TCRAP_Public/130222.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, February 22, 2013, Vol. 16, No. 38


                            Headlines


A U S T R A L I A

ALUMINA LTD: Annual Loss Widens to AUD148.4 Million
BILLABONG INT'L: Could Downgrade Earnings Again, Citi Says
BRISCONNECTIONS GROUP: Airport Link Executives to Stay on Payroll
GEON GROUP: KKR, Allegro Funds Place Firm into Administration
ORIGIN ENERGY: S&P Lowers Rating on NZ$200MM Hybrid to 'BB+'

RCG CORPORATION: Puts Shoe Superstore in Administration
* Moody's Reports Rising Australian Prime RMBS Arrears in 4Q 2012
* Moody's Sees Stable Outlook for Australian RMBS/ABS/CB Markets


C H I N A

AOXING PHARMACEUTICAL: Incurs $3.1-Mil. Net Loss in Fiscal Q2
CITIC RESOURCES: Alumina Purchase No Impact on Moody's Ba3 CFR


H O N G  K O N G

MILLSTREAM LIMITED: Creditors' First Meeting Set for Feb. 27
PATTERN ENTERPRISES: Annual Meetings Set for March 14
POLYWIN ENGINEERING: Annual Meetings Set for March 14
RULERETT COMPANY: Members' Final Meeting Set for March 11
RVL PRINTED: Ying and Chan Step Down as Liquidators

SAMSUNG LCD: Members' Final Meeting Set for March 8
SEEYET INVESTMENTS: Members' Final Meeting Set for March 11
SINO HOPE: Creditors' Meeting Set for March 1
STARLIGHT INDUSTRIAL: Tso Kwai Ping Steps Down as Liquidator
TRINITY (CASUAL WEAR): Seng and Lo Step Down as Liquidators

UNI-TECHNIC COMPANY: Annual Meetings Set for March 14
WINSHAN CONSTRUCTION: Annual Meetings Set for March 13
YONEZAWA (H.K.): Ying and Chan Step Down as Liquidators
ZOTOS INVESTMENTS: Annual Meetings Set for March 13


I N D I A

AAKAR MOTORS: CARE Assigns 'BB-' Rating to INR6.5cr LT Loan
BAZAARI GLOBAL: CARE Assigns 'BB' Rating to INR3.5cr LT Loan
DINURJE JEWELLERY: CARE Reaffirms 'B+' Rating on INR36cr Loan
DIPTI DIAMONDS: CARE Assigns 'B+' Rating to INR30cr LT Loan
GAYATRI RICE: CARE Reaffirms 'BB' Rating on INR21.18cr LT Loan

INEXO CAST: CARE Assigns 'BB+' Rating to INR8.45cr LT Loan
K.R.K. EDUCATIONAL: CARE Rates INR41cr LT Loan at 'CARE B+'
MAA PYARI: CARE Assigns 'B' Rating to INR6cr Long-Term Loan
NIPANI INDUSTRIES: CARE Reaffirms 'BB+' Rating on INR4.2cr Loan
PARVIN COTEX: CARE Reaffirm 'B' Rating to INR6.05cr LT Loan

SALASAR POLYTEX: CARE Rates INR33.25cr LT Loan at 'CARE B'
SHARDA AGRI: CARE Reaffirms 'BB-' Rating to INR10.17cr Loan
SWASTIK POLYTEX: CARE Assigns 'B' Rating to INR6.25cr LT Loan
ZIRCON EXPORTS: CARE Reaffirms 'B+' Rating on INR3.94cr Loan


K O R E A

SSANGYONG ENGINEERING: Faces Bankruptcy Threat Over KRW60BB Debt


N E W  Z E A L A N D

JENNIAN HOMES: Manawatu Franchisor Declared Bankrupt
MAINZEAL PROPERTY: Head Office Building Owner in Receivership


T A I W A N

* TAIWAN: Finance Ministry Balks at Taishin-Changwa Bank Merger


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ALUMINA LTD: Annual Loss Widens to AUD148.4 Million
---------------------------------------------------
Australian Associated Press reports that Alumina Ltd.'s full year
net losses have blown out and the troubled aluminium producer is
bracing itself for more uncertainty ahead.

The group's net loss for the 12 months to December 31 tripled to
US$152.9 million from US$47.3 million (AUD148.42 million from
AUD45.91 million) in 2011, AAP discloses.

Foreign exchange losses of nearly US$90 million (AUD87.36 million)
and "other" losses of the same amount contributed to the loss.
Excluding those items, Alumina recorded a net loss of
US$62.1 million (AUD60.28 million) compared to a US$126.6 million
(AUD122.89 million) net profit in 2011.

Its underlying loss was US$52.5 million (AUD50.96 million)
compared to an underlying profit of US$128 million (AUD$124.25
million) previously.

Revenue fell to US$5.8 billion from US$6.7 billion (AUD5.63
billion from AUD6.50 billion), AAP relays.

According to the news agency, Chief executive John Bevan said that
while 2013 had begun on a positive note with prices recovering
from 2012, uncertainty lay ahead.

"The outlook for the market in 2013 remains uncertain with macro-
economic conditions, particularly in Europe, remaining difficult,"
he said in a statement, AAP relates.

Based in Australia, Alumina Limited (ASX:AWC) --
http://www.aluminalimited.com/-- is engaged in investing in
bauxite mining, alumina refining and selected aluminum smelting
operations through its 40% ownership of Alcoa World Alumina and
Chemicals (AWAC).


BILLABONG INT'L: Could Downgrade Earnings Again, Citi Says
----------------------------------------------------------
Gillian Tan at The Wall Street Journal's Deal Journal Australia
reports that Citigroup Inc. analyst Craig Woolford reckons
Billabong International could downgrade full-year earnings
guidance when it delivers its first half result this Friday.

"We see risk the full-year guidance of AUD85 million to
AUD92 million in Ebitda may be revised lower," the
broker said in a note to clients, explaining that the surfwear
retailer may seek to provide significant clarity about its
earnings trends given two private equity-backed consortia are
conducting due diligence, the report relates.

Mr. Woolford's price target of 90 cents a share on Billabong
includes a 20% probability of a takeover at AUD1.10 a share, he
explained.

"The balance sheet is in a weak position . . . the creditors will
be maintaining a close watch on this company," the report quotes
Mr. Woolford as saying.

Based in Australia, Billabong International Limited (ASX:BBG) --
http://www.billabongbiz.com/-- is engaged in the wholesaling and
retailing of surf, skate, snow and sports apparel, accessories and
hardware, and the licensing of its trademarks to specified regions
of the world.


BRISCONNECTIONS GROUP: Airport Link Executives to Stay on Payroll
-----------------------------------------------------------------
Daryl Passmore at The Courier-Mail reports that six executives in
charge of Brisbane Airport Link will continue to pocket a total of
nearly AUD44,000 a week while receivers look for a way to dig
BrisConnections out of its AUD3 billion debt.

The Courier-Mail discloses that CEO Ray Wilson earned more than
AUD1 million last year, including a AUD331,000 "short term
incentive" while his executive team shared in bonuses totalling
AUD535,000 on top of their AUD1.6 million in combined wages.

Chief financial officer Nicholas Lattimore was the second-top
earner, pocketing AUD709,935, while general manager (construction)
Charles MacDonald made AUD654,226.

Incentives were paid for meeting "individual and group goals"
including completion of the project before July 31, the report
says.

According to the report, a spokesman for receiver manager PPB
Advisory said for employees and the executive team, Airport Link
would operate as normal and everyone would continue to be paid.

"There is no issue there," the spokesman said. "PPB Advisory is
just having a look at everything. No decisions have been made
yet."

The Courier-Mail says company directors also hold thousands of
securities in BrisConnections now considered worthless.

                   About BrisConnections Group

BrisConnections Group is the company behind the $4.8 billion
Airport Link tunnel.  AirportlinkM7 is the toll road linking
Brisbane's CBD to the northern suburbs and the Brisbane Domestic
and International Airport.

David McEvoy, Christopher Hill and Michael Owen of PPB Advisory
were appointed as Receivers and Managers to the BrisConnections
Group, the owner and operator of the AirportlinkM7 toll road on
Feb. 19, 2013.  This follows the appointment of partners of
McGrathNicol as Voluntary Administrators by the Board of
BrisConnections Group.

Yahoo!7, citing a release to the ASX, reported that
BrisConnections went 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.


GEON GROUP: KKR, Allegro Funds Place Firm into Administration
-------------------------------------------------------------
Gillian Tan at The Wall Street Journal reports that debtholders of
Australian and New Zealand print and logistics provider Geon Group
-- KKR and Australia's Allegro Funds -- have placed the company
into administration and subsequently made an offer to buy the
business out of receivership, according to an internal memorandum
seen by Deal Journal Australia.

In a note to all Geon staff, Chief Executive Graham Morgan said
offers for the business will be taken by receiver McGrathNicol,
according to The Wall Street Journal.

"I have been advised that KKR and Allegro, collectively known as
KKRM, have already submitted an offer for the business," the
report quoted Mr. Morgan as saying.  Mr. Morgan added this did not
preclude other offers coming forward to be considered.

"As long-term believers in this business, KKRM has informed me
that if their offer is acceptable to McGrathNicol that they will
commit substantial resources to make Geon successful, including
the availability of additional capital and significant senior
operational and financial resources," the memo read, the report
notes.

The Wall Street Journal says that Mr. Morgan told staff earlier
this month that former owners Gresham Private Equity exited their
equity interests to KKRM, which is in the process of swapping
their debt for equity to become Geon's owners.

KKR's Special Situations Group and Allegro scooped up Geon debt
when they bought a portfolio of distressed loans from the offshore
unit of Lloyds Banking Group LLOY.LN, BOS International in
November, the report notes.

A person familiar with the matter said Geon, which prints items
from food labels to corporate invitations, recorded fiscal 2012
revenue of more than 200 million Australian dollars (US$208
million), the report adds.

Lucy Battersby, writing for The Age, said Geon Group's directors
appointed PPB Advisory voluntary administrators while KKR
appointed McGrathNicol receivers.


ORIGIN ENERGY: S&P Lowers Rating on NZ$200MM Hybrid to 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its long-
term corporate credit and senior-unsecured debt ratings on
Australian utility Origin Energy Ltd. (Origin) to 'BBB'.  The
outlook has been revised to stable, from negative.  The 'A-2'
short-term corporate credit rating on Origin has been affirmed.

In addition, the rating on the NZ$200 million hybrid issued by
Origin Energy Contact Finance No.2 Limited is lowered one notch to
'BB+'.  The rating on the EUR500 million hybrid issued by Origin
Energy Finance Ltd. is lowered two notches to 'B+'.

"The rating action reflects our view that factors outside of
Origin's control mean that earnings growth from Origin's core
energy business for the next few years is likely to be weaker than
we previously expected," Standard & Poor's Ratings Services credit
analyst Richard Creed said.  "This is because the persistence of
the trend of weaker electricity-demand levels is leading to lower
volumes, particularly in the mass market segment, and because
adverse regulatory pricing outcomes are affecting earnings from
the Queensland market.  Accordingly we consider Origin could find
achieving its fiscal 2013 EBITDA guidance from last November
challenging.  However, a return to more normal market conditions
means the company is likely to return to growth in fiscal 2014."

The impact of the lower earnings-growth trajectory, happening
concurrently with Origin's large capital commitments to the
Australia Pacific LNG (APLNG) joint-venture that is undertaking
the coal seam gas (CSG) to liquefied natural gas (LNG) project,
means S&P has re-based its expectations of the likely financial
metrics of the company, including FFO to debt.  The inclusion of
Origin's pro rata share of debt at its current 37.5% stake in
APLNG also weighs on the financial profile.  Accordingly S&P now
expects the company to achieve a FFO-to-debt ratio of about 20%-
25% for the next two-to-three years, compared to prior
expectations of more than 30%.  S&P's expectations regarding the
financial profile do not factor in any dilution of Origin's stake
in APLNG.

The stable outlook reflects S&P's view of the company's leading
business risk profile, which is characterized by Origin's position
as the largest integrated energy retailer in the national
electricity market.  Integral to the stable outlook is the
unlikelihood of Origin facing any material increased capital
contributions to the APLNG, as the consortium's CSG to LNG project
continues to perform to budget on both a time and cost basis.
Notwithstanding the challenges provided by a consolidating energy
market, S&P continues to expect Origin to incrementally grow
earnings to support financial metrics as leverage increases
associated with Origin's ongoing capital contributions to APLNG.
Accordingly, S&P expects Origin to sustain an FFO-to-gross debt
ratio of 20%-25% for the next three years.

Downward pressure on the rating could occur if:

   -- There were material cost overruns at APLNG that cascaded
      into a material increase in capital required by Origin to
      APLNG;

   -- Sustainable pressure on margins at the core energy business
      develops; or

   -- FFO to debt is sustained at below 20%.

Upward pressure on the rating is unlikely, until at least APLNG
has successfully delivered the first train of its CSG to LNG
project, after which S&P expects Origin's financial metrics to
significantly improve.


RCG CORPORATION: Puts Shoe Superstore in Administration
-------------------------------------------------------
SmartCompany reports that RCG Corporation disclosed the collapse
of its Shoe Superstore chain.  The report relates that Shoe
Superstore has been put into voluntary administration with Manfred
Holzman and associates appointed.

The chain employs around 50 people and made a trading loss of
$830,000 over the past year, according to SmartCompany.

RCG Corporation Chief Executive Officer Brett Hilton told
SmartCompany he was very disappointed that, despite every effort,
Shoe Superstore continued to trade below expectations.

"There has been a material deterioration in performance of the
business because of a shift in consumer shopping habits away from
strip locations," the report quoted Mr. Hilton as saying.

Mr. Hilton said there has also been ongoing reluctance of Shoe
Superstore's core, mature consumer to spend on discretionary
items, the report notes.

Mr. Hilton, the report relays, said some stores will be closed and
the administrator will seek expressions of interest for parts of
the business.


* Moody's Reports Rising Australian Prime RMBS Arrears in 4Q 2012
-----------------------------------------------------------------
Moody's Australian RMBS Performance Review shows the prime 30-plus
arrears rate rose in the fourth quarter of 2012 to 1.44% in
December, from 1.22% in September. Nevertheless, it was still
lower than the same period in 2011, when it was 1.59%.

The increase was consistent across most issuer groups. The arrears
rate for the major banks rose to 1.15% from 0.90%, while for the
regional banks it rose to 1.67% from 1.54%, and for non-ADIs it
rose to 3.24% from 2.55%.

However, other ADIs -- that is those entities which are not either
major or regional banks -- did see an improvement in performance,
with their arrears rate falling to 1.49% from 1.56% over the
quarter.

The prime 30-plus arrears rate averaged 1.48% over 2012, which is
a level that Moody's considers as low. In 2013, Moody's expects
this low rate to remain stable, underpinned by expected GDP growth
of 2.5 to 3.5%, a continued low interest rate environment, and
steady unemployment of 4.5 to 5.5%.

At the same time, the 30-plus arrears rate for deals with 100% low
doc loans has witnessed continued increases over recent years,
reaching a record high of 5.90% in November, before ending the
fourth quarter at 5.78%, up from 5.09% at the end of the third
quarter.

Borrowers in these deals provide little or, in the case of no doc
loans, no proof of income. The higher delinquency of these loans
can be explained by the cash flow volatility of the borrowers, who
are typically self-employed. After excluding 100% low doc deals,
the prime 30-plus arrears rate would have been seven basis points
lower at 1.37% in December.

Overall losses for Australian prime RMBS are still very low by
international standards with the worst performing vintage, 2004,
having incurred 35 basis points of losses to date. Further, many
of these losses are covered by excess spread and lenders mortgage
insurance.

The prime redemption rate has been around 18%-21% since mid-2011
and was at 20.09% as of December.

The non-conforming 30-plus arrears rate fell to 6.65% in December
from 7.25% in September, and was also 91 basis points lower than
the same period in 2011 when it was 7.56%.

The redemption rate for non-conforming deals has fallen over
recent quarters, likely the result of limited refinancing
opportunities. In December, the total redemption rate for non-
conforming deals was 21.36%.

Economic indicators for Australia were stable in the fourth
quarter of 2012.

Unemployment remained relatively constant at 5.39%, but regional
variations were strong. Unemployment in Western Australia was
4.30% in December compared to 7.35% in Tasmania.

Home prices ended the fourth quarter with mixed results. Perth and
Sydney saw modest year-on-year growth of 0.75% and 1.47%
respectively, while all other major cities saw declines. Melbourne
had the largest decline of 2.86%. Overall, prices across Australia
fell 0.38%.


* Moody's Sees Stable Outlook for Australian RMBS/ABS/CB Markets
----------------------------------------------------------------
Moody's Investors Service expects a stable outlook in 2013 for the
Australian Residential Mortgage-Backed Securities (RMBS), Asset-
Backed Securities (ABS) and Covered Bond (CB) markets.

According to Moody's report titled, "Australian RMBS, ABS and
Covered Bonds: 2013 Outlook," the market for RMBS and ABS will be
stable because Moody's expects a low level of delinquencies and
losses, underpinned by an expected GDP growth rate of 2.5%-3.5%, a
continued low interest rate environment, and a steady unemployment
rate of 4.5%-5.5%.

"Losses in the RMBS market will be limited because of the amount
of equity buffers available for mitigating losses in the event of
obligor defaults. Moody's expects these buffers to be supported by
stable housing prices in 2013, loan seasoning, the long-term trend
in house-price appreciation, and continued deleveraging," says
Irene Kleyman, a Moody's Vice President and Senior Analyst and one
of the authors of the report.

For RMBS, the continuation of Australia's low interest rate
environment will be the main reason for stable delinquencies.
Moody's expects RMBS 30 days past due delinquencies in 2013 to
stay at around the current levels. As at December 2012, 30 days
past due delinquencies were 1.44%.

"In the ABS sector, losses are likely to increase only marginally,
and will remain low overall, as recovery rates stay just below
their long-term average range of 50%-55%. The expected slight drop
in recovery rates is based on the expectation of continued
strength in new car sales in 2013," adds Kleyman.

However, the report points out that the soft labor market,
reflected in the underemployment rate and the recent slowdown in
job growth represents a downside risk for delinquencies and
potentially ultimate defaults in the collaterals of the RMBS and
ABS sectors.

On covered bond programs, the report says the market will be
stable in the next 12 months because of the solid financial
standing of sponsors, Australia's strong sovereign rating and the
stable credit quality of residential mortgage collateral.

On the regulatory front, the report says three governmental
initiatives will help improve the development of the Australian
securitization market. Specifically, each will individually
promote, for transactions, (1) better alignment of interests
between issuers and investors, (2) flexibility for issuers to
retain greater proportion of their own deals, and (3) more
transparency in collateral reporting.

"Moreover, in terms of issuance, we expect an increase in RMBS and
ABS issuance in 2013, because the tightening spreads have made it
more economically viable for originators to issue both types of
securities," says Kleyman.

"Covered bond issuance will continue to be robust in 2013 because
issuers have around AUD 100 billion in spare capacity. However,
there are some signs of a resurgence in investor appetite for
securitized products, which may slightly constrain the issuance of
CBs," says Kleyman. Australian issuers have the capacity to issue
up to AUD 144.3 billion of covered bonds, of which the banks have
issued only AUD 44 billion.



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


AOXING PHARMACEUTICAL: Incurs $3.1-Mil. Net Loss in Fiscal Q2
-------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of $3.1 million on $3.3 million of
sales for the three months ended Dec. 31, 2012, compared with a
net loss of $294,447 on $2.1 million of sales for the prior fiscal
period.

For the six months ended Dec. 31, 2012, the Company reported a net
loss of $3.6 million on $5.9 million of sales, compared with a net
loss of $1.2 million on $3.7 million of sales for the six months
ended Dec. 31, 2011.

The Company's balance sheet at Dec. 31, 2012, showed
$44.0 million in total assets, $26.0 million in total liabilities,
and stockholders' equity of $18.0 million.

"We have incurred recurring operating losses and had an
accumulated deficit of $42.3 million as of Dec. 31, 2012.  We had
negative working capital of $1.4 million as of as of Dec. 31,
2012.  Our history of operating losses and lack of binding
financing commitments raise substantial doubt as to our ability to
continue as a going concern."

A copy of the Form 10-Q is available at http://is.gd/j4XoWq

                    About Aoxing Pharmaceutical

Jersey City, N.J.-based Aoxing Pharmaceutical Company, Inc., is a
specialty pharmaceutical company specializing in research,
development, manufacturing and distribution of a variety of
narcotic, pain-management, and addiction treatment pharmaceutical
products.

As of Dec. 31, 2012, the Company had one operating subsidiary:
Hebei Aoxing Pharmaceutical Co., Inc., which is organized under
the laws of the People's Republic of China.  As of Dec. 31, 2012,
the Company owned 95% of the issued and outstanding common stock
of Hebei.

Hebei now has China's largest and the most advanced manufacturing
facility for highly regulated narcotic medicines, addressing a
very under-served and fast-growing market in China.

                           *     *     *

As reported in the TCR on Oct. 22, 2012, BDO China Dahua CPA Co.,
Ltd, in Shenzhen, China, expressed substantial doubt about
Aoxing's ability to continue as a going concern.  The independent
auditors noted that the Company continues to incur losses from
operations, has negative cash flow from operations and a working
capital deficit.


CITIC RESOURCES: Alumina Purchase No Impact on Moody's Ba3 CFR
--------------------------------------------------------------
Moody's Investors Service says that CITIC Resources Holdings
Limited's acquisitions of stakes in Alumina Limited and the
Coppabella and Moorvale Joint Venture have no immediate impact on
its Ba3 corporate family rating and senior unsecured bond ratings.
The senior unsecured notes are issued by CITIC Resources Finance
(2007) Limited, a wholly owned subsidiary of CRH, and guaranteed
by CRH.

The positive outlook for the ratings is also unaffected.

On February 14, 2013, CRH announced that it would subscribe for
219,617,657 shares of Alumina for an aggregate price of HKD2.2
billion. The subscription -- once completed -- would represent
7.826% of all of Alumina's shares .

Meanwhile, CITIC Group, CRH's parent, acquired another 5.217% of
Alumina's shares post completion.

The acquisition came shortly after CRH's decision on January 25,
2013 to increase its interest in CMJV, for a maximum consideration
of around HKD913.4 million.

Both acquisitions -- Alumina and CMJV -- will be funded by CRH's
cash on hand.

"We view the two acquisitions as consistent with the company's
business strategy and have relatively low risk profiles as: 1) the
projects are already in operation; 2) the operators of the two
projects -- Peabody Energy Corporation (Ba1, stable) and Alcoa
Inc. (Baa3, possible downgrade) -- are both experienced players in
their respective areas. CRH also has experience in the coal and
aluminum businesses," says Simon Wong, a Moody's Vice President
and Senior Analyst.

"In addition, the interests in Alumina and CMJV will generate
immediate cash flow through upstream dividends and will provide
further diversification for CRH, in spite of volatile earnings
from these sectors due to commodity cycles. For example, Alumina
had a 5-year average annual dividend payout of around $140 million
and CRH's share would be approximately $11 million," says Wong,
also Moody's international lead analysts for CRH.

"We expect CRH's credit metrics will demonstrate a marginal
improvement after these acquisitions and the recent approximately
$200 million bond repurchase. The company's adjusted retained cash
flow (RCF)/debt and debt/capitalization will therefore be around
15% and 40% at end-2013," says Kai Hu, a Moody's Vice President
and Senior Analyst, and also CRH's local market analyst.

"Such a financial profile remains solid for CRH's underlying
credit strength, and its final Ba3 rating incorporates a two-notch
parental uplift from support from CITIC Group (Baa2, stable)",
adds Hu.

The positive outlook continues to reflect CRH's improving business
profile, given the stabilization of its E&P operations and the
benefits of diversification from its other commodity-related
businesses.

CRH's ratings would be upgraded if : 1) it ramps up its Yue-dong
oilfield production & reserves as planned; 2) it maintains its
sound liquidity profile and puts in place appropriate refinancing
for its maturing $800 million 2014 bonds; and 3) its other
commodity businesses, including the newly acquired stakes in
Alumina and CMJV, generate consistent and meaningful cash flow.

The credit metrics Moody's will consider for an upgrade include
RCF/adjusted debt remaining above 15-20% on a sustainable basis.

On the other hand, the outlook would be revised to stable, if: 1)
CRH embarks on a larger-than-expected debt-funded acquisition, or
such an acquisition entails a high level of execution risk; or 2)
its financial profile deteriorates, such that RCF/adjusted debt
falls below 10%, and debt/capitalization rises above 55% for a
prolonged period.

Any weakening in the relationship with CITIC Group -- thereby
lowering the support level -- will be negative for the rating.
Should there be a downgrade of CITIC Group's rating, the parental
support level and hence the rating uplift, would also be
revisited.

The principal methodology used in rating CITIC Resources Holdings
Limited was the Global Independent Exploration and Production
Industry Methodology published in December 2011.

CITIC Resources is an energy and natural resources investment
holding company, with interests in aluminum smelting, manganese,
coal, the import and export of commodities, and the exploration,
development and production of oil. The company serves as the
principal natural resources and energy arm of its parent, CITIC
Group.



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


MILLSTREAM LIMITED: Creditors' First Meeting Set for Feb. 27
------------------------------------------------------------
Creditors of Millstream Limited will hold their meeting on
Feb. 27, 2013, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.

The meeting will be held at Room 203, 2/F, Duke of Windsor Social
Service Building, No. 15 Hennessy Road, Wanchai, in Hong Kong.


PATTERN ENTERPRISES: Annual Meetings Set for March 14
-----------------------------------------------------
Members and creditors of Pattern Enterprises (International)
Limited will hold their annual meetings on March 14, 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.


POLYWIN ENGINEERING: Annual Meetings Set for March 14
-----------------------------------------------------
Members and creditors of Polywin Engineering Limited will hold
their annual meetings on March 14, 2013, at 11:00 a.m., and 11:30
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.


RULERETT COMPANY: Members' Final Meeting Set for March 11
---------------------------------------------------------
Members of Rulerett Company Limited will hold their final general
meeting on March 11, 2013, at 8:00 a.m., at Room 1013, Argyle
Centre 1, 688 Nathan Road, Mongkok, Kowloon, in Hong Kong.

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


RVL PRINTED: Ying and Chan Step Down as Liquidators
---------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of RVL
Printed Label Far East Limited on Jan. 31, 2013.


SAMSUNG LCD: Members' Final Meeting Set for March 8
---------------------------------------------------
Members of Samsung LCD Netherlands R&D Center (HK) Limited will
hold their final general meeting on March 8, 2013, at 4:30 p.m.,
at Level 17, Tower 1, Admiralty Centre, 18 Harcourt Road, in Hong
Kong.

At the meeting, Cosimo Borrelli and G Jacqueline Fangonil Walsh,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


SEEYET INVESTMENTS: Members' Final Meeting Set for March 11
-----------------------------------------------------------
Members of Seeyet Investments Limited will hold their final
general meeting on March 11, 2013, at 10:00 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.


SINO HOPE: Creditors' Meeting Set for March 1
---------------------------------------------
Creditors of Sino Hope (H.K.) Limited will hold their meeting on
March 1, 2013, at 9:30 a.m., for the purposes provided for in
Sections 247 of the Companies Ordinance.

The meeting will be held at 8/F, Prince's Building, 10 Chater
Road, Central, in Hong Kong.


STARLIGHT INDUSTRIAL: Tso Kwai Ping Steps Down as Liquidator
------------------------------------------------------------
Tso Kwai Ping stepped down as liquidator of Starlight Industrial
Limited on Jan. 21, 2013.


TRINITY (CASUAL WEAR): Seng and Lo Step Down as Liquidators
-----------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Trinity (Casual Wear) Limited on Feb. 2, 2013.


UNI-TECHNIC COMPANY: Annual Meetings Set for March 14
-----------------------------------------------------
Members and creditors of Uni-Technic Company Limited will hold
their annual meetings on March 14, 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.


WINSHAN CONSTRUCTION: Annual Meetings Set for March 13
------------------------------------------------------
Members and creditors of Winshan Construction Company Limited will
hold their annual meetings on March 13, 2013, at 11:00 a.m., and
11:30 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.


YONEZAWA (H.K.): Ying and Chan Step Down as Liquidators
-------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Yonezawa (H.K.) Limited on Feb. 1, 2013.


ZOTOS INVESTMENTS: Annual Meetings Set for March 13
---------------------------------------------------
Members and creditors of Zotos Investments Limited will hold their
annual meetings on March 13, 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.



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


AAKAR MOTORS: CARE Assigns 'BB-' Rating to INR6.5cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Aakar
Motors.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.50      CARE BB- Assigned

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

Rating Rationale

The rating is primarily constrained by the presence of Aakar
Motors in highly competitive automobile dealership business and
limited bargaining power against principal manufacturer. The
weak financial risk profile of AKM as characterized by leveraged
capital structure, low profitability and weak liquidity indicators
further constrained the rating. The above constraints are
partially offset by the experience of the partners in the
automobile dealership business and favorable industry scenario.
The ability of AKM to increase its scale of operations along with
improvement in the financial risk profile is the key rating
sensitivity.

AKM was setup as a partnership firm in 2000 by Mr. Kunjal Shah
along with other family members. The firm is an authorized dealer
for Bajaj Auto Limited for Valsad district of Gujarat. It offers
three wheeler, two wheeler and goods carriage vehicles of BAL,
supported with 3-S facilities (Sales, Service, Spare-parts). AKM
operates through one showroom (owned premises along with workshop)
in Vapi city of Gujarat. The firm also has a network of five sub-
dealers in Valsad district.

During FY12 (refers to the period April 1 to March 31), as per the
audited results, AKM reported a total operating income of INR39.05
crore (FY11: INR31.04 crore) and a Profit After Tax of INR0.13
crore (FY11: INR0.06 crore).


BAZAARI GLOBAL: CARE Assigns 'BB' Rating to INR3.5cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB' rating to the long-term bank facilities of
Bazaari Global Finance Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       3.50      CARE BB Assigned

Rating Rationale

The rating assigned to the bank facilities of Bazaari Global
Finance Ltd. is constrained primarily on account of its small size
of operations, high unsecured portfolio and geographical
concentration risk. The above constraints outweigh the benefits
derived from product diversification, comfortable capital
adequacy, low overall gearing, strong asset quality and adequate
Management Information System (MIS) system.  The ability of the
firm to increase its scale of operations with geographical
diversification, maintain its asset quality and capital adequacy
and find resources for lending in the absence of direct assignment
business would be the key rating sensitivities.

Incorporated in 1995, BGFL is a Jodhpur-based RBI registered Non-
Deposit taking NBFC, engaged in two-wheeler financing (only new
vehicles) and loans to small enterprises. Most of the business
(two-wheeler as well as small enterprise loans) is concentrated in
rural and semi-urban areas of Jalore, Jodhpur and Pali districts
of Rajasthan apart from urban area (only two-wheelers) of Mumbai.
BGFL was also involved in micro-finance activities in FY10 (refers
to the period April 1 to March 31) and FY11 which of-late have
been discontinued by them. BGFL was promoted by Mr. Rajendra
Bazaari (present Chairman & Managing Director) along with Mr. S.
C. Lohia and Mr. Ghewar Kanoongo in 1995. Mr. Rajendra Bazaari
belongs to a reputed business class family that owns various
petrol pumps and petrol tankers for the last 50 years.  Presently,
Mr. Rajendra Bazaari along with his son, Mr. Ashish Bazaari, an
M.B.A. by qualification, who joined BGFL in 2007, looks after the
overall management of the company.

BGFL is a small-sized NBFC with net-worth of INR7.89 crore and
total on Balance sheet (B/s) assets of INR17.57 crore as on
March 31, 2012. BGFL's portfolio is moderately diversified with
loans to small enterprises comprising 54% of the total on B/s loan
portfolio and 46% of the total Assets under management (AUM) and
two-wheeler loans comprising the balance.

BGFL reported a PAT of INR0.56 crore on a total income of INR4.26
crore during FY12 as compared with a PAT of INR0.52 crore on a
total income of INR3.34 crore during FY11. The total disbursements
increased from INR22.56 crore during FY11 to INR27.23 crore during
FY12. The total on B/s loan portfolio of BGFL has increased from
INR10.16 crore as on March 31, 2011 to INR14.21 crore as on March
31, 2012, while the total AUM increased from INR11.09 crore as on
March 31, 2011 to INR16.83 crore as on March 31, 2012. The capital
adequacy ratio of BGFL stood comfortable at 55.05% as on March 31,
2012.


DINURJE JEWELLERY: CARE Reaffirms 'B+' Rating on INR36cr Loan
-------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Dinurje
Jewellery Pvt. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        36       CARE B+ Reaffirmed

Rating Rationale

The rating of Dinurje Jewellery Pvt. Ltd. (DJPL) is constrained by
stretched liquidity as demonstrated by long working capital cycle
and full utilization of working capital limits, weak overall
financial risk profile characterized by modest scale of
operations, low profitability and highly leveraged capital
structure, dependence on export markets having sluggish demand,
geographically concentrated revenues, presence in competitive and
fragmented industry.  The rating, however, derives strength from
experience of the promoters in the gems and jewellery industry.
The ability of DJPL to scale up the operations and improve its
overall financial profile remains the key rating sensitivity.

Dinurje Jewellery Pvt. Ltd. belongs to the Dinurje group which is
engaged in jewellery manufacturing & diamond trading business.
DJPL was established as a partnership firm in 1993 by Mr. Pankaj
Shah, Mr. Sudhir Shah and Mrs Dina Shah named as Dinu Diamonds and
was reconstituted as a private limited company in May 2006 and
renamed as Dinurje Jewellery Pvt. Ltd.

It was initially engaged in diamond trading business, and in the
year 2000, it ventured into the manufacturing of diamond-studded
gold jewellery at SEEPZ, Mumbai.  During FY12 (refers to the
period April 1 to March 31), DJPL reported net sales of INR124.64
crore and PAT of INR0.70 crore.


DIPTI DIAMONDS: CARE Assigns 'B+' Rating to INR30cr LT Loan
-----------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Dipti
Diamonds & Jewellery Pvt. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        30       CARE B+ Reaffirmed

Rating Rationale

The rating of Dipti Diamonds & Jewellery Pvt. Ltd. is constrained
by the weak overall financial risk profile characterized by modest
scale of operations, thin profitability and highly leveraged
capital structure, dependence on the exports market having
sluggish demand and presence in competitive and fragmented
industry.  The rating, however, derives strength from experience
of the promoters in the gems and jewellery industry.  The ability
of DDJPL to scale up operations and improve its overall financial
profile remains the key rating sensitivity.

DDJPL was originally established as a proprietary firm in 1987 by
Mr. Sudhir K. Shah named as Dipti Diamonds engaged in the
procuring of diamonds and selling it. The business of the
proprietorship concern was transferred to Dipti Diamonds &
Jewellery Pvt. Ltd. (earlier known as Tapers Jewellery Pvt. Ltd.)
w.e.f. August 01, 2010.

During FY12 (refers to the period April 1 to March 31), DDJPL
reported net sales of INR118.49 crore and PAT of INR0.30 crore.


GAYATRI RICE: CARE Reaffirms 'BB' Rating on INR21.18cr LT Loan
--------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Gayatri
Rice Mill.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       21.18     CARE BB Reaffirmed

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of Gayatri Rice Mill as on
March 31, 2012. The rating may undergo a change in case of
withdrawal of capital by the partners in addition to the financial
performance and other relevant factors.  The rating continues to
remain constrained by the partnership nature of the firm, highly
fragmented and competitive nature of the industry, regulations by
the government in terms of Minimum Support Price (MSP) for raw
material and procurement of rice through Food Corporation of India
(FCI), seasonal nature of availability of paddy resulting in
working capital intensive nature of the business, low
profitability margins and moderate overall gearing. However, the
rating positively factors in the experience of the partners in the
industry, presence in major paddy cultivation area resulting in
easy procurement of paddy and growth in the total income during
FY12 (refers to the period April 1 to
March 31). Improvement in the profitability of the firm and ease
of government regulations are the key rating sensitivities.

GRM is a partnership firm formed in 2001 by Mr. K V Subba Reddy
along with five other partners. It is engaged in the milling,
processing and trading of rice. It has a rice milling plant at
Tossipudi, East Godavari Dist, Andhra Pradesh with an installed
capacity of 1,138,800 Quintals Per Annum (QTPA).

During FY12 (refers to the period April 1 to March 31), GRM has
made a PAT of INR0.73 crore (FY10: INR0.39 crore) on a total
income of INR81.81 crore (FY11: INR55.66 crore). During H1FY13,
GRM earned a PAT of INR0.33 crore on a total income of INR45.28
crore.


INEXO CAST: CARE Assigns 'BB+' Rating to INR8.45cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE BB+' ratings to the bank facilities of Inexo
Cast Metal Solutions Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.45      CARE BB+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Inexo Cast Metal
Solutions Private Limited is constrained by its small scale and
working capital intensive nature of its operations. The rating,
however, draws strength from the established track record of the
company with experienced promoters & management, significant
increase in the total operating income and cash accruals over the
past two years, moderate leverage position and diversified
customer base with repeated orders.

The company's ability to scale up its operations while managing
its working capital requirements efficiently will remain the key
rating sensitivity. Any higher than envisaged increase in debt
either due to capex or enhanced working capital requirements will
also act as a key rating sensitivity.

Inexo Cast Metal Solutions Private Limited (ICMSPL) was initially
started in 1989 as a partnership firm under the name Inexo Feed
Industries by Mr. C. R. Jagan and Mr. B.Venugopal. Later in 1997,
it was converted to a private limited company under the name Inexo
Chemical Private Limited, and in 2005, the name of the company
subsequently changed to Inexo Cast Metal Solutions Private
Limited. The company is engaged in the manufacturing of foundry
chemicals such as feeding systems, feeding compounds and
refractory coating and fluxes which are used by foundry casting
manufacturers. The manufacturing facility of ICMSPL is located at
Ambattur, Chennai, with an installed capacity of 7,724 metric
tonnes per annum (MTPA) of foundry chemicals as on January 31,
2013.

During FY12 (refers to the period April 1 to March 31), ICMSPL
reported a net profit of INR1.36 crore (FY11: INR1.16 crore) on a
total operating income of INR18.61 crore (FY11: INR12.54 crore).


K.R.K. EDUCATIONAL: CARE Rates INR41cr LT Loan at 'CARE B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of K.R.K.
Educational Trust.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        41       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of K.R.K. Educational
Trust is constrained by its short track record with small scale of
operations, financial profile marked by substantial
accumulated losses with eroded net worth due to initial year of
operations, highly leveraged capital structure, competition faced
from the institutions operating within its vicinity and
implementation risk associated with its on-going debt-funded
expansion project. The rating, however, draws the strength from
qualified & experienced trust members, growth in the total
operating income with increase in the number of students and
satisfactory infrastructure facilities. The ability of KRKET to
scale up its operations with improvement in profitability and to
successfully execute the ongoing project within the envisaged time
and cost are the key rating sensitivities.

K.R.K. Educational Trust was formed in the year 2007 by Mr. K. R.
Ilanghovan and Mrs I. Rajalakshmi. KRKET runs an engineering
college; 'OAS Institute of Technology and Management Group of
Institutions' (OAS) at Pulivalam, Tiruchirapalli, Tamil Nadu with
an area of 24.62 acres land owned by the educational trust. The
college was established in April 2010 and started its operations
from the academic year 2010-11. KRKET has received the necessary
approvals from the AICTE and Anna University of Technology, Tamil
Nadu. The college is managed by the principal and other strategic
& policy decisions are taken by a committee comprising three
trustees, namely, Mr. K. R. Ilanghovan (Chairman & Trustee), Mrs
I.Rajalakshmi (Trustee) and Mr. K. Ramajayam (Trustee). The
student strength of college for the academic year 2012-13 is 343
students.


MAA PYARI: CARE Assigns 'B' Rating to INR6cr Long-Term Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Maa Pyari
Steel Private Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6         CARE B Assigned

Rating Rationale

The rating of Maa Pyari Steel Private Ltd is constrained by small
scale of operation with low margin trading nature of business,
high degree of competition due to fragmented nature of industry,
volatility in prices of trading materials, working capital
intensive nature of business and user industry concentration risk.
These factors far outweigh the benefits derived from the
experience of promoters and locational advantage.  The ability of
the company to improve the scale of operations and profitability
and ability to manage working capital efficiently would be the key
rating sensitivities.

Maa Pyari Steel Private Ltd, incorporated in February 14, 2000,
promoted by Mr. Manoj Kumar Singh of Bokaro, Jharkhand (aged 52
years, Post-Graduate), and Ms. Daisy Rani Singh (wife of Mr.
Singh, Graduate) is engaged in processing and trading activities
of iron and steel related products (like HR coil and Sheet, HR
plate, Cobble Plate, CR coil and Sheet, etc) which find its
application mainly in iron and steel fabrication and forging
industry. Along with local sales in Jharkhand, MPSL has wide
spread operation across states like West Bengal, Orissa, Andhra
Pradesh, Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, etc.

During FY12 (refers to the period April 1 to March 31), MPSL
achieved a PBILDT of INR0.84 crore (INR0.80 crore in FY11) and a
PAT of INR0.05 crore (INR0.05 crore in FY11) on total income of
INR35.67 crore (INR30.32 crore in FY11). Furthermore, till
10MFY13, MPSPL has achieved total sales of about INR25 crore.


NIPANI INDUSTRIES: CARE Reaffirms 'BB+' Rating on INR4.2cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Nipani Industries.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       4.20      CARE BB+ Reaffirmed

   Long/Short-term Bank            2.15      CARE BB+/CARE A4+
   Facilities                                Reaffirmed

   Short-term Bank Facilities      1.0       CARE A4+ Reaffirmed

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

Rating Rationale

The ratings assigned to the bank facilities of Nipani Industries
continue to be constrained on account of presence in the highly
fragmented pre-engineered building (PEB) industry along with
high segment concentration. The ratings are further constrained by
the modest scale of operations, moderate order book position and
vulnerability of profit margins to fluctuations in raw material
prices. The rating also factors in marginal deterioration in debt
coverage indicators due to decline in total income during FY12 and
high level of current assets.  The ratings, however, continue to
draw strength from the long track of the promoters in PEB
industry, reputed clientele and comfortable capital structure.
The ability of NPI to increase its scale of operations with an
improvement in the profitability and growth in the order book
amidst intense competition in the PEB industry would remain the
key rating sensitivities.

NPI is a Jabalpur-based partnership firm established in 1996 by
Mr. Rajiv Puri and his family members. The firm started its
operations by doing job work for telecom tower manufacturing
companies and subsequently ventured into business of erection of
telecom towers. Later on, from FY09 onwards NPI shifted its focus
from telecom tower erection business to supply & erection of PEB
on turnkey basis mainly for Government organizations. The firm
owns a fabrication facility at Jabalpur for undertaking various
types of fabrication work related to the contracts under
execution.

Furthermore, NPI is also working as a sole selling agent for
reputed multinational firm based in Europe for distribution of
boiler feed pumps used in super critical power projects.


PARVIN COTEX: CARE Reaffirm 'B' Rating to INR6.05cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Parvin Cotex Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.05      CARE B Reaffirmed

Rating Rationale

The rating continues to remain constrained on account of the weak
financial risk profile of Parvin Cotex Pvt. Ltd. marked by losses
reported since inception, leveraged capital structure and weak
liquidity indicators. The rating further continues to be
constrained by its presence in the lowest segment of textile value
chain with limited value addition in the cotton ginning business
and seasonality associated with procurement of raw material
resulting into working-capital intensive nature of operations.

The rating continues to draw strength from the wide experience of
the promoters in the cotton industry and locational advantage in
terms of proximity to the cotton seed growing regions in Gujarat.

The ability of PCPL to increase its scale of operations and move
up in the cotton value chain and diversification of its product
portfolio, thereby improving its profitability remains the key
rating sensitivities.

PCPL, incorporated in 2008 by Mr. Akbar Vohra, is a closely-held
private limited company engaged in the business of cotton ginning
and pressing by sourcing cotton through local farmers from
Maharashtra. While cotton bales are used in the manufacturing of
cotton yarn, cotton seeds are further processed for extraction of
edible oil. PCPL operates through its sole processing unit located
in Beed (Maharashtra) which has an installed capacity to process
58 metric tons of cotton bales per day and 125 metric tons of
cotton seeds per day. During FY12 (refers to the period April 1 to
March 31), cotton bales contributed 80% (as against 84% in FY11)
to overall sales, while the rest was contributed by cotton seeds.

PCPL is a part of 'Parvin Group' which includes other group
companies such as Parvin Agro Pvt. Ltd. and Parvin Cotgin Pvt Ltd
collectively promoted by Mr. Akbar Vohra, are also into the
business of cotton ginning and pressing.


SALASAR POLYTEX: CARE Rates INR33.25cr LT Loan at 'CARE B'
----------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Salasar
Polytex Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      33.25      CARE B Reaffirmed

Rating Rationale

The rating continues to remain constrained on account of small
scale of operations of Salasar Polytex Private Limited (SPPL),
short track record in the manufacturing and exposure to volatility
in raw material prices. The financial risk profile of SPPL as
characterised by moderately leveraged capital structure, moderate
profitability and weak liquidity indicators further constrains the
rating. The rating, however, continues to draw strength from the
experience of the promoters in related business and successful
implementation of the project.  SPPL's ability to improve its
scale of operations and profitability would remain the key rating
sensitivities.

SPPL was incorporated in March 1999 by Mr. Sanjay Todi to
undertake business of manufacturing of nylon fibre. However, the
company commenced manufacturing operations in October 2011. Prior
to the formation of the company, the promoters were involved in
the trading of nylon chips in different entity. The company
imports nylon chips and manufactures nylon yarn which it sells to
fabric manufacturers in the domestic markets. SPPL operates from
its sole manufacturing facility located at Surat (Gujarat) where
it has installed capacity of around 3,600 metric tonnes per annum
(MTPA) as on March 31, 2012.

SPPL has associate concern, namely, Salasar Filaments Pvt Ltd
(SFPL - rated 'CARE B' ), which is engaged in the manufacturing of
warp knitted fabrics from nylon monofilament yarn / polyester
bright yarn.

During FY12 (as per the audited results; refers to the period
April 1 to March 31), SPPL reported a total operating income of
INR22.56 crore and a loss of INR1.90 crore. During 9MFY13
(Provisional) SPPL achieved a total income of INR70.81 crore.


SHARDA AGRI: CARE Reaffirms 'BB-' Rating to INR10.17cr Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sharda Agri Foods Pvt. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long term Bank Facilities      10.17      CARE BB- Reaffirmed

Rating rationale

The rating of SAFPL continues to factor in very small scale and
short track record of operations, exposure to agro based raw
material price fluctuation and availability risk, elongated
operating cycle due to high inventory days and high overall
gearing. The above rating weaknesses are partially offset by
experienced promoters, proximity of plant to raw material sourcing
and firm supply of sweet corn on account of contract farming
arrangement.  Going forward, growth in scale of operations while
maintaining profitability, improving capital structure and
efficiently managing working capital cycle would be the key rating
sensitivities.

Sharda Agri Foods Pvt Ltd, incorporated in August 2009, is engaged
in processing and supplying various frozen products including
Frozen Green Peas, Frozen Green Beans, Frozen Sweet
Corns and Frozen Cauliflower. The processing facility of SAFPL is
based on latest "IQF Technology" (Individually Quick Frozen). The
company has an installed capacity of 2,800 MTPA for green peas
and 500 MTPA for sweet corn. The company's retail packets are sold
under the brand name of 'Sharda'.

Around one-third of the facility area is a normal cold storage
which is leased to outside parties (for storing potatoes etc)
while the remaining two-third space is a frozen foods storage
facility utilized for the purpose of processing and storage of
company's products. SAFPL sells its products directly in
Uttarakhand, Haryana and Madhya Pradesh while it has appointed
agents in Rajasthan and Uttar Pradesh.

As per audited results for FY12 (refers to the period April 01 to
March 31), SAFPL reported total operating income of INR3.32 crore
and PAT of INR0.02 crore.


SWASTIK POLYTEX: CARE Assigns 'B' Rating to INR6.25cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Swastik
Polytex Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.25      CARE B Assigned

Rating Rationale

The rating is constrained primarily on account of the recently
commissioned predominantly debt funded greenfield project of
Swastik Polytex Private Limited for the manufacturing of woven
sack bags and no experience of the promoters in the manufacturing
sector. The rating is further constrained on account of SPPL's
presence in a highly fragmented and competitive woven sack
industry, vulnerability of its margins to fluctuations in the raw
material prices and its high dependence on the prospects of the
cement industry which are currently challenging. The above
constraints outweigh the benefits derived from experience of the
promoters in trading of plastic granules, arrangement for supply
of key raw materials with its associate concern which is a Del
Credere Agent of Reliance Industries Ltd. and its location
advantage being situated near to user industries. Achieving
projected level of capacity utilization, quick stabilization of
operations and enhancing customer base would be the key rating
sensitivities.

SPPL was incorporated in September 2011 as a private limited
company and is promoted by Mr. Hemant Mansinghka,  Mr. Hemendra
Tongia, Mr. Mahendra Tongia and Mr. Radheshyam Agarwal to
set up a green-field project for the manufacturing of woven sacks
and plastic bags with an installed capacity of 2,228 Metric Tonnes
Per Annum (MTPA) at Chittorgarh, Rajasthan. The total cost of the
project was INR8.92 crore (including margin money for working
capital of INR0.55 crore) with a project Debt-Equity Ratio of 1.14
times. The project was financed by share capital of INR3.77 crore,
unsecured loans of INR0.40 crore and bank borrowings of INR4.75
crore. The project was initially expected to commence in April
2012 but got delayed by four months and started commercial
production in August 2012.


ZIRCON EXPORTS: CARE Reaffirms 'B+' Rating on INR3.94cr Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Zircon Exports Pvt. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       3.94      CARE B+ Reaffirmed
   Short-term Bank Facilities     25.00      CARE A4 Reaffirmed

Rating rationale

The ratings of ZEPL continue to be constrained by weak financial
risk profile, high dependence on the performance of
construction/Real estate industry which is witnessing a slowdown,
working capital intensive nature of operations, intense
competition in the industry due to low entry barriers and foreign
exchange fluctuation risk. The above rating weaknesses are
partially offset by the experienced promoters, diversified
portfolio of reputed clientele, and established network of
suppliers.  Going forward, ability of the company to improve
profitability in a highly competitive industry while maintaining
its capital structure, are the key rating sensitivities.

Zircon Exports Pvt. Ltd, incorporated in 1994 by Mr. Sanjeev
Jajodia and family, is engaged in sawn timber trading and
processing activities. The processing unit of ZEPL is located near
Kandla port at Gandhidham, Gujarat and corporate office is at
Kirti nagar, New Delhi.  ZEPL imports pine-logs from New-Zealand
and Germany (at Kandla port, Gujarat). The pine logs are cut into
various shapes at the company's processing unit in Gandhidham
(Gujarat) as per the customer requirements. Majority of the
revenue (~75%) is generated from sawn timber trading to
Construction companies and Real Estate developers. The remaining
part of the revenue is realized from timber processing in the form
of doors, doorframes and moldings at ZEPL's Gandhidham
facility.

As per audited results for FY12 (refers to the period April 01 to
March 31), ZEPL reported total operating income of INR57.57 crore
and PAT of INR0.18 crore.



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


SSANGYONG ENGINEERING: Faces Bankruptcy Threat Over KRW60BB Debt
----------------------------------------------------------------
Yonhap News reports that Ssangyong Engineering & Construction Co.,
a cash-strapped South Korean local builder, could face bankruptcy
later this month unless it pays back maturing debts worth KRW60
billion (US$55 million), industry sources said Thursday.

The development came a week after the builder said its capital has
been wiped out due to massive losses for the second year in a row
amid the country's protracted housing market slump, the news
agency relates.

Based in Seoul, Korea, Ssangyong Engineering & Construction Co.,
Ltd. -- http://www.ssyenc.com/eng/-- is involved in the areas of
construction and engineering.



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


JENNIAN HOMES: Manawatu Franchisor Declared Bankrupt
----------------------------------------------------
Jimmy Ellingham at stuff.co.nz reports that the owner of the
failed Jennian Homes franchise has been placed into bankruptcy.

The report relates that building suppliers Bunnings Ltd
successfully applied to bankrupt Anthony Hugh Scott in the High
Court at Palmerston North.

In March last year the building firm folded after operating under
Mr. Scott's management for a decade, stuff.co.nz recalls.

The company's liquidator Rod McKenzie found it had a net deficit
of NZ$1.06 million.

It is unclear if Mr. Scott's bankruptcy relates to any guarantees
to creditors of Jennian, stuff.co.nz relays.

About the time of the liquidation, the report notes, Mr. Scott and
his wife Stephanie placed their Colyton Road property on the
market, asking for inquiries over NZ$1.35 million. Property
records show it sold for NZ$1 million in a deal settled on
Dec. 6, 2012, the report adds.

The Scotts also owned a Milestones Homes Manawatu franchise, and
the Official Assignee will take on Mr. Scott's share in that
company, the report adds.


MAINZEAL PROPERTY: Head Office Building Owner in Receivership
-------------------------------------------------------------
Greg Ninness at stuff.co.nz reports that the ripples from the
collapse of Richard Yan's Mainzeal Property and Construction are
spreading, with the company that owns Mainzeal's head office
building being tipped into receivership, related company King
Facade Ltd going into voluntary liquidation and rumours that a
major property asset on Waiheke Island has been sold.

Receiver Colin McCloy of PricewaterhouseCoopers took control of
200 Vic Ltd, the company that owns Mainzeal's head office building
in central Auckland, on February 13, stuff.co.nz relates.

According to stuff.co.nz, Mr. McCloy is also the receiver of
Mainzeal Property and Construction which, along with 200 Vic, is
part of Yan's Richina group of companies.

200 Vic purchased the building on a prominent corner site opposite
Victoria Park in 2011 and it was refurbished to what some in the
industry have described as a luxurious standard for Mainzeal's
head office.

The property is on a leasehold title with the freehold land under
the building owned by the Auckland Council.

200 Vic paid NZ$4.8 million for the leasehold title and BNZ, which
is also Mainzeal's main secured creditor, holds a mortgage over
the property securing up to NZ $19.5 million plus interest.

                          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.



===========
T A I W A N
===========


* TAIWAN: Finance Ministry Balks at Taishin-Changwa Bank Merger
---------------------------------------------------------------
Isabella Steger and Jenny Hsu at The Wall Street Journal's Deal
Journal report that the Ministry of Finance on February 20 said it
opposed Taishin Financial Holding Co.'s proposal to allow its
banking arm, Taishin Bank, to merge with state-run Changhwa Bank
because it would "significantly hurt the public interest." It
didn't say much else, except that it was "satisfied with the
current separation of state-owned and private banks."

Deal Journal relates that Taishin said it wants to merge with
Changhwa Bank, which has a branch in Shanghai, to gain exposure to
China, where Taishin has none. A merger would make Changhwa Bank
Taiwan's third-largest bank by assets.

Taishin is the biggest shareholder in Changhwa, with a 22.6%
stake, followed by the government, the report discloses.

According to the report, Taishin Financial said it would "continue
to communicate" with the ministry regarding the proposed merger.

Still, while Taiwan's government has acknowledged that the
island's banking sector is oversaturated, and has pledged reforms,
including consolidation, few deals have taken place.

Jerry Yang, an analyst at Daiwa Capital Markets, said typical
hurdles--pricing disputes, opposition by labor unions and
politicians--would continue to hinder the acquisition of any
state-run banks, Deal Journal adds.



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


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

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


AUSTRALIA


AACL HOLDINGS LT           AAY            39.61        -4.66
AAT CORP LTD               AAT            32.50       -13.46
AAT CORP LTD               AAT            32.50       -13.46
ARASOR INTERNATI           ARR            19.21       -26.51
AUSTRALIAN ZI-PP           AZCCA          77.74        -2.57
AUSTRALIAN ZIRC            AZC            77.74        -2.57
BECTON PROPERTY            BEC           267.47       -15.73
BIRON APPAREL LT           BIC            19.71        -2.22
BOWEN ENERGY LTD           BWN            10.06        -1.19
CLARITY OSS LTD            CYO            28.67        -8.42
CNPR GROUP                 CNP        15,483.44      -349.73
CWH RESOURCES LT           CWH            12.09        -1.29
HAOMA MINING NL            HAO            25.26       -27.35
MACQUARIE ATLAS            MQA         1,618.82      -941.02
MISSION NEWENER            MBT            22.05       -27.72
NATURAL FUEL LTD           NFL            19.38      -121.51
ORION GOLD NL              ORNDC          10.91        -0.31
QUICKFLIX LTD              QFX            15.84        -1.91
REDBANK ENERGY L           AEJ           295.35       -13.08
RENISON CONSOLID           RSN            10.50        -9.23
RENISON CONSO-PP           RSNCL          10.50        -9.23
RIVERCITY MOTORW           RCY           386.88      -809.14
RUBICOR GROUP LT           RUB            60.12       -61.63
STERLING PLANTAT           SBI            37.84       -10.78


CHINA

ANHUI GUOTONG-A            600444         70.61        -3.64
BAOCHENG INVESTM           600892         42.73        -3.58
CHANG JIANG-A              520         1,387.12       -64.68
CHENGDU UNION-A            693            26.99       -26.74
CHIFENG JILONG-A           600988         14.83        -3.52
CHINA KEJIAN-A             35             61.36      -211.36
DONGXIN ELECTR-A           600691         13.31       -35.40
HEBEI BAOSHUO -A           600155        107.75       -89.29
HUASU HOLDINGS-A           509            84.22       -18.79
HUBEI MAIYA CO-A           971           133.45        -1.85
HULUDAO ZINC-A             751         1,025.01      -104.94
HUNAN TIANYI-A             908            62.99        -4.40
JILIN PHARMACE-A           545            31.52        -6.57
JINCHENG PAPER-A           820           113.20      -102.79
QINGDAO YELLOW             600579        163.31      -103.32
SHANDONG HELON-A           677           726.23      -199.92
SHANG BROAD-A              600608         38.89       -11.05
SHANXI GUANLU-A            831           263.65       -38.86
SHENZ CHINA BI-A           17             28.69      -271.45
SHENZ CHINA BI-B           200017         28.69      -271.45
SHENZ INTL ENT-A           56            260.84       -53.74
SHENZ INTL ENT-B           200056        260.84       -53.74
SHIJIAZHUANG D-A           958           211.99      -123.23
SICHUAN GOLDEN             600678         71.51      -107.85
TAIYUAN TIANLO-A           600234         65.61       -14.45
TIANJIN GLOBAL-A           600800        134.90        -2.42
TIANJIN MARINE             600751         49.95       -92.48
TIANJIN MARINE-B           900938         49.95       -92.48
TIBET SUMMIT I-A           600338         91.79       -14.79
TOPSUN SCIENCE-A           600771        125.72      -115.82
WUHAN BOILER-B             200770        173.56      -191.42
WUHAN GUOYAO-A             600421         10.41       -27.07
WUHAN XIANGLON-A           600769        168.96        -5.24
XIAMEN OVERSEA-A           600870        274.55      -133.44
XIAN HONGSHENG-A           600817         95.47      -241.46
XINJIANG CHALK-A           972           667.59       -46.89
YANBIAN SHIXIA-A           600462        106.82      -136.87
YIBIN PAPER IN-A           600793        127.35        -4.70
YUEYANG HENGLI-A           622            34.87       -25.93


HONG KONG

ASIA COAL LTD              835            20.25        -9.45
BEP INTL HLDGS L           2326           12.99        -0.37
BUILDMORE INTL             108            16.92       -45.22
CHINA HEALTHCARE           673            33.18       -15.21
CHINA OCEAN SHIP           651           408.06       -51.68
CROSBY CAPITAL             8088           22.66       -12.05
FIRST NTUL FOODS           1076           17.52       -56.24
FU JI FOOD & CAT           1175           73.43      -389.20
GRANDE HLDG                186           255.10      -208.18
MELCOLOT LTD               8198           36.29       -86.21
MITSUMARU EAST K           2358           22.77       -20.63
PALADIN LTD                495           173.10       -13.20
PROVIEW INTL HLD           334           314.87      -294.85
SINO RESOURCES G           223            38.67       -23.83
SUNLINK INTL HLD           2336           17.79       -36.13
SURFACE MOUNT              SMT            64.14       -29.40
U-RIGHT INTL HLD           627            14.80      -204.65


INDONESIA

APAC CITRA CENT            MYTX          187.46        -3.73
ARGO PANTES                ARGO          154.01        -3.12
ARPENI PRATAMA             APOL          416.73      -206.52
ASIA PACIFIC               POLY          371.81      -836.19
JAKARTA KYOEI ST           JKSW           29.81       -41.48
MATAHARI DEPT              LPPF          254.86      -270.94
MITRA INTERNATIO           MIRA        1,076.79      -446.64
MITRA RAJASA-RTS           MIRA-R2     1,076.79      -446.64
PANASIA FILAMENT           PAFI           30.93       -21.52
PANCA WIRATAMA             PWSI           31.13       -38.63
PRIMARINDO ASIA            BIMA           11.11       -20.32
RENUKA COALINDO            SQMI           15.30        -0.51
SEKAR BUMI TBK             SKBM           18.90        -0.90
SUMALINDO LESTAR           SULI          166.28       -18.26
TOKO GUNUNG AGUN           TKGA           13.22        -1.15
TOKO GUNUNG-RTS            TKGA/R         13.22        -1.15
UNITEX TBK                 UNTX           15.58       -20.80


INDIA

ABHISHEK CORPORA           ABSC           58.35       -14.51
AGRO DUTCH INDUS           ADF           105.49        -3.84
ALPS INDUS LTD             ALPI          215.85       -28.22
AMIT SPINNING              AMSP           16.21        -6.54
ARTSON ENGR                ART            16.52        -3.14
ASHAPURA MINECHE           ASMN          167.68       -67.64
ASHIMA LTD                 ASHM           63.23       -48.94
ATV PROJECTS               ATV            60.17       -54.25
BELLARY STEELS             BSAL          451.68      -108.50
BHAGHEERATHA ENG           BGEL           22.65       -28.20
BLUE BIRD INDIA            BIRD          122.02       -59.13
CAMBRIDGE TECHNO           CTECH          12.77        -7.96
CELEBRITY FASHIO           CFLI           27.59        -8.60
CFL CAPITAL FIN            CEATF          12.36       -49.56
CHESLIND TEXTILE           CTX            20.51        -0.03
COMPUTERSKILL              CPS            14.90        -7.56
CORE HEALTHCARE            CPAR          185.36      -241.91
DCM FINANCIAL SE           DCMFS          18.46        -9.46
DFL INFRASTRUCTU           DLFI           42.74        -6.49
DHARAMSI MORARJI           DMCC           21.44        -6.32
DIGJAM LTD                 DGJM           99.41       -22.59
DISH TV INDIA              DITV          517.02       -18.42
DISH TV INDI-SLB           DITV/S        517.02       -18.42
DUNCANS INDUS              DAI           122.76      -227.05
FIBERWEB INDIA             FWB            16.51        -7.98
GANESH BENZOPLST           GBP            49.24       -21.14
GOLDEN TOBACCO             GTO           109.72        -5.01
GSL INDIA LTD              GSL            29.86       -42.42
GUJARAT STATE FI           GSF            10.26      -303.64
GUPTA SYNTHETICS           GUSYN          52.94        -0.50
HARYANA STEEL              HYSA           10.83        -5.91
HINDUSTAN PHOTO            HPHT           74.44    -1,519.11
HINDUSTAN SYNTEX           HSYN           11.46        -5.39
HMT LTD                    HMT           123.83      -517.57
ICDS                       ICDS           13.30        -6.17
INDAGE RESTAURAN           IRL            15.11        -2.35
INTEGRAT FINANCE           IFC            49.83       -51.32
JCT ELECTRONICS            JCTE          104.55       -68.49
JD ORGOCHEM LTD            JDO            10.46        -1.60
JENSON & NIC LTD           JN             16.65       -75.51
JOG ENGINEERING            VMJ            50.08       -10.08
JYOTHY CONSUMER            JYOC           69.07       -31.72
KALYANPUR CEMENT           KCEM           24.64       -38.69
KDL BIOTECH LTD            KOPD           14.66        -9.41
KERALA AYURVEDA            KERL           13.97        -1.69
KINGFISHER AIR             KAIR        1,782.32      -997.63
KINGFISHER A-SLB           KAIR/S      1,782.32      -997.63
KITPLY INDS LTD            KIT            37.68       -45.35
KM SUGAR MILLS             KMSM           19.14        -0.47
LLOYDS FINANCE             LYDF           14.71       -10.46
LLOYDS STEEL IND           LYDS          510.00       -48.98
LML LTD                    LML            50.66       -70.76
MADRAS FERTILIZE           MDF           158.91       -64.91
MAHA RASHTRA APE           MHAC           22.23       -15.85
MARKSANS PHARMA            MRKS           76.23       -31.89
MILTON PLASTICS            MILT           17.67       -51.22
MODERN DAIRIES             MRD            32.97        -3.87
MTZ POLYFILMS LT           TBE            31.94        -2.57
MURLI INDUSTRIES           MRLI          275.90       -20.19
MYSORE PAPER               MSPM           97.02       -15.69
NATH PULP & PAP            NPPM           14.50        -0.63
NATL STAND INDI            NTSD           22.09        -0.73
NICCO CORP LTD             NICC           78.28        -4.14
NICCO UCO ALLIAN           NICU           25.42       -79.20
NK INDUS LTD               NKI           141.35        -7.71
NRC LTD                    NTRY           73.10       -51.18
NUCHEM LTD                 NUC            24.72        -1.60
PANCHMAHAL STEEL           PMS            51.02        -0.33
PARASRAMPUR SYN            PPS            99.06      -307.14
PAREKH PLATINUM            PKPL           61.08       -88.85
PIONEER DISTILLE           PND            48.76        -1.44
PREMIER INDS LTD           PRMI           11.61        -6.09
QUADRANT TELEVEN           QDTV          188.57      -116.81
QUINTEGRA SOLUTI           QSL            16.76       -17.45
RAJ AGRO MILLS             RAM            10.21        -0.61
RATHI ISPAT LTD            RTIS           44.56        -3.93
RELIANCE MEDIAWO           RMW           354.99      -105.00
RELIANCE MED-SLB           RMW/S         354.99      -105.00
REMI METALS GUJA           RMM           101.32       -17.12
RENOWNED AUTO PR           RAP            14.12        -1.25
ROLLATAINERS LTD           RLT            22.97       -22.24
ROYAL CUSHION              RCVP           14.42       -73.93
SADHANA NITRO              SNC            16.74        -0.58
SANATHNAGAR ENTE           SNEL           39.67       -11.05
SAURASHTRA CEMEN           SRC            89.32        -6.92
SCOOTERS INDIA             SCTR           19.43       -10.78
SEN PET INDIA LT           SPEN           11.58       -26.67
SHAH ALLOYS LTD            SA            213.69       -39.95
SHALIMAR WIRES             SWRI           25.78       -38.78
SHAMKEN COTSYN             SHC            23.13        -6.17
SHAMKEN MULTIFAB           SHM            60.55       -13.26
SHAMKEN SPINNERS           SSP            42.18       -16.76
SHREE GANESH FOR           SGFO           35.96        -1.80
SHREE RAMA MULTI           SRMT           49.29       -25.47
SIDDHARTHA TUBES           SDT            75.90       -11.45
SITI CABLE NETWO           SCNL          110.69       -14.26
SOPAF SPA                  SSZ           153.76       -24.22
SOUTHERN PETROCH           SPET          210.98      -175.98
SPICEJET LTD               SJET          386.76       -30.04
SQL STAR INTL              SQL            10.58        -3.28
STATE TRADING CO           STC         1,279.23      -219.37
STELCO STRIPS              STLS           14.90        -5.27
STI INDIA LTD              STIB           24.64        -0.44
STORE ONE RETAIL           SORI           15.48       -59.09
SUN PHARMA - PP            SPADVPP        16.81       -13.07
SUN PHARMA ADV             SPADV          16.81       -13.07
SUPER FORGINGS             SFS            16.31        -5.93
TAMILNADU JAI              TNJB           19.13        -2.69
TATA TELESERVICE           TTLS        1,311.30      -138.25
TATA TELE-SLB              TTLS/S      1,311.30      -138.25
TODAYS WRITING             TWPL           44.08        -5.32
TRIUMPH INTL               OXIF           58.46       -14.18
TRIVENI GLASS              TRSG           24.23       -12.34
TUTICORIN ALKALI           TACF           20.48       -16.78
UNIFLEX CABLES             UFC            47.46        -7.49
UNIFLEX CABLES             UFCZ           47.46        -7.49
UNIWORTH LTD               WW            159.14      -146.31
UNIWORTH TEXTILE           FBW            21.44       -34.74
USHA INDIA LTD             USHA           12.06       -54.51
VANASTHALI TEXT            VTI            25.92        -0.15
VENTURA TEXTILES           VRTL           14.33        -1.91
VENUS SUGAR LTD            VS             11.06        -1.08


JAPAN

DDS INC                    3782           19.54        -1.03
FUJITSU COMP LTD           6719          388.54       -11.97
HARAKOSAN CO               8894          193.09        -4.52
HIMAWARI HD                8738          288.37       -50.80
ISHII HYOKI CO             6336          144.19       -23.48
KANMONKAI CO LTD           3372           55.07        -3.19
MISONOZA THEATRI           9664           64.39        -5.55
NIS GROUP CO LTD           NISZ          444.72      -158.85
PROPERST CO LTD            3236          305.90      -330.20
T&C HOLDINGS INC           3832           12.42        -2.66
TAIYO BUSSAN KAI           9941          148.45        -1.49
WORLD LOGI CO              9378           42.96       -73.74


KOREA

CHIN HUNG INT-2P           2787          571.91        -9.34
CHIN HUNG INTL             2780          571.91        -9.34
CHIN HUNG INT-PF           2785          571.91        -9.34
CORENTEC CO LTD            104540         27.48        -4.53
DAISHIN INFO               20180         740.50      -158.45
DVS KOREA CO LTD           46400          17.40        -1.20
KOREA PACIFIC 05           93400          19.23        -3.67
KOREA PACIFIC 06           93410          11.56        -2.37
KOREA PACIFIC 07           99210          26.66        -7.95
NAMKWANG ENGINEE           1260          762.58       -56.69


MALAYSIA

HAISAN RESOURCES           HRB            41.05       -10.24
HO HUP CONSTR CO           HO             45.56       -16.24
LFE CORP BHD               LFE            39.08        -0.85
PETROL ONE RESOU           PORB           51.39        -4.00
PUNCAK NIA HLD B           PNH         4,315.38       -21.35
SILVER BIRD GROU           SBG            44.30       -30.68
SUMATEC RESOURCE           SMTC          201.52        -2.77
VTI VINTAGE BHD            VTI            16.01        -3.34


NEW ZEALAND

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


PHILIPPINES

CYBER BAY CORP             CYBR           14.62      -102.98
FIL ESTATE CORP            FC             40.90       -15.77
FILSYN CORP A              FYN            23.11       -11.69
FILSYN CORP. B             FYNB           23.11       -11.69
GOTESCO LAND-A             GO             21.76       -19.21
GOTESCO LAND-B             GOB            21.76       -19.21
PICOP RESOURCES            PCP           105.66       -23.33
STENIEL MFG                STN            21.07       -11.96
SWIFT FOODS INC            SFI            24.36        -0.25
UNIWIDE HOLDINGS           UW             50.36       -57.19
VICTORIAS MILL             VMC           176.29        -5.33


SINGAPORE

ADVANCE SCT LTD            ASCT           48.74        -2.27
CEFC INTL LTD              SUNE           12.67        -0.90
HL GLOBAL ENTERP           HLGE           83.35        -5.01
NEW LAKESIDE               NLH            19.34        -5.25
SCIGEN LTD-CUFS            SIE            68.70       -42.35
SUNMOON FOOD COM           SMOON          19.33       -14.30
TRANSCU GROUP LT           TSCU           19.86        -1.38
TT INTERNATIONAL           TTI           231.48       -88.02


THAILAND

ABICO HLDGS-F              ABICO/F        15.28        -4.40
ABICO HOLDINGS             ABICO          15.28        -4.40
ABICO HOLD-NVDR            ABICO-R        15.28        -4.40
ANANDA DEV PCL             ANAN          283.54        -3.55
ANANDA DEVELOP-F           ANAN/F        283.54        -3.55
ANANDA DEVE-NVDR           ANAN-R        283.54        -3.55
ASCON CONSTR-NVD           ASCON-R        59.78        -3.37
ASCON CONSTRUCT            ASCON          59.78        -3.37
ASCON CONSTRU-FO           ASCON/F        59.78        -3.37
BANGKOK RUBBER             BRC            77.91      -114.37
BANGKOK RUBBER-F           BRC/F          77.91      -114.37
BANGKOK RUB-NVDR           BRC-R          77.91      -114.37
CALIFORNIA W-NVD           CAWOW-R        28.07       -11.94
CALIFORNIA WO-FO           CAWOW/F        28.07       -11.94
CALIFORNIA WOW X           CAWOW          28.07       -11.94
CIRCUIT ELEC PCL           CIRKIT         16.79       -96.30
CIRCUIT ELEC-FRN           CIRKIT/F       16.79       -96.30
CIRCUIT ELE-NVDR           CIRKIT-R       16.79       -96.30
DATAMAT PCL                DTM            12.69        -6.13
DATAMAT PCL-NVDR           DTM-R          12.69        -6.13
DATAMAT PLC-F              DTM/F          12.69        -6.13
ITV PCL                    ITV            36.02      -121.94
ITV PCL-FOREIGN            ITV/F          36.02      -121.94
ITV PCL-NVDR               ITV-R          36.02      -121.94
K-TECH CONSTRUCT           KTECH          38.87       -46.47
K-TECH CONSTRUCT           KTECH/F        38.87       -46.47
K-TECH CONTRU-R            KTECH-R        38.87       -46.47
KUANG PEI SAN              POMPUI         17.70       -12.74
KUANG PEI SAN-F            POMPUI/F       17.70       -12.74
KUANG PEI-NVDR             POMPUI-R       17.70       -12.74
M LINK ASIA CORP           MLINK          83.61        -7.85
M LINK ASIA-FOR            MLINK/F        83.61        -7.85
M LINK ASIA-NVDR           MLINK-R        83.61        -7.85
PATKOL PCL                 PATKL          52.89       -30.64
PATKOL PCL-FORGN           PATKL/F        52.89       -30.64
PATKOL PCL-NVDR            PATKL-R        52.89       -30.64
PICNIC CORP-NVDR           PICNI-R       101.18      -175.61
PICNIC CORPORATI           PICNI         101.18      -175.61
PICNIC CORPORATI           PICNI/F       101.18      -175.61
PONGSAAP PCL               PSAAP          11.83        -0.91
PONGSAAP PCL               PSAAP/F        11.83        -0.91
PONGSAAP PCL-NVD           PSAAP-R        11.83        -0.91
SAHAMITR PRESS-F           SMPC/F         27.92        -1.48
SAHAMITR PRESSUR           SMPC           27.92        -1.48
SAHAMITR PR-NVDR           SMPC-R         27.92        -1.48
SHUN THAI RUBBER           STHAI          19.89        -0.59
SHUN THAI RUBB-F           STHAI/F        19.89        -0.59
SHUN THAI RUBB-N           STHAI-R        19.89        -0.59
SUNWOOD INDS PCL           SUN            19.86       -13.03
SUNWOOD INDS-F             SUN/F          19.86       -13.03
SUNWOOD INDS-NVD           SUN-R          19.86       -13.03
THAI-DENMARK PCL           DMARK          15.72       -10.10
THAI-DENMARK-F             DMARK/F        15.72       -10.10
THAI-DENMARK-NVD           DMARK-R        15.72       -10.10
TONGKAH HARBOU-F           THL/F          62.30        -1.84
TONGKAH HARBOUR            THL            62.30        -1.84
TONGKAH HAR-NVDR           THL-R          62.30        -1.84
TRANG SEAFOOD              TRS            15.18        -6.61
TRANG SEAFOOD-F            TRS/F          15.18        -6.61
TRANG SFD-NVDR             TRS-R          15.18        -6.61
TT&T PCL                   TTNT          589.80      -223.22
TT&T PCL-NVDR              TTNT-R        589.80      -223.22
TT&T PUBLIC CO-F           TTNT/F        589.80      -223.22


TAIWAN

BEHAVIOR TECH CO           2341S          30.90        -0.22
BEHAVIOR TECH-EC           2341O          30.90        -0.22
HELIX TECH-EC              2479T          23.39       -24.12
HELIX TECH-EC IS           2479U          23.39       -24.12
HELIX TECHNOL-EC           2479S          23.39       -24.12
POWERCHIP SEM-EC           5346S       2,036.01       -52.74
TAIWAN KOL-E CRT           1606U         507.21      -147.14
TAIWAN KOLIN-EN            1606V         507.21      -147.14
TAIWAN KOLIN-ENT           1606W         507.21      -147.14



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

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


                            *********


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

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