TCRAP_Public/130313.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

           Wednesday, March 13, 2013, Vol. 16, No. 51


                            Headlines


A U S T R A L I A

BASACAR PRODUCE: Creditors Opt to Put Firm Into Liquidation
MOTHERCARE AUSTRALIA: Refuses to Honor Gift Cards, Deposits
MULSANNE RESOURCES: Tinkler May Face Arrest Over Liquidation
* Newcastle Council to Cut Jobs and Services to Avoid Insolvency


C H I N A

KAISA GROUP: S&P Revises Outlook to Stable & Affirms 'B+' CCR
SOHO CHINA: 2012 Results in Line With Moody's Expectations
* Moody's Reports on Credit-Support Structures for Chinese Bonds


H O N G  K O N G

BEST LEGEND: Commences Wind-Up Proceedings
BOSTAR LIMITED: Members' Final General Meeting Set for April 5
CANTIRE (FAR EAST): Members' Final Meeting Set for April 9
DORCAS FAMILY: Members' Final Meeting Set for April 1
FAR EAST: Annual Meetings Set for March 28

FORTH RISE: Commences Wind-Up Proceedings
FRAMING SUCCESS: Creditors' Proofs of Debt Due April 20
INDOVER ASIA: Members' Meeting Set for March 22
INSTITUTE OF SINO-US: Members' Final Meeting Set for April 3
HBR ASIA: Members' Final Meeting Set for April 3

HK MORIYA: Members' Final Meeting Set for April 2
IVE ELECTRONIC: Members' Final Meeting Set for April 22
JONES LANG: Members' Final General Meeting Set for April 2
JTA CHINA: Creditors' Proofs of Debt Due April 8


I N D I A

A. C. STRIPS: CRISIL Upgrades Rating on INR100MM Loans to 'BB-'
AURO IMPEX: CRISIL Assigns 'B' Ratings to INR80MM Loans
CORE EDUCATION: Funding Concerns Prompt Moody's to Cut CFR to B2
DHANESWAR RATH: CRISIL Cuts Rating on INR250MM Loan to 'B+'
D.V. STEEL: CRISIL Cuts Ratings on INR73MM Loans to 'D'

GREEN FINGERS: CRISIL Upgrades Rating on INR15MM Loan to 'BB-'
KABRA JEWELS: CRISIL Assigns 'BB-' Rating to INR70MM Loans
MBM ENGINEERING: CRISIL Assigns 'B+' Ratings to INR147.5MM Loans
RACHCON INFRAPROJECTS: CRISIL Puts 'BB-' Rating on INR30MM Loan
S. KUMAR: CRISIL Assigns 'B ' Ratings to INR85MM Loans

SURENDRA & CO: CRISIL Upgrades Ratings on INR210MM Loans to 'BB+'
VARUN FOILS: CRISIL Upgrades Rating on INR150MM Loan to 'BB-'
VARUN PRODUCT: CRISIL Upgrades Rating on INR65MM Loan to 'BB-'


I N D O N E S I A

STAR ENERGY: Moody's Assigns (P)B2 Rating to Sr. Fixed-Rate Notes


J A P A N

TOKYO ELECTRIC: Survival Tied to Reactors, Rate Hikes


N E W  Z E A L A N D

NATIONAL FINANCE: Ex-Director Gets Home Detention Sentence


P H I L I P P I N E S

PRUDENTIALIFE PLANS: Regulator Finalizes Liquidation Value


S I N G A P O R E

ALENTINO CREATION: Court Enters Wind-Up Order
ASHCRAFT HOLDINGS: Court Enters Wind-Up Order
C3I GROUP: Creditors Get 59.76807% Recovery on Claims
COMPERIO PTE: Creditors' Proofs of Debt Due April 8
CREDIT AGRICOLE: Creditors' Proofs of Debt Due April 8

CREDIT SUISSE ASIA: Creditors' Proofs of Debt Due April 8
FAMCARE INTERNATIONAL: Creditors Get 0.3811% Recovery on Claims
PRIMROSE GROUP: Creditors to Recover 82.25241% on Ordinary Claims
SENSEI INTERNATIONAL: Creditors Get 26.667% Recovery on Claims


X X X X X X X X

* Asian LSI Index Dropped to 24.8% in February Says Moody's
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BASACAR PRODUCE: Creditors Opt to Put Firm Into Liquidation
-----------------------------------------------------------
NewsMail reports that Basacar Produce creditors have voted to put
the tomato-farming company into liquidation.

The creditors meeting chaired by Vincent's Chartered Accountants
administrator Peter Dinoris was attended by only eight of the
140 creditors, who are owed a combined amount of more than
AUD$3.7 million, the report relates.

NewsMail says owners Ayhan and Zubeyde Basacar were nowhere to be
seen as the creditors moved to have the collapsed business wound
up -- less than one year after it was placed into voluntary
administration.

According to NewsMail, Mr. Dinoris said with both directors
officially bankrupt, the prospect for creditors to receive a
dividend was unlikely.

The Basacars cannot be directors of another company for at least
three years now that their failed tomato-growing operation has
been liquidated, the report notes.

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

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


MOTHERCARE AUSTRALIA: Refuses to Honor Gift Cards, Deposits
-----------------------------------------------------------
The Sydney Morning Herald reports that Mothercare Australia
customers have lost hundreds of dollars worth of gift cards and
deposits since the baby clothing retailer was put into voluntary
liquidation.

SMH relates that the customers, many of whom are expectant
mothers, are angry with the retailer, which has refused to honour
gift cards or deposits after going into administration six weeks
ago.

SMH says one expectant mother Tara Bartlett was told by the
administrators, BRI Ferrier, she would not be getting the baby
furniture she had pre-ordered and paid a AUD75 deposit at a
Mothercare store in Brisbane.  Ms. Bartlett was also told she
could not redeem her $100 gift voucher, the report relays.  "The
way it has been handled has been atrocious," the report quotes Ms.
Bartlett as saying.

According to the report, the administrator said in a notice to
customers that Mothercare credit notes and gift cards cannot be
redeemed.  It also said refunds of order deposits would not be
given and exchanges would only include full-priced items if the
purchase is within two weeks, the report relays.

A spokesman for the administrator said the next creditors meeting
would be determined before May 3, when creditors would "decide the
future of the company," SMH adds.

                     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 May Face Arrest Over Liquidation
------------------------------------------------------------
Leo Shanahan at The Australian reports that mining millionaire
Nathan Tinkler has been threatened with arrest after he failed to
appear in the New South Wales Supreme Court on March 8 to answer
questions about his liquidated company Mulsanne Resources.

The Australian says Mr. Tinkler had been summoned to appear before
the NSW Supreme Court to give an account of his company, Mulsanne
Resources, which owes coal junior Blackwood AUD28.4 million.

According to the report, the AUD1 company Mulsanne was liquidated
late last year after it failed to pay the AUD28.4 million owed to
Blackwood, and has since resulted in the summons being issued to
director Nathan Tinkler to give an account of why the debt has not
been paid.

The report say Mr. Tinkler failed to appear before the Registrar
on March 8, instead his barrister, Alec Leopold SC, argued that
the action by the liquidators was an abuse of process because they
were only acting in the interests of Blackwood and not other
creditors.

Mr. Tinkler's lawyers applied to have the matter adjourned and
have their matter heard before a judge next week, the report
relays.

However, the report says, Robert Newlinds SC, acting for
liquidators and Blackwood, called the application a "forensic
stunt" that "Mr. Tinkler has a reputation for".

"The real basis of this application is that Mr. Tinkler has
decided not attend," the report quotes Mr. Newlinds as saying.

According to the report, registrar Kenna granted the adjournment
until March 14 on the proviso the have the application filed and
heard before a judge in the NSW supreme court this week.

In response, Mr. Newlinds said that if Mr. Tinkler did not appear
next week the liquidators would seek to have a warrant issued for
his arrest, The Australian reports.

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.


* Newcastle Council to Cut Jobs and Services to Avoid Insolvency
----------------------------------------------------------------
ABC News reports that Newcastle Council is considering cutting 90
jobs and slashing community facilities like swimming pools in a
bid to find AUD19 million in savings over the next two years.

ABC News relates that councillors were discussing possible
options, including shutting pools at Stockton and Beresfield,
selling the Beresfield Golf course and closing its Environment and
Climate Change unit.

According to the report, labor councillor Nuatali Nelmes said
service delivery cuts could be wide-ranging taking in everything
from the frequency of lawn-mowing of median strips, to cutting the
successful schools' ClimateCam project.

Councillor Nelmes acknowledges the council needs to rein in its
budget, but does not believe vital community services should be
cut, the report relays.

ABC News relates council's acting general manager, Martin Coates
said councillors will make the final choices, but something needs
to happen or council won't be able to meet basic financial
obligations.

"It's really important for the community to understand that if
council continues on its current basis, it could actually become
insolvent by 2017/18," the report quotes Ms. Nelmes as saying.

"It sounds a little hard to believe that a council could actually
be in a position where it can't pay its bills, but that is the
reality that we face.  So there's no doubt that some drastic
changes need to be made."



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


KAISA GROUP: S&P Revises Outlook to Stable & Affirms 'B+' CCR
-------------------------------------------------------------
Standard & Poor's Ratings Services said it revised the rating
outlook on China-based property developer Kaisa Group Holdings
Ltd. to stable from negative.  In line with the outlook revision,
S&P raised its long-term Greater China regional scale rating on
the company and its notes to 'cnBB' from 'cnBB-'.  At the same
time, S&P affirmed its 'B+' long-term corporate credit rating on
Kaisa.

"We revised the outlook to stable because we expect Kaisa to
maintain good sales execution and moderate its debt-funded
expansion over the next 12 months.  In our view, refinancing risk
is decreasing because the company continues to reduce the
concentration of offshore debt that is due to mature over 2014-
2015.  In addition, we expect Kaisa's liquidity and capital
structure to strengthen over the next year," said Standard &
Poor's credit analyst Christopher Lee.

In S&P's view, Kaisa is likely to maintain its ratio of onshore
borrowings to total assets below S&P's notching threshold of 15%
for speculative-grade debt over the next two years.  Since
September 2012, the company has issued US$750 million in new
notes, and used most of the proceeds to refinance its offshore
debt.  As of the end of February 2013, Kaisa has Chinese renminbi
(RMB) 1.5 billion in outstanding convertible bonds, which are
puttable in early 2014.  Over the next 12 months, S&P expects
Kaisa to extend the maturity profile of its RMB4 billion in
offshore debt beyond the current due date of 2015.

The growth in Kaisa's contract sales since 2011 reflects its good
execution in new markets, in S&P's opinion.  The company's sales
have become more geographically diversified.  About 30% of Kaisa's
total contract sales in 2012 were from the Pearl River Delta
region, compared with 69% in 2010.  Visibility over Kaisa's sales
execution for the next 12 months appears to be fair, based on the
company's good sales pipeline and likely stable operating
conditions.  The company's operating performance in 2012 met S&P's
expectations.  Contract sales were RMB17.3 billion, 105% of the
company's full-year target.  In the first two months of 2013,
Kaisa achieved contract sales of RMB3 billion, or 13.1% of its
full-year sales target.

Kaisa's more cautious approach to debt-funded expansion last year
was reflected in reduced capital expenditure for land
acquisitions.  The company spent RMB4 billion on land purchases in
2012; this was was 30% lower year over year despite higher sales.
S&P expects Kaisa to keep total acquisition costs for land at less
than RMB5 billion in 2013.

S&P expects Kaisa's leverage to improve in 2013 mainly because of
higher revenue recognition from its growing contract sales over
the past two years and only a moderate debt increase.  In S&P's
base-case scenario, it expects the company's adjusted debt-to-
EBITDA ratio to improve to 4.5x-5x (2012: 6.3x) and its EBITDA
interest coverage to be 2x-2.5x in 2013 (2012: 1.5x), comparable
ratios to peers'.  The ratios could deteriorate if property sales
for 2013 decline materially from our base case of about
RMB20 billion or the EBITDA margin is less than 21%.  S&P believes
the company will control its land acquisitions and other expenses
to keep its borrowings at RMB17 billion-RMB18 billion in 2013.

S&P anticipates that Kaisa's profitability will slightly improve
in the next two years.  This is because the company will have more
sales from its redevelopment projects in Shenzhen, a market where
it achieves higher selling prices and profit margins.  The
company's EBITDA margin dropped to about 21% during 2011-2012 from
32% in 2010 as it expanded outside its home market and increased
its product range.

S&P affirmed the rating on Kaisa to reflect the company's high
leverage and lack of consistent financial management.  The
company's large and low-cost land bank and its established market
position in Shenzhen and Guangdong temper these weaknesses.  S&P
continues to view Kaisa's business risk profile as "weak" and its
financial risk profile as "aggressive."

The stable outlook reflects S&P's expectation that Kaisa can
maintain its good sales execution and sufficient liquidity, and
continue to control its debt-funded expansion over the next 12
months.  S&P also expects Kaisa's cash flow protection to improve.

S&P may lower the rating if: (1) Kaisa's property sales or margins
are significantly lower than S&P's projections and the company's
borrowings significantly increase, such that its contract sales
are materially less than RMB20 billion in 2013 and its EBITDA
interest coverage is below 2x; or (2) the company significantly
increases land acquisitions, such that its liquidity position
weakens.

S&P could raise the rating in the next two to three years if Kaisa
shows consistently good execution of its property sales,
demonstrates a track record of more disciplined financial
management, and improves its leverage and cash flow coverage.
This could happen if the company meets its property sales target,
its EBITDA margin improves, and its debt-to-EBITDA ratio is below
4.5x on a sustainable basis.


SOHO CHINA: 2012 Results in Line With Moody's Expectations
----------------------------------------------------------
Moody's Investors Service says SOHO China Limited's 2012 financial
results are broadly in line with expectations, and the company's
financial and liquidity profiles continue to support its Ba1
corporate family and senior unsecured ratings.

The ratings outlook is stable.

"SOHO China's 2012 financial results were in line with Moody's
expectations for its Ba1 ratings, with a 169% year-on-year growth
in turnover to RMB15.3 billion and a 2.3 times increase in gross
profit to RMB9 billion," says Kaven Tsang, a Moody's Vice
President and Senior Analyst. "The company also achieved RMB9.5
billion in contract sales for the year."

"The strong revenue and profits, in turn, raised EBITDA interest
coverage to 8.3x in 2012 from 4x in 2011," says Tsang, also
Moody's lead analyst for SOHO China.

"However, we expect its interest coverage ratio to decline to 3x-
4x in the next 2 years, as revenues from property sales will
decrease along with the company's transition to a build-and-hold
model," adds Tsang.

As a balance against the execution risk associated with its new
business model, SOHO China demonstrates a strong balance sheet,
which includes strong liquidity and low net debt.

Its debt leverage -- in term of adjusted debt/capitalization - was
healthy at 41% as of December 2012. Such a level combines new debt
of RMB9.4 billion for prefunding project developments and the
RMB9.6 billion gross revaluation gain on its investment
properties.

Also, the company has maintained a strong level of liquidity. As
of December 2012, it had RMB22 billion of cash on hand and around
RMB7 billion of presale proceeds to be collected in the coming 1-2
years.

Such cash resources can adequately cover estimated total capital
expenditures of RMB24.2 billion for existing projects in the next
3-4 years.

SOHO China 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 SOHO China Limited's core
industry and believes SOHO China Limited's ratings are comparable
to those of other issuers with similar credit risk.

SOHO China Limited develops and manages commercial properties
located in the core business districts in Beijing and Shanghai. As
of August 2012, it had 14 property projects under development with
a total gross floor area of about 2.87 million square meters, of
which 60% will be held for long-term investment.


* Moody's Reports on Credit-Support Structures for Chinese Bonds
----------------------------------------------------------------
Moody's Investors Service -- in a just-released report -- assesses
the complex credit-support structures recently used by Chinese
companies to issue rated offshore bonds, and which include
keepwell deeds, standby letters of credit, and guarantees.

"These structures have been successful in supporting the credit
quality of the issuer involved, and all use various structures and
documentation in doing so. However, for many of these
transactions, Moody's believes that it is critical to look beyond
contractual obligations to understand the business and economic
motivations which a parent might have to support the subsidiary
issuing the debt," says Vikas Halan, a Moody's Vice President and
co-author of the report.

The report, titled "FAQ on Credit-Support Structures Used for
Chinese Offshore Bonds", covers instances where an offshore
Chinese company issues debt with credit support provided by its
onshore parent or a third party.

The report's specific themes include Moody's approach for rating
Chinese bond transactions supported by keepwell deeds and, in some
instances, supplemented by equity purchase agreements; the legal
and regulatory issues considered when reviewing keepwell
structures; and how Moody's rates Chinese bonds backed by a
standby letter of credit or a guarantee.

"Furthermore, in Moody's view, key additional concerns in
assessing such credit-support structures are legal enforceability
and regulatory risk," says Halan. "In this context, the lack of
precedent in enforcing a keepwell agreement in China and the
potential for complexity to impede timeliness of payment are
considered as weaknesses."

"In addition, nearly all Moody's-rated deals involve different
jurisdictions and the flow of RMB or foreign currency outside or
into Mainland China. Critically, the potential impact of capital
controls that remain in China must be considered carefully in
respect of these transactions. Therefore, Moody's also considers
legal opinions in our assessment of enforceability, as well as
other legal and regulatory risks," says Halan.

According to the FAQ, when analyzing structures using keepwell
deeds and other support agreements, Moody's is more likely to lift
the ratings of supported subsidiaries by significant levels if it
assesses there to be robust levels of willingness and economic
incentive for the parent to provide support. It is then possible
to see ratings close to that of the supporting parent, especially
in scenarios when Moody's sees a high degree of operational
integration between the parent and subsidiary.

However, given weaknesses that apply generally for keepwell
agreements, the relatively new nature of these structures in
China, and the untested nature of enforcing such arrangements on
the Mainland, Moody's is unlikely, in most circumstances, to rate
the subsidiaries at the same level as the parent.

And where a support agreement is present, but the willingness of
the parent to provide support is less certain, or it is easier for
it to separate itself from the subsidiary in a time of stress,
then Moody's is more likely to limit the amount of rating lift
from the subsidiary's standalone assessment.

To date, Moody's has rated 20 bonds using these credit-support
structures and issued by 14 Chinese companies. They total over
$10.4 billion on a USD basis. Seventeen of these transactions
(totaling $9.6 billion) are rated investment grade. Fifteen
(totaling $9.3 billion) are denominated in USD, with the remaining
five (totaling $1.1 billion) in RMB.


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


BEST LEGEND: Commences Wind-Up Proceedings
------------------------------------------
Members of Best Legend Investment Limited, on Feb. 22, 2013,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Lam Kwai Ming
         Suite 1222, 12/F
         Leighton Centre, 77 Leighton Road
         Causeway Bay, Hong Kong


BOSTAR LIMITED: Members' Final General Meeting Set for April 5
--------------------------------------------------------------
Members of Bostar Limited will hold their final general meeting on
April 5, 2013, at 9:00 a.m., at Room 1601, Wing On Centre, 111
Connaught Road Central, in Hong Kong.

At the meeting, Wong Yee Sui Andrew, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CANTIRE (FAR EAST): Members' Final Meeting Set for April 9
----------------------------------------------------------
Members of Cantire (Far East) Limited will hold their final
general meeting on April 9, 2013, at 11:00 a.m., at Suites 1905-7,
19th Floor, Tower 6, The Gateway, Harbour City, Kowloon, in Hong
Kong.

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


DORCAS FAMILY: Members' Final Meeting Set for April 1
-----------------------------------------------------
Members of Dorcas Family Ministry Hong Kong Limited will hold
their final general meeting on April 1, 2013, at 10:00 a.m. at
Room 1303, 13/F, Kowloon Building, 555 Nathan Road, Kowloon, in
Hong Kong.

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


FAR EAST: Annual Meetings Set for March 28
------------------------------------------
Members and creditors of Far East Chartering Limited will hold
their annual meetings on March 28, 2013, at 11:00 a.m., at FTI
Consulting (Hong Kong) Limited, Level 22, The Center, 99 Queen's
Road Central, Central, in Hong Kong.

At the meeting, Fok Hei Yu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


FORTH RISE: Commences Wind-Up Proceedings
-----------------------------------------
Members of Forth Rise Limited, on Feb. 21, 2013, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Lui Wan Ho
         To Chi Man
         17/F, Kam Sang Building
         255 Des Voeux Road
         Central, Hong Kong


FRAMING SUCCESS: Creditors' Proofs of Debt Due April 20
-------------------------------------------------------
Creditors of Framing Success Enterprises Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 20, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 23, 2013.

The company's liquidator is:

         Liu Wing Ting Stephen
         17th Floor, Shun Kwong Commercial Building
         No. 8 Des Voeux Road West
         Sheung Wan, Hong Kong


INDOVER ASIA: Members' Meeting Set for March 22
-----------------------------------------------
Members of Indover Asia Limited will hold their meeting on
March 22, 2013, at 3:00 a.m., at 35th Floor, One Pacific Place, 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.


INSTITUTE OF SINO-US: Members' Final Meeting Set for April 3
------------------------------------------------------------
Members of Institute of Sino-US International Monetary and World
Economics Development Research Limited will hold their final
general meeting on April 3, 2013, at 11:00 a.m., at 8B, 8/F, East
Area, Century Golden Resources International Plaza, 69 Banjing
Road, Haidian District, Beijing, in China 100089.

At the meeting, Cheng Kai Tai Allen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HBR ASIA: Members' Final Meeting Set for April 3
------------------------------------------------
Members of HBR Asia Contractors Limited will hold their final
meeting on April 3, 2013, at 11:00 a.m., at FTI Consulting
(Hong Kong) Limited, Level 22, The Center, 99 Queen's Road
Central, Central, in Hong Kong.

At the meeting, Nicholas James Gronow and Fok Hei Yu, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HK MORIYA: Members' Final Meeting Set for April 2
-------------------------------------------------
Members of Hong Kong Moriya Co Limited will hold their final
general meeting on April 2, 2013, at 2:00 p.m., at Room 1210,
Wayson Commercial Building, 28 Connaught Road West, Sheung Wan, in
Hong Kong.

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


IVE ELECTRONIC: Members' Final Meeting Set for April 22
-------------------------------------------------------
Members of IVE Electronic & Information Engineering Alumni
Association Limited will hold their final meeting on April 22,
2013, at 7:00 a.m., at EI Department of IVE Sha Tin, NT., in
Hong Kong.

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


JONES LANG: Members' Final General Meeting Set for April 2
----------------------------------------------------------
Members of Jones Lang Lasalle Facility Management Services Limited
will hold their final general meeting on April 2, 2013, at 9:00
a.m., at Room 1101, 11/F., China Insurance Group Building, 141 Des
Voeux Road Central, in Hong Kong.

At the meeting, Wong Lung Tak Patrick and Wong Chun Sek Edmund,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


JTA CHINA: Creditors' Proofs of Debt Due April 8
------------------------------------------------
Creditors of JTA China Import Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 8, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong



=========
I N D I A
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A. C. STRIPS: CRISIL Upgrades Rating on INR100MM Loans to 'BB-'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
A. C. Strips (P) Ltd. to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             62.5     CRISIL BB-/Stable (Upgraded
                                    from 'CRISIL B+/Stable')

   Proposed Cash Credit    37.5     CRISIL BB-/Stable (Upgraded
   Limit                            from 'CRISIL B+/Stable')

The rating upgrade reflects improvement in ACSPL's business risk
profile, marked by healthy growth in the company's revenues.
ACSPL's revenues have registered a healthy compound annual growth
rate of 14 per cent over the past three years. The business risk
profile of the company is supported by its stable operating
margin, which has remained in the range of 1.9 to 2.0 per cent
over the past three years. Moreover, ACSPL's liquidity is no
longer constrained by large capital expenditure (capex) plans. The
company's previous capex plans of setting up a 200-tonne-per-day
billet and ingot manufacturing unit at a total cost of INR500
million is now being undertaken under a separate entity named
Gravity Ferrous Pvt Ltd (GFPL). Also, GFPL is not expected to
receive any financial support from ASCPL.

The ratings reflect the extensive experience of ACSPL's promoters
in the thermo-mechanically treated (TMT) bars business. This
rating strength is partially offset by ACSPL's below-average
financial risk profile, marked by moderate debt protection metrics
and a high gearing, and the susceptibility of the company's
margins to volatility in raw material prices.

Outlook: Stable

CRISIL believes that ASCPL will continue to benefit over the
medium term from its promoters' industry experience. CRISIL,
however, also believes that the company's profitability will
remain susceptible to volatility in raw material prices. The
outlook may be revised to 'Positive' in case ASCPL registers
substantial improvement in its financial risk profile, most likely
through strong growth in its sales, increase in its profitability
and capital infusion by its promoters. Conversely, the outlook may
be revised to 'Negative' in case ACSPL records a decline in its
sales or operating margin, leading to weakening in its financial
risk profile.

ACSPL was set up in 1995 by the Surana family of Raipur
(Chhattisgarh). The company manufactures TMT bars. ACSPL sells its
products under the brand name, AC Turbo TMT, mainly in
Maharashtra, Gujarat, Madhya Pradesh, and Uttar Pradesh.

ACSPL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR819 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR1.5 million on net sales
of INR667 million for the previous year.


AURO IMPEX: CRISIL Assigns 'B' Ratings to INR80MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Auro Impex & Chemicals Pvt Ltd.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan              50.00     CRISIL B/Stable (Assigned)
   Letter of Credit       15.00     CRISIL A4 (Assigned)
   Bank Guarantee          4.00     CRISIL A4 (Assigned)
   Cash Credit            30.00     CRISIL B/Stable (Assigned)

The ratings reflect AICPL's limited track record of operations,
susceptibility to risks related to timely implementation and
stabilisation of ongoing project, and high customer concentration.
These rating weaknesses are partially offset by the extensive
entrepreneurial experience of AICPL's promoters.

Outlook: Stable

CRISIL believes that AICPL will continue to benefit from its
promoter's extensive entrepreneurial experience. The outlook may
be revised to 'Positive' if AICPL reports more-than-expected
revenues and cash accruals from its manufacturing facilities and
efficiently manages its working capital, leading to an improved
liquidity. Conversely, the outlook may be revised to 'Negative' if
time or cost overrun in setting up AICPL's manufacturing
facilities adversely affects the company's financial risk profile,
or if AICPL reports considerably lower-than-expected revenues and
cash accruals.

AICPL, incorporated on January 20 1994, manufactures collecting
plates primarily used in pollution control equipment such as
electrostatic precipitators. The company is promoted by Mr.
Madhusudan Goenka and Mr. Praveen Goenka.


CORE EDUCATION: Funding Concerns Prompt Moody's to Cut CFR to B2
----------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Core Education & Technologies Limited to B2 from B1.

The rating outlook is negative.

Ratings Rationale:

"The downgrade reflects our concerns about the company's ability
to access capital consistently in view of the volatility in its
share price, which has declined more than 75% since late February
2013, and the sale of the promoter's pledged shares," says
Annalisa Di Chiara, a Moody's Vice President and Senior Analyst.

Volatility in the company's share price was precipitated by margin
calls on some investors' accounts which then required the sale of
shares. The decline in CORE's share price caused the subsequent
sale of promoter's shares which was held as collateral for some of
the promoter entities bank facilities.

"While CORE's fundamental business remains sound, we believe that
recent events have not been conducive to improving its tight
liquidity position arising from its high reliance on debt to
support growth, tight covenant levels and restricted financial
flexibility," she adds.

Moody's expects CORE to continue generating negative free cash
flow, owing to high working capital requirements and a substantial
annual capex of around INR5 billion. It therefore needs to have
stable access to domestic bank funding to support its operations.

As a number of its bank facilities are subject to annual financial
covenant tests, a breach of one of these covenants could result in
cross-defaults across the company's debt. Furthermore, to attract
additional funding to support its growth, it must maintain
adequate flexibility with respect to its covenants.

On the other hand, CORE's business remains fundamentally sound,
reflecting its strong market position in the US education sector
and the traction evident with its implementation of Information
and Communication Technology projects in India.

While CORE has outperformed Moody's expectations both in terms of
revenues and EBITDA through December 2012, it will require ongoing
access to funds in order to sustain this growth.

The negative outlook takes into consideration the uncertainty
regarding CORE's ability to access capital on a consistent basis
to ensure that it has an adequate level of liquidity to support
its business plan. If the company's liquidity position were to
deteriorate, then the rating would come under further downward
rating pressure. Near-term evidence of continued bank support and
unimpaired long-term financing would likely allow us to return the
ratings to stable at the current level.

Moody's would change the outlook to stable if CORE demonstrates
stable access to funding, improves the cushion under its financial
covenants, and maintains adequate back-up liquidity. The company's
ability to secure longer-term financing over the intermediate term
would also restore confidence in its liquidity position.

Conversely, if liquidity tightens or the headroom under any of its
covenants decreases because of market factors or weakness in its
performance, then Moody's would consider further downgrading the
ratings.

The principal methodology used in rating Core Education &
Technologies Ltd. was the Global Business & Consumer Service
Industry Rating Methodology published in October 2010.

Core Education and Technologies, headquartered in India, provides
technology-enabled products and services primarily to the
education sector.


DHANESWAR RATH: CRISIL Cuts Rating on INR250MM Loan to 'B+'
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Dhaneswar Rath Institute of Engineering and Medical Sciences to
'CRISIL BB+/Stable' from 'CRISIL BBB-/Stable'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan              250.00    CRISIL BB+/ Stable(Downgraded
                                    from 'CRISIL BBB-/Stable')

The rating downgrade reflects deterioration in DRIEMS's liquidity,
driven by delay in collection of fees and a capacity expansion
programme during 2012-13 (refers to financial year, April 1 to
March 31). Earlier, the society used to receive most of its fees
by August or September and had accordingly scheduled the
settlement of its debt obligations through one bullet payment in
August. However, the fee collection in 2012-13 was delayed till
October 2012, with some of the fees expected to be received in
March and April 2013. Also, DRIEMS's capacity expansion programme,
involving a capital expenditure (capex) of INR50 million to INR60
million during the year, added to its liquidity deterioration. As
a result, the society had to get its debt repayments rescheduled.
CRISIL believes that the new repayment schedule, structured in
accordance with DRIEMS's cash receipts, will help the society
improve its liquidity. However, any further capex programmes
undertaken by the society over the medium term will remain a key
factor affecting its liquidity.

The ratings continue to reflect DRIEMS's diverse course offerings
ensuring a large student base, and its comfortable financial risk
profile, marked by healthy debt protection metrics, comfortable
gearing, and a moderate net worth. These rating strengths are
partially offset by the limited track record of DRIEMS's alumni,
resulting in restricted growth in pay packages offered to its
students by recruiters.

Outlook: Stable

CRISIL believes that DRIEMS will continue to benefit over the
medium term from the increase in number of seats and addition of
new courses. The outlook may be revised to 'Positive' if DRIEMS
increases its revenues while maintaining its healthy
profitability. Conversely, the outlook may be revised to
'Negative' if the society's student intake decreases
significantly, or if it contracts larger-than-expected debt to
fund capex, thereby weakening its financial risk profile.

DRIEMS was established as an educational society in 1998 by Mr. P
C Rath. The society became operational in 1999 with 150 students
for its Bachelor of Technology course. Its current curriculum also
includes courses leading to Master of Engineering, Diploma in
Engineering, Master of Business Administration, Bachelor of
Business Administration, and Postgraduate Diploma in Management.
DRIEMS also runs a high school and an industrial training centre.

DRIEMS reported a profit after tax (PAT) of INR56.97 million on
net sales of INR307.18 million for 2012-13, as against a PAT of
INR31.56 million on net sales of INR262.23 million for 2010-11.


D.V. STEEL: CRISIL Cuts Ratings on INR73MM Loans to 'D'
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of D.V.
Steel Industries Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           13      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit              50      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Letter of Credit         10      CRISIL D (Downgraded from
                                    'CRISIL A4')

The rating downgrade reflects DV's continuously overdrawn cash
credit account, and unpaid devolved letters of credit, for more
than 30 consecutive days, as a result of the company's weak
liquidity. DV's liquidity has weakened sharply on account of
significant stretching of payments by the company's customers, and
a significantly slower flow of fresh orders during 2012-13 (refers
to financial year, April 1 to March 31).

DV also has a below-average financial risk profile, marked by a
small net worth and weak debt protection metrics, and small scale
of operations in a fragmented industry. However, the company
benefits from the extensive industry experience of its promoters.

DV was set up as a partnership firm in 1989 at Raurkela (Odisha);
it was reconstituted as a private limited company in 1994. DV
derives its revenues from four businesses: steel processing,
equipment manufacturing, fabrication of steel products, and
contracting for civil, mechanical, and electrical works. DV is
promoted by the Jain family, which has over 75 years of experience
in the steel industry. Currently, the fourth generation is looking
after the steel business, with brothers, Mr. Rakesh Chand Jain and
Mr. Dinesh Chand Jain, serving as its directors.


GREEN FINGERS: CRISIL Upgrades Rating on INR15MM Loan to 'BB-'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Green
Fingers (India) Pvt Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from
'CRISIL B+/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           1       CRISIL A4+ (Upgraded from
                                    'CRISIL A4')

   Foreign Bill Purchase   20       CRISIL A4+ (Upgraded from
                                    'CRISIL A4')

   Letter of Credit         5       CRISIL A4+ (Upgraded from
                                    'CRISIL A4')

   Packing Credit          32       CRISIL A4+(Upgraded from
                                    'CRISIL A4')

   Term Loan               15       CRISIL BB-/Stable (Upgraded
                                    from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that GFIPL's business
risk profile will improve over the medium term owing to increased
diversification in its product and geographic revenue mix and
improvement in its profitability. The company's scale of
operations is also likely to be larger than CRISIL's previous
expectations.

GFIPL's reliance on wooden furniture and on France for most of its
revenues has decreased in 2011-12 (refers to financial year, April
1 to March 31) and the nine months through December 2012, compared
with 2010-11. On the other hand, contribution from the artificial
jewellery segment has increased over this period. In 2012-13, the
company has further expanded its product portfolio by adding
textile products, which contributed 25 per cent to its revenues in
the nine months through December 2012. Higher contribution mainly
from the artificial jewellery segment has also led to an
improvement in GFIPL's overall profitability, with an operating
margin of 5.1 per cent and 7.4 per cent in 2011-12 and the nine
months through December 2012, respectively, compared with 3.7 per
cent in 2010-11. The company is expected to report annual revenues
of INR210 million to INR240 million over the medium term. CRISIL
believes that GFIPL's operating margin will remain in the range of
6 to 7 per cent over the medium term, which is expected to result
in adequate annual net cash accruals of INR7 million to INR8
million, against annual term debt repayments of INR2.5 million.
GFIPL also achieved geographical diversification, with a higher
contribution from the US, Canada, and Europe (other than France)
in 2011-12 and the nine months through December 2012, compared
with 2010-11.

CRISIL's ratings reflect GFIPL's adequate risk coverage, debt
protection metrics, and capital structure, and moderate product
and geographical diversification in its revenues. The ratings also
factor in the extensive industry experience of the company's
promoters and its established relationships with customers and
suppliers. These rating strengths are partially offset by GFIPL's
average scale of operations in a fragmented industry,
susceptibility to fluctuations in foreign exchange rates, and its
small net worth.

Outlook: Stable

CRISIL believes that GFIPL will continue to benefit over the
medium term from its moderately diversified product and geographic
revenue profile, its promoter's extensive industry experience, and
its established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the company significantly
improves its scale of operations and profitability, leading to
higher-than-expected cash accruals, and achieves more efficient
working capital management. Conversely, the outlook may be revised
to 'Negative' if GFIPL's working capital requirements are larger
than expected and its cash accruals are lower than anticipated,
resulting in deterioration in its liquidity. Large, debt-funded
capital expenditure, resulting in weakening of the company's
capital structure, may also result in a 'Negative' outlook.

GFIPL was incorporated in 1996, promoted by Mr. Anil Kamboj in
Noida (Uttar Pradesh). The company trades in Indian handicrafts
such as wooden furniture, artificial jewellery, textile products,
home decoration items, and other miscellaneous artefacts.

GFIPL reported a profit after tax (PAT) of INR3.9 million on an
operating income of INR150 million for 2011-12, against a PAT of
INR2.4 million on an operating income of INR129 million for 2010-
11.


KABRA JEWELS: CRISIL Assigns 'BB-' Rating to INR70MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facility of Kabra Jewels Pvt Ltd.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Standby Fund Based      70       CRISIL BB-/Stable (Assigned)
   Working Capital

The rating reflects the extensive experience of KJPL's promoters
in the jewellery industry, and the company's above-average
financial risk profile. These rating strengths are partially
offset by KJPL's geographical concentration and exposure to
intense industry competition, and the susceptibility of the
company's margins to volatility in raw material prices.

Outlook: Stable

CRISIL believes that KJPL will continue to benefit over the medium
term from its promoters' experience in the jewellery business. The
outlook may be revised to 'Positive' if the company registers
improvement in its profitability margins, while it maintains its
revenue growth, or if there is substantial improvement in its
capital structure on account of capital infusion by its promoters.
Conversely, the outlook may be revised to 'Negative' if KJPL
registers deterioration in its financial risk profile, either on
account of lower-than-expected profitability or larger-than-
expected working capital requirements.

KJPL was established as a private limited company in August 2010
by Mr. Kailash Kabra and his friend, Mr. Jitesh Malpani. The
company retails gold and diamond jewellery and accessories and
trades in solitaire diamonds; it operates a showroom in Ahmedabad
(Gujarat). Currently, it is being managed by Mr. Kailash Kabra and
his wife, Mrs. Jyoti Kabra.

KJPL reported a profit after tax (PAT) of INR5.1 million on net
sales of INR310 million for 2011-12 (refers to financial year,
April 1 to March 31); the company reported a PAT of INR2.2 million
on net sales of INR114 million for 2010-11.


MBM ENGINEERING: CRISIL Assigns 'B+' Ratings to INR147.5MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of MBM Engineering Infotech Ltd.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Long-Term Loan          82.5     CRISIL B+/Stable (Assigned)
   Cash Credit             65.0     CRISIL B+/Stable (Assigned)

The ratings reflect MBM's modest scale of operations in the
intensely competitive industrial components industry, and its
large working capital requirements. These rating weaknesses are
partially offset by MBM's healthy operating efficiencies, and its
above-average financial risk profile marked by healthy debt
protection metrics.

Outlook: Stable

CRISIL believes that MBM will maintain its established regional
presence in the industrial components market over the medium term,
driven by its established relationship with its customers. The
outlook may be revised to 'Positive' if the company registers
substantial improvement in its scale of operations, while it
maintains its profitability, resulting in higher-than-expected
accruals. Conversely, the outlook may be revised to 'Negative' if
MBM registers significant decline in its revenues or operating
profitability or deterioration in its working capital management,
or if it undertakes a large, debt-funded capital expenditure
programme, thereby leading to deterioration in its financial risk
profile.

Based in Tamil Nadu, MBM was set up in 1974 by Mr. V M S Midha. It
manufactures industrial components primarily bearing accessories.

MBM reported a profit after tax (PAT) of INR41 million on net
sales of INR257 million during 2011-12 (refers to financial year,
April 1 to March 31) as against PAT of INR37 million on net sales
of INR197 million during 2010-11.


RACHCON INFRAPROJECTS: CRISIL Puts 'BB-' Rating on INR30MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Rachcon Infraprojects Pvt Ltd.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           20      CRISIL A4+ (Assigned)
   Cash Credit              30      CRISIL BB-/Stable (Assigned)

The ratings reflect the long-standing experience of Rachcon's
promoters in the construction industry. The rating strength is
partially offset by Rachcon's large working capital requirements,
leading to moderation in its financial risk profile, and its
relatively low operating margin and small scale of operations.

Outlook: Stable

CRISIL believes that Rachcon will continue to benefit from the
long-standing experience of its promoters in the civil
construction industry over the medium term. The outlook may be
revised to 'Positive' if the company improves its working capital
cycle, thereby leading to improvement in its financial risk
profile, or in case of greater-than-expected growth in revenues
and profitability. Conversely, the outlook may be revised to
'Negative' if there is further stretch in its working capital
cycle, leading to deterioration in its liquidity, or in case the
company undertakes any large, debt-funded capital expenditure
programme.

Rachcon was incorporated in 2009 by Mr. Rajendra Mistry and his
nephew, Mr. Nimish Mistry. The company started commercial
operations in 2011-12 (refers to financial year, April 1 to March
31), and took over the operations of Rachana Constructions, a
proprietorship firm, established by Mr. Rajendra Mistry in 2012-
13. The company undertakes civil construction activity such as
construction of roads, drainage system, railway platforms and
building.

Rachcon reported a profit after tax (PAT) of INR6.7 million on net
sales of INR160.9 million for 2011-12 (refers to financial year,
April 1 to March 31).


S. KUMAR: CRISIL Assigns 'B ' Ratings to INR85MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of S. Kumar Engineering Industries.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan                15      CRISIL B/Stable (Assigned)
   Proposed Long-Term       35      CRISIL B/Stable (Assigned)
   Bank Loan Facility
   Cash Credit              35      CRISIL B/Stable (Assigned)
   Overdraft Facility       15      CRISIL A4 (Assigned)

The ratings reflect SKEI's modest scale of operations in an
intensely competitive industrial components industry, customer
concentration risk in its revenue profile, and recent shift in the
business model resulting in increased working capital intensity of
operations. These rating weaknesses are partially offset by long
standing experience of the promoter in the industrial components
industry.

Outlook: Stable

CRISIL believes that SKEI will benefit over the medium term from
its promoters' extensive experience in industrial components
industry. The outlook may be revised to 'Positive' if the firm
reports substantial growth in its scale of operations and net cash
accruals, while maintaining its capital structure. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected revenues and accruals or significant debt-funded capital
expenditure, resulting in weakening of its debt protection
metrics.

SKEI, established in 2008, is a partnership firm of Mr. P. Senthil
Kumar and his brother Mr.P. Saravana Kumar engaged in fabrication
of steel structural and manufacturing of boiler components such as
valves, controllers, pressure gauges, coils, springs and ducts.
The firm was set up to undertake job work activity for BHEL (rated
CRISIL AAA/Stable/CRISIL A1+). Since April 2012, the firm
manufactures and sells its own products on outright basis. It has
its manufacturing facility located in Trichy, Tamil Nadu.

SKEI reported a profit after tax (PAT) of INR2.1 million on an
operating income of INR37.5 million (job work charges) for 2011-12
(refers to financial year, April 1 to March 31), as against a PAT
of INR1.9 million on an operating income of INR28.7 million (job
work charges) for 2010-11.


SURENDRA & CO: CRISIL Upgrades Ratings on INR210MM Loans to 'BB+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Surendra & Co to 'CRISIL BB+/Stable' from 'CRISIL BB/Stable'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             50       CRISIL BB+/Stable (Upgraded
                                    from 'CRISIL BB/Stable')

   Long-Term Loan          85       CRISIL BB+/Stable (Upgraded
                                    from 'CRISIL BB/Stable')

   Proposed Long-Term      75       CRISIL BB+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL BB/Stable')

The rating upgrade reflects CRISIL's belief that Surendra will
sustain its improved financial risk profile, supported by
substantial cash accruals driven by its healthy profitability
margins, over the medium term. Surendra continues to have sizeable
low-cost inventory in the stock which will enable the firm to
sustain its healthy margins over the medium term. The firm had
posted operating margins of 62.9 per cent in 2011-12 (refers to
financial year, April 1 to March 31). Surendra's capital structure
and debt protection metrics have also improved significantly on
the back of healthy cash accruals; the firm's gearing is estimated
to improve to around 0.65 times as on March 31, 2013, from 0.90
times as on March 31, 2012. CRISIL believes that Surendra's
financial risk profile will continue to remain healthy over the
medium term, driven by its high margins and absence of any debt-
funded capital expenditure (capex) plan.

The rating reflects Surendra's established market position,
supported by its promoter's experience, in Chennai's (Tamil Nadu)
gold-and-diamond jewellery market, and its healthy financial risk
profile marked by healthy gearing and debt protection metrics.
These rating strengths are partially offset by Surendra's small
scale of operations and exposure to risks relating to geographic
concentration in its revenue profile and intense market
competition.

Outlook: Stable

CRISIL believes that Surendra will maintain its market position in
the Chennai region over the medium term, backed by its promoter's
experience in the gold-and-diamond jewellery business. The outlook
may be revised to 'Positive' if the firm significantly scales up
its operations, while it maintains its operating margin.
Conversely, the outlook may be revised to 'Negative' if Surendra's
capital structure deteriorates because of any large debt-funded
capex program, or in case of a significant decline in its volumes
or operating margin leading to deterioration in the debt
protection metrics.

Surendra, established in 1978 as a proprietary concern by Mr.
Surendra Jain, is one of the well-known retail gold-and-diamond
jewellery merchants in Chennai.

Surendra reported a profit after tax (PAT) of INR53.3 million on
total revenues of INR231 million for 2011-12, against a PAT of
INR32.5 million on total revenues of INR174 million for 2010-11.


VARUN FOILS: CRISIL Upgrades Rating on INR150MM Loan to 'BB-'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Varun Foils Ltd (VFL; part of Varun group) to 'CRISIL BB-/Stable'
from 'CRISIL B+/Stable'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             150      CRISIL BB-/Stable (Upgraded
                                    from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that the Varun group's
business risk profile will improve over the medium term, marked by
an improvement in its scale of operations and operating margin.
The improvement will be driven by an increase in the group's
utilisation of its recently enhanced manufacturing capacity for
stainless steel (SS) pipes. The rating upgrade also factors in the
improvement in the Varun group's liquidity, marked by moderate
cash accruals as against negligible debt obligations; its cash
accruals are expected to be sufficient to service its incremental
working capital requirements over the medium term, thereby
reducing its reliance on external borrowings.

The rating reflects the extensive experience of the Varun group's
promoter in the steel industry and its improving operating
efficiency. These rating strengths are partially offset by the
group's average financial risk profile marked by average debt
protection metrics, and low operating margin in the fragmented and
competitive steel industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VFL and Varun Product Pvt Ltd (VPPL).
This is because both the companies, together referred to as the
Varun group, are in the same line of business, have strong
operational and financial linkages with each other (VFL does job-
work for VPPL), and also have a common promoter and management
team.

CRISIL has treated unsecured loans of about INR34.4 million
extended to the Varun group by its promoter and affiliate entities
as neither debt nor equity; any interest on these loans will be
retained in the business.

Outlook: Stable

CRISIL believes that the Varun group will continue to benefit over
the medium term from its promoter's extensive experience in the
steel industry. The outlook may be revised to 'Positive' if the
group's profitability improves further and its scale of operations
increases significantly, and/or in case of significant improvement
in its gearing and interest coverage ratio. Conversely, the
outlook may be revised to 'Negative' if there is significant
deterioration in the Varun group's financial risk profile,
especially its liquidity, most likely because of large debt
contracted to fund working capital requirements or capital
expenditure.

Incorporated in 2007, VFL is promoted by Mr. Arun Sharma. The
company manufactures cold-rolled SS strips and does job-work for
VPPL. These strips are used in the steel tube, automobile, and
utensil industries.

Incorporated in 1990, and also promoted by Mr. Sharma, VPPL
manufactures SS tubes used in various industries.

The Varun group reported a profit after tax (PAT) of INR5.5
million on net sales of INR1.0 billion for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR1.7
million on net sales of INR684.6 million for 2010-11.


VARUN PRODUCT: CRISIL Upgrades Rating on INR65MM Loan to 'BB-'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Varun Product Pvt Ltd (VPPL; part of Varun group) to 'CRISIL BB-
/Stable' from 'CRISIL B+/Stable'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              65      CRISIL BB-/Stable (Upgraded
                                    from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that the Varun group's
business risk profile will improve over the medium term, marked by
an improvement in its scale of operations and operating margin.
The improvement will be driven by an increase in the group's
utilisation of its recently enhanced manufacturing capacity for
stainless steel (SS) pipes. The rating upgrade also factors in the
improvement in the Varun group's liquidity, marked by moderate
cash accruals as against negligible debt obligations; its cash
accruals are expected to be sufficient to service its incremental
working capital requirements over the medium term, thereby
reducing its reliance on external borrowings.

The rating reflects the extensive experience of the Varun group's
promoter in the steel industry and its improving operating
efficiency. These rating strengths are partially offset by the
group's average financial risk profile marked by average debt
protection metrics, and low operating margin in the fragmented and
competitive steel industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VPPL and Varun Foils Ltd (VFL). This is
because both the companies, together referred to as the Varun
group, are in the same line of business, have strong operational
and financial linkages with each other (VFL does job-work for
VPPL), and also have a common promoter and management team.

CRISIL has treated unsecured loans of about INR34.4 million
extended to the Varun group by its promoter and affiliate entities
as neither debt nor equity; any interest on these loans will be
retained in the business.

Outlook: Stable

CRISIL believes that the Varun group will continue to benefit over
the medium term from its promoter's extensive experience in the
steel industry. The outlook may be revised to 'Positive' if the
group's profitability improves further and its scale of operations
increases significantly, and/or in case of significant improvement
in its gearing and interest coverage ratio. Conversely, the
outlook may be revised to 'Negative' if there is significant
deterioration in the Varun group's financial risk profile,
especially its liquidity, most likely because of large debt
contracted to fund working capital requirements or capital
expenditure.

Incorporated in 1990, and promoted by Mr. Arun Sharma, VPPL
manufactures SS tubes used in various industries.

Incorporated in 2007, VFL is promoted by Mr. Arun Sharma. The
company manufactures cold-rolled SS strips and does job-work for
VPPL. These strips are used in the steel tube, automobile, and
utensil industries

The Varun group reported a profit after tax (PAT) of INR5.5
million on net sales of INR1.0 billion for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR1.7
million on net sales of INR684.6 million for 2010-11.



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


STAR ENERGY: Moody's Assigns (P)B2 Rating to Sr. Fixed-Rate Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)B2 rating,
with a stable outlook, to the proposed senior secured fixed-rate
notes to be issued by Star Energy Geothermal (Wayang Windu)
Limited.

Moody's has also affirmed Star Energy's B2 corporate family
rating, with a stable outlook.

Moody's will remove the bond rating's provisional status after a
satisfactory review of the final documentation, following the
completion of the issuance.

The company plans to use the proceeds primarily for refinancing
its debt.

Ratings Rationale:

"Star Energy benefits from favorable industry dynamics and the
strong demand for energy in Indonesia, as the government is
promoting geothermal energy in its effort to reduce the country's
dependence on fuel oil or diesel for power generation," says Ray
Tay, an Assistant Vice President and Analyst at Moody's.

It also reflects the track record of the stable operating
performance of the company's two operating units and its robust
tariff structure, which includes a take-or-pay contract with PLN
(Baa3 stable) that expires in December 2036.

On the other hand, the ratings are constrained by: (1) the fact
that PLN has a history of renegotiating its take-or-pay
arrangements, including with Star Energy; (2) a degree of
uncertainty over whether the company has sufficient geothermal
reserves over the medium-term to support its power production and
growth plans; (3) the lack of operational flexibility, given that
the firm operates a single plant; and (4) the refinancing risks
upon the maturity of the senior secured bond, as well as Star
Energy's limited ability to service its debt.

"Uncertainty about the sufficiency of the company's geothermal
reserves for any capacity additions of a meaningful scale poses a
medium to long-term risk. While the steam supply for its two
operating units has been reliable, the company has deferred its
plans for the third unit following unfavorable results from its
initial drilling efforts," Tay adds.

The company is awaiting the results of a detailed study on the
availability of steam for the third unit. The company has
approached PLN to commence negotiation to increase tariff.
Although Star Energy does not intend to undertake capex unless the
outcomes of the detailed study and tariff negotiations are
favorable, there is uncertainty on the size of the resultant
capex. Star Energy therefore faces a material risk of an increase
in debt over the medium-term if the third unit capex requirement
is significant. Nonetheless, Moody's notes that the firm has
previously used shareholder loans to fund its expansions.

The stable rating outlook is based on Moody's expectation that
Star Energy's operating performance will remain strong and that
its cash flow will be steady and predictable.

Although the bond issuance will reduce refinancing risks for the
company, an upgrade is unlikely in the next 12 months, given the
uncertainty related to the company's expansion plan and the
discussions with PLN on tariff revisions.

Moody's would consider downgrading the ratings if: (1) Star Energy
plans to expand its capacity significantly, and which materially
impacts its operational and financial profiles and impairs its
ability to service debt; or (2) its operational and financial
performance deteriorates, such that FFO/debt falls below 5% and
Debt Servicing Coverage Ratio is less than 2.0x on a consistent
basis.

The principal methodology used in this rating was Power Generation
Projects published in December 2012.

Star Energy operates one of the largest geothermal power stations
by installed capacity in Java. The plant has an gross installed
generation capacity of 227 megawatts (MW). Commercial operations
began in June 2000 with Unit 1, a 110 MW geothermal turbine-
generator unit. The plant's Unit 2 began operating in March 2009,
increasing the company's installed-generation capacity by 117 MW
to 227 MW. Star Energy has the right to develop and sell up to 400
MW to PLN.



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


TOKYO ELECTRIC: Survival Tied to Reactors, Rate Hikes
-----------------------------------------------------
Jiji Press reports that Tokyo Electric Power Co. said it will be
difficult to return to the black in fiscal 2013 without restarting
its Kashiwazaki-Kariwa nuclear plant in Niigata Prefecture or
hiking prices again.

The beleaguered utility's restructuring plan is based on the
assumption that the six reactors at the Kashiwazaki-Kariwa power
station, the world's largest nuclear plant, will be brought back
online next fiscal year, which starts April 1.

According to the report, Tepco President Naomi Hirose said that
even after installing the new plan and radically cutting
procurement costs, profitability will be "extremely difficult
without restarting nuclear reactors."

Government officials said the company intends to review its
restructuring plan after the House of Councilors election this
summer. If the plant is still in limbo by the time the review
process begins, Tepco will have no other method of raising funds
other than rate hikes, government officials said.

                       About Tokyo Electric

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.



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


NATIONAL FINANCE: Ex-Director Gets Home Detention Sentence
----------------------------------------------------------
Richard Meadows at stuff.co.nz reports that former National
Finance director Anthony Banbrook has been sentenced to serve
eight and a half months of home detention and to pay reparations
of NZ$75,000 for making an untrue statement in a 2005 prospectus
for the failed finance company.

stuff.co.nz says the 66-year-old had earlier pleaded guilty to the
charge, which carries a maximum sentence of five years'
imprisonment and fines of up to NZ$300,000.

According to the report, Mr. Banbrook, whose family supported him
at the High Court in Auckland Tuesday, displayed little emotion as
Justice Collins read the sentence.

In September last year, the report relates, fellow National
Finance director Carol Braithwaite was sentenced to 10 months'
home detention and 300 hours' community work, also for misleading
investors.

Her former de facto partner, Trevor Ludlow, who was founder,
director and shareholder of National Finance, is appealing his
sentence of six years and four months' imprisonment, the report
relays.

stuff.co.nz adds Banbrook's counsel Harry Waalkens, QC, said in
his closing submissions that imprisonment would be too harsh for
his client, and even home detention would be inappropriate.

                         About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million.  Trevor Allan Ludlow was the sole shareholder and
a director of the company.  John Gray was employed by the company
as an accountant.

After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud.  An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006.  This was elevated to a Part Two investigation on
May 8, 2007.

Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.



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


PRUDENTIALIFE PLANS: Regulator Finalizes Liquidation Value
----------------------------------------------------------
Rappler.com reports that about 300,000 plan holders of collapsed
pre-need firm Prudentialife Plans Inc. may soon know how much
money they are getting back as the Insurance Commission (IC) is
set to announce next week the value of the firm's assets if these
are sold.

The industry regulator's spokesperson John Apatan told ANC they
are finalizing the computations for the liquidation of the firm's
assets and the distribution of the proceeds to the firm's clients
who previously bought education, pension and memorial plans.
However, there's no guarantee that plan holders will get the full
amount of their contribution, Mr. Apatan stressed.

"There's a possibility that plan holders may get the whole amount
of their contribution or just a portion of it," the report quotes
Mr. Apatan as saying.

According to the report, Mr. Apatan said the maturity profile of
the clients' package plans, as well as the availed portions of the
investment instrument will be deducted from the money that will be
returned to the plan holders.

Rappler.com notes that the liquidation process will include the
sale of Prudentialife's stake in companies like La Funeraria Paz,
Akean Resorts Corp and Afronsa Philippines, among others.

The Insurance Commission has already pressed to liquidate all of
the assets of Prudentiallife, a scenario where plan holders will
only get an average of PHP17,787 each, Rappler.com discloses.

Rappler.com recalls that an assigned conservator proposed an
enhanced rehabilitation program where plan holders will receive an
average of around PHP34,400 each.

The commission had asked for a better rehabilitation plan that
must include infusion of fresh capital to cure the company's huge
financial deficiencies, the report relays.

The Insurance Commission had given Prudentialife opportunities in
2012 to come up with a rehabilitation plan after the pre-need firm
was placed under receivership.

Prudential Life Plans Inc. -- http://www.prudentialife.com/-- is
a pre-need company.  The company offers life, pension and
education plans.  It has diversified into financial services,
non-life insurance, memorialization, real estate and travel and
leisure.

In September 2012, Prudentialife Plans Inc. was placed in
receivership by the Insurance Commission, which says the
continuance of the business would be "hazardous to its present and
future planholders."

"The Insurance Commission has decided that the conservatorship of
PPI be now terminated. We find that the only remaining option
under the law is to declare PPI under receivership," Insurance
Commissioner Emmanuel Dooc said in a directive dated Sept. 19,
2012.

"Since there is no clear intention on the part of the
stockholders of PPI to infuse additional capital or to submit
infusion plan to cure the company's huge financial deficiencies,
it is now very clear that PPI will remain insolvent.

"The Insurance Commission hereby orders PPI to desist from
transacting further business," the regulator said.

The commission said PPI's proposal for rehabilitating the company,
as well as proposals filed by a group of planholders known as the
Batiles Group and a pre-need company called Loyola Plans
Consolidated Inc., were "not exhaustive enough."



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


ALENTINO CREATION: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Feb. 22, 2013, to
wind up the operations of Alentino Creation Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


ASHCRAFT HOLDINGS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Feb. 22, 2013, to
wind up the operations of Ashcraft Holdings Pte Ltd.

Hyflux Limited filed the petition against the company.

The company's liquidator is:

         Cameron Lindsay Duncan
         KordaMenthaNeo
         30 Robinson Road
         #12-01 Robinson Towers
         Singapore 048546


C3I GROUP: Creditors Get 59.76807% Recovery on Claims
-----------------------------------------------------
C3I Group Pte Ltd declared the preferential dividend on Feb. 27,
2013.  The company paid 59.76807% to the received claims.

The company's liquidator is:

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


COMPERIO PTE: Creditors' Proofs of Debt Due April 8
---------------------------------------------------
Creditors of Comperio Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 8, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

          Yiong Kok Kong
          c/o 21 Merchant Road
          #05-01 Royal Merukh S.E.A. Building
          Singapore 058267


CREDIT AGRICOLE: Creditors' Proofs of Debt Due April 8
------------------------------------------------------
Creditors of Credit Agricole Corporate and Investment Bank -
Merchant Bank Asia Limited, which is in members' voluntary
liquidation are required to file their proofs of debt by April 8,
2013, to be included in the company's dividend distribution.

The company's liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Pheng Cheong Martin
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


CREDIT SUISSE ASIA: Creditors' Proofs of Debt Due April 8
---------------------------------------------------------
Creditors of Credit Suisse Asia Pacific Services (Singapore) Pte
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by April 8, 2013, to be included in
the company's dividend distribution.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          c/o BDO LLP
          21 Merchant Road #05-01
          Royal Merukh S.E.A. Building
          Singapore 058267


FAMCARE INTERNATIONAL: Creditors Get 0.3811% Recovery on Claims
---------------------------------------------------------------
Famcare International Pte Ltd declared the first and final
dividend on March 1, 2013.  The company paid 0.3811% to the
received claims.

The company's liquidator is:

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


PRIMROSE GROUP: Creditors to Recover 82.25241% on Ordinary Claims
-----------------------------------------------------------------
Primrose Group International Pte Ltd will declare the first and
final dividend on March 15, 2013.

The company will pay 100% for all admitted preferential and
82.25241% for all admitted ordinary claims.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO LLP
         21 Merchant Road
         #05-01 Royal Merukh S.E.A. Building
         Singapore 058267


SENSEI INTERNATIONAL: Creditors Get 26.667% Recovery on Claims
--------------------------------------------------------------
Sensei International Singapore Pte Ltd declared the first and
final dividend on March 8, 2013.  The company paid 26.667% to the
received claims.

The company's liquidator is:

         Abuthahir Abdul Gafoor
         Chee Yoh Chuang
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08, Wilkie Edge
         Singapore 228095



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


* Asian LSI Index Dropped to 24.8% in February Says Moody's
-----------------------------------------------------------
Moody's Investors Service says that its Asian Liquidity Stress
Index declined to 24.8% in February from 27.2% in January.

"The fall -- the second monthly decline in a row, after it eased
back in January from December's 28.6% -- reflected a net decrease
in the number of companies with Moody's lowest, or weakest,
speculative-grade liquidity score of SGL-4 to 26 from 28 in
January," says Laura Acres, a Moody's Senior Vice President.

"At the same time, the total number of rated high-yield companies
rose to 105 from 103 as Moody's assigned corporate family ratings
to Chinese property company CIFI Holdings (B1 stable) and Indian
BPO service provider iEnergizer Limited (B2 stable)," says Acres.

Acres was speaking on the release of Moody's latest "Asian
Liquidity Stress Index" report.

At the same time, the index -- which decreases when speculative-
grade liquidity appears to increase - remains high, but is still
below the record high of 37% seen in the fourth quarter of 2008
during the global financial crisis.

The liquidity sub-index for Chinese speculative-grade companies
also decreased in February, for a third month, to 26.9% from 29.4%
in January. China's high-yield property index declined, to 30.3%,
after holding at 31.3% from November through January. Both changes
reflected the addition of CIFI Holdings to the roster of
speculative-grade Chinese companies.

The Indonesian sub-index remained flat at 12.5%.

The report says that high-yield-bond issuance stalled in February
after a blistering January. Just one rated deal closed -- a $250
million, five-year note issuance by Glorious Property Holdings
Limited (B3 negative) - compared to 19 rated deals in January that
raised a total of $8.0 billion. That figure was the largest amount
of high-yield debt issued in a single month in Asia.

Looking ahead, the high-yield default rate for Asia Pacific (ex-
Japan) corporates will stay at a low 2% in 2013, according to
Moody's Credit Transition Model (CTM). It will trend downward
during the first half of the year and rise mildly in the second
half. The 2% translates into to one or two potential defaults.

Rating downgrades (2) surpassed upgrades (1) again in February.
Moody's downgraded Bumi Resources and Mongolian Mining Corporation
and upgraded Gajah Tunggal Tbk.

Moody's also changed the outlooks of three companies in February,
two in a positive direction and one was removed from being on
review for downgrade. The number of companies with a positive
outlook has held steady at eight since 4Q 2012. The number of
those on review for upgrade was unchanged at four compared to
January, and up from two in 4Q 2012.

Moody's had assigned speculative-grade ratings to 105 issuers in
Asia (excluding Japan and Australia) covering $54.1 billion of
rated debt at end-February, up from 103 issuers and $53.8 billion
at end-January.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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 ***