TCRAP_Public/130311.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, March 11, 2013, Vol. 16, No. 49


                            Headlines


A U S T R A L I A

ACE FOODS: Appoints Clifton Hall as Administrators
APG (SA): Clifton Hall Appointed as Liquidators
BYRON BAY: Placed in Voluntary Administration
CAVALIER HOMES: Ballarat Franchise Goes Into Liquidation
TRIO CAPITAL: ASIC Permanently Bans Astarra Investment Manager


C H I N A

CHINA MINZHONG: S&P Assigns 'BB-' CCR; Outlook Stable
CITIC PACIFIC: Weak 2012 Results No Impact on Moody's Ba1 CFR
TIGER MEDIA: Steve Ye Named Chief Financial Officer


H O N G  K O N G

CHERVON SERVICES: Creditors' Proofs of Debt Due April 2
FANCY HERO: Lam Yuet Ling Karen Steps Down as Liquidator
FOREVER FIRST: Members' Final General Meeting Set for April 2
FRIENDS UNLIMITED: Creditors' Proofs of Debt Due April 2
FUVANKA INDUSTRIES: Annual Meetings Set for March 26

GBL III: Seng and Susan Step Down as Liquidators
GENDA ENTERPRISE: Commences Wind-Up Proceedings
HANG CHEONG: Creditors' Final General Meeting Set for April 3
LIAN YOU: Members' Final General Meeting Set for April 2
LIPMAR HERO: Placed Under Voluntary Wind-Up Proceedings

MAXEDA DIY: Creditors' Proofs of Debt Due April 5
PALL ASIA: Creditors' Proofs of Debt Due March 18
POWER SOLUTION: Commences Wind-Up Proceedings
TUNG WING: Court Enters Wind-Up Order
WARAKU HK: Court Enters Wind-Up Order

WHITE MARK: Court Enters Wind-Up Order
ZETEX INTERNATIONAL: Creditors' Meeting Set for March 15
* Lending in Qianhai is Good for Hong Kong Banks, Says Moody's


I N D I A

AGARWAL AUTO: CRISIL Reaffirms 'B' Rating on INR55MM Loan
BHARATH REDDY: CRISIL Downgrades Rating on INR50MM Loan to 'D'
GARG PO: CRISIL Assigns 'BB-' Ratings to INR65MM Loans
KESHAVA EDUCATIONAL: CRISIL Cuts Rating on INR56MM Loan to 'D'
KESHAVA REDDY: CRISIL Cuts Rating on INR35MM LT Loan to 'D'

L.G. AGRO: CRISIL Reaffirms 'B+' Ratings on INR55MM LT Loans
RECON TECHNOLOGIES: CRISIL Rates INR115.4MM Loans at 'BB-'
SRI KANAKADURGA: CRISIL Downgrades Rating on INR100MM Loan to 'D'
SRI KESHAVA: CRISIL Downgrades Rating on INR50MM LT Loan to 'D'
SRI MAHANANDEESWARA: CRISIL Cuts Rating on INR50MM LT Loan to 'D'

SRI SARASWATHI: CRISIL Lowers Rating on INR80MM LT Loan to 'D'
SRI SATYANARAYANA: CRISIL Lowers Ratings on INR100MM Loans to 'D'
SRI SURYA EDUCATIONAL: CRISIL Cuts Rating on INR89MM Loans to 'D'
SRI VENKATESWARA: CRISIL Cuts Rating on INR75MM Loan to 'D'
TIRUPATI CORRUGATORS: CRISIL Cuts Rating on INR140MM Loans to 'D'


J A P A N

* Japan Posts Third Straight Current Account Deficit


N E W  Z E A L A N D

LOMBARD FINANCE: Court Reserves Decision on Directors' Appeal
MAINZEAL PROPERTY: Subbies Want Disclosure of Retention Payments


P H I L I P P I N E S

RURAL BANK OF BUENAVISTA: Placed Under PDIC Receivership


                            - - - - -


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


ACE FOODS: Appoints Clifton Hall as Administrators
--------------------------------------------------
Timothy Clifton -- tclifton@cliftonhall.net.au -- and Mark Hall
-- mhall@cliftonhall.net.au -- of Clifton Hall were appointed as
Joint and Several Administrators of Ace Foods Pty Ltd on
March 6, 2013.

The first meeting of creditors will be held at 10:30 a.m. on March
18, 2013, in the offices of Clifton Hall, Level 4, 12 Gilles
Street, Adelaide.


APG (SA): Clifton Hall Appointed as Liquidators
-----------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of APG (SA) Pty Ltd on March 8,
2013.

The first meeting of creditors will be held at 11:00 a.m. on
March 19, 2013, in the offices of Clifton Hall, Level 1, 12 Gilles
Street, Adelaide.


BYRON BAY: Placed in Voluntary Administration
---------------------------------------------
Jenny Rogers at goldcoast.com.au reports that the Byron Bay Cookie
Company's manufacturing arm has been placed in voluntary
administration and a number of staff have been made redundant.

The company on March 6 called in administrators in wake of the tax
office taking wind-up action against it.

The company, which supplies cookies to a number of Australian
airlines through partnership deals, had also just announced it was
to expand its franchises worldwide.

It is believed more than $1 million is owed in unpaid taxes,
superannuation and to suppliers, the report notes.

goldcoast.com.au discloses that John Vouris --
JVouris@lawlerpartners.com.au -- and Brad Tonks --
BTonks@lawlerpartners.com.au -- of the business recovery team at
Lawler Partners in Sydney, were appointed voluntary administrators
over the manufacturing arm on March 6.

According to the report, the administrators said they would work
closely with company shareholders ahead of a creditors' meeting on
March 19.

"We intend to trade the business and are working with the board,
employees, customers and suppliers and are hopeful that a deed of
company arrangement proposal will be submitted that will maximise
a return to creditors," the report quotes Mr. Vouris as saying.

"The board has exhausted all avenues prior to making the decision
to appoint voluntary administrators," goldcoast.com.au quotes
Jacqueline Schurig, director of the Byron Bay Cookie Company, as
saying.

"The board has the support of employees, customers and suppliers,
is confident that the business has a future and sees this as an
opportunity to restructure its manufacturing division.  As such,
it is the board's intention to propose a deed of company
arrangement."

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


CAVALIER HOMES: Ballarat Franchise Goes Into Liquidation
--------------------------------------------------------
Fiona Henderson at The Courier reports that Cavalier Homes
Ballarat has gone into liquidation.  However, all local clients
have been guaranteed their homes will be completed.

While Cavalier Homes Ballarat was no longer part of the national
company, Cavalier Homes Australia and New Zealand general manager
Carmel Baker said they would ensure all contracts were met, the
Courier relates.

"Cavalier Homes Ballarat is no longer a member of our franchise
system but it has gone into liquidation," the report quotes
Ms. Baker as saying.  "We are currently investigating all the
implications because what is important to us is our customer base.

It is still unclear what the implications will be for sub-
contractors employed by the company, the report notes.

According to the report, Ms. Baker said Cavalier Homes Australia
and New Zealand had been sold to new owners only four weeks ago so
she didn't know when the Ballarat business had left the company.

Cavalier Homes Ballarat is a family-run business located in Sutton
Street, Delacombe.


TRIO CAPITAL: ASIC Permanently Bans Astarra Investment Manager
--------------------------------------------------------------
The Australian Securities and Investments Commission has
permanently banned former Astarra Asset Management Pty Ltd
director, Eugene Liu, from providing financial services for
failing to comply with financial services laws.

Mr. Liu's banning is a result of ASIC's continuing work into the
collapse of Trio Capital.

Mr. Liu was a director and chief investment strategist of AAM
(formerly Absolute Alpha Pty Ltd) from July 12, 2006, until it was
placed into liquidation on Dec. 22, 2009.

AAM was appointed by Trio Capital Ltd as the investment manager of
the assets of Astarra Strategic Fund.  ASF was a fund of hedge
funds and its responsible entity was Trio.  As a result of
marketing and promotion of ASF by AAM, money was invested in ASF
from Feb. 15, 2006, until Sept. 30, 2009. In December 2009, ASF
had reported assets of $125 million.

An ASIC investigation found Mr. Liu engaged in dishonest conduct
and conduct that was misleading or likely to mislead during his
time as a director of AAM. Specifically, ASIC found Mr. Liu
engaged in:

* dishonest conduct with respect to incorrect statements made
   in the ASF Product Disclosure Statement;

* dishonest conduct and conduct which was misleading or likely
   to mislead regarding a research report about ASF;

* dishonest conduct in receiving more than $388,041 in payments
   outside his salary, as a reward for his involvement in the
   investment of ASF assets in certain funds; and

* dishonest conduct and conduct which was misleading or likely
   to mislead in hiding where ASF investment money would
   ultimately be placed.

ASIC Chairman Greg Medcraft said, "Mr. Liu's banning should act as
a deterrent to all those in the industry. Australian investors
should be confident and informed, and those individuals who do not
promote these values when dealing with consumers have no place in
the industry."

Mr. Liu has the right to apply to the Administrative Appeals
Tribunal for a review of ASIC's decision and is currently
exercising those rights with an appeal to the Tribunal.

Investigations by ASIC into Trio are continuing.

                         About Trio Capital

Trio Capital was formerly the trustee of five superannuation
entities and the responsible entity for 25 managed investment
schemes, including the Astarra Strategic Fund.  The Astarra
Strategic Fund was a fund of hedge funds, which in December 2009
had reported assets of $125 million.  Investors in the Astarra
Strategic Fund included several superannuation trusts managed by
Trio Capital as well as self-managed superannuation funds and
direct investors.

The Astarra Strategic Fund invested in several questionable
overseas hedge funds, mostly based in the Caribbean.  The
Australian Securities & Investments Commission commenced an
investigation into Trio Capital in October 2009 over concerns
about the legitimacy of its investments.  Trio Capital was placed
into administration on Dec. 16, 2009, and on April 16,  2010, the
NSW Supreme Court ordered that the Astarra Strategic Fund be
wound up.  Since this time the liquidator of Trio Capital has
been unable to recover the vast majority of the investments made
by the Astarra Strategic Fund.

Investigations into Trio Capital are continuing by both ASIC and
the Australian Prudential Regulation Authority.



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


CHINA MINZHONG: S&P Assigns 'BB-' CCR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term corporate credit rating to China-based agriculture
company China Minzhong Food Corp. Ltd.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'BB-' issue
rating to the company's proposed issue of U.S. dollar-denominated
senior unsecured notes.  S&P also assigned its long-term 'cnBB+'
Greater China regional scale rating to Minzhong and to the
proposed issue.  The issue rating is subject to S&P's review
of the final issuance documentation.

"The rating on Minzhong reflects our view of the company's small
size relative to domestic peers', its concentrated production, and
exposure to a highly fragmented agricultural market," said
Standard & Poor's credit analyst Joe Poon.  "Minzhong's
established market position as an integrated vegetable processor
in China, its ample financial buffer, and good operating
efficiency partly offset these weaknesses."

S&P assesses Minzhong's business risk profile to be "weak."
Industry risks include market fragmentation and vulnerability to
the business impact of adverse weather conditions and food safety
concerns in China.  The company is less diversified than its
domestic peers in terms of its production facilities and product
mix.  In S&P's view, Minzhong's concentration in production is
unlikely to improve over the next few years.  S&P views the
group's management and governance to be "fair."

Minzhong's established market position and integrated business
model supports the company's growth opportunities and
profitability, in S&P's view.  S&P expects Minzhong to maintain
its sound profitability as it focuses more on industrialized
farming and supplies high-yield and high-margin products to the
domestic market.  Minzhong also has good demand visibility over
the next 12 months.

S&P views Minzhong's financial risk profile as "significant" due
to the company's significant capital expenditure for capital
expansion, the potential volatility in its margins, and
vulnerability of working capital to seasonality and adverse
weather conditions.  Minzhong's low leverage and stable cash flow
temper these weaknesses.  In addition, the company has a prudent
expansion record.

"The stable outlook reflects our expectation that Minzhong will
likely maintain good profitability while growing steadily by
adding new capacity over the next 12 months, at least," said Mr.
Poon.  "We anticipate that the company's financial position will
provide a sufficient buffer to cope with working capital needs and
capacity expansion."

S&P could lower the rating if Minzhong's debt increases beyond
S&P's expectation, causing the debt-to-EBITDA ratio to exceed 2.0x
on a consistent basis.  This could happen if Minzhong's capital
expenditure is more aggressive than its current plan or the
company poorly executes its capacity expansion.  S&P could also
lower the rating if: (1) Minzhong's liquidity deteriorates due to
poor working capital management; (2) S&P believes the company's
corporate governance has weakened; or (3) the company materially
and suddenly shifts its business strategy.

Rating upside is limited in the next few years due to the
production concentration in Minzhong's business.  In the longer
term, S&P could raise the rating if the company can significantly
reduce the revenue concentration from its production base in
Fujian and improve its product mix, while maintaining its solid
operating margins and financial strength.


CITIC PACIFIC: Weak 2012 Results No Impact on Moody's Ba1 CFR
-------------------------------------------------------------
Moody's Investors Service says CITIC Pacific Limited's weaker-
than-expected results for the fiscal year ended December 31, 2012
has no direct impact on the company's Ba1 corporate family and
senior unsecured bond ratings, or on its negative outlook.

Ratings Rationale:

"Despite CITIC Pacific's weaker than expected 2012 performance,
its Ba1 rating factors in the expected strong support from its
parent, CITIC Group (Baa2, stable) with three notches rating
uplift from its standalone credit fundamental," says Alan Gao, a
Moody's Vice President and also International Lead Analyst for
CITIC Pacific.

The company's financial profiles deteriorated further in FY2012
due to lower profits and cash flow generated from its steel and
property businesses, as well as higher debt to fund its Sino Iron
Ore project, which have weakened its standalone credit
fundamental.

"We expect CITIC Pacific's financial profile to remain weak until
at least 2015, when all six lines of its Sino Iron Ore project are
expected to start fully operating," says Gao.

"The company will need to take on more debt in the next one to two
years, as the cash flow generated by its first and second lines,
the latter of which is due to be commissioned in mid-2013, is
insufficient to cover the capex for lines three to six of the
project," adds Gao.

"It also faces several uncertainties such as whether or not it can
ramp up the production lines as planned and what the actual
production costs will be," says Gao.

"While CITIC Pacific's special steel and property businesses may
benefit from China's improved macro environment, we expect the
cash flow contribution to be limited at least until end-2014,"
says Kai Hu, a Moody's Vice President and Local Market Analyst in
China for CITIC Pacific.

"Moreover, any recovery in its special steel business will be
modest because of rising iron ore prices and overcapacity problem
in the industry," adds Hu.

CITIC Pacific's property business faces two main challenges: 1) a
weak sales pipeline in the near term, and 2) the limited ability
to benefit from a recovery in the property market, as the
company's property segment has a heavy focus on investments and
improvement demands, while current government policies favor
first-time buyers.

Moody's expects CITIC Pacific's debt level will continue to rise ,
if assuming no asset disposal or equity injection. Its adjusted
fund flow from operations (FFO)/debt is therefore likely to remain
below 5% in next two years.

Nevertheless, the company's ratings factor in a three-notch
parental uplift, reflecting CITIC Group's strong track record of
support, including: 1) bailing out CITIC Pacific in 2008 after its
huge losses on foreign exchange transactions, 2) increasing its
stake in CITIC Pacific to around 57.5% from 29% in 2008 3)
provision of funds through taking stakes in CITIC Guoan and CITIC
Telecom.

The three-notch uplift also reflects CITIC Pacific's importance to
the group, because of its status as the group's largest non-
financial business in terms of profit contribution and assets, the
shared senior management structure and the high reputational risk
for the group, if CITIC Pacific should fail.

CITIC Pacific's liquidity profile remains adequate, mainly
supported by its HKD32 billion cash-on-hand and HKD15 billion in
unused committed credit facilities as of end-2012.

The negative outlook reflects Moody's concerns over the
uncertainties surrounding the Sino Iron Ore project.

Nonetheless, the ratings outlook could revert to stable if: (1)
the Sino Iron Ore project progresses according to schedule,
passing important milestones such as commissioning the second line
in mid-2013, and commissioning lines three to six by stages
beginning mid-2014, (2) the remaining capex for the iron project
is kept to under $2 billion, and (3) the company maintains
adequate liquidity for refinancing and project development.

However, the ratings may be downgraded if (1) the project misses
its key milestones and encounters major cost overruns, and (2) the
company's liquidity profile deteriorates.

The credit metrics that Moody's will consider for a downgrade
include: adjusted debt/capitalization staying above 60%, and
adjusted FFO/debt failing to trend above 5% by end of 2014.

In addition, a downgrade in CITIC Group's rating or an erosion of
its support for CITIC Pacific may also trigger a downgrade of
CITIC Pacific.

CITIC Pacific Limited's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's compared
these attributes against other issuers both within and outside
CITIC Pacific Limited's core industry and believes CITIC Pacific
Limited's ratings are comparable to those of other issuers with
similar credit risk.

Other Factors used in this rating are described in Analytical
Considerations in Assessing Conglomerates, published in September
2007.

CITIC Pacific Ltd, listed in Hong Kong, is a conglomerate that is
57.5% owned by the CITIC Group. It was one of the first Chinese
companies to list and invest abroad. It is engaged in a range of
businesses, including special steel manufacturing, iron ore
mining, property development and investment, power generation,
aviation, infrastructure, communications, and distribution. As of
end-2012, it had total consolidated assets of HKD247 billion.

The CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by the State Council of the
Chinese government. As of end-2011, it had total consolidated
assets of RMB3.3 trillion.


TIGER MEDIA: Steve Ye Named Chief Financial Officer
---------------------------------------------------
Tiger Media Inc. appointed Steve Ye as Chief Financial Officer
effective March 4, 2013.

Mr. Ye brings to Tiger Media over 15 years of financial management
experience, including many years with U.S. listed Chinese
companies.  Mr. Ye has extensive experience in financial oversight
with GAAP, SOX compliance, implementing operational efficiencies,
risk management and financial integration, as well as SEC
financial reporting, budgeting and treasury management.  Mr. Ye
joins Tiger Media from Suntech, one of the world's largest
producers of solar panels with 2011 revenue of $3.1 billion, and
which is listed on the NYSE.  At Suntech, Mr. Ye served as the
Finance Director since 2011 and was responsible for financial
reporting, planning as well as daily operational management of
production.  Prior to Suntech, Mr. Ye served as Chief Financial
Officer for Solar Entertech from 2009 to 2011 and was responsible
for SEC public reporting, overseeing all accounting functions and
operations management.  Prior to Solar Enertech, Mr. Ye
worked at Wells Fargo, General Electric and ABN AMRO Bank in
various financial leadership roles.

Mr. Ye possesses an undergraduate degree from Shanghai
International Studies University with a major in Accounting and a
Masters of Business Administration from University of Rochester.
Mr. Ye is both a Certified Public Accountant and Certified
Financial Analyst.

Mr. Peter Tan, chief executive officer of Tiger Media, commented,
"We are very excited to add Steve Ye to our executive team and I
believe Steve will be critical to the implementation and expansion
of our extensive concession pipeline.  His experience at other
NYSE listed companies will be valuable to us in addition to his
equipment and component supply chain expertise.  We are
pleased with the initial interest of both the Luxury Mall LCD and
Home Inns network and we expect to announce additional concessions
and new media opportunities throughout the year.  Steve has a
proven track record of effective financial management within a
high growth, entrepreneurial Chinese company listed in the U.S
market.  I would also like to thank Shirley Liu for serving as
Chief Finance Officer and she will continue with the Company for a
limited transition period before taking time off for family
commitments."  Mr. Ye added, "I am extremely excited to join Tiger
Media.  Tiger Media has a highly scalable business focus and I
expect to be able to effectively manage both the financial and
operational oversight of the Company.  I am confident that I can
effectively partner with the senior management team to grow and
expand Tiger Media."

                          Business Update

Tiger Media announced an update on its Luxury Mall LCD and Home
Inns concessions.

With the first LCD media installation at Raffles City in early
February 2013, Tiger Media has launched its Luxury Mall LCD
concession network in prominent locations in Shanghai, including
Wuxiang Du, Shanghai Center and Xintiandi.  The Company's
locations have many similar characteristics highlighted by Raffles
City, which is a popular luxury mall near the high traffic
People's Square and is very close to the famous Bund area of
Shanghai.  The Company believes that Raffles City's many leading
luxury goods chains combined with its ability to reach
consumers as they enter the mall complex appeals to the Company's
advertisers and potential advertisers.  Xintiandi is a very
affluent entertainment district in central Shanghai, which allows
Tiger Media another touch point to reach consumers throughout the
Shanghai metropolitan area.  The concession is scheduled
to be executed in two phases, with the initial roll out to 10
malls anticipated to be operational before the end of March 2013
and the second roll out of 15 malls anticipated to be operational
before the end of April 2013 to complete the Shanghai city
network.  The Company is also planning to expand the network to
other cities and will update investors on the progress of this
expansion as it develops.  There was a two-month delay in the
deployment of this concession due primarily to protracted
procurement negotiations with equipment vendors and tailor made
installation requirements for each mall.  The Company has already
entered into certain pre-sale contracts with advertisers and
expects sales revenue to ramp up in May 2013.

The first two locations for the Home Inns concession are expected
to be installed in Shanghai this summer based upon the current
government and landlord approval timeline.  Both of these hotels
are adjacent to Yan An Road, the main central highway in Shanghai.
As a result of the high traffic and premium location of these
billboards, many prominent advertisers are interested in
leasing these locations and we expect these locations will be
fully occupied once the government approval is granted.
Additional Home Inns locations will be added throughout China and
the will provide regular updates to investors throughout the year.
However, the Company anticipates that the Home Inns concession
will require a longer time to implement than originally
anticipated due to the geographical scope and various consents
required from parties other than Home Inns.  Additional
information and images of the Company's concessions are available
at www.tigermedia.com Web site.

                         About Tiger Media

Tiger Media -- http://www.tigermedia.com-- is a multi-platform
media company based in Shanghai, China.  Tiger Media operates a
network of high-impact LCD media screens located in the central
business district areas in Shanghai.  Tiger Media's core LCD media
platforms are complemented by other digital media formats that it
is developing including transit advertising and traditional
billboards, which together enable it to provide multi-platform,
"cross-over" services for its local, national and international
advertising clients.

Marcum Bernstein & Pinchuk LLP, in New York, issued a "going
concern" qualification on the company's consolidated financial
statements for the year ended Dec. 31, 2011.  The independent
auditors noted that the Company has suffered recurring losses and
has a working capital deficiency of roughly $31,000,000 at
Dec. 31, 2011, which raises substantial doubt about its ability to
continue as a going concern.

Searchmedia Holdings reported a net loss of $13.45 million
in 2011, a net loss of $46.63 million in 2010, and a net loss of
$22.64 million in 2009.

The Company's balance sheet at Sept. 30, 2012, showed
US$39.88 million in total assets, US$35.41 million in total
liabilities, $979,000 in minority interest, and US$3.49 million in
total shareholders' equity.



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


CHERVON SERVICES: Creditors' Proofs of Debt Due April 2
-------------------------------------------------------
Creditors of Chervon Services Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 2, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 19, 2013.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


FANCY HERO: Lam Yuet Ling Karen Steps Down as Liquidator
--------------------------------------------------------
Lam Yuet Ling Karen stepped down as liquidator of Fancy Hero
Limited on Feb. 18, 2013.


FOREVER FIRST: Members' Final General Meeting Set for April 2
-------------------------------------------------------------
Members of Forever First Development Limited will hold their final
general meeting on April 2, 2013, at 10:00 a.m., at Room 1205,
12/F, Manulife Provident Funds Place, No. 345 Nathan Road, in
Kowloon.

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


FRIENDS UNLIMITED: Creditors' Proofs of Debt Due April 2
--------------------------------------------------------
Creditors of Friends Unlimited Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 2, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 20, 2013.

The company's liquidator is:

         Chan Mei Bo Mabel
         Suites 2208-11, 22nd Floor
         Tower One, Times Square
         1 Matheson Street
         Causeway Bay, Hong Kong


FUVANKA INDUSTRIES: Annual Meetings Set for March 26
----------------------------------------------------
Members and creditors of Fuvanka Industries Limited will hold
their annual meetings on March 26, 2013, at 11:00 a.m., and 11:15
a.m., respectively at 32nd Floor of One Pacific Place, at 88
Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GBL III: Seng and Susan Step Down as Liquidators
------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
GBL III Limited on Feb. 21, 2013.


GENDA ENTERPRISE: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Genda Enterprise Limited, on Feb. 22, 2013, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Yeung Lui Ming (Edmund)
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


HANG CHEONG: Creditors' Final General Meeting Set for April 3
-------------------------------------------------------------
Creditors of Hang Cheong Godown Limited will hold their final
general meeting on April 3, 2013, at 5:30 p.m., at Room 1205,
12/F, Manulife Provident Funds Place, No. 345 Nathan Road, in
Kowloon.


LIAN YOU: Members' Final General Meeting Set for April 2
--------------------------------------------------------
Members of Lian You Enterprise Company Limited will hold their
final meeting on April 2, 2013, at 10:00 a.m., at 20/F, Fung
House, at No. 19-20 Connaught Road Central, in Hong Kong.

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


LIPMAR HERO: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Feb. 20, 2013,
creditors of Lipmar Hero Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Kennic Lai Hang Lui
         Yuen Tsz Chun Frank
         Messrs. KLC Kennic Lui & Co
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


MAXEDA DIY: Creditors' Proofs of Debt Due April 5
-------------------------------------------------
Creditors of Maxeda DIY Asia Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 5, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 1, 2013.

The company's liquidator is:

         Chan Yip Man Norman
         Units 601-2, 6/F, Wai Fung Plaza
         664 Nathan Road
         Mongkok, Kowloon
         Hong Kong


PALL ASIA: Creditors' Proofs of Debt Due March 18
-------------------------------------------------
Creditors of Pall Asia Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 18, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 25, 2013.

The company's liquidator is:

         Stephen Liu Yiu Keung
         Andrew Koo Chi Ho
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


POWER SOLUTION: Commences Wind-Up Proceedings
---------------------------------------------
Members of Power Solution Limited, on Feb. 21, 2013, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Victor Robert Lew
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


TUNG WING: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order Feb. 20, 2013, to
wind up the operations of Tung Wing Industrial International
Limited.  The company's liquidator is Teresa S W Wong.


WARAKU HK: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order Feb. 20, 2013, to
wind up the operations of Waraku Hong Kong Limited.  The company's
liquidator is Teresa S W Wong.


WHITE MARK: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order Feb. 20, 2013, to
wind up the operations of White Mark Limited.  The company's
liquidator is Teresa S W Wong.


ZETEX INTERNATIONAL: Creditors' Meeting Set for March 15
--------------------------------------------------------
Creditors of Zetex International Limited will hold their meeting
on March 15, 2013, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Rm. 1006, 10/F, Landmark North, 39
Lung Sum Avenue, Sheung Shui, N.T., in Hong Kong.


* Lending in Qianhai is Good for Hong Kong Banks, Says Moody's
--------------------------------------------------------------
Moody's Investors Service says the Chinese government's move to
allow Hong Kong banks to make direct offshore RMB loans to
enterprises registered in Qianhai in southern China will create a
new outlet for their surplus offshore RMB funds, as well as expand
their presence in the Mainland.

"Given the limited pool of RMB funds in Hong Kong, we expect Hong
Kong banks to be selective in their lending decisions and maintain
good asset quality on loans to Qianhai," says Sonny Hsu, a Moody's
Vice President and Senior Analyst.

"We expect Hong Kong banks to mainly lend to borrowers they are
familiar with, such as subsidiaries of well-established Chinese
companies, multinationals, and long-standing Hong Kong customers,"
he adds.

Hsu was speaking on a just-released Moody's report titled,
"Qianhai Special Economic Zone Opens Business to Hong Kong Banks:
Frequently Asked Questions."

According to the report, Hong Kong banks can demand credit
guarantees from the corporate parents of borrowers or secure their
loans with high quality collateral to mitigate credit risks on
loans to borrowers in Qianhai.

Mainland authorities currently have in place strict capital
controls on cross-border fund transfers for purposes other than
trade, and require extensive approvals for any cross-border
investments and financing.

Hong Kong banks would only need to fulfill two conditions to
extend such loans to Qianhai: (1) the borrowers should be Qianhai-
registered entities; and (2) the proceeds should be used in
Qianhai. The banks and borrowers are free to determine the terms
and conditions, including amounts, tenors and interest rates.

"The Mainland's decision is a step towards the relaxation of
China's capital account and interest-rate regulations," says Hsu.

"This move will allow Mainland authorities to monitor the progress
and development of liberalized cross-border lending on a very
small scale before making a decision on whether to apply similar
relaxations to the rest of the country," adds Hsu.

On January 28, 2013, a total of 15 Hong Kong and Chinese
institutions became the first batch of banks allowed to make
offshore RMB loans.

"Based on the balance of RMB624 billion in RMB customer deposits
in Hong Kong at end-January 2013, we expect the banks to lend out
at most half of such deposits, or RMB312 billion, as loans in
Qianhai, which would be equivalent to 2.5% of overall banking
system assets in the territory," Hsu says.

Because RMB will remain non-convertible through the capital
account -- with the exception of Qianhai -- Moody's expects Hong
Kong banks to maintain ample liquidity buffers in the currency.

In view of current market conditions, assuming that Hong Kong
banks enjoy a yield pick-up of 200 basis points on such lending,
they can expect an increase of 5 basis points in their aggregate
return on assets.

The banks' profitability would further improve if tighter
liquidity conditions in offshore RMB lead to wider offshore
lending spreads.

For the Mainland's banking system, the impact will be minimal,
given the small pool of available offshore RMB funds in Hong Kong
relative to the total loans and deposits in China.

According to Moody's calculations, even if Hong Kong banks lent
out their entire current RMB deposit stock as loans in Qianhai, it
would amount to only 1% of total system loans in China.

"We expect the banks' lending to Qianhai to grow at a gradual
pace, at least for the first two to three years, which will
provide them with ample time to build-up experience in this new
environment," Hsu says.



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


AGARWAL AUTO: CRISIL Reaffirms 'B' Rating on INR55MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Agarwal Auto Sales
continue to reflect AAS's weak financial risk profile, marked by a
small net worth, high gearing, and weak debt protection metrics.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          2       CRISIL A4 (Reaffirmed)
   Cash Credit            55       CRISIL B/Stable (Reaffirmed)

The ratings also factor in the firm's low bargaining power with
principals, and exposure to intense competition in the automobile
dealership market. These rating weaknesses are partially offset by
AAS's diversified business, with an established position in the
automobile dealership segment, and strong relationships with its
principals, Mahindra & Mahindra Ltd (M&M; rated CRISIL
AA+/Stable/CRISIL A1+) and Escorts Ltd (Escorts).

Outlook: Stable

CRISIL believes that AAS will continue to benefit over the medium
term from its established position in the automobile dealership
market and its long-standing relationships with its principals.
The outlook may be revised to 'Positive' in case of improvement in
the firm's capital structure and debt protection metrics, most
likely because of infusion of equity or significant improvement in
its operating margin and cash accruals. Conversely, the outlook
may be revised to 'Negative' if the firm's financial risk profile
deteriorates, most likely because of larger-than-expected working
capital requirements, or decline in its cash accruals.

Update

For 2011-12 (refers to financial year, April 1 to March 31), AAS
reported an operating income of INR1.08 billion, an increase from
INR864.3 million reported for 2010-11. The firm has been able to
generate steady sales growth due its presence in diversified
segments in automobile dealership, as it has a presence in both
the commercial vehicle and passenger vehicle segments of M&M, and
in the tractor segment of Escorts.

In 2012-13, AAS has registered sales of around INR700 million till
October 31, 2012, and is expected to report a total turnover of
INR1.2 billion for the full year. In 2011-12, around 70 per cent
of its revenues were derived from the dealership business of M&M,
23 per cent from Escorts, about 2 per cent from the dealership of
Godrej & Boyce Mfg Co Ltd (Godrej) products, and the balance 5 per
cent from its service and sales of spare parts.

With the trading nature of operations, AAS's operating margin is
expected to remain low but steady, in the range of 1.0 to 1.5 per
cent. Its total outside liabilities to tangible net worth ratio
remained high at around 31.8 times as on March 31, 2012. With no
improvement expected in the operating margin, CRISIL expects the
firm's interest coverage ratio to remain weak in the range of 1.1
to 1.2 times, over the medium term. AAS's risk coverage ratio was
also weak at around 1.9 times in 2011-12, owing to its small net
worth. The firm's liquidity was adequate, marked by moderate bank
limit utilisation and sufficient cash accruals to service its
debt.

For 2011-12, AAS reported a profit after tax (PAT) of INR0.8
million on net sales of INR1.08 million, as against a PAT of
INR0.8 million on net sales of INR861.3 million for 2010-11.

Established in 1967 as a partnership firm by the Agrawal family,
AAS currently has three business segments. The firm is an
authorised dealer for the entire range of M&M vehicles, Escorts
tractors, and furniture and consumer durable products for Godrej.
It owns five showrooms in Mirzapur and Sonbhadra districts of
Uttar Pradesh.


BHARATH REDDY: CRISIL Downgrades Rating on INR50MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Bharath Reddy Educational Society (BRES; part of Keshava Reddy
group) to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long-Term Loan        50.0      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by BRES in
servicing its debt; the delays have been caused by the society's
weak liquidity.

BRES also has a weak financial risk profile marked by a small net
worth and high gearing, and is susceptible to adverse regulatory
changes. These rating weaknesses are partially offset by the
Keshava Reddy group's established presence in the primary and
secondary education segments and the promoters' extensive
experience in the education sector.

BRES was established by Mr. N Keshava Reddy and his family
members. The society, registered under the Societies Registration
Act, 1860, runs one school in Mahaboob Nagar district in Andhra
Pradesh (AP). The school is affiliated to the AP State Board. It
offers education through the English medium from the first to the
tenth standard. BRES is part of the Keshava Reddy group of
educational institutions, which offer primary and secondary
education in AP.


GARG PO: CRISIL Assigns 'BB-' Ratings to INR65MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Garg Poly Packs (P) Ltd.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Fund-Based      5       CRISIL BB-/Stable
   Bank Limits

   Cash Credit             30       CRISIL BB-/Stable

   Long Term Loan          30       CRISIL BB-/Stable

The rating reflects the benefits that GPPL derives from its
promoters' extensive experience in the woven sacks manufacturing
industry, and its diversified customer base. The ratings also
reflect GPPL's moderate financial risk profile, marked by
comfortable gearing and moderate debt protection metrics. These
rating strengths are partially offset by the company's small scale
of operations in the fragmented packaging industry.

Outlook: Stable

CRISIL believes that GPPL will continue to benefit over the medium
term from its promoter's experience in the woven sacks business.
The outlook may be revised to 'Positive' if the company achieves
more-than-expected increase in its scale of operations while
sustainably improving its operating margin. Conversely, the rating
may be revised to 'Negative' if the company's financial risk
profile deteriorates because of increased working capital
borrowings or if the company undertakes any large, debt-funded
capital expenditure or in case of less-than-expected cash
accruals.

GPPL was established in 1984 as a partnership firm called GPPL by
Mr. Ajay Garg and his family. The firm was, however, reconstituted
as a private limited company in 1992. The company manufactures
high-density polyethylene and polypropylene bags at its plant in
Kanpur (Uttar Pradesh).

GPPL reported a net profit of INR3.4 million on revenues of
INR146.1 million for 2011-12 (refers to financial year, April 1 to
March 31), against a net profit of INR0.9 million on revenues of
INR126.0 million for 2010-11.


KESHAVA EDUCATIONAL: CRISIL Cuts Rating on INR56MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Keshava Educational Society (KES; part of the Keshava Reddy group)
to 'CRISIL D' from 'CRISIL BB+/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long-Term Loan         56.0     CRISIL D (Downgraded from
                                   'CRISIL BB+/Stable')

The rating downgrade reflects instances of delay by KES in
servicing its debt; the delays have been caused by the society's
weak liquidity.

KES also has an average financial risk profile marked by small
net-worth and high gearing, and is susceptible to adverse
regulatory changes. These rating weaknesses are partially offset
by the Keshava Reddy group's established presence in the primary
and secondary education segments and the promoters' extensive
experience in the education sector.

KES was established by Mr. N Keshava Reddy and his family members.
The society, registered under the Societies Registration Act,
1860, runs 12 schools in the districts of Kurnool, Chittoor, and
Kadapa (all in Andhra Pradesh [AP]). The schools are affiliated to
the AP State Board. The schools offer education in English medium
from the first to the tenth standard. KES is part of the Keshava
Reddy group of educational institutions, which offers primary and
secondary education in AP.


KESHAVA REDDY: CRISIL Cuts Rating on INR35MM LT Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Keshava Reddy Educational Trust (KRET; part of Keshava Reddy
group) to 'CRISIL D' from 'CRISIL BB+/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long Term Loan         35.0     CRISIL D (Downgraded from
                                   'CRISIL BB+/Stable')

The rating downgrade reflects instances of delay by KRET in
servicing its debt, despite having adequate liquidity. This is
because of KRET's management's financial indiscipline.

KRET also has a small scale of operations and is susceptible to
adverse regulatory changes. However, the trust benefits from the
Keshava Reddy group's established presence in the primary and
secondary education segments, and its promoters' extensive
experience in the education sector.

KRET is a charitable trust set up by Mr. N Keshava Reddy and his
family members. The trust, registered under the Societies
Registration Act, 1860, runs three schools in Anantapur district
(Andhra Pradesh [AP]). The schools are affiliated to AP State
Board. The schools offer education in English medium from the
first to the tenth standard, and are affiliated to the AP State
Board. KRET is part of the Keshava Reddy group of educational
institutions, which offer primary and secondary education in AP.


L.G. AGRO: CRISIL Reaffirms 'B+' Ratings on INR55MM LT Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of L.G. Agro Industries
continues to reflect LGA's weak financial risk profile marked by
its small net worth, high gearing, and weak debt protection
metrics. The rating also factors in the firm's small scale of
operations, and its exposure to intense competition in the rice
milling industry. These rating weaknesses are partially offset by
LGA's established presence in the rice milling industry, and its
promoters' extensive industry experience.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             45      CRISIL B+/Stable (Reaffirmed)
   Long-Term Loan          10      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LGA will continue to benefit over the medium
term from its promoters' extensive experience in the rice milling
industry. The outlook may be revised to 'Positive' if there is a
substantial and sustained improvement in the firm's revenues,
while maintaining its profitability margins or there is
substantial increase in net-worth on the back of capital additions
by its partners. Conversely, the outlook may be revised to
'Negative' if there is a steep decline in the firm's profitability
margins from the current levels or there is a significant
deterioration in its capital structure on account of large debt-
funded capex.

Update

LGA's revenues are expected to register a year-on-year growth of
around 7 per cent to INR260 million in 2012-13. The firm's
operating margin, which increased by 168 basis points to 3.6 per
cent in 2011-12, is expected to remain stable at around 3.5 per
cent in 2012-13.

LGA manages its working capital cycle efficiently as reflected in
its expected gross current assets (GCAs) of around 75 days as on
March 31, 2013; the GCA days have been at lower levels in the
past. The GCA days emanates from the firm's moderate inventory of
30 to 45 days and its receivables cycle of 30 to 45 days. However,
LGA gets a minimal credit of around 3 to 5 days from its
suppliers. As a result, the firm's bank limit utilization has been
moderate at around 82 per cent over the last twelve months ended
December 31, 2012.

LGA's net worth is expected to remain small at around INR23
million, as on March 31, 2013, which would continue to limit its
financial flexibility to meet any exigency. The firm has
contracted moderate debt levels towards funding its working
capital requirements; these coupled with its low net-worth is
expected to result in a high gearing of around 1.8 times as on
March 31, 2013. LGA's low profitability margins and moderate debt
levels would continue to result in its weak debt protection
metrics; its interest coverage and net cash accruals to total debt
ratios are estimated at around 1.7 times and 10 per cent,
respectively, for 2012-13

For 2011-12, LGA reported a profit after tax (PAT) of about INR1.2
million on net sales of INR242.2 million, against a PAT of INR0.9
million on net sales of INR237.3 million for 2010-11.

Set up in 2003 as a partnership firm, LGA mills and processes
paddy into rice, rice bran, broken rice, and husk. It has an
installed paddy-milling capacity of 4 tonnes per hour. The firm's
rice mill is in Khanapur village in Nalgonda district (Andhra
Pradesh). LGA is promoted by Mr. L Srinivas and his family
members.


RECON TECHNOLOGIES: CRISIL Rates INR115.4MM Loans at 'BB-'
----------------------------------------------------------
CRISIL has assigned its ratings of 'CRISIL BB-/Stable/CRISIL A4+'
ratings to the bank facilities of Recon Technologies Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              11.3     CRISIL BB-/Stable
   Proposed Long-Term     14.1     CRISIL BB-/Stable
   Bank Loan Facility
   Bank Guarantee         20.0     CRISIL A4+
   Cash Credit            90.0     CRISIL BB-/Stable

The ratings reflect extensive experience of RTPL's promoters in
the diesel generator manufacturing industry, its long standing
relationship with Mahindra and Mahindra Ltd and favorable industry
prospects for diesel generators. These rating strengths are
partially offset by RTPL's modest scale of operations,
susceptibility to industry competition, average financial risk
profile, marked by a small net worth and moderately high gearing,
large working capital requirements, and relatively low
profitability.

Outlook: Stable

CRISIL believes RTPL will continue to benefit from its long-
standing relationship with M&M, over the medium term. The outlook
may be revised to 'Positive' if the company reports better-than-
expected revenues and profitability, leading to larger-than-
expected cash accruals, and improves its receivable cycle, thereby
improving its liquidity. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile, particularly
its liquidity, deteriorates further because of larger-than-
expected working capital requirements, lower cash accruals or if
it undertakes any large, debt-funded capital expenditure
programme.

Established in 1997 by Mr. Venu Vinod, RTPL is an exclusive
original equipment manufacturer (OEM) assembler in Andhra Pradesh
for M&M. It assembles diesel generator sets in the range of 10 to
125 kilovolt amperes. RTPL is a principal supplier of M&M's
generators in Andhra Pradesh. RTPL is headquartered in Kukatpally
(Hyderabad), where it also has its manufacturing sites.

For 2011-12 (refers to financial year, April 1 to March 31), RTPL
reported a profit after tax (PAT) of INR9.3 million on net sales
of INR458.8 million, against a PAT of INR8.7 million on net sales
of INR304.8 million for 2010-11.


SRI KANAKADURGA: CRISIL Downgrades Rating on INR100MM Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Kanakadurga Educational Society (SKDES; part of Keshava
Reddy group) to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long-Term Loan        100.0     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by SKDES in
servicing its debt; the delays have been caused by the society's
weak liquidity resulting from its muted cash accruals being
inadequate towards servicing its debt obligations.

SKDES also has a weak financial risk profile marked by small net-
worth, high gearing and weak debt protection metrics, and is
susceptible to adverse regulatory changes. These rating weaknesses
are partially offset by the Keshava Reddy group's established
presence in the primary and secondary education segments and the
promoters' extensive experience in the education sector.

SKDES was established by Mr. N Keshava Reddy and his family
members. The society, registered under the Societies Registration
Act, 1860, runs one school in Guntur, Andhra Pradesh (AP). The
society started operations in 2011-12 (refers to financial year,
April 1 to March 31). The school is affiliated to the AP State
Board. It offers education in the English medium from the first to
the tenth standard. SKDES is part of the Keshava Reddy group of
educational institutions, which offer primary and secondary
education in AP.


SRI KESHAVA: CRISIL Downgrades Rating on INR50MM LT Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Keshava Reddy Educational Society (SKRES; part of Keshava
Reddy group) to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Proposed Long-Term     50.0     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by SKRES in
servicing its debt; the delays have been caused by the society's
weak liquidity resulting from its muted cash accruals being
inadequate towards servicing its debt obligations.

SKRES also has a weak financial risk profile marked by small net-
worth and high gearing, and is susceptible to adverse regulatory
changes. These rating weaknesses are partially offset by the
Keshava Reddy group's established presence in the primary and
secondary education segments and the promoters' extensive
experience in the education sector.

SKRES was established by Mr. N Keshava Reddy and his family
members. The society, registered under the Societies Registration
Act, 1860, runs one school each in Hyderabad and Kurnool district
(both in Andhra Pradesh [AP]). The school is affiliated to Andhra
Pradesh State Board. It offers education in the English medium
from the first to the tenth standard. SKRES is part of the Keshava
Reddy group of educational institutions, which offer primary and
secondary education in AP.


SRI MAHANANDEESWARA: CRISIL Cuts Rating on INR50MM LT Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Mahanandeeswara Educational Society (SMES; part of Keshava
Reddy group) to 'CRISIL D' from 'CRISIL BB+/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long-Term Loan         50.0     CRISIL D (Downgraded from
                                   'CRISIL BB+/Stable')

The rating downgrade reflects instances of delay by SMES in
servicing its debt; the delays have been caused by the society's
weak liquidity.

SMES also has a weak financial risk profile marked by small net-
worth and high gearing, and is susceptible to adverse regulatory
changes. These rating weaknesses are partially offset by the
Keshava Reddy group's established presence in the primary and
secondary education segments and the promoters' extensive
experience in the education sector.

SMES was established by Mr. N Keshava Reddy and his family
members. The society, registered under the Societies Registration
Act, 1860, runs three schools in Kurnool district in Andhra
Pradesh (AP). The schools are affiliated to AP State Board. The
schools offer education in the English medium from the first to
the tenth standard. SMES is part of the Keshava Reddy group of
educational institutions, which offer primary and secondary
education in AP.


SRI SARASWATHI: CRISIL Lowers Rating on INR80MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Saraswathi Educational Society (SSES; part of Keshava Reddy
group) to 'CRISIL D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long-Term Loan        80.0      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by SSES in
servicing its debt; the delays have been caused by the society's
weak liquidity.

SSES also has a weak financial risk profile marked by small net-
worth, high gearing and weak debt protection metrics, and is
susceptible to adverse regulatory changes. These rating weaknesses
are partially offset by the Keshava Reddy group's established
presence in the primary and secondary education segments and the
promoters' extensive experience in the education sector.

SSES was established by Mr. N Keshava Reddy and his family
members. The society, registered under the Societies Registration
Act, 1860, runs three schools in Kurnool district in Andhra
Pradesh (AP). The schools are affiliated to AP State Board. The
schools offer education in the English medium from the first to
the tenth standard. SSES is part of the Keshava Reddy group of
educational institutions, which offer primary and secondary
education in AP.


SRI SATYANARAYANA: CRISIL Lowers Ratings on INR100MM Loans to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Satyanarayana Swamy Educational Society (SSNES; part of
Keshava Reddy group) to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long-Term Loan         92.0     CRISIL D (Downgraded from
                                   CRISIL B+/Stable)

   Proposed Long-Term      8.0     CRISIL D (Downgraded from
   Bank Loan Facility              CRISIL B+/Stable)

The rating downgrade reflects instances of delay by SSNES in
servicing its debt; the delays have been caused by the society's
weak liquidity.

SSNES also has a weak financial risk profile marked by small net-
worth, high gearing and below-average debt protection metrics, and
is susceptible to adverse regulatory changes. These rating
weaknesses are partially offset by the Keshava Reddy group's
established presence in the primary and secondary education
segments and the promoters' extensive experience in the education
sector.

SSNES was established by Mr. N Keshava Reddy and his family
members. The society, registered under the Societies Registration
Act, 1860, runs two schools in Medak district in Andhra Pradesh
(AP). The schools are affiliated to AP State Board. The schools
offer education in the English medium from the first to the tenth
standard. SSNES is part of the Keshava Reddy group of educational
institutions, which offer primary and secondary education in AP.


SRI SURYA EDUCATIONAL: CRISIL Cuts Rating on INR89MM Loans to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Surya Educational Society (SES; part of the Keshava Reddy
group) to 'CRISIL D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             88.5      CRISIL D (Downgraded from
                                   CRISIL BB-/Stable)

   Proposed Long-Term     0.5      CRISIL D (Downgraded from
   Bank Loan Facility              CRISIL BB-/Stable)

The rating downgrade reflects instances of delay by SES in
servicing its debt; the delays have been caused by the society's
weak liquidity.

SES also has weak financial risk profile marked by small net
worth, high gearing and average debt protection metrics, and is
susceptible to adverse regulatory changes. These rating weaknesses
are partially offset by the Keshava Reddy group's established
presence in the primary and secondary education segments, and the
promoters' extensive experience in the education sector.

SES was set up by Mr. N Keshava Reddy and his family. The society,
registered under the Societies Registration Act, 1860, runs four
schools in Andhra Pradesh (AP). The schools are affiliated to the
AP State Board. The schools offer education in English medium from
the first to the tenth standard. SES is part of the Keshava Reddy
group of educational institutions, which offer primary and
secondary education in AP.


SRI VENKATESWARA: CRISIL Cuts Rating on INR75MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Venkateswara Educational Society (SVES; part of Keshava
Reddy group) to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long-Term Loan        75.0      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by SVES in
servicing its debt; the delays have been caused by the society's
weak liquidity.

SVES also has a weak financial risk profile marked by small net
worth and high gearing, and is susceptible to adverse regulatory
changes. These rating weaknesses are partially offset by the
Keshava Reddy group's established presence in the primary and
secondary education segments and the promoters' extensive
experience in the education sector.

SVES was formed by Mr. N Keshava Reddy and his family. The
society, registered under the Societies Registration Act, 1860,
runs three schools in Chittoor District of Andhra Pradesh (AP).
The school is affiliated to the AP State Board and offers
education in English medium from Standards 1 to 10. SVES is part
of the Keshava Reddy group of educational institutions, which
offer primary and secondary education in AP.


TIRUPATI CORRUGATORS: CRISIL Cuts Rating on INR140MM Loans to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Tirupati Corrugators to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.  The downgrade reflects delays in repayment
of its term loan obligations. These are on account of significant
liquidity pressures faced by TC resulting from buildup in
inventory and receivables.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         14.0     CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit            77.5     CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Term Loan              48.5     CRISIL D (Downgraded from
                                   'CRISIL A4')

TC has modest scale of operations which are working capital
intensive in nature. TC's financial risk profile is weak marked by
a modest networth base and high gearing. These rating weaknesses
are partially offset by the extensive industry experience of the
firm's proprietor in the corrugated boxes industry and its
diversified customer base.

TC was set up as a proprietorship concern in 2009 by Ms. Mangla
Bangur; and commenced its commercial operations from October 2010.
The firm is engaged in manufacturing of corrugated boxes using
kraft paper. TC overall operations are looked after by son of Ms.
Mangla Bangur, Mr. Anand Bangur. Its clientele includes UB Group,
Diamond chips, Ruchi soya, Godrej etc.

For 2011-12 (refers to financial year, April 1 to March 31), TC
reported a profit after tax (PAT) of INR8.2 million on net sales
of INR324.0 million, against a PAT of INR 0.5 million on sales of
INR 33.5 million for FY2010-11.



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


* Japan Posts Third Straight Current Account Deficit
----------------------------------------------------
Japan Today reports that Japan posted its third straight current
account deficit in January, as trade losses swelled on the
weakening yen and strong energy imports, the government said
Friday.

According to the report, the finance ministry said the shortfall
in the current account, the broadest measure of Japan's trade with
the rest of the world, came to JPY364.8 billion ($3.8 billion) in
the month, down 19.9% from a year earlier.

But the deficit was much smaller than a 626-billion-yen gap
expected by economists polled by Dow Jones Newswires and the
Nikkei, the report notes.

The report says the current account measures not only
international trade in goods but also services, tourism and
Japan's foreign investments abroad.

The ministry said the latest figures were mainly due to a massive
JPY1.48 trillion trade deficit in the month, the report relates.

"The trade deficit expanded for five months in a row as imports of
mineral fuels increased," offsetting growing exports to the United
States and Asia, the ministry said in a statement cited by Japan
Today.

According to the report, analysts said the figures underlined
Japan's continued struggle in international trade, where its
exports have been lackluster and its energy imports elevated due
to stalled domestic nuclear plants.



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


LOMBARD FINANCE: Court Reserves Decision on Directors' Appeal
-------------------------------------------------------------
stuff.co.nz reports that the Court of Appeal has reserved its
decisions on the appeals by the directors of the failed Lombard
finance company against their convictions for misleading
investors, and the Crown appeal to have the directors' sentences
increased.

stuff.co.nz relates that at the end of the four-day hearing on
March 7, Justice Tony Randerson, who headed the three-judge court,
said the judges understood it was a case of great significance to
the directors and investors alike.

Justice Randerson said written judgments on both appeals would be
delivered in due course, the report relays.

Stuff.co.nz notes that the directors, including former cabinet
ministers Doug Graham and Bill Jeffries who were both justice
ministers, were found guilty last year of having made misleading
statements in prospectus documents issued in late December 2007
that they had confidence the company would continue to be able to
pay its debts in the following year.

Less than four months later, the report recalls, Lombard Finance
and Investments went into receivership owing more than
NZ$125 million to 4,400 investors. In the period after the issue
of the prospectus until the company's collapse, more than
NZ$10 million was invested or reinvested.

stuff.co.nz says the directors maintained the prospectus was
accurate and adequate, but at their trial they were found not to
have had reasonable grounds for believing that.

Graham and Bryant were sentenced to 300 hours' community work and
NZ$100,000 reparation and Jeffries and Reeves were sentenced to
400 hours' community work, the report relates.

While the Crown did not allege dishonesty, the Court of Appeal
heard today that it was alleged the directors' actions had
developed into gross negligence as the company's position
deteriorated, stuff.co.nz adds.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.


MAINZEAL PROPERTY: Subbies Want Disclosure of Retention Payments
----------------------------------------------------------------
Radio New Zealand reports that a group representing sub-
contractors is calling on the liquidator of Mainzeal Property and
Construction to reveal how much money is being held in retentions.

Retentions are a common industry practice, where a firm withholds
part of a sub-contractor's payment as a maintenance guarantee for
work done, the report says.

According to Radio NZ, the president of the Specialist Trade
Contractors' Federation said it appears about a third of the money
Mainzeal owes to sub-contractors is in retentions -- and that is
likely to total millions of dollars.

Radio NZ relates that Graham Burke said liquidator BDO should
disclose this sum.

Mr. Burke also wanted urgent changes to the Construction Contracts
Act so that retention payments are secure should the main
contractor run into problems, the report notes.

A spokesperson for BDO expects retentions to be included in its
report, due out this week, Radio NZ adds.

                      About Mainzeal Property

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

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

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

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

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

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



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


RURAL BANK OF BUENAVISTA: Placed Under PDIC Receivership
--------------------------------------------------------
The Monetary Board (MB) placed the Rural Bank of Buenavista
(Agusan del Norte), Inc., under the receivership of the Philippine
Deposit Insurance Corporation (PDIC) by virtue of MB Resolution
No. 377 dated March 4, 2013.  As Receiver, PDIC took over the bank
on March 4, 2013.

Rural Bank of Buenavista is a two-unit bank with Head Office
located in Buenavista, Agusan del Norte. Its lone branch is
located in San Francisco, Agusan del Sur. Latest available records
show that as of December 31, 2012, Rural Bank of Buenavista had
2,883 accounts with total deposit liabilities of P44.97 million.
According to the latest Bank Information Sheet (BIS) as of June
30, 2012 filed by the Rural Bank of Buenavista with the PDIC, the
bank is majority-owned by Alfredo T. Bonpin (37.21%), Leonardo G.
Yu (12.02%), Francisco Y. Chan, Jr. (11.61%) and Shelita L. Yu
(8.94%). Its Chairman and President is Leonardo G. Yu.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated. The state deposit insurer assured
depositors that all valid deposits shall be paid up to the maximum
deposit insurance coverage of PHP500,000.

PDIC also announced that it will conduct a Depositors-Borrowers
Forum on March 11, 2013 to inform depositors of the requirements
and procedures for filing deposit insurance claims. Claim forms
will be distributed during the Depositors Forum. The schedule and
venue of the Depositors Forum will be posted in the bank premises
and in the PDIC website, www.pdic.gov.ph.

Depositors may update their addresses with PDIC representatives at
the bank premises or during the Depositors Forum using the Mailing
Address Update Forms to be furnished by PDIC representatives. Duly
accomplished Mailing Address Update Forms should be submitted to
PDIC representatives accompanied by a photo-bearing ID of the
depositor with signature. Depositors may update their addresses
until March 12, 2013.

Depositors with valid deposit accounts with balances of PHP15,000
and below, who have no outstanding obligations with the Rural Bank
of Buenavista and have complete and updated addresses with the
bank, need not file deposit insurance claims. PDIC targets to
start mailing payments to these depositors to their addresses
recorded in the bank by third week of March.

Depositors whose accounts have balances of more than PHP15,000 and
all those who have outstanding obligations with Rural Bank of
Buenavista should file their deposit insurance claims. The PDIC
targets to start claims settlement operations for these accounts
by fourth week of March. The schedule of the claims settlement
operations will be announced through notices to be posted in the
bank premises and other public places as well as through the PDIC
website, www.pdic.gov.ph.



                             *********

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

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

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


                            *********


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

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

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

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

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



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