TCRAP_Public/130226.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, February 26, 2013, Vol. 16, No. 40


                            Headlines


A U S T R A L I A

ONE GROUP: In Liquidation, Names Deloitte as Liquidator


H O N G  K O N G

AMERICAN ELECTRONIC: Court to Hear Wind-Up Petition on Feb. 27
PROFIT LEGEND: Creditors' Meeting Set for March 1
SMOBY HK: Creditors' Proofs of Debt Due March 14
SOLAREX ELECTRIC: Members' Final Meeting Set for March 15

SUMISHO INTERNATIONAL: Members' Final Meeting Set for March 18
TAG (HK): Creditors' Meeting Set for March 1
TIN'S PLAZA: Cowley and Mitchell Step Down as Liquidators
TUNG SHING: Creditors' Proofs of Debt Due March 18
VAN OORD: Members' Final Meeting Set for March 22

WELREADY CO: Creditors' Meeting Set for March 1
WING YIP: Cowley and Mitchell Step Down as Liquidators


I N D I A

BHARTI AIRTEL: S&P Assigns 'BB+' Rating on Senior Unsecured Notes
JBM MA: ICRA Reaffirms Ratings on INR144cr Loans at 'BB+'
M. R. CHAINS: ICRA Assigns 'B-' Rating to INR50cr Fund Based Loan
OMEXO TILES: ICRA Assigns 'B' Rating to INR6.05cr Loans
P.R STAMPINGS: ICRA Assigns '[ICRA]B' Rating to INR4cr Loan

RAI METAL: ICRA Reaffirms 'BB' Rating to INR7cr Fund-Based Loan
RRC INTERNATIONAL: ICRA Lowers Ratings on INR47.33cr Loans to 'D'
SHREE SITA: ICRA Rates INR7cr Cash Credit at '[ICRA]BB+'
SHRI RATHI: ICRA Assigns 'B' Rating to INR10.35cr Loans
SMILAX LAB: ICRA Reaffirms 'D' Ratings on INR71.9cr Loans

SUNSHINE AGENCY: ICRA Rates INR5.42cr Long-Term Loan at 'BB'
VIKRANT EXTRUSIONS: ICRA Reaffirms 'BB' Rating on INR7cr Loans


I N D O N E S I A

BUMI RESOURCES: Moody's Lowers CFR and Sr. Bond Ratings to B2


K O R E A

SK HYNIX: S&P Raises Corp. Credit Rating to 'BB'; Outlook Stable


N E W  Z E A L A N D

ALLIED FARMERS: Unit Faces Liquidation as IRD Demands Payment
FIVE STAR: "Shadow Director" Hearing Under Way in Auckland Court
SUZANNE GRAE: To Close 19 Stores in New Zealand; 100 Jobs as Risk


T A I W A N

RADIUM LIFE: Fitch Affirms 'BB+' National Long-Term Rating


X X X X X X X X

* BOND PRICING: For the Week Feb. 18 to Feb. 22, 2013


                            - - - - -


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


ONE GROUP: In Liquidation, Names Deloitte as Liquidator
-------------------------------------------------------
brw.com.au reports that private equity-backed One Group Retail
Holdings Pty Ltd has gone into liquidation and has appointed
Deloitte as its liquidator.

The report said Deloitte has already begun to collect expressions
of interest for the business that employs around 170 staff in
Victoria, NSW, Queensland and Western Australia. It is expected
interested parties could begin due diligence on the company within
the next four to five weeks, the report relates.

Deloitte partner Sal Algeri said that the liquidators will start
to downsize the workforce of ONE Group immediately, brw.com.au
reports.

ONE Group is backed by AMP Capital's private equity arm and
includes Cotton On Clothing and Specsavers Optical Group among its
most recent shop fit outs. The company was created when
Australasian Retail Projects, JRB, Focus Shopfitters and FINN came
together in 2010.

One Group Retail Holdings Pty Ltd specializes in creating retail
fit outs including signage, rebranding and the roll out of point
of sale systems across Australia.

On Feb. 23, 2013, Deloitte Partners Sal Algeri --
saalgeri@deloitte.com.au -- and Tim Norman --
tnorman@deloitte.com.au -- were appointed as liquidators of One
Group Retail Holdings Pty Ltd, and its three subsidiaries, One
Group Retail Manufacturing Pty Ltd, One Group Retail Maintenance
Pty Ltd and One Group Retail Project Management and Installation
Pty Ltd.



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


AMERICAN ELECTRONIC: Court to Hear Wind-Up Petition on Feb. 27
--------------------------------------------------------------
A petition to wind up the operations of The American Electronic
Limited will be heard before the High Court of Hong Kong on
Feb. 27, 2013, at 9:30 a.m.

Lam Pui Chi filed the petition against the company.

The Petitioner's Solicitors are:

          K.Y. Lo & Co.
          Room 1502, 15th Floor
          Wing On House
          71 Des Voeux Road
          Central, Hong Kong


PROFIT LEGEND: Creditors' Meeting Set for March 1
-------------------------------------------------
Creditors of Profit Legend Investment Limited will hold a meeting
on March 1, 2013, at 4:00 p.m., for the purposes provided for in
Sections 228A, 242, 243, 244 and 255A of the Ordinance.

The meeting will be held at Room 1703, 17/F, Landmark North, 39
Lung Sum Avenue, Sheung Shui, New Territories, in Hong Kong.


SMOBY HK: Creditors' Proofs of Debt Due March 14
------------------------------------------------
Creditors of Smoby Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 14, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 6, 2013.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


SOLAREX ELECTRIC: Members' Final Meeting Set for March 15
---------------------------------------------------------
Members of Solarex Electric Limited will hold their final meeting
on March 15, 2013, at 10:00 a.m., at 8th Floor, Gloucester Tower,
The Landmark, 15 Queen's Road Central, in Hong Kong.

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


SUMISHO INTERNATIONAL: Members' Final Meeting Set for March 18
--------------------------------------------------------------
Members of Sumisho International Petroleum (H.K.) Company Limited
will hold their final meeting on March 18, 2013, at 11:00 a.m., at
8-11, Harumi 1-Chome, Chou-Ku, Tokyo, in Japan.

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


TAG (HK): Creditors' Meeting Set for March 1
--------------------------------------------
Creditors of Tag (Hong Kong) Holdings Limited will hold a meeting
on March 1, 2013, at 5:00 p.m., for the purposes provided for in
Sections 228A, 242, 243, 244 and 255A of the Ordinance.

The meeting will be held at Room 1703, 17/F, Landmark North, 39
Lung Sum Avenue, Sheung Shui, New Territories, in Hong Kong.


TIN'S PLAZA: Cowley and Mitchell Step Down as Liquidators
---------------------------------------------------------
Patrick Cowley and Paul Edward Mitchell stepped down as
liquidators of Tin's Plaza Limited on Feb. 5, 2013.


TUNG SHING: Creditors' Proofs of Debt Due March 18
--------------------------------------------------
Creditors of Tung Shing Construction Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 18, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 5, 2013.

The company's liquidator is:

         Yu Hoi Wah
         23, G/F, South Wall Road
         Kowloon City, Kowloon


VAN OORD: Members' Final Meeting Set for March 22
-------------------------------------------------
Members of Van Oord ACZ Asia Limited will hold their final general
meeting on March 22, 2013, at 9:30 a.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

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


WELREADY CO: Creditors' Meeting Set for March 1
-----------------------------------------------
Creditors of Welready Co Limited will hold a meeting on March 1,
2013, at 3:00 p.m., for the purposes provided for in Sections
228A, 242, 243, 244 and 255A of the Ordinance.

The meeting will be held at Room 1703, 17/F, Landmark North, 39
Lung Sum Avenue, Sheung Shui, New Territories, in Hong Kong.


WING YIP: Cowley and Mitchell Step Down as Liquidators
------------------------------------------------------
Patrick Cowley and Paul Edward Mitchell stepped down as
liquidators of Wing Yip Investments No. 1 Limited on
Feb. 5, 2013.



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


BHARTI AIRTEL: S&P Assigns 'BB+' Rating on Senior Unsecured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating to a proposed issue of benchmark size senior
unsecured notes by Bharti Airtel International (Netherlands) B.V.
Bharti Airtel Ltd. (Bharti; BB+/Stable/--), which indirectly
wholly owns Bharti Airtel International, will irrevocably
guarantee the notes.  The issue rating is subject to S&P's review
of the final issue documentation.  Bharti expects to primarily use
the proceeds of the proposed notes to refinance a part of its
foreign currency debt.


JBM MA: ICRA Reaffirms Ratings on INR144cr Loans at 'BB+'
---------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+/[ICRA]A4+' ratings for the
INR144.0 crore bank facilities of JBM MA Automotive Private
Limited. The outlook on the long-term rating is "Stable".

                         Amount
   Facilities           (INR Cr)       Ratings
   ----------            ---------     -------
   CC/WCDL                47.50        Rating reaffirmed at
                                       [ICRA]BB+/Stable/[ICRA]A4+

   Term Loans             53.13        Rating reaffirmed at
                                       [ICRA]BB+/Stable

   Non-fund based         19.00        Rating reaffirmed at
   Facilities LC/BG                    [ICRA]BB+/Stable/[ICRA]A4+

   Unallocated            24.37        Rating reaffirmed at
                                       [ICRA]BB+/Stable/[ICRA]A4+

The reaffirmation of ratings takes into account the healthy
revenue growth, long experience of the promoter group in the
automotive sheet metal business, benefits arising from technical
expertise of both the JV partners and the sole supplier status of
the company for its customers (in its addressable product range).
The ratings, however, are constrained on account of JBMMA's high
client concentration risk and limited scope for geographical
diversification due to restrictions imposed by the JV agreement
disallowing supplies to OEMs outside Maharashtra. The company's
financial risk profile also remains stretched reflected in
moderately high gearing, large debt repayments in the near term,
adverse debt protection metrics and weak cash flows. ICRA notes
that JBMMA has added M&M as a new customer in its portfolio over
the last two years, supplies to whom have scaled up rapidly,
partially mitigating the concentration risk emanating from high
dependence on Fiat and TML earlier. Although the company has large
debt repayment obligations over the short term, ICRA considers
JBMMA's refinancing risks to be low given the financial
flexibility of the promoter group.

ICRA expects JBMMA to continue to report healthy growth in
revenues in the medium term; however, the coverage indicators of
the company are expected to remain moderate until capacity
utilization increases significantly aiding profit growth.

Incorporated in 2007, JBMMA is a 50:50 joint venture (JV) between
JBM Auto Limited (part of the JBM group) and Magnetto Automotive
SpA, Italy (MA). The JV was formed to undertake the manufacture
and supply of sheet metal parts namely skin panels, under body
panels and other assemblies to Tata Motors Limited (TML), Fiat
India Automobiles Private Limited (Fiat-Tata Fiat JV), and later
on added the Volkswagen Group and Mahindra & Mahindra (M&M) in its
customers list. The company began commercial production from its
plant at Pune (Maharashtra) w.e.f. January 15, 2009 and is
currently supplying parts for various models of TML, Fiat, M&M and
Volkswagen.

Recent Results

In 9m 2012-13 (provisional), JBMMA has recorded operating income
of INR249.9 Crore, profit before depreciation, interest and tax of
INR27.9 Crore and profit after tax (PAT) of INR1.8 Crore.


M. R. CHAINS: ICRA Assigns 'B-' Rating to INR50cr Fund Based Loan
-----------------------------------------------------------------
The rating of '[ICRA]B-' has been assigned to the INR50.00 crore
long-term fund-based facilities of M. R. Chains Private Limited.

                                Amount
   Facilities                  (INR Cr)       Ratings
   ----------                  ---------      -------
   Fund Based Limits            50.00         [ICRA]B- assigned

For arriving at the ratings, ICRA has combined the business and
financial risk profiles of M R Italian Chains Limited, M R Chains
Private Limited, Honey Mc Dew Gold Inc and Balaji Chain Company
(merged with MRICL in April 2010) collectively referred to herein
as the MR group. This is because all the entities are in the same
line of business, have considerable cash flow fungibility and are
owned and managed by a common promoter. Also, MRICL holds 12.5 per
cent equity stake in MRCPL. The rating is constrained by the
highly competitive nature of the gold jewellery industry with the
presence of many organized and unorganized players resulting in
low profitability margins; vulnerability of profitability to
adverse movement in gold prices; moderate financial risk profile
characterized by low profitability and moderate coverage
indicators; tight liquidity position as reflected in high
utilization of working capital limits and recent incidences of
financial indiscipline with the company delaying on servicing its
debt obligations. Moreover, the industry scenario and operating
environment continue to be highly challenging with a weak near
term outlook due to the steep run up in gold prices and weakening
of purchasing power. However, the rating favorably factors in the
experience of MRCPL's promoters and their long track record in the
gold jewellery business and favorable demand growth prospects in
India in the medium to long term. ICRA notes that the promoters
have drawn up large capex plans to open stores for retailing of
jewellery; while this would provide diversification to the
revenues, execution risks remain as this is a new area of business
for the company. As these plans are still in a nascent stage, ICRA
has not factored in the same while evaluating the credit risk
profile of the company.

ICRA will review the rating as and when the company finalises
these plans, as the capex involved is large in relation to its
current operations.

The promoter Mr. M. R. Verma first ventured into the jewellery
business with the setting up of properitorship concern Balaji
Chains in 1988. Balaji Chains was involved in the manufacture of
gold chains. Subsequently the promoter incorporated a partnership
firm M. R. Chains & Co. in 1999 for the manufacture of studded
jewellery. In 2001 the promoters incorporated M. R. Chains Private
Limited which took over the business of the partnership firm M. R.
Chains & Company.

In 2005 the promoters took over a private limited company called
Gold Links and renamed the same M. R. Italian Chains Limited. M.
R. Italian Chains Limited was formed with the motive of
manufacturing a particular form of gold chains called Italian
chains which are chains coated with different metals such as
Rhodium etc. to produce multi colour chain which were coming in
vogue at that time. From April 1, 2010 the proprietorship concern
Balaji Chains was also merged with MRICL. In 2007 the promoters
set up another company Honey Mc Dew Inc. with a manufacturing
facility at Noida (Uttar Pradesh) SEZ to cater to the export
market.

Recent Results

In FY12 the company reported profit after tax of INR0.80 crore on
net sales of INR93.62 crore as against profit after tax of INR1.36
crore on net sales of INR143.89 crore in FY11.


OMEXO TILES: ICRA Assigns 'B' Rating to INR6.05cr Loans
-------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR4.05 crore term
loans and INR2.00 crore fund based cash credit facility of M/s.
Omexo Tiles.  ICRA has also assigned an '[ICRA]A4' rating to the
INR0.75 crore short term non fund based facilities of OT.

                                Amount
   Facilities                  (INR Cr)       Ratings
   ----------                  ---------      -------
   Cash Credit Limit            2.00          [ICRA]B assigned
   Term Loan Limit              4.05          [ICRA]B assigned
   Bank Guarantee               0.75          [ICRA]A4 assigned

The assigned ratings take into account the limited track record of
the firm's operations; product portfolio limited to ceramic wall
tiles construing institutional sales and the highly competitive
business environment given the fragmented nature of the tiles
industry.

The assigned ratings also take into account the vulnerability of
firm's profitability to the cyclicality associated with the real
estate industry as well as to increasing prices of gas and power.
The rating also notes that the financial profile is expected to
remain stretched in the near term given the debt funded nature of
project and impending debt repayment.

The assigned ratings, however, favorably considers the marketing
support from already established group concerns and the location
advantage enjoyed by the firm giving it easy access to raw
material.

Incorporated in January 2012, M/s. Omexo Tiles (OT) is a digitally
printed ceramic glazed wall tiles manufacturer with its plant
located at Morbi, Gujarat and having installed capacity of 26,300
MTPA. The commercial production has commenced in December 2012.The
firm is promoted and managed by Mr. Bharat along with other family
members and relatives.


P.R STAMPINGS: ICRA Assigns '[ICRA]B' Rating to INR4cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR4.00
crore fund based facilities and '[ICRA]A4 to the INR2.00 crore non
fund based facilities of P.R Stampings Private Limited.

                                Amount
   Facilities                  (INR Cr)     Ratings
   ----------                  ---------    -------
   Fund based facilities         4.00       [ICRA]B
   Non-Fund based facilities     2.00       [ICRA]A4

The assigned rating is constrained by company's small scale of
operations which limits the economies of scale and limited track
record of the company in the trading activity (PRSPL was earlier
engaged in electrical stamping job work for its group company).
Further, low and volatile margins inherent in the trading business
and vulnerability of PRSPL's profitability to adverse movements in
the prices of traded products (product procurement is not always
order backed) also constrains the ratings. Further, with group
companies accounting for more than 60% sales, the client
concentration risk is high.

The rating, however, favorably factors in experience of promoter
in Electrical lamination and manufacturing of various Household
electrical appliances, electrical stampings for more than 2
decades and company's established relationships with various
suppliers and customers. Going forward, the ability of the company
to improve upon its scale of operations and profitability will
remain key rating drivers for the company.

Established in the year 1992, P.R Stampings Private Limited (PRS)
is engaged in the trading of Electrical steel and E&I Lamination.
The company has been into Electrical lamination business for more
than 2 decades and use to do this for its group company (PRG
International) which manufactures Household electrical appliances
and electrical stampings. From June 2013 onwards it has started
trading activity of Electrical steel and E&I Lamination. The
company is promoted by Mr. Rajiv Goel and his family members. The
head office of the company is located at Jhilmil Industrial Area,
Delhi. The products traded are used in the manufacturing of
control transformer, Instrument Transformers and Iron core chokes,
Ballast, and variety of electromagnetic application.

Recent Results

As per the provisional figures of 2012-13, the company reported a
profit before tax (PBT) of INR~0.57 crore on an operating income
of INR14.50 crore.


RAI METAL: ICRA Reaffirms 'BB' Rating to INR7cr Fund-Based Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR7.00 Cr.
(enhanced from INR5.00 Cr.) long term fund based facilities of Rai
Metal Works Private Limited at '[ICRA]BB'.  ICRA has also
reaffirmed the short-term rating assigned to INR50.00 Cr.
(enhanced from INR40.00 Cr.) short-term non fund based facilities
of RMW at '[ICRA]A4.

                              Amount
   Facilities                (INR Cr)      Ratings
   ----------                --------      -------
   Fund Based-Cash Credit       7.00       [ICRA]BB (stable)
                                           Reaffirmed

   Non Fund Based-Letter       50.00       [ICRA]A4 Reaffirmed
   of Credit

   Non Fund Based-Credit        1.14       [ICRA]A4 Reaffirmed
   Exposure Limit

The reaffirmation of ratings factor in the weak financial profile
of RMW as reflected by low profitability margins and weak coverage
indicators; vulnerability of profitability to adverse fluctuations
in scrap prices and foreign currency exchange rates, although the
forex risk is partly mitigated by hedging through forward
contracts. Besides, the ratings continue to remain constrained by
cyclicality associated with the business of the company as the
prospects of ship breaking are linked to international shipping
business fundamentals and exposure to environmental regulatory
risks and thereby possible delays in obtaining requisite approvals
which may impact the working capital intensity of the company.
However, the ratings continue to favorably factor in the long
experience of the promoters and established presence of RMW in the
ship breaking business; comfortable gearing level of 0.46 time as
on March 31, 2012 and stable outlook for the ship breaking
industry in the near term.

Rai Metal Works Private Limited is a Private Limited Company
engaged into ship breaking business since 1983. The Meghani family
acquired the company in 1994 and is currently being run by the
brothers Mr. M G Meghani and Mr. G G Meghani. RMW is one of the
oldest ship breaking firms at Alang and has been allotted Plot no.
22 by the Gujarat Maritime Board (GMB) for this purpose.

Recent Results

For the year ended March 31, 2012 the company reported an
operating income of INR61.48 Cr. and profit after tax of INR0.63
Cr. as against an operating income of INR44.77 Cr. and profit
after tax of INR0.79 Cr. for the financial year 2010-11. For the 9
month period ended December 31, 2012 of the current financial
year, the company has reported operating income of INR47.06 Cr.
and profit before tax of INR0.28 Cr.


RRC INTERNATIONAL: ICRA Lowers Ratings on INR47.33cr Loans to 'D'
-----------------------------------------------------------------
ICRA has downgraded the long-term rating from '[ICRA]BB+' with
stable outlook and the short-term rating from '[ICRA]A4+' to
'[ICRA]D' assigned to the term loans, fund based limits and non-
fund based limits aggregating to INR47.33 crore of RRC
International Freight Services Limited. The rating was earlier
suspended in September 2012, and the suspension has been revoked.

                                Amount
   Facilities                  (INR Cr)       Ratings
   ----------                  ---------      -------
   Term Loan                     22.33        [ICRA]D downgraded

   Fund Based Limits-Cash        10.00        [ICRA]D downgraded
   Credit

   Non-Fund Based Limits-        15.00        [ICRA]D downgraded
   Bank Guarantee

The downgrade of ratings factors in the regular delays in
servicing of interest and scheduled debt repayments by the company
on account of delays in collection of receivables, which has led
to a tight liquidity position. The rating is further constrained
by the weak financial profile as reflected by the high gearing of
2.12 times as on March 31, 2012, high working capital intensive
nature of operations, highly competitive business environment and
modest scale of operations. The high proportion of vehicles hired
from the market for transportation of project cargo exposes the
company to the fluctuations in hire charges. ICRA also notes that
any significant ramp-up in business volumes may result in further
pressure on the liquidity position and necessitate higher debt
requirements, impacting the financial position of the company. The
rating however positively factors in the long track record of the
promoter in transportation business, established business
relationships with freight forwarders and corporate bodies
strengthening its marketing position, and the steady build up of
heavy vehicle fleet by the company improving its competitiveness
in the industry.

The rating also takes into account the healthy demand prospects
for project cargo business driven by large scale investments
planned by companies across various industries.

RRC International Freight Services Limited, earlier known as RR
Logistics Private Limited, was incorporated in 2003, though the
actual operations commenced in 2007. The company is engaged in the
business of providing logistics services with special focus on
movement of project and over-dimensional cargo. The company offers
total logistics solution starting from marine operations (barging
for unloading the cargo from vessel to barge and bringing it to
port), getting custom clearance and finally transporting it to the
site. The promoter, Mr. Ramesh Agarwal, initially started a
transportation business in 1988 in partnership with his elder
brother and subsequently in 2007 started his own transportation
business through RRC.


SHREE SITA: ICRA Rates INR7cr Cash Credit at '[ICRA]BB+'
--------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR7.00 crore cash
credit facility of Shree Sita Refiners Private Limited. The
outlook on the long term rating is 'Stable'.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------                ---------  -------
   Cash Credit Limits         7.00      [ICRA]BB+(Stable)

The rating takes into consideration the experience of the
promoters of SSRPL, who have been engaged in the business of
edible oil refining for almost a decade and the established brand
names of companies product which along with a ready distribution
network mitigates distribution risks. ICRA notes that the company
has six group entities, which includes Shree Sita Udyog and Shree
Sita Agro Foods Private Limited, who operates rice mills and hence
eases SSRPL's access to its raw-material, i.e. rice bran.

ICRA also notes that the company does not have any principal
repayment obligation at present with working capital loans
accounting for the entire debt of the company. The rating however,
is constrained by the low profitability of the oil processing
business, intense competition in the business due to the
fragmented nature of the industry and the exposure to the
volatilities of the prices of raw-material feedstock, which keeps
cash flows volatile. SSRPL is also exposed to significant sales
concentration risks, with major portion of the sales being to one
single customer, in ICRA's opinion. Repeat orders from such
established players however, indicates acceptable product quality
of SSRPL.

Shree Sita Refiners Private Limited is engaged in the extraction
of crude edible oil. It belongs to the Shree Sita group of
companies near Durg, Chhattisgarh. The group has presence in rice
mills and edible oil refining business. Their products are sold
under the brand name 'Hareli' (rice bran oil) and 'Subh Kamna'
(refined soya oil).

Recent Results

The company has reported a net profit after tax (PAT) of INR0.70
crore in FY12 on an operating income (OI) of INR84.48 crore. The
company had earned a PAT of INR0.19 crore on an OI of INR69.91
crore in FY11.


SHRI RATHI: ICRA Assigns 'B' Rating to INR10.35cr Loans
-------------------------------------------------------
A rating of '[ICRA]B' has been assigned to INR8.00 crore cash-
credit facility and term loan of INR2.35 crore of Shri Rathi Agro
Industries.  A rating of '[ICRA]A4' has also been assigned INR0.04
crore short term non-fund based facilities of SRAI.

                                Amount
   Facilities                  (INR Cr)       Ratings
   ----------                  ---------      -------
   Cash Credit Limit            8.00          [ICRA]B assigned
   Term Loan Limit              2.35          [ICRA]B assigned
   Forward Contract Limit       0.04          [ICRA]A4 assigned

The assigned rating reflects SRAI's modest size of operations and
weak financial profile of the company as reflected by low profit
margins due to inherently low value addition in the business,
highly leveraged capital structure on account of debt funded capex
and low return indicators. The rating also takes into account the
highly fragmented nature of the industry and vulnerability of
profit margins to volatility in prices which are exposed to
seasonality and variations in crop harvests and regulatory risk.
ICRA also notes that SRAI is a partnership firm and any
significant withdrawals from the capital account would affect its
net worth and thereby have an adverse impact on the capital
structure.

The rating, however, favorably takes into account SRAI's
experienced management in rice milling industry; and favorable
demand prospects of the industry given the lifting of export ban
in September 2011.

Shri Rathi Agro Industries was formed in the year 2010 and is
promoted by Mr. Hemrajbhai M Rathi. The promoter of the firm is
present in rice milling business since 1992 through its group
companies. The firm is currently engaged in milling of paddy to
produce rice and processing of raw wheat. The firm has a milling
unit in Sanand, Gujarat with a milling capacity of 120 MT per day.

Recent Results

For the year ended 31st March 2012, the firm has reported an
operating income of INR43.40 crore with a profit after tax (PAT)
of INR0.30 crore.


SMILAX LAB: ICRA Reaffirms 'D' Ratings on INR71.9cr Loans
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]D' on the
INR71.90 crore bank facilities of Smilax Laboratories Limited.
Further, ICRA has also assigned a long-term rating and a short-
term rating of [ICRA]D on the INR15.00 crore and INR58.50 crore
working capital bank facilities of the company. SLL's working
capital facilities of INR38.50 crore are interchangeable between
long-term and short-term exposures, such that the total rated
amount should not exceed INR106.90 crore.

                                         Amount
   Facilities                           (INR Cr)    Ratings
   ----------                           --------    -------
   Term Loans (Long-Term Scale)          40.90      [ICRA]D

   Fund-Based Limits (Long-Term Scale)   31.00      [ICRA]D

   Fund-Based Limits (Short-Term Scale)  25.50      [ICRA]D

   Non-Fund Based Limits (Short-Term     18.00      [ICRA]D
   Scale)

   Non-Fund Based Limits (Long-Term/      5.00      [ICRA]D
   Short-Term Scale)

   Working Capital Facilities-Under      10.00      [ICRA]D
   Proposal (Long-Term/Short-Term Scale)

The reaffirmation of ratings take into consideration continued
irregularity in debt servicing by the company prompted by
liquidity constraints owing to sizeable debt-funded expansion
project and delays in scale-up in business leading to lower than
expected cash flow generation.  Between 2008 and 2010, SLL
incurred sizeable debt-funded capital expenditure, however owing
to change in business strategy; one of the manufacturing units was
not commissioned and remains idle. As a result, a large part of
the company's capital employed (-25%) has been blocked which
coupled with relatively low-utilization of operational
manufacturing units has resulted in delays in debt servicing.
Going forward, SLL's liquidity profile could improve with
reduction in debt levels, facilitated by either management's plans
of hiving-off one of the manufacturing units or further funding
support from the promoter/group companies. SLL is a small scale
pharmaceutical company engaged in manufacturing of advanced
intermediates and bulk drugs with presence in fast-growing
lifestyle related therapeutic segments. Key APIs manufactured by
the company include - Pantoprazole, Losartan, Sidenafil Citrate
and Omeprazole. While SLL's ratings remain constrained by delays
in debt servicing, ICRA however notes that the company's promoters
have initiated several steps to reduce the debt burden and ensure
timely servicing by infusing equity (INR59.6 crore in 2010-11),
initiating plans of hiving-off one of the manufacturing units (not
operational) and also scaling-up business through contract
manufacturing tie-ups with leading generic companies.

Incorporated in 2004, Smilax Laboratories Limited (SLL) is a small
scale pharmaceutical company engaged in manufacturing of advanced
intermediates, active pharmaceutical ingredients (APIs) and
pellets. SLL is promoted by and wholly-owned by Mr. A. Ayodhya
Rami Reddy & family, the promoters of Ramky Infrastructure
Limited, a Hyderabad-based construction and infrastructure
company.


SUNSHINE AGENCY: ICRA Rates INR5.42cr Long-Term Loan at 'BB'
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB' to the INR5.42
crore fund-based working capital facilities of Sunshine Agency.

                              Amount
   Facilities                INR Cr)    Ratings
   ----------                ---------  -------
   Long-term, fund-based       5.42     [ICRA]BB (Stable) assigned
   working capital facilities

The long term rating carries a stable outlook. The rating takes
into account the vast experience of the proprietor in the
distribution business, the firm's exclusive distributorship of the
Fast Moving Consumer Goods major HUL in the firm's catchment area
(Mumbai's western suburbs of Dahisar to Jogeshwari (E)) offering
significant revenue growth opportunities, stable margins as a
result of the assured minimum Return on Equity model employed by
HUL for its distributors and a moderate capital structure due to
low working capital intensity nature of business. The ratings,
however, are constrained by Sunshine Agency's low bargaining power
and dependence on HUL with the possibility of withdrawal of
distributorship or entry of other distributors severely impacting
the business, small scale of current operations, and moderate
financial risk profile characterised by thin margins, small
networth and meagre cash accruals.

Established in 1996, Sunshine Agency is a proprietorship concern
of Mr. Suleman Kalu. Sunshine Agency has the exclusive
distributorship for the entire product portfolio of HUL from
Dahisar to Goregaon, Jogeshawari East and parts of Andheri East in
Mumbai.

Recent Results

Sunshine Agency reported a profit after tax (PAT) of INR0.24 crore
on an operating income of INR109.81 crore in FY2012, as against a
net profit of INR0.23 crore on an operating income of INR96.44
crore in FY2011.


VIKRANT EXTRUSIONS: ICRA Reaffirms 'BB' Rating on INR7cr Loans
--------------------------------------------------------------
ICRA has re-affirmed long-term rating of '[ICRA]BB' to the fund
based facilities aggregating to INR5.00 crore (enhanced from
INR4.00 crore) of Vikrant Extrusions. ICRA has also re-affirmed
short-term rating of '[ICRA]A4' to the non-fund based facilities
aggregating to INR2.00 crore of VE.

                               Amount
   Facilities                 (INR Cr)    Ratings
   ----------                 --------    -------
   Fund Based Limits-            5.00     [ICRA]BB (stable)
   Cash Credit                            re-affirmed/assigned

   Non-Fund Based                2.00     [ICRA]A4 re-affirmed
   Limits-Letter of Credit

The long term rating has a stable outlook. The re-affirmation of
ratings continue to take into account the firm's relatively small
scale of operations, highly competitive and fragmented industry
characterized by the presence of a large number of organized and
unorganized players and vulnerability of the firm's profitability
to inventory risks since key raw materials are crude oil
derivatives. ICRA further notes that the firm's operations are
adversely impacted by the regulations imposed by the government on
plastic carry bags which contribute significantly (about 73% in FY
2012) to its operating income. The ratings are further constrained
by the fact that VE is a partnership firm and the quantum of
withdrawals from the capital account would remain a key
sensitivity, going forward.

The ratings, however, draw comfort from the long experience of the
promoters in the plastics industry and strengths derived from the
Shalimar group in terms of access to wide distributor network and
marketing arrangements. Further the firm's foray into
manufacturing of garbage bags and mulched plastic films (used in
agriculture), would lead to diversification in product profile and
also, offset to some extent likely demand degrowth in plastic
carry bag segment. Given that the firm has reported net loss in FY
2012, the firm's ability to pass on any sharp movements in raw
material prices to its customers in a highly competitive
environment remains critical to improve the profitability levels,
going forward.

Vikrant Extrusions was setup in 1997 as a partnership firm and is
part of the Shalimar Group promoted by the Saraogi family. The
Group is engaged in the manufacture of plastic carry bags, HDPE
Tarpaulin, PP woven Fabric, Cement Bags and Leno bags. Vikrant
Extrusions commenced commercial operations from its plant at Daman
with manufacture of plastic carry bags and subsequently, in FY
2012 it has also ventured into manufacture of shade nets which
finds application in Agriculture, Construction sites and pandals.
In April 2010, Classic Packaging, part of the Shalimar group which
was engaged in production of plastic carry bags and also
masterbatch used for coloring plastics (for in-house Group
consumption), was merged with Vikrant Extrusion, thereby widening
the product profile of VE.

Recent Results

During FY 2012, the firm reported loss of INR0,02 crore on an
operating income of INR35.20 crore.



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


BUMI RESOURCES: Moody's Lowers CFR and Sr. Bond Ratings to B2
-------------------------------------------------------------
Moody's Investors Service downgraded the corporate family and
senior secured bond ratings of PT Bumi Resources Tbk to B2 from
B1. The senior secured bonds are issued by Bumi Capital Pte Ltd
and Bumi Investment Pte Ltd, wholly owned subsidiaries of Bumi
Resources.

The ratings outlook is stable.

Ratings Rationale:

"The downgrade reflects our assessment that the likelihood of Bumi
Resources lowering its adjusted debt to EBITDA ratio to below 4.5x
over the next 12-18 months is low," says Simon Wong, a Moody's
Vice President and Senior Analyst.

"The weakness in coal prices will continue to pressure the
company's operating margins and limit its ability to generate
sufficient free cash flow to lower its leverage in a timely
manner," adds Wong, also the Lead Analyst for Bumi Resources.

In addition, the firm's average selling price will come under
further pressure in 2013, as it will renegotiate its coal
contracts based on the current lower prices. Moody's expects the
price of Newcastle thermal coal -- the benchmark price for
seaborne coal in Asia -- to average around $90-$95 per ton in
2013.

Moody's also expects the company's adjusted debt/EBITDA to remain
between 5x and 6x until 2014. The potential recovery of the
amounts due from third parties, such as PT Recapital Asset
Management and Bukit Mutiara, as well as a possible sale of its
stakes in Fajar Bumi Sakti -- one of its coal mining assets --
will not be adequate to bring down its leverage to a level that is
appropriate for the B1 rating.

In addition, while the uncertainties related to the ongoing
shareholder disputes at Bumi Plc have eased with the now likely
separation of Bumi Resources from Bumi Plc, corporate governance
at Bumi Resources remains an issue.

In addition, Moody's is concerned about the company's high level
of debt and the liquidity risk at the holding company level, given
the structural separation from the underlying coal assets which
are largely responsible for the group's cash flow.

On the other hand, the stable outlook reflects Moody's expectation
that Bumi Resources will focus on its strategic priorities,
including the refinancing of its upcoming maturities in a timely
manner, lowering costs at its coal mines, and reducing its
interest burden.

Bumi Resources had consolidated debt of $4.28 billion at end-
September 2012, of which $614 million falls due over the next 12
months and will need to be refinanced. Key maturities include a
$150 million loan at Bumi Resources due in August 2013 and $406
million of loans maturing at Bumi Resources Minerals (unrated) --
in which the company has an 87.09% stake -- in September 2016.

The ratings are unlikely to be upgraded in the near term. However,
if Bumi Resources can successfully reduce its debt level, such
that its consolidated debt/EBITDA falls below 4.5x and adjusted
consolidated EBIT/interest expense exceeds 2.0x on a sustained
basis, then Moody's would consider upgrading the ratings.

Downward pressure could emerge if Bumi Resources is unable to
successfully execute its refinancing plans in a timely manner or
if it continues with its capacity expansion plans while industry
fundamentals remain weak.

Indicators that Moody's would consider for a downgrade include:
adjusted consolidated debt/EBITDA at above 5.5x-6x or adjusted
consolidated EBIT/interest expense of below 1.0-1.5x on a
sustained basis.

Other negative rating triggers include: (1) continued uncertainty
from further shareholder disputes; (2) any adverse regulatory
decision regarding off-setting of value-added tax payments; or (3)
any change in laws and regulations, particularly with regard to
mining concessions, that would adversely affect the business.

The principal methodology used in these ratings was the Global
Mining Industry Methodology published in May 2009.

Bumi Resources is Indonesia's largest thermal coal producer and
one of the three largest thermal coal exporters globally. Through
its principal assets (a 65% stake in PT Kaltim Prima Coal and a
70% stake in PT Arutmin), Bumi produced 66 million tons of coal in
2011 and which accounted for approximately 19% of Indonesia's
total coal production.

Its non-coal resource holding company, Bumi Resources Minerals,
was listed on the Indonesian Stock Exchange on 9 December 2010.
Bumi Resources currently owns 87.09% of Bumi Resources Minerals.

Bumi Plc, previously known as Vallar Plc, currently has a 29.2%
stake in Bumi Resources.



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


SK HYNIX: S&P Raises Corp. Credit Rating to 'BB'; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on SK Hynix Inc. to 'BB' from 'BB-'.  The outlook is
stable.  At the same time, S&P affirmed the standalone credit
profile (SACP) for Hynix at 'bb-'.

The upgrade reflects a notch of support from parent SK Telecom Co.
Ltd. (SKT; A-/Stable/--) compared with S&P's SACP for Hynix of
'bb-'.  S&P bases this uplift on its assessment that SKT would
provide extraordinary financial support to Hynix if it were to
face financial difficulty.  S&P bases its assessment on its view
that SKT's acquisition of Hynix in February 2012 significantly
strengthened Hynix's link with SKT, mainly through the sharing of
core resources such as the SK group's brand name, senior
management, and treasury and human resources functions.  In
addition, S&P views Hynix as an important part of SKT group's
future growth strategy.  However, the current one-notch uplift
also reflects the limits of the direct business relationship
between the two companies.

The SACP for Hynix of 'bb-'reflects S&P's assessment of the
company's "weak" business risk profile and "significant" financial
risk profile.  In S&P's opinion, the company's weaknesses include
highly cyclical conditions in the semiconductor industry, ongoing
capital expenditure requirements, and the need to keep up with
rapid advances in technology.  Offsetting these negative factors
are its good position in the global market for dynamic random
access memory (DRAM) and NAND flash memory, good operating
efficiency, and improving capacity to maintain measures of credit
quality consistent with the ratings during industry downturns.

In S&P's view, aggressive additions to capacity and fluctuations
in demand due to global economic cycles could produce high
variations in DRAM makers' profitability.  In fact, Hynix made a
Korean won (KRW) 227 billion operating loss in 2012, mainly owing
to weak global demand and low prices.  However, a steady ratio of
debt to EBITDA of about 2.4x in 2012 demonstrated Hynix's ability
to weather industry volatility.  S&P expects Hynix to improve its
operating performance modestly in 2013.  S&P bases this view on
its expectation that steady growth in demand from smart mobile
devices such as smartphones and tablets will increase demand for
mobile DRAM and NAND and stabilize Hynix's product prices.  S&P
also expects Hynix to reduce capital spending substantially in
2013 to about or below KRW3 trillion from about KRW3.9 trillion in
2012.  In S&P's base case projection, it estimates debt to EBITDA
for Hynix will be about 2.0x in 2013.

"We assess Hynix's liquidity to be "adequate."  We estimate the
company's sources of liquidity will be about 1.3x uses over the
next 12 months.  In our view, the company will have about KRW5.4
trillion in liquidity--comprising cash, short-term investments,
and funds from operations--compared with about KRW4.0 trillion in
needs for short-term debt maturities and committed capital
spending.  We expect the company's net sources to remain positive
even if EBITDA were to decline more than 15%," S&P said.

The stable outlook reflects S&P's expectation that Hynix's solid
position in the memory semiconductor market will enable it to
maintain its operating performance and financial ratios in the
next one to two years.

S&P could lower the ratings in the event of the following:

   -- S&P assesses Hynix's strategic importance to or link with
      SKT to have weakened notably;

   -- The company's growth strategy becomes significantly more
      aggressive than S&P factors into the current ratings; or

   -- An unexpectedly long downturn in the global memory
      semiconductor industry or a deteriorating competitive
      position significantly weakens its profitability and
      operating cash flows, resulting in debt to EBITDA in excess
      of 3.0x on a sustained basis.

On the other hand, S&P may raise the ratings on Hynix if the
company shows sustainable improvement in its market position and
profitability, together with more prudent investment policies,
and, as a result, maintains a debt-to-EBITDA ratio of less than
2.0x with steady positive free operating cash flow on a sustained
basis.



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


ALLIED FARMERS: Unit Faces Liquidation as IRD Demands Payment
-------------------------------------------------------------
The New Zealand Herald reports that Allied Farmers said one of its
subsidiaries has received a demand from the Inland Revenue to pay
back NZ$3.7 million.

The Herald relates that Allied Farmers Rural has 15 days to pay
back the money or reach a compromise with the tax man otherwise
the Inland revenue can commence liquidation proceedings.

It is the second loan demand the company has received this month,
the report says.

On February 11, the report recalls, Allied received a demand from
a lender to pay back NZ$500,000 plus interest. The deadline for
that loan to be paid is Friday.

The Herald notes that both demands are enforceable events of
default under Allied's secured loan facility with Crown Asset
Management - a company set up by the Government to manage the
assets of five failed finance companies which were bailed out
under its retail deposit guarantee scheme.

Allied transferred the remainder of its Hanover and United Finance
property portfolio to Crown Asset Management in December in a deal
worth NZ$13.5 million, the report relays.

The Herald adds that Allied said it was in the process of
discussing a proposal with Crown Asset Management and believed it
would be able to reach an agreement to repay the debt.

                       About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied
Nationwide Finance Limited in Auckland, Wellington and
Christchurch.  Timber processing comprises the Company's
discontinued sawmilling operations.

As reported in Troubled Company Reporter-Asia Pacific on
March 29, 2012, nzherald.co.nz said the future of Allied
Farmers is in doubt after its accounts revealed it needs to sell
property, collect money owed to it, and reach an agreement with
its rural creditors in order to survive as a going concern.  The
rural services business, which acquired the assets of Hanover and
United Finance in December 2009, revealed its position in half-
year accounts filed to the NZX on March 26.

The unaudited accounts show the company made a NZ$9 million loss
for the six months to December 2011, an improvement on the
NZ$20.6 million loss it made in the same prior period. But a note
in the accounts also reveals it faces significant challenges to
continue operating, said nzherald.co.nz.

Allied Farmers Limited reported an unaudited loss of NZ$14.1
million for the year ended June 30, 2012, compared with NZ$40.9
million in 2011.  A significant part of this loss, NZ$10.3
million (last year NZ$34.1 million), largely relates to the
further impairment of assets acquired from Hanover and United
Finance.  Also included were NZ$0.7 million costs related to the
disposal of the rural merchandise business.


FIVE STAR: "Shadow Director" Hearing Under Way in Auckland Court
----------------------------------------------------------------
William Mace at stuff.co.nz reports that a hearing to decide Five
Star Finance "shadow director" Neill Williams' culpability in the
company's collapse is finally under way in the Auckland District
Court, with convicted former director Marcus Macdonald giving
evidence.

The report says the company's three recorded directors have
already pleaded guilty to charges laid by the Financial Markets
Authority and have fulfilled their punishments -- Macdonald and
Nicholas Kirk having served prison sentences and Anthony Bowden
given home detention.

stuff.co.nz notes that Mr. Williams initially pleaded guilty
alongside Five Star's directors in late 2010 to the charges
relating to untrue statements made in the company's investment
prospectus.  However, he has since sought to dispute the facts he
pleaded guilty to and then tried to withdraw his plea altogether.

His attempt to vacate the guilty plea was declined twice with
Judge Roderick Joyce referring to Mr. Williams as a "shadow"
director and the "mastermind" behind the finance companies, the
report relays.

The current hearing, which is set down for eight days, will decide
the facts on which Mr. Williams will be convicted, the report
notes.

stuff.co.nz adds that Mr. Williams is also due to stand trial in
the High Court in June on Crimes Act charges filed by the Serious
Fraud Office which Messrs. Macdonald and Bowden have already
pleaded guilty to.

                      About Five Star Finance

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June
2009, the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


SUZANNE GRAE: To Close 19 Stores in New Zealand; 100 Jobs at Risk
-----------------------------------------------------------------
Jazial Crossley at stuff.co.nz reports that retail fashion chain
Suzanne Grae has announced a "last resort" proposal to shut down
all of its 19 New Zealand stores, just over a year after launching
here.  The potential closure puts about 100 jobs at risk, the
report says.

The report notes that the women's fashion stores owned by
Australian company Sussan Group had a retail presence in New
Zealand since 2006.  After declining sales, in November 2011 the
remaining six of its Sussan stores were rebranded as the lower
budget Suzanne Grae.

According to the report, Suzanne Grae chief executive Carole
Molyneaux said it had thoroughly reviewed its business in
New Zealand.

"Despite our best efforts to meet local customer requirements on
range, price and service, we have not been able to establish a
sustainable business," the report quotes Ms. Molyneaux as saying.

stuff.co.nz relates that Ms. Molyneaux said all of its 100 staff
would be entitled to conditions under their employment contracts
should the closure, over a progressive 11 month period, be
effective.

"Consultation has commenced with staff to gain their views and
input on the proposed closures. A final decision will depend on
the outcome of the employee consultation process," Ms. Molyneaux
said.

Suzanne Grae specialises in garments for women aged from 40 to
over 50.  It had eight shops in Auckland and others in Rotorua,
Christchurch, Wellington, Whangarei, New Plymouth and Dunedin.



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


RADIUM LIFE: Fitch Affirms 'BB+' National Long-Term Rating
----------------------------------------------------------
Fitch Rating has affirmed Taiwan-based Radium Life Tech. Co.,
Ltd's National Long-Term Rating at 'BB+(twn)' with Stable Outlook
and simultaneously withdrawn the rating.

The affirmation reflects Fitch's view that the remaining proceeds
to be received from the sale of Mehas project in 2013 will relieve
pressure on short-term liquidity and lower leverage. Its proven
track record in property development and the prime locations of
its properties further support Radium's credit profile.

The rating has been withdrawn as it is no longer considered by
Fitch to be relevant to the agency's coverage. Fitch will no
longer provide ratings or analytical coverage of this issuer.



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


* BOND PRICING: For the Week Feb. 18 to Feb. 22, 2013
-----------------------------------------------------

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

  AUSTRALIA
  ---------

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


CHINA
-----

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


INDIA
-----

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


JAPAN
-----

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

MALAYSIA
--------

DUTALAND BHD          7.00   4/11/2013    MYR         0.91


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

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


SINGAPORE
---------

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


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

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


SRI LANKA
---------

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


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



                             *********

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

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

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


                            *********


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

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

Copyright 2013.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



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