TCRAP_Public/130312.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

            Tuesday, March 12, 2013, Vol. 16, No. 50


                            Headlines


A U S T R A L I A

ILLAWARRA CMBS: Fitch Affirms 'BB' Rating on Class E Certs.
MOTHERCARE AUSTRALIA: Offers "Administrations Sale" to Save Firm
MULSANNE RESOURCES: Tinkler Lawyer to Seek Stay of Proceedings


C H I N A

AGFEED INDUSTRIES: Farm Credit Extends Forbearance Until May 1
BEIJING CAPITAL: Moody's Retains Ba2 Corporate Family Rating
CHINA EXECUTIVE: Merger with BETC Took Effect March 6
CHINA MINZHONG: Moody's Assigns First-Time Ba3 CFR
CHINA SOUTH: Higher Funding Risks Cues Moody's to Cut CFR to B2

LAI FUNG: S&P Affirms 'B+' Corporate Credit Rating


H O N G  K O N G

CHIU WING: Creditors' Proofs of Debt Due March 15
CONVENIENCE STATIONER: Creditors' Proofs of Debt Due March 15
HENRY ENGINEERING: Lau Angela Fun Chan Steps Down as Liquidator
KEMCLAY LIMITED: Creditors' Proofs of Debt Due March 15
MEAG PACIFIC: Cowley and Wong Step Down as Liquidators

PREMIUM HK: Members' Final General Set for April 2
PRIMA VISION: Commences Wind-Up Proceedings
PROFESSIONAL RESOURCES: Creditors' Proofs of Debt Due April 2
SARASIN INVESTMENT: Creditors' Proofs of Debt Due March 15
SHINE POINT: Placed Under Voluntary Wind-Up Proceedings

SOUTH HORIZONS: Commences Wind-Up Proceedings
SUN MOTOR: Annual Meetings Set for March 26
SUN MOTOR MANUFACTORY: Annual Meetings Set for March 26
SUN MOTOR OEM: Annual Meetings Set for March 26
SUN MOTOR PRECISION: Annual Meetings Set for March 26

SY HONG: Commences Wind-Up Proceedings
TAP MUN: Members' Final General Set for April 2
TARGET MAGIC: Members' Final General Set for April 2
TEIFEBS LIMITED: Commences Wind-Up Proceedings
TUREF NOVS: Commences Wind-Up Proceedings

TWON ARY: Commences Wind-Up Proceedings
VAST BILLION: Creditors' Proofs of Debt Due April 1
WATERFRONT W: Commences Wind-Up Proceedings
WORLDMART DEVELOPMENT: Commences Wind-Up Proceedings
WORLDWIDE TIME: Placed Under Voluntary Wind-Up Proceedings

WORLD LUCK: Creditors' Proofs of Debt Due March 15
ZETEX INTERNATIONAL: Creditors' Meeting Set for March 15


I N D I A

HIMALAYAN POLYMER: CARE Reaffirms 'C' Rating on INR17.91cr Loans
INVENT BIO: CARE Reaffirms 'BB-' Rating on INR8.05cr Loans
KPC MEDICAL: CARE Reaffirms 'B+' Rating on INR127.3cr LT Loans
LION INSULATION: CARE Rates INR11cr LT Loan at 'CARE B'
ROYAL FASTENERS: CARE Reaffirms 'BB+' Rating on INR5.28cr Loans

SANDIP NANAVATI: CARE Assigns 'BB' Rating to INR1.09cr LT Loans
S. K. TREXIM: CARE Assigns 'BB-' Rating to INR3.5cr LT Loans
SR BUILDCON: CARE Rates INR38.38cr LT Loan at 'CARE BB-'
URVASHI PULP: CARE Assigns 'B' Ratings to INR7.01cr Loans


I N D O N E S I A

STAR ENERGY: Fitch Assigns 'B+' Rating to Sr. Secured Notes


J A P A N

NCI TRUST: S&P Lowers Rating on Class D Certificates to 'D'
SHARP CORP: Mulls Selling New Shares to Raise JPY100 Billion


N E W  Z E A L A N D

AORANGI SECURITIES: HMF Managers to Make Further 15c Payment
HANOVER FINANCE: Ex-Director Wants Trustees to Help Pay Damages


X X X X X X X X

* BOND PRICING: For the Week March 4 to March 8, 2013


                            - - - - -


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A U S T R A L I A
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ILLAWARRA CMBS: Fitch Affirms 'BB' Rating on Class E Certs.
-----------------------------------------------------------
Fitch Ratings has affirmed 10 tranches of two Illawarra CMBS
transactions. The transactions are backed by a pool of Australian
small balance commercial mortgages originated by IMB Ltd.

The rating actions are:

Illawarra Series 2007-1 CMBS Trust (Illawarra 2007-1 CMBS):

AUD29.7m Class A (ISIN AU3FN0002747) affirmed at 'AAAsf'; Outlook
Stable

AUD12.25m Class B (ISIN AU3FN0002754) affirmed at 'AAAsf'; Outlook
Stable

AUD10.25m Class C (ISIN AU3FN0002838) affirmed at 'AAsf'; Outlook
Stable

AUD8m Class D (ISIN AU3FN0002853) affirmed at 'Asf'; Outlook
Stable

AUD4.3m Class E (ISIN AUSFN0002788) affirmed at 'BB+sf'; Outlook
Stable

Illawarra Series 2011-1 CMBS Trust (Illawarra 2011-1 CMBS):

AUD109.9m Class A (ISIN AU3FN0014007) affirmed at 'AAAsf'; Outlook
Stable

AUD5.17m Class B (ISIN AU3FN0014015) affirmed at 'AAsf'; Outlook
Stable

AUD8.41m Class C (ISIN AU3FN0014023) affirmed at 'Asf'; Outlook
Stable

AUD9.73m Class D (ISIN AU3FN0014031) affirmed at 'BBBsf'; Outlook
Stable

AUD2.03m Class E (ISIN AUSFN0014049) affirmed at 'BBsf'; Outlook
Stable

Key Rating Drivers

The rating actions reflect Fitch's view that available credit
enhancement supports the notes at their current ratings and that
the credit quality and performance of the underlying loans has
remained within the agency's expectations. Arrears and losses have
consistently been low and excess spread has remained stable.

As the mortgage portfolios reduce in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver of Fitch's analysis.

Since closing in May 2007, Illawarra 2007-1 CMBS has experienced
two defaults generating a loss of AUD261,288 which was fully
covered by excess spread and credit enhancement provided by the
unrated Class F notes. Arrears historically have been low and as
at end-December 2012 there were no loans in arrears.

Illawarra Series 2011-1 CMBS has experienced no defaults since
closing in August 2011. As at end-December 2012 just one loan with
a balance of AUD91,942, was in arrears by 30-59 days, equivalent
to 0.06% of the outstanding pool balance.

Rating Sensitivities

The prospect for downgrades is considered remote at present given
the satisfactory performance of the pools, as well adequate excess
spread and subordination.

Current and expected concentration levels in both portfolios are a
constraint on the ratings.


MOTHERCARE AUSTRALIA: Offers "Administrations Sale" to Save Firm
----------------------------------------------------------------
The Sydney Morning Herald reports that Mothercare Australia has
announced an "administrations sale" in a last bid attempt to
rescue the embattled baby clothing and accessories retailer.

According to the report, the 43 Mothercare, Early Learning Centre
and Kids Central stores went into voluntary liquidation following
the collapse of its sale to the Myer family company. Eighteen
stores have closed since late January.

SMH relates that a spokesman for BRI Ferrier, the administrator
for the retailer, said staff who worked at the 18 stores that have
been closed and couldn't be relocated have been terminated and
their redundancy packages "frozen in line with voluntary
administration procedures."  There are up to 400 staff who are at
risk of losing their jobs.

The sale, announced on March 8, will offer up to 40% off stock.
"The stock sale campaign will run in conjunction with the
Administrators' continuing efforts in negotiating a sale of the
business as a going concern," the administrators from BRI Ferrier
said in a statement, SMH relates.

Stores now closed in NSW include Bondi Junction, Artarmon, Erina
and Penrith, the report relays.

                      About Mothercare Australia

Mothercare Australia is an independent business established under
a franchise license from Mothercare PLC, a UK business retailing
parenting and children's products, mother's and children's
fashion and educational toys.

Antony Resnick and Brian Silvia of BRI Ferrier were appointed
voluntary administrators of Mothercare Australia, comprising of
Mothercare Australia Limited, Skansen Pty Ltd, Skansen KCG Pty Ltd
and Baby On A Budget Pty Ltd on Jan. 29, 2013.  The companies
together operate the Mothercare business in Australia and control
the Mothercare business in New Zealand.

BRI Ferrier said they were appointed by the directors following
the failure to proceed of a proposed sale of the business to Myer
Family Group. Without the support provided by that sale, the
directors believed that Mothercare Australia may be, or will
become, insolvent and accordingly acted to protect the interests
of the Companies and their creditors.


MULSANNE RESOURCES: Tinkler Lawyer to Seek Stay of Proceedings
--------------------------------------------------------------
The Australian Associated Press reports that a judge will hear
this week why troubled businessman Nathan Tinkler's lawyers think
he should not have to answer questions from the liquidators of his
Mulsanne Resources in court.

AAP relates that the former billionaire and his fellow directors
were due to appear in the NSW Supreme Court on Friday, March 15,
to be examined over Mulsanne's failure to pay AUD28.4 million for
buying a major stake in listed coal explorer Blackwood
Corporation.  However, his barrister Alec Leopold SC told the
court that he would be seeking a stay of the proceedings, the
report relays.

According to the report, Mr. Leopold said the same solicitor had
acted on behalf of Mulsanne's liquidator Ferrier Hodgson,
Blackwood and a major shareholder.

Mr. Leopold also said the liquidator had met with Blackwood and
the major shareholder, the report relays.

The matter was listed for directions in the NSW Supreme Court on
March 18.

Justice Paul Brereton adjourned the case for a hearing on
March 19.

AAP notes that Blackwood sued Mulsanne Resources after
Mr. Tinkler's company agreed last July to buy a 33.85% stake in it
for AUD28.4 million.  But Mulsanne then failed to follow through
with the deal.

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



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C H I N A
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AGFEED INDUSTRIES: Farm Credit Extends Forbearance Until May 1
--------------------------------------------------------------
AgFeed USA, LLC, a wholly owned subsidiary of AgFeed Industries,
Inc., and certain subsidiaries of AgFeed USA, LLC, Farm Credit
Services of America, FLCA, and Farm Credit Services of America,
PCA, entered into an amendment to the Forbearance Agreement, dated
Feb. 1, 2013, among the Borrowers and Farm Credit, with respect to
AgFeed USA, LLC's Credit Agreement, dated June 6, 2006.  In the
Amendment, Farm Credit agreed that it will extend the period
during which it will take no action to enforce its default
remedies under the Credit Agreement and related security and other
agreements until the earlier of (1) violation of the Forbearance
Agreement or further breach of the Credit Agreement and related
security and other agreements or (2) May 1, 2013.  The Company is
working closely with Farm Credit in reviewing its financing
options.

A copy of the Amended Forbearance is available at:

                       http://is.gd/JyQ7WD

                      About Agfeed Industries

NASDAQ Global Market Listed AgFeed Industries, formerly known as
M2 P2, LLC, is an international agribusiness with operations in
the U.S. and China.  AgFeed has two business lines: animal
nutrition in premix, concentrates and complete feeds and hog
production. In the U.S., AgFeed's hog production unit, M2P2, is a
market leader in setting new standards for production efficiency
and productivity.  AgFeed believes the transfer of these
processes, procedures and techniques will allow its new Western-
style Chinese hog production units to set new standards for
production in China. China is the world's largest pork market
consuming 50% of global production and over 62% of total protein
consumed in China is pork.  Hog production in China currently
enjoys income tax free status.


BEIJING CAPITAL: Moody's Retains Ba2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service reports that Beijing Capital Land
Limited's 2012 results were weaker than expected, but within the
parameters of its current corporate family rating of Ba2 and
stable outlook.

"BJCL's key financial ratios for 2012 have weakened -- as
exemplified by lower profit margins and increased borrowings --
due to changes in its product mix and an increased pace in
expansion," says Kaven Tsang, a Moody's Vice President and Senior
Analyst.

BJCL's gross margin dropped to 27% in 2012 from 33% in 2011 due to
an increased revenue contribution from lower-priced projects in
lower-tier cities around China.

But Moody's expects such margins to slightly improve to around 30%
in 2013 because the company plans for the delivery of more
projects in major cities, like Beijing and Tianjin.

BJCL's debt level increased to RMB18.6 billion at end-2012 from
RMB13.0 billion at end-2011, as the company needs fund to support
its projects, primary-land developments and liquidity for new
acquisitions.

As a result, adjusted debt/capitalization was high at 67.5% at
end-2012 and adjusted net debt/net capitalization was 54.5%.
Meanwhile, adjusted EBITDA/interest was weak at below 2x. Such
credit metrics position BJCL at the weaker end of the Ba2 rating.

On the other hand, BJCL's contract sales of RMB13.3 billion were
20.1% higher than 2011 and 10.5% higher than its target. An
increase in projects and better market conditions contributed to
the improved level of contract sales.

"In light of the better contract sales, Moody's expects BJCL to
continue increasing revenues -- up 21% to RMB9.1 billion in 2012
from RMB7.5 billion in 2011 -- which could in turn improve its
financial metrics over the next 12 -- 18 months".

Moody's expects BJCL's adjusted net debt/net capitalization will
trend down to 50% over the next 1-2 years, while EBITDA/interest
will trend towards 2.5x, as it gradually repays high-cost trust
finance.

With better contract sales, BJCL accordingly shows better
liquidity. Its cash on hand of RMB8.6 billion -- together with
estimated operating cash flow of RMB2-2.5 billion over the next 12
months -- can cover its short-term maturing debt of RMB3.5 billion
and committed land payment premiums of RMB5.9 billion. The latter
figure includes the cost of recent land acquisitions in Beijing
and Chongqing.

At the same time, BJCL's Ba2 corporate family rating continues to
reflect its medium-sized operation and track record of operating
through various business cycles since it was established in 2002.

The rating further reflects BJCL's good access to funding and its
ability to secure good growth opportunities because of its close
relationship with its parent and the Beijing Municipal Government.

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

Incorporated in China, BJCL is a mid-sized developer in China's
residential property sector. As of 31 December 2012, it had a
total land bank of 9.52 million square meters (sqm) (attributable
land bank: 7.48 million sqm) in GFA covering 15 cities in China.
This land bank would support the company's development for the
next 3-4 years.


CHINA EXECUTIVE: Merger with BETC Took Effect March 6
-----------------------------------------------------
The merger of Beyond Extreme Training Corp. with and into China
Executive Education Corp. pursuant to Section 92A.180(2) of Nevada
Revised Statute became effective on March 6, 2013.

CEEC is the corporation surviving the merger, and as a result of
the merger is now a privately held wholly-owned subsidiary of the
rollover shareholders Kaien Liang, Pokai Hsu, Tingyuan Chen, Yen
Chen Chi, Huang-Jen Chou, ChiaYeh Lin, China Berkshire Surpass
Buffett Co., Ltd., and Zhicheng Zheng.

CEEC filed a final amendment to that Transaction Statement on
Schedule 13E-3 filed by the Rollover Shareholders, CEEC, and CTEC
on Oct. 16, 2012, as amended.

Pursuant to the terms of the merger, each outstanding share of
common stock will be cancelled and converted into the right to
receive $0.324 per share in cash, without interest.

A copy of the Amended Schedule 13E-3 is available at:

                        http://is.gd/Jyc4VB

In a separate regulatory filing, CEEC filed a Form 15 with the SEC
to voluntarily terminate the registration of its common stock and
suspend its duty to file reports under Sections 13 and 15(d) of
the Securities Exchange Act of 1934.  As of March 6, 2013, there
was only one holder of the common shares.

                       About China Executive

Hangzhou, China-based China Executive Education Corp. is an
executive education company with operations in Hangzhou and
Shanghai, China.  It operates comprehensive business training
programs that are designed to fit the needs of Chinese
entrepreneurs and to improve their leadership, management and
marketing skills, as well as bottom-line results.

Albert Wong & Co, in Hong Kong, China, issued a "going concern"
qualification on the financial statements for the year ended
Dec. 31, 2011.  The independent auditors noted that the Company
has accumulated deficits as at Dec. 31, 2011, of $17,466,892
including net losses of $5,478,202 for the year ended Dec. 31,
2011, which raised substantial doubt about the Company's ability
to continue as a going concern.

The Company reported a net loss of US$5.47 million in 2011,
compared with a net loss of US$8.54 million in 2010.  China
Executive's balance sheet at Sept. 30, 2012, showed US$9.01
million in total assets, US$28.20 million in total liabilities and
a US$19.18 million total stockholders' deficiency.


CHINA MINZHONG: Moody's Assigns First-Time Ba3 CFR
--------------------------------------------------
Moody's Investors Service assigned Ba3 corporate family and senior
unsecured debt ratings to China Minzhong Food Corporation Limited.
At the same time, Moody's has assigned a Ba3 rating to China
Minzhong's proposed USD bonds.

This is the first time that Moody's has assigned ratings to China
Minzhong.

The outlook for the ratings is stable.

Ratings Rationale:

"China Minzhong's Ba3 rating reflects its established business
model. It provides a wide range of processed vegetables to
overseas markets, shows a track record of food safety and quality
assurance, demonstrates improved techniques for cultivation and
processing, and offers high-value new products," says Lina Choi, a
Moody's Vice President and Senior Analyst.

"China Minzhong is well positioned to grow, supported by the
increase in demand for safe and quality vegetables in China," says
Choi, who is also the lead analyst for Minzhong.

Steadily growing domestic vegetable consumption is the biggest
factor supporting China Minzhong, especially as it has the scale
to further expand both in size and in product variety.

In response to multiple negative food safety events in the past
two years, the Chinese government has stepped up industry
regulation, and encouraged industrialization and consolidation of
the industry. These developments provide a favorable environment
for China Minzhong to grow its business and reinforce its market
position.

"China Minzhong's unique integrated business model -- which
encompasses fresh food cultivation and food processing -- also
provides flexibility in a sector where product prices may be
volatile," says Choi.

"However, the rating is also constrained by the challenges of
consistently rising costs in labor, farmland acquisitions and raw
materials, which could become material as the company plans to
expand its industrialized farming facilities and raise the yield
of various mushroom products for the domestic market", says Choi.

Despite its track record and experience in fresh crop cultivation,
China Minzhong's home market in China remains highly fragmented
and competitive. Cost inflation is unlikely to abate in the near
term, and a strong RMB diminishes its competitiveness in the
export business.

China Minzhong is also pursuing the cultivation and processing of
high-priced vegetables, such as the king oyster mushrooms, for
domestic consumption to achieve new sales and high profit margins
to counter the weakness in the European market and the rising cost
of production.

This new domestic business demands skill in increasing its
customer base and collecting receivables. China Minzhong has to
demonstrate that it can execute such new business initiatives and
preserve its strong credit metrics -- Adjusted debt/EBITDA should
stay at around 1x, while EBITDA/interest should stay well over 6x
in the next three years.

China Minzhong has sufficient liquidity. Its operating cash flow
of more than RMB1 billion and cash on hand of around RMB300
million will be enough to cover committed capital expenditures and
short-term debt.

The stable outlook reflects Moody's expectation that Minzhong will
maintain stable revenue streams and profitability from its
processed vegetable business with a satisfactory record of product
quality and safety. The company is also expected to maintain its
current strong credit metrics, while expanding its cultivation
capacity and new product investments.

Upward rating pressure is limited in the near term as the company
is expanding its domestic business. However, positive rating
momentum may arise if the company (1) successfully expands the
sales of its high value products, such as organic fresh vegetables
and king oyster mushrooms in the local market, thereby providing
another stable revenue stream and reducing the impact of lower
cost competitiveness in export markets; (2) avoids any
deterioration in its cash conversion cycle; and (3) maintains
steady profitability and low debt leverage.

On the other hand, downward rating pressure may arise if the
company (1) encounters any product quality and food safety
failures which significantly affect its corporate image and
businesses; (2) fails to maintain stable revenue contributions
from its export of processed vegetables, which could result from
competition from producers in China, or other low cost countries;
(3) engages in aggressive capital spending or farmland
acquisitions, which pressure its liquidity position and balance
sheet strength; or (4) its profitability weakens and leverage
increases, such that Debt/EBITDA exceeds 4x.

The principal methodology used in this rating was Global Food -
Protein and Agriculture Industry Methodology published in
September 2009.

Listed on the Singapore Stock Exchange in April 2010 and started
as a collective enterprise specializing in dehydrated vegetables,
China Minzhong Food Corporation Ltd has been operating its
vegetable processing business for 40 years. It produces more than
100 types of processed vegetables for customers in 26 countries.

PT Indofood (29.3%) and Franklin Templeton Investments (11.1%) are
the two major shareholders with a collective 40.4% ownership.


CHINA SOUTH: Higher Funding Risks Cues Moody's to Cut CFR to B2
---------------------------------------------------------------
Moody's Investors Service downgraded China South City Holdings
Limited's corporate family rating to B2 from B1 and its senior
unsecured debt rating to B3 from B2.

This action concludes the ratings review which commenced on
December 10, 2012, following the company clarification of the need
for certain certificates and permits for its property projects.

The ratings outlook is stable.

Ratings Rationale:

"The ratings downgrade reflects the significant business risks and
execution challenges associated with CSC's fast development of
trade and logistics centers, as well as its increased level of
funding risk because of the need to support such fast
development," said Jiming Zou, a Moody's analyst.

In this environment, and as indicated in its 4 December 2012
announcement, CSC has not secured all the necessary government
certificates and permits for its property projects under
construction.

The company indicated to Moody's that it has already made good
progress towards resolving this issue in the last three months.
Nonetheless, it will need more time and will need to take more
steps to obtain all the required certificates and permits.

As such, Moody's considers that the level of risk associated with
CSC's business model has increased, given the extent of projects
under construction without proper certificates and permits. Its
lack of full compliance in part of the projects under construction
could impact access to funding and therefore adversely affect
liquidity.

CSC requires a high level of funding because of the fast pace of
expansion and the fact that its sales pattern is lumpy with a high
proportion occurring in the last few months of each fiscal year.
About 3 million sqm of gross floor area -- about 5 times its
contracted area for 2011/12 -- were under development as of
September 2012.

Accordingly, Moody's considers CSC's current credit profile as
more appropriately positioned in the B2 category.

At the same time, its B2 corporate family rating reflects its
successful development and operation of a single integrated trade
center in Shenzhen.

It also considers CSC's ability to access large suburban land
plots at low cost, as well as the support it receives from local
governments on infrastructure improvement projects and property
project terms. As a result, it has achieved a high gross margin of
above 50% and can recover costs within 3-4 years.

But its rating is constrained by its fast expansion into large-
scale developments in new locations. Such an approach presents a
degree of execution risk.

The volatility in its sales will remain high, and the company will
need to secure a critical mass of tenants and make further
progress on adjacent infrastructure developments to ramp up sales.
It is also very dependent on the strength of regional economies.

In addition, CSC has yet to achieve a meaningful stream of
recurring rental income from its logistics and trade centers, and
which can significantly contribute to debt servicing.

CSC's unrestricted cash balance could cover its short-term debt of
around HKD3 billion as of September 2012. However, Moody's expects
external financing will be necessary to meet capital spending
according to its development schedule, and despite some
flexibility in its construction schedule.

CSC's bond rating is one notch below its corporate family rating,
reflecting structural subordination to the company's bank loans at
its domestic subsidiaries, which accounted for nearly 16% of total
assets as of September 2012. Moody's expects this ratio will not
decline materially in the coming 2-3 years.

The stable outlook reflects Moody's expectation that CSC will
progress towards full compliance and that it will carefully manage
capital spending to maintain satisfactory liquidity position in
the next 12-18 months.

A rating upgrade is unlikely before the company receives all the
necessary certificates and permits for its projects. Upward rating
pressure could be considered, if CSC (1) shows a track record of
development with proper certificates and permits; (2) establishes
a track record of stable sales growth in locations outside
Shenzhen; (3) demonstrates a healthy financial profile with
EBITDA/interest exceeding 3x -- 3.5x and debt/book capitalization
below 40%-45%, and (4) strengthens its liquidity profile.

On the other hand, the ratings could be downgraded, if CSC (1)
shows weakened sales or liquidity; (2) fails to reduce its
inventory without proper certificates and permits; or (3)
undertakes further aggressive expansion into more new locations to
the detriment of its financial profile, such that debt/book
capitalization exceeds 50%-55%.

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

China South City, listed on the Hong Kong Stock Exchange, is a
developer and operator of large-scale integrated logistics and
trade centers in China. The company operates one center in
Shenzhen and is developing new trade centers in Nanning, Nanchang,
Xian, Harbin, Zhengzhou and Hefei.


LAI FUNG: S&P Affirms 'B+' Corporate Credit Rating
--------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on China-based property developer Lai Fung Holdings
Ltd. to stable from negative.  In line with the outlook revision,
S&P raised its long-term Greater China regional scale rating on
Lai Fung and its outstanding senior unsecured notes to 'cnBB' from
'cnBB-'.  S&P also affirmed its 'B+' long-term foreign currency
corporate credit rating on Lai Fung and 'B+' issue rating on its
senior unsecured notes.

"We revised the rating outlook to reflect our expectation that Lai
Fung's cash flow will likely improve in the coming 12 months
because of sizable recurring income from its gradually expanding
leasing property portfolio and a modest increase in property
sales," said Standard & Poor's credit analyst Frank Lu.  "The
sales improvement should stem from a stabilizing property market
in China and higher volume of properties available for sale.  We
also expect the company to maintain disciplined financial
management despite a revived appetite for expansion."

Lai Fung's recurring income remains a rating support.  S&P expects
the company's rental income to increase by 10%-15% per year in the
next two years because of positive "rental reversions" (or higher
rents on renewal of expiring leases), high occupancy, and
additional small-scale leasing properties.

Lai Fung's property sales performance should improve over the next
12 months, but will likely remain volatile because of project
concentration risk.  S&P anticipates Lai Fung's property contract
sales will rise to Hong Kong dollar (HK$) 1.2 billion-
HK$1.4 billion in fiscal 2013 from a weak HK$843 million in fiscal
2012.

"We believe refinancing risks have reduced for Lai Fung's
US$200 million senior unsecured notes due 2014 after the company
entered into a three-year syndication loan facility that can fully
cover the note repayments," said Mr. Lu.

The stable outlook reflects S&P's expectation that Lai Fung's
investment properties will continue to generate sizable cash flow
to cover most of its interest expenses, and that its property
sales will improve over the next 12 months but remain volatile.
S&P also expects the company to maintain disciplined financial
management while pursing expansion.

S&P may lower the rating if: (1) Lai Fung's rental income declines
for a prolonged period; (2) the company's debt-funded growth
becomes more aggressive than S&P expects, such that its leverage
and interest expenses increase significantly.  Rental income
EBITDA interest coverage that is materially below 1.0x for a
prolonged period could indicate such weakness.

Rating upside is limited for the next 12 months.  S&P may raise
the rating if Lai Fung expands its investment portfolio and
materially increases recurring income, improves its project
diversity, and maintains or improves its capital structure and
cash flow coverage.



================
H O N G  K O N G
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CHIU WING: Creditors' Proofs of Debt Due March 15
-------------------------------------------------
Creditors of Chiu Wing Enterprise Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 15, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Fok Hei Yu
         c/o FTI Consulting (Hong Kong) Limited
         Level 22, The Center
         99 Queen's Road Central
         Central, Hong Kong


CONVENIENCE STATIONER: Creditors' Proofs of Debt Due March 15
-------------------------------------------------------------
Creditors of Convenience Stationer Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 15, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Jacqueline Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


HENRY ENGINEERING: Lau Angela Fun Chan Steps Down as Liquidator
---------------------------------------------------------------
Lau Angela Fun Chan stepped down as liquidator of Henry
Engineering System Company Limited on Feb. 21, 2013.


KEMCLAY LIMITED: Creditors' Proofs of Debt Due March 15
-------------------------------------------------------
Creditors of Kemclay Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 15, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Wong Kwok Keung
         29/F, Caroline Centre, Lee Gardens
         Two, 28 Yun Ping Road
         Hong Kong


MEAG PACIFIC: Cowley and Wong Step Down as Liquidators
------------------------------------------------------
Patrirck Cowley and Wong Wing Sze Tiffany stepped down as
liquidators of Meag Pacific Star Asia Limited on Feb. 25, 2013.


PREMIUM HK: Members' Final General Set for April 2
--------------------------------------------------
Members of Premium Hong Kong Limited will hold their final general
meeting on April 2, 2013, at Room 1307-8 Dominion Centre, 43-59
Queen's Road East, Wanchai, in Hong Kong.

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


PRIMA VISION: Commences Wind-Up Proceedings
-------------------------------------------
Members of Prima Vision Limited, on Feb. 20, 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


PROFESSIONAL RESOURCES: Creditors' Proofs of Debt Due April 2
-------------------------------------------------------------
Creditors of Professional Resources Centre (Ministry) 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. 22, 2013.

The company's liquidator is:

         Tseung Siu Hang
         Unit 1003A, 10/F
         113 Argle Street
         Mong Kok, Kowloon
         Hong Kong


SARASIN INVESTMENT: Creditors' Proofs of Debt Due March 15
----------------------------------------------------------
Creditors of Sarasin Investment Management Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 15, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


SHINE POINT: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Feb. 22, 2013,
creditors of Shine Point Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

          Chan Che Wai
          Units 2201-2, 22/F
          ING Tower, 308 Des Voeux Road
          Central, Hong Kong


SOUTH HORIZONS: Commences Wind-Up Proceedings
---------------------------------------------
Members of South Horizons SH Limited, on Feb. 25, 2013, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Chen Yung Ngai Kenneth
         313-317, 3/F, Shui On Centre
         6-8 Harbour Road
         Wanchai, Hong Kong


SUN MOTOR: Annual Meetings Set for March 26
-------------------------------------------
Members and creditors of Sun Motor Holding Company Limited will
hold their annual meetings on March 26, 2013, at 11:30 a.m., and
11:45 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.


SUN MOTOR MANUFACTORY: Annual Meetings Set for March 26
-------------------------------------------------------
Members and creditors of Sun Motor Manufactory Limited will hold
their annual meetings on March 26, 2013, at 2:00 p.m., and 2:15
p.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.


SUN MOTOR OEM: Annual Meetings Set for March 26
-----------------------------------------------
Members and creditors of Sun Motor OEM Company Limited will hold
their annual meetings on March 26, 2013, at 2:30 p.m., and
2:45 p.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.


SUN MOTOR PRECISION: Annual Meetings Set for March 26
-----------------------------------------------------
Members and creditors of Sun Motor Precision Products Limited will
hold their annual meetings on March 26, 2013, at 3:00 p.m., and
3:15 p.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.


SY HONG: Commences Wind-Up Proceedings
--------------------------------------
Members of Sy Hong Corporation Limited, on Feb. 25, 2013, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Chen Yung Ngai Kenneth
         313-317, 3/F, Shui On Centre
         6-8 Harbour Road
         Wanchai, Hong Kong


TAP MUN: Members' Final General Set for April 2
-----------------------------------------------
Members of Tap Mun Community Development Limited will hold their
final meeting on April 2, 2013, at 10:00 a.m., at Room D, 32nd
Floor, Tower 1, Lippo Centre, at 89 Queensway, in Hong Kong.

At the meeting, Leung Wun Man Emba, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


TARGET MAGIC: Members' Final General Set for April 2
----------------------------------------------------
Members of Target Magic Limited will hold their final meeting on
April 2, 2013, at Room 1702, 17th Floor, Tung Hip Commercial
Building, at 248 Des Voeux Road Central, in Hong Kong.

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


TEIFEBS LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
Members of Teifebs Limited, on Feb. 25, 2013, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

         Chen Yung Ngai Kenneth
         313-317, 3/F, Shui On Centre
         6-8 Harbour Road
         Wanchai, Hong Kong


TUREF NOVS: Commences Wind-Up Proceedings
-----------------------------------------
Members of Turef Novs Limited, on Feb. 25, 2013, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Chen Yung Ngai Kenneth
         313-317, 3/F, Shui On Centre
         6-8 Harbour Road
         Chen Yung Ngai Kenneth
         313-317, 3/F, Shui On Centre
         Wanchai, Hong Kong


TWON ARY: Commences Wind-Up Proceedings
---------------------------------------
Members of Twon Ary Limited, on Feb. 25, 2013, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

         Chen Yung Ngai Kenneth
         313-317, 3/F, Shui On Centre
         6-8 Harbour Road
         Wanchai, Hong Kong


VAST BILLION: Creditors' Proofs of Debt Due April 1
---------------------------------------------------
Creditors of Vast Billion Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by April 1,
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:

         Ho Sun Fung Allan
         Room 2702-3, C.C. Wu Building
         302-8 Hennessy Road
         Wanchai, Hong Kong


WATERFRONT W: Commences Wind-Up Proceedings
-------------------------------------------
Members of Waterfront W Limited, on Feb. 25, 2013, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Chen Yung Ngai Kenneth
         313-317, 3/F, Shui On Centre
         6-8 Harbour Road
         Wanchai, Hong Kong


WORLDMART DEVELOPMENT: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Worldmart Development Limited, on Feb. 5, 2013, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Liu Kam Lung
         Unit B, 12/F
         Success Commercial Building
         245 Hennessy Road
         Wanchai, Hong Kong


WORLDWIDE TIME: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Feb. 25, 2013,
creditors of Worldwide Time Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Siu Yee Cheong Stephen
         Room 1003, Easey Commercial Building
         253-261 Hennessy Road
         Hong Kong


WORLD LUCK: Creditors' Proofs of Debt Due March 15
--------------------------------------------------
Creditors of World Luck Trading Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 15, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Jacqueline Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


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.



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


HIMALAYAN POLYMER: CARE Reaffirms 'C' Rating on INR17.91cr Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Himalayan Polymer Industries.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      17.91      CARE C Reaffirmed
   Short-term Bank Facilities      4.50      CARE A4 Reaffirmed

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

Rating Rationale

The ratings assigned to the bank facilities of Himalayan Polymer
Industries continue to remain constrained by its constitution
being a partnership, weak liquidity position, small scale of
operations, leveraged capital structure, susceptibility to
volatility in raw material prices and working capital intensive
nature of operations. The ratings are further constrained by its
presence in highly competitive packaging industry.

The ratings, however, continue to draw comfort from its
experienced promoters and benefits derived from its presence in
tax-free zone.  Going forward, the effective management of working
capital and maintaining the profitability margins shall be the key
rating sensitivities.

Himalayan Polymer Industries was established in December 2009 as a
partnership firm by Mr. Suresh Singhal, Mr. Om Prakash Jalan and
Mr. Rajeev Maheshwari. The firm is engaged in manufacturing of
Polyethylene Terephthalate (PET) and polypropylene (PP) bottles
and containers for pharma filling, water bottles and liquor
filling. The main raw materials for HPI are Pet resins which are
procured domestically as well as by way of imports. HPI is
primarily engaged in B2B marketing and selling arrangement. The
Himalayan group includes Himalayan Packaging Industries Pvt Ltd,
(rated 'CARE C/CARE A4') which is also engaged in the field of PET
packaging for pharmaceutical, distillery and food product segments
and has been operational since FY08.


INVENT BIO: CARE Reaffirms 'BB-' Rating on INR8.05cr Loans
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Invent Bio Med Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.05      CARE BB- Reaffirmed
   Short-term Bank Facilities      2.50      CARE A4 Reaffirmed

Rating Rationale

The ratings of Invent Bio Med Private Limited continue to be
constrained by its relatively small scale of operations with a low
net worth base, moderately high gearing level and stretched
liquidity position. The ratings are further constrained by the
competition faced by the company from the global players in the
healthcare industry.

These constraints far outweigh the strength derived from the
experience of the management and the favorable prospects of the
Indian healthcare devices industry.

The ability of IBPL to improve its overall scale of operations and
financial risk profile, efficient management of its working
capital cycle and improvement in the liquidity position are the
key rating sensitivities.

Invent Bio-Med Private Limited, incorporated in the year 2005 is
promoted by Mr. Ravi Srivastava and his wife Mrs Nivedita
Srivastava. IBPL is engaged in the business of manufacturing
Cardio Vascular interventional devices with its main product being
coronary stents used for arterial diseases. During FY12 (refers to
the period April 1 to March 31), the company generated major
percentage of its revenue from the export market, mainly to
Europe, Russia, UAE and Sri Lanka.

IBPL has a network of more than 40 distributors across India. The
company has its manufacturing facility located at Special Economic
Zone (SEZ), Surat.


KPC MEDICAL: CARE Reaffirms 'B+' Rating on INR127.3cr LT Loans
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of KPC
Medical College & Hospital, Jadavpur.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      127.3      CARE B+ Reaffirmed
   Short-term Bank Facilities      15.0      CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by net deficit during the
last four years leading to erosion of networth and stress on the
liquidity position. The ratings also factor in the association of
eminent doctors with the hospital, satisfactory infrastructure
with the latest available technology and infusion of funds by the
promoters. The ability to further improve its infrastructure,
introduce postgraduate courses subject to necessary statutory
approvals and improve its profitability and the capital structure
would remain the key rating sensitivities.

KPC Medical College and Hospital was promoted by Dr K. P.
Chaudhuri in August 2003 as a society registered under the West
Bengal Societies Registration Act, 1961. KPC was established with
an objective of setting up a medical college along with a 750-bed
hospital on 48 acres of land in Kolkata.

KPC is one of the first private medical educational institutions
for imparting undergraduate studies in West Bengal and is
affiliated to the West Bengal University of Health Sciences and is
approved by the Government of West Bengal. While the hospital
became operational in 2007, the medical college started its
operation in 2008. Besides the hospital and the medical college,
KPC also has a B.Sc Nursing college and a General Nursing &
Midwifery (GNM) Nursing school in the same campus which provide
for the requirement of nurses in the hospital. In accordance with
Medical Council of India guidelines, KPC is now admitting 150
students (per year) in the MBBS course. The college is already
permitted by Medical Council of India (MCI), and having completed
five years, it expects to receive its Letter of Recognition this
year.


LION INSULATION: CARE Rates INR11cr LT Loan at 'CARE B'
-------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Lion
Insulation Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        11       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Lion Insulation
Private Limited is tempered by the execution risk associated with
large-size project, vulnerability to slowdown in the end-user
industries, raw material price risk and competition from similar
and substitute products.

The rating, however, derives strength from experience of the
promoter and its management in the insulation industry
The ability of LIPL to start its operations by implementing
project within the estimated time and cost and achieve the
envisaged revenue and profitability amidst increasing competition
are the key rating sensitivities.

Incorporated in 2007, Lion Insulation Private Limited (LIPL) is
setting up a manufacturing unit for manufacturing thermal and
acoustical insulation products (like Rockwool mattress, Rockwool
slabs and pipe section) at Guna, Madhya Pradesh, with an estimated
capacity of 9,000 MTPA. The products will be used in refineries,
chemicals plants and malls.

The total costs of the project is estimated to be INR13.46 crore
funded through term loan of INR8 crore and the remaining through
equity at a debt/ equity of 1.46x. The project was expected to
commence commercial production from December 2012, however, has
been delayed by four months (will commence operations from April
2013).


ROYAL FASTENERS: CARE Reaffirms 'BB+' Rating on INR5.28cr Loans
---------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Royal
Fasteners (Ne) Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.28      CARE BB+ Reaffirmed
   Short-term Bank Facilities      2.00      CARE A4+ Reaffirmed

Rating Rationale

The ratings continue to be constrained by the company's small
scale of operations with significant dependence on a single
customer and cyclicality of the industry. The ratings also factor
in the experience of the promoters in similar line of business,
satisfactory profitability and gearing ratios and successful
completion of the ongoing project. The ability of the company to
improve its revenue, profitability and capital structure, regular
issuance of orders by Indian Railways and timely receipt of
contract proceed will remain the key rating sensitivities.

Royal Fasteners (NE) Pvt Ltd is a private limited company,
incorporated on November 19, 2003. The company, which commenced
commercial production in 2005, is engaged in the manufacturing and
supply of engineering products and railway track fittings. Its
major client is Indian Railways. The company is enlisted as RDSO-
approved (Research Design & Standards Organisation) vendor for the
manufacturing and supplying of Grooved Rubber Sole Plates (GRSP,
6mm & 10mm), Glass Filled Nylon--66 insulating Liners and Elastic
Rail Clips to the Ministry of Railway, Government of India. The
company has been promoted by Mr. Kamlesh Kumar Jain and Mr Ajay
Kumar Saraf.

GRSP and GFN Liners are two essential components of the rail track
assembly that is used for insulating rail with concrete sleeper.
RFPL, currently, has an installed capacity to manufacture
7,200,000 nos., 4,800,000 nos. and 3,960,000 nos. of GRSP, GFN
Liners and Elastic rail clips, respectively.


SANDIP NANAVATI: CARE Assigns 'BB' Rating to INR1.09cr LT Loans
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Sandip Nanavati.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       1.09      CARE BB Assigned
   Short-term Bank Facilities     12.00      CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of M/s. Sandip
Nanavati are constrained by geographical concentration of
operations, inherent risk of the tender-driven business and
constitution as a proprietorship firm. The ratings, however, are
underpinned by the experience of the proprietor, improving
operating performance, satisfactory financial risk profile and
government thrust on infrastructure growth.

The ability of the firm to diversify its operations geographically
and enhance its scale of operations without impacting the
profitability and capital structure are the key rating
sensitivities.

Vadodara-based M/s. Sandip Nanavati, established in the year 1988
as a proprietorship firm, is engaged in the business of executing
civil engineering projects largely pertaining to industrial and
infrastructure contracts, substation building, sheds, office
buildings and interior roads. The proprietor, Mr Sandip Nanavati
manages the day-to-day affairs of the firm.

MSN is a regional player in the construction industry and has
executed projects for varied clientele, including Juemont, IOCL,
Schott Kaisha, Siemens, Samsung, Alstom, Dodsal, Hyundai, Dupont,
L&T and many more. The firm has its own fleet of machineries and
equipments for execution of construction work. MSN has been
enlisted with Gujarat state P.W.D., Surat Municipal Corporation
(Class AA), and various other private players and MNCs which helps
the firm to source orders conveniently. As on January 31, 2013,
MSN had an order book worth INR74.58 crore to be executed until
FY15.


S. K. TREXIM: CARE Assigns 'BB-' Rating to INR3.5cr LT Loans
------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of S. K. Trexim Pvt. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       3.5       CARE BB- Assigned
   Short-term Bank Facilities      6.0       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of S. K. Trexim Pvt.
Ltd. are primarily constrained by its small scale of operations
coupled with short track record and thin profitability margins,
its presence in a competitive and fragmented timber trading
industry, customer concentration risk, susceptibility of margins
to the volatility in foreign exchange rates and the risks
pertaining to any adverse change in the regulatory environment of
the timber exporting countries.

The ratings, however, favorably take into account the experience
of the promoters in the timber trading business and positive
demand prospects for timber in the domestic markets.
The ability of the company to increase its scale of operations
along with improvement in the profitability parameters are the key
rating sensitivities.

S. K. Trexim Pvt. Ltd., incorporated in September 2009, is a
small-sized company promoted by Mr. Vivek Kumar Singh and
Mrs. Namrata Singh belonging to Kolkata, having around a decade
experience in the timber trading business. The company is engaged
in the trading of imported timber logs which is subsequently sawn
and sized at different saw mills into various commercial
sizes as per the requirement of its customers. The company earns
its entire revenue from the domestic market wherein in supplies
the timber to traders and sawmills. It procures the imported
timbers from domestic suppliers as well as imports it from
countries like Malaysia, Indonesia, Myanmar and Ghana. Its
warehousing facility is located at KPT Area, Khidderpore, Kolkata
of West Bengal (covering 14,000 sq. ft.), near to the Kolkata port
for facilitating easy import of timber.


SR BUILDCON: CARE Rates INR38.38cr LT Loan at 'CARE BB-'
--------------------------------------------------------
CARE assigns 'CARE BB-' to the bank facilities of SR Buildcon Pvt
Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      38.38      CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of SR Buildcon Pvt Ltd
is primarily constrained by the weak financial risk profile marked
by leveraged capital structure, low profitability margin, and weak
debt coverage indicators. The rating is further constrained by
SRBL's susceptibility to fluctuation in the prices of scrap and
risk of overestimation of realizable proceeds and uncertainty of
future cash flows.

The rating, however, finds support from SRBL's experienced and
resourceful promoters and increasing scale of operations over the
years.  Going forward, the timely and estimated realization of
scrap and improvement in the financial risk profile shall be the
key rating sensitivity.

S.R Buildcon Pvt Ltd, incorporated in March 2005 by Mr Sushil
Kumar Singla and Mr. Ravinder Kumar Goyal. SRBL is engaged in the
business of buying sick industrial units offered through Debt
Recovery Tribunal (DRT), financial institutions (FIs) and courts.
The company subsequently dismantles the unit and sells the same in
piecemeal manner to respective buyers.

SRBL has experienced staff (civil engineers, valuers etc), who
specialize in the assessment of value of the plant & machinery,
stock and building.


URVASHI PULP: CARE Assigns 'B' Ratings to INR7.01cr Loans
---------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Urvashi Pulp & Paper Mills Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.61      CARE B Assigned
   Long-term/Short-term Bank       0.40      CARE B/CARE A4
   Facilities                                Assigned
   Short-term Bank Facilities      2.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Urvashi Pulp &
Paper Mill Private Limited are primarily constrained by its weak
financial risk profile marked by the low profitability, highly
leveraged capital structure, weak debt coverage indicators and
liquidity indicators. The ratings are further constrained on the
account of UPPMPL's presence in a highly fragmented and
competitive paper industry.

The ratings, however, derives strength from the established
manufacturing facilities, experienced promoters and stable demand
indicators from the end-user industries, mainly packaging.
The company's ability to increase the scale of operations along
with improvement in the profitability amidst the strong
competition and improvement in the capital structure are the key
rating sensitivities.

Urvashi Pulp & Paper Mill Private Limited was promoted by Mr
Mahendra Shah in 1976 and had commenced operations in 1983. The
company is engaged in the manufacturing of kraft paper and paper
boards. UPPMPL's plant is located at Ankleshwar, Gujarat, with an
installed capacity of 24,000 Metric Tonnes Per Annum (MTPA) as on
March 31, 2012. The company is mainly catering to industries
located in Gujarat and Maharashtra.

During FY12 (refers to the period April 1 to March 31), as per the
audited results, UPPMPL reported a total operating income of
INR44.69 crore (FY11: INR45.50 crore) and a Profit After Tax of
INR0.17crore (FY11: INR0.38 crore).



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


STAR ENERGY: Fitch Assigns 'B+' Rating to Sr. Secured Notes
-----------------------------------------------------------
Fitch Ratings has assigned Indonesia-based Star Energy Geothermal
(Wayang Windu) Limited's proposed senior secured notes an expected
rating of 'B+(EXP)' with a Recovery Rating of 'RR4'.

Key Rating Drivers

The notes are rated at the same level as SEG's Issuer Default
Rating (IDR) of 'B+', as they will constitute direct,
unconditional and senior secured obligations of the company. The
final rating is contingent upon the receipt of final documents
conforming to information already received.

Proceeds from the proposed notes will largely be used to refinance
SEG's outstanding senior secured USD notes of USD337.5m, of which
USD12.5m, USD25m and USD300m are due in 2013, 2014 and 2015
respectively. As part of the refinancing process SEG will have the
option of repaying USD85m of its USD102m subordinated shareholder
loan immediately and a further USD1m per annum thereafter. Fitch
expects the repayment of the shareholders loan to be made out of
SEG's existing cash at hand (USD139m at end-December 2012) and as
such does not expect SEG's total indebtedness to change
materially.

While the refinancing exercise will improve SEG's liquidity in the
medium-term, leverage - on a net of cash basis - will increase due
to the repayment of USD85m of the subordinated shareholder loan.
This is because Fitch has not treated the loan as debt due to its
subordinated nature and it being interest-free. However, Fitch
does not expect SEG's funds from operations (FFO)-adjusted net
leverage to exceed the negative guidance of 5.0x on a sustained
basis. This is based on Fitch's expectation that SEG will generate
positive operational cash flows, incur limited maintenance capex
and not pay out any substantial dividends in the medium term.

SEG's ratings reflect geological risks inherent to operating in an
active seismic area as well as the high visibility of its
earnings. The rating remains constrained by geological risks,
particularly given its single site operation, and by potential
heavy capex relative to its balance sheet. On the other hand, the
company has demonstrated reliable operating performance,
underpinned by its long-term 'take or pay' energy sales contract
with the state power utility, PT Perusahaan Listrik Negara
(BBB-/Stable).

Rating Sensitivities

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

- FFO-adjusted net leverage exceeding 5.0x (2.4x at end-9M12) and
FFO interest coverage falling below 2.0x (1.9x at end-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 capex, on its
capital structure and on whether the company can reduce its
financial leverage to below 3.5x on a sustained basis.



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


NCI TRUST: S&P Lowers Rating on Class D Certificates to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to 'D
(sf)' from 'CCC (sf)' its rating on the class D trust certificates
issued in July 2006 under the NCI Trust Certificate-2 transaction.
The class A, B, and C trust certificates repaid in full on the
interest and principal payment dates in September 2012, December
2012, and March 2013, respectively.

The sale of the property backing the transaction's remaining loan
has been completed.  Nevertheless, S&P downgraded class D because
the outstanding balance of the loan exceeded the amount collected
through the sale of the related collateral property and, as a
result, this class incurred a principal loss.

NCI Trust Certificate-2 is a multiborrower commercial mortgage-
backed securities (CMBS) transaction that Nomura Securities Co.
Ltd. arranged.  Twenty-two real estate properties ultimately
secured the seven nonrecourse loans and one specified bond that
initially secured the trust certificates issued under this
transaction.

          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
NCI Trust Certificate-2
JPY31.1465 billion trust certificates due Sept. 2013*
Class        To            From            Initial issue amount
D            D (sf)        CCC (sf)        JPY1.4535 bil.

*Class R (initial issue amount: JPY0.393 bil.) is not rated.


SHARP CORP: Mulls Selling New Shares to Raise JPY100 Billion
------------------------------------------------------------
Kyodo News reports that struggling Japanese electronics maker
Sharp Corp. is considering raising around JPY100 billion through a
public stock offering to help it repay JPY200 billion in debt due
in September, sources said Friday.

According to the report, sources said the company's main creditor
banks, however, questioned the feasibility of the plan, pushing
Sharp to consider other ways to raise capital, such as reducing
the amount of new share sales as well as issuing preferential
shares or subordinate bonds.

Kyodo says ratings agencies have cut Sharp to levels considered
speculative, which has made it difficult for Sharp to raise money
through issuing new bonds.

The news agency notes that the company has formed capital
alliances with U.S. telecommunication giant Qualcomm Inc. and
Samsung Electronics Co. of South Korea, but receiving around JPY10
billion in investment from each would not be enough.

As Sharp is facing difficulty obtaining a nod about the plan from
its main creditors, Mizuho Corporate Bank and Bank of Tokyo-
Mitsubishi UFJ, it may have to postpone to April announcing its
medium-term management plan, which is slated for March, the
sources, as cited by Kyodo, added.

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


AORANGI SECURITIES: HMF Managers to Make Further 15c Payment
------------------------------------------------------------
BusinessDesk reports that statutory managers of the frozen Hubbard
Management Funds will make a further payment to investors of 15
cents in the dollar as they work toward full repayment.

BusinessDesk says the latest payment, due on March 15, means 25
cents in the dollar has been repaid to investors from the Capital
Return Pool in addition to an initial distribution last year of
NZ$9 million.

"We have now realised all the liquid assets of HMF and solid
progress has been made towards the realisation of the remaining
assets, however due to the nature of these, the realisation
process will take some time," the report quotes statutory managers
Graeme McGlinn, Richard Simpson and Trevor Thornton of Grant
Thornton as saying.  "Investors will eventually have all of their
original capital returned to them."

The fund's portfolio was valued at $40.75 million as at
December 31 and the managers decided to reduce and realign larger
holdings in that month, BusinessDesk discloses.

Last year the statutory managers decided against seeking
repayments from investors who were overpaid, and the court-ordered
clawback of overpayments in the interim distribution has been
removed, the report notes.

                     About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reported.


HANOVER FINANCE: Ex-Director Wants Trustees to Help Pay Damages
---------------------------------------------------------------
The New Zealand Herald reports that former Hanover Finance
director Mark Hotchin wants two trustee companies to contribute to
any damages he may need to pay if the Financial Markets Authority
wins its civil action against him.

The Herald notes that Mr. Hotchin, along with five other former
Hanover directors or promoters, are being sued by the FMA for
allegedly misleading or untrue statements in finance company
prospectuses.

The FMA is seeking compensation for investors who put $35 million
into Hanover Finance, Hanover Capital and United Finance between
December 2007 and July 22, 2008, the report relays.

According to the report, Mr. Hotchin is defending this claim and
in turn, has filed action against the trustee of Hanover Finance,
New Zealand Guardian Trust Company, and Perpetual Trust, the
trustee of Hanover Capital of United Finance.

The Herald relates that Mr. Hotchin argues the trustees held a
duty of care to investors and that they should contribute to any
damages payable if the FMA's case succeeds.

But the trustees are fighting back. Appearing Monday in the High
Court at Auckland, the report says Guardian applied to have the
claims against it struck out.

While the trustee did have a duties to investors, Guardian's
lawyer Ralph Simpson said these were not responsibilities that
makes it liable in this case, the report relays.

Mr. Simpson said Guardian's duties did not extend to ensuring the
truth of Hanover's prospectus, other than confirming that the
terms of the offer to investors complied with the trust deed, the
report adds.

                        About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.



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


* BOND PRICING: For the Week March 4 to March 8, 2013
-----------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------
ADVANCED ENERGY        9.50   01/04/2015   AUD     0.65
COM BK AUSTRALIA       1.50    04/19/22    AUD    73.87
MIDWEST VANADIUM      11.50    02/15/18    USD    59.00
MIDWEST VANADIUM      11.50    02/15/18    USD    59.00
NEW S WALES TREA       0.50    09/14/22    AUD    69.47
NEW S WALES TREA       0.50    10/07/22    AUD    69.26
NEW S WALES TREA       0.50    10/28/22    AUD    69.07
NEW S WALES TREA       0.50    11/18/22    AUD    68.88
NEW S WALES TREA       0.50    12/16/22    AUD    69.58
NEW S WALES TREA       0.50    02/02/23    AUD    69.13
NEW S WALES TREA       0.50    03/30/23    AUD    68.65
TREAS CORP VICT        0.50    08/25/22    AUD    71.84
TREAS CORP VICT        0.50    03/03/23    AUD    70.13
TREAS CORP VICT        0.50    11/12/30    AUD    49.20


CHINA
-----

CHINA GOVT BOND        4.86    08/10/14    CNY    105.91
CHINA GOVT BOND        1.64    12/15/33    CNY    68.06


INDIA
-----

3I INFOTECH LTD        5.00    04/26/17    USD    35.00
CORE PROJECTS          7.00    05/07/15    USD    40.36
JCT LTD                2.50    04/08/11    USD    20.00
MASCON GLOBAL LT       2.00    12/28/12    USD    10.00
PRAKASH IND LTD        5.63    10/17/14    USD    69.38
PRAKASH IND LTD        5.25    04/30/15    USD    69.01
PYRAMID SAIMIRA        1.75    07/04/12    USD    1.00
REI AGRO               5.50    11/13/14    USD    71.04
REI AGRO               5.50    11/13/14    USD    71.04
SHIV-VANI OIL          5.00    08/17/15    USD    46.34
SUZLON ENERGY LT       5.00    04/13/16    USD    50.44


JAPAN
-----

EBARA CORP             1.30    09/30/13    JPY    99.97
ELPIDA MEMORY          2.03    03/22/12    JPY    9.50
ELPIDA MEMORY          2.10    11/29/12    JPY    9.50
ELPIDA MEMORY          2.29    12/07/12    JPY    9.50
JPN EXP HLD/DEBT       0.50    09/17/38    JPY    66.70
JPN EXP HLD/DEBT       0.50    03/18/39    JPY    67.05
KADOKAWA HLDGS         1.00    12/18/14    JPY    108.88
SHARP CORP             1.14    09/16/16    JPY    67.74
SHARP CORP             2.07    03/19/19    JPY    62.08
SHARP CORP             1.60    09/13/19    JPY    61.33
TOKYO ELEC POWER       1.96    07/29/30    JPY    73.75
TOKYO ELEC POWER       2.37    05/28/40    JPY    70.37


MALAYSIA
--------

DUTALAND BHD           7.00    04/11/13    MYR    0.91


PHILIPPINES
-----------

BAYAN TELECOMMUN      13.50    07/15/49    USD    22.63
BAYAN TELECOMMUN      13.50    07/15/49    USD    22.63


SINGAPORE
---------

BAKRIE TELECOM        11.50    05/07/15    USD    58.25
BAKRIE TELECOM        11.50    05/07/15    USD    53.26
BLD INVESTMENT         8.63    03/23/15    USD    69.78
BLUE OCEAN            11.00    06/28/12    USD    36.75
BLUE OCEAN            11.00    06/28/12    USD    36.75
CAPITAMALLS ASIA       2.15    01/21/14    SGD    99.85
CAPITAMALLS ASIA       3.80    01/12/22    SGD    102.00
DAVOMAS INTL FIN      11.00    12/08/14    USD    21.15
DAVOMAS INTL FIN      11.00    12/08/14    USD    28.88
F&N TREASURY PTE       2.48    03/28/16    SGD    100.49


SOUTH KOREA
-----------

CHEJU REGION DEV       3.00    12/29/34    KRW    68.19
EXP-IMP BK KOREA       0.50    08/10/16    BRL    74.95
EXP-IMP BK KOREA       0.50    09/28/16    BRL    74.15
EXP-IMP BK KOREA       0.50    10/27/16    BRL    73.63
EXP-IMP BK KOREA       0.50    11/28/16    BRL    73.06
EXP-IMP BK KOREA       0.50    12/22/16    BRL    72.78
EXP-IMP BK KOREA       0.50    10/23/17    TRY    71.44
EXP-IMP BK KOREA       0.50    11/21/17    BRL    67.10
EXP-IMP BK KOREA       0.50    12/22/17    BRL    66.67
EXP-IMP BK KOREA       0.50    12/22/17    TRY    70.37


SRI LANKA
---------

SRI LANKA GOVT         6.20    08/01/20    LKR    73.38
SRI LANKA GOVT         7.00    10/01/23    LKR    67.76
SRI LANKA GOVT         5.35    03/01/26    LKR    56.96
SRI LANKA GOVT         8.00    01/01/32    LKR    69.20
SRI LANKA GOVT         9.00    01/10/32    LKR    74.37


THAILAND
--------

BANGKOK LAND           4.50    10/13/03    USD    5.50



                             *********

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.



                 *** End of Transmission ***