TCRAP_Public/130304.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

            Monday, March 4, 2013, Vol. 16, No. 44


                            Headlines


A U S T R A L I A

BASACAR PRODUCE: To be Placed Into Liquidation
PINNACLE AND PANORAMA: In Receivership, Apartments for Tender
TGHA AVIATION: Receiver Puts Jet & Helicopter Up For Sale


C H I N A

CHINA FISHERY: S&P Puts 'B+' CCR on CreditWatch Negative
YANLORD LAND: Moody's Changes Outlook to Stable; Keeps CFR at Ba3


H O N G  K O N G

ABAXS LIMITED: Creditors to Get 100% Recovery on Claims
AP FAR EAST: Philip Brendan Gilligan Steps Down as Liquidator
BANDAI ASIA: Members' Proofs of Debt Due March 22
CHINA VALUE: Creditors' Proofs of Debt Due March 22
ELITE JOY: Members' Final Meeting Set for March 22

MAX SMART: Court Enters Wind-Up Order
MOULIN GLOBAL: Creditors Get 2.0% Recovery on Claims
MUCH EVER: Court Enters Wind-Up Order
PET CLUB: Court Enters Wind-Up Order
REDINE (HK): Court Enters Wind-Up Order

VAUGHN COMPANY: Court Enters Wind-Up Order
WAY AND FUNG: Court to Hear Wind-Up Petition on April 10
WORLDCODE INVESTMENTS: Court Enters Wind-Up Order


I N D I A

CHAWLA IRON: ICRA Assigns 'B+' Ratings to INR8cr Loans
HARIKISHAN TEJMAL: ICRA Rates INR10cr Loans at '[ICRA]B+'
MATRIX MEDITEC: ICRA Assigns 'B+' Ratings to INR6.5cr Loans
OM GINNING: ICRA Assigns 'B+' Rating to INR6cr Long-Term
RP MULTIMETALS: ICRA Cuts Ratings on INR10cr Loan to 'B+'

SATANI FORGE: ICRA Assigns 'B+' Ratings to INR9.08cr Loans
SHAKTI SUGAR: ICRA Reaffirms 'B+' Ratings on INR20.26cr Loans
SHRI BALAJI: ICRA Assigns 'B+' Rating to INR6cr Long Term Loan
TIRUPATI COLD: Delays in Loan Payment Cue ICRA to Junk Ratings


J A P A N

ELPIDA MEMORY: Tokyo Court Approves Micron Acquisition Deal
G.K. L-JAC4: S&P Raises Rating on Class B-2 Bonds to 'B+


M O N G O L I A

MONGOLIAN MINING: Moody's Lowers CFR and Sr. Bond Ratings to B2


N E W  Z E A L A N D

MAINZEAL PROPERTY: Placed in Liquidation


                            - - - - -


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


BASACAR PRODUCE: To be Placed Into Liquidation
----------------------------------------------
Emily Prain at News Mail reports that Basacar Produce Pty Ltd will
be placed into liquidation after its owners failed to make
payments under a deed of company arrangement.

News Mail says the arrangement meant the company's directors,
Ayhan and Zubeyde Basacar, were to pay AUD400,000 over 24 months
so creditors could receive a dividend.

"They failed to pay the instalment for February and, on that
basis, I'm calling a meeting to put (the company) into
liquidation," the report quotes Vincent's Chartered Accountants
administrator Peter Dinoris as saying.  "They are both now
bankrupt."

A creditors meeting will be held at Across the Waves at
11:00 a.m. on March 7, where Basacar Produce is likely to be
liquidated, the report relays.

According to News Mail, Mr. Dinoris confirmed they had moved to
Brisbane while the whereabouts of the Basacars since the company
went into receivership in April last year have remained unknown,
according to the report.

News Mail relates that Mr. Dinoris said he had been in contact
with them, and had been told the Basacars were not in a position
to continue making payments.

The fourth report to creditors, which was issued on February 27,
said the Basacars were declared bankrupt in November 2012, the
report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2012, Bundaberg News Mail said more than 40 workers have
lost their jobs after tomato-farming operation Basacar
Produce went into voluntary administration on April 18, 2012.  The
farm's directors -- husband and wife Ayhan and Zubeyde Basacar --
owe creditors more than AUD3.5 million from the debts incurred by
the operation, which is run from properties in Goodwood Rd and
Moore Park Rd.  Administrator Peter Dinoris of Vincents Chartered
Accountants said the couple cited effects of the global financial
crisis and late payments by clients as reasons for administration.

Basacar Produce Pty Ltd was one of Australia's tomato growers.


PINNACLE AND PANORAMA: In Receivership, Apartments for Tender
-------------------------------------------------------------
The Morning Bulletin reports that Pinnacle and Panorama have gone
into receivership, placing 14 luxury CBD apartments up for tender.

The Pinnacle and Panorama Apartments, in Cliff St., include eight
standard apartments, dual-level townhouses, one sub-penthouse and
two penthouses up for sale, according to The Morning Bulletin.

The report notes that an unnamed industry source said the project
had been planned and designed six years ago, during the property
boom and prior to the global financial crisis.  "Raw costs and
site costs were more expensive then," the report quoted the source
as saying.

The report recalls that originally marketed in 2010, Pinnacle and
Panorama were pitched at the upper end of the market and a three-
bedroom penthouse apartment sold for an undisclosed figure, well
over $2 million.   The report relates that three years later, the
unit blocks were marketed as a combination of "luxury, striking
design, quality extras and a spectacular location".

Ray White Commercial in conjunction with One Real Estate is
marketing the properties on behalf of receivers and managers,
McGrath Nicol.

Expressions of interest in the two neighbouring properties are
being received until March 26.


TGHA AVIATION: Receiver Puts Jet & Helicopter Up For Sale
---------------------------------------------------------
Adelaide Now reports that Nathan Tinkler's executive jet and
helicopter have been put up for sale by the receiver of the coal
baron's aviation company.

According to the report, Mr. Tinkler's luxury Dassault Falcon 900C
executive jet was placed on the market on March 1 with an
advertised price of US$13.95 million (AUD13.73 million), while the
eight-seater Augusta A109S helicopter has been listed for US$5.95
million (AUD5.86 million).

Adelaide Now relates that receiver Nathan Landrey, of Taylor
Woodings, said the listings were standard practice in the
receivership process and did not prevent Mr. Tinkler from
refinancing the aircraft mortgages.

"(Mr. Tinkler) has that option right up until we complete a sale,"
the report quotes Mr. Landrey as saying.  "Because they are not
distressed assets there is no defined deadline (for the sale).
There is the opportunity for the existing borrower to arrange
refinancing."

The three-engined Dassault jet's features include leather
upholstery, three separate seating areas accommodating 14 people,
gold plating on fixtures and a galley espresso machine, according
to a listing on the website of US aircraft sales company Avpro,
the report adds.

Taylor Woodings was appointed as receiver of TGHA Aviation in
November, 2012, as Mr. Tinkler's business empire faced mounting
debt pressures.

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



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


CHINA FISHERY: S&P Puts 'B+' CCR on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B+' long-
term corporate credit rating on China Fishery Group Ltd. and the
'B+' issue rating on the company's senior unsecured notes on
CreditWatch with negative implications.  At the same time, S&P
placed its 'cnBB-' long-term Greater China regional scale rating
on China Fishery and on the notes on CreditWatch with negative
implications.  China Fishery is a fishing company with operations
in Russian and Peruvian waters.

"China Fishery's proposed takeover of fishmeal producer Copeinca
ASA appears an aggressive move to us.  We require more clarity
over the bid, particularly about the final financing structure,"
said Standard & Poor's credit analyst Lillian Chiou.

In addition, the credit profiles of China Fishery's parents have
weakened, constraining the rating on the company.

"China Fishery and its parent companies are likely to face higher
liquidity and refinancing risks in the next 12 months.  Our view
reflects the group's large cash outlay, its very low cash
position, and weak funds from operations," said Ms. Chiou.

Positively, S&P believes the Copeinca acquisition could strengthen
China Fishery's "weak" business risk profile.  The company's
market position could improve if its combined fishing quota
increases in Peru.  The acquisition of Copeinca would also give
China Fishery access to a listed entity for its growing Peruvian
fishmeal operations.

S&P aims to resolve the CreditWatch placement within the next
three months.  In resolving the CreditWatch, S&P will focus on:
(1) whether the proposed acquisition will proceed and, if so, how
it will be financed; and (2) how the operational and liquidity
positions will evolve for China Fishery and its parent companies.

S&P could lower the rating by one or more notches if it believes
China Fishery's liquidity position or financial leverage in the
next 12 months will deteriorate substantially and the company will
have insufficient cash sources to meet its obligations.  The
liquidity position and operating performances of PARD and PAIH
could also constrain the rating on China Fishery.

S&P could affirm the rating if it believes the operating
performances of China Fishery and its parent companies can
improve, so that financial leverage at PAIH will fall and remain
below S&P's downgrade trigger of a total debt-to-EBITDA ratio of
6.0x.  In addition, S&P could affirm the rating if the proposed
acquisition doesn't drain China Fishery's financial resources and
liquidity.


YANLORD LAND: Moody's Changes Outlook to Stable; Keeps CFR at Ba3
-----------------------------------------------------------------
Moody's Investors Service has changed Yanlord Land Group Ltd's
ratings outlook to stable from negative.

At the same time, Moody's has affirmed Yanlord's Ba3 corporate
family and B1 senior unsecured debt ratings.

Ratings Rationale:

"The change in Yanlord's ratings outlook reflects improved sales
execution and better-than-expected results during the down-market
which prevailed in 2012," says Lina Choi, a Moody's Vice President
and Senior Analyst.

Yanlord's 2012 contract sales of RMB11.9 billion met its 2012
target of RMB12 billion, indicating that the company has recovered
from a period of weak contract sales.

Yanlord's turnaround can be attributable to (1) the increase in
its inventory of small- and medium-sized products to address
demand from the mass market and home buyers looking to upgrade
their residences; (2) the easing in bank credit to property
purchasers; (3) its good quality products; and (4) its pricing
flexibility.

Moody's expects Yanlord will continue to achieve moderate sales
growth in 2013, based upon a stable environment. But its EBITDA
margins will remain in the 30% - 35%, which is lower than the 50%
achieved in 2010 or earlier. This is because regulatory measures
have led Yanlord to change its business model.

"Another favorable development is the improvement in Yanlord's
liquidity profile. It has monetized more inventory on-hand which
has, in turn, resulted in higher cash inflow," adds Choi, who is
also Moody's lead analyst for Yanlord.

Yanlord's cash-on-hand of around RMB3.5 billion, together with
Moody's estimated presale proceeds of around RMB 12 billion, will
more than cover its maturing short-term debt of around RMB2.7
billion and committed land payments of RMB1 billion in the next 12
months.

"The change in outlook also recognizes Yanlord's prudent approach
to debt management," says Choi.

In 2012, Yanlord reduced its total debt by RMB3.2 billion, which
included paying down onshore debt and the convertible bond
puttable on July 2012 of RMB1.4 billion. This action lowered its
debt/total capitalization to around 33% in December 2012 from 41%
in December 2011.

Under this prudent approach to financial management, Moody's
expects Yanlord's debt/capitalization to be at around 40% and its
adjusted EBITDA interest coverage to be around 3.0x over the next
12 -- 18 months. Such credit metrics position the company in the
Ba3 rating.

In addition, Yanlord has become more cautious in land
acquisitions. It will consider new acquisitions in locations where
it has enjoyed good sales and where it has depleted its land bank.

Yanlord's Ba3 corporate family rating continues to reflect its
good branding, supported by high-quality properties that generate
margins at the higher end of industry range. It also considers
Yanlord's good ability to access the debt and capital markets and
its history of raising equity to fund development.

At the same time, its rating is constrained by (1) its sales
concentration and exposure to Shanghai where regulatory measures
have led to volatility in property sales; and (2) the fact that
some of its inventory are deluxe residential products that need
more time to sell.

Upgrade pressure could emerge if the company: (1) demonstrates
stable sales growth and substantially achieves its presales
target; (2) maintains a prudent strategy on land acquisitions; (3)
shows improvement in liquidity, and (4) achieves EBITDA/interest
coverage above 3.0x--3.5x and maintains adjusted
debt/capitalization below 50%, both on a sustained basis.

On the other hand, downgrade pressure could arise if Yanlord: (1)
fails to execute its sales plan; (2) shows increased liquidity
risk due to the absence of proactive actions to refinance its
short-term debt; or (3) aggressively acquires land funded by debt.

Downgrade pressure could be indicated by EBITDA/interest under
2.0x for a sustained period.

The principal methodology used in this rating was the Global
Homebuilding Industry Methodology published in March 2009.

Yanlord Land Group Limited is a property developer in China. It
operates in the major cities of Shanghai, Suzhou, Shenzhen,
Tianjin, Zhu Hai and Chengdu. It was established in 1993 and was
listed on the Singapore Stock Exchange in 2006.



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


ABAXS LIMITED: Creditors to Get 100% Recovery on Claims
-------------------------------------------------------
Abaxs Limited, which is in liquidation, will declare dividend to
its creditors on or after March 15, 2013.

The company will pay 100% for preferential and 100% for ordinary
claims.

The company's liquidators are:

         Hou Chung Man
         Alan Chung Wah Tang
         43/F, The Lee Gardens
         33 Hysan Avenue
         Causeway Bay, Hong Kong


AP FAR EAST: Philip Brendan Gilligan Steps Down as Liquidator
-------------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of AP Far East
Limited on Feb. 14, 2013.


BANDAI ASIA: Members' Proofs of Debt Due March 22
-------------------------------------------------
Members of Bandai Asia Co., Limited, which is in members'
voluntary liquidation are required to file their proofs of debt by
March 22, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 8, 2013.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         Central, Hong Kong


CHINA VALUE: Creditors' Proofs of Debt Due March 22
---------------------------------------------------
Creditors of China Value Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 22, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 15, 2013.

The company's liquidators are:

         Chan Chor Ming Raymond
         Or Wai Lin Winnie
         Room 1021, Sun Hung Kai Centre
         30 Harbour Road
         Wanchai, Hong Kong


ELITE JOY: Members' Final Meeting Set for March 22
--------------------------------------------------
Members of Elite Joy Limited, which is in members' voluntary
liquidation, will hold their final meeting on March 22, 2013, at
10:00 a.m., at Room 2702-3, C.C. Wu Building, 302-8 Hennessy Road,
Wanchai, in Hong Kong.

At the meeting, Ho Sun Fung Allan, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


MAX SMART: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Aug. 21, 2012, to
wind up the operations of Max Smart International Limited.

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


MOULIN GLOBAL: Creditors Get 2.0% Recovery on Claims
----------------------------------------------------
Moulin Global Eyecare Holdings Limited, which is in liquidation,
declared sixth Interim dividend to its creditors on or after
Feb. 28, 2013.

The company paid 2.0% for ordinary claims.

The company's liquidators are:

         Roderick John Sutton
         John Howard Batchelor
         Level 22, The Center 99 Queen's Road
         Central, Central, Hong Kong


MUCH EVER: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Feb. 6, 2013, to
wind up the operations of Much Ever Development Limited.

The company's liquidator is Teresa S W Wong.


PET CLUB: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Feb. 6, 2013, to
wind up the operations of Pet Club Limited.

The company's liquidator is Teresa S W Wong.


REDINE (HK): Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Jan. 16, 2013, to
wind up the operations of Redine (HK) Limited.

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


VAUGHN COMPANY: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Jan. 30, 2013, to
wind up the operations of The Vaughn Company Limited.

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


WAY AND FUNG: Court to Hear Wind-Up Petition on April 10
--------------------------------------------------------
A petition to wind up the operations of Way and Fung Investment
Limited will be heard before the High Court of Hong Kong on
April 10, 2013, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Feb. 6, 2013.

The Petitioner's solicitors are:

          Li & Partners
          22/F, World-Wide House
          19 Des Voeux Road
          Central, Hong Kong


WORLDCODE INVESTMENTS: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on Dec. 5, 2012, to
wind up the operations of Worldcode Investments Limited.

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



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


CHAWLA IRON: ICRA Assigns 'B+' Ratings to INR8cr Loans
------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR8.0 crores fund
based limits of Chawla Iron Traders Pvt. Ltd.  The rating takes
into account the highly competitive nature of the industry, which
coupled with the low value additive nature of the business which
has led to modest profitability for the company in the past.
Moreover, the company remains exposed to cyclicality in the steel
industry since the entire price variation risk is borne by the
company.

                               Amount
   Facilities                 (INR Cr)   Ratings
   ----------                 --------   -------
   Fund Based Limits-            7.00    [ICRA]B+ assigned
   Cash Credit

   Fund Based Limits-            1.00    [ICRA]B+ assigned
   Stand by Line of Credit

The ratings also factor in company's high reliance on external
debt which has resulted in high gearing (2.33 times as on
March 31, 2012) and high working capital intensity of the company.
This coupled with modest profitability has resulted into low debt
protection metrics of the company (NCA/TD of 2% and Interest
coverage ratio of 1.28 times in FY12).

Nevertheless, ratings derive some comfort from the significant
increase in operating income of the company (CAGR of ~280%) in the
last one year, equity infusion by the promoters (infusion of
INR4.01 cr in FY11 and FY12) and established promoters of the
company.

Chawla Iron Traders Private Limited, incorporated in May 2009 is
engaged in trading of iron and steel related products which find
application mainly in construction and infrastructure companies.
The company is promoted by Mr. Nitin Chawla, who has been engaged
in the steel trading business since the last 10-12 years. The
company has its warehouses in Mundka, Gurgaon and Naraina, Delhi
with a total storage capacity of 5000-6000 tonnes. In January
2010, Chawla Steel Links (CSL; formed in 2006) and Chawla Steel
Traders (CST; formed in 2008) were merged into CITPL. Both the
firms are into same line of business and are family managed.

Recent Results

In FY12 results, CITPL reported net profit of INR0.07 crores on an
operating income of INR39.38 crores as compared to net profit of
INR0.02 crores on operating income of INR6.68 crores in FY11.


HARIKISHAN TEJMAL: ICRA Rates INR10cr Loans at '[ICRA]B+'
---------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' to the
INR10.00 crores fund based bank facilities of HariKishan Tejmal &
Company.

                               Amount
   Facilities                 (INR Cr)   Ratings
   ----------                 --------   -------
   Fund Based Limits-           10.00    [ICRA]B+ assigned
   Cash Credit

The assigned rating is constrained by weak profitability metrics
at operating and net levels in its core business of agro
processing, high gearing arising out of substantial debt funding
of large working capital requirements coupled with weak coverage
indicators. The rating also takes into account high intensity of
competition in the agro processing industry and agro climatic
risks, which can affect the availability of raw material in
adverse weather conditions. The rating however, favorably takes
into account long standing experience of promoters with strong
relationships with several customers and suppliers and proximity
of the mill to major agro product growing area which results in
easy availability of wheat, dhania and other raw materials.

Recent Results:

HKTM reported a net profit of INR0.09 crores on an operating
income of INR93.81 crores for the year ended March 31, 2012 and a
net profit of INR0.07 crores on an operating income of INR81.16
crores for the year ended March 31, 2011.

HariKishan Tejmal & Company was established in the year 2007 as a
partnership firm with Mr. Tejmal Nyati, Brijraj Nyati & Rajesh
Kumar Nyati as partners in equal ratio. Firm sells its product
under the brand name of Banshi, Pepsi and Appu. Firm is engaged in
the business of processing and trading of Wheat and Dhania.

Firm is also engaged in the trading of other products like Chana,
Gwar, Joo, Maize, Maithi etc. Firm sells its product only in the
domestic market. Firm is having its manufacturing unit at Chittore
Road, Bundi.


MATRIX MEDITEC: ICRA Assigns 'B+' Ratings to INR6.5cr Loans
-----------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to INR1.00 crore term
loans and INR5.50 crore cash credit facility of Matrix Meditec
Private Limited.

                               Amount
   Facilities                 (INR Cr)   Ratings
   ----------                 --------   -------
   Term Loans                    1.00    [ICRA]B+ assigned
   Cash Credit                   5.50    [ICRA]B+ assigned
   Letter of Credit              0.25    [ICRA]A4 assigned

The assigned ratings take into consideration the modest scale of
operation of MMPL with sales remaining stagnant over past three
years and weak financial profile characterised by adverse capital
structure and stretched liquidity position resulting from slow
receivables and high inventory requirements. The ratings also
incorporate the pressure on margins due to high competitive
intensity arising from large players as well as the unorganized
sector and susceptibility to raw material price fluctuations.

The assigned ratings, however, derive comfort from the experience
of promoters in the orthopedic implants industry, company's
diverse product profile and a wide distribution cum marketing
network across India.

Matrix Meditec Private Limited was incorporated in 2004 by Mr.
Vipul Sheth and Mr. Falgun Sheth to manufacture orthopedic
implants. MMPL's plant is located at Changodar, District-
Ahmedabd, Gujarat. The saleable products of the company includes
plates, nails, screws, spine and allied orthopedic instruments
which are used in trauma implants, spinal Implants and joint
replacement implants. Mr. Vipul Sheth is also the director in Life
Sight Surgicals Private Limited). LSSPL is C & F agent of
ophthalmic surgical equipments and is also engaged in trading of
Intraocular Lens.

Recent Results

For the year ended March 31, 2012, MMPL reported an op
erating income of INR10.30 crore and profit after tax of INR0.36
crore.


OM GINNING: ICRA Assigns 'B+' Rating to INR6cr Long-Term
--------------------------------------------------------
ICRA has assigned the '[ICRA]B+' rating to INR6.00 crore long term
fund based limits of Om Ginning and Pressing Factory.  The rating
factors in the long experience of promoters in the cotton industry
and firm's proximity to cotton growing region of the country.

                               Amount
   Facilities                 (INR Cr)   Ratings
   ----------                 --------   -------
   Long term, fund based        6.00     [ICRA]B+ assigned
   Limits-Cash Credit

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.

Om Ginning and Pressing Factory, a partnership firm incorporated
in 2007 promoted by Mr. Ashutosh Agarwal, Mr. Ashok Porwal,
Mr. Pritam Bayas and Mr. Shankar Patil is involved in cotton
ginning and pressing activity. The firm has its unit at Mhasawad;
Dist.Jalgaon.  The total processing capacity is 35,000 bales per
annum.


RP MULTIMETALS: ICRA Cuts Ratings on INR10cr Loan to 'B+'
---------------------------------------------------------
ICRA has revised the rating assigned to INR10.00 crore Fund based
limits of RP Multimetals Private Limited to '[ICRA]B+' from
'[ICRA]BB-' on the long terms scale. ICRA has also reaffirmed the
rating assigned to INR30.00 crore Non Fund Based Limits at
'[ICRA]A4' on the short term scale.

                               Amount
   Facilities                 (INR Cr)   Ratings
   ----------                 --------   -------
   Fund Based Limits            10.00    [ICRA]B+; revised from
                                         [ICRA]BB

   Non Fund Based Limits        30.00    [ICRA]A4; reaffirmed

The rating revision takes into account a decline in profitability
metrics of the company in FY 2011-12 and a significant increase in
debt levels as reflected by increase in gearing to 4.24 times as
on March 31, 2012, from 2.78 times as on March 31, 2011. The
assigned ratings continue to factor in RPMPL's moderate scale of
operations, its relatively low value additive nature of business
and fragmented nature of steel products manufacturing industry,
which have led to low operating margins and modest debt coverage
indicators. The ratings also take into consideration the company's
susceptibility to adverse movements in foreign exchange rates due
to the large share of imports in raw material procurement.

However, the ratings draw comfort from the long experience of
promoters and strong relationship with its client base. The
assigned ratings also positively factor in the favorable
location of RPMPL's manufacturing unit which is in proximity to
several rolling mills (key consumer of RPMPL's products).

RPMPL is engaged in the manufacturing of steel ingots and steel
billets & blooms at its manufacturing facility situated in
Gobindhgarh, Punjab. The major raw materials used by the company
are ferro alloys and scrap metal which are procured chiefly via
imports. The steel ingots and billets/blooms manufactured by the
company are primarily supplied to steel rolling mills present in
Mandi Gobindgarh.

RPMPL was established in the year 1999 and has an installed
capacity of 66,600 MT per annum.

In FY 2012, the company reported an operating income of INR188.28
crore and a profit after tax of INR0.81 crore


SATANI FORGE: ICRA Assigns 'B+' Ratings to INR9.08cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR4.58
crore Term Loans and INR4.50 crore Cash Credit facility of Satani
Forge & Turn. ICRA has also assigned a short term rating of
'[ICRA]A4' to the INR3.50 crore Letter of Credit facility
(sublimit of cash credit) and the Rs.0.80 crore Bank Guarantee
facility of SFT.

                               Amount
   Facilities                 (INR Cr)   Ratings
   ----------                 --------   -------
   Term Loan                     4.58    [ICRA]B+ assigned
   Cash Credit                   4.50    [ICRA]B+ assigned
   Bank Guarantee                0.80    [ICRA]A4 assigned
   Letter of Credit             (3.50)   [ICRA]A4 assigned

The assigned ratings are constrained by SFT's relatively small
scale of operations, underutilized capacities given its location
in a highly competitive auto component manufacturing region and
vulnerability of its profitability to adverse fluctuations in raw
material prices & to demand in cyclical automobile sector.

The ratings are further constrained by weak financial profile of
SFT as reflected by adverse capital structure and high working
capital intensity of operations. The assigned ratings, however,
favorably factor in the long experience of the promoters in the
ceramic industry through associate concern 'Satani Industries',
lower counterparty risks given its association with leading client
'National Engineering Industries Ltd' primarily servicing the
automobile sector.

Established in 2006, Satani Forge & Turn is a Rajkot based
supplier of forged and machined components primarily to bearing
manufacturers which includes taper, spherical, cylindrical and
other types of bearings. SFT initially commenced commercial
operations with job work for National Engineering Industries Ltd.
(a part of C. K. Birla group), one of the pioneers and largest
domestic bearing manufacturer supplying to automotive, railways
and manufacturing industries in domestic and export markets.
Currently, SFT undertakes both manufacturing and job work
activities for NEIL and is an exclusive supplier to NEIL for 50
different components. The firm has an installed capacity of -7,500
MT per annum with its manufacturing facility located at Metoda
(Dist: Rajkot).

Recent Results

For FY 2012, the firm reported profit after tax of INR0.73 crore
on an operating income of INR15.35 crore as against profit after
tax of INR0.17 crore on an operating income of INR7.25 crore for
FY 2011.


SHAKTI SUGAR: ICRA Reaffirms 'B+' Ratings on INR20.26cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' to the
INR9.00 crore fund based facilities, INR9.86 crore term loan and
INR1.40 crore unallocated bank facilities of Shakti Sugar Mills
Private Limited.

                                Amount
   Facilities                  (INR Cr)   Ratings
   ----------                  --------   -------
   Fund Based Facilities         9.00     [ICRA]B+ reaffirmed
   Term Loan                     9.86     [ICRA]B+ reaffirmed
   Unallocated Bank Facilities   1.40     [ICRA]B+ reaffirmed

The assigned rating continues to be constrained by the modest
operating profile of the company characterized by relatively small
capacities and lack of forward integration into distilleries and
cogeneration which makes the company's performance more vulnerable
to vagaries of the sugar cycle.

The rating also continues to factor in the vulnerability of the
company's sugar business to agro-climatic risks affecting
availability of sugarcane, inherent cyclicality in the sugar
business and government/regulatory policies governing cane
pricing, sugar release and pricing and off-take of by-products.
Further, ICRA takes into consideration the company's leveraged
capital structure as reflected in a high gearing of 4.37 times as
on March 31, 2012. However, the assigned rating derives comfort
from the long standing presence of NSPL's promoters in the sugar
industry in Madhya Pradesh, linkage between sugar price and cane
cost by virtue of being located in an FRP state and satisfactory
profitability indicators over the last five years.

SSMPL was incorporated in 2008 as a 1250 tcd sugar manufacturing
unit. The company has since expanded its crushing capacity to 1500
tcd by 2012. The mill has a 2 MW captive power generation
capacity which it fuels using bagasse generated in the sugar
production. The unit commenced commercial operations in November
2009. The company is one of the three sugar mills belonging to
the Maheshwari Group of companies based in Madhya Pradesh. The
group also engages in trading of grains through its other set ups.
The sugar mills namely Ramdev Sugars Pvt. Ltd, Narmada Sugars
Pvt. Ltd and Shakti Sugar Mill Pvt. Ltd with a total crushing
capacity of 6,500 tcd are all located in the fertile areas of
Narsinghpur and Hoshangabad districts of central MP where the
climatic conditions are fairly viable and irrigation is primarily
through tube wells. The group is held by two brothers namely Mr.
Navneet Lal Maheshwari and Mr. Rajesh Maheshwari.

In FY 2011-12, SSMPL reported an operating income of INR29.61
crore and a profit after tax of INR0.48 crore.


SHRI BALAJI: ICRA Assigns 'B+' Rating to INR6cr Long Term Loan
--------------------------------------------------------------
ICRA has assigned the '[ICRA]B+' rating to INR6.00 crore long term
fund based limits of Shri Balaji Ginning Factory.

                               Amount
   Facilities                 (INR Cr)   Ratings
   ----------                 --------   -------
   Long term, fund based         6.00    [ICRA]B+(assigned)
   limits-Cash Credit

The rating favorably factors in easy availability of raw cotton on
back of favorable location and vast experience of the promoters in
the cotton ginning industry. The rating is however constrained by
low profit margins inherent in the cotton ginning industry,
stretched capital structure of the firm due to working capital
intensive operations and small scale of operations. ICRA also
takes note of vulnerability associated with agro climatic
conditions and regulatory environment which has direct bearing on
capacity utilization and profitability of the firm.

SBGF was started by Mr. Ashok Goyanka in 2004 and is involved in
Ginning, Pressing cotton and crushing of cotton seeds. The firm's
manufacturing facility is located in Hinganghat in Wardha
district.  The plant has 36 gins with annual capacity of 60000
bales.


TIRUPATI COLD: Delays in Loan Payment Cue ICRA to Junk Ratings
--------------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR4.50 crore
cash credit facility, INR0.75 crore working capital limits,
INR0.36 crore working capital term loan, INR0.12 crore bank
guarantee limits and INR1.27 crore unallocated bank limits of
Tirupati Cold Storage Pvt. Ltd.  TCSPL's unallocated bank limits
are entirely interchangeable between long term and short term, for
which ICRA has assigned an '[ICRA]D' rating.

                               Amount
   Facilities                 (INR Cr)   Ratings
   ----------                 --------   -------
   Cash Credit                   4.50    [ICRA]D Assigned
   Working Capital               0.75    [ICRA]D Assigned
   Working Capital Term          0.36    [ICRA]D Assigned
   Loan
   Bank Guarantee                0.12    [ICRA]D Assigned
   Unallocated                   1.27    [ICRA]D Assigned

The ratings take into consideration recent delays in servicing of
debt obligations by TCSPL, company's weak financial profile with
nominal profits, high gearing and weak debt coverage indicators,
high working capital intensity leading to stretched liquidity
position and small scale of operations with a single cold storage
unit.

The ratings take into account TCSPL's exposure to agro-
climatic risks, with its business performance being entirely
dependent upon a single agro commodity, i.e. potato, counter
party risk arising from loans extended to farmers by TCSPL, which
may lead to delinquency, if potato prices fall to a low
level and the regulated nature of the industry, making it
difficult to pass on the increase in the operating costs in a
timely manner, leading, in turn, to a downward pressure on
profitability. The ratings take into account the long track record
of the promoters in the cold storage business, and the locational
advantage of TCSPL by way of presence of its cold storage unit in
West Bengal, a state with large potato production.

TCSPL operates one cold storage unit at Memari, in the Burdwan
district of West Bengal with annual storage capacity of around
19,500 tonnes. The company is primarily engaged in the business
of storage and preservation of potatoes for farmers.

Recent Results

TCSPL reported a net profit of INR0.15 crore during FY12 on an OI
of INR2.03 crore as against a net profit of INR0.12 crore and an
OI of INR1.87crore during FY11.



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


ELPIDA MEMORY: Tokyo Court Approves Micron Acquisition Deal
-----------------------------------------------------------
Reuters reports that Micron said the Tokyo district court issued
an order approving its acquisition of Japanese memory chipmaker
Elpida after creditors agreed to the plan.

According to the news agency, Micron, which is losing money due to
a crumbling PC industry, wants to create larger economies of scale
and offered in July to buy Elpida for about $750 million in cash
and to pay creditors a total of $1.75 billion in annual
installments through 2019.

Reuters says Elpida's creditors voted to approve the deal on
Feb. 26, 2013.

In October, the report recalls, the Tokyo court referred the
reorganization plan to creditors for approval after it dismissed a
rival proposal promoted by a group of bondholders led by hedge
funds Linden Advisors, Owl Creek Asset Management and Taconic
Capital Advisors.

Micron said finalization of the approval order could come with
four weeks, presuming no appeal is filed, Reuters relates.

Micron and Elpida also need approval from the U.S. Bankruptcy
Court in Delaware, where the opposed bondholders have shifted
their fight, Reuters adds.

                        About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.


G.K. L-JAC4: S&P Raises Rating on Class B-2 Bonds to 'B+
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised to 'B+
(sf)' from 'B (sf)' its rating on the class B-2 bonds issued under
the G.K. L-JAC4 Funding transaction, and affirmed its ratings on
the class A-2, C-2, D-3A, D-3B, E-3, F-3, and G-3
bonds.

Of the five underlying loans that initially backed the bonds at
their issuance in May 2007, a single loan remains.  The loan,
which is due to mature in May 2013, originally represented about
34% of the total initial issuance amount of the bonds.

A metropolitan resort hotel in Urayasu City, Chiba Prefecture
backs the transaction's remaining loan.  S&P had revised downward
its assumption for the likely collection amount from the hotel to
reflect the adverse effects of the March 2011 disasters.  Under
S&P's revised assumption, it estimated the property value as of
July 2011 to be about 44% of its initial underwriting value.

This time, S&P upgraded class B-2 because it raised its assumption
for the likely collection amount from the hotel, reflecting its
improved performance.  S&P currently estimates the property value
to be about 54% of its initial underwriting value, which is in
line with its estimate before the disasters.

Meanwhile, despite raising S&P's assumption for the likely
collection amount from the hotel, it affirmed its ratings on
classes A-2 and C-2 because it believes that its revised
assumption does not justify upgrading these classes.  S&P took
this view primarily because the hotel, like other collateral of
the same type, has cash flows that fluctuate wildly.

S&P also affirmed its ratings on classes D-3A, D-3B, E-3, F-3, and
G-3 because the borrower of the transaction's remaining loan
maturing in May 2013 is working to secure refinancing, and the
loan has not yet defaulted.

L-JAC4 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction that Lehman Brothers Japan Inc. arranged. Five
nonrecourse loans extended to three sponsors originally secured
the bonds, and 34 properties initially backed the loans.  Premier
Asset Management Co. acts as the servicer for this transaction.

The ratings reflect S&P's opinion on the full and timely payment
of interest and the ultimate repayment of principal by the
transaction's legal final maturity date in May 2015 for the class
A-2 to G-3 bonds.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATING RAISED
G.K. L-JAC4 Funding
JPY78.7 billion floating-rate/fixed-rate bonds/certificates due
May 2015
Class        To             From          Initial issue amount
B-2          B+ (sf)        B (sf)        JPY5.2 bil.

RATINGS AFFIRMED
G.K. L-JAC4 Funding
Class        Rating         Initial issue amount
A-2          BBB (sf)       25.0 bil.
C-2          B- (sf)        4.8 bil.
D-3A         B- (sf)        1.0 bil.
D-3B         B- (sf)        2.3 bil.
E-3          B- (sf)        1.2 bil.
F-3          B- (sf)        1.1 bil.
G-3          B- (sf)        0.4 bil.

Classes A-1, B-1, C-1, D-1, D-2, E-1, E-2, F-1, F-2, G-1, and G-2
have already fully redeemed.  S&P withdrew its ratings on the
class X-1 and X-2 certificates on Oct. 29, 2010.



===============
M O N G O L I A
===============


MONGOLIAN MINING: Moody's Lowers CFR and Sr. Bond Ratings to B2
---------------------------------------------------------------
Moody's Investors Service downgraded the corporate family and
senior unsecured bond ratings of Mongolian Mining Corporation to
B2 from B1.

The ratings outlook is stable.

This concludes the rating review for downgrade initiated on 24
January 2013.

Ratings Rationale:

"The downgrade reflects the weakened financial profile of MMC and
Moody's expectation that its credit metrics are unlikely to
improve materially over the next 12-18 months to a level that is
appropriate for a B1 rating, as a result of the prolonged weakness
in coking coal prices," says Simon Wong, a Moody's Vice President
and Senior Analyst.

Moody's expects MMC's adjusted debt/EBITDA will remain above 5.5x
in 2013, while its EBIT/Interest will range between 1.0 and 1.5x
2013. Such a financial profile is more consistent with a B2
rating.

"Coking coal prices have firmed recently, largely due to
restocking demand, but there is still some uncertainty over
whether prices will continue to rise for the remainder of this
year. Moody's expects prices to average $165-$175 per ton for the
next 12 to 18 months due to the moderation in the growth in demand
for steel and the ample level of coking coal supplies", adds Wong,
the Lead Analyst for MMC.

China's economic growth and demand growth for steel have slowed
and therefore coking coal prices are unlikely to return to levels
seen in the last five years.

"MMC's strong cash position provides a buffer against the current
weak operating environment, but such a buffer will decline in 2013
due to scheduled debt maturities, interest servicing and ongoing
capex plans", say Wong.

"MMC is also expected to report further financial covenant
breaches on its bank loans in FY2013, but the current rating
factors in Moody's expectation that MMC will address its ongoing
financial covenant breaches, including obtaining the necessary
waivers on a timely basis. It has obtained all necessary waivers
for breaches in respect of the covenant test date on 31 December
2012," adds Wong.

Capex requirements have eased in the medium term following
Mongolia's announcement of a unified railway project. Capex for
2013 is expected to fall significantly to approximately $60
million for the completion of its coal handling and preparation
plant, and water exploration projects.

The current rating also factors in a high level and evolving
nature of regulatory risks in Mongolia.

The stable outlook reflects Moody's expectation that MMC will
obtain waivers for future breaches of financial covenants on a
timely basis, as well as continuing its focus on capital
preservation and cost control to tide itself through the current
challenging operating environment.

Upward rating pressure is limited. However, if the company expands
its production capacity as planned, while reducing its debt and
interest burden, such that adjusted debt/EBITDA falls below 4.0-
4.5x and adjusted EBIT/interest exceeds 2.5x on a sustained basis,
Moody's will consider upgrading the ratings.

Downward pressure could emerge if (a) the industry's fundamentals
deteriorate, such that the benchmark Queensland coking coal price
falls below $165/ton on a sustained basis, or (b) any adverse
changes in laws and regulations that would affect MMC's business
and its ability to service its debt. Indicators that Moody's would
consider for a downgrade include adjusted debt/EBITDA above 6.0x
and adjusted EBIT/interest below 1.0-1.5x on a sustained basis.

The principal methodology used in this rating was the Global
Mining Industry Methodology published in May 2009.

MMC is the largest privately owned coal mining company in
Mongolia. Established in 2005, it was listed on the Hong Kong
Stock Exchange in October 2010. It has two producing mines located
in the Gobi Desert. The Ukhaa Khudag mine, which produced 7.1
million tons of coking coal in 2011 and the Baruun Naran mine,
which was acquired in 2011 and commenced production in February
2012.



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


MAINZEAL PROPERTY: Placed in Liquidation
----------------------------------------
NBR Online reports that liquidators have been appointed to a raft
of Mainzeal Property and Construction Ltd and Richina Inc.,
related companies at the request of the shareholder.

BDO's Andrew Bethell -- andrew.bethell@bdo.co.nz -- and
Brian Mayo-Smith -- brian.mayo-smith@bdo.co.nz -- have been
appointed liquidators of the group companies, including the first
firm to fall over, Mainzeal Property and Construction, NBR Online
relates citing documents lodged with the Companies Office.

NBR Online says the appointments were made on February 28 by a
special resolution of the shareholder, as opposed to being court
appointed.

The companies put into liquidation include Mainzeal Property and
Construction, Mainzeal Living, 200 Vic, Mainzeal Group, Building
Futures Group, Mainzeal Construction, Mainzeal Ltd, Mainzeal
Construction SI, MPC NZ Ltd and RGRE Ltd., NBR Online discloses.

A number of Richina-related companies and limited partnerships are
still active, according to the Companies Office.

According to the report, the liquidators said they are
investigating the companies' affairs and their first report is due
within five days.

"It is our intention to hold a creditors meeting to enable
creditors to meet with the liquidators, ensure the liquidators are
fully aware of their concerns and to elect a creditors committee
to work with and assist the liquidators with their investigations
into the reasons for the failure of the group, the consequent
losses to contractors, creditors and other stakeholders," the
liquidators, as cited by NBR Online, said.

"The liquidators are meeting with the receivers of Mainzeal in the
next few days to obtain more financial and operational information
about the group."

                      About Mainzeal Property

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

Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, on Feb. 6, 2013, were appointed receivers
to Mainzeal Property and Construction Limited and associated
entities as a result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

The receivers are currently in talks with some parties interested
in buying the business and assets of Mainzeal, either as a whole
or by segment.



                             *********

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

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

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


                            *********


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

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

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

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