessment
for the properties securing backing loans, and the LTV levels for
each of the rated classes, based on Moody's net cash flow and
value for the underlying property.

In Moody's analysis, it assumes that all backing loans will miss
their scheduled maturity dates.

Therefore, Moody's analysis encompasses the assessment of stress
scenarios.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
published in June 2010.


J-CORE 13: Moody's Downgrades Ratings on Six Certificate Classes
----------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class A
through E Trust Certificates issued by J-CORE 13 Trust and Class B
Trust Certificates issued by AGC Trust.

Details follow:

Class A, downgraded to A3 (sf); previously on 15 November 2012, A1
(sf) placed under review for downgrade

Class B, downgraded to Ba2 (sf); previously on 15 November 2012,
Baa3 (sf) placed under review for downgrade

Class C, downgraded to B3 (sf); previously on 15 November 2012, B1
(sf) placed under review for downgrade

Class D, downgraded to Caa1 (sf); previously on 15 November 2012,
B2 (sf) placed under review for downgrade

Class E, downgraded to Ca (sf); previously on 15 November 2012,
Caa2 (sf) placed under review for downgrade

Class B (AGC Trust), downgraded to C (sf); previously on 15
November 2012, Caa3 (sf) placed under review for downgrade

Deal Name: J-CORE 13 Trust/AGC Trust

Class: Class A through E Trust Certificates (J-CORE 13 Trust) and
Class B Trust Certificates (AGC Trust)

Issue Amount (initial): JPY42.7 billion (J-CORE 13 Trust), JPY6.0
billion (AGC Trust)

Dividend: Floating

Issue Date (initial): December 18, 2007 (J-CORE 13 Trust),
September 7, 2007 (AGC Trust)

Legal Final Maturity: September, 2014 (J-CORE 13 Trust), August,
2014 (AGC Trust)

Underlying Asset (initial): Class A Trust Certificates backed by
the Tokkin loan receivables and Tokkin Trust Certificates
ultimately backed by the Specified Bond (J-CORE 13 Trust), Class B
Trust Certificates backed by the Tokkin loan receivables and
Tokkin Trust Certificates ultimately backed by the Specified Bond
(AGC Trust)

Originator: Deutsche Bank, Tokyo Branch

Arranger: Deutsche Securities Inc.

J-CORE 13/AGC Trust is a single-asset/single-borrower CMBS deal,
effected in 2007.

The originator first purchased a specified bond through Tokkin
Trust under Japan's Trust Law and which in turn received the
Tokkin Trust Certificates. At the same time, the originator
executed a loan to a Tokkin Trust (Tokkin loan receivables).

The originator then entrusted both the Tokkin loan receivables and
Tokkin Trust Certificates to another trustee, and in turn obtained
the Trust Certificates, which are divided into Classes A, B, C1,
C2, and X. The Trust Certificates are senior to the next junior
class sequentially.

The originator then sold the Class B Trust Certificates (AGC
Trust) through the arranger to investors.

The originator further entrusted cash and Class A of the Trust
Certificates to the J-CORE 13 Trust trustee, and, in turn,
obtained the Class A through E and Class X Trust Certificates and
which it then sold through the arranger to investors. The Trust
Certificates are rated by Moody's.

Dividends on the rated Trust Certificates are made using interest
collections as specified bond interest. The incurred losses from
the specified bond will be allocated in reverse sequential order,
starting with the most subordinate class of the Trust
Certificates.

The transaction is backed by a large office building in central
Tokyo.

Ratings Rationale:

Moody's has re-assessed the property's stabilized cash flows and
value in light of the rental market conditions in sub-markets
around the property. It has also re-evaluated the performance of
the underlying property in terms of occupancy rates and actual
rents. As a result, Moody's has decided to apply a higher level of
stress on the stabilized value, reducing it by about 51% from the
initial estimate.

Uncertainty over some assumptions is due to the current
macroeconomic environment for the commercial real estate market,
especially occupancy rates, rents and the lending policies of the
banks.

Vacancy rates in Tokyo's business areas are fluctuating between 8%
and 9%, and rents continue to decline moderately. In the non-Tokyo
office market, high vacancy rates continue to weigh on rents.

The steady decrease in disposable personal income in Japan --
owing to the ongoing economic downturn and the proposed increase
in the consumption tax -- will continue to weaken the sales and
profits of the retail sector. Such a development will in turn
lower rents for retail properties.

On the other hand, occupancy rates and rents will remain stable in
the residential market. In the hotel sector, however, occupancy
rates have recovered since the March 2011 earthquake and tsunami.
But the average daily rate has not yet recovered because of the
general economic downturn.

However, domestic lenders are aggressively financing loans to the
real estate market. This trend will continue in next 6-12 months.

The analysis is based mainly on 1) the quality of the underlying
property; 2) the amortization mechanism; 3) the credit support
provided by the senior/subordinated structure, as illustrated by
the loan-to-value (LTV) ratio and level of stressed DSCR ; and 4)
the legal and structural integrity of the transaction.

The key parameters in this analysis are Moody's value assessment
for the properties securing backing loans and the LTV levels for
each of the rated classes based on Moody's net cash flow and value
for the underlying property.

In Moody's analysis, it assumes that all backing loans will miss
their scheduled maturity dates.

Therefore, Moody's analysis encompasses the assessment of stress
scenarios.

The principal methodology used in these ratings was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
published in June 2010.


* S&P Puts CCC-Rated CDO Transactions on Creditwatch Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
ratings on four Japanese synthetic collateralized debt obligation
(CDO) transactions on CreditWatch with positive implications and
one transaction on CreditWatch with negative implications.  At
the same time, S&P kept the rating on Corsair (Jersey) No. 2's
series 58 CDO transaction on CreditWatch with negative
implications (see list below).  S&P placed its rating on series 58
on CreditWatch negative on Jan. 18, 2013.

The CreditWatch positive placements reflect the tranches'
synthetic rated overcollateralization (SROC) levels, which
exceeded 100% with sufficient SROC cushion at higher ratings than
the current ratings as of Jan. 31, 2013.  Meanwhile, S&P placed or
kept on CreditWatch negative its ratings on two transactions
because these tranches had SROC levels that were less than 100% at
the current rating as of the same date.

S&P intends to review the six tranches by the end of this month.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS PLACED ON CREDITWATCH POSITIVE
Silk Road Plus PLC
Limited-recourse secured floating-rate credit-linked notes series
2 class B1-U
To                      From           Amount
BB- (sf)/Watch Pos      BB- (sf)       $70.0 mil.

Limited-recourse secured variable return combination credit-linked
notes
series 6 class B3-U
To                      From           Amount
BB-pNRi (sf)/Watch Pos  BB-pNRi (sf)   $14.0 mil.

Limited recourse secured floating-rate credit-linked notes series
10 class
A1-E
To                      From           Amount
BB+ (sf)/Watch Pos      BB+ (sf)       EUR10.0 mil.

Hummingbird Securitisation Ltd.
Series 2 loan
To                      From           Amount
CCC+ (sf)/Watch Pos     CCC+ (sf)      JPY3.0 bil.

RATINGS PLACED ON CREDITWATCH NEGATIVE
Corsair (Jersey) No. 2 Ltd.
Series 46 credit default swap
To                      From           Amount
BBsrp (sf)/Watch Neg    BBsrp (sf)     JPY3.0 bil.

RATING KEPT ON CREDITWATCH NEGATIVE
Corsair (Jersey) No. 2 Ltd.
Fixed rate credit-linked loan series 58
To                      From               Amount
B+ (sf)/Watch Neg       B+ (sf)/Watch Neg  JPY3.0 bil.



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


MAINZEAL PROPERTY: Subcontractors Seek Help From Politicians
------------------------------------------------------------
Marta Steeman at stuff.co.nz reports that anxious Christchurch
subcontractors owed millions of dollars by Mainzeal Property and
Construction will be seeking the help of politicians to require
retention money to be held in trust by a third party.

About 30 Christchurch subbies meet on February 14 to talk over
their plight at a meeting organised by Peter Diver Plumbing and
Drainage, the report relates.

According to the report, Peter Diver said retentions were amounts
of money held by building companies as a type of bond until
subcontractors completed their work. But he believed the building
companies used them to fund their overheads and subbies had to
virtually beg to get the money back.

stuff.co.nz relates that Mr. Diver said many of the subbies owned
money by Mainzeal were resigned to the fact that under
receiverships they were usually lucky to get anything.  But they
regarded retentions as the most serious issue.

Mr. Diver said the subbies did not want to boycott or picket the
Mainzeal sites because they felt it was pointless, the report
relays.

"They are looking at trying to persuade politicians to look into
the plight of tradesmen. They are second class citizens in the
commercial world," stuff.co.nz quotes Mr. Diver as saying.
"Retentions held by a trust. That would be one of the ways of
protecting the money."

He urged building owners to play their part by asking building
contractors each time they made a progress payment if the
subcontractors had been paid, the report adds.

                      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.


NZF MONEY: Investors to Get Payout Following Settlement Deal
------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that investors
in NZF Money, who are owed NZ$16.4 million, are to receive their
first payout in April after the failed finance firm reached an
out-of-court settlement with its parent company.

The receivers of NZF Money had claimed last year that the finance
company sold its home loan division to its parent, NZF Group, for
NZ$3 million less than it was worth, the Herald recalls.

In doing so NZF Money directors at the time of the sale --
Peter Huljich, Pat O'Connor, Mark Thornton, John Callaghan and
Richard Waddel -- allegedly breached their duty to act in the
company's best interest, the Herald says.  At the time, the five
were also directors and held a substantial amount of shares in NZF
Group.

According to the report, receivers KordaMentha were seeking
damages and compensation from the company and other defendants and
a two-week hearing relating to the case was due to begin on
February 18.

However, in a statement to the local stock exchange, NZF Group
said it had reached an out-of-court settlement with the receivers
and had contributed NZ$975,000 to the deal, the Herald relates.

It is not clear what the total amount of the settlement is, and
while KordaMentha's Brendon Gibson said the deal was confidential,
the amount will have to be disclosed in the receivers' statutory
report due by July, the report says.

Mr. Gibson said the settlement means NZF will be able to make its
first payment to investors in April, the Herald adds.

                          About NZF Money

NZF Money Limited, previously known as New Zealand Finance
Limited, provided financial services with its core activity being
a diversified range of services including; investment, lending,
insurance and mortgage broking.  NZF Money is the deposit-taking
subsidiary of NZF Group.

NZF Money was put in receivership in July 2011 after its parent
failed to secure short-term funding needed to keep the finance
company afloat. The shortfall arose after the Financial Markets
Authority forced the company to pull its debenture prospectus
which hoped to raise NZ$350 million over the issues around asset
quality and liquidity disclosure.

In March 2012, the Serious Fraud Office said that it has commenced
a Part II investigation into NZF Group Limited, NZF Money Limited,
and their related companies.

SFO and the Financial Markets Authority (FMA) together have been
assessing a range of allegations relating to the conduct of the
group. The primary focus of the SFO assessment relates to alleged
related party transactions between members of the group, its
directors and officers. The transactions cover a period from 2006
to the present.


OTAGO BOWLING: Placed Into Liquidation
--------------------------------------
Otago Daily Times reports that the defunct Otago Bowling Club has
been placed into liquidation as part of an investigation into what
happened with the proceeds of the sale of its club and ground last
year.

This comes after an investigation by the registrar of incorporated
societies was sparked after it received a complaint about the sale
of the club last June, Otago Daily says.  According to the report,
Bowls Dunedin initially made a complaint to police, who then
passed it on to the Companies Office, which manages the registrar
of incorporated societies. It is understood the club's buildings
and land in Arthur St were sold for NZ$350,000.

Otago Daily relates that Associate Judge Rob Osborne approved the
application for liquidation in the High Court at Dunedin on
February 11.  The report says the registrar had sought that the
club be liquated so it could further investigate allegations,
which included that the proceeds of the sale were spilt among
members - going against the club's constitution, which stated that
it should have been given to community interests.

In his ruling Associate Judge Osborne said the investigation had
found that payments made to the club's members from the proceeds
of the sale may not have been properly authorized, the report
relays.

According to Otago Daily, Associate Judge Osborne said the
investigation also found that there were "serious shortcomings" in
the way the club was run and that the sale itself may not have
received proper authorization.

The Otago Bowling Club was formed in 1906 and folded in 2011
because of insufficient members.


ROSS ASSET: 7-Member Liquidation Committee Named
------------------------------------------------
BusinessDesk reports that Bruce Tichbon, who set up the support
group for investors in the failed Ross Asset Management, and
former commercial lawyer John Strahl are among those named to a
liquidation committee set to meet this month.

BusinessDesk says the seven-member committee cannot make binding
demands on liquidators John Fisk and David Bridgman of PWC but the
pair are obliged to have regard for its views.

Assets of the Ross group of companies remain frozen pending the
outcome of the committee's meeting on February 25 after a High
Court ruling earlier this month, the report notes.

According to BusinessDesk, Messrs. Tichbon and Strahl, formerly a
partner at DLA Phillips Fox, are joined by Jason Fullerton-Smith,
chief financial officer of Kordia NZ, energy planner Tom
Halliburton, management consultant Peter MacDonald, IT contractor
Barrington Prince and property valuer Arthur Stewart.

BusinessDesk relates that the committee is made up of Ross group
creditors to represent those people owed by the fund manager and
was chosen by a vote.

The various funds were frozen after a Financial Markets Authority
Investigation, and the Serious Fraud Office is also inquiring into
the case, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).


SILVER FERN: Rejects Liquidation Claims
---------------------------------------
Michael John Oliver at The Farming Show reports that Silver Fern
Farms Limited is rejecting claims it's on the brink of
liquidation.

The report relates that an email campaign among meat suppliers has
claimed Silver Fern Farms is on its last legs.

The company posted an annual after tax loss of NZ$31 million last
year.

According to the report, Silver Fern Farms boss Keith Cooper said
the rumours of an imminent collapse are nonsense.

"We're writing cheques out to the rate of $40-50 million a week,
we're getting sales revenue in around $60 million a week," the
report quotes Mr. Cooper as saying.  "We're alive and well, and
we're probably kicking a bit too."

The Farming Show relates that Mr. Cooper said the rumors of the
company's alleged financial trouble began late last year following
the company's annual report.

He said Silver Fern Farms responded to a letter questioning the
amount of debt the company had taken on, refuting what he says
were erroneous claims, the report relays.

Mr. Cooper said the comfortably within its NZ$500 million facility
limit.

Based in Dunedin, New Zealand, Silver Fern Farms Limited --
http://www.silverfernfarms.co.nz/-- is a meat-marketing and
processing company, exporting sheep meat, beef, venison and
associated products to about 60 countries.  The company employs
more than 6,000 staff.



=====================
P H I L I P P I N E S
=====================


PHILIPPINE NATIONAL: Moody's Affirms Ba2 Rating After ABC Merger
----------------------------------------------------------------
Moody's Investors Service has affirmed all its ratings on
Philippine National Bank (PNB), which is the surviving entity
following its merger with Allied Banking Corporation (ABC). The
merger was legalized on February 9.

Furthermore, since ABC has ceased to exist as a legal entity and
all its liabilities were assumed by PNB in the merger, Moody's has
withdrawn all of ABC's outstanding ratings.

A full list of PNB's and ABC's affected ratings is provided at the
end of this press release.

Post-merger, Moody's affirms a stable outlook on PNB's local and
foreign currency deposit of Ba2 and its subordinated debt rating
of Ba3, while at the same time keeping a positive outlook on PNB's
standalone bank financial strength rating (BFSR) of E+, which maps
to a baseline credit assessment of b1.

Ratings Rationale:

The positive outlook on the bank's standalone credit standing
reflects Moody's expectations of improvements in PNB's financial
performance, in particular with regards to cost efficiency and
asset quality, which will likely bring its credit profile closer
to the industry average within one to two years.

While the merger will pose some integration challenges, these
difficulties are expected to be manageable given the alignment of
work streams and processes that has taken place since the merger
plan started being implemented in 2008.

Moody's will assess the merit of an upgrade of PNB's BFSR once
reported results fully reflect the business combination from an
accounting point of view, and if the results continue to point
towards the positive benefits that Moody's expects from the
merger.

Nonetheless, the stable outlook on PNB's long-term ratings signals
that its deposit and subordinated ratings are unlikely to be
upgraded in the short-term, even if the BFSR were to be upgraded.

Moody's estimates that post-merger, PNB's share of system deposits
is 7% and its share of system loans is 6%. By contrast, its share
of system deposits and loans pre-merger was about 4%.

While PNB's systemic importance has increased, its larger share of
system deposits and loans is insufficient to result in an upgrade
of its long-term rating unless the bank's BFSR is upgraded by two
notches, all other assumptions remaining equal.

PNB's ratings are as follows:

BFSR of E+, which maps to b1 on the long-term scale

Local currency and foreign currency long-term/short-term deposit
rating of Ba2/NP

Local currency subordinated debt rating of Ba3

The outlook on PNB's BFSR was affirmed at positive. The outlook on
its other ratings remains stable.

The ratings on ABC that are withdrawn are:

BFSR of E+, which maps to b1 on the long-term scale

Foreign currency long-term/short-term deposit rating previously
rated Ba3/NP

Local currency subordinated debt rating previously rated B1

The methodology used in these ratings was Moody's Consolidated
Global Bank Rating Methodology published in June 2012.

Headquartered in Manila, Philippines, Philippine National Bank
reported total assets of PHP321 billion (USD9.5 billion) as at
September 30, 2012.

Headquartered in Manila, Philippines, Allied Banking Corporation
reported total assets of PHP189 billion (USD5.6 billion) as at
Sept. 30, 2012.



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


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

Managed Investments PCC Limited filed the petition against the
company on Feb. 5, 2013.

The Petitioner's solicitors are:

         Messrs. Allen & Gledhill LLP
         One Marina Boulevard #28-00
         Singapore 018989


ISO-BUILD CORPORATION: Creditors' Proofs of Debt Due March 1
------------------------------------------------------------
Creditors of Iso-Build Corporation Pte Ltd are required to file
their proofs of debt by March 1, 2013, to be included in the
company's dividend distribution.

The company's liquidator is:

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


KELAI GEOTHERMAL: Creditors' Proofs of Debt Due March 13
--------------------------------------------------------
Creditors of Kelai Geothermal Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 13, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

         Mark Sims Chadwick
         8 Shenton Way #17-02A
         AXA Tower
         Singapore 068811


QIAN HUI: Creditors Get 25.15899% Recovery on Claims
----------------------------------------------------
Qian Hui Manufacturing (S) Pte Ltd declared the preferential
dividend on Feb. 8, 2013.

The company paid 25.15899% to the received claims.

The company's liquidator is:

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


RIGHT ANGLE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Feb. 8, 2013, to
wind up The Right Angle Media Pte Ltd's operations.

Bradley John Dillon trading as Most Wanted Pictures filed the
petition against the company.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO LLP
         21 Merchant Road #05-01
         Royal Merukh SEA Building
         Singapore 058267


STATS CHIPPAC: Moody's Rates New USD Sr. Unsecured Notes (P)Ba1
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba1 rating
to STATS ChipPAC Ltd's proposed USD senior unsecured notes.

The outlook for the ratings is stable.

Ratings Rationale:

"The (P)Ba1 rating reflects STATS ChipPAC's standalone credit
fundamentals of Ba2 given its solid operating track record as
evidenced by its moderate leverage position in the 2x range and
proven ability of managing capex through the cycle to preserve
cash," says Annalisa Di Chiara, a Moody's Vice President.

The (P)Ba1 also incorporates Moody's assessment of a one-notch
rating uplift from the expected support of its parent, Singapore
Technologies Semiconductors Pte Ltd, which in turn is a wholly
owned subsidiary of the Singapore government-owned investment
company, Temasek Holdings Pte Ltd (Aaa stable).

Moody's also notes that the proposed bond issuance will help STATS
ChipPAC redeem early its $600 million notes due in 2015 through an
exchange offer.

"The provisional bond rating assumes that all proceeds raised in
conjunction with this transaction will be used for debt repayment,
such that it is leverage neutral. If successful, this transaction
helps STATS ChipPAC extend its debt maturity profile as well as
benefit from some savings in interest, factors we view
positively," says Di Chiara, who is also Moody's Lead Analyst for
the company.

Moody's expects debt/EBITDA to remain at around 2.25x and
debt/capital to be at 45% over the next one to two years.

"STATS ChipPAC has a track record of executing its business model
under a prudent financial policy and we believe this will
continue. Its balance sheet liquidity, with cash and cash
equivalents of US$210 million, further supports its rating," adds
Di Chiara.

The potential for near-term upward ratings pressure is limited.
However, over time, the company's ratings could be upgraded if: 1)
it improves its capital structure on a sustained basis, and
adheres to its prudent financial policy; 2) continues to implement
its business strategies successfully, thereby growing its revenue
base and profitability; 3) generates free cash flow for permanent
debt reduction, such that adjusted debt/EBITDA drops below 1.0x
and adjusted debt/capital drops below 15% on a sustained basis;
and 4) it maintains strong balance-sheet liquidity to provide a
buffer against industry cyclicality.

On the other hand, downward ratings pressure could evolve if: 1)
STATS ChipPAC suffers a reduced asset utilization rate, decreasing
profitability and cash flow-generating capability, such that its
adjusted debt/EBITDA increases above 2.5x on a sustained basis,
and EBIT/interest is sustained below 2.5x-3.0x over the cycle; 2)
a cyclical industry downturn emerges and significantly impairs the
company's debt-servicing ability; and/or 3) STATS ChipPAC
undertakes an aggressive debt-funded acquisition or dividend
policy that pressures its balance-sheet leverage and liquidity.

Furthermore, a significant reduction in Singapore Technologies
Semiconductors' controlling stake -- which would weaken the
support level for STATS ChipPAC -- would be negative for STATS
ChipPAC's ratings.

The principal methodology used in this rating was Global
Semiconductor Industry Methodology published in December 2012.

STATS ChipPAC Ltd. is the fourth largest player in the global
outsourcing semiconductor assembly and test industry. It provides
full turnkey solutions to semiconductor companies, among them
foundries, integrated device manufacturers, and fabless companies
in the US, Europe, and Asia.


WE DO: Creditors' Proofs of Debt Due March 14
---------------------------------------------
Creditors of We Do Technologies Singapore Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 14, 2013, to be included in the company's
dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way Tower Two, #32-00
         Singapore 068809



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------


Feb. 17-19, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Advanced Consumer Bankruptcy Practice Institute
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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 ***