TCRAP_Public/130314.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, March 14, 2013, Vol. 16, No. 52


                            Headlines


A U S T R A L I A

ELLIES PEARLING: Collapses, Names HLM Mann as Administrator
KAGARA LTD: Chinese Backers Prepare 2nd Rescue Package in 4 Years
LIBERTY SERIES 2013-1: S&P Assigns BB Rating to Class E Notes
MULSANNE RESOURCES: Tinkler Sought to Buy Blackwood
TURA BEACH: In Liquidation, Dean-Wilcocks Named as Liquidator


C H I N A

KAISA GROUP: Moody's Rates New USD-Denominated Notes Issuance B1
KAISA GROUP: S&P Assigns 'B+' Rating to Proposed US$ Notes
LONGWEI PETROLEUM: Receives NYSE MKT Delisting Notice


H O N G  K O N G

KENSON PROPERTIES: Annual Meetings Set for March 21
KIN KWOK: Creditors' Proofs of Debt Due April 2
LUCKY WEALTH: Commences Wind-Up Proceedings
PESO NAVIGATION: Man Yun Wah Steps Down as Liquidator
QUINWEST COMPANY: Members' Final Meeting Set for March 28

SMART PROFIT: Commences Wind-Up Proceedings
SPARKLE SKY: Members' Final Meeting Set for April 8
SUNVIEW FAR EAST: Final Meetings Set for March 25
TAK WO: Members' and Creditors' Annual Meetings Set for April 2
TEAMWELL LOGISTICS: Members' Final Meeting Set for April 5

UNITED OILS: Sole Member's Final Meeting Set for April 8
ZHONG HUA: Members' Final General Meeting Set for April 2


I N D I A

AGARWAL ASSOCIATES: CARE Reaffirms 'BB+' Rating on INR53cr Loans
ANIL BIOPLUS: CARE Assigns 'BB+' Rating to INR103.83cr LT Loans
ARIHANT GEMS: CARE Reaffirms 'B+' Rating on INR7.5cr LT Loans
ASR EXPORTS: CARE Reaffirms 'BB-' Rating on INR5cr LT Loans
ASR TRADERS: CARE Reaffirms 'BB-' Rating on INR5cr LT Loans

BABU MOHAN: CARE Reaffirms 'BB+' Rating on INR10.83cr Loans
BHAVANI INDUSTRIES: CARE Reaffirms 'B' Rating on INR4.89cr Loans
DEEPAK NEXGEN: CARE Reaffirms 'B+' Rating on INR22.15cr Loans
DIVYARATNA AGROTECH: CARE Rate INR4.00cr LT Loan at 'CARE BB-'
FAIRDEAL FILAMENTS: CARE Reaffirms 'BB+' Long-Term Bank Rating

MANIDHARI GUMS: CARE Assigns 'BB-' Rating to INR1.58cr LT Loans
MAYUR GINNING: CARE Assigns 'B' Rating to INR10cr LT Loans
SAMRADDHI COT: CARE Rates INR8.35cr LT Loans at 'CARE B'


I N D O N E S I A

BERLIAN LAJU: Creditors Yet to Approve Proposed Debt Revamp


N E W  Z E A L A N D

HANOVER FINANCE: Trustee Was Involved in Prospectus Drafting
HERBERT INSURANCE: In Receivership, Owner Faces Fraud Suits
WHOLLY BAGELS: Shuts Down Store After Sales Slowed


P H I L I P P I N E S

BAYAN TELECOM: Wins Court Nod on Frequency Sharing With Globe


S I N G A P O R E

HOCK CHUAN: Members and Creditors Meetings Slated for April 29
HSS ENGINEERING: Court Enters Wind-Up Order
HBS ENGINEERING: Creditors' Proofs of Debt Due March 22
K K HARJANI: Creditors' Proofs of Debt Due March 22
LMI INVESTMENT: Creditors' Proofs of Debt Due April 8


                            - - - - -


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


ELLIES PEARLING: Collapses, Names HLM Mann as Administrator
-----------------------------------------------------------
Yolanda Redrup at SmartCompany reports that Northern Territory-
based Ellies Pearling Company has collapsed, with the company
struggling under the weight of its AUD5.5 million debts.

Ellies Pearling was placed in administration in February and
insolvency firm HLM Mann Judd have appointed Bob Jacobs --
Bjacobs@hlbinsol.com.au -- and Kim Wallman --
kwallman@hlbinsol.com.au -- as joint administrators, SmartCompany
discloses.

SmartCompany relates that the administrators, in a letter to
shareholders dated February 27, said the company collapsed because
of its debts.

"The company directors placed the company into administration due
to an inability to pay the debts as when they fell due," according
to the letter cited by SmartCompany.

"Presently we are operating the business on a "care and
maintenance" basis. At this point, we are unable to comment with
any clarity as to what your shareholding may be worth, if
anything," the letter said.

Administrator Bob Jacobs told SmartCompany Ellies Pearling Company
owes creditors over AUD5.5 million.  The company has three secured
creditors who are owed over AUD5 million in total, and unsecured
creditors are owed just over AUD500,000.

Established in September 2011, Ellies Pearling Company Ltd
operates a pearl farming business with pearl farm sites located at
Elizabeth Bay in the Northern Territory.


KAGARA LTD: Chinese Backers Prepare 2nd Rescue Package in 4 Years
-----------------------------------------------------------------
Nick Evans at The West reports that the Chinese backers of Kagara
Ltd are preparing a financing package to rescue the company for
the second time in four years, floating proposals that could see
the collapsed base metals miner return to the Australian
Securities Exchange.

The report says China's Guangdong Foreign Trade Group (GFTG) is
working with Kagara founder Joe Treacy on a deed of company
arrangement to pay out the bulk of Kagara's creditors, with the
company targeting a May return to the Australian bourse.

A subsidiary of GFTG, Guangdong Guangxin Mining Resources, is one
of Kagara's major secured creditors, owed at least AUD19 million,
the report discloses citing a disclosures released just before
Kagara collapsed in April 2012.  According to the report, GFTG was
the major backer of a AUD226 million rescue package for Kagara in
June 2009, chipping in AUD57 million and later spending an
additional AUD34 million to take its stake in the Queensland miner
to just below 20%.

                         About Kagara Ltd

Kagara Ltd (ASX: KZL) -- http://www.kagara.com.au/-- engages in
exploration, development, and production of mineral properties in
Western Australia and North Queensland. It primarily focuses on
the exploration of zinc, copper, gold, lead, and nickel.

Michael Joseph Patrick Ryan, Mark David Peter Englebert, Quentin
James Olde and Stefan Dopking of Taylor Woodings were appointed
Joint and Several Administrators of Kagara Ltd and certain
subsidiaries on April 29, 2012.


LIBERTY SERIES 2013-1: S&P Assigns BB Rating to Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to eight of the nine classes of residential mortgage-
backed securities (RMBS) to be issued by Liberty Funding Pty. Ltd.
in respect of Liberty Series 2013-1 Trust.  Liberty Series 2013-1
Trust is a securitization of nonconforming and prime residential
mortgages originated by Liberty Financial Ltd.

The preliminary ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses S&P applies.  This credit support
      comprises mortgage insurance for 12.1% of the portfolio,
      which covers 100% of the face value of those loans, their
      accrued interest, and reasonable costs of enforcement, and
      note subordination for the class A1, class A2, class A3,
      class B, class C, class D, class E, and class F notes.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including an amortizing
      liquidity facility equal to 3.5% of the invested amount of
      class A1, class A2, class A3, class B, class C, class D,
      class E, and class F notes and the stated amount of class G
      notes, subject to a floor of AUD600,000, and principal
      draws, are sufficient under S&P's stress assumptions to
      ensure timely payment of interest.

   -- The provision of a reserve account established and
      maintained through the trapping of excess spread on each
      payment date.  The reserve account may be utilized to meet
      current loan losses or as liquidity support.

   -- The benefit of a fixed-to-floating interest-rate swap to be
      provided by National Australia Bank Ltd., to hedge the
      mismatch between receipts from any fixed-rate mortgage
      loans and the variable-rate RMBS.

A copy of Standard & Poor's complete report for Liberty Series
2013-1 can be found on Global Credit Portal, Standard & Poor's
Web-based credit analysis system, at:

                http://www.globalcreditportal.com.

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments the subject
of this press release or whether relevant information remains non-
public.

          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 Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

       http://standardandpoorsdisclosure-17g7.com/1373.pdf

REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.


PRELIMINARY RATINGS ASSIGNED
Class        Rating          Amount (mil. A$)
A1           AAA (sf)        40.0
A2           AAA (sf)        70.0
A3           AAA (sf)        58.4
B            AA (sf)         12.8
C            A (sf)           7.6
D            BBB (sf)         4.6
E            BB (sf)          2.8
F            B (sf)           1.8
G            N.R.             2.0
N.R.--Not rated.


MULSANNE RESOURCES: Tinkler Sought to Buy Blackwood
---------------------------------------------------
Joe Schneider at Bloomberg News reports that Nathan Tinkler, the
biggest shareholder in Whitehaven Coal Ltd., proposed buying
Blackwood Corp. to avoid having to testify in court about his
finances, an Australian judge was told.

Bloomberg relates that New South Wales Superior Court Justice Paul
Brereton on March 12 dismissed Mr. Tinkler's bid to avoid taking
the stand, ruling against his claim that the liquidator of his
former company Mulsanne Resources Pty was abusing the court
process by using the examination as leverage in negotiations.  The
judge's decision allows the liquidator's lawyers to question Mr.
Tinkler beginning on March 14, the report relays.

According to the report, Blackwood sought to wind up Tinkler's
Mulsanne in November after it failed to pay AUD28.4 million
(US$29.2 million) it owed for shares it agreed to buy in the coal
developer.   Bloomberg says Mr. Tinkler didn't contest the order
in court at the time, which was granted by New South Wales Supreme
Court Registrar Nicholas Flaskas.

Bloomberg notes that Blackwood's board turned down a takeover
offer from KN Coal Pty, a Singapore-based company controlled by
Mr. Tinkler, on March 7. The directors said they would consider a
modified proposal if Tinkler provided a AUD15 million guarantee,
Alec Leopold, Tinkler's lawyer, said at a hearing in Sydney, the
report relates.

Tinkler approached Blackwood saying "please, do a deal," Robert
Newlinds, lawyer for the Mulsanne liquidator Ferrier Hodgson, said
in court on March 12.  "I don't want to be examined publically."

Ferrier Hodgson sought to force Tinkler to testify in court about
his finances, wanting to know, according to Newlinds, how Mulsanne
could have agreed to pay AUD28.4 million for the Blackwood shares
without having any funding in place.

Tinkler failed to show up for the court-ordered testimony on March
8.

The liquidator's move to compel Tinkler to testify "doesn't begin
to approach abuse of process," Brereton said in his ruling today,
delivered from the bench following a 4-1/2-hour hearing.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 12, 2012, 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.


TURA BEACH: In Liquidation, Dean-Wilcocks Named as Liquidator
-------------------------------------------------------------
dissolve.com.au reports that the Tura Beach Tavern has been placed
into liquidation after entering Voluntary Administration on
November 2012.  Administrator Adam Farnsworth of Dean-Wilcocks
Shepard has now been reportedly appointed as liquidator.

Owned by 27 shareholders, the tavern opened in December 2006
formerly as the Chook and Ox Tavern. It was reopened in June 2009,
about 10 months after it closed, dissolve.com.au relays.
A group of creditors fought to keep it open and trading in hope
that it could turn things around. The report says the company went
into voluntary administration after Nic Ellis, Tura Beach's major
shareholder reportedly wanted his shareholding back, prompting the
appointment of administrator.

According to dissolve.com.au, Mr. Ellis reportedly defended his
decision for calling in the administrator, claiming that the
tavern suffered poor trading, lack of cashflow and is unable to
sustain losses.  The group of creditors tried to put together a
plan to save the Tura Tavern believing it was a viable business,
the report says.



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


KAISA GROUP: Moody's Rates New USD-Denominated Notes Issuance B1
----------------------------------------------------------------
Moody's Investors Service assigned a B1 senior unsecured rating to
Kaisa Group Holdings Ltd's proposed USD notes issuance.

At the same time, Moody's has affirmed the company's B1 corporate
family rating and senior unsecured bond rating. The ratings
outlook is stable.

Kaisa plans to use the proceeds for debt refinancing and general
corporate purposes.

Ratings Rationale:

"The proposed notes issuance will further lengthen Kaisa's debt
maturity profile and therefore reduce its level of refinancing
risk," says Franco Leung, a Moody's Assistant Vice President and
Analyst.

Moody's notes that Kaisa will use part of the note proceeds to
partially prepay its USD 13.5% bond due 2015.

Kaisa has been proactive in managing its capital structure and
debt maturity profile. The proposed notes follows the issuance of
USD500 million in notes in January 2013, and aimed at reducing
debt falling due in 2014 and 2015.

If the proposed notes are successfully issued, then Kaisa will
achieve a very stable funding base that further protect it against
any volatility in refinancing in the next two years.

"Furthermore, the new note issuance will have a manageable impact
on Kaisa's key credit metrics, such as EBITDA/interest, as it will
use part of the proceeds to repay debt with higher interest
rates," adds Leung, also Moody's Lead Analyst for the company.
Moody's expects that Kaisa's adjusted debt/capitalization will be
around 50%-55% over the next 12-18 months, while interest coverage
will be below 3x. Such debt leverage and interest coverage levels
will be appropriate for its B1 corporate family rating.

Moody's expects that the momentum in Kaisa's sales growth will
continue on the back of a stabilizing residential market on the
Mainland. Its profit margin will improve slightly as more housing
units in first-tier cities become available for sale in 2013.

Kaisa's B1 corporate family rating continues to reflect its track
record in developing property projects in major Chinese cities,
such as Shenzhen. The rating also takes into account Kaisa's
ability to purchase land at a low cost for redevelopment projects
in Guangdong province, which is its home base. In addition, its
presence in cities beyond its home turf is developing.

On the other hand, the rating is constrained by the company's
rapid expansion, which has increased its execution risk and debt
in the past few years.

Downward rating pressure could emerge if: (1) the company's
contracted sales fall substantially below its business plan; (2)
its debt rises further as a result of aggressive land
acquisitions; (3) there is a material decline in profitability to
the extent that EBITDA margin falls below 20%-25%; (4) its credit
metrics weaken, such that adjusted debt/capitalization exceeds 55%
and EBITDA/interest falls below 2.5x-3.0x; or (5) its liquidity
weakens, with its cash slipping below 5% of total assets.

Upgrade pressure on the ratings could emerge if Kaisa : (1)
demonstrates discipline in acquiring land; (2) generates stable
growth in its sales; (3) improves its interest coverage position
to more than 3.5x and debt leverage to below 50%-55%; and (4)
maintains adequate liquidity, with unrestricted cash of more than
10% of total assets.

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

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999 and listed on the Hong Kong Stock Exchange in
December 2009. As of end-2012, the company was 62.4% owned by the
founder and his family members. Kaisa had a land bank of around
23.9 million square meters in gross floor area located in the
Pearl River and Yangtze River deltas, Bohai Rim, and central and
western China as of end-2012.


KAISA GROUP: S&P Assigns 'B+' Rating to Proposed US$ Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating and 'cnBB' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by Kaisa Group Holdings Ltd. (B+/Stable/--;
cnBB/--).  The rating is subject to S&P's review of the final
issuance documentation.

S&P do not notch down the issue rating from the issuer rating on
Kaisa because the company has improved its debt structure by
reducing the structural subordination risk on its offshore debt.
S&P expects the company to maintain its priority debt at less than
15% of total assets over the next 12 months.  The ratio was below
this threshold in 2011 and 2012.

The rating on Kaisa reflects 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."

In addition, S&P expects Kaisa's liquidity and capital structure
to strengthen over the next 12 months.  The company's improving
debt maturity profile and increasing revenue should offset a
slight increase in borrowings following the proposed bond
issuance.  Kaisa aims to use most of the proceeds to refinance
existing debt, for construction of existing and new projects, and
general corporate purposes.

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 adequacy to improve.


LONGWEI PETROLEUM: Receives NYSE MKT Delisting Notice
-----------------------------------------------------
Longwei Petroleum Investment Holding Ltd. on March 11 disclosed
that it has received a Notice of Delisting from the NYSE MKT that
its securities are subject to being delisted from the Exchange for
failure to comply with Sections 132(e), 134, 801(h), 803(B)(2)(c),
803(B)(4), 1101, 1003(d) and 1003(f)(iii) of the NYSE MKT Company
Guide.  As previously report in the Company's Current Report on
Form 8-K filed on February 1, 2013, two of the Company's
independent board members and members of the Company's audit
committee resigned, leaving one independent member on the
Company's board and audit committee.  Additionally, on February
19, 2013, the Company failed to file its Quarterly Report on Form
10-Q for the fiscal quarter ended December 31, 2012 within the
requisite time period, including permissible extension period.
Furthermore, the Company is in violation of (i) Section 132 (e) of
the Company Guide which requires the Company to provide additional
information requested by the Exchange deemed necessary to make a
determination regarding a security's continued listing, (ii)
Section 1003(d) of the Company Guide, which states that securities
of an issuer failing to comply with its listing or other
agreements with the Exchange or the SEC are subject to suspension,
(iii) Section 1003(f)(iii) which states that the Exchange may
suspend or remove the listing of an issuer's securities if the
issuer or management engages in operations which, in the opinion
of the Exchange, are contrary to the public interest; and (iv)
Section 803(B)(4) of the Company Guide, which governs the
responsibility and authority of a listed issuer's audit committee.

As previously stated, Longwei believes the Geo Investing report
dated January 3, 2013 contains numerous errors of facts,
misleading speculations and malicious interpretations of events.
Nevertheless, in order to provide the highest level of
transparency to its shareholders, the Company and its legal
counsel in the U.S. and the PRC, as well as its auditor are
reviewing the allegations and management is cooperating with the
review process. The Company intends to take further action to
defend itself.

The Company will continue to release additional information
concerning the allegations in due course.  Longwei is committed to
providing full and accurate disclosure to investors and to
rebutting any false claims that attempt to undermine confidence in
the Company.

        About Longwei Petroleum Investment Holding Limited

Longwei Petroleum Investment Holding Limited is an energy company
engaged in the storage and distribution of finished petroleum
products in the People's Republic of China.  The Company's oil and
gas operations consist of transporting, storing and selling
finished petroleum products, entirely in the PRC. The Company's
headquarters are located in Taiyuan City, Shanxi Province.



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


KENSON PROPERTIES: Annual Meetings Set for March 21
---------------------------------------------------
Members and creditors of Kenson Properties Limited will hold their
annual general meetings on March 21, 2013, at 2:30 p.m., and 3:00
p.m., respectively at Room 501, 5/F., Sun Hung Kai Centre, at 30
Harbour Road, in Hong Kong.

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


KIN KWOK: Creditors' Proofs of Debt Due April 2
-----------------------------------------------
Creditors of Kin Kwok Electrical Accessories Manufactory Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by April 2, 2011, to be included in the
company's dividend distribution.

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

The company's liquidators are:

         Chu Chi Wa
         Yeung Man Chi
         Flat B, 16/F
         Kwong On Bank (Mongkok Branch) Building
         728-730 Nathan Road
         Mongkok, H.K.S.A.R.


LUCKY WEALTH: Commences Wind-Up Proceedings
-------------------------------------------
Members of Lucky Wealth International 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


PESO NAVIGATION: Man Yun Wah Steps Down as Liquidator
-----------------------------------------------------
Man Yun Wah stepped down as liquidator of Peso Navigation Company
Limited on Feb. 12, 2013.


QUINWEST COMPANY: Members' Final Meeting Set for March 28
---------------------------------------------------------
Members of Quinwest Company Limited will hold their final general
meeting on March 28, 2013, at 11:00 a.m., at 2/F, Siu Ying
Building, 153 Queen's Road Central, Central, in Hong Kong.

At the meeting, Chan King Sang Leo, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SMART PROFIT: Commences Wind-Up Proceedings
-------------------------------------------
Members of Smart Profit Development Limited, on Feb. 27, 2013,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Lee King Yue
         72-76/F., Two International Finance Centre
         8 Finance Street
         Central, Hong Kong


SPARKLE SKY: Members' Final Meeting Set for April 8
---------------------------------------------------
Members of Sparkle Sky Limited will hold their final general
meeting on April 8, 2013, at 10:00 a.m., at Rm. 602, 447 Lockhart
Road, in Hong Kong.

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


SUNVIEW FAR EAST: Final Meetings Set for March 25
-------------------------------------------------
Members and creditors of Sunview Far East Limited will hold their
final meetings on March 25, 2013, at 10:00 a.m., and 11:00 a.m.,
respectively at Unit 1702-1703, 17/F, H.K. Worsted, Kwai Chung,
New Territories, in Hong Kong.

At the meeting, Lau Wai Yung Alice, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


TAK WO: Members' and Creditors' Annual Meetings Set for April 2
---------------------------------------------------------------
Members and creditors of Tak Wo Metal Industries Limited will hold
their annual general meetings on April 2, 2013, at 3:00 p.m., and
3:30 p.m., respectively at Suite 1704, 17th Floor, 625 King's
Road, North Point, in Hong Kong.

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


TEAMWELL LOGISTICS: Members' Final Meeting Set for April 5
----------------------------------------------------------
Members of Teamwell Logistics (HK) Limited will hold their final
general meeting on April 5, 2013, at 3:00 p.m., at Room 10, 16/F,
Parklane Centre, 25 Kin Wing Street, Tuen Mun, N.T., in Hong Kong.

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


UNITED OILS: Sole Member's Final Meeting Set for April 8
--------------------------------------------------------
Sole Member of United Oils & Fats Limited will hold their final
general meeting on April 8, 2013, at 10:00 a.m., at Units 603-604,
Li Po Chun Chambers, 189 Des Voeux Road Central, at Sheung Wan, in
Hong Kong.

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


ZHONG HUA: Members' Final General Meeting Set for April 2
---------------------------------------------------------
Members of Zhong Hua Association for the Advancement of Real
Estate and Construction Technology Limited will hold their final
general meeting on April 2, 2013, at 11:00 a.m., at Room 1008,
Star House, Tsimshatsui, in Kowloon.

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



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



AGARWAL ASSOCIATES: CARE Reaffirms 'BB+' Rating on INR53cr Loans
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Agarwal Associates (Promoters) Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       53        CARE BB+ Reaffirmed

Rating Rationale

The rating continues to be constrained on account of comparatively
small scale of operations of Agarwal Associates (Promoters) Ltd,
geographical concentration risk, aggressive development plans and
consequent project execution risk, high level of competition and
the inherent cyclical nature of the industry.

However, the rating continues to derive comfort from the
experienced promoter group, established presence in Delhi NCR
market, demonstrated project execution and delivery record,
availability of land bank for ongoing and planned projects and
AAPL's comfortable capital structure in the recent past with low
gearing.

Going forward, the ability of the company to timely execute
projects, achieve envisaged sales and maintain its capital
structure shall be the key rating sensitivities.

Agarwal Associates (Promoters) Ltd was incorporated in March 1986
as a closely-held public limited company to carry out real estate
development in both residential and commercial segment.  AAPL is a
part of the Agarwal Associates group which has more than 30 years
of experience in the real estate development primarily in Delhi
and NCR market. In the recent years, the group has launched real
estate projects in other cities also such as Dehradun, Lucknow,
Aligarh and Barielly. The flagship company of the group AAPL was
promoted by the late Mr B.B. Agarwal and Ms Uma Agarwal (wife of
Mr B.B. Agarwal) who has more than 30 years of experience in the
real estate industry. Furthermore, as on March 31, 2012, on
consolidated basis, the promoter group had developed over 4
million sq ft (msf) of area across residential, commercial and
retail space in the NCR.

On a total operating income of INR63.75 crore, AAPL earned a
PBILDT and a PAT margin of INR22.49% and INR9.46%, respectively,
in FY12 (refers to the period April 01 to March 31). As per the
provisional results for 9MFY13, AAPL reported a total operating
income of INR60.19 crore with the PBILDT and PAT margin of 12.93%
and 3.49%, respectively.


ANIL BIOPLUS: CARE Assigns 'BB+' Rating to INR103.83cr LT Loans
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Anil Bioplus Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     103.83      CARE BB+ Assigned
   Short-term Bank Facilities      2.50      CARE A4+ Assigned

Rating Rationale

The ratings are constrained on account of the small scale of
operations of Anil Bioplus Limited, the nascent stage of
implementation of its large sized predominantly debt-funded
expansion project and its stressed liquidity primarily due to the
high working capital intensity of its operations.

The ratings, however, take into account ABL's experienced promoter
group (Anil Group of Ahmedabad), its established operations in
manufacturing of enzymes and gluconates which have diverse
applications and its healthy profitability margin.  Timely
commissioning of its ongoing expansion project within envisaged
cost parameters, realization of envisaged benefits thereof and
effective working capital management are the key rating
sensitivities.

Incorporated in 1993, ABL is a part of Ahmedabad based Anil group
which has long presence in corn wet milling industry with a
diversified product mix. Presently, Anil Group is headed by Mr.
Amol S. Sheth, who is also the Chairman and Managing Director of
ABL. Earlier named as Akhut Marketing Private Limited, the company
was renamed to its present form in November 2009. ABL is mainly
engaged in the manufacture of enzymes and gluconates through
fermentation process. It has its manufacturing facility located at
Ahmedabad, Gujarat with an installed capacity of 13,200 Metric Ton
Per Annum (MTPA) for manufacturing fermentation and biological
agent products along with 1,280 MTPA for drugs and pharmaceuticals
as on March 31, 2012.

ABL is implementing an expansion project at Halol, Vadodara at a
total cost of INR139.41 crore which is being funded through term
loan of INR95.00 crore, equity share capital of INR10.00 crore,
preference share capital of INR15.00 crore and the rest through
internal accruals. ABL has incurred nearly INR47.09 crore up to
December 31, 2012 towards its expansion project. The commercial
production is expected to start from January, 2014.

As per the audited results for FY12 (refers to the period April 1
to March 31), ABL reported a total operating income of INR41.62
crore (FY11: INR29.89 crore) and a PAT of INR7.07 crore (FY11:
INR3.73 crore). Furthermore, as per the provisional results for
H1FY13, ABL reported a total operating income of INR 24.57 crore
and a PAT of INR4.53 crore.


ARIHANT GEMS: CARE Reaffirms 'B+' Rating on INR7.5cr LT Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Arihant Gems & Jewelleries Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.50      CARE B+ Reaffirmed
   Short-term Bank Facilities      1.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Arihant Gems &
Jewelleries Private Limited continue to be constrained on account
of its modest scale of operations in a highly competitive and
fragmented gems & jewellery industry, its highly leveraged capital
structure and working capital intensive nature of business. The
ratings further continue to be constrained on account of the
project risk associated with its opening of new showrooms and
vulnerability of its profit margins to fluctuation in gold prices.

The ratings, however, continue to derive comfort from the
promoter's experience and their financial support to AGJPL in the
past.  The increase in the scale of operations by timely opening
of new showrooms, improvement in the profit margins and capital
structure and efficient working capital management are the key
rating sensitivities.

Incorporated in September 2005, Surat-based (Gujarat) AGJPL was
promoted by Mr Kanahayalal Shah and Mr Tejpal Shah. Later on in
2007, Mr Mahavir Shah and Mr Gautam Chand Shah joined the business
of AGJPL as directoINR  AGJPL is engaged in the business of
manufacturing, retailing and wholesale trading of gold and
diamond-studded gold jewellery. The company generated
approximately 69% of its total operating income from retailing of
jewellery at its sole retail outlet at Surat and remaining through
wholesale trading in FY12 (refers to the period April 1 to
March 31). The designing of the jewellery is mainly outsourced on
the job work basis in Surat itself. The company offers wide range
of products that includes rings, earrings, pendants, necklaces,
bracelets, bangles and medallions. It sells gold jewellery and
diamond-studded gold jewellery under the brand name of 'MOH'.

As per audited results for FY12 (refers to the period April 1 to
March 31), AGJPL reported total operating income of INR21.26 crore
and a PAT of INR0.98 crore.


ASR EXPORTS: CARE Reaffirms 'BB-' Rating on INR5cr LT Loans
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
ASR Exports Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        5        CARE BB- Reaffirmed
   Short-term Bank Facilities      24        CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of ASR Exports Pvt Ltd
continue to be remained constrained by very short track record of
operations, thin profitability, and weak debt coverage indicators
and leveraged capital structure. The ratings are further
constrained by AEPL's presence in the highly fragmented industry
and working capital intensive nature of operations.  The ratings
continue to derive strengths from the promoters' experience and
established operational track record of the Gandhidham-based ASR
Group of over around two decades in trading of various
commodities.

The ability of AEPL to improve its profitability and capital
structure along with increase in scale of operations and better
working capital management are the key rating sensitivities.

AEPL was originally incorporated in 2004 as AKS Exports Pvt Ltd,
and the name was subsequently changed to AEPL in 2008. Despite its
incorporation, the company remained non-operational till FY11
(refers to the period April 1 to March 31) due to the management's
pre-occupation in their other manufacturing venture ASR
Multimetals Pvt Ltd.  During FY12, the operations of AEPL were
revived by engaging in trading of cashew, copper scrap, metal
products, etc.

During the six months operations in FY12, as per the Audited
results, AEPL earned a PAT of INR0.04 crore on a total income of
around INR12.36 crore.


ASR TRADERS: CARE Reaffirms 'BB-' Rating on INR5cr LT Loans
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
ASR Traders.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        5        CARE BB- Reaffirmed
   Short-term Bank Facilities      22        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 continue to be
constrained by the limited track record of operations of ASR
Traders, thin profitability, weak debt coverage indicators and
leveraged capital structure. The ratings are further constrained
by its presence in the highly fragmented industry and working
capital intensive nature of operations.

The ratings continue to derive strengths from the vast promoters'
experience and established operational track record of the
Gandhidham-based ASR Group of over two decades in trading of
various commodities.

The ability of AST to improve its profitability and capital
structure along with increase in scale of operations and better
working capital management are the key rating sensitivities.

Established in April 2011, AST is a partnership firm which belongs
to the Kutch-based (Gujarat) ASR Group. AST is a trading firm
engaged in trading of variety of products such as iron ore,
timber, coke, coal and other metal products. Though established in
April 2011, the firm commenced its operations in October 2011.

During the six months operations in FY12, as per the Audited
results, AST earned a PAT of around INR0.18 crore on a total
income of around INR20 crore.


BABU MOHAN: CARE Reaffirms 'BB+' Rating on INR10.83cr Loans
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of Babu
Mohan Lal Arya Smarak Educational Trust.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       10.83     CARE BB+ Reaffirmed

Rating Rationale

The rating of Babu Mohan Lal Arya Smarak Educational Trust
continues to be constrained by its small scale of operations,
decline in the student enrolment ratio during FY12 (refers to the
period April 01 to March 31), high competition from the existing
institutions operating in the vicinity and regulatory challenges
involved in the education sector in India. The rating, however,
derives strength from BMASET's experienced trustees, its long
track record of operations, well-established infrastructure and
brand name and completion of the expansion project during FY12
within the envisaged cost estimates.

Going forward, the ability of BMASET to scale up its operations,
attract healthy enrollments and improve its financial risk profile
would be the key rating sensitivities.

Incorporated in 1998, BMASET is operating an Engineering College
by the name of Hindustan Institute of Technology & Management at
Agra since 1999. BMASET is a part of Sharda Group of Institutions
(SGI), which has been promoted by Mr Pradeep Kumar Gupta and Mr
Yatender Kumar Gupta to provide professional education. HITM is
recognized by All India Council for Technical Education and is
affiliated to Mahamaya Technical University (State University).

The college offers Bachelor of Technology (B. Tech) in seven
engineering streams with a total of 660 seats and Master of
Business Administration (MBA) course with 60 seats. The student
strength of HITM as on January 2013 is 1,337, out of the total
intake capacity of 2,280 students, reflecting 58% enrollment
levels.

During FY12, BMASET registered an income of INR13.34 crore with a
surplus of INR0.59 crore.


BHAVANI INDUSTRIES: CARE Reaffirms 'B' Rating on INR4.89cr Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Bhavani Industries.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       0.39      CARE B Reaffirmed
   Short-term Bank Facilities      0.45      CARE A4 Reaffirmed
   Long-term/ Short-term Bank      4.50      CARE B/CARE A4
   Facilities                                Reaffirmed

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

Rating Rationale

The ratings of Bhavani Industries continue to remain constrained
on account of its weak financial risk profile marked by thin
profitability margins, weak debt coverage indicators and
fluctuating turnover. The ratings are further constrained on
account of its presence in the highly competitive, seasonal,
working capital intensive and fragmented cotton-ginning business
with limited value addition, exposure to volatility associated
with raw material prices, constitution as a partnership firm and
changes in the government policy for cotton.

The above constraints continue to derive benefits from the
experience of the partners in agriculture and cotton ginning
business and proximity to the cotton-producing region of Gujarat.
The ability of BHI to move upward in the textile value chain along
with improvement in the financial risk profile remains the key
rating sensitivity.

Amreli-based BHI is a partnership firm engaged in the cotton
ginning business. Established in 2008, the main products of BHI
include cotton bales and cotton seeds. Mr. Manubhai Savaliya, as
the main partner, manages the day-to-day operations of BHI. The
firm operates with an installed capacity of 6,532 Metric Tonnes
per Annum (MTPA) for cotton bales and 3,732 MTPA for cotton seeds
as on March 31, 2012, at its manufacturing facility located at
Babra in the Amreli district of Gujarat.

As per the audited results of FY12 (refers to the period April 1
to March 31), BHI reported a total operating income of INR21.21
crore and PAT of INR0.01 crore.


DEEPAK NEXGEN: CARE Reaffirms 'B+' Rating on INR22.15cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Deepak Nexgen Feeds Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     22.15       CARE B+ Reaffirmed

Rating Rationale

The rating continues to be constrained by the stabilization risk
associated with the manufacturing facilities of fish feed, the
fragmented market for floating fish feed products and working
capital intensive nature of business. The rating, however,
underpinned by the experience of the promoters in aquaculture and
fish feed manufacturing, commencement of operation of
manufacturing facility in March 2012, adequate raw material and
healthy demand for the product.

The ability of the company to increase the scale of operation by
improving the capacity utilization of the manufacturing facility
and maintaining the profitability margins are the key rating
sensitivities.

Incorporated in June 2010, Deepak Nexgen Feeds Private Ltd is
engaged in the manufacturing of fish feed. The manufacturing
facility is located at Bommalaru village near Hanuman Junction of
Krishna district of Andhra Pradesh. The company is promoted by
Mr. A.V. Subrahmanyam (Managing Director) and Mr P. V. Ramana
(Director - Marketing).

During FY12, the company achieved a total income of INR0.70 crore
with PAT of INR0.01 crore. Furthermore, DNFPL has achieved a total
income of INR48.07 crore and PAT of INR1.48 crore during
10MFY13.


DIVYARATNA AGROTECH: CARE Rate INR4.00cr LT Loan at 'CARE BB-'
--------------------------------------------------------------
CARE assigns 'CARE BB-' & 'CARE A4' ratings to the bank facilities
of Divyaratna Agrotech Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      4.00       CARE BB- Assigned
   Short-term Bank Facilities    29.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Divyaratna Agrotech
Private Limited are constrained by its modest scale of operations
(although increasing), low & fluctuating profitability margins and
high gearing level. The ratings are further constrained by the
operations in a highly competitive and fragmented chemical trading
industry along with susceptibility of profitability margins to
volatile chemical prices and foreign exchange fluctuation risk.

The aforesaid constraints are partially offset by the strengths
derived from long and established track record of the promoters,
established relationship with the customers and moderately
diversified product portfolio.  The ability of DAPL to improve the
overall scale of operations and financial risk profile is the key
rating sensitivity.

Incorporated in 2000, Divyaratna Agrotech Private Limited was
taken over by current management (Mr. Dilip M. Jindal and
Mrs. Rachana D. Jindal) in 2007 and is engaged in the business
of trading of industrial chemicals and solvents. The company
trades nearly 25 different varieties of products which finds
application in textile, food, dyes, rubber, paint, ceramic,
fertilizer, soap, printing ink, petroleum, metallurgy,
construction materials, pulp and paper industry, photographic
and adhesive industries. DAPL earns its entire revenue from the
domestic market and imports approximately 67% of its traded
products. The major import consists of citric acid, paraffin wax
and sodium sulphate from countries such as China, Korea and
Thailand. The warehouse of the company is located in Bhiwandi,
Maharashtra.

During FY12 (refers to the period April 1 to March 31), DAPL
reported a total operating income of  INR61.46 crore and PAT of
INR0.74 crore as against total operating income of INR29.78 crore
and PAT of INR0.99 crore in FY11. During 9MFY13, the company has
posted total income of INR62.30 crore and PAT of INR0.82 crore.
Furthermore, the company has an order book of INR32.00 crore as on
Dec. 31, 2012, which is likely to be executed by end of FY13.


FAIRDEAL FILAMENTS: CARE Reaffirms 'BB+' Long-Term Bank Rating
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Fairdeal Filaments Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       28.50     CARE BB+ Reaffirmed
   Short-term Bank Facilities       1.50     CARE A4 Reaffirmed

Rating Rationale

The ratings of Fairdeal Filaments Limited continue to remain
constrained on account of its low and fluctuating profitability
which is susceptible to volatile raw material prices, its modest
debt protection metrics, high leverage, working capital intensive
operations and its presence in a highly competitive textile
industry.

The ratings, however, continue to derive strength from the vast
experience of the promoters in synthetic textile business and its
long operational track record with an established marketing setup.
The ability of FFL to increase the scale of its operation, improve
its profitability and capital structure along with efficient
management of its working capital are the key rating
sensitivities.

Incorporated in 1990, FFL is part of the Fairdeal group based out
of Surat (Gujarat). FFL is engaged in the manufacturing of
texturized, twisted and sized yarn from filament/partially
oriented synthetic yarn, which finds application in the
manufacturing of fabric for clothing, furnishing, etc.  The
company is also a marketing agent of Reliance Industries Limited
(RIL) for its yarn products.  The other entities of the Fairdeal
group, namely Shahlon Industries Private Limited (SIPL) and
Shahlon Silk Mills Private Limited (SSMPL; rated 'CARE BB+ / CARE
A4'), are engaged in the same line of business and operate under a
common management platform. As on March 31, 2012, these
companies, on an aggregate basis, had an installed capacity of
12,741 metric tonnes per annum (MTPA) for synthetic yarn
manufacturing, 345.38 lakh meters per annum (LMPA) of fabric
manufacturing and 14 lakh pieces per annum of garment
manufacturing.

Besides these companies, the Fairdeal group also includes Shahlon
Industries Infrastructure Private Limited which owns the captive
power plant assets of the group and Fairdeal Textile Park Private
Limited (FTPPL; rated 'CARE BBB-'), which is a Special Purpose
Vehicle (SPV) for setting-up an integrated textile park near Surat
(Gujarat).


MANIDHARI GUMS: CARE Assigns 'BB-' Rating to INR1.58cr LT Loans
---------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Manidhari Gums & Chemicals.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      1.58       CARE BB- Assigned
   Short-term Bank Facilities    19.00       CARE A4 Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo 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 Manidhari Gums &
Chemicals are primarily constrained on account of its presence in
highly fragmented and competitive guar gum industry resulting into
thin profitability and exposure to foreign exchange fluctuation
risk. The ratings are further constrained due to MGAC's limited
track record of operations and seasonality associated with key
input being an agro-based commodity. The ratings, however, draw
strength from proximity to guar producing region of Rajasthan and
increasing demand from international market.  MGAC's ability to
improve overall financial risk profile through increase in scale
of operations, profitability and improvement in gearing level are
the key rating sensitivities.

MGAC is a partnership firm established in 2010 by Mr Manish
Chhajer and family to undertake business of manufacturing of
industrial grade guar gum powder. The commercial operations
commenced from April 2011. MGAC operates from its sole
manufacturing facility located at Jodhpur (Rajasthan) having an
installed capacity of 5,000 MTPA (Metric Tonnes Per Annum) as on
March 31, 2012, for processing guar seeds to guar gum powder. MGAC
is an export oriented unit with more than 50% of its total income
booked through exports.  The product manufactured by the firm
finds application in diverse range of industries such as mining,
oil and gas, textile, paper, explosive, cosmetics and
pharmaceutical.

The partners are also engaged in trading of grey fabrics through
associate concerns M/s Mahesh Exports and M/s Manidhari
Enterprises along with manufacturing and trading of handicraft
items through associate concern M/s Heritage.

During FY12 (as per the audited results; refers to the period
April 1 to March 31), MGAC reported a total operating income of
INR62.47 crore and Profit After Tax (PAT) of INR0.86 crore. During
11MFY13 (Prov.), MGAC achieved a total income of INR96.46 crore.


MAYUR GINNING: CARE Assigns 'B' Rating to INR10cr LT Loans
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Mayur Ginning & Pressing Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term/Short-term            10        CARE B/CARE A4
   Bank Facilities                           Assigned

Rating Rationale

The ratings assigned to the bank facilities of Mayur Ginning &
Pressing Private Limited are primarily constrained on account of
the modest scale of operation with weak financial risk profile
marked by thin profitability, highly leveraged capital structure
and weak debt coverage indicators.  The ratings are further
constrained on account of its presence in the highly competitive
and fragmented cotton ginning industry with limited value
addition, and volatility associated with raw material (cotton)
prices.

The ratings, however, favorably take into account the experience
of the promoters in the cotton processing business and MGPPL's
proximity to the cotton producing region of Gujarat. Increase in
the scale of operations with improvement in the profit margins and
capital structure while managing working capital efficiently is
the key rating sensitivity.

MGPPL was incorporated in August 1994 and is promoted by Mr. B. S.
Antroliya and Mr. S. R. Antroliya. The company is a manufacturer
and exporter of cotton bales and cotton seeds and also operates a
cotton seed oil crushing mill. The promoters have rich experience
of the cotton ginning business and have constantly invested in
building manufacturing capacity and integrating their operations
forward. MGPPL's unit is located in the Junagadh district of
Gujarat, which is one of the prominent cotton producing regions of
the state. The company also exports its products to countries like
China, Korea, Bangladesh and Thailand.

During FY12 (refers to the period April 1 to March 31), MGPPL
reported a total operating income of INR30.02 crore (FY11:
INR50.11 crore) and a PAT of INR0.06 crore (FY11: INR0.09 crore).


SAMRADDHI COT: CARE Rates INR8.35cr LT Loans at 'CARE B'
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Samraddhi
Cot Fibers Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.35      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Samraddhi Cot Fibers
Private Limited is primarily constrained by the nascent stage of
operations, presence in highly fragmented cotton ginning &
pressing industry, susceptibility of profitability margins to the
seasonality associated with cotton availability and regulatory
risk.

The rating, however, derives strength from experience of the
promoters in the cotton industry and its location in the cotton
ginning cluster in Madhya Pradesh.  The ability of SCFPL to
achieve its envisaged revenue and profitability along with
efficient working capital and liquidity management are the key
rating sensitivities.

Samraddhi Cot Fibers Private Limited was incorporated in 2011 and
commenced its operation in December 2012. SCFPL is promoted by Mr
Prakash Mittal and is involved in the business of cotton ginning
and pressing. SCFPL has recently completed a greenfield project
with the total cost outlay of INR3.75 crore, funded in debt to
equity ratio of 1.67x. SCFPL has a plant located in Sendhwa,
Madhya Pradesh, with a capacity of producing 200 bales of cotton
per day and current capacity utilization has been approximately
50%. SCFPL procures its raw cotton locally through brokers and
Mandis.

As per the provisional results for December 15 to January 31,
2013, the company has achieved total revenue of INR1.80 crore and
net profit of around INR0.04 crore.



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


BERLIAN LAJU: Creditors Yet to Approve Proposed Debt Revamp
-----------------------------------------------------------
The Jakarta Post reports that debt-laden oil and gas shipping firm
PT Berlian Laju Tanker has yet to convince all of its creditors to
approve its debt restructuring proposals.

The report says the company held a vote, supervised by the Jakarta
Commercial Court, in Jakarta on March 8, 2013, for its creditors
to decide whether or not they would accept the proposals.

According to the report, the vote was attended by representatives
of all six secured creditors; including Mizuho Bank, Bank Central
Asia and state-owned Bank Mandiri. Of 214 unsecured creditors, 211
attended the vote.

The Post notes that for the proposal to be accepted, publicly
listed Berlian Laju needed to get approval from a majority of
creditors -- in terms of numbers -- and a majority of two thirds
in debt value of both its secured and unsecured creditors.

The company gained approval from 146 of 211 unsecured creditors
present, which represented about 70% in number and 82% of debt
value of the unsecured creditors.  BLTA obtained approval from
four of six secured creditors representing 67% in number but only
57% in debt value, the report relays.

According to the Post, Mizuho and Mandiri voted against the
proposal, preventing BLTA from gaining approval as the debt value
fell short of the required 66% of the total secured debt.

The Post notes that according to bankruptcy and debt maturity
extension (PKPU) law, if a company gains approval from more than
50% in number and 50% in value of both unsecured and secured
creditors, it is required to hold a second vote within eight days
of the first vote.

Presiding judge Sujatmiko ordered the second vote to be held on
March 14 and told Berlian Laju to come to an agreement with
Mandiri and Mizuho. If no agreement is reached by April, the
company may be declared bankrupt, the Post adds.

                        About Berlian Laju

Creditors of PT Berlian Laju Tanker Tbk filed an involuntary
Chapter 11 bankruptcy petition in U.S. Bankruptcy Court against
the Indonesian ship operator (Bankr. S.D.N.Y. Case No. 12-14874)
on Dec. 13, 2012.

The petition was filed by Gramercy Distressed Opportunity Fund II,
Gramercy Distressed Opportunity Fund, and Gramercy Emerging
Markets Fund.  The creditors, all located in Greenwhich, Conn.,
are allegedly owed $125.5 million.

PT Berlian Laju Tanker Tbk is the largest Indonesian shipping
company, focusing on liquid bulk cargo, with operations primarily
in Asia with some expansion into the Middle East and Europe.

Indonesia-based PT Berlian Laju Tanker Tbk filed Chapter 15
bankruptcy petitions in New York for subsidiaries (Bankr.
S.D.N.Y. Lead Case No. 12-11007) on March 14, 2012, to prevent
creditors from seizing the company's vessels when they call on
U.S. ports.  Cosimo Borrelli, appointed vice president for
restructuring for PT Berlian, signed the Chapter 15 petitions for
Chembulk New York Pte Ltd and 12 other entities.

The Berlian group operates 72 vessels, of which 50 are owned.

In January 2012, the Berlian Group violated covenants under a
$685 million loan agreement.  Creditors took steps to arrest
certain vessels operated by companies in the Berlian Group.

In order to prevent ship arrests and other collection efforts,
the Berlian Group initiated proceedings in the High Court of the
Republic of Singapore on March 12, 2012.  The Singapore court
entered orders prohibiting for three months any arrest of vessels
or collection effort.

The Berlian Group filed the Chapter 15 petitions to obtain entry
of an order enjoining creditors from seizing vessels that are at
port in the United States.  The Debtors do not have assets in the
U.S. other than the transitory basis vessels that are in the U.S.

The U.S. Bankruptcy Judge in April 2012 ruled that Indonesia is
the home to the so-called foreign main proceeding.



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


HANOVER FINANCE: Trustee Was Involved in Prospectus Drafting
------------------------------------------------------------
The New Zealand Herald reports that Hanover Finance's trustee was
"intimately engaged" in the drafting of an allegedly misleading
prospectus that forms part of Financial Markets Authority civil
action, a court has heard.

The Herald says six former Hanover directors and promoters -- Mark
Hotchin, Eric Watson, Greg Muir, Bruce Gordon, Sir Tipene O'Regan
and Dennis Broit -- are being sued by the FMA over what it alleges
are misleading or untrue statements made in offer documents.

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

Now two trustees, NZ Guardian Trust and Perpetual Trust, are
caught up in the proceedings as third parties after Mr. Hotchin
issued a claim against them, says the Herald.

Guardian was the trustee of Hanover Finance, while Perpetual was
the trustee of Hanover Capital and United Finance, the report
discloses.

According to the Herald, Mr. Hotchin's lawyer Nathan Gedye said
his client claims the two trustees held a duty of care to
investors and that they should contribute to any damages payable
if the FMA's case succeeds.

However, Guardian and Perpetual have applied to the High Court at
Auckland to have Mr. Hotchin's claims against them struck out, the
report notes.

The Herald relates that while the trustee did have duties to
investors, Guardian's lawyer Ralph Simpson said these were not
responsibilities that make it liable in this case.

According to the Herald, Mr. Simpson said during submissions in
court Monday 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.

But Mr. Gedye argues the claims should not be struck out and said
the trustee was "intimately engaged in the drafting" of the
Hanover Finance's December 2007 prospectus, 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.


HERBERT INSURANCE: In Receivership, Owner Faces Fraud Suits
-----------------------------------------------------------
The National Business Review reports that the receiverships of
Herbert Insurance Group and Herbert Securities, whose director
Grant Herbert is up on fraud charges, have been wound up with a
$595,000 shortfall to secured creditor ASB Bank.

Michael Stiassny and Grant Gibson of KordaMentha gave notice of
the end of the two-year receivership of the insurance broker and
associated premium funding business, according to The National
Business Review.

The report notes that HIG was put into liquidation and
receivership in March 2011 with a shortfall of about $3.1 million
owed to insurers.  Acting on complaints of a shortfall in HIG's
insurance broking client account, the Serious Fraud Office began
an investigation that same month on the basis that serious or
complex fraud had been committed, the report relates.

The National Business Review discloses that Mr. Herbert first
appeared in the Auckland District Court in May last year on 28
fraud charges and the latest call over was postponed until
April 10.  The report relates that fellow accused Christopher
Green, a former senior manager at Bunnings, pleaded guilty to
receiving kickbacks from Herbert Insurance.

The report notes that the receivers said ASB has received a net
$270,000.  As a result of the shortfall, no funds are available to
lower-ranking creditors, the report says.

Mr. Herbert and former Dragon's Den star Paul Webb are listed on
the Companies Office as Herbert Insurance shareholders.

Meanwhile, the report relays that QBE Insurance (International)
settled with former executive Craig Anderson over a $1.5 million
liability the firm feared would arise from underwriting business
to the failed Herbert Insurance.


WHOLLY BAGELS: Shuts Down Store After Sales Slowed
--------------------------------------------------
The Dominion Post reports that Bagel chain Wholly Bagels & Pizza
has shut its store on the corner of Tory and Wakefield Streets,
after sales slowed when the number of office workers nearby
dwindled.

According to the report, franchisee Arsel Aslam, who also owns the
Willis St Wholly Bagels & Pizza, said the lunchtime trade took a
hit when several big businesses shifted out of its catchment area.

"There are a lot of tenants who have moved out of the area like
Telecom moving to Willis St and St Laurence Finance shutting down
a couple of years ago and Alcatel moving from Taranaki Street so
we lost a lot of lunch time trade," the report quotes Mr. Aslam as
saying.  "It was significant. You can't just go by nights and
weekends."

Mr. Aslam, who owned all the equipment in the store he operated,
said he gave master franchise owners Colin Jones and Peter Drury
the option of taking over the Wakefield Street store but they
declined. He would continue to operate the Willis St outlet.

Wholly Bagels & Pizza does a $6 morning coffee and bagel special
to boost breakfast trade at its seven stores, including one in
Tauranga.


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


BAYAN TELECOM: Wins Court Nod on Frequency Sharing With Globe
-------------------------------------------------------------
BusinessWorld Online reports that the National Telecommunications
Commission (NTC) said Bayan Telecommunications, Inc. and Globe
Telecom, Inc. finally bagged the rehabilitation court's clearance
of their joint frequency use.

"On Feb. 25, 2013, the Rehabilitation Court (Pasig City Regional
Trial Court, Branch 158) confirmed such joint use agreement
between Bayan and Globe," NTC said in a statement, BusinessWorld
relates.

The regulator recalled that it "provisionally approved the joint
use by Bayan and Globe of the 1800 megahertz frequency assigned to
Bayan on Sept. 28 last year," according to BusinessWorld.

The report relates that NTC that time ruled that Bayan needed to
secure approval of the rehabilitation court, otherwise "the
provisional approval shall be deemed revoked."

According to the report, Edgardo V. Cabarios, director of NTC's
Common Carriers Authorization Department, said Bayan and Globe
could now use frequency as long as they pay relevant fees.

"The rehabilitation court's decision just confirmed the decision
of the NTC in September," Mr. Cabarios told BusinessWorld,
stressing that "frequency remains an asset of the government."

BusinessWorld relates that Mr. Cabarios explained that NTC's
approval could still be revoked on the grounds of "non-payment of
spectrum user fee and non-use of the frequency."

NTC last year said the joint use of frequency would enable debt-
ridden Bayan to earn revenues and for Globe to improve its
services, the report adds.

                           About Bayantel

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

In a report on Aug. 15, 2007, the Philippine Star said BayanTel
was setting aside PHP760 million to PHP800 million in 2007 to pay
down debt, using internally-generated cash.  BayanTel was placed
into receivership in 2004.

Weighed down by its huge debt, the company sought corporate
rehabilitation with the Pasig City Regional Trial Court in July
2003 to restructure its short-and long-term bank loans and bonds
payable.  The Pasig Regional Trial Court Branch 158 approved the
company's financial rehabilitation on June 28, 2004, based on
sustainable debt level of PHP17.13 billion, payable over 19
years.  According to RTC Judge Rodolfo R. Bonifacio, the
remainder of BayanTel's debt may be converted to another
appropriate instrument that will not be a financial burden to
parent Benpres Holdings Corp.  It also mandated BayanTel to
treat all creditors equally.  Some of BayanTel's creditors have
appealed the lower court decision.



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


HOCK CHUAN: Members and Creditors Meetings Slated for April 29
--------------------------------------------------------------
Hock Chuan Ann Construction Pte Ltd, which is in creditors'
voluntary liquidation, will hold a meeting for its members and
creditors on April 29, 2013, at 10:00 a.m., at One Raffles Quay,
North Tower, Level 18, in Singapore 048583.

Agenda of the meeting include:

   a. to receive the liquidators' report on the progress of the
      liquidation of the Company pursuant to section 307(1) of
      the Companies Act (Chapter 50);

   b. to approve minutes of the last meeting of creditors of the
      Company held on 9th March 2012;

   C. approve the minutes of the last meeting of members of the
      Company held on 9th March 2012; and

   d. discuss other business.

The company's liquidator is Seshadri Rajagopalan.


HSS ENGINEERING: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on March 1, 2013, to
wind up the operations of HSS Engineering Pte Ltd.

Starluck Construction Pte Ltd filed the petition against the
company.

The company's liquidators are:

         Don Ho Mun-Tuke
         Messrs Don Ho & Associates
         20 Cecil Street
         #12-02 Equity Plaza
         Singapore 049705


HBS ENGINEERING: Creditors' Proofs of Debt Due March 22
-------------------------------------------------------
Creditors of HBS Engineering Pte Ltd are required to file their
proofs of debt by March 22, 2013, to be included in the company's
dividend distribution.

The company's liquidator is:

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


K K HARJANI: Creditors' Proofs of Debt Due March 22
---------------------------------------------------
Creditors of K K Harjani & Company Pte Ltd are required to file
their proofs of debt by March 22, 2013, to be included in the
company's dividend distribution.

The company's liquidator is:

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


LMI INVESTMENT: Creditors' Proofs of Debt Due April 8
-----------------------------------------------------
Creditors of LMI Investment 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 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



                             *********

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 ***