TCRAP_Public/130221.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

          Thursday, February 21, 2013, Vol. 16, No. 37


                            Headlines


A U S T R A L I A

ILLAWARRA SERIES: Fitch Affirms 'BB' Rating on Class B Certs.
NEWCASTLE KNIGHTS: Tinkler Settles Two ATO Debt Cases
WESTERN LIBERTY: Moody's Downgrades Senior Debt Rating to 'Ba1'
* Moody's Completes Review of CIRs from two Australian RMBS Deals


C H I N A

AMERICAN NANO: Incurs $446,000 Net Loss in Fiscal 1st Quarter
CHINACAST EDUCATION: Funds Sue Deloitte & Touche Over Losses
EVERGRANDE REAL: S&P Revises Outlook to Stable; Affirms 'BB' CCR
GLORIOUS PROPERTY: S&P Assigns 'B-' Rating to Proposed US$ Notes
MCE FINANCE: Moody's Assigns B1 Rating to US$1-Bil. Senior Bonds


H O N G  K O N G

ENGINEERING LIMITED: Chan and Chow Step Down as Liquidators
GOLDEN YEAR: Creditors' Meeting Set for March 1
HENLY ENGINEERING: Annual Meetings Set for March 14
HEP B: Members' Final General Meeting Set for Feb. 28
HK BIO: Annual Meetings Set for March 8

HK VISION: Chan Mei Bo Mabel Steps Down as Liquidator
HK YANG: Annual Meetings Set for March 8
HOI FAI: Members' Final General Meeting Set for March 19
IDONA INVESTMENT: Members' Final Meeting Set for March 12
JOINT WEALTHY: Annual Meetings Set for March 14

KING LAU: Members' Final Meeting Set for March 12
LONGWAY CONSTRUCTION: Annual Meetings Set for March 14
MACQUARIE EQUITIES: Creditors' Proofs of Debt Due March 11
MACQUARIE FUTURES: Creditors' Proofs of Debt Due March 11
MARTINAIR FAR: Members' Final Meeting Set for March 8


I N D I A

AROCHEM INDUSTRIES: CRISIL Puts 'B' Ratings on INR75MM Loans
ASHWANI KUMAR: CRISIL Cuts Ratings on INR84.1MM Loans to 'B+'
CINEOLA DIGITAL: CRISIL Rates INR50MM Cash Credit at 'B'
EMPOWER GENSETS: CRISIL Assigns 'C' Ratings to INR32.8MM Loans
EXODUS FUTURA: Delays in Loan Payment Cues CRISIL to Junk Ratings

MAINI GROUP: CRISIL Rates INR70MM Term Loan at 'CRISIL B'
MAYA ENGINEERING: CRISIL Puts 'C' Ratings on INR45.5MM Loans
RANGA RAJU: CRISIL Assigns 'B+' Ratings to INR180MM Loans
RAVI OFFSET: CRISIL Assigns 'B-' Ratings to INR205MM Loans
VARA LAKSHMI: CRISIL Assigns 'B' Ratings to INR53MM Loans

* Telecom Regulator Sees Limited Prospect for Reviving 3 Firms


I N D O N E S I A

* INDONESIA: Flood Losses Manageable For Insurers, Fitch Says


J A P A N

RENESAS ELECTRONICS: May Replace President Akao This Month


N E W  Z E A L A N D

KITCHEN HOUSE: Customers Seek to Recover Deposits
MAINZEAL PROPERTY: Unit Owes More Than NZ$14MM, Liquidator Says
MAINZEAL PROPERTY: Receivers Nearly Completes Initial Assessment


                            - - - - -


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


ILLAWARRA SERIES: Fitch Affirms 'BB' Rating on Class B Certs.
-------------------------------------------------------------
Fitch Ratings has affirmed 8 tranches from four transactions from
the Illawarra series of residential mortgage-backed securities
(RMBS).  These transactions are backed by pools of first-ranking
Australian residential mortgages originated by IMB Limited.

The rating actions are:

Illawarra Series 2004-1 RMBS Trust:
-- AUD56.2m Class A-2 (ISIN AU300ILWC028) affirmed at 'AAAsf';
    Outlook Stable
-- AUD12.5m Class B (ISIN AU300ILWC036) affirmed at 'BBsf';
    Outlook Stable

Illawarra Series 2005-1 RMBS Trust:
-- AUD71.6m Class A (ISIN AU300ILWD018) affirmed at 'AAAsf';
    Outlook Stable
-- AUD13m Class B (ISIN AU300ILWD026) affirmed at 'BBsf';
    Outlook Stable

Illawarra Series 2006-1 RMBS Trust:
-- AUD107.4m Class A (ISIN AU3FN0000139) affirmed at 'AAAsf';
    Outlook Stable
-- AUD12.5m Class B (ISIN AU3FN0000147) affirmed at 'BBsf';
    Outlook Stable

Illawarra Series 2010-1 RMBS Trust:
-- AUD144.0m Class A (ISIN AU3FN0010468) affirmed at 'AAAsf';
    Outlook Stable
-- AUD11m Class AB (ISIN AU3FN0010476) affirmed at 'AAAsf';
    Outlook Stable

The affirmations reflect Fitch's view that credit enhancement
levels are able to support the notes' current ratings. The
sequential amortization of the notes has resulted in an
improvement in credit enhancement for all senior notes. The
transactions have performed well, with the credit quality and
performance of the loans in the collateral pools reflecting IMB's
conservative lending standards.

Since closing, the 30+ days arrears levels for the four Illawarra
RMBS transactions have been below Fitch's 30+days Dinkum Index. As
at Dec. 31, 2012, Illawarra Series 2004-1 RMBS Trust had the
highest level of arrears at 1.03%, while Illawarra Series 2005-1
RMBS Trust recorded no loans in arrears. The transactions have
experienced low levels of losses and all losses have been covered
by LMI or excess spread.

These pools all have lender mortgage insurance provided by QBE
Lenders' Mortgage Insurance Limited (AA-/Stable), Genworth
Financial Mortgage Insurance Pty Ltd and Housing Loan Insurance
Corporation. Of the four transactions, Illawarra Series 2006-1
RMBS Trust experienced the highest cumulative claims on LMI at
0.04% of the original balance, while Illawarra Series 2010-1 Trust
has not experienced any losses to date.


NEWCASTLE KNIGHTS: Tinkler Settles Two ATO Debt Cases
-----------------------------------------------------
The Australian reports that the Federal Court has dismissed two
tax debt cases against troubled millionaire businessman
Nathan Tinkler's sports interests, including the Newcastle
Knights, after settlements were reached between the parties.

The Australian relates that in the court in Sydney on
February 20, the Australian Taxation Office cases against the
Knights and Mr. Tinkler's Hunter Sports Group were dismissed "on
the basis an accommodation has been reached" but a third tax debt
case involving the Newcastle Jets soccer club was adjourned until
April 5 along with other actions involving businesses associated
with Mr. Tinkler.

The report, citing documents filed in the Federal Court in Sydney,
discloses that the Knights owed more than AUD1.4 million to the
tax office, the Jets owed just over AUD1 million, while Hunter
Sports Group was AUD184,000 in the red.

The dismissal of the case against the Knights dispels fears over
the club's future, the report notes.

According to the report, the ATO had applied for the Knights, the
Jets and the Hunter Sports Group to be wound up due to unpaid
debts.

The court ordered that in the cases of the two dismissed actions,
the defendants pay the ATO AUD4,538 in costs for each case, The
Australian.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 12, 2012, smh.com.au related that former billionaire
Nathan Tinkler's legal battles continue, with the ATO confirming
it will seek to wind up one of his main private entities, Tinkler
Group Holdings Administration, over unspecified debts.  Two of
Mr. Tinkler's companies, Mulsanne Resources and Patinack Farm
Administration, are in liquidation and another, TGHA Aviation, is
in receivership.  The ATO has also filed wind-up proceedings
against Queen St Capital.


WESTERN LIBERTY: Moody's Downgrades Senior Debt Rating to 'Ba1'
------------------------- -------------------------------------
Moody's Investors Service downgraded the senior secured rating of
Western Liberty Group Finance Pty Ltd to Ba1 from Baa2. The
outlook on the rating remains negative.

WLGF is the financing vehicle for Western Liberty Group Pty Ltd,
which is a special purpose entity set up to design, construct,
operate, and provide long term maintenance for Perth Courts in
Western Australia under a public private partnership.

Ratings Rationale:

"The rating downgrade reflects continued refinancing challenges
facing WLGF due to prevailing credit margins remaining materially
above the levels incorporated in the original rating" says Mary
Anne Low, a Moody's Analyst.

WLGF has outstanding bonds of AUD77 million, which were issued in
2006 at a credit margin that is significantly lower than the
currently prevailing level. The bond has a scheduled maturity in
2018 and a legal maturity in 2020.

"These refinancing challenges, plus WLGF's inherently very high
financial leverage, position the company's credit profile at a
level that is no longer consistent with investment grade rating",
adds Low. Moody's had previously highlighted that WLGF's rating
was very weakly positioned and exposed to downward momentums.

"WLGF has limited financial flexibility, given its high financial
leverage, coupled with its inability to increase its revenues to
provide the required coverage of increased debt service costs,"
says Low, adding, "As the proximity to maturity draws nearer, the
absence of any committed capital restructure plans and/or any
material improvement in capital market conditions adds further
challenges to the Ba1 rating."

Moody's notes that WLGF has mitigated its exposure to changes in
the base interest rate (as opposed to the credit margin) through a
forward starting swap mechanism commencing on the refinance date.

WLGF's rating continues to consider its predictable cashflow
generation prior to the refinance, despite some operating issues,
given the project's low business risk profile underpinned by an
availability-based revenue stream from the State of Western
Australian (State; rated Aaa) and extensive subcontracting of its
performance obligations at the courts.

Moody's understands that day-to-day operations of the courts have
improved over the last year, and WLGF have so far not been
materially impacted by any performance issues as all abatements
have been absorbed by the relevant subcontractors. Moody's notes
that the project has successfully secured additional revenue from
the State through its recent benchmarking exercise. However, the
overall impact on WLGF's financial profile was minimal and did not
alter its very weak financial profile, as the allowed increased in
revenue will absorb the corresponding increases in costs of the
project.

The negative outlook reflects ongoing refinancing challenges,
given the heightened credit margins and WLGF's weak coverage
metrics and limited financial flexibility.

Accordingly, the rating could undergo further downward trend over
time. The rating is unlikely to see any positive momentum in the
absence of a committed plan that addresses the refinancing task in
2018.

The principal methodology used in this rating was Operating Risk
in Privately-Financed Public Infrastructure (PFI/PPP/P3) Projects
published in December 2007.


* Moody's Completes Review of CIRs from two Australian RMBS Deals
-----------------------------------------------------------------
Moody's Investors Service has concluded its review on two
counterparty instrument ratings (CIRs) from two Australian RMBS
transactions.

The affected ratings are as follows:

Issuer: Interstar Millennium Series 2004-1E Trust

EUR14M Counter Instrument Rating - Class B Certificate, Downgraded
to B1 (sf); previously on Nov 20, 2012 A3 (sf) Placed Under Review
for Possible Downgrade

Issuer: RHG Mortgage Securities Trust in respect of Series 2007-
1HE

EUR24M Counterparty Instrument Rating Notes, Downgraded to B1
(sf); previously on Nov 20, 2012 A3 (sf) Placed Under Review for
Possible Downgrade

Ratings Rationale:

The CIRs assigned to the two foreign currency swaps address the
expected loss posed to the Royal Bank of Scotland (RBS, A3,
negative outlook), the counterparty, in relation to the payment
obligations of the relevant trusts.

Interstar Millennium Series 2004-1E Trust

Under the terms of this currency swap, if the trust only makes a
partial interest or principal payment due to RBS, an Additional
Termination Event will be triggered. The ability of the trust to
make such payments reflects its ability to make timely interest
and principal payments on the Class B notes. The CIR is therefore
highly linked to the rating of the Class B notes, and no
additional cash flow analysis or stress scenarios have been
conducted.

RHG Mortgage Securities Trust Series 2007-1HE

Under the terms of this currency swap, if the trust makes a
partial interest payment to RBS, then in such an instance, RBS is
entitled to terminate the swap.

The ability of the trust to make timely interest payments may be
hampered if a servicer transfer event occurs. The transaction
currently has 1% of the outstanding notes amount as liquidity.
This amount is equivalent to around five weeks of senior fees and
notes interest at stressed rates.

The servicer in this transaction is RSPL, an unrated entity. RSPL
has delegated its role to another unrated entity, Unisys Mortgage
Processing (RHG) Pty Limited (Unisys). The security trustee, BNY
Trust Company of Australia Pty Limited (BNY), is the cold standby
back-up servicer to RSPL. There is no back-up servicing plan to
address potential servicer transfer.

In Moody's view, a servicing disruption of more than two months
may occur if there is a servicer transfer event.

Hence, the likelihood of an interest payment on the Class B swap
being missed is high in the case of a servicer transfer. And if
the swap is terminated, then termination payments payable by the
trust will rank junior in the income waterfall.

The rating of this CIR is downgraded to B1 (sf), reflecting the
likelihood that Class B interest payments will be missed in the
event that the unrated servicer needs to be transferred and in
view of the expected loss to RBS on the swap termination payment.

Moody's did not conduct any additional cash flow analysis or
stress scenarios because the servicer is unrated.

Rating Methodology

The principal methodology used in these ratings was "Moody's
Approach to Counterparty Instrument Ratings" published in February
2012.



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


AMERICAN NANO: Incurs $446,000 Net Loss in Fiscal 1st Quarter
-------------------------------------------------------------
American Nano-Silicon Technologies, Inc., reported a net loss of
$445,684 on $33,396 of revenues for the three months ended
Dec. 31, 2012, compared with a net loss of $216,009 on $0 revenues
for the three months ended Dec. 31, 2011.

The Company's balance sheet at Dec. 31, 2012, showed $28.5 million
in total assets, $14.7 million in total liabilities, and
stockholders' equity of $13.8 million.

The Company had negative cash flow from operations for the three
months ended Dec. 31, 2012, and the Company's current liabilities
exceed its current assets by $7.3 million as of that date.  The
Company suspended manufacturing operations in May 2011 as part of
an effort to relocate the production facilities.  The Company
resumed limited production on Jan. 2, 2012.

According to the regulatory filing, the current cash and inventory
level will not be sufficient to support the Company's resumption
of its normal operations and repayments of the loans.  "These
factors raise substantial doubt about the Company's ability to
continue as a going concern.  The Company will need additional
funds to meet its operating and financing obligations until
sufficient cash flows are generated from anticipated production to
sustain operations and to fund future development and financing
obligations."

A copy of the Form 10-Q is available at http://is.gd/LJ3MPW

                        About American Nano

Based in Sichuan, China, American Nano-Silicon Technologies, Inc.,
has been primarily engaged in the business of manufacturing and
distributing refined consumer chemical products through its
subsidiaries, Nanchong Chunfei Nano-Silicon Technologies Co.,
Ltd., Sichuan Chunfei Refined Chemicals Co., Ltd.,  and Sichuan
Hedi Veterinary Medicines Co., Ltd.

The Company reported a net loss of $2.1 million on $89,378 of
revenues in fiscal 2012, compared with net income of $3.4 million
on $16.1 million of revenues in fiscal 2011.

Friedman LLP, in New York, noted that the Company suspended its
operations in May 2011.  "In addition, the Company has suffered
negative cash flows for the year ended Sept. 30, 2012, and has a
net working capital deficiency as of Sept. 30, 2012, that raises
substantial doubt about its ability to continue as a going
concern."


CHINACAST EDUCATION: Funds Sue Deloitte & Touche Over Losses
------------------------------------------------------------
Christie Smythe at Bloomberg News reports that Deloitte & Touche
LLP was sued by a group of investment funds over "tens of millions
of dollars in losses" allegedly caused by the accounting firm's
failure to properly audit ChinaCast Education Corp.

The funds, including Columbia Pacific Opportunity Fund LP and Fir
Tree Value Master Fund LP, are seeking to recover losses in
ChinaCast securities purchased from March 31, 2008, to March 30,
2012, Bloomberg relates citing a lawsuit filed in federal court in
Manhattan.

"Deloitte recklessly failed to conduct even the most basic audit
procedures and blatantly violated numerous accounting standards,"
the funds said in the Feb. 15 complaint, citing losses in the
"tens of millions," Bloomberg relays

According to the report, the funds said in the complaint the
company at issue in the case was formed originally as Great Wall
Acquisition Corp., a special-purpose entity created with the
intent to merge with another firm.  In 2006, it purchased Chinese
e-learning company ChinaCast Communication Holdings Ltd. and began
trading on the Nasdaq exchange under the name of ChinaCast
Education Corp., according to the filing obtained by Bloomberg.

The company took out massive loans and pledged its assets to third
parties without making disclosure to investors, according to the
complaint. Its former chief executive officer also engaged in
"brazen looting" by diverting $35 million in cash to parties
outside the company, the funds alleged.

ChinaCast said in May that Nasdaq had decided to delist it from
the exchange, Bloomberg adds.


EVERGRANDE REAL: S&P Revises Outlook to Stable; Affirms 'BB' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on Chinese property developer Evergrande Real
Estate Group Ltd. to stable from negative.  At the same time, S&P
affirmed the 'BB' long-term corporate credit rating on Evergrande
and the 'BB-' issue rating on the company's outstanding senior
unsecured notes.  As a result of the outlook revision, S&P raised
its Greater China credit scale rating on Evergrande to 'cnBBB-'
from 'cnBB+' and that on the notes to 'cnBB+' from 'cnBB'.

"We revised the outlook to reflect our view that a negative U.S.
research report on the company in June last year has no long-term
implications and that Evergrande will be less aggressive about
funding growth with debt this year," said Standard & Poor's credit
analyst Bei Fu.  "We expect the company's sales execution to
remain strong over the next 12 months, at least."

S&P believes the negative impact of a report on Evergrande by
Citron Research, a U.S. investment research company, has proved
short-lived.  S&P's view takes into consideration the following
indicators: (1) the company has access to equity markets to raise
funds and issued shares in January 2013; (2) its bond trading
prices are in line with peers' and have risen in the past few
months; (3) Evergrande was able to obtain an offshore bank loan
for the first time, although it was a small amount; and (4) the
company's onshore bank access and operations remain intact.

Evergrande is likely to tackle its high leverage this year.
Management intends to keep the debt at a reasonable level, which
is not much higher than that at the end of 2012.  S&P expects
Evergrande to achieve or exceed its target sales of Chinese
renminbi (RMB) 100 billion in 2013, given supportive market
conditions and its large number of new projects for sale.

S&P affirmed the ratings to reflect Evergrande's still-aggressive
growth appetite and debt-funded expansion, limited track record in
prudent financial management, and weak corporate governance
framework.  The rating also factors in the company's good
execution, competitively priced products, and its large,
geographically diversified, low-cost land bank.  Evergrande also
has good cost controls and growing economies of scale.

"The stable outlook reflects S&P's expectation that Evergrande
will adopt a more disciplined growth strategy and control its
leverage over the next 12 months at least," said Ms. Fu.  S&P
expects the company to continue to execute its asset-churn model
while maintaining largely stable profit margins.

S&P could lower the rating if Evergrande deviates from its core
business, or its sales and profitability are materially lower than
S&P expects, or its debt-funded expansion is more aggressive than
S&P anticipates.  Downgrade triggers include a debt-to-EBITDA
ratio of more than 5x, EBITDA interest coverage of less than 3x,
and unrestricted cash of less than RMB10 billion on a sustainable
basis.

S&P could raise the rating if Evergrande demonstrates consistent
and prudent financial management.  A ratio of debt to EBITDA of
less than 3x on a sustained basis would indicate such strength.


GLORIOUS PROPERTY: S&P Assigns 'B-' Rating to Proposed US$ Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' issue rating
and its 'cnB' Greater China regional scale rating to a proposed
issue of U.S.-dollar denominated senior notes by Glorious Property
Holdings Ltd. (B/Negative/--; cnB+/--).  The ratings are subject
to S&P's review of the final issuance documentation.  The company
intends to use the proceeds from the proposed issuance to
refinance its existing debt and for general corporate purposes.

The issue rating on Glorious' proposed notes is one notch lower
than the corporate credit rating to reflect S&P's opinion that
offshore noteholders would be materially disadvantaged, compared
with onshore creditors, in the event of default.  In S&P's view,
the company's ratio of priority borrowings to total assets will
remain above S&P's notching threshold of 15% for speculative-grade
debt.

The rating on Glorious reflects S&P's view that the company has
"less than adequate" liquidity, as defined in S&P's criteria, a
weak capital structure, and weak execution. Glorious' low land
costs, improving geographic diversity, and established market
position in Shanghai and nearby cities temper these weaknesses.
S&P assess the company's business risk profile to be "weak" and
its financial risk profile to be "highly leveraged," as S&P's
criteria define these terms.

S&P expects Glorious' operating performance to recover to an
extent in the next 12 months.  The company's contract sales,
property delivery, and profit margin are likely to improve on new
project launches and improved market conditions.  Its performance
in 2012 was weaker than S&P expected.

The negative outlook on Glorious reflects the uncertainty
regarding the magnitude of the recovery in the company's financial
performance due to its weak project execution.  The outlook also
reflects S&P's view that Glorious' capital structure and cash flow
adequacy over the next 12 months may remain weaker than those of
peers with a similar rating.


MCE FINANCE: Moody's Assigns B1 Rating to US$1-Bil. Senior Bonds
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 rating to
the US$1 billion, 5.00%, eight-year senior unsecured bonds issued
by MCE Finance Limited.

The ratings outlook is stable.

Ratings Rationale:

Moody's definitive rating on this debt obligation affirms the
provisional rating assigned on 29 January 2013. Moody's ratings
rationale was set out in a press release published on the same
day.

The affirmation follows MCE Finance's successful completion of its
US$ bond issuance, the final terms and conditions of which are
consistent with Moody's expectations.

The company will use the proceeds from the issuance to redeem its
existing US$600 million bonds and to repay part of Melco Crown
Entertainment Limited's RMB2.3 billion bonds.

The principal methodology used in this rating was the Global
Gaming Industry Methodology published in December 2009.

MCE Finance Limited is a subsidiary of Melco Crown Entertainment
Limited (unrated), which is majority-owned by the Australian-based
gaming operator, Crown Limited (Baa2 stable) and Hong Kong-listed
Melco International Development Ltd (unrated), with each company
holding 33.36% equity stakes. MCE Finance also owns a 100%
economic interest in Melco Crown Gaming (Macau) Limited.

Melco Crown Gaming is the key operating company within the MCE
Finance group. It holds one of six gaming concessions/sub-
concessions in Macau.



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


ENGINEERING LIMITED: Chan and Chow Step Down as Liquidators
-----------------------------------------------------------
Chan Shu Kin and Chow Chi Tong stepped down as liquidators of YDS
Engineering Limited on Feb. 8, 2013.


GOLDEN YEAR: Creditors' Meeting Set for March 1
-----------------------------------------------
Creditors of Golden Year Limited will hold their meeting on
March 1, 2013, at 11:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251 and 283 of the Companies
Ordinance.

The meeting will be held at 21/F, Tung Hip Commercial Building,
248 Des Voeux Road Central, in Hong Kong.


HENLY ENGINEERING: Annual Meetings Set for March 14
---------------------------------------------------
Members and creditors of Henly Engineering Limited will hold their
annual meetings on March 14, 2013, at 4:00 p.m., and 4:30 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.


HEP B: Members' Final General Meeting Set for Feb. 28
-----------------------------------------------------
Members of HEP B Alliance Limited will hold their final general
meeting on Feb. 28, 2013, at 4:00 p.m., at Unit 2509, 25th Floor,
113 Argyle Street, Mongkok, Kowloon, in Hong Kong.

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


HK BIO: Annual Meetings Set for March 8
---------------------------------------
Members and creditors of Hong Kong Bio Products Manufacturing
Limited will hold their annual meetings on March 8, 2013, at 10:30
a.m., and 11:00 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.


HK VISION: Chan Mei Bo Mabel Steps Down as Liquidator
-----------------------------------------------------
Chan Mei Bo Mabel stepped down as liquidator of The Hong Kong
Vision Foundation Limited on Jan. 31, 2013.


HK YANG: Annual Meetings Set for March 8
----------------------------------------
Members and creditors of Hong Kong Yang Yang Bio Products Company
Limited will hold their annual meetings on March 8, 2013, at 11:30
a.m., and 12:00 p.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.


HOI FAI: Members' Final General Meeting Set for March 19
--------------------------------------------------------
Members of Hoi Fai Resource Management Limited will hold their
final meeting on March 19, 2013, at 2:00 p.m., at Room 3, 8/F, Yue
Xiu Building, 160 Lockhart Road, Wan Chai, in Hong Kong.

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


IDONA INVESTMENT: Members' Final Meeting Set for March 12
---------------------------------------------------------
Members of Idona Investment Limited will hold their final general
meeting on March 12, 2013, at 10:00 a.m., at 409, Jardine House,
at 1 Connaught Place Central, in Hong Kong.

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


JOINT WEALTHY: Annual Meetings Set for March 14
-----------------------------------------------
Members and creditors of Joint Wealthy Holdings Limited will hold
their annual meetings on March 14, 2013, at 5:00 p.m., and 5:30
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.


KING LAU: Members' Final Meeting Set for March 12
-------------------------------------------------
Members of King Lau Development Company Limited will hold their
final general meeting on March 12, 2013, at 3:00 p.m., at 409,
Jardine House, at 1 Connaught Place Central, in Hong Kong.

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


LONGWAY CONSTRUCTION: Annual Meetings Set for March 14
------------------------------------------------------
Members and creditors of Longway Construction Engineering Limited
will hold their annual meetings on March 14, 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.


MACQUARIE EQUITIES: Creditors' Proofs of Debt Due March 11
----------------------------------------------------------
Creditors of Macquarie Equities (Asia) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 11, 2013, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Ng Kit Ying Zelinda
         Liou Kun Chiu Eddie
         36/F, Tower Two, Times Square
         1 Matheson Street
         Causeway Bay, Hong Kong


MACQUARIE FUTURES: Creditors' Proofs of Debt Due March 11
---------------------------------------------------------
Creditors of Macquarie Futures (Asia) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 11, 2013, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Ng Kit Ying Zelinda
         Liou Kun Chiu Eddie
         36/F, Tower Two, Times Square
         1 Matheson Street
         Causeway Bay, Hong Kong


MARTINAIR FAR: Members' Final Meeting Set for March 8
-----------------------------------------------------
Members of Martinair Far East Limited will hold their final
general meeting on March 8, 2013, at 5:45 p.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Susan Y H Lo, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.



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


AROCHEM INDUSTRIES: CRISIL Puts 'B' Ratings on INR75MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Arochem Industries.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term       17.5      CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Bank Guarantee            5.0      CRISIL A4 (Assigned)

   Cash Credit              57.5      CRISIL B/Stable (Assigned)

The ratings reflect AI's modest scale of operations, working
capital intensive operations and weak financial risk profile
marked by a modest net worth, high gearing and subdued debt
protection metrics. These rating weaknesses are partially offset
by the benefits that AI derives from its partner's extensive
experience in the dye intermediate segment in the chemicals
industry.

Outlook: Stable

CRISIL believes that AI will continue to benefit from the
extensive industry experience of its partners, over the medium
term. The outlook may be revised to 'Positive' if the firm
achieves significant and sustained improvement in its revenues and
margins, while improving its capital structure. Conversely, the
outlook may be revised to 'Negative' in case AI registers
significant decline in its revenues or margins, elongation of its
working capital cycle, or if it undertakes a larger-than-expected,
debt-funded capital expenditure programme, resulting in weakening
of its financial risk profile.

AI was established as a partnership firm in 1962 by Mr.
Sureshchandra R Gandhi and his family members. The current
partners of the firm are Mr. Nilesh Gandhi (son of Mr.
Sureshchandra Gandhi) and Mr. Manish Gandhi (nephew of Mr.
Sureshchandra Gandhi). The firm manufactures dye intermediates
(resist salt, metanilic acid, 3'3' dinitro diphenyl sulfone) which
are used primarily in the textile industry. The firm's
manufacturing facilities are in Vapi (Gujarat).

AI reported a profit after tax (PAT) of INR1.5 million on net
sales of INR242.5 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR2 million on net sales
of INR233 million for 2010-11.


ASHWANI KUMAR: CRISIL Cuts Ratings on INR84.1MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Ashwani
Kumar and Co Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             62      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Term Loan               22.1    CRISIL B+/Stable(Downgraded
                                   from 'CRISIL BB/Stable')

The downgrade reflects CRISIL's belief that AKCPL's liquidity will
remain stretched over the medium term owing to increase in
inventory holding and stretched receivables. Continuing the trend
of higher inventory of about INR170 million seen in 2010-11
(refers to financial year, April 1 to March 31), the average
inventory maintained by the company is expected to be in the range
of INR150-160 million in 2012-13 and 2013-14 which is
significantly higher than INR120-130 million maintained in the
past four years from 2006-07 to 2009-10. Higher inventory and
moderate scale of operations--as indicated by revenues of INR150
million to INR200 million--will result in inventory of more than
500 days over the medium term, up from 280 days in the past. The
average debtors are also expected to be substantial, at around
INR40 million over the medium term. Against these, the company
does not get sufficient credit from suppliers. Increased working
capital requirements are expected to result in almost full
utilization of bank limits. Net cash accruals are expected to be
between INR9.4 million and INR11.6 million over the medium term,
tightly matched against term loan obligations of INR10.5 million
per annum. Average net cash accruals are in turn a reflection of
the modest scale of operations, average profitability, and high
interest costs on bank limit, interest-bearing unsecured loans
from promoters, and term loan. The term loan obligations are,
however, expected to be repaid on time as these are secured with
the annual rental income of INR10.9 million received on a leased
facility.

The rating reflects the working capital intensity and moderate
scale in AKCPL's operations. These rating weaknesses are partially
offset by the industry experience of AKCPL's promoters and
moderate financial risk profile.

Outlook: Stable

CRISIL believes that AKCPL's liquidity will remain stretched over
the medium term owing to working capital intensity in its
operations. The outlook may be revised to 'Positive' if the
company scales up its operations significantly, while maintaining
profitability and significantly improving its working capital
management, leading to a substantially stronger liquidity.
Conversely, the outlook may be revised to 'Negative' if there is
significant decline in AKCPL's profitability, or further stretch
in liquidity profile, or if the company contracts sizeable term
debt to acquire large assets, thereby weakening its capital
structure.

Incorporated in 1962, AKCPL trades in used industrial machinery.
The company has dealt in more than 600 different sizes and types
of machines--these include lathes, and milling, grinding,
drilling, boring, shearing, moulding and welding machines. The
products find application in industries such as auto ancillaries,
and heavy and general engineering.


CINEOLA DIGITAL: CRISIL Rates INR50MM Cash Credit at 'B'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Cineola Digital Cinema Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               50       CRISIL B/Stable (Assigned)

The rating reflects the start-up nature of Cineola's operations in
the intensely competitive digital cinema industry. These rating
weaknesses are partially offset by the funding support from the
company's promoters.

Outlook: Stable

CRISIL believes that Cineola will benefit over the medium term
from the funding support of its promoters. The outlook may be
revised to 'Positive' if the company achieves a more-than-expected
increase in its scale of operations, resulting in improved cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the company records lower than expected accruals or if its working
capital management deteriorates, impacting its liquidity.

Cineola was set up in 2009 and is engaged in digital cinema
exhibition. The operations of the company are managed by Mr.
Antony John.


EMPOWER GENSETS: CRISIL Assigns 'C' Ratings to INR32.8MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Empower Gensets Pvt ltd. (Empower Gensets Pvt ltd;
part of the Maya group).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term       27.8      CRISIL C (Assigned)
   Bank Loan Facility

   Letter of credit &        7.2      CRISIL A4 (Assigned)
   Bank Guarantee

   Proposed Cash Credit      5.0      CRISIL C (Assigned)
   Limit

The ratings reflect the Maya group's weak liquidity, as reflected
in the instances of devolvement of the group's letter of credit
facility over the past 12 months, wherein the dues were not
serviced for beyond 30 days.

The ratings also factor in the Maya group's modest scale of
operations in the intensely competitive precision metal components
industry and low profitability, and the group's average financial
risk profile marked by a small net worth and average capital
structure and debt protection metrics. These rating weaknesses are
partially offset by the benefits that the Maya group derives from
its promoters' extensive experience in the precision sheet metal
components industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Empower Gensets Pvt Ltd and Maya
Engineering. This is because both these entities, together
referred to as the Maya group, are in the same line of business
and have significant financial fungibilty. Moreover, both the
entities are under the same management.

The Maya group, set up in 1993 in Pune (Maharashtra), is involved
in sheet metal fabrication. The group's key products include
acoustic enclosures and gensets canopies and assemblies of the
same. The Maya group's day-to-day operations are managed by Mr.
Ajit Kuchu and his wife, Mrs. Sunita Kuchu.


EXODUS FUTURA: Delays in Loan Payment Cues CRISIL to Junk Ratings
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Exodus Futura Knit Pvt Ltd to 'CRISIL D' from 'CRISIL B-
/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              53.00     CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Term Loan                90.00     CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The downgrade reflects instances of delays by EFKPL in servicing
the interest and principal payment on its term loan; the delays
have been caused by the company's weak liquidity on account of its
large working capital requirements and high debt funded capex
plans.

EFKPL also has a weak financial risk profile, marked by weak debt
protection metrics and exposure to risks related to its ongoing
capex and stabilisation of operations at its unit. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the garment industry.

EFKPL was taken over by Mr. Anil Bagaria of Kolkata (West Bengal)
in 2006. Initially, the company was trading in ready-made
garments. Subsequently, it set up a garment-manufacturing facility
with cutting, stitching, and embroidery units in Sonarpur (West
Bengal).


MAINI GROUP: CRISIL Rates INR70MM Term Loan at 'CRISIL B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the term loan
facility of Maini Group of Educational Society.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                 70       CRISIL B/Stable (Assigned)

The rating reflects MGES's limited track record of operations, and
average financial risk profile on account of low accruals in the
initial year of its operations. These rating weaknesses are
partially offset by the benefits that MGES derives from its
association with the established brand name of Cambridge
International School in the education services segment in North
India, and the financial support that it receives from its
promoters.

Outlook: Stable

CRISIL believes that MGES will continue to benefit over the medium
term from the financial support that it receives from its
promoters, and its association with the established brand name of
Cambridge International School in North India. The outlook may be
revised to 'Positive' in case MGES registers higher-than-expected
accruals and, hence, an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case the
society registers deterioration in its financial risk profile on
account of lower-than-expected cash accruals resulting from lower
admissions or any debt-funded capital expenditure in the near
future.

MGES was formed in 2011 by Mr. Sukhdev Parsad Maini and Mr. Rajan
Maini. The society has proposed to start a school in the name of
Cambridge International School (CIS), in Nawanshahr (Punjab); the
school is expected to commence its first academic year in April
2013.


MAYA ENGINEERING: CRISIL Puts 'C' Ratings on INR45.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Maya Engineering (Maya; part of the Maya group).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term       37.5      CRISIL C (Assigned)
   Bank Loan Facility

   Letter of Credit          4.5      CRISIL A4 (Assigned)

   Bank Guarantee           30.0      CRISIL A4 (Assigned)

   Cash Credit               8.0      CRISIL C (Assigned)

The ratings reflect the Maya group's weak liquidity, as reflected
in the instances of devolvement of the group's letter of credit
facility over the past 12 months, wherein the dues were not
serviced for beyond 30 days.

The ratings also factor in the Maya group's modest scale of
operations in the intensely competitive precision metal components
industry and low profitability, and the group's average financial
risk profile marked by a small net worth and average capital
structure and debt protection metrics. These rating weaknesses are
partially offset by the benefits that the Maya group derives from
its promoters' extensive experience in the precision sheet metal
components industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Maya and Empower Gensets Pvt Ltd. This
is because both these entities, together referred to as the Maya
group, are in the same line of business and have significant
financial fungibilty. Moreover, both the entities are under the
same management.

The Maya group, set up in 1993 in Pune (Maharashtra), is involved
in sheet metal fabrication. The group's key products include
acoustic enclosures and gensets canopies and assemblies of the
same. The Maya group's day-to-day operations are managed by Mr.
Ajit Kuchu and his wife, Mrs. Sunita Kuchu.


RANGA RAJU: CRISIL Assigns 'B+' Ratings to INR180MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ranga Raju Rice Mill.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              120      CRISIL B+/Stable (Assigned)
   Proposed Long-Term        60      CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects RRRM's modest scale of operations, low
profitability in the intensely competitive rice milling industry,
and weak financial risk profile marked by a small net worth and
average debt protection ratios. These rating weaknesses are
partially offset by the extensive industry experience of RRRM's
promoters.

Outlook: Stable

CRISIL believes that RRRM will continue to benefit over the medium
term from its promoters' extensive experience in the rice milling
industry. The outlook may be revised to 'Positive' if the firm
successfully improves its sales and profitability, leading to
improvement in its financial risk profile, or benefits from
significant capital infusion, leading to improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if RRRM registers significant decline in its revenues
and profitability, or in case of large capital withdrawals by its
partners, or if the firm undertakes any large, debt-funded capital
expenditure programme, leading to further deterioration in its
financial risk profile.

RRRM, a partnership firm based at Palakol (Andhra Pradesh), has
been involved in the rice milling business since 1983. It is
managed primarily by Mr. Ranga Raju and his family. The firm has
production facility with capacity of up to 150 tonnes per day
(tpd); the same is currently being utilised at about 120 tpd.

RRRM reported a net profit of INR0.9 million on net sales of
INR404.3 million for 2011-12 (refers to financial year, April 1 to
March 31), against a PAT of INR0.8 million on net sales of
INR388.6 million for 2010-11.


RAVI OFFSET: CRISIL Assigns 'B-' Ratings to INR205MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Ravi Offset Printers and Publishers Pvt
Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan              6       CRISIL B-/Stable (Assigned)

   Proposed Long-Term    91       CRISIL B-/Stable (Assigned)
   Bank Loan Facility

   Bank Guarantee        25       CRISIL A4 (Assigned)

   Cash Credit          108       CRISIL B-/Stable (Assigned)

The ratings reflect Ravi's weak financial risk profile, marked by
high debt levels against low cash accruals, and modest scale of
operations in the intensely competitive printing and publication
industry. These rating weaknesses are partially offset by the
extensive industry experience of Ravi's promoters and the funding
support that the company receives from them.

Outlook: Stable

CRISIL believes that Ravi will continue to benefit over the medium
term from its promoters' extensive experience in the printing and
publication industry. The outlook may be revised to 'Positive' if
the company's financial risk profile, particularly its liquidity,
improves significantly, most likely because of significant
increase in its cash accruals, or lower-than-expected debt levels,
or further funding support from its promoters. Conversely, the
outlook may be revised to 'Negative' if Ravi registers a decline
in its sales and profitability, or if its liquidity weakens
sharply, because of large working capital requirements or debt-
funded capital expenditure, or in case of withdrawal of share
application money.

Ravi was established in 1994 as a private limited company by the
Jain family in Agra (Uttar Pradesh). The company undertakes
printing and publishing activity and has over 3000 publications.
The promoter family has been in the publications business for over
five decades. All the publications of the company are published
under the name, Ravi.


VARA LAKSHMI: CRISIL Assigns 'B' Ratings to INR53MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Vara Lakshmi Paraboiled Rice Mills Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             12      CRISIL B/Stable (Assigned)
   Long-Term Loan          41      CRISIL B/Stable (Assigned)

The rating reflects VLPL's weak financial risk profile, marked by
a small net worth, a high gearing, and weak debt protection
metrics, and exposure to intense competition in the rice milling
industry. These rating weaknesses are partially offset by the
extensive industry experience of VLPL's promoter.

Outlook: Stable

CRISIL believes that VLPL will benefit over the medium term from
the extensive industry experience of its promoter. The outlook may
be revised to 'Positive' if the company improves its scale of
operations and profitability, leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if VLPL undertakes aggressive debt-funded expansions,
or if its revenues and profitability decline substantially,
thereby weakening its financial risk profile.

VLPL, set up in 2012, is in the business of milling and processing
paddy into rice, rice bran, broken rice, and husk. It is promoted
by Mr. G Venkateshwarlu. VLPL commenced commercial operations in
October 2012.


* Telecom Regulator Sees Limited Prospect for Reviving 3 Firms
--------------------------------------------------------------
George Smith Alexander & Anto Antony at Bloomberg News report that
India's telecom regulator said there are "limited" prospects for
reviving as many as three mobile-phone service providers as their
equity has been wiped out because of rising losses.

Earnings before interest, depreciation, taxes and amortization at
two to three companies is negative, Rahul Khullar, chairman of the
Telecom Regulatory Authority of India, told Bloomberg at an
interview on February 18 at the Kotak Institutional Equities
investor conference in Mumbai titled "Chasing Growth."

"It's no longer possible for many companies to carry on like
this," the report quotes Mr. Khullar as saying.  "Small companies
will anyway have to exit. They are bleeding. Turnaround prospects
are limited."

India's mobile operators have combined debts of $23 billion,
Bloomberg discloses citing Cellular Operators Association of
India, an industry lobby, whose members include Bharti Airtel
Ltd., Vodafone Group Plc's local unit and Idea Cellular Ltd.
Bloomberg says the government is seeking to raise at least
INR700 billion ($12.9 billion) from the operators through spectrum
sales and a one-time fee by March to help pare the budget deficit.

Bloomberg recalls that mobile-phone companies including Tata
Teleservices Maharashtra Ltd. and Norway's Telenor ASA lost
subscribers after the Supreme Court canceled 122 licenses in
February 2012 saying that their allocation had flouted rules.
According to Bloomberg, Rajan Mathews, director general of COAI
said service providers will have to "pay exponentially higher
rates just to start from scratch if they want to continue."

"But the people who were going to fold have already folded," he
said. "Everyone remaining has deep pockets and are likely in it
for the long haul," Mr. Mathews, as cited by Bloomberg, said.



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


* INDONESIA: Flood Losses Manageable For Insurers, Fitch Says
-------------------------------------------------------------
Fitch Ratings says it does not expect insured losses from the
recent flooding in Jakarta, Indonesia in January to trigger
widespread solvency problems or excessive financial strain on the
balance sheet of non-life insurers in the country. This is mainly
due to the low insurance penetration rate in the country at less
than 2% of GDP (based on Swiss Re Sigma estimates), and protection
from reinsurance coverage.

According to the National Disaster Mitigation Agency, the floods
in Jakarta caused at least 41 fatalities. The flooding covered a
total of 41 square kilometres of land (approximately 8% of
Jakarta's total area). It affected a total of 74 urban wards in 31
sub districts across Jakarta's five municipalities, inundating
more than 100,000 houses as well as some of the capital's main
roadways. Government officials reported that total economic losses
would reach IDR32trn (USD3.31bn).

Fitch's initial assessment is that the insured losses will be
markedly lower than the economic losses, although the extent of
the impact will vary from one company to another. Insured losses
are expected to top IDR3trn (USD311m) based on industry estimates.
It will take time for international catastrophe modelling firms
and local loss adjusters to finalize the insured loss amount.

The majority of the losses are likely to have come from the motor
and property insurance lines. However, since flood risks are not
automatically included in many of the motor and property insurance
policies in Indonesia, a sizeable proportion of those affected
might remain uncovered by insurance protection.

Indonesian non-life insurers also benefit from protection through
their reinsurance coverage. Based on industry estimates, more than
40% of the non-life industry's total gross premiums in 2011 were
being ceded, with around 6% of these premiums to Indonesian
reinsurers. This suggests that a substantial proportion of the
industry's premiums are being ceded to foreign reinsurers. In
Fitch's view the low capital base of domestic reinsurers
encourages reliance on overseas retrocessions.

Within the life insurance sector, insurers are not expected to be
materially affected due to the low casualty rate relative to
Indonesia's over 200 million populations and the low insurance
penetration of the life market.

Fitch estimates that the insured losses will be greater than the
flood losses from the 2002 and 2007 floods since the areas
affected are more extensive and concentrated towards inner
Jakarta, whereby insurance coverage is higher than in rural areas.
Based on the General Insurance Association of Indonesia
statistics, flood-related claims in 2002 and 2007 amounted to
IDR1.5trn and IDR2.1trn respectively. The agency will continue to
evaluate the impact as loss estimates are updated and insured
losses disclosed.

Fitch stresses that it remains important for insurers to enhance
their risk management practices and increase their catastrophe
modelling sophistication to better prepare for future disasters.
One way is by conducting better flood risk modelling, which PT
Asuransi MAIPARK Indonesia is currently working on. Flood risk
modelling which can include more detailed mapping of flood zones
and aid tariff regulation, could prove useful for future risk
mitigation and product innovation in order to provide better flood
risk protection coverage.



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


RENESAS ELECTRONICS: May Replace President Akao This Month
----------------------------------------------------------
Taipei Times reports that Renesas Electronics Corp, the Japanese
chipmaker getting a bailout from a state-backed fund, may replace
president Yasushi Akao this month, a company official said.

According to Taipei Times, the official said the company may name
Renesas senior vice president Tetsuya Tsurumaru to succeed Akao.
Mr. Tsurumaru, 58, started at Hitachi Ltd in 1979 and spent most
of his career in production after joining Renesas's predecessor
company in 2003, the report discloses.

Taipei Times notes that the new president would take over in the
midst of a restructuring effort that includes more than 10,500 job
cuts announced since July as Renesas tries to recover from losses
amid falling demand for its system LSI chips.  The company plans
to sell JPY150 billion (US$1.6 billion) of new shares to investors
led by state-backed Innovation Network Corp of Japan as part of a
bailout, the report states.

                      About Renesas Electronics

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.

For the fiscal year that ended March 31, 2012, the chip maker
reported a net loss of JPY62.60 billion and revenue of
JPY883.11 billion.  In the previous fiscal year when the company
was created, it reported a net loss of JPY115.02 billion, The
Wall Street Journal reported.

Renesas Electronics on Feb. 8 widened its annual loss forecast to
JPY176 billion ($1.9 billion).



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


KITCHEN HOUSE: Customers Seek to Recover Deposits
-------------------------------------------------
Jason Krupp at stuff.co.nz reports that a bid by Kitchen House
customers to retrieve their deposits from the failed firm has
taken a step closer after a Wellington couple shared their
frustrations with the 18-month receivership process.

Andy Morse and his partner paid a 20% deposit on a NZ$13,000
kitchen to Kitchen House.  Now the second receivers have gone to
court seeking to unlock customers' deposits to pay to the
appointing creditors, the report relays.

Since The Dominion Post published Mr. Morse's story on Tuesday a
deluge of former customers have come forward to form a group that
will push to get their money back, according to stuff.co.nz.

Their plight has even attracted offers of free legal
representation, advice from a liquidator, and messages of support
from former staff members, says stuff.co.nz.

stuff.co.nz notes that at the heart of the case is a fund worth
NZ$177,876 made up of customer deposits that was set aside when
Kitchen House was put into receivership in early 2012.

That money remained untouched when HSBC, as first secured
creditor, claimed the almost NZ$200,000 it was owed from the sale
of the firm's assets, the report relays.

Now second receiver Anthony Harris, acting for former owners Brian
and Walter Smaill (who are also second-ranked creditors), is
asking the High Court in Auckland to rule whether he can pay these
funds to his clients.

The case is expected to go before the High Court in March, the
report adds.

Kitchen House manufactures cabinets, bench tops and doors. It has
six retail sites around the North Island.  CGKH Ltd, which traded
as Kitchen House, was placed into receivership on Feb. 22, 2012.
The company owes creditors NZ$2.4 million.


MAINZEAL PROPERTY: Unit Owes More Than NZ$14MM, Liquidator Says
---------------------------------------------------------------
William Mace at stuff.co.nz reports that a Mainzeal Property and
Construction Limited subsidiary that has copped some of the blame
for pushing the construction company into receivership owes over
NZ$14 million, its liquidators say.

King Facade Limited was put into voluntary liquidation on February
12 by shareholder Richina Global Real Estate Limited -- part of a
business empire built by Chinese New Zealander Richard Yan that
includes MPCL, stuff.co.nz relates.

According to the report, MPCL partially blamed supply chain
problems out of China for its receivership, a problem believed to
stem from delays in shipments of glass facades.

stuff.co.nz relates that liquidator BDO's first report on King
Facade shows the firm has total assets of NZ$4.4 million and total
liabilities of NZ$18.9 million, including NZ$14.9 million owed to
MPCL.

According to stuff.co.nz, liquidator Andrew Bethell said it
appeared that MPCL had been funding King Facade for some time,
including NZ$8.3 million in a trading account and a
NZ$6.5 million "historical balance".  The list of assets also
shows NZ$5.7 million owed under an intercompany account with
parent company RGREL.

Another company, King Facade (NZ) Limited, shares the same owner
as King Facade Limited but has not been put into liquidation, the
report notes.

Mr. Bethell said MPCL may also have been funding King Facade (NZ)
Limited. A debt of NZ$903,000 owed by the second King Facade
company to the first one would require further investigation,
Mr. Bethell, as cited by stuff.co.nz, said.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, 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.


MAINZEAL PROPERTY: Receivers Nearly Completes Initial Assessment
----------------------------------------------------------------
Fairfax NZ News reports that the receivers of collapsed Mainzeal
Property and Construction have nearly completed their initial
assessment of the company's projects, warning it is a complicated
case.

PricewaterhouseCoopers partners Colin McCloy and David Bridgman
said it was a "large and complex receivership with many different
stakeholders" and wanted to assure people PwC was working as
quickly as it legally could, according to Fairfax NZ News.

The report relates that limited work has resumed on the Kapiti
Coast District Council's new aquatic center, and PwC said it hoped
work on other Mainzeal projects would soon either be resumed or,
"as is more likely in a number of instances", transferred back to
the client or another contractor.

The vast majority of contractors and sub-contractors had been
given access to sites to retrieve their tools, and some milestones
had been achieved, the report notes.

Fairfax NZ News discloses that these included the buyout of a
Mainzeal joint venture by its partner MWH Recovery which meant a
substantial number of Christchurch staff had been able to remain
in work.

Wellington's CentrePort is one of the companies hit by the
receivership, noting the delay on refurbishment of its Shed 39
building during its half year result, the report notes.

Fairfax NZ News says that Mainzeal's collapse has left the owners
of Christchurch's Hornby Mall to find a new main building
contractor for the NZ$47 million expansion after the receivers
said they would not continue it.

But McCloy and Bridgeman will finish another Mainzeal contract in
Christchurch that is not far from complete - St Andrew's College
new boarding houses and associated buildings, Fairfax NZ News
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.



                             *********

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.





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