TCRAP_Public/130301.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, March 1, 2013, Vol. 16, No. 43



MISSION NEWENERGY: Closes US$5 Million Loan Agreement with SLW
* Moody's Sees Stable Conditions for Australian Infra. Sectors


MFONE: Smart Mobile Seeks Payment Following Insolvency Filing


CHINA AUTOMATION: Moody's Affirms Ba3 CFR; Outlook is Negative
NEXEN INC: Moody's Reviews Debt Ratings After CNOOC Acquisition

H O N G  K O N G

AMCOR LIMITED: Boswell and Lam Appointed as Liquidators
BORICH CONTRACTING: Court Enters Wind-Up Order
CHUNG NAM: Court to Hear Wind-Up Petition on April 3
CHUNG NAM TEXTILE: Court to Hear Wind-Up Petition on April 3
CHUN WAH: Court Enters Wind-Up Order

CLARION SHIPPING: Court Enters Wind-Up Order
DISON CORPORATION: Court Enters Wind-Up Order
DONNEX LIMITED: Court Enters Wind-Up Order
GERMANY SAIMIKONG: Court Enters Wind-Up Order
GOLD UNION: Court Enters Wind-Up Order

IMPULSE PRODUCTIONS: Court Enters Wind-Up Order
JADE FIELD: Court Enters Wind-Up Order
KOPOINT INDUSTRIES: Court to Hear Wind-Up Petition on April 3
LEHMAN BROTHERS: Liquidators for Asian Units to Pay Dividends
MAJOR PROFIT: Court Enters Wind-Up Order

MATREX HK: Court Enters Wind-Up Order


AGRAWAL COTEX:  CRISIL Assigns 'B' Rating to INR70MM Loan
AL-SAMI COLD: CRISIL Rates INR10MM Cash Credit at 'B+'
HI-CAN INDUSTRIES: CRISIL Assigns 'B' Ratings to INR201.4MM Loans
KAMAL GINNING: ICRA Rates INR6.5cr Long Term at 'B+'
NEO SEAMLESS: ICRA Assigns 'C' Ratings to INR12cr Loans

NOWOTEK TEXTILES: ICRA Assigns 'B' Ratings to INR10cr Loans
REX SEWING: CRISIL Assigns 'B+' Ratings to INR104.2MM Loans
SAT SAHIB: ICRA Rates INR6cr Cash Credit at '[ICRA]B'
SURFACE PREPARATION: ICRA Places 'B' Ratings on INR8.2cr Loans
VIKAS TRANSPORT: CRISIL Assigns 'B+' Rating to INR38MM Loan


BERLIAN LAJU: Required by U.S. Court to Unseal Papers

N E W  Z E A L A N D



* Moody's Sees Low Levels of Asian Corporate High-Yield Defaults
* Large Companies with Insolvent Balance Sheets

                            - - - - -


MISSION NEWENERGY: Closes US$5 Million Loan Agreement with SLW
Mission NewEnergy Limited has completed the loan agreement with
SLW International LLC to provide the Company with a US$5 million
line of credit facility.  The material terms of the loan are
directly in line with the definitive term sheet as announced on
Aug. 17, 2012.

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian

The Company's balance sheet at June 30, 2012, showed
A$10.7 million in total assets, A$35.1 million in total
liabilities, resulting in an equity deficiency of A$24.4 million.

Grant Thornton Audit Pty Ltd, in Perth, Australia, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred operating cash outflows of A$4.9 million during the year
ended June 30, 2012, and, as of that date, the consolidated
entity's total liabilities exceeded its total assets by
A$24.4 million.

The Company reported a net loss of A$6.1 million on A$38.3 million
of revenue in fiscal 2012, compared with a net loss of
$21.7 million on A$16.4 million of revenue in fiscal 2011.

* Moody's Sees Stable Conditions for Australian Infra. Sectors
Moody's Investors Service says steady macro-economic conditions
will underpin stable business conditions for most infrastructure
sectors within Australia. Stable outlooks will dominate the
Australian infrastructure sector over the next twelve months, but
the regulated utilities sector has a negative outlook, reflecting
regulatory challenges.

"Our stable outlook for the infrastructure sector reflects the
strong market position of the sector's assets and low volatility
in operating cash flows. The sector also benefits from a resilient
macroeconomic environment, with continued low unemployment and
inflation, and ongoing - albeit moderating - growth in household
income," says Arnon Musiker, a Moody's Vice President and Senior
Analyst and co-author of the just-released Moody's report titled,
"Australian Infrastructure: Robust Macro-Economic Fundamentals,
But Utilities Face Regulatory Challenges."

"The infrastructure sector has a good liquidity profile, mainly
because of the intrinsic cash generative nature of the assets and
proactive approach by issuers to refinancing," adds Musiker.

Whilst Moody's expects banks to remain a primary funding source
for the sector, the banking sector's response to the
implementation of Basel III guidelines may constrain tenors and
increase credit spreads over time. Moody's expects issuers with
established business profiles to continue to tap overseas capital
markets for longer tenors and to diversify their funding sources.

"Whilst the infrastructure sector generally derives its cash flows
under proven contractual frameworks, our outlook for the regulated
utilities sector is however negative, reflecting the challenges
posed by regulatory changes. These changes increase regulatory
discretion, which could reduce the revenue predictability over the
medium term and challenge the ratings of weakly positioned
issuers," says Musiker, adding "the final impact on the credit
profiles of issuers as a result of the rule change will depend on
their plans to preserve their credit profiles in order to offset
their increased business risk, emanating from the reduced revenue

The airport sector's stable outlook partially reflects increased
passenger volumes, which are benefiting from increasing
penetration by international low cost carriers and travel demand
from inbound Asian nationals. Moody's expects capex in the airport
sector to remain manageable over the next 12 to 18 months, but
over the next few years, several airports could face challenges
with regard to developing new runways to overcome capacity

Traffic volumes in the toll road sector should be underpinned by
the essential nature of the roads and resilient economic
conditions. Toll tariff increases, which in many instances have a
contractual floor exceeding current inflation rates, provide some
cushion against declining traffic volumes.

The availability-based revenue regime and manageable operating
risk support the Public Private Partnership (PPP) sector. However,
a number of rated PPPs face heightened refinancing risk over the
longer term owing to their very thin capitalization.

In addition, some PPPs could be exposed to higher tax payments in
future, as the Australian Taxation Office appears to be
considering revisiting the eligibility to tax deductions under
certain commonly-used funding structures. Adverse changes to tax
laws would -- in the absence of sponsor support - negatively
impact the credit profiles of affected issuers.


MFONE: Smart Mobile Seeks Payment Following Insolvency Filing
Joshua Wilwohl at The Cambodia Daily reports that as insolvency
proceedings against bankrupt telecommunications firm Mfone begin,
yet another company, Smart Mobile, has filed a court complaint to
collect unpaid costs from the mobile operator, and the list of
parties to have suffered from the firm's collapse continues to

According to the report, the Phnom Penh Municipal Court on
Feb. 20, 2013, issued a notice appointing an administrator, Ouk
Ry, to oversee the liquidation of Mfone's assets and also issued a
call for parties owed debts by the Thai-owned Mfone to come
forward starting February 24.

The report relates that the municipal court issued two
injunctions, on October 18 and January 17, freezing Mfone's
assets, but that has not prevented the company from transferring
roughly 400,000 mobile phone subscribers to local phone operator

Mfone transferred its subscriber base to MobiTel on January 11 and
filed for insolvency on January 9, the report says.

The Cambodia Daily notes that it has been argued that Mfone's
subscribers represented the biggest asset of the bankrupt firm,
and there is uncertainty over what other assets the firm has that
the court could use to reimburse firms still owed millions of

The report says Huawei Technologies Co. Ltd. has submitted a
complaint alleging that Mfone owes more than $65 million in unpaid
bills. Norwegian-owned Eltek claims it is owed $3.73 million by
Mfone, and Smart Mobile confirmed it had also filed a complaint
seeking damages against Mfone for an undisclosed sum of money.

Cambodia-based telecommunication operator Mfone, part of the
Thaicom group, on January 9 petitioned for insolvency proceedings
in Phnom Penh after facing difficulties in an intensely
competitive market and after failing to complete the sale of its
shares to INT Management Service Company, The Nation reports.


CHINA AUTOMATION: Moody's Affirms Ba3 CFR; Outlook is Negative
Moody's Investors Service confirmed China Automation Group Ltd.'s
Ba3 corporate family rating and senior unsecured bond rating.

The ratings outlook is negative.

This action concludes China Automation's rating review for
downgrade which was initiated on November 30, 2012.

Ratings Rationale:

"The rating confirmation reflects our expectation that China
Automation will likely benefit from China's resumption of
investments in its railway infrastructure and the consideration
that cash flow will improve in 2013 because of its better
collection of receivables," says Alan Gao, a Moody's Vice
President and Senior Analyst.

Moody's notes that over 70% of the company's railway business
receivables -- or 40% of its total accounts receivables -- are due
from China Railway, China Railway Construction, and the Ministry
of Railways.

China's decision to scale back its investments in its railways
system, following the high speed train accident in 2H 2011, and
the subsequent leadership reshuffle at the MoR had hampered the
repayment abilities of these major customers.

The company's profit warning in November 2012 indicated that its
net profit in 2012 would be impacted by bad debt provisions for
its uncollected receivables.

However, Moody's now expects the company to reverse a portion of
the provisions in 2013 as its collection of receivables is likely
to accelerate.

Moreover, MoR's investments on basic construction amounted to
RMB370 billion in 2H 2012, or a rise of 70% year on year, and
above the RMB149 billion recorded in 1H 2012.

On average, China Automation's key railway signal business has to
wait for 12-18 months before it receives the benefits of any
investments. Hence Moody's expects the company's core railway
order book to start building in 2H 2013.

Moody's further expects that China Automation will maintain
EBITDA/interest coverage above 3.0x; Debt/EBITDA below 4.0x, and
fund flow from operations (FFO)/Debt above 15% over the next 1 to
2 years.,

The outlook remains negative because of two key challenges:
continued regulatory uncertainty and pressure on new
product/project rollouts to support business growth in the medium
to long term.

Upward rating pressure is unlikely, given the negative outlook.
However, the outlook could change to stable if (1) China
Automation is able to navigate through the current operating
environment with support from improvements to cash flow and
liquidity; (2) China's railway authorities address funding issues
and establish the groundwork for sustained and large
infrastructure investments; or (3) China Automation successfully
diversify its revenue base by expanding into the urban metro
railway market or rolling out new products.

The ratings could be downgraded if (1) the railways industry
materially reduces spending or if the company loses its railways
business licenses; (2) the company sees a material decline in its
sales, and/or profit margins, such that EBITDA falls below 15%; or
(3) its liquidity position deteriorates, or debt leverage
increases materially due to aggressive acquisitions.

A downgrade could be triggered if its credit metrics deteriorate,
with EBITDA/interest below 3.0x, debt/EBITDA above 4.0x and
FFO/Debt below 15%.

The principal methodology used in this rating was the Global
Manufacturing Industry Methodology published in December 2010.

China Automation Group Limited specializes in providing safety &
critical control systems for the railways signaling and
petrochemicals industries. It began its operations in 1999 and
listed on the Main Board of The Stock Exchange of Hong Kong
Limited on July 12, 2007. Its three founders, Mr. Xuan Rui Guo
(Chairman & Executive Director), Mr. Kuang Jian Ping (CEO &
Executive Director), and Mr. Huang Zhi Yong (Executive Director),
collectively own 44.89%.

NEXEN INC: Moody's Reviews Debt Ratings After CNOOC Acquisition
Moody's Investors Service says that the Aa3 ratings and stable
outlooks of CNOOC Ltd and China National Offshore Oil Corporation
will remain unchanged after CNOOC Ltd announced that it had
completed its USD15 billion acquisition of Nexen Inc. on Feb. 26,

Moody's will continue to review for upgrade the Baa3 senior
unsecured rating and Ba1 subordinated debt rating of Nexen.

"The transaction was completed according to the original terms and
conditions. CNOOC Ltd obtained a USD6 billion bridge loan and
funded the remaining account with cash-on-hand, which is
consistent with our expectations," says Simon Wong, a Moody's Vice
President and Senior Analyst.

"We would like to reiterate that the acquisition will strengthen
CNOOC Ltd.'s position as one of world's largest independent
exploration and production companies and further diversify its
product portfolio, in spite of its weakened credit metrics," says
Wong, who is also Moody's international lead analysts for CNOOC.

"We will also continue to review for upgrade the rated debt of
Nexen, pending finalization of Nexen's debt structure and the
level of support by CNOOC Ltd to its bondholders, if any," says
Terry Marshall, a Moody's Senior Vice President and lead analyst
for Nexen.

Based on Moody's Proforma analysis, CNOOC Ltd.'s retained cash
flow/adjusted debt will stay at around 103% and adjusted
debt/average daily production at around USD14,000/barrels of oil
equivalent (boe) at end-2013.

There could be modest improvements in CNOOC Ltd.'s credit metrics
in the short-term assuming that there are no large acquisitions.
The company's credit metrics are above the downgrade triggers, and
are in line with its current rating. However, the headroom for
further acquisitions has become more limited.

CNOOC Ltd.'s liquidity position will also remain strong after the

Moody's estimates that CNOOC Ltd should have USD7 billion to USD9
billion in cash, and other short-term investments on its balance
sheet at end-2013, against its total debt of USD15 billion to
USD16 billion, which includes the debt of Nexen.

CNOOC Group's Aa3 issuer rating, which is largely underpinned by
CNOOC Ltd.'s credit profile, incorporates a very high level of
support from the Chinese government.

The principal methodology used in rating these ratings was the
Global Independent Exploration and Production Industry Methodology
published in December 2011.

CNOOC Ltd, incorporated in Hong Kong, is an oil and gas
exploration and production company with operations mainly
concentrated in offshore China. It is 64.45%-owned by China
National Offshore Oil Corp.

China National Offshore Oil Corp is an integrated Chinese energy
company that is wholly owned by China's State Council and
ultimately the PRC. The company has substantial interests in its
listed subsidiaries, which are engaged in oil exploration and
production, as well as the provision of oil services. It also has
interests in other downstream businesses, including refining and

Nexen Inc. is an oil & gas exploration and production company
based in Calgary, Alberta, Canada. The company had 900 million boe
of net proved reserves (92% oil, 48% developed) at end-December
2011 and net production of 171,000 boe per day in 3Q 2012.

H O N G  K O N G

AMCOR LIMITED: Boswell and Lam Appointed as Liquidators
Anthony David Kenneth Boswell and Rainier Hok Chung Lam on
Nov. 13, 2012, were appointed as liquidators of Amcor Limited.

The liquidators may be reached at:

         Anthony David Kenneth Boswell
         Rainier Hok Chung Lam
         22/F Prince's Building
         5 Ice House, Street
         Central, Hong Kong

BORICH CONTRACTING: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Oct. 15, 2012, to
wind up the operations of Borich Contracting Limited.

The company's liquidators are Pang Yiu Kwong and Tso Yin Yee.

CHUNG NAM: Court to Hear Wind-Up Petition on April 3
A petition to wind up the operations of Chung Nam Dyeing &
Printing Factory Limited will be heard before the High Court of
Hong Kong on April 3, 2013, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company Jan. 30, 2013.

The Petitioner's solicitors are:

          Siao, Wen and Leung
          16th Floor, Unicorn Trade Centre
          127-131 Des Voeux Road
          Central, Hong Kong

CHUNG NAM TEXTILE: Court to Hear Wind-Up Petition on April 3
A petition to wind up the operations of Chung Nam Textile Factory
Limited will be heard before the High Court of Hong Kong on
April 3, 2013, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company Jan. 30, 2013.

The Petitioner's solicitors are:

          Siao, Wen and Leung
          16th Floor, Unicorn Trade Centre
          127-131 Des Voeux Road
          Central, Hong Kong

CHUN WAH: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Feb. 6, 2013, to
wind up the operations of Chun Wah (Asia) Limited.

The company's liquidator is Teresa S W Wong.

CLARION SHIPPING: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Feb. 6, 2013, to
wind up the operations of Clarion Shipping & Logistics (Hong Kong)

The company's liquidator is Teresa S W Wong.

DISON CORPORATION: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Feb. 6, 2013, to
wind up the operations of Dison Corporation Limited.

The company's liquidator is Teresa S W Wong.

DONNEX LIMITED: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Jan. 16, 2013, to
wind up the operations of Donnex Limited.

The company's liquidators are Pang Yiu Kwong and Tso Yin Yee.

GERMANY SAIMIKONG: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Feb. 6, 2013, to
wind up the operations of Germany Saimikong Holding Limited.

The company's liquidator is Teresa S W Wong.

GOLD UNION: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Jan. 15, 2013, to
wind up the operations of Gold Union Footwear Limited.

The company's liquidators are Pang Yiu Kwong and Tso Yin Yee.

IMPULSE PRODUCTIONS: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Feb. 6, 2013, to
wind up the operations of Impulse Productions Limited.

The company's liquidator is Teresa S W Wong.

JADE FIELD: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Jan. 16, 2013, to
wind up the operations of Jade Field Holdings Limited.

The company's liquidators are Pang Yiu Kwong and Tso Yin Yee.

KOPOINT INDUSTRIES: Court to Hear Wind-Up Petition on April 3
A petition to wind up the operations of Kopoint Industries Limited
will be heard before the High Court of Hong Kong on
April 3, 2013, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Jan. 30, 2013.

The Petitioner's solicitors are:

          Siao, Wen and Leung
          16th Floor, Unicorn Trade Centre
          127-131 Des Voeux Road
          Central, Hong Kong

LEHMAN BROTHERS: Liquidators for Asian Units to Pay Dividends
Edward Middleton and Patrick Cowley, joint liquidators of Lehman
Brothers Asia Holdings Limited, Lehman Brothers Securities Asia
Limited, and Lehman Brothers Asia Limited, announced dividend
distributions to creditors as follows:

Lehman Brothers Securities Asia Limited will pay a first and final
preferential dividend of 100% on March 4, 2013.

Lehman Brothers Asia Limited will pay first and final preferential
dividend of 100% and first and interim ordinary dividend of 23% on
April 15, 2013.

Lehman Brothers Asia Holdings Limited paid fourth and interim
ordinary dividend of 4% on Feb. 26, 2013.

The liquidators may be reached at:

         Edward Middleton
         Patrick Cowley
         Lui Yee Man
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong

MAJOR PROFIT: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Dec. 5, 2012, to
wind up the operations of Major Profit International Limited.

The company's liquidators are Pang Yiu Kwong and Tso Yin Yee.

MATREX HK: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Dec. 5, 2012, to
wind up the operations of Matrex Hong Kong Limited.

The company's liquidators are Pang Yiu Kwong and Tso Yin Yee.


AGRAWAL COTEX:  CRISIL Assigns 'B' Rating to INR70MM Loan
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Agrawal Cotex.

   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          70        CRISIL B/Stable (Assigned)

The rating reflects AC's weak financial risk profile, marked by a
small net worth, high gearing, and weak debt protection metrics.
The rating also reflects AC's modest scale of operations along
with low operating margin, susceptibility of its margins to
volatility in cotton prices and the regulatory framework governing
cotton industry. These rating weaknesses are partially offset by
the extensive experience of AC's promoters in the cotton ginning

Outlook: Stable

CRISIL believes that the AC will continue to benefit over the
medium term from the extensive industry experience of its partner.
The outlook may be revised to 'Positive' in case the AC's scale of
operations and profitability improves considerably, leading to
better-than-expected cash accruals or improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of a significant decline in the firm's revenues or
profitability or if its financial risk profile, particularly its
liquidity, deteriorates on account of large debt funded working
capital requirements.

AC was set up as a partnership firm in 2003 by Agrawal family. AC
is engaged in ginning and pressing of cotton. Its manufacturing
unit is located at Sillod (Maharashtra). It also has an in-house
oil mill for extracting oil from cotton seeds.

AL-SAMI COLD: CRISIL Rates INR10MM Cash Credit at 'B+'
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Al-Sami Cold Storage.

   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Proposed Export         30      CRISIL A4 (Assigned)
   Packing Credit

   Cash Credit             10      CRISIL B+/Stable (Assigned)

   Export Packing Credit   40      CRISIL A4 (Assigned)

The ratings reflect ACS's below-average financial risk profile,
marked by a high gearing and weak debt protection metrics, and
exposure to risks related to unfavorable changes in government
regulations. These rating weaknesses are partially offset by the
extensive experience of ACS's promoters in the food processing

Outlook: Stable

CRISIL believes that ACS will continue to benefit over the medium
term from the extensive experience of its promoters in the food
processing business. The outlook may be revised to 'Positive' if
the firm scales up its operations and generates more-than-expected
revenues and profitability, resulting in an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case ACS registers lower-than-expected revenues and
profitability, or undertakes a large, debt-funded capital
expenditure programme, resulting in deterioration in its financial
risk profile.

ACS, incorporated in 2009, processes and exports buffalo meat to
various Middle Eastern and Asian countries.  ACS reported a
provisional profit after tax (PAT) of INR15 million on net sales
of INR166 million for 2011-12 (refers to financial year, April 1
to March 31), against a PAT of INR10 million on net sales of
INR160 million for 2010-11.

HI-CAN INDUSTRIES: CRISIL Assigns 'B' Ratings to INR201.4MM Loans
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Hi-Can Industries Pvt Ltd.

   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               46.4      CRISIL B/Stable (Assigned)
   Cash Credit            150.0      CRISIL B/Stable (Assigned)
   Proposed Long-Term       5.0      CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects the company's below-average financial risk
profile marked by high gearing and weak debt protection metrics,
and its less-than-adequate liquidity owing to its large working
capital requirements. These rating weaknesses are partially offset
by the benefits that HIPL derives from the extensive industry
experience of its promoters and their funding support.

The promoters have extended unsecured loans of INR25.5 million to
the company as on December 31, 2012. These loans are subordinated
to bank debt and will be retained in the business over the medium
term. Therefore, CRISIL has treated these loans as neither debt
nor equity.

Outlook: Stable

CRISIL believes that HIPL will continue to benefit from its
promoters' extensive industry experience and the funding support
that it receives from them. The outlook may be revised to
'Positive' in case of improvement in the company's financial risk
profile and liquidity, most likely driven by efficient working
capital management, higher-than-expected ramp in scale of
operations and sustenance of profitability, and further funding
support from promoter Conversely, the outlook may be revised to
'Negative' in case of weakening of its financial risk profile or
liquidity due to further deterioration in its working capital
management or lower-than-expected accruals or any debt-funded
capital expenditure.

Incorporated in 2009, HIPL manufactures tin cans used in packaging
of food products. Its customers mainly include manufacturers of
mango pulps and dairy products. The company, promoted by Mr.
Shailesh Makadia, is a part of the Radhe group, which has
interests in renewable energy, metal casting, packaging, food
products, and infrastructure. HIPL's manufacturing unit in based
in Rajkot (Gujarat).

KAMAL GINNING: ICRA Rates INR6.5cr Long Term at 'B+'
ICRA has assigned the '[ICRA]B+' rating to INR6.50 crore long term
fund based limits of Kamal Ginning Factory.

   Facilities                 (INR Cr)   Ratings
   ----------                 --------   -------
   Long term, fund based        6.50     [ICRA]B+(assigned)
   limits-Cash Credit

The rating factors in the significant growth in operating income
primarily due to increase in volumes and firm's proximity to
cotton growing region of the country along with long experience of
promoters in the cotton industry. The assigned rating also takes
into account the stretched liquidity position of the firm
characterized by high gearing levels and weak coverage indicators
and moderate scale of operations. The firm is also exposed to
adverse movements in cotton and lint prices which coupled with low
value additive and seasonal nature of cotton ginning industry,
keeps the profitability metrics and cash accruals at modest
levels. Also being a partnership entity, any significant
withdrawals from the capital account could affect its net worth
and thereby its capital structure.

Kamal Ginning Factory, a partnership firm incorporated in 2006 is
involved in cotton ginning and pressing activity. The firm has its
unit at Dharangaon; Dist.Jalgaon. The total processing capacity is
35000 bales per annum.

NEO SEAMLESS: ICRA Assigns 'C' Ratings to INR12cr Loans
ICRA has assigned an '[ICRA]C' rating to the INR4.50 crore term
loan and INR7.50 crore fund based bank facilities of Neo Seamless
Tubes Limited.

   Facilities                 (INR Cr)   Ratings
   ----------                 --------   -------
   Fund Based Limit-            4.50     [ICRA]C assigned
   Term Loan

   Fund Based Limit-            7.50     [ICRA]C assigned
   Cash Credit

The assigned rating takes into account NSTL's limited track record
of operations with cash losses suffered in all the three years
since commissioning, low capacity utilization levels due to delay
in receipt of power connection from West Bengal State Electricity
Board (WBSEB) and stretched liquidity position due to high working
capital intensity of operations. The rating also takes into
consideration the intense competition from domestic players and
cheaper imports from China, which exerts pressure on margins of
all the players including NSTL. Moreover, NSTL being a new entrant
in the seamless tube market is also exposed to pricing pressures.
NSTL is also exposed to foreign exchange fluctuation risk on
account of export sales; though imports provide a natural hedge to
an extent and cyclical trends in the steel industry exposes NSTL
to volatility in finished goods and raw material prices. The
rating, however, derives comfort from the long experience of the
promoters in trading of seamless tubes and the demonstrated
ability of the promoters' to infuse capital on a regular basis
which has enabled the company to maintain a comfortable capital
structure over the last few years. ICRA notes that NSTL holds
Indian Boiler Regulation (IBR) certification which enables it to
sell its product to the niche segment of the market providing
competitive advantage over its peers.

Incorporated in 2007, NSTL is engaged in the production of cold
drawn carbon steel seamless tubes. The current capacity of NSTL is
15,000 metric tonne per annum (MTPA). NSTL's manufacturing
facility is situated at Amta, West Bengal.

Recent Results

The company has reported a net loss of INR6.42 crore on an
operating income of INR13.83 crore during 2011-12 as compared to a
net loss of INR4.73 crore on an operating income of INR1.87 crore
during 2010-11.

NOWOTEK TEXTILES: ICRA Assigns 'B' Ratings to INR10cr Loans
ICRA has assigned long term rating of '[ICRA]B' to INR5.10 crore
term loans and INR4.90 crore fund based limits of Nowotek Textiles
Private Limited.

   Facilities                 (INR Cr)   Ratings
   ----------                 --------   -------
   Term loans                   5.10     [ICRA]B; assigned
   Fund based limits            4.90     [ICRA]B; assigned

The assigned rating is supported by favorable demand prospects of
non-woven fabrics and varied application of the product in
multiple industries. The rating is, however, constrained by the
start-up nature of the company and moderate gestation period
associated with project stabilization; limited track record of
promoters in the non-woven fabric manufacturing business and
fragmented nature of market characterized by strong competition
limiting the pricing power of the firm. The rating is further
constrained by vulnerability of profitability to adverse
fluctuations in the prices of the key raw material, polypropylene
(PP) which is a crude oil derivative.

ICRA notes that there has been delay in commencement of production
from October 2012 to April 2013 due to project execution issues
however debt repayment of the term loan starts from February 2013.
ICRA believes that till the project starts generating cash
accruals, the promoters of the company shall infuse funds to repay
the debt obligations. Going forward the ability of the company to
timely commence commercial production without significant cost
over runs; stabilize its operations and cash flows and establish
its product in a highly competitive market will be some of the key
rating drivers.

Nowotek Textiles Private Limited (erstwhile Rasa Garments Private
Limited) was incorporated in June 2008 by Gupta family with an
objective of manufacturing and trading of textile items. The
company is in the process of setting up a manufacturing plant for
non-woven fabric in Greater Noida. The plant is being set-up with
production capacity of 4000 tonnes per annum (TPA) and expected to
commence operations in April 2013. The investment in the plant is
estimated to be INRRs. 11.46 crore including margin for working
capital of INR2.72 crore (Rs. 8.74 crore excluding margin for
working capital). The funding is planned through INR5.10 crore
term loan and remaining through promoter funds in the form
of INR1.00 crore equity and INR5.36 crore in the form of unsecured
loans. The term loan is covered under Technological Upgradation
Fund Scheme.

REX SEWING: CRISIL Assigns 'B+' Ratings to INR104.2MM Loans
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Rex Sewing Machine Co. Pvt. Ltd.

   Facilities              (INR Mln)  Ratings
   ----------              ---------  -------
   Standby Line of Credit     7.5     CRISIL B+/Stable (Assigned)
   Proposed Long-Term Bank    7.8     CRISIL B+/Stable (Assigned)
   Loan Facility
   Cash Credit               62.5     CRISIL B+/Stable (Assigned)
   Long-Term Loan            26.4     CRISIL B+/Stable (Assigned)

The rating reflects RSMP's weak financial risk profile, marked by
a high gearing and weak debt protection metrics, and small scale
of operations. These rating weaknesses are partially offset by the
benefits that RSMP derives from the extensive industry experience
of its promoter.

Outlook: Stable

CRISIL believes that RSMP's scale of operations will remain small
over the medium term and its financial flexibility will remain
constrained by its high gearing. The outlook may be revised to
'Positive' if RSMP's scale of operations improves, along with
improvement in its gearing, backed by infusion of funds by its
promoter Conversely, the outlook may be revised to 'Negative' if
RSMP's liquidity weakens significantly, most likely because of
lower-than-expected cash accruals, or if it fails to stabilize
operations of its capital expenditure project as per schedule,
thereby constraining its cash accruals.

RSMP, a sewing machine manufacturing company, was established in
1957 by Mr. Om Prakash Dandona. The company, based in Ludhiana
(Punjab), sells 70% of its machines to Singer Sewing Co (India).
It sells close to 30% of its produce in the local and domestic
market under its own brand, Rex. Currently, the company is being
managed by its founder's sons, Mr. Dinesh Dandona and Mr. Bhupesh

RSMP reported a net profit and net sales of INR3.4 million and
INR230 million, respectively, for 2011-12 (refers to financial
year, April 1 to March 31), against a net profit of INR2.3 million
on net sales of INR179 million for 2010-11.

SAT SAHIB: ICRA Rates INR6cr Cash Credit at '[ICRA]B'
ICRA has assigned a long-term rating of '[ICRA]B' to INR6 crore
fund based facilities of Sat Sahib Steels .

   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Cash Credit                6.0     [ICRA]B Assigned

The assigned ratings factors in firm's moderate scale of
operations, its relatively low value additive nature of business
and the fragmented nature of steel products manufacturing industry
which have led to low operating margins. The rating is also
constrained due to weak financial profile of the firm as
reflected by low profitability, high gearing and weak debt
coverage indicators.

Further, the profitability of the firm will remain exposed to
fluctuations in market prices of raw materials, given that
majority of the procurement is not order backed. However, rating
draws comfort from long track record of promoters in steel
industry, healthy growth in revenues of the firm and proximity of
the plant to established steel market which ensures easy
availability of raw material. The rating also draws comfort from
firm's established relationship with its customers which have
enabled it to secure repeat orders from them.

Incorporated in the year 2008, Sat Sahib Steels is a partnership
firm engaged in manufacturing of M.S (Mild Steel) Bars and Flats.
The manufacturing facility of the firm is located at Mandi
Gobindgarh, Punjab with an installed capacity of 33000MT per

Recent Results

The firm reported a net profit after tax of INR0.16 crore on an
operating income of INR65.33 crore in FY2012 as against net profit
of INR0.10 crore on an operating income of INR63.57 crore in

SURFACE PREPARATION: ICRA Places 'B' Ratings on INR8.2cr Loans
ICRA has assigned the long-term rating of '[ICRA]B' to the INR8.20
crore, fund-based limits of Surface Preparation Solutions and
Technologies Pvt Ltd. ICRA has also assigned the short-term rating
of '[ICRA]A4' to the INR1.50 crore, non-fund based limits of the

   Facilities                 (INR Cr)   Ratings
   ----------                 --------   -------
   Fund-Based Limit-             4.00    [ICRA]B assigned
   Cash Credit

   Fund-Based Limit-             2.20    [ICRA]B assigned
   Term Loans

   Fund-Based Limit-             2.00    [ICRA]B assigned
   Bill Discounting

   Non-Fund based Limit-         1.50    [ICRA]A4 assigned
   Bank Guarantee/Letter
   of Credit

The assigned ratings take into account the small scale of
operations of SPSTPL (Operating Income of INR6.30 crore in FY12),
modest financial profile reflected in the gearing of 2.02 times
and low interest coverage of 1.77 times in FY12 and vulnerability
to fluctuations in raw material prices in the absence of
escalation clauses in the contracts. The ratings are also
constrained by the highly working capital intensive nature of
operations, which coupled with rapid revenue growth, has led to
large amount of funds getting tied up in inventory and
receivables. Consequently, the company has been generating
negative cash flow from operations and relying heavily on working
capital borrowings. Given high utilization of limits at present,
execution of more orders will be constrained by availability of
external funding.

The ratings, nevertheless, draw comfort from the long track record
and extensive experience (of nearly a decade) of the promoters in
the surface preparation industry; reputed client base consisting
of Indian railways, RITES, big PSUs like BHEL and large private
companies which reduces credit risk in realization of payments.
The rating also factors in the revenue growth expected from new
orders received in FY12.

In ICRA's view, the key rating sensitivities are company's ability
to improve its scale of operations and reduction in its working
capital intensity.

VIKAS TRANSPORT: CRISIL Assigns 'B+' Rating to INR38MM Loan
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vikas Transport Co.

   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         120      CRISIL A4 (Assigned)
   Cash Credit             38      CRISIL B+/Stable (Assigned)

The ratings reflect VTC's below-average financial risk profile,
marked by high gearing, small scale of operations in a highly
fragmented industry, and customer concentration in its revenue
profile. These rating weaknesses are partially offset by VTC's
promoters' extensive experience in the transport and logistics

Outlook: Stable

CRISIL believes that VTC will maintain a stable business risk
profile over the medium term, backed by its promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case of larger-than-expected topline, diversification of customer
profile, and improvement in profitability. Conversely, the outlook
may be revised to 'Negative' in case of increase in debtor levels
or substantial debt-funded expansions or if lower-than-expected
margins weaken its financial risk profile.

VTC, incorporated in 2000 as a partnership firm by Mr. Paramjeet
Singh with his wife Harvinder Kaur, is engaged in bulk road
transport services. The firm is headquartered in Jammu and
provides services in Jammu & Kashmir and Punjab.


BERLIAN LAJU: Required by U.S. Court to Unseal Papers
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that U.S. Bankruptcy Judge Stuart Bernstein ruled at a
hearing Feb. 26 that PT Berlian Laju Tanker Tbk won't be permitted
to proceed in U.S. bankruptcies while keeping all papers sealed
and withheld from the public.

The report recounts that Gramercy Distressed Opportunity Fund II
along with two sister funds filed an involuntary Chapter 11
petition against the PT Berlian parent in December.  The company
responded by asking Bernstein to dismiss the involuntary case.  PT
Berlian filed all the dismissal papers under seal because the
Indonesian court, where the company is also in bankruptcy,
requires everything be sealed.  Bloomberg News and the Gramercy
funds objected to sealing.

According to the report, Bloomberg's lawyer Thomas Golden said
Judge Bernstein agreed and told PT Berlian to refile all the
papers publicly within two weeks.  Golden is with Willkie Farr &
Gallagher LLP, which represents Bloomberg LP in corporate matters.

Judge Bernstein gave PT Berlian the ability to keep some financial
information secret.  Judge Bernstein said PT Berlian would be
"hard pressed" to convince him that documents warranted sealing.

PT Berlian told Judge Bernstein that creditors will vote March 8
in Indonesia on the company's reorganization plan.  If the
creditors or the judge veto the plan, the company will be
liquidated.  Mr. Golden described Judge Bernstein as saying he
wanted to hold U.S. proceedings in abeyance until the direction of
the Indonesian case becomes clear.

Mr. Golden said that Judge Bernstein questioned whether it was a
"proper purpose" for the Gramercy funds to file the involuntary
bankruptcy as a tool for trying to obtain information not
available through the Indonesian proceedings.

                         About PT Berlian

Creditors of PT Berlian Laju Tanker Tbk filed an involuntary
Chapter 11 bankruptcy petition in U.S. Bankruptcy Court against
the Indonesian ship operator (Bankr. S.D.N.Y. Case No. 12-14874)
on Dec. 13, 2012.

The petition was filed by Gramercy Distressed Opportunity Fund II,
Gramercy Distressed Opportunity Fund, and Gramercy Emerging
Markets Fund.  The creditors, all located in Greenwhich, Conn.,
are allegedly owed $125.5 million.

PT Berlian Laju Tanker Tbk is the largest Indonesian shipping
company, focusing on liquid bulk cargo, with operations primarily
in Asia with some expansion into the Middle East and Europe.

Indonesia-based PT Berlian Laju Tanker Tbk filed Chapter 15
bankruptcy petitions in New York for subsidiaries (Bankr.
S.D.N.Y. Lead Case No. 12-11007) on March 14, 2012, to prevent
creditors from seizing the company's vessels when they call on
U.S. ports.  Cosimo Borrelli, appointed vice president for
restructuring for PT Berlian, signed the Chapter 15 petitions for
Chembulk New York Pte Ltd and 12 other entities.

The Berlian group operates 72 vessels, of which 50 are owned.

In January 2012, the Berlian Group violated covenants under a
$685 million loan agreement.  Creditors took steps to arrest
certain vessels operated by companies in the Berlian Group.

In order to prevent ship arrests and other collection efforts,
the Berlian Group initiated proceedings in the High Court of the
Republic of Singapore on March 12, 2012.  The Singapore court
entered orders prohibiting for three months any arrest of vessels
or collection effort.

The Berlian Group filed the Chapter 15 petitions to obtain entry
of an order enjoining creditors from seizing vessels that are at
port in the United States.  The Debtors do not have assets in the
U.S. other than the transitory basis vessels that are in the U.S.

The U.S. Bankruptcy Judge in April 2012 ruled that Indonesia is
the home to the so-called foreign main proceeding.

N E W  Z E A L A N D

Jono Galuszka at Manawatu Standard reports that Manawatu
Manufacturing Jewellers, a jewellery business which opened nearly
30 years ago, has lost its shine, with nearly half a million
dollars of debts forcing it into liquidation.

The company was placed into liquidation by order of the High Court
last week, the report says.

The Standard relates that while the first liquidators' report had
not yet been released, the company was in the High Court in
Palmerston North earlier this month trying to stave off

According to the report, Associate Judge David Gendell said the
company had about NZ$480,000 of debts, NZ$109,000 of that being
income tax.  The company had also not paid any income tax since
December 2009.

The report adds that the company's lawyer, Peter Thomson, said it
had been trading without employees for three years. He asked Judge
Gendell for a month's leave to try to arrange payment of the

Manawatu Manufacturing Jewellers, established in 1985 and owned by
Ross and Julie Bailey.


* Moody's Sees Low Levels of Asian Corporate High-Yield Defaults
Moody's Investors Service says that the high-yield default rate
for Asia Pacific (ex-Japan) corporates will -- according to
Moody's Credit Transition Model -- remain at a low level of about
2% in 2013.

"The estimate is based on the assumptions that forecasted high
yield spread will remain largely stable and the Asia Pacific (ex-
Japan) GDP-weighted average unemployment rate will stay at similar
level to that of 2012 at around 4.5%," according to Clara Lau, a
Moody's Group Credit Officer.

Lau was speaking on the release of Moody's Special Comment titled
"2013 Asian Corporates High-Yield Default Rates to Stay Low", and
which she authored.

"The expectation of a continued low default rate for 2013 strongly
depends on ongoing accommodative monetary policies allowing access
to capital markets as many Asian speculative-grade corporates rely
on short-term funding to support operations and refinancing," says

"The 2013 estimate of 2% is slightly above the 0.9% recorded for
2012, despite Moody's broadly stable outlook for the region and
the corporate sector. The expected rise will primarily be driven
by the overall credit deterioration in Moody's-rated portfolio in
2012," says Lau. During last year, the average rating for the
speculative-grade portfolio fell to B1/B2 at end-2012 from Ba3/B1
at the beginning of 2012 because of a large number of negative
actions, primarily for Chinese issuers.

As far as rating transitions is concerned, the percentage of
ratings that did not change in 2012 was 83% for investment-grade
issuers and 47% for speculative-grade issuers, compared to 80% and
52% respectively for the global portfolio."The higher volatility
for speculative-grade ratings for Asian corporates was mainly
driven by the large number of negative actions for the Chinese
portfolio, in turn reflecting concerns over the impact of an
uncertain operating environment and tight liquidity, in particular
in 1H 2012, on issuers' operating and credit profiles," comments

* Large Companies with Insolvent Balance Sheets

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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


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

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

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

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

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

                  *** End of Transmission ***