TCRAP_Public/130307.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, March 7, 2013, Vol. 16, No. 47


                            Headlines


A U S T R A L I A

BYRON BAY: ATO Seeks to Wind Up Cookie Company
GEON GROUP: Blue Star Buys Geon New Zealand Labels Unit
GUNNS LTD: Liquidators Likely to Probe Former Directors
LGH HOLDINGS: Receivers to Distribute First Payment to Investors
MORNINGTON PARK: Appoints McGrathNicol as Receivers


C H I N A

LDK SOLAR: Sells 5MM Ordinary Shares to Fulai for $9.15 Million


H O N G  K O N G

LYTESS ASIA: Members' Final Meeting Set for March 25
MAJORETTE HK: Annual Meetings Set for March 14
MARY'S HEALTH: Creditors' Proofs of Debt Due March 1
MARS OCEAN: Final Meeting Set for March 27
MOFREE SERVICE: Creditors' Proofs of Debt Due March 26

PIPER JAFFRAY ASIA: Creditors' Proofs of Debt Due March 25
PITALI LIMITED: Members' Final General Meeting Set for March 28
REACH WAY: Members' Final Meeting Set for March 25
SELCO (HK): Annual Meetings Set for March 21
TSUI MUSEUM: Members' Final Meeting Set for March 27

VISCOUNTMARINE LIMITED: Annual Meetings Set for March 21
WEALTHY PEACEFUL: Creditors' Proofs of Debt Due April 3


I N D I A

AWA POWER: CARE Reaffirms 'D' Rating on INR12.21cr LT Loan
DHANUKA CLOTHING: CARE Rates INR9cr Long-Term Loan at 'B+'
ELICA VITRIFIED: CARE Lowers 'B' Rating to INR18.28cr LT Loan
MAMTA COTTON: CARE Reaffirms 'BB-' Rating on INR15cr LT Loan
PRIME RETAIL: CARE Reaffirms 'BB+' Rating on INR25cr LT Loan

SOHAN INDUSTRIES: CARE Assigns 'B+' Rating to INR6cr LT Loan
SOHAN LAL: CARE Assigns 'B+' Rating to INR6cr Long-Term Loan
TEAM FERRO: CARE Cuts Ratings on INR35.5cr LT Loan to 'BB'
ZIRCONIA CERA: CARE Assigns 'BB-' Rating to INR5.25cr Loans


J A P A N

SHARP CORP: In Talks With Samsung Over JPY10 Billion Investment


N E W  Z E A L A N D

KIWI MAGIC: Souvenir Shop Closes Doors After 22 Years
MAINZEAL PROPERTY: Sells Waiheke Island Vineyard
MAINZEAL PROPERTY: Liquidators Receive More Than 2,000 Claims


S I N G A P O R E

SIN WAI: Creditors Get 5.81391% Recovery on Claims
SUMMIT LOGISTIC: Creditors' Proofs of Debt Due on April 1
SWEET CHILLS: Court to Hear Wind-Up Petition on March 15
TRANSLATION EXPRESS: Creditors' Proofs of Debt Due on March 29
ZENTEK TECHNOLOGY: Creditors' Proofs of Debt Due on April 15


                            - - - - -


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


BYRON BAY: ATO Seeks to Wind Up Cookie Company
----------------------------------------------
Jenny Rogers at goldcoast.com.au reports that the Deputy
Commissioner of Taxation last week lodged an application to wind
up Byron Bay Cookie Company, the gourmet biscuit company which has
been operating out of the Byron Bay Industrial Estate for the past
23 years.

The company, which is owned by Gordon Slater through Slater
International, had just been preparing to expand its franchising
globally, the report says.

The news agency notes that it is not known how much the cookie
maker owes the tax office, which declined to comment, but Byron
Bay Cookie Company issued a statement saying the Australian Tax
Office's action would not disrupt its business.

"We have been advised that the ATO has issued a court notice
against part of the manufacturing division of the company," the
company said in a statement, the report relates.  "We are
attending to the matter and will issue a formal statement in due
course.

The ATO application will be heard in the Federal Court in Sydney
on April 12, the report discloses.

Byron Bay Cookie Company biscuits are well known on a string of
Australian airlines through its partnership with Qantas, Virgin,
Tiger and Strategic Airlines.


GEON GROUP: Blue Star Buys Geon New Zealand Labels Unit
-------------------------------------------------------
BusinessDesk reports that Blue Star Group, the revitalised
printing operation under new ownership, has bought a New Zealand
labels unit from the receivers of ailing rival Geon Group.

According to BusinessDesk, receivers Andrew Grenfell and William
Black of McGrathNicol said the sale was completed on March 5 and
will see the transfer of 38 Geon employees and their entitlements
to Blue Star.

No price was disclosed and the receivers are looking for buyers
for the remainder of Geon's New Zealand businesses by the end of
the week, the report relays.

"This is a very pleasing outcome and enables the labels business
to transition out of receivership under new ownership, which will
provide stability for customers and employees," the receivers
said, the report relates.

                            About GEON

GEON Group is an Australian and New Zealand print and logistics
provider.  The company prints catalogues and marketing material
and does mailout campaigns.

Jason Preston, Murray Smith, James Thackray and Shaun Fraser of
McGrathNicol were appointed joint and several receivers and
managers of GEON Australia Pty Limited and its subsidiaries on
Feb. 21, 2013.  The receivers have assumed control of Geon's
affairs and currently involved in an urgent appraisal of Geon's
business and activities.

PPB Advisory have been also appointed as administrators.


GUNNS LTD: Liquidators Likely to Probe Former Directors
-------------------------------------------------------
David Beniuk at Australian Associated Press reports that Gunns
Ltd's liquidator will widen an investigation into the Tasmanian
timber company's collapse to decide whether former directors
should be pursued.

AAP relates that creditors voted on March 5 to liquidate the
company and appointed administrator PPB Advisory as liquidator.

The administrator's report, released last week, raised concerns
about how the company was trading before its collapse in September
last year, suggesting Gunns could have been insolvent six months
earlier, the news agency says.

"The liquidator can look to recover transactions against
management for knowingly trading the company while insolvent," the
report quotes PPB's Daniel Bryant as saying.

AAP says former directors of Gunns have previously denied the
company traded while insolvent.

According to the AAP, Mr. Bryant said a report would be filed with
the Australian Securities and Investments Commission within three
months, addressing the issues of concern.

"What we would need to do as liquidators was establish a sound
commercial case to recover for the benefit of the stakeholders,"
the report quotes Mr. Bryant as saying.  "We'd only do that in
terms of an avenue for recovery if we were of the view that we
could get a material benefit for creditors."

Mr. Bryant reiterated receivers KordaMentha's view that unsecured
creditors were unlikely to see any of the hundreds of millions of
dollars they are owed, the report adds.

                        About Gunns Limited

Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- was an hardwood and softwood forest
products company. It operated within three segments: Forest
products, Timber products and Other activities.  Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia.

On Sept. 25, 2012, the directors of Gunns Limited and its 35
entities, and the responsible entity of Gunns Plantations Limited
appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB
Advisory as Voluntary Administrators.  KordaMentha has also been
appointed Receivers and Managers.
The appointment came after Gunns failed to secure an equity
investor amid high debt and a prolonged trading halt, The
Australian reported.


LGH HOLDINGS: Receivers to Distribute First Payment to Investors
----------------------------------------------------------------
Larry Schlesinger at SmartCompany reports that investors who
placed funds in investment property schemes associated with former
South Yarra property developer Mark Ronald Letten may soon receive
their first payments since the appointment of receivers more than
three years ago.

SmartCompany says KPMG joint receivers and managers Damian
Templeton and Philip Hennessy, appointed by a Federal Court to
properties associated with Letten schemes in February 2010, have
notified investors and other claimants that they intend to declare
an interim distribution.

"It is not yet clear what amount, if any will be available for
distribution," Mr. Templeton said in a notice placed in The Age
and Herald Sun.

The Australian Securities & Investments Commission believes that
more than 1,000 investors placed more than AUD100 million in the
projects managed by Mr. Letten and promoted through a number of
companies associated with Letten, particularly LGH Administration
Pty Ltd and LGH Holdings Pty Ltd.

During 2010, following a number of applications by ASIC, orders
were made in the Federal Court of Victoria winding up 15
operating unregistered managed investment schemes.
Damian Templeton and Philip Hennessy of KMPG were appointed
receivers and managers of the scheme property and 52 related
entities.

Messrs. Templeton and Hennessy were also appointed receivers and
managers of the scheme property of a further six concluded
schemes.

Following ASIC applications during 2011, the scheme-related
companies have subsequently been placed in liquidation with
Messrs. Templeton and Hennessy appointed liquidators.

The liquidators have estimated that in excess of AUD100 million
was collected from approximately 1,000 investors between the
period 1998 and 2010.


MORNINGTON PARK: Appoints McGrathNicol as Receivers
---------------------------------------------------
Yolanda Redrup at SmartCompany reports that Mornington Park Homes
has been placed in receivership after more than three decades in
business.

Rob Kirman -- rkirman@mcgrathnicol.com -- and Matthew Caddy --
mcaddy@mcgrathnicol.com -- of McGrathNicol were appointed and took
control of company assets and affairs. According to the report,
Mr. Kirman said that following an assessment of its financial
situation, it was determined Mornington Park Homes could no longer
continue trading.

"McGrathNicol is in the process of seeking urgent expression of
interest for the business and assets of Mornington Park Homes and
will be placing a public announcement calling for expressions of
interest in the coming days," Mr. Kirman said in the statement,
the report relates.

A spokesperson for McGrathNicol told SmartCompany no further
information was available at this stage.

Mornington Park Homes is just one of a long list of construction
companies to go under recently, with Australian Securities and
Investment Commission figures indicated one-fifth of the reported
10,632 company collapses last year were construction companies.

Mornington Park Homes is a Tasmanian builder of modular homes.



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


LDK SOLAR: Sells 5MM Ordinary Shares to Fulai for $9.15 Million
---------------------------------------------------------------
LDK Solar Co., Ltd., has sold 5,000,000 newly issued ordinary
shares to Fulai Investments Limited, at a purchase price of $1.83
per share with an aggregate purchase price of US$9,150,000,
thereby completing the first portion of the transaction
contemplated in its share purchase agreement dated Jan. 21, 2013,
with Fulai Investments Limited.

Subject to the parties' fulfilment of the closing conditions in
the share purchase agreement, as supplemented by the parties, the
remaining 12,000,000 shares are to be issued and sold on or prior
to March 28, 2013.  Fulai Investments Limited also has the right
to designate two non-executive directors to the LDK Solar board
upon consummation of the transaction.  The net proceeds will be
used for general corporate purposes in LDK Solar's operations.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

KPMG in Hong Kong, China, said in a May 15, 2012, audit report,
there is substantial doubt on the ability of LDK Solar Co., Ltd.,
to continue as a going concern.  According to KPMG, LDK Solar has
a net working capital deficit and is restricted to incur
additional debt as it has not met a financial covenant ratio
under a long-term debt agreement as of Dec. 31, 2011.  These
conditions raise substantial doubt about the Group's ability to
continue as a going concern.

LDK Solar's balance sheet at Sept. 30, 2012, showed
US$5.76 billion in total assets, US$5.41 billion in total
liabilities, US$299.02 million in redeemable non-controlling
interests and US$45.91 million in total equity.



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


LYTESS ASIA: Members' Final Meeting Set for March 25
----------------------------------------------------
Members of Lytess Asia Limited will hold their final meeting on
March 25, 2013, at 10:00 a.m., at 18 Rue du Pont de L'arche, 37550
Saint Avertin, in France.

At the meeting, Philippe, Georges, Raymond Andrieu, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


MAJORETTE HK: Annual Meetings Set for March 14
----------------------------------------------
Creditors and members of Majorette Hong Kong Limited will hold
their annual meetings on March 14, 2013, at 11:30 a.m., at 5th
Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street,
Central, in Hong Kong.

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


MARY'S HEALTH: Creditors' Proofs of Debt Due March 1
----------------------------------------------------
Creditors of Mary's Health & Beauty Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by March 1, 2013, to be included in the company's
dividend distribution.

The company's liquidator is:

         Chan Yui Hang
         Room 512, 5/F
         New Mandarin Plaza
         Tower B, 14 Science
         Museum Road, Tsimshatsui
         East, Kowloon
         Hong Kong


MARS OCEAN: Final Meeting Set for March 27
------------------------------------------
Members of Mars Ocean Freight Limited will hold their final
meeting on March 27, 2013, at 11:00 a.m., at Flat A, 35th Floor,
Block 4, Kingsford Terrace, No. 8 King Tung Street, Ngau Chi Wan,
in Kowloon.

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


MOFREE SERVICE: Creditors' Proofs of Debt Due March 26
------------------------------------------------------
Creditors of Mofree Service Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 26, 2013, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Lai Chiu Loong
         19th Floor, Amtel Building
         144-148 Des Voeux Road
         Central, Hong Kong


PIPER JAFFRAY ASIA: Creditors' Proofs of Debt Due March 25
----------------------------------------------------------
Creditors of Piper Jaffray Asia Futures Limited and Piper Jaffray
Asia Management Limited, which are in members' voluntary
liquidations, are required to file their proofs of debt by
March 25, 2013, to be included in the company's dividend
distribution.

The companies commenced wind-up proceedings on Feb. 21, 2013.

The liquidator is:

         Lee Siu Yin
         Rm 1102, 11/F
         Henan Building, 90 Jaffe Road
         Wanchai, Hong Kong


PITALI LIMITED: Members' Final General Meeting Set for March 28
---------------------------------------------------------------
Members of Pitali Limited will hold their final general meeting on
March 28, 2013, at 11:00 a.m., at Room 502, 5th Floor, Hing Yip
Commercial Centre, 272-284 Des Voeux Road, Central, in
Hong Kong.

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


REACH WAY: Members' Final Meeting Set for March 25
--------------------------------------------------
Members of Reach Way Development Limited will hold their final
meeting on March 25, 2013, at 4:00 p.m., at 6/F, Kwan Chart Tower,
at 6 Tonnochy Road, Wanchai, in Hong Kong.

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


SELCO (HK): Annual Meetings Set for March 21
--------------------------------------------
Members and creditors of Selco (Hong Kong) Limited will hold their
annual meetings on March 21, 2013, at 9:00 a.m., and
9:30 a.m., respectively at 22nd Floor, Prince's Building, at 10
Chater Road, Central, in Hong Kong.

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


TSUI MUSEUM: Members' Final Meeting Set for March 27
----------------------------------------------------
Members of The Tsui Museum of Art, which is in members' voluntary
liquidation, will hold their final meeting on March 27, 2013, at
1:00 p.m., at 31st Floor, CNT Tower, at 338 Hennessy Road,
Wanchai, in Hong Kong.

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


VISCOUNTMARINE LIMITED: Annual Meetings Set for March 21
--------------------------------------------------------
Members and creditors of Viscountmarine Limited will hold their
annual meetings on March 21, 2013, at 10:00 a.m., and 10:30 a.m.,
respectively at 22nd Floor, Prince's Building, at 10 Chater Road,
Central, in Hong Kong.

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


WEALTHY PEACEFUL: Creditors' Proofs of Debt Due April 3
-------------------------------------------------------
Creditors of Wealthy Peaceful Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 3, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 31, 2013.

The company's liquidators are:

         Kong Kian Chong (Wesley)
         Ho Kwok Leung (Glen)
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong



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


AWA POWER: CARE Reaffirms 'D' Rating on INR12.21cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Awa Power Company Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       12.21     CARE D Reaffirmed
   (Term Loan)

Rating Rationale

The rating factors in the significant delay in completion of the
project and continuing instances of delay in debt servicing.

AWA Power Company Pvt Ltd setup in 2001 is a Special Purpose
Vehicle (SPV) promoted by Sethi family along with group companies
-- Subhash Projects and Marketing Limited and Subhash Kabini Power
Corp Ltd. The company is setting up a 4.5 MW (3 x 1.5 MW)
hydropower project on the river Awa Khad, at Saperu village near
Palampur town, Kangra district, Himachal Pradesh, under a 40 year
concession period on BOOT (Build, Own, Operate and Transfer)
basis.


DHANUKA CLOTHING: CARE Rates INR9cr Long-Term Loan at 'B+'
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Dhanuka
Clothing's Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        9        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Dhanuka Clothing's
Private Limited is constrained by its relatively small scale of
operations and low profitability margins. The rating is further
constrained by the operations in a highly fragmented and
competitive fabric trading industry with susceptibility of
operating margins to volatility in the prices of traded goods.
The above constraints are partially offset by the strengths
derived from vast experience of the promoter group in the textile
business and their financial support in the past.

The ability of DCPL to improve the overall scale of operations
along with profitability margins and maintain the capital
structure is the key rating sensitivity.

Incorporated in 2009 as Orchard Vinmay Private Limited, Dhanuka
Clothings Private Limited was taken over by the current directors,
Mr. Anand Dhanuka and Mr. Aditya Dhanuka, in 2011. DCPL has been
engaged in the business of trading of fabrics and ready-made
garments. DCPL sells its product under the brand name 'YASH
TEXTKNIT' in the domestic market only.

During FY12 (refers to the period April 1 to March 31), DCPL
posted a total income of INR31.89 crore (up by 24.05% in FY11) and
PAT of INR0.13 crore (vis-a-vis INR0.03 crore in FY11). During
9MFY13, the company has posted a total income of INR32 crore and
PAT of INR0.60 crore.


ELICA VITRIFIED: CARE Lowers 'B' Rating to INR18.28cr LT Loan
-------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Elica Vitrified Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      18.28      CARE B+ Revised from
                                             CARE BB

   Short-term Bank Facilities      1.00      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Elica Vitrified Private Limited primarily takes into
account the deterioration in its financial risk profile marked by
lower than envisaged profitability margins, weak capital structure
and stretched liquidity position. The ratings continue to remain
constrained on account of the post-implementation risk associated
with its recently set up vitrified tiles manufacturing unit, along
with its presence in a highly competitive market characterized by
low product differentiation & entry barriers and its dependence on
the fortunes of the real estate industry which is cyclical in
nature.

The ratings, however, continue to take comfort from the benefits
derived from the vast experience of the promoters in the tiles
industry through various other ceramic tiles units and its
presence in the fast-growing vitrified tile cluster of Morbi.
The stabilization of operations of its newly setup unit and
improvement in the financial risk profile is the key rating
sensitivity.

EVPL was incorporated in July 2010 by six promoters having vast
experience in the vitrified tiles manufacturing business. EVPL has
set up a vitrified tiles manufacturing plant with an installed
capacity of 43,550 Metric Tonnes per Annum (MTPA). The commercial
production has commenced from July 2011 at its manufacturing unit
is located in Morbi in Rajkot district which is the ceramic tile
hub of Gujarat.


MAMTA COTTON: CARE Reaffirms 'BB-' Rating on INR15cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Mamta
Cotton Industries.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        15       CARE BB- Reaffirmed

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

Rating Rationale

The rating continues to remain constrained due to the modest scale
of operations of Mamta Cotton Industries (MCI) in highly
fragmented cotton industry, customer concentration risk and
financial risk profile marked by thin profitability margins and
weak debt coverage indicators. The rating continues to remain
constrained also on account of its volatility associated with raw
material (cotton) prices and impact of regulatory changes in the
government policy for cotton.

The rating, however, draws comfort from the experience of the
promoters in the cotton ginning industry and strategically located
within the cotton producing belt of Gujarat.  The ability of MCI
to increase its scale of operations and improve its profitability
is the key rating sensitivity.

MCI was formed in 2005 as a partnership firm by the members of the
Patel Family. The promoter group consists of nine partners of the
Patel family with agreement of unequal profit and loss
sharing between them. Mr. Pankil Patel and Mr. Shirish Patel are
the key partners of the firm. The firm is involved in the cotton
ginning &pressing industry and primarily deals in cotton bales,
cotton seeds, cotton wash oil and de-oiled cake. It has an
installed ginning capacity of 55 bpd (bales per day) at its sole
manufacturing facility located at Kadi (Gujarat). MCI sells its
de-oil cake under the brand name "Mamta" in local areas as well as
nearby states.


PRIME RETAIL: CARE Reaffirms 'BB+' Rating on INR25cr LT Loan
------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Prime
Retail India Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      25.0       CARE BB+ Reaffirmed
   Short-term Bank Facilities      0.5       CARE A4+ Reaffirmed

Rating Rationale

The above ratings continue to be constrained by concentration of
Prime Retail India Ltd on a single product segment (i.e. luxury
watches), modest scale of operation with subdued profitability
margins and high gearing ratio, seasonality of demand, working
capital intensive nature of operations and existence of
unorganized market and cheap imitations in the luxury watch
industry.

The aforesaid constraints are partially offset by the rich
experience of the promoters with satisfactory track record, long
association with several international luxury brands and
persistent growth in turnover. Improving profitability margins
amidst rising competition, increasing geographical outreach and
efficient management of working capital are the key rating
sensitivities.

PRIL, incorporated in May 1990 as Chanduka Carriers Private
Limited for retailing of luxury watches, is under the current
promoters, Mr. Rajiv Chopra and Ms. Soniya Chopra, since December
2001.

PRIL is a franchisee for more than 40 international brands of
watches and offers several luxury brands, premium brands and
fashion brands. Apart from this, PRIL also deals in elegant
showpieces, writing instruments and mobile phones of few luxury
brands, thus, offering various life-style products in the luxury
and semi-luxury market segments.

In FY12 (refers to the period April 2011 to March 2012), PRIL
achieved PAT (after deferred tax) of INR0.9 crore (INR1.7 crore in
FY11) on total income of INR75.7 crore (INR71.8 crore in FY11). As
per unaudited working results for the nine months ended Dec. 31,
2012, PRIL achieved PBT of INR1 crore on net sales of INR58 crore.


SOHAN INDUSTRIES: CARE Assigns 'B+' Rating to INR6cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sohan
Industries.

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

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

Rating Rationale

The rating assigned to the bank facilities of Sohan Industries is
constrained by its small scale of operations, weak financial risk
profile characterized by low profitability margins, leveraged
capital structure and weak coverage indicators with working
capital intensive nature of its operations. The rating also
factors in the partnership nature of its constitution,
susceptibility of margins to fluctuations in the raw material
prices and monsoon dependant operations along with SI's presence
in highly fragmented rice processing industry which is
characterized by high level of government regulation.

The rating, however, draws comfort from the experienced and
resourceful promoters, long track record of operations and
presence in a favorable manufacturing location.

Going forward, the firm's ability to improve its profitability
margins and financial risk profile along with effective management
of the working capital shall be the key rating sensitivities.

SI was incorporated as a partnership firm in the year 1995 and is
promoted by Mr. Sohan Lal, Mrs Shakuntla and Mr. Amit Garg with a
share of 20%, 40% and 40%, respectively. SI is engaged in the
processing of Basmati and Non-Basmati rice. The firm has its
processing facility located at Hansi Road in Karnal with annual
installed capacity of 36,000 metric tonne per annum (MTPA) of rice
milling. SI procures paddy from nearby mandies located in Delhi
and Karnal in bulk. The final product is sold to commission agents
in Delhi, Haryana and U.P.


SOHAN LAL: CARE Assigns 'B+' Rating to INR6cr Long-Term Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of Sohan Lal Aggarwal & Sons.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities         6       CARE B+ Assigned
   Short-term Bank Facilities        2       CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Sohan Lal Aggarwal
& Sons are constrained by its small scale of operations, weak
financial risk profile characterized by low profitability margins,
leveraged capital structure and weak coverage indicators with
working capital intensive nature of its operations. The ratings
also factor in the partnership nature of its constitution,
susceptibility of margins to fluctuations in the raw material
prices and monsoon dependant operations along with SLAS's presence
in highly fragmented rice processing industry which is
characterized by high level of government regulation.

The ratings, however, draw comfort from the experienced and
resourceful promoters, long track record of operations and
presence in a favorable manufacturing location.

Going forward, the firm's ability to improve its profitability
margins and financial risk profile along with effective management
of the working capital shall be the key rating sensitivities.

SLAS was incorporated as a partnership firm in the year 1992 by
Mr. Suresh Chand and his brother Mr. Moti Ram. Later in 2009, Mr.
Sunil Garg (son of Mr. Suresh Chand) joined the firm after the
retirement of Mr. Moti Ram from the partnership. SLAS is engaged
in the processing of Basmati and Non-Basmati rice. The firm has
its processing facility located in Village Daha, Karnal, with
annual installed capacity of 17,520 metric tonne per annum (MTPA)
of rice milling. The firm procures paddy from nearby mandies
located in and around Karnal in bulk and the final product is sold
to commission agents.


TEAM FERRO: CARE Cuts Ratings on INR35.5cr LT Loan to 'BB'
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Team Ferro Alloys Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      35.50      CARE BB Revised from
                                             CARE BBB-

   Short-term Bank Facilities     23.48      CARE A4 Revised from
                                             CARE A3
Rating Rationale

The rating revision takes into account the deteriorating liquidity
profile of Team Ferro Alloys Pvt Ltd indicated by stretched
recovery of receivables, high utilization of working capital limit
and weak debt coverage indicators with high repayment obligation
falling due in the next two years.

The ratings are also constrained by subdued demand scenario in
ferro alloys market, lack of backward integration exposing the
company to volatility in raw material prices as well as finished
goods prices, risks associated with foreign exchange fluctuations
and low profitability margin.  The ratings, however, continue to
consider long experience of the promoters in the ferro alloy
industry and well-established customer relationships.

Going forward, TFAPL's ability to manage working capital
efficiently and improvement in the profitability are the key
rating sensitivities.

TFAPL was incorporated in 1998 by four promoters Mr. A. K.
Gutgutia, Mr. Ram Janam Singh, Mr. Rajesh Kumar Singh and Mr.
Sandeep Goenka. The company is engaged in manufacturing of ferro
alloys, silicon manganese, cored wire and biomass power
generation.

RMIL reported profit after tax of INR2.05 crore on the total
income of INR175.59 crore in FY12 (refers to the period April 1 to
March 31) as against profit after tax of INR1.85 crore on the
total income of INR158.92 crore in FY11.


ZIRCONIA CERA: CARE Assigns 'BB-' Rating to INR5.25cr Loans
-----------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Zirconia Cera Tech Glazes.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.25      'CARE BB-' Assigned
   Short-term Bank Facilities      0.75      'CARE A4' Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Zirconica Cera Tech
Glazes are constrained by its relatively small scale of
operations, stretched liquidity reflected by high utilization of
working capital facilities and susceptibility of profitability
margins to volatile raw material prices. The ratings are further
constrained by the operations in competitive frit industry with
fortunes linked to cyclical real estate industry and constitution
of entity as a partnership concern.

The aforesaid constraints are partially offset by strengths
derived from vast experience of the partners with their financial
support in the past and moderate capital structure. The ratings
further derive strength from presence of ZCTC in largest ceramic
tile cluster of India.

The ability of ZCTG to increase the scale of operations with
improvement in the profitability margins in the highly competitive
industry are the key rating sensitivities.

Established in 2005 as a partnership firm, Zirconica Cera Tech
Glazes is engaged in manufacturing of ceramic glaze frit (CGF),
used for the purpose of coating tile with a layer of glaze.
The manufacturing facility of ZCTC is located at Palaj (Gujarat)
with an installed capacity of 7500 Tons Per Annum. The firm caters
to domestic markets only, primarily to the tile manufacturers
located at Morbi Ceramic cluster in Gujarat.



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


SHARP CORP: In Talks With Samsung Over JPY10 Billion Investment
---------------------------------------------------------------
Mariko Yasu & Shigeru Sato at Bloomberg News report that Sharp
Corp., the unprofitable Japanese electronics maker, is in talks to
secure an investment of about JPY10 billion (US$107 million) from
Samsung Electronics Co., according to two people familiar with the
situation.

"Nothing on the matter has been confirmed just yet," Chris Jung, a
Seoul-based spokesman for Samsung, told Bloomberg.

Bloomberg notes that Japan's biggest maker of liquid-crystal
displays has cut staff and agreed to sell a stake to Qualcomm Inc.
as it tries to restructure because of slowing demand for its TVs
and competition from rivals, including Samsung.  Bloomberg says
Osaka-based Sharp is trying to raise funds as it forecasts a
record loss of JPY450 billion in the 12 months ending March, its
second straight full-year loss.

The maker of Aquos TVs lost 55% of its market value last year and
warned in November about its ability to survive after hemorrhaging
JPY103 billion in cash from operations in the fiscal first half,
the report relays.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

Standard & Poor's Ratings Services said earlier this month that it
had lowered to 'B' from 'B+' its senior unsecured debt rating on
Sharp Corp.  At the same time, S&P kept the senior unsecured debt
rating and 'B+' long-term and 'B' short-term corporate credit
ratings on Sharp and its overseas subsidiaries-- Sharp Electronics
Corp. and Sharp International Finance (U.K.) PLC -- on CreditWatch
with negative implications.  S&P lowered the senior unsecured debt
rating by one notch from the issuer rating because it believes
Sharp's priority liabilities have increased and will likely remain
high against the company's assets in the next six to 12 months.

Fitch Ratings also said continued support from main creditor banks
will be essential for a sustained recovery of Sharp Corporation's
('B-'/Rating Watch Negative) operating performance. The Japanese
electronics manufacturer's liquidity position remains vulnerable
despite a turnaround to post marginally positive EBIT margins in
the third quarter of financial year ending March 2013 (Q3FY13).



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


KIWI MAGIC: Souvenir Shop Closes Doors After 22 Years
-----------------------------------------------------
Joseph Aldridge at Bay of Plenty Times reports that dwindling
tourist numbers have forced the closure of a Tauranga souvenir
shop Kiwi Magic after 22 years of trading in the central city.

According to the report, Kiwi Magic owners Sandra and Brian
Conning said the business had grown steadily until the 2009/2010
financial year. "Last year business was down 32%, this year it's
going to be down 50%," the report quotes Mr. Conning as saying.

"I cannot hold on any longer," said Mrs. Conning, who runs the
store day-to-day. "I tried but I can't. It's sad to say goodbye,
but you have to move on."

Bay of Plenty relates that the Connings said the number of
tourists coming into the central city over the past few years had
dropped noticeably and while the global recession played a part in
the decline, there were other reasons as well.

"Tourists just aren't coming into Tauranga like they used to.
That's because the cruise ship industry doesn't shuttle their
passengers over to Tauranga like they used to, partly because of
the authorities limiting the number of coach operators servicing
cruise ships," Mr. Conning, as cited by Bay of Plenty Times, said.

The Connings also identified the high New Zealand dollar as a
dampening factor and fewer foreign students in Tauranga, the
report relays.


MAINZEAL PROPERTY: Sells Waiheke Island Vineyard
------------------------------------------------
stuff.co.nz reports that the Waiheke Island vineyard caught up in
the Mainzeal receivership has sold for an undisclosed sum.

According to the report, Richina Pacific bought Te Motu Vineyard
from the Dunleavy family and shareholders in 2011 for
NZ$3.89 million, as well as the property formerly known as Isola
Estate.

Richina is the parent company of Mainzeal Property and
Construction which went into receivership on Waitangi Day, leaving
Waiheke's Oneroa library project in limbo.

But Mainzeal's demise did not shut down Te Motu Vineyard and The
Shed restaurant, where Richina told staff that "it's business as
usual". Work on the vines continued, and the cellar door and The
Shed remained open.

Now the sale of the vineyard has gone unconditional to a new set
of buyers, the report relays.

stuff.co.nz says a consortium that includes more than one well-
known Waiheke Islander and other Auckland investors has bought the
vineyard.

The report says the sale, brokered by Bayleys Real Estate agent
Pat Regan, went unconditional on February 28.

"It has been sold but it's not settled," the report quotes
Mr. Regan as saying.  "No more information will be made available
until after March 15, which is the completion date."

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.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.


MAINZEAL PROPERTY: Liquidators Receive More Than 2,000 Claims
-------------------------------------------------------------
stuf.co.nz reports that the liquidators of Mainzeal Property and
Construction said creditors have made more than 2,000 claims
against the company.

stuf.co.nz relates that liquidators, Andrew Bethell, Brian Mayo-
Smith and Stephen Tubbs, of BDO, are delaying their first report,
which had been due Wednesday, because of the complicated nature
and size of the liquidation of one of New Zealand's largest
construction companies.

"We are actually in the middle of the application [to the High
Court] to have that extended [date for first report] given the
sheer number of creditors and the complicated financials of the
group," the report quotes Mr. Bethell as saying. "We are seeking
around about a week."

                       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.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.



=================
S I N G A P O R E
=================


SIN WAI: Creditors Get 5.81391% Recovery on Claims
-------------------------------------------------
Sin Wai Seng Electrical Enterprises Pte Ltd declared the first and
final ordinary dividend on Feb. 26, 2013.

The company paid 5.81391%% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


SUMMIT LOGISTIC: Creditors' Proofs of Debt Due on April 1
---------------------------------------------------------
Creditors of Summit Logistic Consultancy Pte Ltd, which is in
compulsory liquidation, are required to file their proofs of debt
by April 1, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kelvin Thio
         Terence Ng
         c/o Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


SWEET CHILLS: Court to Hear Wind-Up Petition on March 15
--------------------------------------------------------
A petition to wind up the operations of Sweet Chills (Asia) Pte
Ltd will be heard before the High Court of Singapore on March 15,
2013, at 10:00 a.m.

Jack Investment Pte Ltd filed the petition against the company on
Feb. 20, 2013.

The Petitioner's solicitors are:

         Bee See & Tay
         10 Anson Road #24-11
         International Plaza
         Singapore 079903


TRANSLATION EXPRESS: Creditors' Proofs of Debt Due on March 29
--------------------------------------------------------------
Creditors of Translation Express (S) Pte Ltd, which is in
compulsory liquidation, are required to file their proofs of debt
by March 29, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

         Wong Joo Wan
         c/o 78 South Bridge Road #04-01
         TKH Building
         Singapore 058708


ZENTEK TECHNOLOGY: Creditors' Proofs of Debt Due on April 15
------------------------------------------------------------
Creditors of Zentek Technology Singapore Pte Ltd, which is in
compulsory liquidation, are required to file their proofs of debt
by April 15, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

         Masao Yamashika
         Yiong Kok Kong
         c/o 317 Outram Road, #02-47
         Singapore 169075



                             *********

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

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

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


                            *********


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

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

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

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

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





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