TCRAP_Public/130308.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, March 8, 2013, Vol. 16, No. 48


                            Headlines


A U S T R A L I A

AIMS RMBS: Fitch Affirms 'B' Ratings on 3 Securitization Classes
CHOCOLATE FARE: Placed in Administration Over Tax Dispute
GRAIN PRODUCTS: Creditors Put Grain Processor Into Liquidation
RETAIL ADVENTURES: Administrators Probe Insolvent Trading


H O N G  K O N G

AMPLE INDUSTRIES: Court Enters Wind-Up Order
BEST WOOD: Court Enters Wind-Up Order
EURO ASIA: Court Enters Wind-Up Order
ESDM INTERIOR: Court Enters Wind-Up Order
FAME TIME: Court to Hear Wind-Up Petition on April 3

GRANDBLE LIMITED: Court Enters Wind-Up Order
HIGH SPEED: Cheung and Suen Appointed as Liquidators
HUA MAI: Lui and Lau Wu Step Down as Liquidators
INTELLIGENT (HK): Court Enters Wind-Up Order
KAI HING: Court to Hear Wind-Up Petition on April 10

LEE SUN: Chiong, Flynn and Sutton Step Down as Liquidators
LINK SKY: Court Enters Wind-Up Order
LUEN FUNG: Court to Hear Wind-Up Petition on April 24
MARY'S HEALTH: Creditors Get to 100% Recovery on Claims
NEW SUN: Court Enters Wind-Up Order

PRINCE CREATIONS: Court Enters Wind-Up Order
RED PERSONNEL: Creditors Get to 100% Recovery on Claims
SAN YANG: Court to Hear Wind-Up Petition on April 3
SECOND HARVEST: Court Enters Wind-Up Order
SOLAR POWER: Court Enters Wind-Up Order

SUNRISING AGRICULTURE: Court Enters Wind-Up Order
SUPERSHINE LIMITED: Creditors Get to 4.4% Recovery on Claims
TALIWORKS-IBI TECHNOLOGIES: First Meetings Slated for March 12
TOYMAN (HK): Court Enters Wind-Up Order
TRANXCODE TECHNOLOGIES: Court Enters Wind-Up Order


I N D I A

BIHARILAL FASHIONS: CRISIL Assigns 'D' Ratings to INR76.9MM Loans
BRAHMAR CELLULOSE: CRISIL Suspends 'D' Ratings on INR249.3M Loans
DHANLAXMI TMT: CRISIL Reaffirms 'B+' Rating on INR135MM Loan
EASTERN MILLS: CRISIL Reaffirms 'BB+' Rating on INR2MM Loan
ESTOMI TECHNOLOGIES: CRISIL Assigns 'B' Rating to INR10MM Loan

KAIRAV CHEMICALS: CRISIL Reaffirms 'BB' Ratings on INR40MM Loans
KINGFISHER AIRLINES: Lenders May Sell Pledged USL Shares
MANGRUL MILLS: CRISIL Upgrades Ratings on INR260MM Loans to 'B'
MOHAMMED ENTERPRISES: CRISIL Puts 'D' Ratings on INR300MM Loans
PATDIAM JEWELLERY: CRISIL Assigns 'D' Ratings to INR220MM Loans

PRITI MOTOR: CRISIL Assigns 'B' Ratings to INR72.4MM Loans
SACHDEV FOOD: CRISIL Reaffirms 'BB' Rating on INR40MM Cash Credit
S C R NIRMAN: CRISIL Lowers Ratings on INR95MM Loans to 'BB-'
SELLIAMMAN CONSTRUCTIONS: CRISIL Reaffirms 'C' Cash Credit Rating
SPECTRUM RENEWABLE: CRISIL Cuts Rating on INR155.6MM Loan to 'D'

SREE RAGHAVENDRA: CRISIL Reaffirms 'BB+' Rating on INR4.1MM Loan


I N D O N E S I A

STAR ENERGY: Fitch Affirms 'B+' Issuer Default Rating


J A P A N

RENESAS ELECTRONICS: To Sell Subsidiary to Panasonic-Fujitsu
ORIX-NRL TRUST 14: S&P Lowers Rating on Class C Notes to D
SHARP CORP: Samsung to Buy 3% Stake for JPY10.4 Billion


N E W  Z E A L A N D

ROSS ASSET: Fraud May Hit IRD Through Tax Refunds
SIMPLY PARIS: Liquidators Estimate Up to NZ$1.4MM Deficit


P H I L I P P I N E S

BANCO FILIPINO: Depositors Oppose Bank's Liquidation


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AIMS RMBS: Fitch Affirms 'B' Ratings on 3 Securitization Classes
----------------------------------------------------------------
Fitch Ratings has affirmed six tranches from three AIMS RMBS
transactions.  The transactions are securitisations of first-
ranking Australian residential mortgages originated by AIMS Home
Loans Pty Limited and Loancorp Pty Limited.

AIMS 2004-1 Trust:
AUD25.3m Class A3 (ISIN AU300AIM2035) affirmed at 'AAAsf'; Outlook
Stable
AUD18m Class B (ISIN AU300AIM2043) affirmed at 'Bsf'; Outlook
Stable

AIMS 2005-1 Trust:
AUD37.1m Class A (ISIN AU300AIM3017) affirmed at 'AAAsf'; Outlook
Stable
AUD12.8m Class B (ISIN AU300AIM3025) affirmed at 'Bsf'; Outlook
Stable

AIMS 2007-1 Trust:
AUD49.8m Class A (ISIN AU3FN0002663) affirmed at 'AAAsf'; Outlook
Stable
AUD16.3m Class B (ISIN AU3FN0002671) affirmed at 'B'sf; Outlook
Stable

Key Rating Drivers

The rating actions reflect Fitch's view that credit enhancement
levels are able to support the class A notes' current ratings. The
class B ratings are supported by lenders' mortgage insurance (LMI)
and excess spread levels. The credit quality and performance of
the loans in the respective collateral pools remain in line with
the agency's expectations.

Principal collections are being allocated to the repayment of the
class A notes which, in all transactions, have benefited from an
increase in credit enhancement due to sequential amortisation and
seasoning since issuance.

The underlying mortgage loans in these transactions have performed
in line with Fitch's expectations, with 30+ day arrears at
December 2012 standing at 4.57%, 9.99% and 4.21% for AIMS 2004-1
Trust, AIMS 2005-1 Trust and AIMS 2007-1 Trust respectively. The
increase in arrears since December 2010 can largely be attributed
to the shrinking size of the pools. The arrears levels remain
above Fitch's 30+ Day Dinkum Index. Foreclosures have remained low
over the last 12 months.

All loans contained in the collateral pools have LMI in place,
with policies provided by QBE Lenders' Mortgage Insurance Limited
(Insurer Financial Strength 'AA-'/Stable), Genworth Financial
Mortgage Insurance Pty Ltd and MGIC Australia Pty Limited. Any
losses not covered by LMI policies to date have been covered by
excess spread.

Rating Sensitivities

In Fitch's rating sensitivity analysis, the likelihood of a
downgrade of the senior note classes is remote, based on
transaction performance. For AIMS 2004-1 Trust, the class A3 notes
may experience downgrade pressure if collateral losses increase to
35%, compared with the current 0%; for AIMS 2005-1 Trust and AIMS
2007-1 Trust, the corresponding increase would be over 18%.

An upgrade of the class B notes is unlikely given that the
transaction was issued pre-July 2007, the sponsor is not rated,
the level of excess spread and the lack of history of these
transactions being called. For a downgrade to be considered,
Fitch's analysis would need to imply an expected shortfall, which
could be triggered, for example by constant expected principal
draws exceeding available income as the transaction reduces
further in size.


CHOCOLATE FARE: Placed in Administration Over Tax Dispute
---------------------------------------------------------
SmartCompany reports that family-owned Australian confectionery
company Chocolate Fare has been placed in administration following
a dispute with the Australian Tax Office over a AUD150,000 bill.

The company's collapse comes as smaller players in the
confectionery market have struggled to compete against larger
companies with fatter profit margins.

Worcester and Co. lawyer Ekaterina Barabanova --
ekaterina@worcestergroup.com.au -- told SmartCompany she wasn't
able to provide details on the administration, but confirmed the
company was "unable to pay their debts and fell into
administration".

SmartCompany relates that the administration has since been passed
onto Worrells Solvency and Forensic Accountants from Worcester and
Co.

Administrator Jason Bettles -- jason.bettles@worrells.net.au --
told SmartCompany the company ceased trading a few weeks ago.

According to the report, Mr. Bettles said the ATO remains one of
the company's largest creditors and is owed about AUD150,000.  "It
was this debt which likely caused the company to collapse," he
added.

The company has a total debt of AUD670,000 and owes six employees
AUD64,000, predominantly in annual leave entitlements, the report
relays.

SmartCompany relates that Mr. Bettles said the company is likely
to be liquidated because "it doesn't look like the directors are
going to put a deal to the creditors".

One employee claimed to SmartCompany none of the 20 employees have
lost their jobs so far.  However, Mr. Bettles claimed the company
has ceased trading.

Queensland-based Chocolate Fare distributed products throughout
Australia and to Malaysia, Singapore and Brunei.  Chocolate Fare
operated three main brands, The Rocky Rock Candy Co, Monique's
Chocolates and Chocolate Fare.


GRAIN PRODUCTS: Creditors Put Grain Processor Into Liquidation
--------------------------------------------------------------
ABC News reports that creditors have voted to put Tamworth grain
processor, Grain Products Australia, into liquidation.

The company announced in December it was going into voluntary
administration.  At the time, Grain Products Australia had 68
staff and owed around AUD15 million, including AUD8 million to
banks, AUD5.7 million to trade creditors, and AUD1.3 million in
employee entitlements.

According to the report, Todd Gammel -- todd.gammel@hlbnsw.com.au
-- from liquidators HLB Mann Judd, said it won't be until GPA is
sold that funds become available to clear some of these debts.

"Once that gets through that process they will have a collection
of funds they have created by selling assets, and also completing
on trading, collecting from debtors and the like," the report
quotes Mr. Gammel as saying.  "So, once that is determined, and
how many employees are continuing if that's a possibility under a
sale, then there'll be a pot of funds available and that will be
distributed in accordance with the Corporations Act."

ABC News relates that Mr. Gammel said any distribution of funds
won't start until the business is sold and he says he can't
confirm if everyone owed money will be paid out.

Tamworth-based Grain Products Australia manufactures and supplies
wheat protein, wheat starch and related products.


RETAIL ADVENTURES: Administrators Probe Insolvent Trading
---------------------------------------------------------
The Age reports that administrators appointed to Retail Adventures
are investigating whether the failed discount retailer -- which is
being sold back to Kathmandu founder Jan Cameron this week -- was
insolvent more than a year before its collapse.

The Age relates that a meeting of the company's creditors
committee was told last month that the administrators, led by
Deloitte's Vaughan Strawbridge, are investigating "whether or not
the company was insolvent" at the time charges over the company's
assets were granted to Ms. Cameron in July 2011.  The company went
into administration in October 2012.

The administrators are also investigating two payments to "related
creditors" the month Retail Adventures collapsed, according to
documents lodged with the Australian Securities and Investments
Commission, the report relays.

"The administrators' investigations continue, particularly in
relation to recoveries that could be available in respect of
preference payments that may have been made," according to the
report obtained by The Age.  The report notes that the
administrators' investigations would be critical in determining
whether there is legal action worth pursuing - in liquidation - on
behalf of 1,700 creditors owed AUD270 million.

Ms. Cameron is expected to offer a deed of company arrangement as
an alternative to liquidation, the report notes.

According to the Age, Ms. Cameron bought the Retail Adventures
business out of receivership for AUD80 million in 2009, and has
secured loans totalling AUD77 million from funding she provided as
the business lost AUD110 million in the three years she ran it.
She is using part of her AUD77 million secured debt to acquire the
business back from the administrators for
AUD59 million.  Unsecured creditors, owed AUD165 million, stand to
receive nothing from the sale.

Another company owned by Ms. Cameron, DSG has run the business on
behalf of the administrators. It will now own and run the
restructured operation.

Administrators have said there might be grounds to reduce
Ms. Cameron's secured debt from AUD77 million to AUD27 million, in
which case the balance of what DSG owes on the transaction would
be paid in cash, the report adds.

                      About Retail Adventures

Retail Adventures Pty Ltd is an Australia-based discount variety
retailer and operates nationally under brand names Chickenfeed,
Go-Lo, Crazy Clark's, and Sam's Warehouse. The company operates
around 270 stores across the four brands.

Deloitte Restructuring Services Partners Vaughan Strawbridge,
David Lombe and John Greig have been appointed Joint Voluntary
Administrators of Retail Adventures Pty Limited, effective
Oct. 26, 2012.

Mr. Strawbridge said a license agreement is in place between
Retail Adventures Pty Ltd and DSG Holdings Australia Pty Ltd for
them to manage the 238 Crazy Clark's and Sam's Warehouse stores.

About 20 Chickenfeed stores in Tasmania have been closed and
staff paid entitlements.



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


AMPLE INDUSTRIES: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order Nov. 1, 2012, to wind
up the operations of Ample Industries Company Limited.

The liquidators may be reached at:

         Yiu Cho Yan
         Jacqueline Lai
         Suite D, 6/F
         Ho Lee Comm Bldg
         38-44 D'Aguilar St, HK


BEST WOOD: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order Feb. 20, 2013, to
wind up the operations of Best Wood Industrial Limited.

The company's liquidator is Teresa S W Wong.


EURO ASIA: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order Aug. 29, 2012, to
wind up the operations of Euro Asia International Trading Limited
trading as Professional Engineering Co.

The liquidators may be reached at:

         Yiu Cho Yan
         Jacqueline Lai
         Suite D, 6/F
         Ho Lee Comm Bldg
         38-44 D'Aguilar St, HK


ESDM INTERIOR: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order Aug. 29, 2012, to
wind up the operations of Esdm Interior Architecture Limited.

The liquidators may be reached at:

         Yiu Cho Yan
         Jacqueline Lai
         Suite D, 6/F
         Ho Lee Comm Bldg
         38-44 D'Aguilar St, HK


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

Choi Lai Yi filed the petition against the company.


GRANDBLE LIMITED: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order Dec. 5, 2012, to wind
up the operations of Grandble Limited.

The liquidators may be reached at:

         Yiu Cho Yan
         Jacqueline Lai
         Suite D, 6/F
         Ho Lee Comm Bldg
         38-44 D'Aguilar St, HK


HIGH SPEED: Cheung and Suen Appointed as Liquidators
----------------------------------------------------
Cheung Hok Hin Alan and Suen Fuk Yuen Bernie on Dec. 24, 2012,
were appointed as liquidators of High Speed Metal & Plastic
Products Manufacturing Company Limited.

The liquidators may be reached at:

         Cheung Hok Hin Alan
         Suen Fuk Yuen Bernie
         Suite 2302, 23/F
         Seaview Commercial Building
         21 Connaught Road
         West, Sheung Wan, Hong Kong


HUA MAI: Lui and Lau Wu Step Down as Liquidators
----------------------------------------------
Kennic Lai Hang Lui and Lau wu Kwai King Lauren stepped down as
liquidators of Hua Mai Industries Limited on Feb. 5, 2013.


INTELLIGENT (HK): Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order Feb. 20, 2013, to
wind up the operations of Intelligent (Hong Kong) Electronics
Limited.

The company's liquidator is Teresa S W Wong.


KAI HING: Court to Hear Wind-Up Petition on April 10
----------------------------------------------------
A petition to wind up the operations of Kai Hing Cleaning Services
Limited will be heard before the High Court of Hong Kong on April
10, 2013, at 9:30 a.m.

Tse Cheuk Yin filed the petition against the company.


LEE SUN: Chiong, Flynn and Sutton Step Down as Liquidators
----------------------------------------------------------
Desmond Chung Seng Chiong, Kelvin Edward Flynn and Roderick John
Sutton stepped down as liquidators of Lee Sun Lan Tobacco Company
Limited on Jan. 8, 2013.


LINK SKY: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order Feb. 20, 2013, to
wind up the operations of Link Sky Investment Limited.

The company's liquidator is Teresa S W Wong.


LUEN FUNG: Court to Hear Wind-Up Petition on April 24
------------------------------------------------------
A petition to wind up the operations of Luen Fung Toys Development
Limited will be heard before the High Court of
Hong Kong on April 24, 2013, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Chow, Griffiths & Chan
          6th Floor, South China Building
          No. 1 Wyndham Street
          Central, Hong Kong


MARY'S HEALTH: Creditors Get to 100% Recovery on Claims
-------------------------------------------------------
Mary's Health & Beauty Limited, which is in liquidation, will
declare the preferential dividend to its creditors on or after
June 1, 2013.

The company will pay 100% for preferential claims.

The company's liquidators are:

         Chan Yui Hang
         The office of the liquidator
         Room 512, 5/F
         New Mandarin Plaza
         Tower B, 14 Science
         Museum Road, Tsimshatsui
         Hong Kong


NEW SUN: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order Dec. 15, 2012, to
wind up the operations of New Sun Bio Science Limited.

The liquidators may be reached at:

         Yiu Cho Yan
         Jacqueline Lai
         Suite D, 6/F
         Ho Lee Comm Bldg
         38-44 D'Aguilar St, HK


PRINCE CREATIONS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order Aug. 29, 2012, to
wind up the operations of Prince Creations Jewelry Co. Limited.

The liquidators may be reached at:

         Yiu Cho Yan
         Jacqueline Lai
         Suite D, 6/F
         Ho Lee Comm Bldg
         38-44 D'Aguilar St, HK


RED PERSONNEL: Creditors Get to 100% Recovery on Claims
-------------------------------------------------------
Red Personnel Limited, which is in liquidation, will declare the
preferential dividend to its creditors on or after March 25, 2013.

The company will pay 100% for preferential claims.

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62nd Floor, One Island East
         18 Westlands Road
         Island East, Hong Kong


SAN YANG: Court to Hear Wind-Up Petition on April 3
---------------------------------------------------
A petition to wind up the operations of San Yang International
Trading Limited will be heard before the High Court of Hong Kong
on April 3, 2013, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Chu & Lau
          Unit A, 33rd Floor, United Centre
          No. 95 Queensway, Hong Kong


SECOND HARVEST: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order Feb. 20, 2013, to
wind up the operations of Second Harvest Consulting Asia Limited.

The company's liquidator is Teresa S W Wong.


SOLAR POWER: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order Feb. 20, 2013, to
wind up the operations of Solar Power Utility Holdings Limited.

The company's liquidator is Teresa S W Wong.


SUNRISING AGRICULTURE: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order Feb. 20, 2013, to
wind up the operations of Sunrising Agriculture (International)
Limited.

The company's liquidator is Teresa S W Wong.


SUPERSHINE LIMITED: Creditors Get to 4.4% Recovery on Claims
------------------------------------------------------------
Supershine Limited, which is in creditors' liquidation, will
declare the final ordinary dividend to its creditors on March 31,
2013.

The company will pay 4.4% for ordinary claims.

The company's liquidator is:

         Chan Yui Hang
         The office of the liquidator
         Room 512, 5/F
         New Mandarin Plaza
         Tower B, 14 Science
         Museum Road, Tsimshatsui
         Hong Kong


TALIWORKS-IBI TECHNOLOGIES: First Meetings Slated for March 12
--------------------------------------------------------------
Creditors and contributories of Taliworks-Ibi Technologies
International Limited will hold their first meetings on March 12,
2013, at 2:30 p.m., and 3:30 p.m., respectively at the Official
Receiver's Office, 10th Floor, Queensway Government Offices, at 66
Queensway, in Hong Kong.

At the meeting, Teresa S W Wong, the official receiver &
provisional liquidator, will give a report on the company's wind-
up proceedings and property disposal.


TOYMAN (HK): Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order Feb. 20, 2013, to
wind up the operations of Toyman (Hong Kong) Limited.

The company's liquidator is Teresa S W Wong.


TRANXCODE TECHNOLOGIES: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order Feb. 20, 2013, to
wind up the operations of Tranxcode Technologies Limited.

The company's liquidator is Teresa S W Wong.



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


BIHARILAL FASHIONS: CRISIL Assigns 'D' Ratings to INR76.9MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRIDIL D' rating to the bank
facilities of Biharilal Fashions.  The rating reflects instances
of delay by Biharilal in servicing its debt obligations; the
delays have been caused by a cash flow mismatch in the company.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------            ---------   -------
   Term Loan                 6.9     CRISIL D (Assigned)

   Foreign Usance Bills     30.0     CRISIL D (Assigned)
   Purchase - Discounting

   Packing Credit           40.0     CRISIL D (Assigned)

Biharilal also has a below average financial risk profile, marked
by highly leveraged capital structure and weak debt protection
metrics, and its large working capital requirements. The company,
however, benefits from the extensive business experience of its
promoters.

Biharilal was formed as a proprietorship concern by the late
Mr. Kumar Biharilal Rajani in Mumbai (Maharashtra). Its day-to-day
activities are being managed by his son, Mr. Rishi K Rajani. The
firm manufactures women's readymade garments (casual wear) for
export. The manufacturing facility of the firm is in Lower Parel
(Mumbai).


BRAHMAR CELLULOSE: CRISIL Suspends 'D' Ratings on INR249.3M Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Brahmar
Cellulose Products Private Limited.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             50      CRISIL D Suspended
   Letter of Credit        47.5    CRISIL D Suspended
   Term Loan              151.8    CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
BCPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BCPPL is yet to
provide adequate information to enable CRISIL to assess BCPPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Incorporated in 2008, BCPPL took over a sick unit which
manufactured microcrystalline cellulose (MCC). Since 2008, the
production facilities have been revamped, and a new product,
sodium carboxy methyl cellulose (CMC), has been added. Currently,
BCPPL has a manufacturing capacity of 170 tonnes per month (tpm)
of MCC and 150 tpm of CMC. The company's manufacturing unit is in
Cuddalore (Puducherry). BCPPL is promoted by Mr. R Ravi Kumar and
members of his family. The promoter has business interests in the
distillery (Ravikumar Distilleries Ltd), real estate and property
development, hotel, and other businesses.


DHANLAXMI TMT: CRISIL Reaffirms 'B+' Rating on INR135MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dhanlaxmi TMT Bars Pvt
Ltd (part of the Dhanlaxmi group) continue to reflect the
Dhanlaxmi group's modest scale of operations, moderate financial
risk profile and susceptibility of operating margins to volatility
in steel prices. These rating weaknesses are partially offset by
the extensive experience of Dhanlaxmi group's promoters in the
steel industry.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          5       CRISIL A4 (Reaffirmed)
   Cash Credit           135       CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has consolidated the
financials of Dhanlaxmi and Nilesh Steel Alloys Private Limited,
referred to as the Dhanlaxmi group. This is because of significant
sale/ purchase transactions. Besides being part of the value
chain, both companies have a common management and significant
financial fungibility.

Outlook: Stable

CRISIL believes that Dhanlaxmi group will benefit over the medium
term from the extensive experience of its promoters in the steel
industry. The outlook may be revised to 'Positive' if Dhanlaxmi
group reports a significant growth in revenues or profitability
while improving its capital structure and debt protection
indicators. Conversely, the outlook may be revised to 'Negative'
in case the company reports less-than-expected revenues or
significant deterioration in its margins or debt protection
indicators.

Update

The Dhanlaxmi group reported an operating income of INR1.63
billion for 2011-12 (refers to financial year, April 1 to
March 31), an increase of 28 per cent over that of 2010-11. The
group has registered sales of around INR1.07 billion during April
to September 2012, and is expected to achieve around INR2.1 to 2.2
billion in 2012-13. The Dhanlaxmi group's operating margin
improved to around 5 per cent during 2011-12. The margin is
expected to be around the same level in the near term.

The Dhanlaxmi group's working capital requirements remain
moderate, with its gross current assets at 97 days as on
March 31, 2012, and are expected to remain at similar levels for
2012-13. Its gearing increased to 3.01 times as on March 31, 2012,
from 1.94 times as on March 31, 2011. This was on account of
unsecured loans infused by the promoters and higher bank
borrowings by the company to fund its working capital
requirements. The gearing is expected to decline to less than 3
times in 2012-13. The group's debt protection metrics remained
moderate, with net cash accruals to total debt and interest
coverage ratios at 0.10 times and 2.3 times, respectively, for
2011-12; the metrics are expected to remain moderate over the
medium term. Dhanlaxmi's cash credit facility has been utilised at
an average of 92 per cent over the 6 months ended Sept. 30, 2012,
and is expected to remain utilized at similar levels over the
medium term.

The Dhanlaxmi group reported a profit after tax (PAT) of INR21.1
million on net sales of INR1.58 billion for 2011-12, against a PAT
of INR7.4 million on net sales of INR1.23 billion for 2010-11.

Dhanlaxmi, incorporated in 2001 by Mr. Sanjay Mantri, manufactures
thermo-mechanically treated (TMT) bars. Dhanlaxmi's products are
marketed under the brand name "Laxmi 500" TMT bars and sells
primarily through dealers to end users in Western Maharashtra,
Pune and Goa.

In 2002, Mr. Sanjay Mantri and Mr. Nilesh Chechani incorporated
NSAPL, which manufactures mild steel ingots/billets for
consumption by Dhanlaxmi. The group's manufacturing facility is
located at Jalna (Maharashtra).


EASTERN MILLS: CRISIL Reaffirms 'BB+' Rating on INR2MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Eastern Mills Pvt Ltd
(part of the Eastern Group) continue to reflect the extensive
experience of the Eastern group's promoters in the carpet
manufacturing industry and its above-average financial risk
profile, marked by comfortable gearing and debt protection
metrics.  These rating strengths are partially offset by the
group's working-capital-intensive operations, and high customer
and geographical concentration in its revenue profile.

                         Amount
   Facilities           (INR Mln)  Ratings
   ----------           ---------  -------
   Cash Credit              2      CRISIL BB+/Stable (Reaffirmed)
   Foreign Bill Purchase   30      CRISIL A4+ (Reaffirmed)
   Packing Credit          85      CRISIL A4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Eastern Home Industries (EHI) and EMPL,
together referred to as the Eastern group. This is because both
entities are under common management and in the same line of
business. Furthermore, the group largely caters to the orders
received from IKEA Trading Hongkong Ltd. and there have been few
instances of financial inter-linkages between the entities.

Outlook: Stable

CRISIL believes that the Eastern group will continue to benefit
from the extensive industry experience of its promoters over the
medium term. The outlook may be revised to 'Positive' in case EMPL
is able to significantly improve its scale of operations, most
likely by diversifying its customer profile, while sustaining
operating profitability. Conversely, the outlook may be revised to
'Negative' in case lower-than-expected revenues and profitability
leads to decline in cash accruals, thereby constraining its
financial risk profile, particularly its liquidity.

                         About the Group

Promoted by Mr. Zafar Iqbal Ansari in 2000 under the name Eastern
Spinning and Textile Mills Pvt Ltd, EMPL was initially engaged in
manufacturing cotton yarn. However, in 2005-06 (refers to
financial year, April 1 to March 31), the company discontinued
this activity and started manufacturing handloom and tufted
carpets and got its present name in 2010. The company has in-house
designing and manufacturing facility located in Badohi (Uttar
Pradesh) and generates entire revenues from exports to Europe and
the US.

EHI was established in 2010 by Mr. Abdul Rahim Ansari (son of
Zafar Iqbal Ansari) as a sole proprietor firm; however it was
converted into a partnership firm in June 2012 and is currently
managed by Mr. Abdul along with his family members. The firm also
manufactures handloom and tufted carpets. In 2011-12, promoters
have split business between EMPL and EHI.

EMPL reported a net profit of INR22.7 million on net sales of
INR439.4 million in 2011-12 (refers to financial year, April 1 to
March 31), as against a net profit of INR10.9 million on net sales
of INR169.5 million for 2010-11.


ESTOMI TECHNOLOGIES: CRISIL Assigns 'B' Rating to INR10MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of eStomi Technologies Private Limited.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Proposed Long-Term     10       CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects eStomi's small scale of operations and risks
related to customer concentration in its revenue profile. These
rating weaknesses are partially offset by the extensive experience
of the promoters in the Information Technology (IT) industry.

Outlook: Stable

CRISIL believes that eStomi will continue to benefit over the
medium term from its promoters extensive experience in the IT
industry. The outlook may be revised to 'Positive' if the company
records a sustained increase in revenues while maintaining its
comfortable operating profitability, there by leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case a decline in eStomi's
revenues and profitability, or if the company undertakes any large
debt-funded capital expenditure programme, thereby weakening its
financial risk profile.

Established in 2011, eStomi offers software consultancy services
to various corporates. The company is promoted by Mr. P Chetan
Nagaonkar and is based out of Bangalore (Karnataka).

eStomi reported, a profit after tax (PAT) of INR1 million on net
sales of INR4 million for 2011-12 (refers to financial year, April
1 to March 31).


KAIRAV CHEMICALS: CRISIL Reaffirms 'BB' Ratings on INR40MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kairav Chemicals Ltd
continue to reflect KCL's above-average financial risk profile,
marked by a moderate gearing and healthy debt protection metrics,
and the benefits that the company derives from its association
with Astral Poly Technik Ltd (Astral; rated 'CRISIL
A/Stable/CRISIL A1').

                      Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan               2.9     CRISIL BB/Stable (Reaffirmed)

   Proposed Long-Term     14.6     CRISIL BB/Stable (Reaffirmed)
   Bank Loan Facility

   Cash Credit            22.5     CRISIL BB/Stable (Reaffirmed)

   Letter of Credit       40.0     CRISIL A4+ (Reaffirmed)

These rating strengths are partially offset by KCL's modest scale
of operations, volatile operating margin, exposure to risks
related to fluctuation in foreign exchange (forex) rates, and
revenue concentration in the anti-inflammation drugs segment.

Outlook: Stable

CRISIL believes that KCL will continue to benefit over the medium
term from its long-standing relationships with its vendors and
suppliers, and its association with Astral. CRISIL, however, also
believes that KCL's scale of operations will remain modest,
because of the company's revenue concentration in the anti-
inflammation drugs business. The outlook may be revised to
'Positive' if KCL registers significant improvement in its scale
of operations, leading to improvement in its cash accruals, while
it maintains its capital structure. Conversely, the outlook may be
revised to 'Negative' if KCL's capital structure deteriorates
further because of decline in its working capital requirements or
deterioration in its operating margin.

Update

For 2012-13 (refers to the financial year, April 1 to March 31),
KCL is expected to maintain a flat revenue growth, with sales of
around INR220 million against that of INR201 million in 2011-12.
The company registered revenues of around INR110 million over the
6 months ended September 30, 2012. As in the past, its operating
margin remains volatile because of its exposure to foreign
currency fluctuation on imports. The margin is expected be around
8 per cent in 2012-13, against that of around 13 per cent in 2011-
12, because of losses on account of fluctuations in foreign
exchange (forex) rates. Moreover, on account of moderate demand,
the revenue growth is expected to remain flat, while the operating
margin is expected to remain in the range of 8 to 10 per cent
because of intense industry competition and fluctuations in forex
rates. KCL's financial risk profile has improved marginally over
the past year, as better accruals over the past 18 months have
reduced the company's reliance on support from Astral. Moreover,
KCL's total outside liabilities to tangible net worth ratio has
improved to around 3.5 times as on September 30,2012, against 4.3
times as on March 31, 2011. The financial risk profile, however,
remains constrained, marked by a small net worth of around INR46.1
million as on September 30,2012. In the absence of any capital
expenditure plans and steady but low accretion to reserves, the
financial risk profile is expected to remain above average over
the medium term. KCL's liquidity remains adequate, supported by
accruals that are sufficient to meet its incremental fund
requirements, as well as the support extended by Astral in case of
fund requirements. Astral continues to have board approval to
extend support to the extent of INR30 million to KCL in case of
fund requirement. KCL's bank limits also remain moderately
utilised at an average of 63 per cent over the past 12 months. The
company does not have any term debt obligations.

For 2011-12, KCL reported a profit after tax (PAT) of INR11.4
million on net sales of INR199.1 million, against a PAT of INR1.2
million on net sales of INR209.7 million in the previous year.

KCL was set up by Mr. Sandeep Engineer in 1992. It produces
diclofenac sodium, diclofenac potassium, accelofenac, and other
speciality chemicals. The diclofenac compounds and accelofenac are
active pharmaceutical ingredients used by pharmaceutical
manufacturers as one of the inputs for non-steroidal anti-
inflammatory (against inflammations), anti-pyretic (against
fever), and analgesic (against pain) drugs. The company's
manufacturing facility has capacity of 360 tonnes per annum at
Santej in Gandhinagar (Gujarat).


KINGFISHER AIRLINES: Lenders May Sell Pledged USL Shares
--------------------------------------------------------
The Times of India reports that lenders to Kingfisher Airlines
have indicated they may sell United Spirits shares pledged with
them as collateral either in the market or at a higher price to
outsiders, dealing a serious, but not fatal, blow to the proposed
takeover of USL by British liquor giant Diageo.

The report relates that top lenders from PSU banks told ET that
they have lost faith in Vijay Mallya, and don't believe he is
going to revive the airline.  "We are open to selling the shares
to anyone who gives us the best price," a senior official with one
of the PSU banks told ET. "It should be a transparent deal," he
added. According to the report, 2% of United Spirits shares were
given as collateral to the State Bank of India-led consortium a
few years ago when Kingfisher Airlines borrowed money to continue
operations. The lenders want their money back, but Mallya has been
unable to come up with a satisfactory revival plan for the
airline, the report relates.

"Legally, the lenders can sell the shares if there is a default by
the borrower," the report quotes Rohit Berry, an investment banker
at BMR Advisors, an audit and consulting firm, as saying. "If
there is no other way, that will be the last resort."

The report notes that the lenders' stance now poses an unexpected
complication for Diageo and Mallya, who have received most of the
clearances for the transaction and are on the verge of launching
the open offer.  If the lenders don't release the 2% stake for
sale to Diageo, Mallya and the UB Group will be forced to find
extra shares in order to complete the deal.  In normal
circumstances that shouldn't be difficult, but in this case nearly
98% of the promoter stake of 27.5% in USL is pledged, the report
says.

According to the report, Diageo may also not find it easy to buy
the extra shares in the market without pushing up its cost of
acquisition.  TOI relates that the Indian market regulator's
takeover rules allow an acquirer to buy shares of the target
company after announcement of the open offer on the condition that
it offers the same price to all shareholders. Diageo can buy the
remaining 2% in the market, but will have to pay a higher price
and revise the open offer price. The preferential allotment at
INR1,440 per share, which has already been approved by the board
and the shareholders, will also have to be revised, the report
adds.

                   About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintained bases in major cities such as Delhi and
Mumbai.

                           *     *     *

Kingfisher Airlines, which has been unprofitable since it was
created in 2005, accumulated losses of $1.9 billion between
May 2005 and June 30, 2012, The Wall Street Journal reported
citing Sydney-based consultant CAPA-Centre for Aviation.  The
airline also owes about $2.5 billion to lenders, suppliers,
leasing companies and investors, the Journal added.

According to The Times of India, the company began showing signs
of weakness in November 2011 when it ran out of money to operate
most of its flights and started reducing its flights to cut cost.
The airline also failed to pay salaries to its employees for a
long time following which the employees went on an indefinite
strike. Its flying license was finally suspended in October 2012,
TOI reported.


MANGRUL MILLS: CRISIL Upgrades Ratings on INR260MM Loans to 'B'
---------------------------------------------------------------
CRISIL has upgraded its long term rating on bank facilities of
Mangrul Mills Limited from 'CRISIL B-/Stable' to 'CRISIL B/Stable'
and reaffirmed its short term rating to 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            105.0    CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Letter of Credit        10.0    CRISIL A4(Reaffirmed)

   Proposed Long-Term       7.5    CRISIL B/Stable (Upgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan              137.5    CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The upgrade reflects expected improvement in capital structure
backed by increased operating margins. MML's operating margin has
increased to around 6 per cent for 2011-12 (refers to financial
year, April 1 to March 31) from 0.3 per cent for 2008-09. Backed
by stability in cotton prices and improvement in demand for yarn,
CRISIL believes that MML will maintain its operating margin at the
current level over the medium term. Backed by moderate working
capital requirements, gradual term loan repayment, and absence of
a large, debt-funded capital expenditure (capex) program, the
gearing of the company has improved to about 0.7 times as on March
31, 2012 from around 1.3 times as on March 31, 2010. With no major
debt-funded capex plan for the medium term and no deterioration in
the company's working capital cycle, CRISIL believes that MML's
average gearing will reduce over the medium term.

The ratings continue to reflect MML's exposure to intense
competition in the cotton yarn segment and its limited pricing
flexibility. The ratings also factor in the susceptibility of the
company's profitability to volatility in raw material prices.
These rating weaknesses are partially offset by MML's established
position in spinning cotton yarn, supported by its promoters'
extensive experience, and its above-average financial risk
profile, marked by moderate net worth, low gearing, and adequate
debt protection metrics.

Outlook: Stable

CRISIL believes that MML will maintain its established presence in
the cotton yarn industry, backed by its promoters' extensive
experience and established relationships with customers. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in MML's revenues, with sustained operating
margin, leading to increase in net cash accruals. Conversely, the
outlook may be revised to 'Negative' if there is steep decline in
the company's profitability or significant weakening in its
capital structure on account of larger-than-expected working
capital requirements or debt-funded capex.

MML, incorporated in 1995 and promoted by Mr. R B Lad and Mr.
Arundev Upadhyay, manufactures cotton yarn. Its manufacturing
facility is in Mangrul village, Maharashtra.

MML reported a profit after tax (PAT) of INR0.4 million on net
sales of INR835 million for 2011-12, as against a PAT of INR5
million on net sales of INR919 million for 2010-11.


MOHAMMED ENTERPRISES: CRISIL Puts 'D' Ratings on INR300MM Loans
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Mohammed
Enterprises Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL D'.

                      Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit           250.0     CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Standby Line of        30.0     CRISIL B-/Stable (Upgraded
   Credit                          from 'CRISIL D')

   Term Loan              20.0     CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects the timely servicing of debt
obligations by MEPL. The upgrade also factors in CRISIL's belief
that the cash accruals of MEPL would be sufficient to meet its
term debt repayment obligations over the medium term. However,
liquidity remains a key rating sensitivity factor for MEPL, given
its large working capital requirements resulting in fully utilised
bank lines.

MEPL has a weak financial risk profile marked by high gearing and
weak debt protection metrics, has large working capital
requirements, and its profitability margins is susceptible to
volatility in raw material prices and foreign exchange rates.
However, the company benefits from its promoter's extensive
experience in the tobacco export business supported by its wide
geographical reach and customer base.

Outlook: Stable

CRISIL believes that MEPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with customers. The outlook may be
revised to 'Positive' if there is a sustained improvement in its
working capital management or there is substantial increase in
net-worth on the back of equity infusion from promoters.
Conversely, the outlook may be revised to 'Negative' if there is a
steep decline in the company's profitability margins from the
current levels or there is a deterioration in its liquidity
profile on account of a stretch in its working capital cycle.

MEPL was set up as a proprietorship firm in 1985; it is currently
being managed by the founder's son, Mr. Mohammed Mustafa. It was
reconstituted as a private limited company in 2000. The Guntur
(Andhra Pradesh)-based company processes raw tobacco.


PATDIAM JEWELLERY: CRISIL Assigns 'D' Ratings to INR220MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the short-term bank
facilities of Patdiam Jewellery Private Limited.  The ratings
reflect instances of bills overdrawn for more than 30 days in past
few months.  The delays have been caused by the company's weak
liquidity on account of delay in receipt of payment from debtors.

                           Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Pre Shipment Credit      42.8     CRISIL D (Assigned)
   Packing Credit           45.0     CRISIL D (Assigned)
   Post Shipment Credit    132.2     CRISIL D (Assigned)


PJPL also has a weak financial risk profile, marked by a low net
worth and weak debt protection metrics, modest scale of operations
in highly fragmented diamond jewellery industry, and working
capital intensive nature of operations. However the company
benefits from extensive experience of its promoters in the diamond
industry, and established customer relationship.

PJPL was incorporated in 1999 as a private limited company by Mr.
Pravin Kakadia and Mr. Chhaganbhai Navadia along-with other four
family members namely Mr. Sameer Kakadia, Mrs. Preeti Kakadia, and
Mr. Mahesh Navadia and Mr. Ganesh Navadia. However the
manufacturing activity commenced from 2004. The company is engaged
in manufacturing and exporting of diamond studded jewellery.

PJPL reported a profit after tax (PAT) of INR8.1 million on net
sales of INR282.8 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR10.1 million on net
sales of INR481.0 million for 2010-11.


PRITI MOTOR: CRISIL Assigns 'B' Ratings to INR72.4MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Priti Motor Udyog Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             50      CRISIL B/Stable (Assigned)
   Term Loan               23.4    CRISIL B/Stable (Assigned)

The rating reflects PMUPL's below-average financial risk profile,
marked by high gearing and average debt protection metrics, and
its short track record in the automobile dealership industry.
These rating weaknesses are partially offset by extensive
experience of PMUPL's promoters in the automobile dealership
industry.

Outlook: Stable

CRISIL believes that PMUPL will continue to benefit over the
medium term from its increasing scale of operations. The outlook
may be revised to 'Positive' if PMUPL's financial risk profile
improves, most likely because of fresh equity infusion or a
significant increase in its sales volumes and profitability.
Conversely, the outlook may be revised to 'Negative' if PMUPL's
financial risk profile deteriorates, most likely because of a
large, debt-funded capital expenditure or decline in cash accruals
most likely on account of competitive pressure leading to lower
profitability.

PMUPL started operations in July 2010. The company is a dealer in
passenger cars of General Motors India Pvt Ltd (GM) for Howrah
(West Bengal). PMUPL was established in August 2009 by Mr. Amit
Kumar Modi and Mrs. Priti Modi.

PMUPL achieved net profit of INR0.9 million on net sales of INR217
million for 2011-12 (refers to financial year, April 1 to March 31
as against net profit of INR0.3 million on net sales of INR130
million for 2010-11.


SACHDEV FOOD: CRISIL Reaffirms 'BB' Rating on INR40MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sachdev Food Products
Pvt Ltd (part of the Sachdev group) continue to reflect the
benefits that the Sachdev group derives from the extensive
industry experience of its promoters, its established market
position, and assured offtake by Food Corporation of India.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         14.7     CRISIL A4+(Reassigned)
   Cash Credit            40.0     CRISIL BB/Stable (Reaffirmed)

These rating strengths are partially offset by the group's average
financial risk profile, marked by modest net worth and inadequate
debt protection metrics despite low gearing, and susceptibility to
adverse changes in government regulations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SFPPL and Sachdev Food Products (SFP),
together referred to as the Sachdev group. This is because the two
entities are under a common management and derive considerable
business synergies from each other.

Outlook: Stable

CRISIL believes that the Sachdev group will continue to benefit
over the medium term from its established market position and
promoters' industry experience. The outlook may be revised to
'Positive' if the group's financial risk profile improves, most
likely because of a sizeable equity infusion. Conversely, the
outlook may be revised to 'Negative' if a steep decline in the
group's operating margin, or a large withdrawal of funds by the
promoters leads to weakening in the group's capital structure.

Update

For 2011-12 (refers to financial year, April 1 to March 31), the
Sachdev group's revenue (Rs.638 million) grew by around 20 per
cent over the previous year, supported by a 10 per cent increase
in the prices of rice; the prices of rice increased to an average
of around INR27000 per tonne from INR23000 per tonne in 2009-10.
The group's operating margin remained moderate at 5.7 per cent in
2011-12. Over the medium term, the group's revenue is expected to
grow at a moderate 10 per cent, while its operating profitability
remains at around 5 per cent, supported by firm rice prices and
its established market position.

The group's financial risk profile remains average, marked by a
modest net worth of INR61 million and low gearing of 0.9 times as
on March 31 2012, and inadequate interest cover of 1.7 times for
2011-12. Its liquidity continues to be supported by low bank limit
utilisation (at an average of 50 per cent in the 12 months through
September 2012) and sufficient cash accruals vis--vis debt
repayment obligations. Its operations remain moderately working
capital intensive, with debtors of 10 to 15 days, and inventory of
30 days, vis--vis nil credit from suppliers. The group is
expected to generate cash accruals of about INR20 million in 2012-
13, against maturing debt of INR8 million. The group's liquidity
remains supported by large unsecured loans (of INR57 million as on
March 31, 2012) from the promoters.

For 2011-12, SFP reported a profit after tax (PAT) of INR0.6
million on operating income of INR331 million, against a PAT of
INR0.1 million on operating income of INR283 million for 2010-11.
For 2011-12, SFPPL reported a profit after tax (PAT) of INR4
million on operating income of INR323 million, against a PAT of
INR0.8 million on operating income of INR265 million for 2010-11.

                           About the Group

SFPPL was incorporated in 2003. The company commenced commercial
operations in May 2008, with rice milling capacity of 12 tonnes
per day (tpd). SFP was established as a partnership firm in 1986.
The firm has rice milling capacity of 12 tpd at its mill in Raipur
(Chhattishgarh).


S C R NIRMAN: CRISIL Lowers Ratings on INR95MM Loans to 'BB-'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of S C R Nirman Private Limited to 'CRISIL BB-/Stable' from
'CRISIL BB+/Stable', while reaffirming its rating on the company's
short-term facilities at 'CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            40.0     CRISIL BB-/Stable (Downgraded
                                   from 'CRISIL BB+/Stable')

   Bank Guarantee        125.0     CRISIL A4+(Reaffirmed)

   Proposed Long-Term     55.0     CRISIL BB-/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB+/Stable')

The rating downgrade reflects deterioration in SCRN's liquidity,
marked by a substantial increase in its bank limit utilisation,
and driven by its stretched working capital cycle. There have also
been instances of overdrawn bank limits; the overdrawn amounts
have been cleared within a week. CRISIL believes that SCRN's
operations will remain working-capital-intensive, thereby
constraining any substantial improvement in its liquidity over the
medium term.

There has been a stretch in SCRN's working capital cycle as
reflected in an expected increase in its work-in-progress
inventory to around 90 days as on March 31, 2013, from 7 days as
on March 31, 2010. The increase is because of delayed approval of
bills by the company's clients. As a result, its average bank
limit utilisation has been high at 99.6 per cent over the 12
months through December 2012.

The ratings reflect the extensive industry experience of SCRN's
promoters in the infrastructure development industry. This rating
strength is partially offset by the company's large working
capital requirements, modest scale of operations in the intensely
competitive infrastructure industry, and average financial risk
profile, marked by a small net worth, modest gearing, and average
debt protection metrics.

Outlook: Stable

CRISIL believes that SCRN will maintain its established position
in the infrastructure development industry over the medium term,
supported by its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a sustained
improvement in the company's working capital management, or a
substantial increase in its net-worth on the back of equity
infusion by promoters. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in SCRN's profitability
margins or significant deterioration in its capital structure,
most likely because of larger-than-expected working capital
requirements.

SCRN, promoted by Mr S Chenna Reddy in 2009, lays out railways
tracks for the Indian Railways, and for other public and private
sector entities. The company mainly undertakes orders for South
Central Railways and Eastern Railways.


SELLIAMMAN CONSTRUCTIONS: CRISIL Reaffirms 'C' Cash Credit Rating
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Selliamman Constructions
Pvt Ltd continues to reflect SCPL's weak liquidity; the company
has weak liquidity on account of delay in collection of
receivables.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             65      CRISIL C (Reaffirmed)

The rating continues to reflect SCPL's small scale of operations
in the intensely competitive construction business and large
working capital requirements, and the susceptibility of the
company's operating margin to volatility in input costs. These
rating weaknesses are partially offset by SCPL's moderate
financial risk profile, marked by moderate gearing and debt
protection metrics, and the extensive industry experience of the
company's promoter.

Update

For 2011-12 (refers to financial year, April 1 to March 31), SCPL
registered an operating income of INR357.0 million, broadly in
line with CRISIL's expectations. However, SCPL's cash accruals
remained low at less than INR25 million in the same year, on
account of the company's modest scale of operations and
constrained operating margin. SCPL's financial risk profile is
marked by a low gearing and moderate debt protection metrics. As
on March 31, 2013, the company is expected to register a gearing
of less than 1.5 times. It is also expected to register an
interest coverage ratio of more than 2.25 times for the current
financial year. However, SCPL has weak liquidity because of its
large working capital requirements. The company registered debtor
days of more than 100 as on March 31, 2012; the debtor days are
expected to remain high over the medium term. Consequently, SCPL's
month-end average bank limit utilisation was high at about 99.3
per cent over the 12 months through December 2012.

SCPL reported a profit after tax (PAT) of INR13 million on net
sales of INR357million for 2011-12, against a PAT of INR12 million
on net sales of INR302 million for 2010-11.

SCPL was set up in 2007 in Bhavani (Tamil Nadu) by Mr. K
Sreerangan. It undertakes civil construction works, mainly
concreting activities related to road construction and maintenance
such as formation, widening, rehabilitation, and strengthening,
and construction of small bridges for Government of Karnataka and
Government of Tamil Nadu.


SPECTRUM RENEWABLE: CRISIL Cuts Rating on INR155.6MM Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Spectrum Renewable Energy Pvt Ltd to 'CRISIL D' from 'CRISIL
B+/Stable'.

                      Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             155.6     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects instances of delays in debt servicing by
SREL over the past months through January 2013 due to weak
liquidity. The liquidity is weak due to time overruns in executing
the first project, owing to delays in receiving permits from the
government which has resulted in less-than-expected cash accruals
from the business.

The rating also reflects SREL's susceptibility to project
implementation risk in setting up its second bio compressed
natural gas (CNG) bottling unit, and constrained financial risk
profile, marked by a modest net worth and start-up nature of
business leading to depressed cash accruals. These rating
weaknesses are partially offset by the extensive industry
experience of SREL's promoters and fiscal benefits associated with
setting up the project.

SREL, promoted in 2002 by Mr. A V Mohan Rao who also looks after
the day-to-day operations of the company, has set up a bio CNG
bottling unit under a build own operate transfer (BOOT) agreement
with Warana Sugar Ltd at Kolhapur (Maharashtra) and is in the
process of setting up a second similar unit in Uttar Pradesh. The
company has started selling bio CNG from October 2012 onwards.


SREE RAGHAVENDRA: CRISIL Reaffirms 'BB+' Rating on INR4.1MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sree Raghavendra
Enterprises (the IM group) continue to reflect the IM group's
above-average financial risk profile, marked by a low gearing, a
moderate net worth, and healthy debt protection metrics; the
ratings also factor in the benefits that the group derives from
its promoters' extensive experience in the granite mining
industry. These rating strengths are partially offset by the IM
group's geographical and customer concentration, and
susceptibility to intense competition in the export market and to
fluctuations in foreign exchange rates.

                            Amount
   Facilities             (INR Mln)  Ratings
   ----------              --------  -------
   Bank Guarantee             5     CRISIL A4+ (Reaffirmed)
   Export Packing Credit     40     CRISIL A4+(Reaffirmed)
   Foreign Bill Discounting  20     CRISIL A4+(Reaffirmed)
   Proposed Long-Term        4.1    CRISIL BB+/Stable(Reaffirmed)
   Bank Loan Facility

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Indian Minerals Granite Company (IMGC)
and SRE. This is because both these entities, together referred to
as the IM group, have the same promoters and management team, are
in the same line of business, and have fungible cash flows between
them.

Outlook: Stable

CRISIL believes that the IM group will continue to benefit over
the medium term from its promoters' experience in the granite
mining industry and its steady cash accruals. The outlook may be
revised to 'Positive' in case the group registers significant and
sustained increase in its revenues and profitability, while it
diversifies its clientele across geographies. Conversely, the
outlook may be revised to 'Negative' if the IM group registers
decline in its margins or revenues because of slowdown in demand
or if the group undertakes a large, debt-funded capital
expenditure (capex) programme, thereby resulting in deterioration
in its financial risk profile.

Update

For 2011-12 (refers to financial year, April 1 to March 31), the
IM group registered revenues of INR500 million, an increase of
nearly 23 per cent over its revenues in the previous year. The
revenue growth has been driven mainly by increase in sales price
as well as volumes. In 2012-13, though the sales volumes will be
marginally affected because of slowdown in demand in the European
markets, the group is expected to maintain its revenues at around
INR550 million because of considerable depreciation in the value
of the Indian rupee in the first half of 2012-13 and its
increasing focus in the domestic market. On account of the IM
group's ability to pass on increase in costs, its operating margin
is expected to remain just above 20 per cent over the medium term
in line with the past. The IM group has an above-average financial
risk profile, marked by a low gearing of 0.4 times, and moderate
net worth of INR160 million, as on March 31, 2012, along with
strong debt protection metrics, as reflected in its interest
coverage and net cash accruals to total debt ratios of 11.37 times
and 0.55 times respectively for 2011-12. With no major debt-funded
capex plans and sufficient accruals to fund its incremental
working capital requirements, the group is expected to maintain
its above-average financial risk profile over the medium term. The
operations of the IM group are moderately working capital
intensive, as reflected in its gross current asset days of 113 as
on March 31, 2012; as a result, the average utilisation of its
export packing credit limits has remained low at around 30 per
cent over the 12 months through December 2012. The IM group's
liquidity is also supported by healthy accruals of around INR70
million expected in 2012-13 vis--vis it term obligations of INR6
million during the same period. CRISIL believes that the group's
liquidity will remain adequate over the medium term, backed by
comfortable accruals, low debt obligations, and adequate cushion
in its fund-based limits.

For 2011-12, the IM group reported a profit after tax (PAT) of
INR45.6 million on net sales of INR496.6 million; the group
reported a PAT of INR32.5 million on net sales of INR402.8 billion
for 2010-11For 2011-12,For 2011-12, SRE reported a profit after
tax (PAT) of INR22.2 million on net sales of INR230 million,
against a PAT of INR19.5 million on net sales of INR223.8 million
in 2010-11.

The IM group was established by Mr. N Suryanarayana Reddy and his
wife, Mrs. N Suvarna, in 1983 in Bellary (Karnataka). The group
consists of two partnership firms - IMGC and SRE - which are in
the granite stone (various varieties) mining business.



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


STAR ENERGY: Fitch Affirms 'B+' Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has affirmed Indonesia-based Star Energy Geothermal
(Wayang Windu) Limited's Long-Term Issuer Default Rating (IDR) at
'B+'. The Outlook is Stable.  At the same time, the agency has
affirmed the remaining USD337.5 million of SEG's USD350 million
senior secured notes due in 2015 at 'B+' with a Recovery Rating of
'RR4'.

Key Rating Drivers

SEG's ratings reflect the geological risks inherent to operating
in an active seismic area and the capital-intensive nature of its
operations. They also reflect the high visibility of its earnings,
given its reliable operating performance, and its long-term 'take
or pay' energy sales contract (ESC).

SEG's ratings are constrained by geological risks, particularly
given its single-site operation. This risk is partly mitigated by
SEG's insurance policies, which cover most plant costs and up to
24 months of business interruption.

Uncertainties associated with SEG's potential expansions further
constrain the ratings. Capex in relation to any capacity additions
of a meaningful scale could be substantial in relation to SEG's
balance sheet. SEG has indefinitely postponed its plans of
constructing an additional power plant, due to unfavorable
drilling results to date. However, the company continues to assess
the viability of further capacity additions.

SEG's capacity factor has averaged above 97% since it started
operating in 2000, which compares favorably with the global
average for geothermal operators of around 73%. Its geothermal
resources also remain adequate to operate at its current capacity
for another 30 years. SEG's energy sales are based on an ESC with
the state power utility, PT Perusahaan Listrik Negara (PLN; BBB-
/Stable), which provides for tariff adjustments for movements in
exchange rates and inflation. The company has not faced any
material payment delays from PLN, the sole off-taker of
electricity generated by SEG, since 2004.

SEG's continues to maintain adequate leverage and sound liquidity
for its ratings. Funds from operations (FFO)-adjusted net leverage
(excluding the USD102m of subordinated, interest free shareholder
loan), was 2.4x at 9M12 (2.1x in FY11). The company had cash
reserves of USD139m as of end-December 2012, which is more than
adequate to repay the annual amortisation of USD25m in both 2013
and 2014 of its five-year senior secured USD notes, given its
moderate non-discretionary capex requirement.

Rating Sensitivities

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

SEG's leverage as measured by FFO-adjusted net leverage exceeding
5.0x and FFO interest coverage falling below 2.0x (1.9x as at
9M12), both on a sustained basis.

Positive: A positive rating action is unlikely in the next 12 to
18 months. However, Fitch may consider a positive rating action
once greater clarity is available on SEG's future capital
expenditure, and on its capital structure and if the company can
reduce its financial leverage to below 3.5x on a sustained basis.



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


RENESAS ELECTRONICS: To Sell Subsidiary to Panasonic-Fujitsu
------------------------------------------------------------
The Japan Times Online reports that Renesas Electronics Corp. is
considering selling a subsidiary to a new company that Fujitsu
Ltd. and Panasonic Corp. will set up by integrating their loss-
making system LSI chip operations, sources said Tuesday.

The Japan Times relates that Fujitsu and Panasonic announced the
system LSI merger plan in February, but Renesas, which initially
took part in the negotiations, failed to reach terms with them.
Fujitsu and Panasonic, however, still want to acquire the
chipmaker's technology to boost their international
competitiveness, the sources, as cited by the report, said.

According to the report, sources said the three are mulling
incorporating Renesas Mobile Corp., a Renesas unit that develops
semiconductors for smartphones, into the new company that Fujitsu
and Panasonic are aiming to launch around the middle of fiscal
2013, which starts April.

Renesas Mobile was established in 2010 by integrating Renesas
Electronics' mobile multimedia business and the wireless business
of Finland's Nokia Corp., the report discloses.

Sources said that by involving Renesas, Fujitsu and Panasonic will
aim to develop advanced chip products for smartphones at the new
company. Around 1,800 Renesas Mobile employees will be taken on by
the new company, The Japan Times relays.

Struggling Renesas, which is currently undergoing restructuring,
will accelerate the streamlining of its business by selling the
subsidiary, the report adds.

                    About Renesas Electronics

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.

For the fiscal year that ended March 31, 2012, the chip maker
reported a net loss of JPY62.60 billion and revenue of
JPY883.11 billion.  In the previous fiscal year when the company
was created, it reported a net loss of JPY115.02 billion, The
Wall Street Journal reported.

Renesas Electronics on Feb. 8, 2013, widened its annual loss
forecast to JPY176 billion ($1.9 billion).

In February, shareholders of Renesas Electronics Corp. approved a
JPY150 billion investment plan from a government-backed fund and
eight companies to accelerate restructuring steps, he Japan Times
Online reported.


ORIX-NRL TRUST 14: S&P Lowers Rating on Class C Notes to D
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to 'D
(sf)' from 'CCC- (sf)' its rating on the class C trust
certificates issued in May 2007 under the ORIX-NRL Trust 14
transaction.  The class A trust certificates issued under the
same transaction fully redeemed on the principal and interest
payment date in December 2011, and S&P withdrew its rating on the
interest-only class X in the same month.  The class B trust
certificates fully repaid on the principal and interest payment
date in February 2013, and S&P lowered to 'D (sf)' its ratings
on class H, and classes D to G in September 2011, and December
2012, respectively.

In January 2013, the servicer completed the sale of the single
property--an office building in Kitakyushu City, Fukuoka
Prefecture--that backed the transaction's remaining loan.  As a
result, the principal on the loan was impaired.  The loan, which
has defaulted, originally represented about 13.4% of the total
initial issuance amount of the trust certificates.  S&P downgraded
class C to 'D (sf)' because it confirmed that principal and
interest on the class C trust certificates were impaired on the
principal and interest payment date in March 2013.

ORIX-NRL Trust 14 was a multiborrower commercial mortgage-backed
securities (CMBS) transaction.  Ten nonrecourse loans and
specified bonds extended to eight obligors initially secured the
trust certificates, and 39 real estate certificates and real
estate properties originally backed the 10 nonrecourse loans and
specified bonds.  ORIX Corp. arranged the transaction, and ORIX
Asset Management & Loan Services Corp. acted as the servicer.

          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 LOWERED
ORIX-NRL Trust 14
JPY20.7 billion trust certificates due December 2013
Class        To            From             Initial issue amount
C            D (sf)        CCC- (sf)        JPY1.2 bil.


SHARP CORP: Samsung to Buy 3% Stake for JPY10.4 Billion
-------------------------------------------------------
Japan Today reports that Sharp Corp. on Wednesday announced a $111
million capital tie-up deal with South Korean rival Samsung, in a
rare move for a Japanese firm that underscores the fading fortunes
of its electronics giants.

Japan Today relates that Sharp, which is scrambling to repair its
battered balance sheet, said Samsung would buy JPY10.4 billion
($111 million) of new shares, or a 3% stake in the Japanese firm,
making the smartphone and tablet maker its biggest foreign
shareholder.

According to Japan Today, the Japanese firm said the deal would
help shore up its troubled finances while boosting "mutual trust"
as the firms look to benefit from Sharp's leading liquid-crystal
display technology for mobile phones and tablets.

Samsung said the investment "would lay a firm foundation. . .to
secure a steady supply of LCD panels from diversified sources,"
the report adds.

                        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
====================


ROSS ASSET: Fraud May Hit IRD Through Tax Refunds
-------------------------------------------------
Jason Krupp at stuff.co.nz reports that the Internal Revenue
Department may add its name to the list of parties affected by
Ross Asset Management fraud.

In a report on the first meeting between PricewaterhouseCoopers
and an advisory committee of investors, stuff.co.nz relates,
liquidator John Fisk said he had begun talks with the IRD over
refunding tax payments made on fictitious Ross earnings.

No indication was given on the amounts being sought from the IRD,
but it could potentially be in the millions, with more than 900
RAM clients being caught out, the report says.

"It's something we as liquidators are unable to quantify [right
now], but from the feedback we got from the [liquidation]
committee, I think a number of investors see this as potentially
one of the best avenues for revenue at this stage," stuff.co.nz
quotes Mr. Fisk as saying.

Although there was provision in the tax code for this form of
recovery, it appeared to be the first time the rule had been
applied to a case like RAM, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).


SIMPLY PARIS: Liquidators Estimate Up to NZ$1.4MM Deficit
---------------------------------------------------------
stuff.co.nz reports that failed French bakery Simply Paris is more
than NZ$1.4 million in the red, according to the first documents
available following its February collapse.

According to stuff.co.nz, the cafe brand famed for authentic mille
feuille, croissants and freshly baked sourdough bread closed both
its Dixon St and Newtown sites in December and never reopened.

Simply Paris was owned by Pascal Chivot, a former chef for the
French Ambassador to New Zealand, and investor John Miller, the
report says.

stuff.co.nz relates that the company went in to liquidation on
Feb. 20, 2013, following a dispute with sublease tenants Zachary
and Naomi Widener's who rented a Cuba St cafe space in front of
Simply Paris's baking facilities for their Caribbean Restaurant
Bar & Grill.

The couple put Caribbean Restaurant Bar & Grill in to voluntary
administration in December, with a deficiency of more than
NZ$92,000 for its bills, stuff.co.nz relays.

The initial liquidators report for Simply Paris states it has
NZ$98,150.58 available for distribution, NZ$63,804.27 of which is
earmarked for Inland Revenue debts.  However its total shortfall
to creditors was more than (estimated deficit) NZ$1.42 million.

Simply Paris owed more than NZ$75,000 to trade creditors.

The liquidator's report listed creditors as including Caffe
L'Affare, Coca Cola, Moore Wilson & Co and Regional Wines &
Spirits, stuff.co.nz discloses.



=====================
P H I L I P P I N E S
=====================


BANCO FILIPINO: Depositors Oppose Bank's Liquidation
----------------------------------------------------
Tetch Torres-Tupas at INQUIRER.net reports that depositors of
Banco Filipino asked the Court of Appeals, Bangko Sentral ng
Pilipinas, Monetary Board, and the Philippine Deposit Insurance
Corp. (PDIC) to halt the liquidation of the bank and to stop the
sale of its assets.

INQUIRER.net relates that the petitioners said in its 38-page
petition-in-intervention that the Resolution 1635 failed to comply
with the proceedings in receivership and liquidation as provided
under Section 30 of Republic Act 7653 or the New Central Bank Act
of 1993.

According to the report, the intervenors and the bank's employees
said declaring Banco Filipino as insolvent was done hastily and
without proof of notice to the bank's board.

They said, not only were the bank, the stockholders, and
employees' rights were violated but the rights and interests of
the depositors as well, INQUIRER.net relays.

"Banco Filipino's illegal closure has effectively resulted in the
BSP divesting depositors of their hard-earned savings and in the
BSP depriving employees of their permanent means of livelihood,
which at bottom is a serious deprivation of life and liberty," the
report quotes the intervenors as saying.  "Depositors and
employees are literally dying and continuously incurring debts to
sustain their daily needs," they added.

The intervenors also asked the appeals court to produce all
documents regarding the findings of insolvency of Banco Filipino,
the report says.

                       About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964, offers
full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services.  It started operations on July 9,
1964.

Bangko Sentral ng Pilipinas closed Banco Filipino after the
bank's liabilities overwhelmed its assets by PHP8.4 billion, and
then filed charges against the bank's directors and officials.
BSP also placed the bank under the receivership of the state-run
Philippine Deposit Insurance Corp. to provide immediate relief to
the bank's 177,652 depositors.



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


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

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


AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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